EUROPEAN TECHNOLOGY

INDUSTRY UPDATE │ FEBRUARY 2016

www.harriswilliams.de

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. Ned Valentine, Mr. Paul Poggi, Mr. Thierry Monjauze and Mr. Aadil Khan, 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.

0 EUROPEAN TECHNOLOGY INDUSTRY UPDATE │ FEBRUARY 2016

RECENT DEVELOPMENTS CONTENTS COMPANY SPECIFIC NEWS . RECENT DEVELOPMENTS EQT’s acquisition of 63% of IFS’ shares, and subsequent delisting, could be . PUBLIC MARKET TRADING blocked by activist investors, Elliott Capital Advisors, who have an 11% . SOFTWARE shareholding . IT SERVICES Apax Partners and Neuberger Berman have agreed to acquire 37% of . COMMUNICATIONS Engineering Ingegneria Informatica, the Italy-based provider of enterprise IT . INTERNET AND DIGITAL MEDIA software and services, valuing the business at c.€745m, which will lead to a mandatory tender offer TMT GROUP OVERVIEW Honeywell International has agreed to acquire Xtralis, the Ireland-based Our Technology, Media & provider of security software, smoke detection and analytics solutions, valuing Telecom (TMT) Group is the business at $480m dedicated to providing superior merger & acquisition Citymapper, the UK-based provider of cloud-based maps and transportation and capital markets advisory software, is reported to be conducting a fundraising that will value the business services to market leading at more than £250m companies. Our extensive industry knowledge and Microsoft has agreed to acquire SwiftKey, the UK-based provider of keyboard transaction leadership predictive text software for mobile devices, valuing the business at $250m experience spans the software, digital media, IT Services and Aspen Technology has agreed to acquire KBC, the UK-based provider of smart communications sectors. Our manufacturing and supply chain management software and services for the professionals in London, Boston process industries, valuing the business at £158m and San Francisco have global relationships with leading A consortium has agreed to acquire an undisclosed stake in Skyscanner, the technology companies and UK-based provider of a travel price comparison site, for a total consideration of financial investors. Thoughtful £128m advice, deep experience and technology expertise, creativity JUST EAT, has agreed to acquire 5 businesses from Rocket Internet and and attention to detail from Foodpanda, the Spain, Italy, Brazil and Mexico-based providers of online food our senior technology bankers takeaway sites, valuing the businesses at an aggregate of €125m have resulted in a track record of consistently exceeding our Rambus has agreed to acquire Smart Card Software, the UK-based provider of clients' expectations. mobile payments and smart ticketing platforms, valuing the business at £65m HgCapital has made a majority investment in Sovos Compliance, the US-based CONTACTS provider of regulatory tax compliance software, contributing £25m of EUROPE investment Thierry Monjauze HMS Industrial Networks has agreed to acquire eWON, the Belgium-based Managing Director manufacturer of secure industrial routers for internet connectivity, valuing the [email protected] business at €30m +44 (0) 20 7518 8901 AutoScout24 has agreed to acquire European AutoTrader, the Netherlands- based provider of the digital automotive classifieds platform, AutoTrader.nl, Jonathan Organ Director valuing the business at €28m [email protected] IPG Mediabrands has agreed to acquire Mubaloo, the UK-based provider of +44 (0) 20 7518 8909 enterprise mobile consultancy and apps, valuing the business at up to £20m UNITED STATES HCL Technologies has agreed to acquire P2P, the UK-based provider of Jeff Bistrong workplace engineering services including desktop and application virtualisation Managing Director and delivery, DaaS and consulting services, valuing the business at £8m [email protected] Carlyle has agreed to acquire TestPlant, the UK-based provider of automated +1 (617) 482-7501 software testing tools Michael Wilkins IBM has agreed to acquire Aperto, the Germany-based provider of digital Managing Director communication services [email protected] IBM has agreed to acquire ecx.io, the Germany-based provider of commerce +1 (415) 288-4260 and digital marketing services and platforms Sam Hendler JMI Equity has agreed to acquire CoreHR, the Ireland-based provider of cloud- Managing Director [email protected] based HCM software +1 (617) 654-2117 Summit Partners has agreed to acquire Perforce Software, the UK-based provider of a version control and collaboration platform www.harriswilliams.de

PAGE | 1 EUROPEAN TECHNOLOGY INDUSTRY UPDATE │ FEBRUARY 2016

RECENT DEVELOPMENTS

INDUSTRY TRENDS AND NEWS . Facebook's share of the digital advertising market is up from 8% in last year to 10% this year, according to eMarketer, whilst Google's share has decreased from 32% to 30% . According to ABI Research, the installed base of active wireless connected devices is expected to increase from 16 billion in 2014 to about 40 billion in 2020 . Juniper Research estimated there were 1.3 million bitcoin users last year, and estimates the number of users will increase 262% to 4.7 million by the end of 2017 . IDC estimates by 2018 75% of employees will be working from mobile devices at home, on the road, from business premises or at customer premises . Use of Google Docs has resulted in improved collaboration and time savings, in the range from 15 minutes to two hours per week, depending on the employee, according to Forrester . Mobile payments are gaining acceptance among consumers, according to Gartner, and by 2018, 50% of consumers in mature markets using smartphones or wearables will use mobile payments . The UK’s Office of Communications reported that 58% of all mobile data traffic in the country was video last year, including videos viewed through streaming apps

Source: Various industry news outlets

PUBLIC MARKET TRADING STATISTICS Stock Performance

LAST 30 DAYS LAST TWELVE MONTHS

25% 6% (0.8%) 0.9% (6.9%) (1.3%) (6.9%) (1.4%) 20% (7.2%) (7.2%) 4% (7.5%) (9.4%) (8.2%) 15% (26.1%)

2% 10%

5% 0%

0%

(2%) (5%)

(4%) (10%)

(15%) (6%)

(20%)

(8%) (25%)

(10%) (30%) 11 Jan 18 Jan 25 Jan 01 Feb 08 Feb Feb 2015 May 2015 Aug 2015 Nov 2015 Feb 2016

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

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PAGE | 2 EUROPEAN TECHNOLOGY INDUSTRY UPDATE │ FEBRUARY 2016

PUBLIC MARKET TRADING STATISTICS

COMPARABLE TRADING SUMMARY

CY2016E EV / Revenue EV / EBITDA P / E Rev. Growth EBITDA Margin CY2016E CY2017E CY2016E CY2017E CY2016E CY2017E

Software European Large Cap. Software 6.4% 35.0% 4.5x 4.3x 13.0x 12.0x 19.9x 18.2x Application Software 9.3% 27.7% 3.6x 3.4x 13.6x 12.0x 19.3x 20.5x Infrastructure Software 7.9% 27.7% 2.2x 2.1x 8.5x 7.7x 13.7x 13.1x Large Cap. SaaS 26.3% 15.6% 4.4x 3.5x 21.9x 23.6x 22.9x 31.5x Small Cap. SaaS 16.6% 7.6% 2.0x 1.7x 16.2x 16.0x 32.9x 28.4x HCM/WFM 23.5% 12.3% 4.2x 3.4x 28.3x 25.0x 24.2x 26.6x FinTech 15.9% 28.5% 4.1x 3.7x 13.8x 11.8x 20.9x 19.9x Healthcare IT 16.2% 17.1% 2.7x 2.4x 11.6x 10.4x 19.5x 18.4x Data and Data Analytics 9.6% 22.3% 3.1x 2.8x 11.9x 12.0x 13.2x 13.9x Security Software 14.1% 23.1% 3.3x 3.0x 10.8x 12.7x 20.9x 17.6x CAx/PLM 3.5% 24.3% 3.9x 3.6x 12.9x 11.7x 21.7x 19.5x

IT Services IT Services 2.5% 13.4% 1.0x 0.9x 7.3x 6.9x 14.0x 12.5x Offshore IT Services 12.4% 24.2% 2.7x 2.4x 10.9x 10.2x 15.9x 14.6x Managed Services, Colocation and Hosting 9.1% 27.9% 2.3x 2.1x 7.9x 7.2x 17.9x 15.1x Data Centres 17.3% 54.6% 7.4x 6.8x 13.6x 12.2x 24.4x 35.2x PaaS/IaaS 12.6% 25.0% 2.3x 2.0x 10.0x 8.1x 12.7x 18.1x

Communications Digital Broadband 8.3% 11.2% 0.8x 0.8x 7.2x 6.6x 17.2x 13.0x Diversified Communication Equipment 4.5% 12.5% 0.9x 0.9x 8.3x 7.1x 14.4x 12.2x Mobile Content/Solutions Providers 13.8% 15.7% 1.5x 1.3x 9.4x 7.7x 22.7x 19.3x Mobile Infrastructure Software 5.9% 24.8% 2.0x 2.3x 8.1x 6.7x 14.4x 15.8x

Internet and Digital Media Global Internet Leaders 14.5% 35.4% 4.8x 4.1x 14.1x 11.5x 19.4x 19.1x Chinese Internet Leaders 39.2% 12.3% 3.3x 2.4x 11.8x 9.6x 20.9x 19.9x Online Classifieds 20.0% 30.9% 4.4x 3.9x 11.0x 9.7x 19.2x 15.9x Content Providers/Communities 15.8% 16.3% 2.5x 2.1x 14.4x 12.7x 30.9x 24.0x Ecommerce 15.4% 19.0% 3.0x 2.5x 12.5x 12.1x 20.9x 21.9x Interactive Entertainment 23.3% 25.8% 2.2x 2.1x 9.6x 7.6x 16.0x 17.5x Intermediation and Comparison 8.2% 21.2% 2.4x 2.6x 10.6x 9.5x 20.4x 20.0x Online Gambling 13.0% 27.6% 2.5x 2.3x 8.8x 7.9x 14.7x 21.4x Digital Marketing 18.6% 13.4% 1.6x 1.2x 11.7x 8.7x 17.2x 15.0x Online Travel 15.6% 21.5% 3.6x 3.1x 14.6x 11.0x 19.9x 17.2x Educational Technology 3.9% 5.6% 1.1x 1.6x 7.8x 6.5x 24.4x 10.1x Internet Services 30.1% 17.6% 2.7x 2.1x 16.6x 10.1x 12.0x 10.9x

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PAGE | 3 EUROPEAN TECHNOLOGY INDUSTRY UPDATE │ FEBRUARY 2016

SOFTWARE

LAST 30 DAYS PERFORMANCE

10%

5%

0%

(5%)

(10%)

CAx/PLM (2.7%) (15%) Fintech (3.7%) Application Software (4.5%) Healthcare IT (4.7%) (20%) European Large Cap. Software (7.0%) Infrastructure Software (7.5%) Security Software (10.6%) Data and Data Analytics (14.1%) (25%) Large Cap. SaaS (22.8%) Small Cap. SaaS (27.2%) HCM/WFM (27.6%) (30%) 11 Jan 18 Jan 25 Jan 01 Feb 08 Feb

Application Software CAx/PLM Data and Data Analytics European Large Cap. Software

(1) Fintech HCM/WFM Healthcare IT Infrastructure Software

Large Cap. SaaS Security Software Small Cap. SaaS

LAST TWELVE MONTHS PERFORMANCE

35%

25%

15%

5%

(5%)

European Large Cap. Software 10.8% (15%) Application Software 5.2% Fintech 2.8% CAx/PLM (10.8%) (25%) Security Software (13.4%) Data and Data Analytics (14.7%) Healthcare IT (17.6%) Large Cap. SaaS (18.7%) (35%) Small Cap. SaaS (20.2%) HCM/WFM (29.8%) Infrastructure Software (32.8%) (45%) Feb 2015 May 2015 Aug 2015 Nov 2015 Feb 2016

Application Software CAx/PLM Data and Data Analytics European Large Cap. Software (1) Fintech HCM/WFM Healthcare IT Infrastructure Software Large Cap. SaaS Security Software Small Cap. SaaS

(1) Infrastructure Software index has been normalised to reflect Hewlett-Packard’s split into two independent businesses www.harriswilliams.de

PAGE | 4 EUROPEAN TECHNOLOGY INDUSTRY UPDATE │ FEBRUARY 2016

SOFTWARE

Market Enterprise CY2016E EV / Revenue EV / EBITDA P / E Cap ($m) Value ($m) EBITDA Margin Rev. Growth CY2016E CY2017E CY2016E CY2017E CY2016E CY2017E

European Large Cap. Software SAP 60,757 66,807 34.4% 6.7% 3.9x 3.7x 11.4x 10.5x 16.6x 15.4x

Dassault Systemes(1) 12,637 12,067 34.2% 8.5% 5.1x 4.7x 14.8x 13.4x 27.5x 24.4x Sage 6,200 6,569 29.5% 7.7% 4.4x 4.1x 14.8x 13.9x 21.3x 19.7x Micro Focus 2,847 3,870 44.6% 1.4% 4.6x 4.5x 10.2x 9.9x 12.7x 11.9x Temenos 2,040 2,363 37.9% 11.3% 5.7x 5.2x 15.0x 13.5x 22.9x 20.0x Aveva 791 724 29.6% 2.8% 3.4x 3.3x 11.6x 11.1x 18.4x 17.4x

Mean 35.0% 6.4% 4.5x 4.3x 13.0x 12.0x 19.9x 18.2x Median 34.3% 7.2% 4.5x 4.3x 13.2x 12.2x 19.8x 18.6x Application Software Microsoft 390,799 335,725 37.5% 3.8% 3.6x 3.3x 9.5x 8.6x 17.5x 15.1x Oracle 149,605 137,896 46.1% 0.6% 3.7x 3.5x 7.9x 7.8x 13.0x 11.9x SAP 87,958 96,716 34.4% 6.7% 3.9x 3.7x 11.4x 10.5x 16.6x 15.4x Intuit 24,003 24,205 37.7% 5.3% 5.1x 4.6x 13.6x 11.6x 24.4x 20.3x Sage 8,976 9,510 29.5% 7.7% 4.4x 4.1x 14.8x 13.9x 21.3x 19.7x Constellation Software 6,809 7,416 25.0% 18.1% 3.5x 3.0x 13.8x 12.0x 17.2x 14.3x

Tyler(2) Technologies 4,779 4,661 27.2% 33.0% 6.0x 5.2x 22.1x 18.8x 39.4x 33.1x (1) Guidewire Software 3,144 2,623 18.9% 10.5% 6.1x 5.3x 32.2x 23.8x NM 46.7x IFS 1,050 1,012 20.5% 5.6% 2.4x 2.3x 11.8x 10.0x 24.5x 19.9x SDL 500 483 10.9% 4.5% 1.2x 1.1x 10.8x 9.6x 17.9x 15.6x Cegid 482 536 27.1% 9.7% 1.5x 1.5x 5.7x 5.3x 15.2x 13.7x American Software 266 195 17.8% 5.9% 1.6x NA 9.1x NA 24.8x NA

Mean 27.7% 9.3% 3.6x 3.4x 13.6x 12.0x 19.3x 20.5x Median 27.2% 6.3% 3.6x 3.5x 11.6x 10.5x 17.7x 15.6x

Infrastructure Software Hewlett-Packard Enterpise Co. 21,799 28,744 15.8% (2.8%) 0.6x 0.6x 3.6x 3.5x 6.7x 6.4x VMware 18,844 12,763 35.8% 3.6% 1.9x 1.8x 5.2x 5.1x 10.8x 10.2x CA Technologies 11,440 11,298 38.5% 0.5% 2.8x 2.8x 7.3x 6.5x 11.2x 10.7x Red Hat 11,127 11,197 26.5% 15.3% 4.9x 4.3x 18.6x 16.5x 30.7x 26.3x Citrix Systems 9,717 10,034 32.1% 2.2% 3.0x 2.9x 9.4x 8.9x 13.2x 11.8x F5 Networks 6,063 5,228 34.1% 4.7% 2.6x 2.4x 7.5x 6.3x 12.4x 11.3x Brocade 3,240 2,570 27.0% 2.2% 1.1x 1.1x 4.1x 4.3x 7.7x 8.2x Software AG 2,561 2,664 30.2% 1.4% 2.7x 2.6x 8.9x 8.7x 13.1x 13.3x Netscout Systems 1,881 1,840 31.4% 52.8% 1.5x 1.4x 4.9x 5.3x 10.8x 8.9x Pegasystems 1,587 1,373 17.3% 12.2% 1.8x 1.6x 10.5x 8.6x 23.6x 20.0x Progress Software 1,182 1,056 32.8% 3.7% 2.5x 2.4x 7.5x 7.1x 14.0x 13.4x Radware 480 336 10.7% (0.6%) 1.6x 1.4x 14.6x 12.1x 23.2x 16.8x

Mean 27.7% 7.9% 2.2x 2.1x 8.5x 7.7x 13.7x 13.1x Median 30.8% 2.9% 2.2x 2.1x 7.5x 6.8x 12.4x 11.6x Large Cap. SaaS Salesforce 35,889 39,722 19.6% 21.6% 4.9x 4.1x 25.1x 19.4x NM 45.4x Workday 9,500 8,304 7.6% 33.7% 5.4x 4.1x NM 42.4x NM NM Athenahealth 4,622 4,724 20.9% 19.9% 4.3x 3.6x 20.3x 16.5x NM NM The Ultimate Software Group 4,474 4,256 24.7% 25.2% 5.5x 4.6x 22.3x 18.0x NM 38.0x NetSuite 4,305 4,211 8.7% 30.1% 4.4x 3.4x NM 38.3x NM NM Guidewire Software 3,144 2,623 18.9% 10.5% 6.1x 5.3x 32.2x 23.8x NM 46.7x Veeva Systems 2,808 2,432 29.5% 25.4% 4.8x 3.9x 16.2x 12.7x 36.4x 28.1x Medidata Solutions 1,942 1,772 23.2% 16.2% 3.8x 3.2x 16.5x 12.7x 32.1x 24.5x Fleetmatics 1,527 1,307 33.1% 20.8% 3.8x 3.2x 11.5x 9.3x 21.7x 17.4x Xero 1,465 1,124 (15.4%) 56.7% 5.7x 4.0x NM NM NM NM Cornerstone OnDemand 1,362 1,316 8.4% 25.4% 3.1x 2.5x 36.4x 29.1x NM NM Paylocity 1,331 1,211 4.3% 39.8% 4.8x 3.8x NM 35.3x NM NM LogMeIn 1,084 836 24.3% 19.4% 2.6x 2.3x 10.7x 8.5x 24.2x 20.5x Cvent 881 671 10.4% 23.8% 2.9x 2.4x 28.0x 22.0x NM NM

Mean 15.6% 26.3% 4.4x 3.5x 21.9x 23.6x 22.9x 31.5x Median 19.2% 24.5% 4.6x 3.5x 21.3x 20.7x 24.2x 28.1x

(1) EQT Partners entered into an agreement to acquire a 63% stake in IFS; share price as at 27 November 2015 www.harriswilliams.de

PAGE | 5 EUROPEAN TECHNOLOGY INDUSTRY UPDATE │ FEBRUARY 2016

SOFTWARE

Market Enterprise CY2016E EV / Revenue EV / EBITDA P / E Cap ($m) Value ($m) EBITDA Margin Rev. Growth CY2016E CY2017E CY2016E CY2017E CY2016E CY2017E

Small Cap. SaaS SPS Commerce 758 562 13.6% 21.5% 2.9x 2.5x 21.4x 16.2x NM 33.9x Callidus 726 589 11.5% 22.9% 2.8x 2.3x 24.1x 18.7x NM 31.6x Benefitfocus 649 674 (10.5%) 25.4% 2.9x 2.4x NM NM NM NM Textura 353 289 17.8% 30.9% 2.6x 2.0x 14.4x 8.6x 29.8x 16.3x SciQuest 350 193 21.4% 4.8% 1.7x 1.6x 8.2x 7.2x 36.0x 30.0x Channel Advisors 274 220 2.0% 15.3% 2.0x 1.7x NM 43.7x NM NM JIVE 240 129 4.7% 6.3% 0.6x 0.6x 13.1x 7.5x NM 30.1x Marin Software 109 73 0.1% 5.7% 0.6x 0.6x NM 10.5x NM NM

Mean 7.6% 16.6% 2.0x 1.7x 16.2x 16.0x 32.9x 28.4x Median 8.1% 18.4% 2.3x 1.9x 14.4x 10.5x 32.9x 30.1x

HCM/WFM Workday 9,500 8,304 7.6% 33.7% 5.4x 4.1x NM 42.4x NM NM The Ultimate Software Group 4,474 4,256 24.7% 25.2% 5.5x 4.6x 22.3x 18.0x NM 38.0x Cornerstone OnDemand 1,362 1,316 8.4% 25.4% 3.1x 2.5x 36.4x 29.1x NM NM Paylocity 1,331 1,211 9.7% 39.8% 4.8x 3.8x 49.3x 35.3x NM NM Benefitfocus 649 674 (10.5%) 25.4% 2.9x 2.4x NM NM NM NM ATOSS Software 253 224 26.8% 13.3% 4.0x 3.5x 14.8x 13.2x 26.4x 28.1x Invision Software 110 110 37.2% 12.8% 6.9x 5.6x 18.6x 12.0x 22.1x 13.8x Halogen 108 70 (5.5%) 12.8% 0.9x 0.8x NM NM NM NM

Mean 12.3% 23.5% 4.2x 3.4x 28.3x 25.0x 24.2x 26.6x Median 9.1% 25.3% 4.4x 3.7x 22.3x 23.6x 24.2x 28.1x

Healthcare IT McKesson 34,622 41,746 2.6% 3.9% 0.2x 0.2x 8.0x 7.7x 11.7x 10.8x Cerner 18,573 18,828 33.6% 13.3% 3.8x 3.4x 11.2x 10.0x 23.1x 20.0x Sysmex 13,537 11,272 26.8% 14.3% 4.5x 3.9x 16.8x 14.6x 33.6x 28.3x Allscripts Healthcare Solutions 2,317 2,892 19.6% 5.6% 2.0x 1.9x 10.0x 8.9x 21.1x 17.7x CompuGroup 1,918 2,205 22.4% 5.8% 3.4x 3.1x 15.2x 13.0x 19.6x 17.6x EMIS 876 893 32.7% 7.1% 3.6x 3.4x 11.2x 10.5x 19.7x 18.4x Computer Programs & Systems 647 606 27.7% 69.8% 1.9x 1.9x 7.0x 6.3x 16.5x 15.3x Sectra Aktiebolag 442 426 20.3% 12.0% 3.1x 2.9x 15.4x 13.7x 26.3x 23.6x Cegedim 389 563 17.5% 0.8% 1.0x 1.0x 5.6x 5.3x 17.2x 8.9x Craneware 296 259 31.0% 10.9% 4.9x 4.4x 15.8x 14.2x 26.1x 23.5x Castlight Health 294 106 (46.4%) 34.6% 1.1x 0.8x NM NM NM NM

Mean 17.1% 16.2% 2.7x 2.4x 11.6x 10.4x 19.5x 18.4x Median 22.4% 10.9% 3.1x 2.9x 11.2x 10.3x 19.7x 18.1x

Security Software Check Point 13,910 12,701 56.0% 8.1% 7.2x 6.7x 12.9x 11.9x 17.0x 15.5x Symantec 12,549 11,795 34.3% (33.6%) 3.3x 3.2x 9.5x 8.6x 17.6x 14.7x Palo Alto Networks 9,939 10,076 25.0% 35.2% 6.6x 5.1x 26.3x 18.4x NM 38.1x Verisign 8,003 8,199 68.5% 7.5% 7.2x 6.9x 10.5x 10.0x 21.4x 19.7x Trend Micro 5,718 4,029 32.5% 16.6% 3.2x 3.1x 9.8x 8.6x 25.5x 23.9x Gemalto 5,198 5,781 18.6% 7.3% 1.5x 1.4x 8.3x 7.3x 12.7x 11.0x Fortinet 4,174 3,227 17.7% 24.2% 2.6x 2.2x 14.6x 11.5x 35.3x 27.6x FireEye 1,920 1,530 (17.7%) 30.7% 1.9x 1.5x NM NM NM NM Proofpoint 1,495 1,551 3.7% 31.9% 4.5x 3.5x NM 42.5x NM NM Imperva 1,128 868 4.4% 33.0% 2.8x 2.3x NM 30.9x NM NM AVG Technologies 891 986 35.5% 4.4% 2.2x 2.1x 6.2x 5.8x 8.7x 7.8x Qualys 770 505 32.0% 19.8% 2.6x 2.1x 8.0x 6.4x 26.2x 20.8x Vasco Data Security 567 346 24.3% (6.0%) 1.5x 1.3x 6.3x 5.2x 11.8x 10.1x Barracuda Networks 566 405 16.4% 9.5% 1.2x 1.1x 7.3x 3.8x 26.8x 21.1x F-Secure 414 307 18.7% 5.9% 1.8x 1.7x 9.4x 7.6x 26.8x 18.2x Intercede 82 74 0.0% 31.1% 3.6x 3.5x NA NA NM 0.0x Mean 23.1% 14.1% 3.3x 3.0x 10.8x 12.7x 20.9x 17.6x Median 21.5% 13.1% 2.7x 2.2x 9.5x 8.6x 21.4x 18.2x

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PAGE | 6 EUROPEAN TECHNOLOGY INDUSTRY UPDATE │ FEBRUARY 2016

SOFTWARE

Market Enterprise CY2016E EV / Revenue EV / EBITDA P / E Cap ($m) Value ($m) EBITDA Margin Rev. Growth CY2016E CY2017E CY2016E CY2017E CY2016E CY2017E

Fintech Intuit 24,003 24,205 37.7% 5.3% 5.1x 4.6x 13.6x 11.6x 24.4x 20.3x Fiserv 20,982 25,206 34.7% 5.2% 4.5x 4.3x 13.1x 12.3x 21.1x 18.8x Fidelity Information Services 18,291 29,646 30.7% 42.9% 3.1x 3.0x 10.2x 9.5x 15.3x 13.3x Paychex 16,896 16,477 42.5% 7.8% 5.4x 5.0x 12.6x 11.4x 22.1x 20.5x MSCI 6,379 7,253 47.2% 6.2% 6.4x 5.9x 13.5x 12.3x 23.8x 19.8x Jack Henry 6,038 6,141 35.0% 6.3% 4.5x 4.2x 12.7x 11.9x 26.2x 23.8x SS&C Technologies 5,572 8,034 43.6% 42.5% 5.5x 5.0x 12.6x 11.1x 17.5x 14.6x Guidewire 3,144 2,623 18.9% 10.5% 6.1x 5.3x 32.2x 23.8x NM 46.7x Temenos 2,953 3,421 37.9% 11.3% 5.7x 5.2x 15.0x 13.5x 22.9x 20.0x Fair Isaac 2,898 3,430 28.1% 4.3% 3.9x 3.7x 13.8x 13.1x 19.0x 16.9x Ellie Mae 1,862 1,677 26.6% 22.3% 5.5x 4.3x 20.6x 14.0x 34.8x 24.7x SimCorp 1,680 1,696 29.5% 8.5% 5.0x 4.6x 16.9x 15.0x 23.9x 20.9x Paycom 1,433 1,322 20.7% 40.9% 4.3x 3.3x 20.5x 15.2x NM 32.3x Ebix 1,084 1,179 36.1% 9.6% 4.1x 3.4x 11.4x NA 13.3x 11.5x Iress 1,048 1,095 31.4% 10.9% 4.0x 3.8x 12.7x 11.6x 18.8x 17.2x Fidessa 1,003 897 21.8% 3.2% 2.1x 2.0x 9.5x 8.9x 22.1x 20.8x Bottomline Technologies 984 1,034 21.2% 7.8% 2.8x 2.6x 13.5x 11.1x 16.2x 13.5x Envestnet 714 687 18.8% 39.3% 1.2x 1.0x 6.3x 4.5x 17.6x 12.4x Q2 Holdings 652 599 (2.6%) 34.8% 4.1x 3.2x NM NM NM NM Linedata 267 292 25.2% 1.7% 1.5x 1.5x 5.9x 5.8x 11.6x 10.9x StatPro 70 68 14.3% 13.5% 1.4x 1.3x 9.6x 8.2x 24.7x 18.6x

Mean 28.5% 15.9% 4.1x 3.7x 13.8x 11.8x 20.9x 19.9x Median 29.5% 9.6% 4.3x 3.8x 12.9x 11.6x 21.6x 19.3x Data and Data Analytics Nielsen 16,281 23,718 30.8% 3.4% 3.7x 3.5x 12.1x 11.3x 15.8x 14.3x Experian 15,459 18,592 34.7% (4.2%) 4.2x 3.9x 12.0x 11.1x 17.7x 16.2x Verisk 11,174 14,359 47.3% 12.9% 6.1x 5.7x 13.0x 12.0x 20.8x 18.8x Equifax 11,125 12,361 35.6% 7.2% 4.3x 4.0x 12.2x 11.2x 19.1x 17.4x Splunk 4,140 3,155 6.7% 31.3% 3.7x 2.9x NM 31.1x NM NM Tableau Software 2,696 2,091 8.5% 29.0% 2.5x 2.0x 29.4x 15.7x NM NM Convergys 2,356 2,475 13.3% 3.4% 0.8x 0.8x 6.1x 5.6x 12.7x 11.8x Microstrategy 1,767 1,226 31.5% 5.5% 2.2x 2.1x 7.0x 5.7x 15.6x 14.2x Neustar 1,185 2,101 45.6% 18.4% 1.7x 1.8x 3.7x 4.1x 3.9x 4.9x PROS 276 231 (30.7%) (11.2%) 1.5x 1.4x NM NM NM NM

Mean 22.3% 9.6% 3.1x 2.8x 11.9x 12.0x 13.2x 13.9x Median 31.2% 6.3% 3.1x 2.5x 12.0x 11.2x 15.7x 14.3x CAx/PLM Dassault Systems 18,295 17,469 34.2% 8.5% 5.1x 4.7x 14.8x 13.4x 27.5x 24.4x Autodesk 9,790 9,054 (6.9%) (15.3%) 4.3x 3.8x NM NM NM NM Ansys 7,290 6,693 51.8% 8.6% 6.5x 5.9x 12.5x 11.5x 22.8x 20.9x PTC 3,174 3,603 26.8% (1.4%) 3.0x 3.0x 11.1x 11.1x 15.9x 16.7x Nemetschek 1,511 1,528 25.1% 12.7% 4.3x 3.9x 17.1x 15.0x 28.8x 24.9x Aveva 1,145 1,048 29.6% 2.8% 3.4x 3.3x 11.6x 11.1x 18.4x 17.4x Mensch und Maschine 155 175 9.1% 8.8% 0.9x 0.8x 10.0x 8.1x 17.0x 12.5x

Mean 24.3% 3.5% 3.9x 3.6x 12.9x 11.7x 21.7x 19.5x Median 26.8% 8.5% 4.3x 3.8x 12.1x 11.3x 20.6x 19.2x

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PAGE | 7 EUROPEAN TECHNOLOGY INDUSTRY UPDATE │ FEBRUARY 2016

IT SERVICES

LAST 30 DAYS PERFORMANCE

10%

5%

0%

(5%)

IT Services 3.7% (10%) Data Centres 1.7% Offshore IT Services (2.2%) PaaS/IaaS (6.9%) Managed Services, Colocation and Hosting (10.1%)

(15%) 11 Jan 18 Jan 25 Jan 01 Feb 08 Feb Data Centres IT Services Managed Services, Colocation and Hosting Offshore IT Services PaaS/IaaS

LAST TWELVE MONTHS PERFORMANCE

30%

20%

10%

0%

(10%)

Data Centres 26.2% IT Services 17.3% (20%) Offshore IT Services (7.8%) PaaS/IaaS (19.2%) Managed Services, Colocation and Hosting (23.8%)

(30%) Feb 2015 May 2015 Aug 2015 Nov 2015 Feb 2016 Data Centres IT Services Managed Services, Colocation and Hosting Offshore IT Services PaaS/IaaS

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PAGE | 8 EUROPEAN TECHNOLOGY INDUSTRY UPDATE │ FEBRUARY 2016

IT SERVICES

Market Enterprise CY2016E EV / Revenue EV / EBITDA P / E Cap ($m) Value ($m) EBITDA Margin Rev. Growth CY2016E CY2017E CY2016E CY2017E CY2016E CY2017E

IT Services KDDI 70,256 73,333 31.1% 2.3% 1.8x 1.8x 5.9x 5.7x 13.5x 12.7x Accenture 59,696 56,613 16.6% 5.2% 1.7x 1.6x 10.4x 9.7x 17.4x 16.0x NTT Group 15,274 16,059 16.5% 3.2% 1.1x 1.1x 6.8x 6.6x 25.1x 23.1x Capgemini 14,228 12,704 12.6% 9.4% 0.9x 0.8x 6.9x 6.2x 14.2x 12.6x CGI 12,440 13,763 19.4% 4.8% 1.8x 1.7x 9.1x 9.1x 15.9x 15.2x Capita 10,126 13,194 15.2% 7.4% 1.8x 1.7x 11.5x 11.0x 14.2x 13.4x Fujitsu 7,611 13,981 7.2% 0.6% 0.3x 0.3x 4.6x 4.3x 6.9x 5.9x Atos Origin 7,381 7,510 11.2% 8.7% 0.6x 0.6x 5.1x 4.7x 10.1x 9.2x NEC 6,826 10,113 7.7% 3.8% 0.4x 0.4x 4.9x 5.1x 8.2x 7.7x Computer Sciences 4,261 4,686 18.2% (28.9%) 0.6x 0.6x 3.5x 3.4x 10.6x 8.6x Sopra 2,022 2,773 8.8% 4.9% 0.7x 0.6x 7.5x 6.5x 11.8x 9.8x Tieto 1,928 1,962 14.7% 3.7% 1.2x 1.1x 7.9x 7.7x 15.9x 14.9x Bechtle 1,748 1,753 5.4% 8.3% 0.5x 0.5x 9.3x 8.6x 16.1x 14.6x Indra Sistemas 1,490 2,414 8.7% (0.5%) 0.7x 0.7x 8.6x 7.0x 13.7x 9.3x GFI Informatique 522 623 7.7% 3.7% 0.6x 0.6x 7.9x 7.3x 15.9x 15.3x Mean 13.4% 2.5% 1.0x 0.9x 7.3x 6.9x 14.0x 12.5x Median 12.6% 3.8% 0.7x 0.7x 7.5x 6.6x 14.2x 12.7x Offshore IT Services Tata 68,572 62,195 28.0% 12.5% 3.6x 3.3x 12.8x 11.8x 17.4x 15.6x Infosys 38,738 32,904 27.3% 15.2% 3.3x 3.0x 12.0x 11.2x 17.9x 17.0x Cognizant 32,866 28,760 20.6% 12.2% 2.1x 1.8x 10.0x 8.9x 15.7x 13.9x Wipro 19,727 16,209 22.3% 10.0% 2.0x 1.9x 9.0x 8.9x 13.7x 12.9x HCL 17,644 15,808 22.5% 12.0% 2.4x 2.2x 10.7x 10.0x 14.5x 13.5x

Mean 24.2% 12.4% 2.7x 2.4x 10.9x 10.2x 15.9x 14.6x Median 22.5% 12.2% 2.4x 2.2x 10.7x 10.0x 15.7x 13.9x Managed Services, Colocation and Hosting Level 3 15,227 26,419 33.7% 2.8% 3.1x 3.0x 9.3x 8.6x 23.3x 20.0x United Internet 9,339 11,208 21.8% 7.6% 2.5x 2.4x 11.4x 10.5x 18.9x 16.6x Rackspace 2,493 2,425 33.5% 10.7% 1.1x 1.0x 3.3x 3.0x 18.0x 14.7x Interxion 2,084 2,625 45.2% 9.7% 5.5x 4.9x 12.1x 10.9x 39.6x 33.6x GoDaddy 1,699 2,601 22.0% 14.3% 1.4x 1.3x 6.5x 5.4x 15.8x 12.9x Endurance 1,121 2,117 35.8% 10.9% 2.6x 2.3x 7.2x 6.7x 5.7x 5.7x Windstream 543 11,363 27.3% (3.6%) 2.0x 2.1x 7.5x 7.5x NM NM Redcentric 398 421 23.7% 15.9% 2.5x 2.3x 10.4x 9.6x 16.9x 15.1x iomart 380 419 43.0% 13.6% 3.4x 3.2x 8.0x 7.4x 14.8x 13.2x Internap 166 525 27.3% 5.1% 1.6x 1.5x 5.7x 5.0x NM NM Melbourne IT 138 136 16.0% 16.2% 1.1x 1.0x 6.8x 5.7x 14.8x 10.2x Proact 126 140 5.8% 6.7% 0.4x 0.4x 6.7x 6.3x 11.4x 9.2x

Mean 27.9% 9.1% 2.3x 2.1x 7.9x 7.2x 17.9x 15.1x Median 27.3% 10.2% 2.3x 2.2x 7.3x 7.0x 16.4x 13.9x Data Centres Equinix 18,488 23,098 47.7% 19.9% 7.1x 6.3x 14.9x 12.9x NM 35.9x Digital Realty Trust 11,487 17,460 57.0% 17.6% 8.4x 7.9x 14.8x 13.6x NM 47.7x DuPont Fabros 2,223 4,200 63.3% 13.4% 8.3x 7.7x 13.2x 12.2x 24.4x 21.8x Coresite 1,476 2,237 50.6% 18.2% 5.8x 5.2x 11.5x 10.0x NM 35.3x

Mean 54.6% 17.3% 7.4x 6.8x 13.6x 12.2x 24.4x 35.2x Median 53.8% 17.9% 7.7x 7.0x 14.0x 12.6x 24.4x 35.6x (1) PaaS/IaaS EMC 53,623 46,779 27.2% 0.3% 1.9x 1.8x 6.9x 6.6x 13.2x 12.5x ServiceNow 7,495 7,622 18.5% 35.9% 5.6x 4.3x 30.2x 20.4x NM NM Akamai 7,292 8,409 40.2% 9.2% 3.5x 3.1x 8.8x 7.7x 17.8x 15.4x Netapp 6,534 3,218 18.1% (0.7%) 0.6x 0.6x 3.1x 2.0x 8.7x 8.4x Commvault Systems 1,654 1,161 12.9% 6.8% 1.9x 1.7x 14.5x 11.2x NM 32.1x Progress Software 1,182 1,056 32.8% 3.7% 2.5x 2.4x 7.5x 7.1x 14.0x 13.4x Synchronoss 990 1,103 33.0% 15.2% 1.7x 1.4x 5.0x 4.2x 9.7x 8.0x Carbonite 195 127 17.5% 30.0% 0.7x 0.7x 4.1x 5.7x NM 37.1x

Mean 25.0% 12.6% 2.3x 2.0x 10.0x 8.1x 12.7x 18.1x Median 22.9% 8.0% 1.9x 1.8x 7.2x 6.8x 13.2x 13.4x

(1) Dell has entered into an agreement to acquire EMC; share price as at 9 October 2015 www.harriswilliams.de

PAGE | 9 EUROPEAN TECHNOLOGY INDUSTRY UPDATE │ FEBRUARY 2016

COMMUNICATIONS

LAST 30 DAYS PERFORMANCE

10%

5%

0%

(5%)

(10%) Mobile Content / Solutions Providers 3.1% Mobile Infrastructure Software (3.5%) Diversified Communication Equipment (12.1%) Digital Broadband (13.8%)

(15%) 11 Jan 18 Jan 25 Jan 01 Feb 08 Feb

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

LAST TWELVE MONTHS PERFORMANCE

40%

30%

20%

10%

0%

(10%)

(20%) Digital Broadband 5.4% Mobile Content / Solutions Providers (0.7%) Diversified Communication Equipment (23.5%) Mobile Infrastructure Software (29.3%) (30%) Feb 2015 May 2015 Aug 2015 Nov 2015 Feb 2016

Digital Broadband Diversified Communication Equipment Mobile Content / Solutions Providers Mobile Infrastructure Software www.harriswilliams.de

PAGE | 10 EUROPEAN TECHNOLOGY INDUSTRY UPDATE │ FEBRUARY 2016

COMMUNICATIONS

Market Enterprise CY2016E EV / Revenue EV / EBITDA P / E Cap ($m) Value ($m) EBITDA Margin Rev. Growth CY2016E CY2017E CY2016E CY2017E CY2016E CY2017E

Digital Broadband Logitech 2,433 1,808 10.0% (4.5%) 0.9x 0.9x 9.0x 8.3x 17.5x 15.3x Technicolor 2,351 3,098 12.2% 43.1% 0.5x 0.5x 4.4x 4.5x 9.3x 9.5x TomTom 2,177 1,938 13.3% 5.0% 1.6x 1.6x 12.3x 9.8x 34.5x 20.4x Kudelski 708 959 13.1% 3.0% 1.0x 0.9x 7.4x 7.1x 12.7x 12.0x Extreme Networks 259 232 8.9% (0.6%) 0.4x 0.4x 4.9x NA 11.1x NA Parrot 233 181 9.6% 3.9% 0.5x 0.5x 5.1x 3.5x 18.2x 7.8x Mean 11.2% 8.3% 0.8x 0.8x 7.2x 6.6x 17.2x 13.0x Median 11.1% 3.4% 0.7x 0.7x 6.3x 7.1x 15.1x 12.0x Diversified Communication Equipment LM Ericsson Telephone 27,685 23,413 15.2% 0.2% 0.8x 0.8x 5.3x 5.1x 11.7x 10.8x Alcatel-Lucent 9,806 10,507 11.8% 3.7% 0.6x 0.6x 5.5x 4.9x 12.4x 9.8x CIENA 2,398 2,761 14.8% 9.5% 1.0x 0.9x 6.8x 5.8x 11.0x 9.5x ADTRAN 915 801 8.1% 4.6% 1.3x 1.2x 15.8x 12.5x 22.6x 18.6x Mean 12.5% 4.5% 0.9x 0.9x 8.3x 7.1x 14.4x 12.2x Median 13.3% 4.1% 0.9x 0.9x 6.1x 5.5x 12.0x 10.3x Mobile Infrastructure Software QUALCOMM 65,611 58,634 39.3% (4.7%) 2.6x 2.5x 6.5x 6.3x 9.9x 9.2x Amdocs 8,099 6,741 9.5% 3.3% 1.8x 1.7x 18.8x 8.7x 14.4x 13.7x VeriSign 8,003 8,199 68.5% 7.5% 7.2x 6.9x 10.5x 10.0x 21.4x 19.7x Synchronoss Technologies 990 1,103 33.0% 15.2% 1.7x 1.4x 5.0x 4.2x 9.7x 8.0x TeleCommunication Systems 306 398 12.6% 4.9% 1.0x NA 7.8x NA 12.5x NA Sonus Networks 266 153 11.4% 5.4% 0.6x 0.5x 5.1x NA 22.1x 37.7x Redknee Solutions 204 218 18.0% 11.2% 0.9x 0.9x 5.0x 4.3x 10.6x 6.5x Smith Micro Software 30 15 6.0% 4.2% 0.4x NA 6.1x NA NA NA

Mean 24.8% 5.9% 2.0x 2.3x 8.1x 6.7x 14.4x 15.8x Median 15.3% 5.2% 1.3x 1.6x 6.3x 6.3x 12.5x 11.4x

Mobile Content(1) / Solutions Providers Opera Software 827 1,170 17.1% 21.2% 1.6x 1.4x 9.5x 7.3x 16.7x 15.9x GameLoft 442 414 14.4% 6.5% 1.3x 1.3x 9.3x 8.1x 28.7x 22.7x Mean 15.7% 13.8% 1.5x 1.3x 9.4x 7.7x 22.7x 19.3x Median 15.7% 13.8% 1.5x 1.3x 9.4x 7.7x 22.7x 19.3x

(1) Vivendi has entered into discussions to merge with Gameloft www.harriswilliams.de

PAGE | 11 EUROPEAN TECHNOLOGY INDUSTRY UPDATE │ FEBRUARY 2016

INTERNET AND DIGITAL MEDIA

LAST 30 DAYS PERFORMANCE

15%

10%

5%

0%

(5%)

(10%) Educational Technology (3.1%) Interactive Entertainment (3.5%) (15%) Global Internet Leaders (4.5%) Chinese Internet Leaders (12.2%) (20%) Digital Marketing (15.3%) Internet Services (15.9%) Online Classifieds (16.3%) (25%) eCommerce (17.7%) Intermediation and Comparison (17.9%) (30%) Online Travel (18.8%) Content Providers / Communities (23.1%) Online Gambling (23.5%) (35%) 11 Jan 18 Jan 25 Jan 01 Feb 08 Feb

Global Internet Leaders eCommerce Online Travel Digital Marketing Content Providers / Communities Intermediation and Comparison Online Classifieds Interactive Entertainment Online Gambling Chinese Internet Leaders Internet Services Educational Technology (1)

LAST TWELVE MONTHS PERFORMANCE

Online Gambling 35.8% 95% Interactive Entertainment 3.9% Online Travel (1.4%) Global Internet Leaders (0.6%) Chinese Internet Leaders (2.9%) 75% Ecommerce (10.2%) Online Classifieds (12.5%) Educational Technology (13.1%) Intermediation and Comparison (21.6%) 55% Digital Marketing (28.4%) Internet Services (43.5%) Content Providers / Communities (58.5%) 35%

15%

(5%)

(25%)

(45%) Feb 2015 May 2015 Aug 2015 Nov 2015 Feb 2016

Global Internet Leaders eCommerce Online Travel Digital Marketing Content Providers / Communities Intermediation and Comparison Online Classifieds Interactive Entertainment Online Gambling Chinese Internet Leaders Internet Services Educational Technology (1)

(1) Education Technology index has been normalised to reflect Graham Holdings’ spin-off of its cable segment www.harriswilliams.de

PAGE | 12 EUROPEAN TECHNOLOGY INDUSTRY UPDATE │ FEBRUARY 2016

INTERNET AND DIGITAL MEDIA

Market Enterprise CY2016E EV / Revenue EV / EBITDA P / E Cap ($m) Value ($m) EBITDA Margin Rev. Growth CY2016E CY2017E CY2016E CY2017E CY2016E CY2017E

Global Internet Leaders Apple 526,791 547,294 33.2% (2.5%) 2.4x 2.2x 7.2x 6.7x 10.2x 9.2x Google 476,618 417,129 41.4% 14.8% 4.9x 4.3x 11.8x 10.1x 20.4x 17.6x Microsoft 390,799 335,725 37.5% 3.8% 3.6x 3.3x 9.5x 8.6x 17.5x 15.1x Facebook 283,916 269,355 60.9% 46.7% 10.5x 8.0x 17.3x 13.1x 32.3x 24.5x Amazon 229,818 228,678 10.9% 21.1% 1.8x 1.5x 16.2x 12.4x NM NM Alibaba 153,509 150,395 50.6% 28.4% 8.0x 6.2x 15.8x 12.5x 19.5x 16.7x Baidu 50,133 45,108 23.1% 26.0% 3.5x 2.8x 15.1x 10.8x 20.1x 15.6x eBay 26,497 26,957 39.6% 1.6% 3.1x 3.0x 7.8x 7.2x 12.0x 10.8x Yahoo! 25,545 21,004 21.3% (12.5%) 5.9x 5.8x 27.9x 23.7x NM 44.2x Yandex 4,073 3,894 35.2% 17.5% 4.5x 3.8x 12.6x 10.1x 23.3x 18.6x

Mean 35.4% 14.5% 4.8x 4.1x 14.1x 11.5x 19.4x 19.1x Median 36.3% 16.2% 4.0x 3.6x 13.9x 10.5x 19.8x 16.7x Ecommerce Amazon 229,818 228,678 10.9% 21.1% 1.8x 1.5x 16.2x 12.4x NM NM Alibaba 153,509 150,395 50.6% 28.4% 8.0x 6.2x 15.8x 12.5x 19.5x 16.7x Naspers 50,154 50,876 12.3% 17.3% 8.8x 7.8x NM NM 29.5x 20.5x Netflix 35,668 37,924 6.2% 29.0% 4.3x 3.4x NM 33.6x NM NM JD.com 31,752 28,947 1.2% 39.5% 0.8x 0.6x NM 24.0x NM 39.5x eBay 26,497 26,957 39.6% 1.6% 3.1x 3.0x 7.8x 7.2x 12.0x 10.8x Mail.ru 4,267 4,443 48.7% 11.0% 8.0x 6.9x 16.4x 13.8x 26.1x 20.2x Mercadolibre 3,792 3,829 29.3% 9.8% 5.4x 4.5x 18.6x 15.6x 29.1x 24.1x IAC 3,380 4,064 16.8% 3.1% 1.2x 1.1x 7.2x 6.1x 13.0x 10.3x JUST EAT 3,341 3,057 27.8% 35.0% 6.4x 5.2x 23.0x 16.3x 36.2x 24.9x Asos 3,257 3,037 6.7% 18.8% 1.5x 1.2x 22.7x 17.5x NM 33.9x Cimpress 2,473 3,157 15.4% 13.0% 1.8x 1.6x 11.5x 9.9x 19.9x 17.4x Ocado 2,055 2,320 7.6% 15.6% 1.3x 1.1x 16.5x 13.7x NM NM GrubHub 1,699 1,332 27.8% 26.1% 2.9x 2.4x 10.5x 8.2x 25.4x 19.9x Groupon 1,419 675 3.6% (2.8%) 0.2x 0.2x 6.4x 3.4x NM NM Shutterfly 1,301 1,285 18.6% 9.1% 1.1x 1.0x 6.0x 5.2x NM 33.3x Shutterstock 1,009 666 19.4% 20.8% 1.3x 1.1x 6.7x 5.1x 18.5x 16.8x Coupons.com 503 292 9.5% 9.6% 1.2x 1.1x 12.4x 11.4x NM NM RetailMeNot 420 143 24.2% (3.2%) 0.6x 0.6x 2.5x 2.4x 11.7x 11.7x Blue Nile 359 326 4.7% 5.7% 0.6x 0.6x 13.2x 12.4x 30.4x 27.9x Overstock 277 173 NA NA NA NA NA NA NA NA

Mean 19.0% 15.4% 3.0x 2.5x 12.5x 12.1x 20.9x 21.9x Median 16.1% 14.3% 1.6x 1.3x 12.4x 12.4x 19.9x 20.2x Online Travel The Priceline Group 48,480 53,806 40.7% 15.0% 5.1x 4.4x 12.5x 10.6x 15.2x 13.1x Ctrip 16,691 17,793 6.8x 4.8x 40.5x 19.8x NM 24.8x (1) 16.8% 55.8% Amadeus 16,142 18,633 36.9% 9.7% 3.9x 3.6x 10.6x 9.8x 18.6x 17.1x Expedia 13,754 16,392 17.9% 33.7% 1.8x 1.6x 10.3x 8.0x 16.9x 13.2x Tripadvisor 8,057 7,439 30.5% 14.2% 4.4x 3.7x 14.4x 11.5x 24.8x 19.7x Sabre Corporation 6,351 10,169 32.0% 14.9% 3.0x 2.8x 9.3x 8.4x 18.1x 15.2x Travelport 1,086 3,537 24.1% 6.6% 1.5x 1.4x 6.2x 5.8x 26.2x 17.2x MakeMyTrip 636 563 (19.2%) (6.8%) 3.5x 2.7x NM NM NM NM Hostelworld Group 300 616 28.4% 9.4% 6.0x 5.4x 21.1x 18.5x 16.2x 13.6x Travelzoo 103 71 7.2% 3.7% 0.5x 0.5x 6.9x 6.3x 23.0x 21.4x

Mean 21.5% 15.6% 3.6x 3.1x 14.6x 11.0x 19.9x 17.2x Median 26.2% 11.9% 3.7x 3.2x 10.6x 9.8x 18.3x 17.1x

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PAGE | 13 EUROPEAN TECHNOLOGY INDUSTRY UPDATE │ FEBRUARY 2016

INTERNET AND DIGITAL MEDIA

Market Enterprise CY2016E EV / Revenue EV / EBITDA P / E Cap ($m) Value ($m) EBITDA Margin Rev. Growth CY2016E CY2017E CY2016E CY2017E CY2016E CY2017E (1) Digital Marketing Criteo 1,615 1,741 27.7% 34.7% 2.4x 2.0x 8.8x 6.6x 20.2x 15.7x Cvent 881 671 10.4% 23.8% 2.9x 2.4x 28.0x 22.0x NM NM Callidus Software 726 589 11.5% 22.9% 2.8x 2.3x 24.1x 18.7x NM 31.6x Marketo (2) 700 540 (3.1%) 30.0% 2.0x 1.6x NM NM NM NM The Rubicon Project 549 468 18.8% 31.9% 1.6x 1.3x 8.5x 5.7x 17.3x 12.9x Bazaarvoice 239 187 3.2% 6.6% 0.9x 0.8x 27.6x 16.1x NM NM TechTarget 234 193 24.5% 10.6% 1.5x 1.5x 6.3x 5.0x 14.6x NA Dotdigital 208 185 28.0% 28.4% 4.1x NA 14.4x NA 23.2x NA Harte-Hanks 189 247 10.4% (2.3%) 0.5x 0.5x 4.9x 4.5x 13.9x 10.8x Marchex 158 43 7.5% (0.5%) 0.3x 0.3x 4.0x 3.0x 37.1x 26.5x Matomy Media 158 162 9.9% 37.8% 0.4x 0.4x 4.4x 3.8x 7.0x 6.1x 1000mercis 133 112 21.4% 15.9% 1.6x 1.4x 7.7x 6.2x 16.6x 12.7x Marin Software 109 73 0.1% 5.7% 0.6x 0.6x NM 10.5x NM NM InternetQ 78 80 16.6% 15.3% 0.4x 0.3x 2.3x 1.9x 5.0x 3.7x Mean 13.4% 18.6% 1.6x 1.2x 11.7x 8.7x 17.2x 15.0x Median 11.0% 19.4% 1.6x 1.3x 8.1x 5.9x 16.6x 12.8x

Content Providers / Communities LinkedIn 14,416 11,373 26.8% 23.1% 3.1x 2.6x 11.5x 9.2x 31.7x 24.2x Twitter 10,176 8,338 26.3% 33.2% 2.8x 2.2x 10.7x 7.9x 27.7x 18.2x JustEat 3,341 3,057 27.8% 35.0% 6.4x 5.2x 23.0x 16.3x 36.2x 24.9x WebMD Health 1,783 1,962 30.9% 8.8% 2.8x 2.6x 9.2x 8.1x 28.6x 24.8x Pandora Media 1,682 1,429 4.5% 25.2% 1.0x 0.8x 22.2x 10.2x NM 24.5x GoPro 1,511 982 (6.8%) (15.0%) 0.7x 0.6x NM 31.4x NM NM XING 955 847 33.0% 19.9% 5.2x 4.4x 15.7x 12.6x 32.6x 25.5x XO Group 382 295 21.5% 9.5% 1.9x 1.9x 8.9x 8.2x 28.5x 25.9x Brightcove 162 135 6.6% 7.7% 0.9x 0.9x 14.2x 10.1x NM 24.1x Demand Media 90 52 (8.1%) 10.4% 0.4x 0.3x NM NM NM NA

Mean 16.3% 15.8% 2.5x 2.1x 14.4x 12.7x 30.9x 24.0x Median 23.9% 15.2% 2.4x 2.0x 12.9x 10.1x 30.1x 24.6x

Intermediation and Comparison Zillow 3,020 2,858 18.2% 23.2% 3.6x 2.9x 19.8x 13.3x NM 31.6x Moneysupermarket 2,462 2,493 40.8% 6.4% 5.8x 5.4x 14.2x 13.1x 20.9x 19.3x Bankrate 1,088 1,264 34.0% (26.0%) 3.1x 2.9x 9.1x 8.3x 17.1x 15.1x Angie's List 522 537 10.8% 6.3% 1.5x 1.4x 13.5x 11.2x 30.2x 23.7x Gruppo MutuiOnline 286 323 31.9% 5.6% 2.4x 2.2x 7.5x 6.6x 14.0x 12.5x eHealth 171 111 7.4% 5.8% 0.6x 0.5x 7.8x 4.7x 18.3x 18.1x Liquidity Services 141 54 5.3% 36.4% 0.1x NA 2.2x NA 22.0x NA Mean 21.2% 8.2% 2.4x 2.6x 10.6x 9.5x 20.4x 20.0x Median 18.2% 6.3% 2.4x 2.5x 9.1x 9.7x 19.6x 18.7x Online Classifieds Rightmove 4,626 4,693 74.6% 11.5% 15.4x 13.9x 20.6x 18.6x 26.4x 23.3x SEEK 3,281 3,933 37.8% 10.7% 5.4x 4.8x 14.2x 12.4x 21.1x 18.2x SouFun 2,284 2,387 2.0% 38.6% 2.0x 1.5x NM 12.3x NM 18.8x 51job 1,583 1,066 33.2% 12.2% 3.0x 2.6x 9.0x 7.1x 15.9x 13.4x Zoopla 1,260 1,415 38.6% 63.6% 5.6x 5.0x 14.5x 12.2x 18.9x 15.8x Yelp 1,209 785 13.7% 26.1% 1.1x 0.9x 8.3x 5.7x 28.8x 18.2x Dice 410 445 28.4% (3.8%) 1.8x 1.7x 6.4x 5.9x 15.8x 13.4x Monster 393 546 19.3% 1.1% 0.8x 0.8x 4.1x 3.7x 7.3x 6.0x

Mean 30.9% 20.0% 4.4x 3.9x 11.0x 9.7x 19.2x 15.9x Median 30.8% 11.8% 2.5x 2.1x 9.0x 9.7x 18.9x 17.0x

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PAGE | 14 EUROPEAN TECHNOLOGY INDUSTRY UPDATE │ FEBRUARY 2016

INTERNET AND DIGITAL MEDIA

Market Enterprise CY2016E EV / Revenue EV / EBITDA P / E Cap ($m) Value ($m) EBITDA Margin Rev. Growth CY2016E CY2017E CY2016E CY2017E CY2016E CY2017E

Internet Services LendingClub 2,498 3,661 17.8% 69.2% 5.1x 3.5x 28.8x 15.6x 27.0x 15.2x LifeLock 1,118 848 12.9% 13.2% 1.3x 1.1x 9.9x 7.5x 15.0x 12.2x Web.com 835 1,264 28.9% 3.5% 2.2x 2.1x 7.6x 7.0x 6.1x 5.4x Wix.com 674 599 10.9% 34.7% 2.2x 1.7x 20.2x 10.3x NM NM

Mean 17.6% 30.1% 2.7x 2.1x 16.6x 10.1x 12.0x 10.9x Median 15.3% 23.9% 2.2x 1.9x 15.1x 8.9x 10.6x 12.2x Educational Technology Graham 2,754 1,915 12.3% 2.2% 0.7x NA 6.1x NA 19.6x NA 2U 757 535 (1.3%) 31.5% 2.7x 2.1x NM NM NM NM Chegg 450 331 8.0% (7.5%) 1.2x 1.2x 14.7x 6.5x 29.7x 10.1x K12 375 239 10.9% (4.3%) 0.3x NA 2.5x NA 23.8x NA Cambium Learning Group 177 275 NA NA NA NA NA NA NA NA Rosetta Stone 153 122 (1.8%) (2.3%) 0.6x NA NM NA NM NA Mean 5.6% 3.9% 1.1x 1.6x 7.8x 6.5x 24.4x 10.1x Median 8.0% (2.3%) 0.7x 1.6x 6.1x 6.5x 23.8x 10.1x Chinese Internet Leaders Tencent 171,938 160,055 43.3% 27.0% 8.3x 6.6x 19.1x 15.2x 26.4x 20.7x Baidu 50,133 45,108 23.1% 26.0% 3.5x 2.8x 15.1x 10.8x 20.1x 15.6x Netease 17,403 14,623 29.1% 43.1% 2.9x 2.4x 10.1x 8.8x 13.2x 11.6x 58.com 6,860 6,254 (12.6%) 75.4% 5.0x 3.6x NM NM NM 28.5x Youku Tudou 5,340 4,434 (10.1%) 41.8% 3.1x 2.4x NM NM NM NM Sina 2,877 2,090 15.6% 18.9% 2.0x 1.7x 13.0x 7.9x 28.0x 20.7x Weibo Corporation 2,674 2,275 19.7% 32.9% 3.6x 2.7x 18.2x 11.1x 23.3x 14.5x Autohome 2,509 2,007 32.8% 33.6% 2.9x 2.3x 8.8x 6.9x 14.2x 11.3x SouFun 2,284 2,387 2.0% 38.6% 2.0x 1.5x NM 12.3x NM 18.8x Sohu 1,646 1,076 13.1% (3.0%) 0.6x 0.5x 4.4x 3.7x NM 38.1x Renren 969 770 (11.0%) 107.0% 5.3x NA NM NA NM NA Dangdang 507 240 2.1% 29.1% 0.1x 0.1x 5.4x NA NA 19.2x

Mean 12.3% 39.2% 3.3x 2.4x 11.8x 9.6x 20.9x 19.9x Median 14.3% 33.2% 3.0x 2.4x 11.5x 9.8x 21.7x 19.0x Online Gambling Playtech 3,344 2,866 40.4% 17.3% 3.5x 3.2x 8.7x 7.9x 13.1x 11.9x

888 (1) 852 741 17.3% 6.7% 1.5x 1.4x 8.9x 8.0x 16.4x 14.4x Mean 28.9% 12.0% 2.5x 2.3x 8.8x 7.9x 14.7x 13.2x Median 28.9% 12.0% 2.5x 2.3x 8.8x 7.9x 14.7x 13.2x Interactive Entertainment (1) Activision 25,341 21,604 36.5% 16.4% 3.9x 3.5x 10.8x 9.4x 17.5x 14.6x Electronic Arts 17,420 15,354 3.3x 3.0x 10.2x 9.0x 18.1x 15.3x (2) 32.4% 2.5% Take-Two Interactive Software 2,852 2,200 18.9% 6.3% 1.3x 1.4x 6.8x 7.1x 18.8x 22.9x Ubisoft Entertainment 2,644 2,910 32.9% 91.4% 1.3x 1.5x 4.1x 3.4x 9.5x 14.0x Zynga 1,950 1,000 8.4% (0.3%) 1.3x 1.2x 15.9x 8.9x NM 20.7x

Mean 25.8% 23.3% 2.2x 2.1x 9.6x 7.6x 16.0x 17.5x Median 32.4% 6.3% 1.3x 1.5x 10.2x 8.9x 17.8x 15.3x

(1) Activision has entered into an agreement to acquire King Digital Media; share price as at 30 October 2015 www.harriswilliams.de

PAGE | 15 EUROPEAN TECHNOLOGY INDUSTRY UPDATE │ FEBRUARY 2016

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