EUROPEAN TECHNOLOGY INDUSTRY UPDATE │ JANUARY 2015

www.harriswilliams.com

Harris Williams & Co. Ltd is a private limited company incorporated under English law having its registered office at 5th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered with the Registrar of Companies for England and Wales under company number 7078852. Directors: Mr. Christopher Williams, Mr. Ned Valentine, Mr. Paul Poggi and Mr. Thierry Monjauze, authorised and regulated by the Financial Conduct Authority.

Harris Williams & Co. Ltd Niederlassung Frankfurt (German branch) is registered in the Commercial Register (Handelsregister) of the Local Court (Amtsgericht) of Frankfurt am Main, Germany, under registration number HRB 96687, having its business address at Bockenheimer Landstrasse 33-35, 60325 Frankfurt am Main, Germany. Permanent Representative (Ständiger Vertreter) of the Branch Niederlassung: Mr. Jeffery H. Perkins. EUROPEAN TECHNOLOGY INDUSTRY UPDATE │ JANUARY 2015

RECENT DEVELOPMENTS

COMPANY SPECIFIC NEWS CONTENTS . RECENT DEVELOPMENTS . Thoma Bravo and Ontario Teachers' Pension Plan have agreed to acquire Riverbed Technology, the US-based provider of application performance infrastructure solutions, . PUBLIC MARKET TRADING valuing the business at $3.6bn . SOFTWARE . Alliance Data Systems has acquired Conversant, the US-based provider of digital marketing . IT SERVICES services, valuing the business at $2.3bn . COMMUNICATIONS . NJJ Capital has agreed to acquire Orange Communications, the Switzerland-based provider . INTERNET AND DIGITAL MEDIA of mobile communication services, from Apax Partners, for CHF 2,800m . Apax Partners has made an offer to acquire Evry ASA, the Norway-based provider of TMT GROUP OVERVIEW software solutions and computer operating services, valuing the business at NOK 7.3bn Our Technology, Media & . Adobe has agreed to acquire Fotolia, the France-based leading marketplace for royalty-free Telecom (TMT) Group is photos, images, graphics and HD video, for c.$800 million dedicated to providing superior merger & acquisition . Koninklijke KPN has agreed to acquire the remaining 40% stake in Reggefiber, the and capital markets advisory Netherland-based provider of glass fibre networks to Internet Service Providers, for €610m services to market leading . A consortium led by Columbia Capital has agreed to acquire euNetworks Group, the UK- companies. Our extensive based provider of telecommunication services, valuing the business at SGD $507m industry knowledge and transaction leadership . CDW has acquired a 35% stake in Kelway, the UK-based provider of information technology experience spans the software, services and solutions, from Core Capital Partners, valuing the business at £262m digital media, IT services and communications sectors. Our . esure has agreed to acquire a 50% stake in GoCompare.com, the UK-based provider of online services to compare insurance policies and other financial products, valuing the professionals in London, Boston business at £190m and San Francisco have global relationships with leading . General Atlantic and Temasek Holdings have acquired an undisclosed stake in Adyen, the technology companies and Netherlands-based provider of online payment solutions, for $250m financial investors. Thoughtful advice, deep experience and . Host Europe has agreed to acquire Intergenia, the German-based provider of internet technology expertise, creativity hosting solutions, from Oakley Capital for €210m and attention to detail from . Dealtracker has agreed to acquire Incadea, the Channel Islands-based provider of dealer our senior technology bankers management systems and services to the automotive industry, valuing the business at £132m have resulted in a track record of consistently exceeding our . Bravofly has agreed to acquire lastminute.com, the UK-based provider of travel and tour clients' expectations. packages, online concert tickets and other online services, from Sabre for c.$120m . Impellam Group has acquired Lorien, the UK-based provider of technology staffing services, valuing the business at up to £64m CONTACTS

. SS&C Technologies has acquired DST Global Solutions, the UK-based owner and operator of EUROPE datacentres that provide information processing, computer software and services, from DST Systems for $95m Thierry Monjauze Managing Director . Trimble Navigation has acquired Amtech Group, the UK-based developer of specialist [email protected] software for the building industry, from Primary Capital for c.£50m +44 (0) 20 7518 8901 . Sierra Wireless has agreed to acquire Wireless Maingate, the Sweden-based mobile services provider in the field of machine-to-machine communications, from Verdane Capital for $90m Jonathan Organ . Warburg Pincus has invested $75m in Blue Yonder, the German-based provider of Big Data Vice President analytics and predictive applications [email protected] +44 (0) 20 7518 8900 . Atea has agreed to acquire Axcess, the Denmark-based system integrator within the business areas of IT networks and network security, datacenter and collaboration, for DKK 317m UNITED STATES . GuestLogix has agreed to acquire OpenJaw Technologies, the Ireland-based provider of Jeff Bistrong travel distribution software solutions to the travel industry, for $41m Managing Director [email protected] . Aveva Group has acquired 8over8, the UK-based provider of contract risk management +1 (617) 482-7501 solutions for organisations that design, build and operate high value assets, for £27m

. Accel-KKR has made an undisclosed majority investment in EPiServer, the Sweden-based Michael Wilkins digital marketing company Managing Director . Permira has agreed to acquire Teraco Data Environments, the South Africa-based provider of [email protected] carrier neutral datacentre services, for an undisclosed amount +1 (415) 288-4260 . Thetrainline.com, Britain’s largest online rail-bookings company, has filed for an IPO to raise £75m . Sophos, the UK-based data-protection and security software company, has announced plans for an IPO on the LSE www.harriswilliams.com www.harriswilliams.de PAGE | 1 EUROPEAN TECHNOLOGY INDUSTRY UPDATE │ JANUARY 2015

RECENT DEVELOPMENTS (CONT.)

INDUSTRY TRENDS

. According to Gartner's latest forecasts, global communications service provider operational technology spend is expected to decline to $170bn in 2014, and is expected to reach $217bn in 2018. Gartner expects the total market to show a 5.8% CAGR (2013 to 2018) with the networking software and virtualisation segment growing at a 53.3% CAGR

. According to the Boston Consulting Group, mobile internet revenue in Western Europe generates €92bn, with this figure tipped to rise to €230bn in 2017, representing a 25% CAGR

. A new report from Juniper Research has forecast that Machine-to-Machine (“M2M”) service revenues will reach $20bn globally in 2015, as players across the M2M industry focus on simplifying the roll-out process for end-users

. More than 1 billion people worldwide will use a tablet in 2015, according to new figures from eMarketer. This represents nearly 15% of the global population, and more than double the number three years ago. The number of global tablet users is expected to reach 1.4bn by 2018

. Global consumer video spending totaled $265bn in 2014, up 8.1% compared with 2013. VOD services have exhibited strong growth with its share of global spending on video services expected to increase from 5.8% to 8.6% , according to Gartner

Source: Various industry news outlets PUBLIC MARKET TRADING STATISTICS

Stock Performance

LAST 30 DAYS LAST TWELVE MONTHS

10% 25%

8% 20%

14.9% 13.4% 6% 15% 10.7% 8.3% 2.5% (2.1%) 4% 10%

3.2% 2.8% 2% 1.8% 5% 1.8% 0.3% (1.1%)

0% 0%

(2%) (5%)

(4%) (10%) 12 Dec 19 Dec 26 Dec 02 Jan 09 Jan Jan 2014 Apr 2014 Jul 2014 Oct 2014 Jan 2015

Software IT Services Internet and Digital Media Communications Internet and Digital Media Communications Software IT Services Nasdaq Composite DJ Stoxx 600 Technology Nasdaq Composite DJ Stoxx 600 Technology

PAGE | 2 EUROPEAN TECHNOLOGY INDUSTRY UPDATE │ JANUARY 2015

PUBLIC MARKET TRADING STATISTICS (CONT.)

COMPARABLE TRADING SUMMARY

CY2015E EV / Revenue EV / EBITDA P / E Rev. Growth EBITDA Margin CY2015E CY2016E CY2015E CY2016E CY2015E CY2016E

Software European Large Cap. Software 16.9% 34.1% 3.7x 3.4x 11.1x 10.0x 18.2x 16.3x Application Software 7.6% 24.8% 3.4x 3.4x 14.9x 12.9x 17.6x 18.4x Infrastructure Software 8.4% 29.9% 3.3x 3.0x 10.8x 9.7x 18.4x 16.4x Large Cap. SaaS 24.5% 16.6% 7.2x 5.8x NM NM 22.8x 34.2x Small Cap. SaaS 22.4% 7.8% 4.6x 3.7x NM NM 28.1x 32.9x HCM/WFM 21.4% 6.9% 5.5x 4.8x 22.7x 15.9x 24.0x 27.8x FinTech 10.0% 26.8% 4.2x 3.9x 16.2x 13.7x 20.5x 20.9x Healthcare IT 12.0% 14.3% 3.4x 2.9x 12.1x 11.0x 22.1x 19.1x Data and Data Analytics 10.4% 21.8% 4.1x 3.8x 11.2x 10.5x 18.2x 19.1x Security Software 17.6% 21.7% 5.2x 4.6x 14.9x 15.6x 17.3x 19.0x CAx/PLM 8.0% 28.3% 3.4x 3.4x 13.1x 11.2x 18.7x 18.8x

IT Services IT Services 6.5% 12.7% 0.9x 0.9x 7.2x 6.7x 13.3x 12.1x Offshore IT Services 14.4% 23.9% 3.0x 2.7x 12.4x 11.2x 17.4x 15.6x Managed Services, Colocation and Hosting 11.8% 30.8% 2.7x 2.5x 9.3x 8.3x 19.4x 20.3x Data Centers 8.5% 53.2% 6.9x 6.4x 12.8x 11.8x 27.6x 28.4x PaaS/IaaS 12.6% 21.6% 3.5x 3.0x 10.1x 8.8x 19.5x 17.2x

Communications Digital Broadband 3.0% 11.8% 0.7x 0.7x 6.3x 5.7x 14.7x 12.0x Diversified Communication Equipment 5.2% 13.1% 1.2x 1.1x 9.0x 7.8x 17.4x 14.8x Mobile Content/Solutions Providers 30.4% 19.8% 1.7x 1.4x 8.0x 6.4x 18.0x 13.8x Mobile Infrastructure Software 8.5% 24.6% 2.5x 2.8x 9.9x 8.7x 18.3x 15.4x

Internet and Digital Media Global Internet Leaders 21.9% 36.4% 6.0x 5.0x 16.0x 13.2x 22.3x 20.4x Chinese Internet Leaders 24.9% 9.2% 3.3x 2.7x 18.9x 9.2x 19.8x 20.9x Online Classifieds 15.0% 40.7% 5.8x 5.0x 14.0x 11.2x 19.4x 17.5x Content Providers/Communities 21.6% 23.4% 5.0x 4.0x 21.0x 14.3x 28.5x 24.7x Ecommerce 16.7% 16.2% 3.4x 3.0x 16.5x 13.4x 27.5x 28.5x Interactive Entertainment 9.7% 26.9% 2.0x 1.9x 9.0x 7.9x 17.1x 20.3x Intermediation and Comparison 12.1% 19.0% 3.0x 2.6x 15.7x 12.0x 15.6x 20.3x Online Gambling 6.2% 24.3% 2.5x 2.4x 10.2x 9.5x 18.6x 16.8x Digital Marketing 14.3% 11.8% 2.1x 1.8x 11.0x 8.7x 19.9x 21.8x Online Travel 12.5% 25.4% 3.2x 2.8x 13.9x 10.5x 20.6x 20.0x

PAGE | 3 EUROPEAN TECHNOLOGY INDUSTRY UPDATE │ JANUARY 2015

SOFTWARE

LAST 30 DAYS PERFORMANCE

15% Infrastructure Software 5.6% Healthcare IT 4.0% Security Software 3.8% Small Cap. SaaS 3.1% Fintech 2.0% Large Cap. SaaS 2.0% Data and Data Analytics 1.6% Application Software 1.4% 10% HCM/WFM 0.7% European Large Cap. Software (2.0%) CAx/PLM (3.5%)

5%

0%

(5%) 12 Dec 19 Dec 26 Dec 02 Ja n 09 Ja n

Data and Data Analytics Infrastructure Software Large Cap. SaaS Fintech

Application Software Healthcare IT HCM/WFM Small Cap. SaaS

European Large Cap. Software Security Software CAx/PLM

LAST TWELVE MONTHS PERFORMANCE

Healthcare IT 20.8% Infrastructure Software 18.2% Application Software 18.0% Fintech 15.0% 40% Security Software 11.5% Large Cap. SaaS (2.5%) Data and Data Analytics (4.0%) HCM/WFM (10.5%) 30% Small Cap. SaaS (12.7%) CAx/PLM (13.5%) European Large Cap. Software (14.8%)

20%

10%

0%

(10%)

(20%)

(30%) Jan 2014 Apr 2014 Jul 2014 Oct 2014 Jan 2015

Security Software Infrastructure Software HCM/WFM Healthcare IT Application Software Large Cap. SaaS Small Cap. SaaS European Large Cap. Software Fintech Data and Data Analytics CAx/PLM

PAGE | 4 EUROPEAN TECHNOLOGY INDUSTRY UPDATE │ JANUARY 2015

SOFTWARE (CONT.)

Market Enterprise CY2015E EV / Revenue EV / EBITDA P / E Cap ($m) Value ($m) EBITDA Margin Rev. Growth CY2015E CY2016E CY2015E CY2016E CY2015E CY2016E

European Large Cap. Software SAP 80,426 81,646 34.4% 7.8% 3.7x 3.4x 10.7x 9.8x 15.7x 14.4x Dassault Systemes 14,800 13,888 33.9% 12.4% 4.5x 4.1x 13.3x 11.9x 24.5x 21.9x Sage 7,575 8,177 30.0% 7.2% 3.8x 3.6x 12.6x 11.8x 18.2x 16.8x Micro Focus 3,433 3,679 40.7% 62.6% 3.1x 2.9x 7.7x 6.8x 12.0x 11.1x Temenos 2,068 2,220 34.7% 8.9% 4.1x 3.7x 11.9x 10.5x 22.5x 19.3x Aveva 1,252 1,076 31.1% 2.6% 3.2x 3.0x 10.2x 9.3x 16.1x 14.5x Mean 34.1% 16.9% 3.7x 3.4x 11.1x 10.0x 18.2x 16.3x Median 34.1% 8.3% 3.7x 3.5x 11.3x 10.2x 17.2x 15.7x Application Software Microsoft 384,117 319,494 35.4% 7.7% 3.2x 3.0x 9.0x 7.9x 15.6x 13.9x Oracle 190,014 178,156 48.0% 3.1% 4.5x 4.3x 9.3x 8.7x 14.2x 12.9x SAP 80,426 81,646 34.4% 7.8% 3.7x 3.4x 10.7x 9.8x 15.7x 14.4x Intuit 24,761 23,671 31.9% (0.4%) 5.2x 4.5x 16.4x 12.4x 31.6x 21.5x Sage 7,575 8,177 30.0% 7.2% 3.8x 3.6x 12.6x 11.8x 18.2x 16.8x Constellation Software 6,047 6,307 21.4% 15.3% 3.3x 2.9x 15.3x 13.0x 18.9x 15.7x Tyler Technologies 3,557 3,400 27.1% 14.3% 6.0x 5.3x 22.3x 18.4x NM 36.8x Guidewire Software 3,326 2,826 14.7% 6.3% 7.3x 6.3x 49.3x 31.8x NM NM (1) ACS 1,012 1,069 23.5% 6.5% 3.1x 2.9x 13.0x 12.5x 19.2x 18.2x IFS 743 712 18.9% 6.6% 1.8x 1.7x 9.4x 8.8x 21.7x 19.1x Kofax 609 553 15.5% 12.4% 1.6x NA 10.6x NA 17.6x NA SDL 524 521 9.6% 5.7% 1.2x 1.2x 12.6x 10.7x 21.5x 17.4x Cegid 326 387 27.1% 2.2% 1.2x 1.2x 4.5x 4.3x 12.5x 11.3x American Software 247 190 20.6% 11.4% 1.7x NA 8.1x NA 20.3x NA

Mean 24.8% 7.6% 3.4x 3.4x 14.9x 12.9x 17.6x 18.4x Median 25.3% 6.9% 3.2x 3.2x 11.6x 11.2x 18.2x 16.8x Infrastructure Software Hewlett-Packard 73,217 78,002 12.6% (1.1%) 0.7x 0.7x 5.7x 5.5x 10.0x 9.8x VMw are 34,757 29,169 35.5% 14.1% 4.2x 3.8x 11.9x 10.4x 19.5x 17.2x CA Technologies 13,910 12,617 39.0% (1.4%) 2.9x 2.9x 7.5x 7.2x 12.8x 12.2x Red Hat 12,403 11,998 26.9% 13.6% 6.1x 5.4x 22.8x 19.2x 38.4x 32.5x Citrix Systems 9,843 10,381 29.4% 7.4% 3.1x 2.9x 10.5x 9.3x 16.6x 14.9x F5 Networks 9,438 8,793 38.9% 13.1% 4.3x 3.9x 11.2x 9.8x 19.4x 17.0x Brocade 5,171 4,512 27.4% 2.2% 2.0x 1.9x 7.3x 6.8x 12.8x 12.3x Solarwinds 3,714 3,504 44.5% 22.4% 6.7x 5.7x 15.0x 13.6x 24.2x 20.5x Riverbed Technology 3,240 3,356 32.1% 3.6% 3.0x 2.8x 9.2x 9.4x 16.7x 15.1x Softw are AG 1,961 2,082 27.2% 0.8% 2.0x 2.0x 7.4x 7.1x 10.7x 10.2x Pegasystems 1,502 1,273 16.9% 12.1% 1.9x 1.8x 11.2x 10.0x 21.0x 18.2x Netscout Systems 1,420 1,250 30.8% 13.3% 2.5x 2.1x 8.1x 6.6x 17.6x 14.5x Progress Software 1,314 1,053 35.7% 6.2% 3.0x 3.1x 8.4x 7.8x 17.3x 17.1x Radware 965 828 22.5% 11.9% 3.3x 3.1x 14.9x 13.0x 20.2x 18.1x Mean 29.9% 8.4% 3.3x 3.0x 10.8x 9.7x 18.4x 16.4x Median 30.1% 9.7% 3.0x 2.9x 9.8x 9.4x 17.4x 16.1x Large Cap. SaaS Salesforce 36,428 37,852 18.1% 21.2% 5.8x 4.8x 32.1x 25.5x NM NM Workday 15,613 14,268 3.6% 44.3% 12.6x 9.1x NM NM NM NM NetSuite 8,086 7,927 8.9% 30.6% 11.0x 8.6x NM NM NM NM Athenahealth 5,318 5,425 17.9% 23.0% 5.9x 4.9x 33.1x 26.5x NM NM The Ultimate Software Group 4,106 4,005 24.7% 21.9% 6.5x 5.3x 26.3x 21.7x NM 46.7x Veeva Systems 3,803 3,410 27.4% 25.4% 8.7x 7.0x 31.9x 26.1x NM NM Guidewire Software 3,326 2,826 14.7% 6.3% 7.3x 6.3x 49.3x 31.8x NM NM Medidata Solutions 2,405 2,385 24.1% 21.4% 5.8x 4.9x 24.2x 17.8x NM 36.5x Dealertrack Technologies 2,243 2,825 22.6% 20.4% 2.8x 2.4x 12.3x 10.5x 22.8x 19.3x Cornerstone OnDemand 1,858 1,855 4.4% 30.8% 5.4x 4.3x NM NM NM NM Fleetmatics 1,377 1,241 31.3% 24.3% 4.3x 3.6x 13.8x 11.4x 29.8x 22.7x Paylocity 1,276 1,203 3.2% 27.8% 7.5x 6.1x NM NM NM NM Mean 16.6% 24.5% 7.2x 5.8x NM NM 22.8x 34.2x Median 18.0% 22.4% 6.2x 5.1x NM NM 22.8x 36.5x

Note: (1) Vista Equity Partners has entered into an agreement to acquire ACS PAGE | 5 EUROPEAN TECHNOLOGY INDUSTRY UPDATE │ JANUARY 2015

SOFTWARE (CONT.)

Market Enterprise CY2015E EV / Revenue EV / EBITDA P / E Cap ($m) Value ($m) EBITDA Margin Rev. Growth CY2015E CY2016E CY2015E CY2016E CY2015E CY2016E

Small Cap. SaaS LogMeIn 1,161 965 22.2% 16.8% 3.7x 3.2x 16.9x 14.5x 37.1x 30.5x Cvent 1,091 908 10.9% 25.4% 5.1x 4.2x 46.8x 34.6x NM NM SPS Commerce 877 736 14.0% 21.9% 4.7x 4.0x 34.0x 25.8x NM NM Benefitfocus 741 722 (24.2%) 26.7% 4.2x 3.3x NM NM NM NM Callidus 728 700 12.2% 20.8% 4.3x 3.6x 35.2x 24.6x NM 34.0x Textura 708 642 9.3% 42.0% 7.2x 5.0x NM 26.3x NM 38.6x Channel Advisors 526 449 (14.2%) 20.5% 4.4x 3.7x NM NM NM NM JIVE 415 324 0.1% 15.6% 1.6x 1.4x NM 26.9x NM NM SciQuest 390 266 20.3% 6.1% 2.4x 2.2x 11.9x 9.9x NM 34.0x Marin Software 254 182 (10.3%) 19.1% 1.6x 1.3x NM NM NM NM Mean 6.0% 22.3% 4.6x 3.7x NM NM 27.5x 34.6x Median 10.9% 21.9% 4.4x 3.7x NM NM 22.8x 34.1x HCM/WFM Workday 15,613 14,268 3.6% 44.3% 12.6x 9.1x NM NM NM NM The Ultimate Software Group 4,106 4,005 24.7% 21.9% 6.5x 5.3x 26.3x 21.7x NM 46.7x Cornerstone OnDemand 1,858 1,855 4.4% 30.8% 5.4x 4.3x NM NM NM NM Paylocity 1,276 1,203 3.2% 27.8% 7.5x 6.1x NM NA NM NM Benefitfocus 741 722 (24.2%) 26.7% 4.2x 3.3x NM NM NM NM ClickSoftware 236 194 4.6% 11.4% 1.4x 1.2x 29.7x NA NM 27.6x ATOSS Software 158 134 27.1% 8.1% 2.7x 2.5x 10.1x 9.4x 17.7x 16.4x Halogen 153 109 (12.9%) 20.9% 1.6x NA NM NA NM NA Invision Software 126 121 31.9% 0.2% 7.9x 6.7x 24.9x 16.6x 30.2x 20.4x

Mean 6.9% 21.4% 5.5x 4.8x 22.7x 15.9x 24.0x 27.8x Median 4.4% 21.9% 5.4x 4.8x 25.6x 16.6x 24.0x 24.0x Healthcare IT McKesson 49,776 58,139 2.9% 6.4% 0.3x 0.3x 11.1x 10.0x 17.7x 15.7x Cerner 22,124 20,939 31.6% 27.5% 4.9x 4.2x 15.4x 13.4x 32.0x 26.9x Sysm ex 9,118 8,782 25.8% 12.7% 4.4x 4.0x 17.1x 15.3x 35.4x 30.6x Allscripts Healthcare Solutions 2,271 2,821 16.6% 5.6% 1.9x 1.8x 11.5x 9.6x 26.7x 20.7x CompuGroup 1,195 1,593 22.5% 4.5% 2.5x 2.4x 11.1x 10.2x 13.9x 12.4x Castlight Health 897 714 (85.5%) 83.5% 8.8x 5.2x NM NM NM NM Emis 786 793 33.7% 8.8% 3.5x 3.3x 10.5x 10.3x 19.5x 17.8x Computer Programs & Systems 695 667 28.4% 3.1% 3.1x 2.9x 10.8x 9.8x 18.5x 17.3x Cegedim 510 1,105 19.7% (31.7%) 1.5x 1.4x 7.7x 7.6x 14.6x 10.9x Sectra Aktiebolag 492 457 23.3% 7.2% 3.5x 3.3x 15.2x 14.1x 25.9x 24.9x Merge Healthcare 362 556 23.0% 4.0% 2.5x 2.3x 10.8x 9.6x 18.9x 15.1x Craneware 205 176 29.0% 12.6% 3.5x 3.2x 12.1x 10.9x 19.8x 17.9x

Mean 14.3% 12.0% 3.4x 2.9x 12.1x 11.0x 22.1x 19.1x Median 23.1% 6.8% 3.3x 3.0x 11.1x 10.2x 19.5x 17.8x Security Software Sym antec 17,454 15,756 33.6% (0.5%) 2.4x 2.3x 7.1x 7.0x 12.7x 11.5x Check Point 15,393 14,153 59.0% 6.6% 8.9x 8.4x 15.1x 14.2x 19.9x 18.4x Palo Alto Networks 10,252 9,952 18.3% 34.4% 10.2x 7.8x NM 31.7x NM NM Verisign 6,874 6,777 66.3% 5.1% 6.4x 6.1x 9.6x 8.9x 18.2x 16.8x Gemalto 6,776 6,354 19.2% 16.3% 1.9x 1.7x 9.7x 8.5x 16.4x 14.1x FireEye 5,308 4,910 (26.8%) 47.2% 7.9x 5.7x NM NM NM NM Fortinet 5,084 4,424 19.6% 15.6% 5.1x 4.4x 25.7x 21.5x NM 43.0x Trend Micro 3,613 2,556 33.8% 4.5% 2.5x 2.5x 7.5x 7.4x 19.7x 19.2x Barracuda Networks 2,111 1,945 23.2% 16.5% 6.3x 5.4x 27.1x 34.7x NM NM Proofpoint 1,918 1,845 0.5% 25.9% 7.6x 6.1x NM NM NM NM Imperva 1,313 1,212 (4.3%) 22.8% 6.1x 5.0x NM NM NM NM Qualys 1,220 1,107 21.4% 20.8% 6.9x 5.8x 32.2x 24.6x NM NM AVG Technologies 1,020 976 35.3% 13.8% 2.3x 2.1x 6.6x 6.3x 10.3x 9.2x Vasco Data Security 950 824 24.3% 14.5% 3.7x 3.7x 15.4x 14.9x 22.9x 24.6x F-Secure 413 352 22.6% 2.4% 1.9x 1.8x 8.3x 7.8x 18.3x 14.3x Intercede 101 92 0.6% 36.1% 3.6x NA NM NA NM NA

Mean 21.7% 17.6% 5.2x 4.6x 14.9x 15.6x 17.3x 19.0x Median 22.0% 16.0% 5.6x 5.0x 9.7x 11.5x 18.2x 16.8x

PAGE | 6 EUROPEAN TECHNOLOGY INDUSTRY UPDATE │ JANUARY 2015

SOFTWARE (CONT.)

Market Enterprise CY2015E EV / Revenue EV / EBITDA P / E Cap ($m) Value ($m) EBITDA Margin Rev. Growth CY2015E CY2016E CY2015E CY2016E CY2015E CY2016E

Fintech Intuit 24,761 23,671 31.9% (0.4%) 5.2x 4.5x 16.4x 12.4x 31.6x 21.5x Fidelity Information Services 17,800 22,299 30.2% 6.9% 3.2x 3.1x 10.7x 10.0x 18.0x 15.9x Fiserv 17,558 20,997 33.2% 5.0% 4.0x 3.8x 11.9x 11.1x 19.0x 17.1x Paychex 17,097 16,568 42.3% 8.2% 5.9x 5.5x 13.8x 13.0x 24.4x 22.6x MSCI 5,819 6,164 39.3% 8.7% 5.7x 5.2x 14.4x 13.2x 24.5x 21.1x Jack Henry 5,152 5,123 34.9% 7.5% 3.8x 3.6x 10.9x 10.1x 22.6x 20.7x SS&C Technologies 4,622 5,148 40.6% 15.0% 5.8x 5.4x 14.4x 13.3x 21.2x 19.2x Guidewire 3,326 2,826 14.7% 6.3% 7.3x 6.3x 49.3x 31.8x NM NM Fair Isaac 2,278 2,719 25.5% 4.6% 3.3x 3.1x 12.8x 12.2x 16.9x NA Temenos 2,068 2,220 34.7% 8.9% 4.1x 3.7x 11.9x 10.5x 22.5x 19.3x Envestnet 1,721 1,645 18.2% 24.0% 3.8x 3.1x 20.9x 15.5x NM 33.6x Advent Software 1,639 1,857 33.8% 5.4% 4.4x 4.2x 13.1x 11.6x 20.5x 18.8x Fidessa 1,447 1,359 24.3% 4.5% 3.1x 2.9x 12.7x 11.9x 28.5x 26.2x Paycom 1,329 1,337 17.5% 29.2% 7.0x 5.5x 40.1x 29.1x NM NM Iress 1,297 1,392 33.4% 5.9% 4.9x 4.5x 14.6x 13.1x 21.5x 19.1x Ellie Mae 1,208 1,123 18.8% 26.0% 5.7x 4.6x 30.3x 18.4x NM 35.1x SimCorp 1,123 1,090 26.3% 6.3% 3.6x 3.3x 13.8x 11.9x 20.0x 16.8x Bottomline Technologies 940 895 20.8% 6.7% 2.6x 2.4x 12.5x 11.3x 16.1x NM Ebix 777 794 37.5% 11.8% 3.4x NA 9.2x NA 13.5x NA Q2 Holdings 653 563 (10.0%) 30.4% 5.5x 4.2x NM NM NM NM Linedata 193 247 25.1% 3.0% 1.3x 1.3x 5.1x 5.0x 9.7x 9.0x Microgen 135 105 27.7% 4.5% 2.3x 2.2x 8.1x 8.4x 17.9x 19.1x StatPro 77 72 14.9% 2.8% 1.5x NA 9.9x NA 21.3x NA Mean 26.8% 10.0% 4.2x 3.9x 16.2x 13.7x 20.5x 20.9x Median 27.7% 6.7% 4.0x 3.8x 13.0x 12.1x 20.9x 19.2x Data and Data Analytics Experian 16,338 19,932 34.5% 2.4% 4.0x 3.8x 11.6x 10.9x 16.9x 15.9x Nielsen 16,081 22,424 30.0% 3.8% 3.4x 3.3x 11.4x 10.7x 15.2x 13.6x Verisk 10,384 11,225 46.4% 9.1% 5.9x 5.5x 12.7x 11.7x 23.2x 20.8x Equifax 9,963 11,438 35.4% 7.1% 4.4x 4.1x 12.4x 11.6x 19.3x 17.6x Splunk 6,924 6,128 5.1% 31.8% 10.5x 8.1x NM NM NM NM Tableau Software 6,016 5,372 8.9% 41.3% 9.7x 7.2x NM NM NM NM Informatica 3,876 3,222 25.7% 9.8% 2.8x 2.6x 11.0x 9.5x 20.8x 18.6x Conv ergys 1,988 2,152 13.0% 7.7% 0.7x 0.7x 5.4x 5.0x 11.6x 10.9x Microstrategy 1,793 1,439 15.7% 4.1% 2.3x 2.2x 14.7x 13.6x 31.9x 28.9x Neustar 1,471 2,021 47.4% (0.3%) 2.1x 2.7x 4.4x 6.4x 7.0x 10.9x PROS 735 697 16.8% 20.2% 3.1x 2.7x 18.1x 15.5x NM 34.9x Kofax 609 553 15.5% 12.4% 1.6x NA 10.6x NA 17.6x NA Actuate 307 249 (11.2%) (13.8%) 2.9x 2.8x NM NM NM NM Mean 21.8% 10.4% 4.1x 3.8x 11.2x 10.5x 18.2x 19.1x Median 16.8% 7.7% 3.1x 3.1x 11.5x 10.9x 17.6x 17.6x CAx/PLM Dassault Systems 14,800 13,888 33.9% 12.4% 4.5x 4.1x 13.3x 11.9x 24.5x 21.9x Autodesk 13,035 11,880 20.0% 4.5% 4.6x 4.4x 22.7x 17.5x NM 30.7x Ansys 7,345 6,528 50.9% 7.4% 6.5x 6.0x 12.8x 11.6x 22.2x 20.6x PTC 4,026 4,344 28.7% 2.6% 3.1x 3.1x 10.9x 9.7x 14.3x 14.7x Aveva 1,252 1,076 31.1% 2.6% 3.2x 3.0x 10.2x 9.3x 16.1x 14.5x Nemetschek 993 920 24.7% 21.0% 3.0x 2.8x 12.2x 10.9x 22.6x 20.0x Mensch und Maschine 114 156 8.9% 8.5% 0.9x 0.8x 9.7x 7.7x 14.5x 8.9x Cimatron 95 75 NA 5.1% 1.5x NA NA NA 16.4x NA Mean 28.3% 8.0% 3.4x 3.4x 13.1x 11.2x 18.7x 18.8x Median 28.7% 6.3% 3.2x 3.1x 12.2x 10.9x 16.4x 20.0x

PAGE | 7 EUROPEAN TECHNOLOGY INDUSTRY UPDATE │ JANUARY 2015

IT SERVICES

LAST 30 DAYS PERFORMANCE

30% Data Centres 26.3% Managed Services, Colocation and Hosting 19.8% PaaS/IaaS 12.7% 25% Offshore IT Services 8.7% IT Services 2.5%

20%

15%

10%

5%

0%

(5%)

(10%) Jan 2014 Apr 2014 Jul 2014 Oct 2014 Jan 2015

Managed Services, Colocation and Hosting Offshore IT Services Data Centres PaaS/IaaS IT Services

LAST TWELVE MONTHS PERFORMANCE

12% Offshore IT Services 5.3% PaaS/IaaS 2.2% IT Services 1.9% 10% Managed Services, Colocation and Hosting 1.5% Data Centres (0.7%)

8%

6%

4%

2%

0%

(2%)

(4%)

(6%) 12 Dec 19 Dec 26 Dec 02 Ja n 09 Ja n Managed Services, Colocation and Hosting Data Centres PaaS/IaaS Offshore IT Services IT Services

PAGE | 8 EUROPEAN TECHNOLOGY INDUSTRY UPDATE │ JANUARY 2015

IT SERVICES (CONT.)

Market Enterprise CY2015E EV / Revenue EV / EBITDA P / E Cap ($m) Value ($m) EBITDA Margin Rev. Growth CY2015E CY2016E CY2015E CY2016E CY2015E CY2016E

IT Services NTT Group 59,312 107,187 27.7% 0.9% 1.1x 1.1x 4.1x 4.0x 11.7x 10.5x Accenture 56,224 52,311 16.6% 2.6% 1.7x 1.6x 10.1x 9.4x 18.5x 16.8x KDDI 53,057 61,233 27.6% 5.3% 1.5x 1.5x 5.6x 5.1x 13.4x 12.3x CGI 11,525 13,331 17.8% 1.4% 1.5x 1.5x 8.4x 8.1x 13.6x 12.6x Capgemini 11,101 10,980 11.1% 3.9% 0.9x 0.8x 7.7x 7.2x 15.1x 13.8x Capita 10,773 13,548 15.4% 8.3% 1.9x 1.8x 12.3x 11.7x 15.4x 14.5x Fujitsu 10,314 13,844 7.4% 1.4% 0.3x 0.3x 4.5x 4.4x 9.1x 8.5x Computer Sciences 8,878 9,770 17.6% 1.4% 0.8x 0.7x 4.3x 3.6x 12.9x 11.6x Atos Origin 8,728 8,687 11.2% 13.6% 0.7x 0.7x 6.4x 5.9x 12.4x 11.0x NEC 7,625 11,384 7.1% 2.1% 0.4x 0.4x 6.2x 5.9x 13.8x 11.6x Tieto 1,878 1,923 14.4% (0.8%) 1.1x 1.1x 7.5x 7.2x 14.8x 14.0x Bechtle 1,726 1,694 5.3% 7.2% 0.5x 0.5x 10.1x 9.3x 17.4x 15.7x Indra Sistemas 1,520 2,390 9.4% 3.2% 0.7x 0.6x 7.1x 6.7x 10.0x 8.8x Sopra 1,500 1,732 8.9% 35.9% 0.4x 0.4x 4.8x 4.3x 9.4x 8.0x GFI Informatique 349 446 7.5% 5.3% 0.4x 0.4x 5.9x 5.5x 10.8x 10.7x Mean 12.7% 6.5% 0.9x 0.9x 7.2x 6.7x 13.3x 12.1x Median 11.1% 3.6% 0.7x 0.7x 6.8x 6.3x 13.5x 11.9x Offshore IT Services Tata 78,915 77,110 28.4% 16.1% 4.5x 4.0x 15.8x 14.2x 20.5x 18.5x Infosys 38,467 33,044 27.7% 10.0% 3.5x 3.2x 12.7x 12.2x 18.0x 17.1x Cognizant 32,973 28,354 20.6% 18.7% 2.3x 2.0x 11.4x 9.8x 18.5x 15.9x Wipro 22,257 19,963 22.3% 9.5% 2.4x 2.2x 10.9x 10.4x 15.0x 14.4x HCL 17,932 16,642 24.2% 9.8% 2.7x 2.5x 11.3x 10.3x 15.0x 13.5x Tech Mahindra 10,688 10,169 20.0% 22.3% 2.4x 2.0x 12.1x 10.0x 17.5x 14.3x Mean 23.9% 14.4% 3.0x 2.7x 12.4x 11.2x 17.4x 15.6x Median 23.2% 13.0% 2.6x 2.3x 11.7x 10.4x 17.7x 15.2x Managed Services, Colocation and Hosting Level 3 15,851 24,480 30.9% 20.3% 3.0x 2.9x 9.7x 8.6x 32.8x 21.5x United Internet 9,392 9,572 20.3% 18.3% 2.3x 2.1x 11.2x 10.0x 20.8x 17.9x Rackspace 6,711 6,460 34.0% 16.1% 3.1x 2.7x 9.1x 7.8x NM 38.2x Windstream 5,013 13,643 34.6% (1.4%) 2.4x 2.4x 6.8x 6.7x NM 37.7x Endurance 2,296 3,401 37.7% 18.9% 4.6x 4.0x 12.1x 10.4x 14.1x 12.1x Interxion 1,950 2,494 44.1% 10.6% 5.6x 5.1x 12.7x 11.2x 37.8x 31.5x Internap 437 767 25.4% 4.7% 2.2x 2.0x 8.6x 7.2x NM NM Redcentric 324 339 23.5% 16.4% 2.3x 2.1x 9.6x 8.9x 15.8x 14.1x iomart 270 299 43.9% 12.9% 2.8x 2.6x 6.3x 5.9x 11.8x 10.8x Melbourne IT 110 102 13.9% 8.5% 0.9x 0.9x 6.5x 5.8x 13.0x 11.4x Proact 91 105 NA 4.6% 0.3x 0.3x NA NA 9.2x 7.8x Mean 30.8% 11.8% 2.7x 2.5x 9.3x 8.3x 19.4x 20.3x Median 32.5% 12.9% 2.4x 2.4x 9.4x 8.2x 14.9x 16.0x

Data Centres Equinix 12,235 15,733 47.0% 10.6% 5.8x 5.3x 12.4x 11.2x 38.9x 29.7x Digital Realty Trust 9,334 15,127 57.2% 5.3% 8.9x 8.3x 15.5x 14.6x NM NM Telecity 2,514 2,966 47.5% 10.7% 5.1x 4.6x 10.7x 9.6x 18.3x 16.0x DuPont Fabros 2,300 4,028 66.5% 3.7% 9.3x 8.9x 14.1x 13.3x 25.6x 22.6x Coresite 890 1,643 47.8% 12.4% 5.4x 4.9x 11.3x 10.3x NM 45.3x

Mean 53.2% 8.5% 6.9x 6.4x 12.8x 11.8x 27.6x 28.4x Median 47.8% 10.6% 5.8x 5.3x 12.4x 11.2x 25.6x 26.2x PaaS/IaaS EMC 58,890 57,859 30.6% 7.4% 2.2x 2.1x 7.2x 6.6x 13.6x 12.4x Netapp 12,427 8,652 23.4% 2.5% 1.3x 1.3x 5.7x 5.3x 12.7x 11.6x Akamai 10,813 10,702 42.4% 16.2% 4.7x 4.1x 11.1x 9.5x 22.1x 18.7x ServiceNow 10,113 9,903 8.8% 39.9% 10.4x 8.0x NM NM NM NM Commvault Systems 2,214 1,799 20.7% 6.0% 2.8x 2.5x 13.4x 11.0x 29.6x 25.0x Synchronoss 1,729 1,665 34.5% 19.5% 3.1x 2.6x 8.9x 7.7x 21.6x 18.4x Progress Software 1,314 1,053 35.7% 6.2% 3.0x 3.1x 8.4x 7.8x 17.3x 17.1x Carbonite 385 313 14.0% 11.0% 2.3x 2.0x 16.4x 13.6x NM NM E2open 176 158 (16.1%) 4.8% 1.9x 1.7x NM NM NM NM

Mean 21.6% 12.6% 3.5x 3.0x 10.1x 8.8x 19.5x 17.2x Median 23.4% 7.4% 2.8x 2.5x 8.9x 7.8x 19.5x 17.8x

PAGE | 9 EUROPEAN TECHNOLOGY INDUSTRY UPDATE │ JANUARY 2015

COMMUNICATIONS (CONTD.)

LAST 30 DAYS PERFORMANCE

Mobile Infrastructure Software 3.7% 8% Mobile Content / Solutions Providers 2.3% Digital Broadband 1.1% Diversified Communication Equipmen (1.3%)

6%

4%

2%

0%

(2%)

(4%) 12 Dec 19 Dec 26 Dec 02 Ja n 09 Ja n

Mobile Infrastructure Software Digital Broadband Mobile Content / Solutions Providers Diversified Communication Equipment

LAST TWELVE MONTHS PERFORMANCE

20% Mobile Infrastructure Software 1.0% Diversified Communication Equipmen (5.9%) Digital Broadband (7.5%) Mobile Content / Solutions Providers (31.4%) 10%

0%

(10%)

(20%)

(30%)

(40%) Jan 2014 Apr 2014 Jul 2014 Oct 2014 Jan 2015

Digital Broadband Diversified Communication Equipment Mobile Content / Solutions Providers Mobile Infrastructure Software

PAGE | 10 EUROPEAN TECHNOLOGY INDUSTRY UPDATE │ JANUARY 2015

COMMUNICATIONS (CONT.)

Market Enterprise CY2014E EV / Revenue EV / EBITDA P / E Cap ($m) Value ($m) EBITDA Margin Rev. Growth CY2015E CY2016E CY2015E CY2016E CY2015E CY2016E

Digital Broadband Logitech 2,212 1,742 9.5% 1.5% 0.8x 0.8x 8.4x 7.6x 16.8x 13.7x Technicolor 1,894 2,609 17.3% 0.4% 0.7x 0.7x 3.8x 4.4x 7.3x 9.2x Pace 1,665 1,813 10.5% 3.3% 0.7x 0.7x 6.5x 6.4x 9.4x 8.9x TomTom 1,553 1,430 15.3% (0.5%) 1.3x 1.3x 8.4x 7.6x 22.2x 18.4x Kudelski 717 975 13.5% 4.1% 1.0x 1.0x 7.8x 7.5x 12.7x 11.5x Extreme Networks 333 349 7.8% 5.2% 0.6x 0.6x 7.4x 5.7x 10.7x 7.2x Parrot 284 204 10.7% 7.3% 0.7x 0.6x 6.3x 4.7x 30.3x 19.4x Advanced Digital Broadcast 78 49 9.5% 2.5% 0.1x 0.1x 1.5x 1.6x 8.4x 7.6x Mean 11.8% 3.0% 0.7x 0.7x 6.3x 5.7x 14.7x 12.0x Median 10.6% 2.9% 0.7x 0.7x 6.9x 6.0x 11.7x 10.4x Diversified Communication Equipment LM Ericsson Telephone 38,940 33,684 14.1% 4.0% 1.1x 1.1x 8.0x 6.9x 15.6x 13.9x Nokia 27,765 21,912 15.2% 3.1% 1.4x 1.4x 9.3x 8.9x 20.0x 18.5x Alcatel-Lucent 9,512 10,656 11.5% 3.3% 0.7x 0.6x 5.8x 5.1x 15.6x 11.2x CIENA 2,070 2,823 12.3% 9.5% 1.1x 1.0x 9.1x 8.3x 15.3x 12.7x ADTRAN 1,148 1,064 12.5% 6.3% 1.6x 1.5x 12.8x 9.7x 20.3x 17.6x Mean 13.1% 5.2% 1.2x 1.1x 9.0x 7.8x 17.4x 14.8x Median 12.5% 4.0% 1.1x 1.1x 9.1x 8.3x 15.6x 13.9x Mobile Infrastructure Software QUALCOMM 122,318 104,750 37.1% 6.7% 3.7x 3.4x 9.9x 9.1x 13.6x 12.5x Amdocs 7,320 6,105 20.2% 3.8% 1.6x 1.6x 8.1x 7.6x 13.7x 12.8x VeriSign 6,874 6,777 66.3% 5.1% 6.4x 6.1x 9.6x 8.9x 18.2x 16.8x Synchronoss Technologies 1,729 1,665 34.5% 19.5% 3.1x 2.6x 8.9x 7.7x 21.6x 18.4x Sonus Networks 927 819 12.6% 10.1% 2.5x 2.3x 19.8x 14.0x 32.9x 21.1x Redknee Solutions 329 270 16.4% (2.7%) 1.1x 0.9x 6.5x 4.8x 15.7x 10.7x TeleCommunication Systems 183 262 10.1% 7.9% 0.7x NA 6.6x NA 12.5x NA Smith Micro Software 56 44 (0.1%) 17.3% 1.0x NA NM NA NM NA

Mean 24.6% 8.5% 2.5x 2.8x 9.9x 8.7x 18.3x 15.4x Median 18.3% 7.3% 2.1x 2.5x 8.9x 8.3x 15.7x 14.8x Mobile Content / Solutions Providers Opera Software 1,813 1,745 25.9% 46.0% 2.7x 2.1x 10.6x 8.2x 18.5x 13.8x GameLoft 310 243 13.6% 14.9% 0.8x 0.7x 5.5x 4.5x 17.5x 13.9x Mean 19.8% 30.4% 1.7x 1.4x 8.0x 6.4x 18.0x 13.8x Median 19.8% 30.4% 1.7x 1.4x 8.0x 6.4x 18.0x 13.8x

PAGE | 11 EUROPEAN TECHNOLOGY INDUSTRY UPDATE │ JANUARY 2015

INTERNET AND DIGITAL MEDIA

LAST 30 DAYS PERFORMANCE

Interactive Entertainment 58.9% Global Internet Leaders 23.7% Chinese Internet Leaders 20.5% Online Gambling 0.2% Online Travel (4.3%) Ecommerce (7.4%) Digital Marketing (7.8%) 60% Intermediation and Comparison (12.8%) Content Providers / Communities (18.2%) Online Classifieds (33.0%)

40%

20%

0%

(20%)

(40%) Jan 2014 Apr 2014 Jul 2014 Oct 2014 Jan 2015

Content Providers / Communities Interactive Entertainment Global Internet Lead ers Chinese Internet Leaders Digital Marketing Online Classifieds Online Travel Intermediation and Comparison Ecommerce Online Gambling

LAST TWELVE MONTHS PERFORMANCE

Chinese Internet Leaders 6.5% Interactive Entertainment 6.3% Content Providers / Communities 2.5% Digital Marketing (0.1%) Online Classifieds (0.5%) Ecommerce (1.6%) 10% Global Internet Leaders (2.3%) Online Travel (3.5%) Online Gambling (4.3%) 8% Intermediation and Comparison (5.2%)

6%

4%

2%

0%

(2%)

(4%)

(6%)

(8%) 12 Dec 19 Dec 26 Dec 02 Ja n 09 Ja n

Online Travel Online Classifieds Chinese Internet Leaders Global Internet Lead ers Ecommerce Content Providers / Communities Digital Marketing Interactive Entertainment Online Gambling Intermediation and Comparison

PAGE | 12 EUROPEAN TECHNOLOGY INDUSTRY UPDATE │ JANUARY 2015

INTERNET AND DIGITAL MEDIA (CONT.)

Market Enterprise CY2014E EV / Revenue EV / EBITDA P / E Cap ($m) Value ($m) EBITDA Margin Rev. Growth CY2015E CY2016E CY2015E CY2016E CY2015E CY2016E

Global Internet Leaders Apple 640,734 650,871 33.7% 12.7% 3.0x 2.8x 8.9x 8.6x 13.5x 12.7x Microsoft 384,117 319,494 35.4% 7.7% 3.2x 3.0x 9.0x 7.9x 15.6x 13.9x Google 335,658 284,241 39.6% 16.9% 3.7x 3.1x 9.3x 7.9x 16.5x 14.1x Alibaba 252,596 245,571 51.3% 39.9% 15.1x 11.9x 29.4x 22.2x 35.3x 27.6x Facebook 213,884 199,912 59.9% 36.7% 11.8x 8.9x 19.7x 14.9x 40.0x 30.0x Amazon 134,925 131,141 7.6% 18.5% 1.2x 1.1x 16.3x 12.9x NM NM Baidu 77,446 73,251 34.6% 40.7% 6.6x 5.0x 18.9x 14.0x 24.8x 18.3x eBay 68,579 65,794 31.5% 12.0% 3.3x 2.9x 10.4x 9.5x 16.9x 15.3x Yahoo! 46,231 36,269 29.1% 2.1% 8.1x 8.0x 27.7x 26.3x NM 39.3x Yandex 5,621 5,661 41.6% 31.5% 4.1x 3.4x 9.9x 8.2x 15.6x 12.7x

Mean 36.4% 21.9% 6.0x 5.0x 16.0x 13.2x 22.3x 20.4x Median 35.0% 17.7% 3.9x 3.3x 13.3x 11.2x 16.7x 15.3x Ecommerce Alibaba 252,596 245,571 51.3% 39.9% 15.1x 11.9x 29.4x 22.2x 35.3x 27.6x Amazon 134,925 131,141 7.6% 18.5% 1.2x 1.1x 16.3x 12.9x NM NM eBay 68,579 65,794 31.5% 12.0% 3.3x 2.9x 10.4x 9.5x 16.9x 15.3x Naspers 57,404 60,308 11.2% 19.0% 8.0x 6.8x NM NM 38.4x 28.7x Netflix 19,208 18,442 10.2% 23.0% 2.7x 2.3x 26.7x 17.5x NM 41.7x Mercadolibre 5,311 5,192 34.7% 16.9% 8.1x 6.6x 23.5x 19.2x 37.0x 30.6x IAC 5,067 5,132 17.9% 6.9% 1.6x 1.5x 8.7x 7.1x 18.1x 14.3x Groupon 4,981 4,126 9.4% 14.2% 1.1x 1.0x 12.1x 9.9x NM 32.6x Ocado 3,642 3,710 8.0% 16.7% 2.2x 1.9x 27.3x 23.3x NM NM Mail.ru 3,475 2,700 50.6% 16.7% 3.4x 2.9x 6.8x 5.6x 14.0x 11.4x Asos 3,317 3,203 5.8% 19.4% 1.7x 1.4x 29.7x 22.4x NM 41.0x Shutterfly 1,600 1,606 19.8% 14.7% 1.5x 1.3x 7.7x 6.5x NM 36.6x YOOX 1,207 1,202 10.7% 19.8% 1.6x 1.4x 15.1x 12.1x NM 32.3x (1) Digital River 811 560 13.2% 6.2% 1.4x 1.3x 10.6x 7.7x NM 32.4x Overstock 572 459 3.1% 10.8% 0.3x NA 9.2x NA 28.0x NA Channel Advisor 526 449 (14.2%) 20.5% 4.4x 3.7x NM NM NM NM Blue Nile 392 360 4.8% 9.0% 0.7x 0.6x 14.2x 11.3x 32.2x 26.3x

Mean 16.2% 16.7% 3.4x 3.0x 16.5x 13.4x 27.5x 28.5x Median 10.7% 16.7% 1.7x 1.7x 14.2x 11.7x 30.1x 30.6x Online Travel Priceline 54,449 52,138 41.5% 17.5% 5.3x 4.5x 12.7x 10.7x 16.9x 14.3x Amadeus 17,746 19,539 38.3% 7.2% 4.6x 4.3x 11.9x 11.2x 20.5x 18.9x Expedia 10,778 10,514 18.5% 13.5% 1.6x 1.4x 8.7x 7.6x 18.2x 15.6x Tripadvisor 10,212 9,982 37.9% 25.8% 6.4x 5.2x 16.8x 13.1x 28.4x 21.8x Ctrip 6,591 6,705 9.4% 34.0% 4.2x 3.2x 44.5x 22.0x NM 24.6x Sabre Corporation 5,183 8,113 31.6% 4.2% 2.7x 2.5x 8.6x 7.8x 17.4x 14.5x Travelport 1,904 4,235 23.8% 3.2% 1.9x 1.8x 8.0x 7.3x NM 27.6x Orbitz 1,007 1,208 17.1% 5.3% 1.2x 1.2x 7.2x 6.6x 23.1x 19.8x Travelzoo 165 108 10.8% 1.4% 0.7x 0.7x 6.8x 8.0x 20.0x 22.6x

Mean 25.4% 12.5% 3.2x 2.8x 13.9x 10.5x 20.6x 20.0x Median 23.8% 7.2% 2.7x 2.5x 8.7x 8.0x 20.0x 19.8x Digital Marketing HomeAway 2,548 2,070 25.5% 19.5% 3.9x 3.2x 15.2x 12.1x NM NM Marketo 1,385 1,274 (11.8%) 35.9% 6.3x 4.9x NM NM NM NM Constant Contact 1,187 1,032 19.6% 17.0% 2.7x 2.3x 13.6x 11.1x 28.6x 23.2x Callidus Software 728 700 12.2% 20.8% 4.3x 3.6x 35.2x 24.6x NM 34.0x Harte-Hanks 467 487 11.8% 2.1% 0.9x 0.8x 7.3x 6.3x 16.5x 13.7x Matom y Media 327 379 11.1% 17.8% 1.2x 1.1x 11.2x 8.3x 23.0x 14.3x Marin Software 254 182 (10.3%) 19.1% 1.6x 1.3x NM NM NM NM Marchex 185 104 9.4% (23.3%) 0.8x 0.7x 8.1x 6.5x 30.9x 25.4x InternetQ 164 161 17.5% 23.9% 0.8x 0.7x 4.7x 4.0x 8.5x 7.0x 1000mercis 153 104 28.6% 9.9% 1.9x 1.6x 6.5x 5.4x 15.1x 13.0x Dotdigital 135 121 33.1% 29.9% 3.3x 2.9x 9.9x 8.1x 16.5x 14.3x Hi-Media 128 42 4.2% 4.1% 0.2x 0.2x 4.9x 3.2x NM 24.3x TradeDoubler 51 30 2.7% 9.7% 0.1x 0.1x 4.7x 5.9x NA 48.5x Mean 11.8% 14.3% 2.1x 1.8x 11.0x 8.7x 19.9x 21.8x Median 11.8% 17.8% 1.6x 1.3x 8.1x 6.5x 16.5x 18.8x

Note (1): Entered into a definitive takeover agreement with Siris Capital PAGE | 13 EUROPEAN TECHNOLOGY INDUSTRY UPDATE │ JANUARY 2015

INTERNET AND DIGITAL MEDIA (CONT.)

Market Enterprise CY2014E EV / Revenue EV / EBITDA P / E Cap ($m) Value ($m) EBITDA Margin Rev. Growth CY2015E CY2016E CY2015E CY2016E CY2015E CY2016E

Content Providers / Communities LinkedIn 27,708 25,449 27.5% 34.2% 8.6x 6.7x 31.4x 22.3x NM NM Twitter 24,613 22,491 24.0% 66.3% 9.8x 6.6x 40.9x 22.8x NM NM Pandora Media 3,529 3,213 11.4% 29.9% 2.7x 2.1x 23.7x 14.0x 33.4x 19.8x JustEat 2,842 2,608 26.3% 26.7% 9.1x 7.7x 34.7x 24.6x NM 41.3x WebMD Health 1,461 1,713 28.9% 9.9% 2.7x 2.5x 9.3x 8.1x 25.2x 22.2x XING 614 539 32.8% 13.6% 4.1x 3.6x 12.4x 10.3x 27.0x 21.7x XO Group 481 396 21.5% 0.1% 2.8x 2.6x 13.1x 10.5x NM 18.5x Demand Media 90 51 15.1% (8.0%) 0.3x 0.3x 2.2x 1.7x NM NA Mean 23.4% 21.6% 5.0x 4.0x 21.0x 14.3x 28.5x 24.7x Median 25.1% 20.1% 3.4x 3.1x 18.4x 12.2x 27.0x 21.7x

Intermediation and Comparison Zillow 4,213 3,846 20.0% 36.9% 8.7x 6.7x 43.5x 27.5x NM NM Moneysupermarket 1,880 1,911 37.8% 7.1% 4.8x 4.5x 12.7x 11.8x 17.7x 16.5x Bankrate 1,279 1,400 26.2% 11.8% 2.3x 2.1x 8.7x 7.8x 15.4x 13.4x eHealth 387 329 8.8% 10.5% 1.6x 1.4x 18.1x 14.4x NM 32.4x Angie's List 327 307 6.4% 14.7% 0.9x 0.8x 13.3x 8.1x NM 23.8x Liquidity Services 237 175 8.6% (9.6%) 0.4x 0.4x 4.7x 7.0x 13.2x 22.0x Gruppo MutuiOnline 210 199 25.4% 13.1% 2.3x 2.1x 9.0x 7.7x 16.2x 13.8x Mean 19.0% 12.1% 3.0x 2.6x 15.7x 12.0x 15.6x 20.3x Median 20.0% 11.8% 2.3x 2.1x 12.7x 8.1x 15.8x 19.2x Online Classifieds SEEK 4,793 5,320 45.0% 14.4% 7.0x 6.2x 15.7x 13.4x 24.5x 20.3x Yelp 3,917 3,553 22.4% 43.2% 6.6x 4.8x 29.5x 18.5x NM 32.8x Rightmove 3,164 3,155 74.0% 11.0% 11.5x 10.5x 15.6x 14.1x 19.9x 17.6x SouFun 3,055 2,739 36.3% 19.1% 3.4x 2.8x 9.2x 6.9x 12.0x 10.3x 51job 2,130 1,590 34.1% 11.4% 4.7x 4.1x 13.7x 11.4x 19.5x 16.2x Carsales.au 2,092 2,215 56.7% 16.8% 8.8x 8.0x 15.5x 13.9x 21.5x 18.9x Zoopla 1,069 1,022 52.2% 11.3% 7.4x 6.3x 14.1x 11.1x 25.7x 16.0x Dice 531 618 31.7% 6.9% 2.2x 2.1x 6.9x 6.3x 16.8x 13.7x Monster 418 594 13.6% 0.8% 0.8x 0.7x 5.6x 5.3x 15.0x 11.7x Mean 40.7% 15.0% 5.8x 5.0x 14.0x 11.2x 19.4x 17.5x Median 36.3% 11.4% 6.6x 4.8x 14.1x 11.4x 19.7x 16.2x Chinese Internet Leaders Tencent 152,890 150,322 44.2% 23.1% 9.7x 7.9x 21.9x 17.2x 29.9x 23.3x Baidu 77,446 73,251 34.6% 40.7% 6.6x 5.0x 18.9x 14.0x 24.8x 18.3x Netease 13,522 10,363 41.8% 24.4% 4.4x 3.8x 10.4x 8.8x 14.6x 12.5x Youku Tudou 3,203 1,870 4.2% 39.1% 2.1x 1.5x 49.4x 9.1x NM 38.3x SouFun 3,055 2,739 36.3% 19.1% 3.4x 2.8x 9.2x 6.9x 12.0x 10.3x Sina 2,382 1,130 6.6% 17.9% 1.3x 1.0x 19.1x 6.6x NM 19.6x Sohu 1,931 1,723 6.0% 23.1% 0.8x 0.7x 14.0x 5.2x NM 35.3x Renren 959 147 (94.6%) 13.1% 1.4x 1.4x NM NM NM NM Dangdang 736 463 3.2% 23.9% 0.3x 0.2x 8.6x 6.0x 17.6x 9.7x Mean 9.2% 24.9% 3.3x 2.7x 18.9x 9.2x 19.8x 20.9x Median 6.6% 23.1% 2.1x 1.5x 16.5x 7.9x 17.6x 19.0x Online Gambling Playtech 2,894 2,450 43.8% 5.1% 4.4x 4.1x 10.0x 9.3x 13.8x 12.8x Betfair 2,432 2,020 21.0% 6.1% 2.8x 2.7x 13.5x 12.6x 26.3x 23.2x bwin.party digital entertainmen 1,337 1,174 17.3% 11.9% 1.4x 1.4x 8.3x 7.9x 18.1x 17.6x 888 741 635 15.1% 1.7% 1.4x 1.3x 9.1x 8.2x 16.0x 13.7x Mean 24.3% 6.2% 2.5x 2.4x 10.2x 9.5x 18.6x 16.8x Median 19.2% 5.6% 2.1x 2.0x 9.5x 8.7x 17.0x 15.7x Interactive Entertainment Electronic Arts 14,633 12,836 25.9% 5.7% 2.9x 2.8x 11.2x 9.7x 20.5x 17.7x Activision 13,561 14,055 36.5% (2.2%) 3.0x 2.8x 8.1x 7.4x 13.3x 12.0x Zynga 2,365 1,540 12.3% 15.6% 1.9x 1.7x 15.6x 13.3x NM 44.6x Take-Two Interactive Software 2,346 2,007 17.0% 20.3% 1.3x 1.1x 7.5x 6.6x 21.6x 15.0x Ubisoft Entertainment 2,090 2,142 42.9% 9.3% 1.2x 1.1x 2.7x 2.6x 13.0x 12.3x

Mean 26.9% 9.7% 2.0x 1.9x 9.0x 7.9x 17.1x 20.3x Median 25.9% 9.3% 1.9x 1.7x 8.1x 7.4x 16.9x 15.0x

PAGE | 14 EUROPEAN TECHNOLOGY INDUSTRY UPDATE │ JANUARY 2015

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HARRIS WILLIAMS & CO.

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