European Technology Report January 2014

January 2014

European Technology Report

William Blair’s investment banking group combines signi�icant transaction experience, rich industry knowledge, and deep relationships to deliver successful advisory and �inancing solutions to our global base of corporate clients. We serve both publicly traded and privately held companies, executing mergers and acquisitions, growth �inancing, special situations and restructuring, and general advisory projects. This comprehensive About William Blair suite of services allows us to be a long-term partner to our clients as they grow and evolve. In 2012, the investment banking group completed 76 merger-and-acquisition transactions worth more than $13.8 billion in value, involving parties in 21 countries and Investment Banking �ive continents, and was an underwriter on over 20% of all U.S. initial public offerings. William Blair & Company

Quarterly European Technology Report—Introduction

As we move into 2014, the indicators are positive for deal activity in European technology. Not only did 2013 see significant share price appreciation in both Europe and the United States, but it also saw an improving level of investment and M&A activity across technology sectors. Volatility (as measured by the VIX index) remains at multiyear low levels, which is a positive indicator for the overall deal environment and especially for U.S. IPOs. As witnessed at the recent Consumer Electronics Show, new technology seems poised to pervade so many areas of our lives: connected home, connected car, personal health and fitness. … The list goes on. While recognizing the exciting potential that these innovations may bring, we continue to see the massive impact of established technology trends on the industry in areas such as cloud, data, and mobility.

Notable private equity buyout activity in the final quarter of last year included Advent International taking UNIT4 private, HgCapital’s acquisition of P&I, and Hellman & Friedman’s acquisition of Scout24. European technology IPOs remained scarce in the fourth quarter; notable exceptions included Criteo’s successful IPO in the United States and Tungsten’s IPO in the United Kingdom. Venture capital and growth equity remained active, particularly in Internet/digital media, where Technology Crossover Ventures invested in Spotify and Sequoia invested in Skyscanner.

William Blair’s European technology practice experienced significant growth last year. In addition to raising capital for Afrimax and others, we completed several M&A sell-side transactions for clients such as Aepona, Clinisys, and Isotrak, as well as IPOs and public offerings for QIWI, Criteo, and Sapiens.

Overall we remain optimistic about the outlook for 2014, and we look forward to working with you.

Sincerely,

Raphael S. Grunschlag Head of European Technology Banking Telephone: +44 (0)20 7868 4501 Mobile: +44 (0)7768 993 085 [email protected]

Quarterly European Technology Report Quarterly European Technology Report—Introduction

William Blair & Company

Contents

William Blair & Company Selected Technology Transactions ...... 1 Upcoming 2014 Events ...... 2 William Blair Technology Team ...... 3 Technology Research Coverage ...... 4 Market Snapshot ...... 5 Public Company Analysis ...... 6 Selected M&A Transactions ...... 15 Selected Private Capital Financings, IPOs and Follow-on Offerings ...... 22 Disclosures ...... 28

Quarterly European Technology Report Contents

William Blair & Company

William Blair & Company Selected Technology Transactions

Selected Software Transactions

$500,000,000 $40,609,375 $216,976,941 Not Disclosed Not Disclosed

a portfolio company of

has agreed to has been acquired by has been acquired by Confidentially Marketed be acquired by Follow-on Offering Montagu Private Equity INTEL Corporation Follow-on Offering Pending November 2013 November 2013 July 2013 April 2013

Selected Telematics Transactions

Not Disclosed Not Disclosed $279,637,767 Not Disclosed $115,848,192 $152,734,375

has acquired has been acquired by has been acquired by Roadnet FleetCor Lyceum Capital Follow-on Offering & Initial Public Offering Technologies, Inc. Technologies, Inc. Initial Public Offering Partners December 2013 October 2013 Sept. 2013, Oct. 2012 August 2013 August 2013

Selected Financial Technology Transactions

$148,780,000 $236,024,760 $517,500,000 $138,076,762 $102,800,000 $229,054,736 $575,798,860 $155,418,768

has been acquired by has been acquired by Follow-on Offering & Follow-on Offering & ACI Worldwide, Inc. Follow-on Offerings Digital River, Inc. Initial Public Offering Initial Public Offering November 2013 September, May 2013 September, April 2013 August, March 2013 January 2013

Selected Communications Transactions

Not Disclosed $132,350,000 $56,000,000 $85,698,000 $187,000,000

has been acquired by has been acquired by Genesys Vonage Holding Private Equity Telecommunications Initial Public Offering Initial Public Offering Laboratories, Inc Corporation Placement November 2013 November 2013 November 2013 November 2013 June 2013

Selected Internet and Digital Media Transactions

$230,000,000 $288,143,977 $317,400,000 $219,545,424 $41,040,625

Convertible Offering Initial Public Offering Follow-on Offering Initial Public Offering Follow-on Offering

December 2013 October 2013 September 2013 July 2013 May 2013

Quarterly European Technology Report William Blair & Company Selected Technology Transactions 1

William Blair & Company

Upcoming 2014 Events

Technology Company Growth Conference 15 May 2014, San Francisco  William Blair's Technology Company Growth Conference is 2013 Presenting Companies

an exclusive gathering of the late-stage technology SaaS, Application Software, and Financial Technology and Services

community, including senior executives of fast-growing TM private technology companies, corporate development

teams from large- and midcap industry leaders, and private Pictometry equity investors. Visual Intelligence  The event is designed as a business development conference with the goal of allowing investors to participate in valuable one-on-one meetings with the CEOs of leading Healthcare IT, Security and Storage, and Mobility private Internet and technology companies. Attendee Overview  More than 350 professionals from across the technology landscape – 200-plus large and midcap corporate attendees, including $1 billion-plus-market-cap technology Network Infrastructure, Digital Marketing, and Telematics vendors – 80-plus late-stage technology investors, growth focus in technology

17th Annual Private Equity Conference 17-18 September 2014, Chicago 2013 Event Highlights Selected 2013 Presenting Companies

 55 participating companies ®  More than 600 registered institutional private equity investors  Roundtable discussions focused on the following industry sectors and topics: – Business services, commercial services, cross-border investing, debt capital markets, equity capital markets, healthcare, industrials, retail and restaurants, special situations and restructuring, and technology  Roughly 682 requested one-on-one meetings between private equity investors and company management

Mobile World Congress 27 March 2013  William Blair Technology Cocktail Reception

Quarterly European Technology Report 2 Upcoming 2014 Events

William Blair & Company

William Blair Technology Team

Robert Metzger Jon Skinner Daniel Connolly Daniel Daul Group Head, Managing Director Managing Director Managing Director Technology & Financial Services

Scott Stevens Katan D’Souza Robert Abbe Per Stahl Managing Director Managing Director Managing Director Managing Director

Chris Lane Andy Kaye Raphael Grunschlag Phil Olson Managing Director Managing Director Managing Director Director

Andrew Arno Scott Mattson Peter Dalrymple Drew Thomas Director Director Vice President Vice President

James Hoak Charles Ruppert Daniel Laszlo Vice President Vice President Vice President

Quarterly European Technology Report William Blair Technology Team 3

William Blair & Company

Technology Research Coverage

IT and Business Process Services, Software, Software as a Service

SaaS Software IT and Business Process Services

Bhavan Suri

Internet Infrastructure and Communication Services Financial Technology

Jim Breen Robert Napoli

Digital Media, Internet Cybersecurity, Security Technology

SYSTEMS

Ralph Schackart Jonathan Ho

Semiconductors and Wireless Software as a Service

Communication Electronic Wireless Semiconductors Components Communications

Anil Doradla Justin Furby

Communications Equipment, Hardware and Software IT and Business Process Services Infrastructure

Storage Communication Equipment & Data Networking

Jason Dmitry Rahul Bhangare Ader Netis

Quarterly European Technology Report 4 Technology Research Coverage

William Blair & Company

Market Snapshot

2009 2010 2011 2012 2013E 2014E

Real GDP Growth Rate

Europe (4.4%) 2.0% 1.5% (0.6%) (0.4%) 1.0%

United Kingdom (5.2%) 1.7% 1.1% 0.2% 1.4% 1.9%

Germany (5.1%) 3.9% 3.4% 0.9% 0.5% 1.4%

France (3.1%) 1.7% 2.0% 0.0% 0.2% 1.0%

Italy (5.5%) 1.7% 0.4% (2.4%) (1.8%) 0.7%

Spain (3.8%) (0.2%) 0.1% (1.6%) (1.3%) (0.2%)

Emerging Europe (3.6%) 4.6% 5.2% 1.4% 2.3% 2.7%

United States (2.8%) 2.5% 1.8% 2.8% 1.6% 2.6%

2009 2010 2011 2012 2013

Technology Equity

Stoxx Europe 600 Technology 28.9% 8.6% (11.3%) 14.4% 17.4%

FTSE techMARK 100 Index 32.5% 18.1% (0.7%) 18.0% 26.5%

Nasdaq Composite 43.9% 16.9% (1.8%) 15.9% 38.3%

Equity Markets

Euro STOXX 50 21.1% (5.8%) (17.1%) 13.8% 17.9%

FTSE 100 22.1% 9.0% (5.6%) 5.8% 14.4%

CAC 40 22.3% (3.3%) (17.0%) 15.2% 18.0%

Deutsche Börse AG German Stock Index DAX 23.8% 16.1% (14.7%) 29.1% 25.5%

Ibex 35 Index 29.8% (17.4%) (13.1%) (4.7%) 21.4%

FTSE MIB Index 15.0% (13.2%) (27.6%) 5.3% 12.1%

AEX Index 36.3% 5.7% (11.9%) 9.7% 17.2%

OMX Stockholm 30 Index 43.7% 21.4% (14.5%) 11.8% 20.7%

Swiss Market Index 18.3% (1.7%) (7.8%) 14.9% 20.2%

Volatility

VIX Index 21.7 17.8 23.4 22.7 13.7

Government Bond Data(2)

US 10 year 3.9% 3.3% 1.9% 1.8% 3.0%

UK 10 year 4.1% 3.5% 2.0% 1.8% 3.0%

Germany 10 year 3.4% 3.0% 1.8% 1.3% 1.9%

France 10 year 3.6% 3.4% 3.2% 2.0% 2.4% Note (1): Emerging Europe includes countries Turkey, Poland, Romania, Hungary, Bulgaria, Serbia, Croatia, Lithuania, Latvia (IMF, World Economic Outlook). Note (2): Government bond data is as of year end. Sources: Capital IQ as of January 10, 2014 and IMF

Quarterly European Technology Report Market Snapshot 5

William Blair & Company

Public Company Analysis

European Technology Indexed Stock Price Performance (LTM)

STOXX Europe 600 (+14.3%) NASDAQ Composite Index (+33.1%) Software (+8.6%) Fintech (+54.1%) Communications (+44.4%) Internet/Digital Media (+61.6%) Technology Services (+40.0%) Semiconductors (+23.9%) Systems/Applied Technologies (+40.3%)

160.0

140.0

120.0

100.0

80.0

Source: Capital IQ as of January 10, 2014

European Technology Sector Valuation Overview

Enterprise Value/Revenue Enterprise Value/EBITDA P/E Ratio ’13A-’14E Revenue EBITDA 2014E Sector Median LTM 2013A 2014E LTM 2013A 2014E LTM 2013A 2014E Growth Margin P/E/G

Software 2.33x 2.09x 1.88x 13.0x 9.3x 8.2x 24.1x 21.0x 17.9x 7.1% 21.3% 1.4x Financial Technology 3.17x 2.91x 2.65x 18.0x 12.2x 10.0x 35.7x 29.5x 23.5x 9.8% 21.2% 1.2x Communications 1.23x 1.20x 1.19x 8.9x 8.4x 7. 7x 21.9x 20.0x 16.6x 2.2% 14.9% 1.0x Internet / Digital Media 2.81x 4.51x 4.09x 17.2x 16.1x 14.1x 33.9x 30.7x 23.8x 14.0% 17.6% 0.9x Technology Services 0.80x 0.76x 0.73x 8.2x 7.4x 6.6x 21.0x 18.5x 14.1x 5.1% 10.7% 1.2x Semiconductors 1.65x 1.60x 1.81x 12.2x 10.2x 9.3x 18.3x 24.8x 15.3x 1.5% 14.9% 0.9x Applied Technologies and Systems 1.48x 1.29x 1.08x 24.0x 13.2x 9.9x 24.2x 30.9x 26.4x 2.2% 14.0% 1.4x Source: Capital IQ as of January 10, 2014

Quarterly European Technology Report 6 Public Company Analysis

William Blair & Company

Publicly Traded European Technology Companies

Market Capitalization

Germany Software 13% 6% 1% Nordic Countries 25% Communications 3% 10% United Kingdom 31% 4% Semiconductors 4% Benelux France 12% Technology Services 11% Russia Internet/Digital Media 14% Spain Financial Technology 12% Israel 19% 20% 14% Applied Technologies Other and Systems

Number of Companies

United Kingdom Software 8% 7% 2% France 2% 12% 23% Technology Services 4% 28% Germany Financial Technology 7% Nordic Countries Benelux 12% Semiconductors 13% Switzerland Communications Israel 21% 17% 11% Internet/Digital Media Russia Applied Technologies 17% Other 15% and Systems

All Transactions (Combined M&A and Private Financings)

Transaction Value

United Kingdom Software 10% 6% 3% Nordic Countries Communications 12% 26% 4% 30% Germany Technology Services 6% Benelux 13% Semiconductors 6% Austria France 8% Internet/Digital Media 13% Canada 14% 12% Financial Technology Italy Applied Technologies 14% Other 23% and Systems

Number of Transactions

Software 9% United Kingdom 6% 5% 3% Germany Financial Technology 3% 27% France 3% Communications 4% 38% Nordic Countries 17% Benelux Internet/Digital Media 12% Israel Technology Services

Italy 14% Semiconductors 12% Switzerland 24% 16% 7% Applied Technologies Other and Systems

Quarterly European Technology Report Public Company Analysis 7

William Blair & Company

Software

Enterprise Value > €1bn SAP AG 61.04 94% €72,851 €74,898 4.48x 4.07x 3.79x 12.8x 11.4x 10.1x 23.5x 18.7x 16.4x 8.5% 35.5% 1.4x Dassault Systèmes SA 87.41 85% €10,867 €9,457 4.58x 4.18x 3.84x 14.8x 12.2x 11.1x 32.0x 30.9x 27.8x 8.6% 34.3% 2.9x Check Point Software Technologies 65.04 100% €9,349 €8,427 8.37x 7.82x 7.42x 14.9x 13.3x 12.6x 20.2x 20.5x 19.0x 5.9% 59.0% 2.1x Ltd. Sage Group plc 4.01 98% €5,302 €5,736 3.46x 3.42x 3.25x 11.9x 11.4x 10.6x NMF 47.1x 17.6x 1.1% 29.9% 2.4x Amdocs Limited 41.39 100% €4,845 €4,022 1.64x 1.54x 1.48x 8.8x 7.7x 7.5x 16.1x 16.2x 14.9x 5.8% 20.0% 1.8x Software AG 25.46 72% €2,113 €2,223 2.27x 2.17x 2.06x 8.9x 7.9x 7.2x 15.3x 15.6x 14.1x 4.5% 27.6% 6.2x Aveva Group plc 23.11 87% €1,777 €1,662 5.96x 5.26x 4.74x 20.3x 15.3x 13.5x 31.4x 30.7x 25.6x 10.8% 34.3% 1.5x NICE Systems Ltd. 136.60 92% €1,735 €1,594 2.35x 2.13x 1.95x 13.4x 8.5x 7.2x 37.1x 36.1x 26.1x 8.8% 25.2% 2.2x Micro Focus International plc 7.81 88% €1,306 €1,429 4.59x 4.49x 4.39x 11.2x 9.9x 9.5x 14.4x 14.9x 13.7x 3.1% 45.4% 2.1x Asseco Poland Spólka Akcyjna 45.50 86% €907 €1,411 1.03x 0.98x 0.96x 7.1x 6.4x 6.3x 10.7x 10.3x 10.5x 3.0% 15.4% N/A Opera Software ASA 85.90 99% €942 €1,300 6.71x 4.53x 3.57x 24.1x 14.9x 11.3x NMF 66.5x 27.6x 34.9% 30.4% N/A Unit 4 N.V. 38.55 100% €1,145 €1,258 2.63x 2.38x 2.22x 17.7x 11.2x 9.8x 42.3x 37.9x 27.8x 7.0% 21.2% N/A CompuGroup Medical AG 19.38 96% €962 €1,237 2.68x 2.47x 2.37x 15.6x 10.9x 9.9x 49.0x 34.9x 22.8x 8.7% 22.8% 1.3x Median 3.46x 3.42x 3.25x 13.4x 11.2x 9.9x 23.5x 30.7x 19.0x 7.0% 29.9% 2.1x Average 3.90x 3.49x 3.23x 14.0x 10.8x 9.7x 26.5x 29.3x 20.3x 8.5% 30.8% 2.4x Enterprise Value Between €200m and €1bn Exact Holding NV 25.00 99% €570 €514 2.41x 2.31x 2.22x 13.7x 10.3x 9.7x 23.8x 19.1x 18.9x 3.3% 22.3% N/A EMIS Group PLC 6.33 69% €479 €465 4.23x 3.14x 3.10x 12.3x 9.4x 9.1x 21.5x 20.7x 17.9x 19.3% 33.4% N/A Nemetschek AG 53.70 100% €517 €463 2.52x 2.26x 2.11x 12.8x 9.3x 8.5x 23.4x 23.0x 18.1x 9.8% 24.4% 1.1x Axway Software S.A. 22.90 95% €468 €457 1.97x 1.73x 1.58x 10.8x 9.2x 7.8x 14.7x 14.8x 12.8x 7.6% 18.7% 0.9x IFS AB 158.00 100% €441 €431 1.41x 1.34x 1.29x 18.0x 8.1x 7.4x 35.9x 29.1x 16.4x 3.5% 16.5% N/A Anite plc 1.00 61% €343 €350 2.26x 2.09x 1.97x 10.7x 8.4x 7.4x 24.3x 24.4x 22.5x 6.6% 25.0% 3.2x SDL plc 3.51 63% €340 €339 1.06x 1.04x 1.00x 11.9x 12.0x 9.5x 40.2x NMF 41.7x 3.2% 8.7% 5.2x BasWare Oyj 24.80 97% €319 €312 2.59x 2.23x 1.94x 36.0x 15.1x 11.5x NMF NMF 33.0x 12.6% 14.8% 1.1x F-Secure Oyj 2.05 95% €319 €279 1.80x 1.77x 1.67x 8.6x 8.3x 7.7x 27.3x 18.5x 17.9x 2.1% 21.3% NMF Cegid Group SA 23.67 91% €207 €274 1.05x 1.02x 0.98x 13.0x NMF NMF 11.9x 10.9x 9.7x 2.3% 26.6% N/A Init Innovation in Traffic Systems AG 25.01 93% €251 €239 2.54x 2.05x 1.82x 14.4x 9.5x 8.3x 28.5x 21.2x 16.5x 14.7% 21.5% 0.9x RIB Software AG 8.01 94% €310 €229 4.32x 3.19x 2.88x 17.1x 9.7x 8.4x 35.0x 32.1x 23.4x 25.6% 25.3% 1.0x PSI Aktiengesellschaft 14.28 82% €224 €210 1.15x 1.04x 0.97x 21.2x 11.2x 9.3x NMF NMF 20.7x 7.0% 5.4% 1.4x Lectra SA 7.92 92% €235 €210 1.04x 0.95x 0.89x 8.6x 7.4x 6.1x 10.3x 10.4x 14.7x 7.6% 12.1% 1.3x Median 1.97x 1.97x 1.82x 12.8x 9.4x 8.4x 23.8x 20.7x 18.1x 7.6% 21.5% 1.1x Average 2.17x 1.87x 1.75x 14.9x 9.8x 8.5x 24.7x 20.4x 20.3x 8.9% 19.7% 1.8x Enterprise Value Below €200m Delcam plc 21.05 98% €194 €180 3.04x 2.69x NMF 22.1x NMF NMF 32.7x 34.1x 30.4x 7.6% 13.8% N/A Realtime Technology AG 40.65 89% €181 €172 2.04x 1.52x 1.28x 16.3x 8.7x 6.7x 41.3x 28.6x 19.1x 20.7% 12.5% 0.7x IDOX plc 0.34 57% €143 €167 2.42x 2.24x 2.18x 9.5x 7.8x 7.6x 15.8x 16.6x 16.3x 4.3% 25.4% N/A Comarch Spółka Akcyjna 83.10 78% €161 €161 0.68x 0.68x 0.65x 7.1x 6.0x 5.5x 20.6x 19.4x 12.0x 4.5% 9.6% N/A VIZRT Ltd. 23.00 86% €184 €144 1.62x 1.48x 1.37x 8.6x 7.0x 6.2x 32.6x 20.5x 14.0x 9.4% 19.0% 0.5x ESI Group SA 23.79 74% €131 €138 1.27x 1.12x 1.04x 18.4x 13.4x NMF 57.9x 28.8x 21.6x 9.5% 6.9% N/A Myriad Group AG 1.56 58% €116 €129 3.20x NMF NMF NMF NMF NMF NMF NMF NMF N/A (16.2%) N/A Sword Group SE 17.40 99% €159 €122 1.20x 0.94x 0.88x 16.9x 6.2x 5.6x 11.1x 12.0x 13.6x 21.2% 7.1% 0.5x Mensch und Maschine Software SE 5.20 96% €80 €107 0.86x 0.71x 0.64x 48.6x 8.1x 7.1x 33.7x 20.9x 13.3x 13.0% 1.8% 1.8x ATOSS Software AG 28.43 78% €113 €97 2.78x 2.48x 2.36x 11.3x 9.9x 9.4x 33.9x 36.4x 18.0x 7.1% 24.6% 4.1x Microgen plc 1.30 84% €117 €84 2.32x 2.36x 2.27x 7.0x 8.7x 7.6x 13.8x 15.0x 20.8x (1.7%) 33.0% N/A GK Software AG 48.52 92% €92 €83 2.36x 1.74x 1.58x NMF 8.8x 7.2x NMF 21.6x 15.3x 12.9% (8.8%) 0.2x Allocate Software plc. 1.00 85% €80 €69 1.55x 1.40x 1.34x 15.7x 8.5x 8.1x NMF NMF 44.2x 6.7% 9.9% N/A Comptel Oyj 0.53 90% €57 €62 0.76x 0.70x 0.65x 8.6x NMF NMF 22.8x 30.7x 12.1x 6.1% 8.8% N/A INTERSHOP Communications 0.84x 0.85x 0.80x NMF N/A N/A NMF N/A N/A 4.3% N/A N/A Median 1.62x 1.26x 1.19x 10.4x 8.3x 7.2x 22.8x 20.7x 15.3x 6.9% 9.2% 0.5x Average 1.80x 1.39x 1.31x 15.2x 8.4x 7.2x 26.9x 22.2x 18.3x 8.1% 10.1% 1.4x Overall Median 2.33x 2.09x 1.88x 13.0x 9.3x 8.2x 24.1x 21.0x 17.9x 7.1% 21.3% 1.4x Overall Average 2.61x 2.29x 2.12x 15.1x 9.8x 8.6x 27.1x 25.1x 20.1x 8.9% 20.3% 1.9x Source: Capital IQ as of January 10, 2014

Quarterly European Technology Report 8 Public Company Analysis

William Blair & Company

Financial Technology

Enterprise Value > €1bn Ingenico SA 62.39 100% €3,292 €3,709 2.81x 2.49x 2.27x 14.1x 12.2x 10.8x 29.9x 28.6x 23.2x 7.6% 20.5% 1.2x Wirecard AG 28.75 99% €3,228 €2,970 6.25x 5.12x 4.32x 25.3x 19.0x 15.7x 41.9x 39.3x 30.3x 21.0% 27.0% 1.3x Qiwi plc 51.20 86% €1,952 €1,782 7.18x 10.85x 8.78x 32.0x 21.6x 16.7x 52.5x 45.1x 32.7x 32.7% 50.2% 1.2x Wincor Nixdorf Aktiengesellschaft 53.65 99% €1,598 €1,730 0.70x 0.67x 0.64x 9.1x 7.6x 7.1x 18.3x 17.8x 13.8x N/A 8.8% 0.8x Temenos Group AG 26.35 100% €1,477 €1,622 4.84x 4.39x 4.03x 24.0x 13.8x 12.1x 35.7x 32.9x 24.8x 9.3% 31.9% 1.0x Monitise plc 0.78 95% €1,549 €1,446 NMF 8.81x 5.74x NMF NMF 25.6x NMF NMF NMF 46.6% NMF N/A Quindell Portfolio Plc 0.20 95% €1,367 €1,384 4.50x 1.55x 1.23x 12.6x 5.2x 4.4x 20.1x 9.1x 6.0x 75.0% 29.8% 0.1x StatPro Group plc 0.86 87% €1,317 €1,153 1.70x 1.67x NMF 8.2x 10.0x NMF 19.7x 27.1x 21.6x 2.0% 16.8% NMF SimCorp A/S 207.00 94% €1,147 €1,105 4.91x 4.41x 4.00x 18.0x 16.2x 14.0x 27.2x 29.4x 24.2x 11.6% 27.1% NMF Fidessa Group plc 23.99 100% €1,089 €1,028 3.08x 2.91x 2.76x 15.6x 10.2x 10.0x 30.2x 29.6x 27.6x 4.4% 28.5% 3.1x Median 4.50x 3.65x 4.00x 15.6x 12.2x 12.1x 29.9x 29.4x 24.2x 12.0% 27.1% 1.2x Average 4.00x 4.29x 3.75x 17.7x 12.9x 12.9x 30.6x 28.8x 22.7x 23.4% 26.7% 1.2x Enterprise Value Between €200m and €1bn PayPoint plc 10.65 87% €872 €843 3.35x 3.03x 2.86x 14.4x 13.2x 12.4x 21.5x 21.4x 19.5x 5.4% 22.9% 1.7x Optimal Payments Plc 4.07 98% €741 €648 3.75x 3.17x 2.72x 30.0x 15.5x 12.4x 57.1x 31.6x 28.3x 14.3% 20.5% 1.0x Innovation Group plc 0.36 100% €431 €403 1.64x 1.48x 1.38x 13.0x 9.6x 8.9x 47.0x 38.7x 23.8x 8.4% 15.4% NMF First Derivatives plc 15.83 100% €368 €387 5.07x 4.11x 3.64x 36.2x 23.5x 20.3x 64.2x 48.1x 41.5x 16.6% 17.5% NMF Tungsten Corporation Plc 2.70 92% €325 €235 N/A 5.84x 3.26x N/A NMF N/A N/A NMF NMF N/A NMF N/A Sapiens International Corp. NV 7.42 94% €245 €225 2.36x 1.96x 1.68x 19.2x 13.9x 9.9x 29.1x N/A N/A N/A N/A N/A Linedata Services SA 22.65 96% €172 €221 1.46x 1.28x 1.27x 5.9x 5.3x 5.3x 10.2x 11.2x 10.1x 5.7% 24.4% 1.8x Seamless Distribution AB 46.70 79% €216 €214 13.26x 5.68x 2.40x NMF N/A N/A NMF N/A N/A N/A N/A N/A Median 3.35x 3.10x 2.56x 16.8x 13.6x 11.2x 38.1x 31.5x 23.8x 8.4% 20.5% 1.7x Average 4.41x 3.32x 2.40x 19.8x 13.5x 11.5x 38.2x 30.2x 24.7x 10.0% 20.1% 1.5x Enterprise Value Below €200m Earthport plc 0.38 92% €177 €161 NMF 10.14x 6.30x NMF NMF NMF NMF NMF NMF N/A NMF N/A Rentabiliweb Group SA 8.62 100% €151 €143 2.14x 1.91x 1.68x NMF 13.4x 9.8x NMF 50.7x 26.0x 10.3% 14.3% N/A Hi-Media S.A. 2.02 92% €90 €104 0.55x 0.51x 0.49x 9.0x 6.4x 5.9x 39.9x 24.8x 19.3x 6.2% 8.0% 2.9x Gresham Computing plc 1.27 89% €92 €90 5.61x 4.98x 4.16x 38.6x 23.3x 16.8x 43.4x 32.5x 25.4x 15.6% 21.3% N/A Bango PLC 1.72 59% €94 €86 7.39x N/A N/A NMF N/A N/A NMF N/A N/A N/A N/A N/A Brady plc 0.75 75% €73 €66 1.77x 1.57x 1.30x 18.7x 7.5x 5.7x 58.8x NMF 15.5x 12.3% 21.0% N/A DIBS Payment Services AB 55.00 97% €59 €56 3.17x 2.89x 2.58x 20.4x 11.4x 9.1x 40.8x 28.4x 20.4x 8.1% 25.2% N/A COR&FJA AG 1.26 98% €51 €48 0.37x 0.46x 0.45x NMF 5.2x 5.0x NMF NMF 13.9x (20.8%) 8.7% N/A Median 2.14x 1.91x 1.68x 19.5x 9.4x 7.5x 42.1x 30.4x 19.9x 9.2% 17.7% 2.9x Average 3.00x 3.21x 2.42x 21.7x 11.2x 8.7x 45.7x 34.1x 20.1x 5.3% 16.4% 2.9x Overall Median 3.17x 2.91x 2.65x 18.0x 12.2x 10.0x 35.7x 29.5x 23.5x 9.8% 21.2% 1.2x Overall Average 3.82x 3.68x 2.91x 19.2x 12.6x 11.3x 36.2x 30.4x 22.4x 14.6% 22.0% 1.5x Source: Capital IQ as of January 10, 2014

Quarterly European Technology Report Public Company Analysis 9

William Blair & Company

Communications

Enterprise Value > €1bn Ericsson 79.20 87% €28,784 €24,916 0.97x 0.95x 0.92x 8.2x 7.2x 6.4x 26.5x 26.5x 18.0x (1.0%) 13.1% 0.4x Nokia Corporation 6.00 98% €22,256 €19,733 0.78x 1.50x 1.50x 6.9x 9.6x 9.8x NMF NMF 17.6x (21.5%) 15.7% NMF Alcatel-Lucent, S.A. 3.11 91% €8,581 €10,263 0.70x 0.68x 0.67x 9.2x 7.8x 6.4x NMF NMF NMF 1.6% 8.7% NMF Gemalto NV 82.24 92% €7,082 €6,811 2.89x 2.54x 2.30x 18.2x 13.7x 11.9x 31.6x 20.9x 6.4x 7.8% 18.5% 1.0x Axis AB 225.70 90% €1,765 €1,721 3.32x 2.72x 2.34x 20.3x 16.7x 14.1x 29.9x 29.3x 23.9x 13.8% 16.3% 1.2x Logitech International SA 12.50 95% €1,628 €1,412 0.92x 0.96x 0.88x 18.2x 11.9x 11.1x NMF NMF 29.8x (6.9%) 8.0% NMF Pace plc 3.62 100% €1,349 €1,403 0.65x 0.75x 0.75x 8.3x 7.4x 7.2x 18.1x 18.8x 16.6x 2.0% 10.1% 1.3x Ascom Holding AG 15.85 100% €1,317 €1,153 1.23x 1.17x 1.13x 8.6x 7.6x 7.0x 18.1x 16.7x 13.8x 2.8% 15.4% 0.6x TomTom NV 5.40 86% €1,199 €1,148 1.17x 1.23x 1.24x 8.1x 8.0x 7.6x 10.4x NMF 54.4x (9.9%) 15.5% NMF Median 0.97x 1.17x 1.13x 8.6x 8.0x 7.6x 22.3x 20.9x 17.8x 1.6% 15.4% 1.0x Average 1.40x 1.39x 1.30x 11.8x 10.0x 9.1x 22.4x 22.4x 22.6x (1.3%) 13.5% 0.9x Enterprise Value Between €300m and €1bn Jenoptik AG 12.31 89% €704 €787 1.32x 1.20x 1.12x 10.5x 8.9x 8.0x 14.7x 18.4x 14.4x 3.7% 13.6% 1.5x Kudelski SA 13.95 96% €608 €721 1.05x 0.98x 0.94x 8.0x 6.8x 6.4x 20.5x 14.6x 12.8x 3.7% 14.4% 0.2x EVS Broadcast Equipment S.A. 46.43 81% €626 €610 5.26x 4.17x 4.17x 14.5x 9.8x 10.5x 22.6x 18.5x 16.3x (6.7%) 42.5% 2.3x u-blox Holding AG 109.30 99% €571 €521 3.20x 2.59x 2.32x 17.7x 12.6x 11.2x 34.4x 29.4x 25.6x 26.6% 20.5% NMF Spirent Communications Plc. 0.90 53% €674 €490 1.55x 1.45x 1.35x 7.5x 7.5x 6.2x 9.5x 22.6x 20.9x (12.0%) 19.4% NMF Transmode AB 112.50 92% €352 €308 2.59x 2.24x 2.04x 14.3x 11.4x 10.4x 21.2x 22.2x 18.8x 6.1% 19.7% N/A Median 2.07x 1.85x 1.70x 12.4x 9.3x 9.2x 20.8x 20.4x 17.5x 3.7% 19.5% 1.5x Average 2.50x 2.10x 1.99x 12.1x 9.5x 8.8x 20.5x 20.9x 18.1x 3.5% 21.7% 1.3x Enterprise Value Below €300m Globo Plc 0.59 66% €265 €253 4.32x 2.54x 2.18x 8.6x 4.5x 3.8x 9.4x 9.2x 7.4x 57.3% 56.3% 0.3x Telit Communications PLC 1.77 90% €223 €230 1.34x 1.14x 1.01x 22.4x 9.9x 7.7x 37.9x N/A N/A 13.5% 11.6% N/A Sepura PLC 1.34 86% €223 €226 2.08x 1.87x 1.77x 20.8x 13.8x 12.4x 31.9x 19.1x 16.0x 15.1% 13.5% N/A Parrot S.A. 22.48 71% €272 €196 0.79x 0.78x 0.70x 8.9x 7.0x 4.5x 47.4x 28.1x 18.7x (12.5%) 11.0% 26.8x ADVA Optical Networking SE 4.08 83% €196 €154 0.49x 0.46x 0.43x 7.9x 3.8x 3.2x 27.1x 36.7x 16.1x (5.5%) 12.1% 0.7x Netgem SA 2.88 95% €116 €65 0.85x 0.68x N/A 5.7x N/A N/A 12.2x 14.4x 9.6x 2.2% N/A N/A Median 1.09x 0.96x 1.01x 8.8x 7.0x 4.5x 29.5x 19.1x 16.0x 7.9% 12.1% 0.7x Average 1.64x 1.24x 1.22x 12.4x 7.8x 6.3x 27.6x 21.5x 13.6x 11.7% 20.9% 9.2x Overall Median 1.23x 1.20x 1.19x 8.9x 8.4x 7.7x 21.9x 20.0x 16.6x 2.2% 14.9% 1.0x Overall Average 1.78x 1.55x 1.49x 12.0x 9.3x 8.3x 23.5x 21.6x 18.8x 3.8% 17.8% 3.3x Source: Capital IQ as of January 10, 2014

Quarterly European Technology Report 10 Public Company Analysis

William Blair & Company

Internet/Digital Media

Enterprise Value > €1bn Yandex N.V. 44.00 97% €10,491 €10,222 12.49x 11.29x 8.87x 29.0x 25.4x 20.0x 36.2x 35.3x 29.8x 27.3% 44.4% 0.9x ASOS plc 70.08 100% €7,002 €6,916 7.46x 6.91x 5.32x NMF NMF 58.5x NMF NMF NMF 30.0% 8.8% 2.9x United Internet AG 32.00 99% €6,193 €6,531 2.53x 2.46x 2.23x 17.9x 16.3x 13.4x 34.2x 31.5x 23.8x 10.4% 15.1% 0.7x Mail.ru Group 41.69 93% €6,363 €6,207 11.76x 10.00x 8.28x 26.5x 18.9x 15.7x 15.1x 22.7x 21.9x 20.8% 53.0% 0.9x Rightmove plc 26.75 95% €3,134 €3,126 NMF 18.68x 16.17x 28.9x 25.6x 21.9x 38.6x 35.0x 28.8x 15.5% 73.0% 1.4x Ubisoft Entertainment SA 10.72 88% €1,214 €1,357 1.07x 1.35x 0.85x 2.8x 3.8x 3.2x 34.9x NMF 19.7x 59.2% 35.9% 0.7x Moneysupermarket.com Group PLC 2.00 90% €1,306 €1,275 4.92x 4.67x 4.42x 12.4x 12.9x 12.1x 34.8x 17.9x 16.7x 5.5% 36.2% 3.3x Median 6.19x 6.91x 5.32x 22.2x 17.6x 15.7x 34.9x 31.5x 22.9x 20.8% 36.2% 0.9x Average 6.70x 7.91x 6.59x 19.6x 17.1x 20.7x 32.3x 28.5x 23.5x 24.1% 38.1% 1.5x Enterprise Value Between €200m and €1bn Blinkx plc 2.05 87% €987 €935 5.52x 5.43x 4.39x 39.5x 36.6x 28.2x 59.0x 46.4x 32.6x 23.6% 14.8% 1.0x Perform Group plc. 2.50 41% €792 €823 3.86x 3.33x 2.78x 19.5x 19.4x 15.2x NMF 29.8x 23.8x 19.9% 17.2% 0.8x Net Entertainment NE AB 153.00 98% €681 €674 10.09x 9.55x 7.91x 23.4x 21.2x 16.4x 42.6x 37.3x 26.9x 20.6% 44.9% N/A GameLoft SA 7.80 93% €642 €582 2.61x 2.46x 2.16x 17.2x 13.6x 10.2x NMF 38.8x 22.7x 14.0% 18.1% 0.6x Meetic S.A. 18.75 99% €440 €423 2.45x NMF N/A 11.7x NMF N/A NMF N/A N/A N/A N/A N/A XING AG 80.01 91% €444 €377 4.72x 4.51x 3.97x 17.9x 15.9x 12.4x 49.9x 42.6x 30.0x 13.6% 28.5% 1.0x auFeminin.com 36.80 97% €329 €281 4.67x 4.66x 4.20x 13.7x NMF NMF 24.0x 27.7x 25.3x 10.9% 0.0% N/A Tomorrow Focus AG 4.35 96% €254 €269 1.43x 1.46x 1.31x 16.3x 9.7x 7.9x 20.5x 21.0x 14.4x 12.0% 15.0% 1.7x Progressive Digital Media Group PLC 2.38 89% €213 €205 3.01x 2.96x 2.70x 17.3x 14.9x 12.1x 33.7x 25.6x 20.1x 9.5% 19.9% 0.6x Median 3.86x 3.92x 3.38x 17.3x 15.9x 12.4x 38.1x 33.6x 24.6x 13.8% 17.6% 0.9x Average 4.26x 4.30x 3.68x 19.6x 18.8x 14.6x 38.3x 33.7x 24.5x 15.5% 19.8% 1.0x Enterprise Value Below €200m blur Limited 5.64 94% €201 €191 NMF NMF 10.59x NMF NMF NMF NMF N/A N/A N/A (39.9%) N/A LeGuide.com S.A. 35.50 100% €127 €101 2.09x NMF N/A 9.7x NMF N/A 18.9x N/A N/A N/A N/A N/A TradeDoubler AB 19.30 81% €92 €71 0.31x 0.31x 0.31x 10.1x 7.8x 6.4x 23.3x 17.0x 14.9x 0.2% 3.9% N/A Babylon Ltd. 8.61 28% €83 €64 0.44x NMF N/A 2.5x NMF NMF 3.8x N/A N/A N/A N/A N/A Cupid plc 0.59 30% €51 €36 0.35x 0.95x 0.86x 2.2x NMF 14.7x 18.5x NMF 29.7x 10.0% 0.8% N/A Velti Plc 0.05 1% €3 €12 0.07x NMF NMF NMF NMF NMF NMF N/A N/A N/A N/A N/A Median 0.35x 0.63x 0.86x 6.1x 7.8x 10.6x 18.7x 17.0x 22.3x 5.1% 0.8% N/A Average 0.65x 0.63x 3.92x 6.1x 7.8x 10.6x 16.1x 17.0x 22.3x 5.1% (11.7%) N/A Overall Median 2.81x 4.51x 4.09x 17.2x 16.1x 14.1x 33.9x 30.7x 23.8x 14.0% 17.6% 0.9x Overall Average 4.09x 5.35x 4.85x 16.8x 17.3x 16.8x 30.5x 30.6x 23.8x 17.8% 21.7% 1.3x Source: Capital IQ as of January 10, 2014

Quarterly European Technology Report Public Company Analysis 11

William Blair & Company

Technology Services

Enterprise Value > €1bn Amadeus IT Holding SA 31.13 99% €13,840 €15,119 4.97x 4.58x 4.31x 13.1x 11.9x 11.0x 25.8x 24.4x 22.6x 6.9% 38.4% 3.0x Capgemini S.A. 50.91 99% €8,022 €7,867 0.78x 0.75x 0.73x 7.9x 7.0x 6.5x 19.5x 18.5x 16.4x 2.9% 10.7% 1.6x Atos S.A. 66.68 98% €7,367 €7,032 0.80x 0.79x 0.78x 7.4x 6.8x 6.5x 30.9x 19.2x 15.9x 2.0% 11.6% 1.3x Indra Sistemas, S.A. 13.55 100% €2,223 €2,941 0.97x 0.97x 0.93x 11.2x 9.8x 9.1x 21.0x 19.6x 16.0x 2.8% 9.9% 2.6x Telecity Group plc 7.75 75% €1,890 €2,240 6.09x 4.99x 4.44x 13.2x 10.5x 9.1x 25.9x 22.5x 19.0x 13.1% 47.7% 1.1x Interxion Holding NV 24.63 88% €1,240 €1,518 5.08x 4.43x 3.98x 12.5x 10.0x 8.8x NMF NMF 33.1x 10.4% 44.3% 1.9x Altran Technologies S.A. 6.56 97% €1,142 €1,340 0.87x 0.78x 0.74x 10.4x 7.4x 6.5x 23.1x 15.3x 12.1x 4.9% 10.6% 0.8x Tieto Oyj 16.58 90% €1,204 €1,258 0.73x 0.75x 0.74x 5.4x 5.5x 5.3x 41.9x 17.7x 11.6x (1.2%) 13.7% 1.7x Bechtle AG 55.76 99% €1,171 €1,161 0.53x 0.49x 0.47x 10.8x 9.7x 9.0x 20.0x 19.0x 16.6x 5.4% 5.1% 1.6x Sopra Group 73.00 95% €870 €1,086 0.84x 0.77x 0.73x 7.4x 8.0x 7.2x 10.2x 12.7x 12.1x 5.8% 9.6% 1.0x Alten SA 33.80 97% €1,090 €1,041 0.86x 0.82x 0.78x 8.5x 7.7x 7.1x 14.4x 14.6x 13.9x 3.9% 10.6% 3.4x Median 0.86x 0.79x 0.78x 10.4x 8.0x 7.2x 22.1x 18.7x 16.0x 4.9% 10.7% 1.6x Average 2.05x 1.83x 1.69x 9.8x 8.6x 7.8x 23.3x 18.4x 17.2x 5.2% 19.3% 1.8x Enterprise Value Between €300m and €1bn ComputaCenter plc 6.46 95% €1,045 €966 0.27x 0.26x 0.25x 7.7x 6.9x 6.5x 34.4x 18.6x 13.7x 2.7% 3.8% N/A Atea ASA 57.50 83% €704 €818 0.32x 0.30x 0.28x 8.9x 7.1x 6.3x 14.0x 18.4x 10.2x 4.8% 4.2% 0.6x Groupe Steria SCA 14.40 91% €457 €748 0.42x 0.40x 0.39x 6.3x 4.5x 4.2x 27.8x 11.1x 8.3x 5.5% 8.9% 1.0x EVRY ASA 9.93 95% €314 €705 0.47x 0.46x 0.44x 5.6x 4.4x 4.2x 10.7x 6.6x 5.6x 3.5% 10.3% NMF Reply S.p.A. 58.80 98% €533 €532 0.99x 0.91x NMF 7.9x 6.7x NMF 17.5x 5.1x 4.8x 8.6% 13.5% N/A iEnergizer Limited 2.38 65% €438 €522 4.78x 4.15x NMF 18.1x 13.5x NMF 28.8x N/A N/A 8.6% 30.7% N/A NCC Group plc. 1.92 98% €482 €512 4.28x 3.64x 3.31x 16.9x 14.1x NMF 27.6x 28.2x 25.2x 10.6% 25.9% N/A Cancom SE 33.80 97% €494 €496 0.87x 0.76x 0.73x 17.5x 12.1x 10.8x 35.3x 24.9x 23.0x 10.8% 6.3% 0.9x AT&S 7.41 81% €269 €471 0.80x 0.80x 0.73x 3.7x 4.1x 3.7x 7.9x 10.2x 11.6x 4.3% 19.6% 0.2x IBS Group Holding Limited 25.10 84% €405 €453 0.89x 0.85x 0.76x 11.3x 7.8x 6.6x 23.8x 15.4x 12.5x 10.8% N/A N/A Xchanging PLC 1.69 100% €493 €415 0.50x 0.72x 0.69x 4.6x 4.2x 3.9x 15.5x 19.7x 18.3x (10.8%) 17.1% 0.9x iomart Group plc 2.61 61% €335 €363 6.32x 4.75x 4.25x 17.3x 11.3x 9.9x 37.3x N/A N/A 21.1% 41.9% N/A Bull Société Anonyme 3.45 96% €419 €341 0.27x 0.26x 0.25x 5.2x 4.2x 3.5x 33.2x 20.3x 14.4x 1.1% 6.2% N/A GFI Informatique S.A. 4.83 97% €259 €321 0.45x 0.41x 0.41x 7.2x 5.7x NMF 34.8x 16.1x 12.4x 3.1% 7.3% N/A Median 0.65x 0.74x 0.57x 7.8x 6.8x 5.3x 27.7x 17.2x 12.5x 5.2% 10.3% 0.9x Average 1.55x 1.33x 1.04x 9.9x 7.6x 6.0x 24.9x 16.2x 13.3x 6.0% 15.1% 0.7x Enterprise Value Below €300m Neurones SA 13.80 100% €331 €258 0.79x 0.72x 0.67x 7.6x 7.1x 6.6x 19.6x 19.2x 17.5x 5.1% 10.2% 1.6x HiQ International AB 40.60 98% €241 €227 1.52x 1.44x 1.31x 12.6x 10.8x 9.2x 18.4x 19.4x 16.1x 6.1% 13.3% N/A Phoenix IT Group PLC 1.26 70% €114 €205 0.70x 0.72x 0.71x 6.6x 5.7x 5.5x 21.0x NMF 13.2x (1.8%) 12.7% N/A Ordina NV 1.94 96% €179 €198 0.52x 0.51x 0.49x 13.9x 9.3x 7.8x NMF NMF 21.8x 2.4% 5.5% N/A GFT Technologies AG 7.20 98% €190 €183 0.76x 0.60x 0.57x 11.5x 7.4x 6.8x 16.4x 16.4x 13.9x 16.0% 8.1% 0.8x Tessi SA 93.00 91% €260 €182 0.76x 0.74x 0.71x 4.1x 3.9x 3.8x 12.5x 12.0x 11.9x 2.0% 18.9% N/A SNP AG 11.26 57% €126 €123 5.53x 3.73x 3.15x NMF 35.3x 18.0x NMF NMF 27.1x 28.7% NMF N/A Secunet Security Networks AG 20.20 84% €131 €116 1.72x 1.46x 1.35x 19.3x 13.6x 12.6x 40.7x 48.1x 28.1x 25.6% 10.7% 2.6x Devoteam SA 13.30 99% €117 €110 0.22x 0.25x 0.26x 6.1x 4.7x 3.8x 17.0x NMF 16.9x (4.9%) 5.4% 0.5x Acando AB 13.55 80% €108 €99 0.61x 0.56x 0.52x 11.2x 8.3x 6.7x 21.7x 24.6x 13.7x 9.7% 6.8% N/A Enea AB 54.50 95% €101 €83 1.52x 1.64x 1.52x 5.1x 7.1x 6.1x 7.5x 16.0x 13.0x 9.4% 23.1% N/A RM Plc 1.14 91% €126 €64 0.19x 0.27x 0.30x 2.8x N/A N/A 11.7x N/A N/A (23.6%) N/A N/A Median 0.76x 0.72x 0.69x 7.6x 7.4x 6.7x 17.7x 19.2x 16.1x 5.6% 10.5% 1.2x Average 1.24x 1.05x 0.96x 9.2x 10.3x 7.9x 18.7x 22.2x 17.6x 6.2% 11.5% 1.3x Overall Median 0.80x 0.76x 0.73x 8.2x 7.4x 6.6x 21.0x 18.5x 14.1x 5.1% 10.7% 1.2x Overall Average 1.59x 1.39x 1.22x 9.6x 8.7x 7.3x 22.6x 18.4x 16.0x 5.8% 15.4% 1.4x Source: Capital IQ as of January 10, 2014

Quarterly European Technology Report 12 Public Company Analysis

William Blair & Company

Semiconductors

Enterprise Value > €1bn ASML Holding NV 65.28 87% €28,882 €27,238 6.16x 5.23x 4.09x 28.3x 21.7x 14.8x 34.9x 30.9x 19.3x 10.0% 21.8% 0.7x ARM Holdings plc 9.72 87% €13,610 €13,048 18.92x 18.53x 15.90x 50.0x 39.4x 30.5x NMF NMF 45.6x 25.1% 37.9% 1.6x NXP Semiconductors NV 42.18 94% €7,550 €9,725 2.88x 2.80x 2.57x 12.0x 9.5x 8.5x NMF 26.3x 14.2x 10.3% 24.1% 0.5x Infineon Technologies AG 7.28 94% €7,827 €5,844 1.52x 1.47x 1.35x 7.2x 6.8x 5.5x 28.8x 24.8x 16.6x 4.3% 21.1% 0.7x STMicroelectronics NV 5.45 71% €4,855 €4,366 0.72x 0.73x 0.72x 12.4x 10.2x 4.9x NMF NMF 25.2x (10.3%) 5.8% 2.2x ASM International NV 23.03 73% €1,455 €1,152 1.43x 2.02x 2.29x 18.7x 17.7x 13.2x NMF 26.8x 13.4x (60.4%) 7.6% N/A Median 2.20x 2.41x 2.43x 15.6x 14.0x 10.8x 31.8x 26.5x 18.0x 7.2% 21.4% 0.7x Average 5.27x 5.13x 4.49x 21.4x 17.6x 12.9x 31.8x 27.2x 22.4x (3.5%) 19.7% 1.1x Enterprise Value Below €1bn Dialog Semiconductor Plc 13.73 85% €897 €999 1.65x 1.60x 1.32x 12.1x 10.8x 7.8x 26.5x 25.9x 15.3x 6.5% 13.6% 0.7x ams AG 91.05 75% €988 €969 2.61x 2.52x 2.19x 9.9x 9.7x 7.7x 17.7x 15.9x 12.0x 0.0% 26.2% 1.1x CSR plc 5.80 93% €1,142 €926 1.26x 1.33x 1.44x 14.5x 9.9x 9.3x 16.4x NMF 33.8x (6.5%) 8.7% 1.3x Melexis NV 22.66 92% €908 €894 3.41x 3.30x 3.03x 12.5x 11.4x 10.3x 16.3x 16.9x 15.1x 9.2% 27.3% 1.6x Aixtron SE 10.00 72% €1,011 €804 3.84x 4.20x 2.61x NMF NMF 32.8x NMF NMF NMF (14.0%) NMF NMF Imagination Technologies 1.70 30% €532 €554 2.82x 2.62x 2.28x 12.2x 12.2x 10.6x NMF NMF 33.4x 22.6% 21.4% 1.8x Nordic Semiconductor ASA 25.60 93% €485 €464 5.65x 5.25x 3.92x 47.9x 34.7x 18.6x NMF NMF 30.3x 3.0% 11.8% N/A Soitec S.A. 1.43 40% €247 €361 1.61x 1.53x 0.97x NMF NMF 9.6x NMF NMF NMF (14.6%) NMF NMF Nanoco Group PLC 1.37 69% €351 €339 NMF NMF 31.75x NMF NMF NMF NMF NMF NMF 16.8% NMF N/A BE Semiconductor Industries 7.94 87% €296 €240 0.93x 0.95x 0.82x 6.6x 6.3x 4.3x 18.8x 19.9x 9.8x (8.3%) 14.9% N/A IQE Plc 0.25 64% €188 €235 1.70x 1.52x 1.38x 12.1x 8.3x 6.4x 17.7x 28.3x 11.7x 47.1% 18.3% 0.3x ELMOS Semiconductor AG 10.33 95% €200 €212 1.17x 1.12x 1.05x 8.5x 6.9x 5.7x 25.1x 20.9x 15.2x 4.5% 13.9% 0.5x Wolfson Microelectronics plc 1.35 59% €183 €163 1.14x 1.25x 1.07x NMF NMF 9.4x NMF NMF NMF (1.1%) (1.5%) NMF Suss MicroTec AG 6.22 60% €119 €97 0.65x 0.70x 0.59x 6.7x NMF 8.1x NMF NMF 20.2x (15.7%) NMF 0.7x Sequans Communications S.A. 1.90 64% €82 €71 8.12x 7.06x 2.70x NMF NMF NMF NMF NMF NMF (37.3%) NMF N/A Micronas Semiconductor 6.90 78% €166 €26 0.21x 0.21x 0.19x NMF NMF NMF 12.1x 21.6x 14.8x (10.7%) 13.4% 18.5x Median 1.65x 1.53x 1.41x 12.1x 9.9x 9.3x 17.7x 20.9x 15.2x (0.5%) 13.9% 1.1x Average 2.45x 2.34x 3.58x 14.3x 12.3x 10.8x 18.8x 21.3x 19.2x 0.1% 15.3% 2.9x Overall Median 1.65x 1.60x 1.81x 12.2x 10.2x 9.3x 18.3x 24.8x 15.3x 1.5% 14.9% 0.9x Overall Average 3.26x 3.14x 3.83x 17.0x 14.4x 11.5x 21.4x 23.5x 20.4x (0.9%) 16.8% 2.3x Source: Capital IQ as of January 10, 2014

Quarterly European Technology Report Public Company Analysis 13

William Blair & Company

Applied Technologies and Systems

Share Price Enterprise Value/ Enterprise Value/ (Local Market Enterprise Revenue EBITDA P/E Ratio ’13A-’14E Currency) % of 52 Value Value Revenue EBITDA 2014E Company 10/01/2014 Week High (€MM) (€MM) LTM 2013A 2014E LTM 2013A 2014E LTM 2013A 2014E Growth Margin P/E/G Oxford Instruments plc 17.78 97% €1,220 €1,181 2.83x 2.52x 2.33x 21.5x 14.4x 13.0x 42.2x 37.2x 34.1x 3.7% 17.5% 2.5x LPKF Laser & Electronics AG 20.55 98% €458 €470 3.46x 3.47x 3.11x 16.6x 14.0x 11.7x 26.7x 26.8x 25.3x 5.7% 24.7% 2.1x The Vitec Group plc 6.49 89% €341 €422 1.07x 1.04x 1.01x 6.6x 6.2x 6.0x 48.4x 19.3x NMF (7.6%) 16.9% N/A Smart Metering Systems Plc 3.38 94% €341 €365 12.13x NMF NMF 29.5x NMF NMF 58.1x NMF NMF N/A N/A N/A TT Electronics plc 1.94 95% €360 €352 0.59x 0.54x 0.52x 7.5x 5.0x 3.7x 14.1x 24.0x 23.9x 7.7% 10.8% N/A Elektrobit Oyj 2.65 88% €345 €318 1.59x 1.36x 1.21x 29.2x 13.2x 11.8x 12.9x 19.6x 26.5x 5.1% 10.3% 0.8x Kontron AG 5.23 90% €291 €295 0.55x 0.53x 0.49x 39.8x 9.5x 5.4x NMF NMF NMF (2.1%) 5.6% NMF Xyratex Ltd. 13.25 98% €268 €210 0.32x 0.36x 0.31x 16.9x 13.3x 15.4x 21.0x 44.2x NMF (27.7%) 2.7% N/A accesso Technology Group plc 7.43 95% €181 €183 4.90x 3.09x NMF 48.3x 20.5x NMF NMF 59.3x NMF 34.3% 15.1% N/A Store Electronic Systems 15.05 97% €165 €146 2.18x 1.65x 1.39x 26.6x 11.8x 8.1x 43.0x 37.8x 26.4x N/A 14.0% 0.8x Xeikon N.V. 5.85 98% €118 €132 1.01x N/A N/A 4.5x N/A N/A 10.2x N/A N/A N/A N/A N/A Q-Free ASA 14.20 79% €115 €97 1.24x 0.80x 0.69x NMF 3.6x 3.1x NMF NMF 8.0x 0.7% 22.1% N/A Pricer AB 7.10 72% €89 €86 1.48x 1.29x 1.15x 33.6x 18.9x 12.1x 21.8x 30.9x 35.5x (0.1%) 6.8% N/A Median 1.48x 1.29x 1.08x 24.0x 13.2x 9.9x 24.2x 30.9x 26.4x 2.2% 14.0% 1.4x Average 2.57x 1.51x 1.22x 23.4x 11.9x 9.0x 29.8x 33.2x 25.7x 2.0% 13.3% 1.5x Source: Capital IQ as of January 10, 2014

Quarterly European Technology Report 14 Public Company Analysis

William Blair & Company

Selected M&A Transactions

Selected Software M&A Transactions

(€ in millions) Announced Transaction EV/LTM EV/LTM Date Target Acquirer Value Revenue EBITDA Dec-13 Secunia Dansk Kapitalanlaeg €13.0 - -

Dec-13 The Property Software Group LDC Ltd. €21.2 - -

Dec-13 Total Specific Solutions B.V. Constellation Software Inc. €240.0 1.38x -

Dec-13 Tell Me More S.A. Rosetta Stone Ltd. €20.8 - -

Dec-13 QUMAS, Limited Accelrys Software Inc. €34.9 2.48x -

Dec-13 Realtime Technology AG Dassault Systemes SA €171.3 2.31x 18.6x

Nov-13 P&I Personal & Informatik Aktiengesellschaft HgCapital €365.4 4.15x 11.6x

Nov-13 Unit 4 N.V. Advent International Corporation €1,287.7 2.64x 17.8x

Nov-13 COR&FJA Banking Solutions GmbH Sopra Group S.A. €13.0 0.60x -

Nov-13 Delcam plc Autodesk Development B.V. €197.5 3.11x 22.0x

Nov-13 Celcite Management Solutions, LLC Amdocs Limited €95.7 - -

Oct-13 epyx Limited Fleetcor Technologies, Inc. €230.0 9.50x 13.2x

Oct-13 Cameleon Software SA PROS Holdings, Inc. €22.9 1.51x 17.2x

Oct-13 Pironet NDH AG Cancom SE €47.4 1.07x 7.7x

Sep-13 Ascribe Limited EMIS Group Plc €72.0 2.50x 8.1x

Aug-13 e-conomic international a/s HgCapital €89.1 - -

Aug-13 Cordys B.V. Open Text Corporation €24.8 - -

Aug-13 Isotrak Lyceum Capital Partners - - -

Jul-13 icon-scm AG E2open, Inc. €25.5 - -

Jul-13 CliniSys Montagu Private Equity - - -

Jul-13 Joint Collaboration AS Addnode Group AB €23.1 1.58x 8.3x

Jun-13 Neolane SA Adobe Systems Incorporated €460.0 10.50x -

Jun-13 Rivo Software Ltd. Kennet Partners Limited; Fidelity Growth Partners €22.8 - -

Jun-13 Hybris SAP €800.0 8.60x -

May-13 Civica OMERS Private Equity €461.0 1.90x 10.3x

May-13 Arieso JDSU €65.0 - -

May-13 Stonesoft McAfee €288.0 7.08x NMF

Apr-13 Aepona Intel Corporation Ltd. - - -

Mar-13 Computer Software Holdings Limited Advanced Computer Software Group €121.4 1.79x 8.3x

Feb-13 Sage Aytos S.L. and C&I and ATL and Automotive Argos Soditic €32.8 - -

Feb-13 Sage (ACT! And Saleslogic business) Accel-KKR €75.0 - -

Feb-13 Skyfire Labs Opera Software €116.0 - -

Jan-13 Cerved Group S.p.A. CVC Capital Partners Limited €1,102.0 3.87x -

Dec-12 NewBay Software Limited Synchronoss Technologies Ireland Ltd. €42.7 - -

Nov-12 Tikit Group plc BT Group plc €75.1 2.07x 11.4x

Nov-12 LMS International NV Siemens €543.0 4.97x -

Nov-12 Retalix NCR Corp. €468.0 2.37x 26.3x

Oct-12 Heiler Software AG Informatica Deutschland AG €82.4 3.44x NMF

Aug-12 Automic Software GmbH EQT Partners AB €208.2 3.55x -

Aug-12 UC4 Software Gmbh EQT Partners €220.0 4.29x -

Jul-12 GMC Software AG Neopost SA €139.4 4.16x -

Jul-12 Easy Software AG Allgeier SE €23.4 0.43x 1.6x

May-12 Ariba Inc. SAP €3,385.0 8.30x NMF

May-12 BigHand Ltd. LDC; Bridgepoint €59.6 - -

May-12 SiteMaker Software Ltd. Hibu Plc €22.0 - -

Quarterly European Technology Report Selected M&A Transactions 15

William Blair & Company

Selected Software M&A Transactions

(€ in millions) Announced Transaction EV/LTM EV/LTM Date Target Acquirer Value Revenue EBITDA May-12 Traen A/S Formpipe Software AB €33.9 1.40x 6.1x

May-12 Kewill Francisco Partners €84.0 1.24x 23.3x

Apr-12 Transics International NV CreaFund CVBA; Uniholding SA €25.6 1.17x 6.9x

Apr-12 blueKiwi Software SA Atos S.A. €20.2 4.00x -

Apr-12 Torex Retail MICROS Systems €163.0 1.21x 13.9x

Feb-12 IBS Siemens Industry Automation Holding AG €22.6 1.33x 13.4x

Feb-12 Misys plc Vista Equity €1,700.0 - -

Median €82.4 2.48x 11.6x

Average €282.8 3.35x 12.9x Sources: Capital IQ and MergerMarket as of January 10, 2014

Quarterly European Technology Report 16 Selected M&A Transactions

William Blair & Company

Selected Financial Technology M&A Transactions

(€ in millions) Announced Transaction EV/LTM EV/LTM Date Target Acquirer Value Revenue EBITDA

Dec-13 Sofort AG Klarna AB €109.0 - -

Dec-13 Alaric Systems Limited NCR Limited €57.8 - -

Feb-13 SIA S.p.A. Fondi Italiani per le Infrastrutture, Orizzonte SGR, FSI €454.0 2.20x 8.5x

Nov-13 PT. Aprisma Indonesia Wirecard AG €88.5 - -

Nov-13 Brand Loyalty International B.V. Alliance Data Systems Corporation €266.0 - -

Oct-13 The 41st Parameter Inc. Experian plc €239.4 - -

Sep-13 PaymentLink Pte. Ltd. Wirecard AG €30.9 - -

Sep-13 Grapple Mobile Limited Monitise Create Limited €44.1 - -

Sep-13 OB10 Ltd. Tungsten Corporation Plc €117.0 4.22x -

Aug-13 Avelo FS Limited Iress Limited €243.0 3.80x -

Aug-13 Skrill CVC Capital Partners Limited €600.0 3.00x 12.0x

Jul-13 MACH Syniverse €550.0 4.10x -

Jun-13 IntelliFlo HGCapital - - -

May-13 Quindell Property Services Limited Quindell Portfolio Plc €40.1 - -

Feb-13 FFastFill plc Pattington Limited €93.3 4.97x 34.2x

Jan-13 Ogone BVBA/SPRL Ingenico SA €358.5 8.57x -

Dec-12 PS Yandex.Money, LLC Sberbank €46.2 6.40x -

Dec-12 Mobile Money Network Ltd. Monitise plc €21.9 - -

Oct-12 Ericsson Internet Payment Exchange AB Gemalto NV - - -

Aug-12 Adeptra Ltd. Fair Isaac Software Holdings Ltd. €88.5 2.56x 25.6x

Aug-12 Nets Oy Nets Holding A/S €161.2 0.85x -

Mar-12 ClairMail Monitise €131.0 9.70x NMF

Feb-12 Callataÿ & Wouters S.A. Sopra Group €140.6 2.28x -

Feb-12 Navita Systems AS Brady Plc €21.4 - -

Feb-12 Integral Computers Limited Sage Pay Europe Limited €20.4 - -

Median €109.0 3.95x 18.8x

Average €170.6 4.39x 20.1x

Sources: Capital IQ and MergerMarket as of January 10, 2014

Quarterly European Technology Report Selected M&A Transactions 17

William Blair & Company

Selected Communications M&A Transactions

(€ in millions) Announced Transaction EV/LTM EV/LTM Date Target Acquirer Value Revenue EBITDA

Nov-13 AIRCOM International Limited TEOCO Corporation - - -

Oct-13 Aurora Networks, Inc. Pace plc €234.4 1.49x 10.8x

Sep-13 Actix, Ltd. Amdocs Ltd. €88.7 - -

Sep-13 Nokia (Devices and Services segment) Microsoft €5,440.0 0.35x NMF

Aug-13 Arkadin S.A. NTT Communications Corporation €350.0 2.00x -

Jul-13 Nokia Siemens Networks Oy Nokia Oyi €1,700.0 0.10x 1.4x

May-13 Axell Wireless Ltd. Cobham plc €96.3 1.90x 4.6x

Jan-13 Elektrobit System Test Oy Anite plc €30.8 1.94x -

Aug-12 Starhome BV Fortissimo Capital €52.0 - -

Jul-12 Audio Visual Machines Ltd. Alcuin Capital Partners LLP €22.8 0.48x -

Mar-12 NDS Group Ltd. Cisco Systems €3,823.0 5.2x 18.2x

Mar-12 Ascom Holding AG, Defence Unit RUAG Schweiz AG €21.5 - -

Jan-12 Synchronica plc Myriad Group AG €39.0 2.75x -

Median €92.5 1.70x 7.7x

Average €991.6 1.38x 8.7x

Sources: Capital IQ and MergerMarket as of January 10, 2014

Quarterly European Technology Report 18 Selected M&A Transactions

William Blair & Company

Selected Internet/Digital Media M&A Transactions

(€ in millions) Announced Transaction EV/LTM EV/LTM Date Target Acquirer Value Revenue EBITDA

Dec-13 Rhythm NewMedia, Inc. Blinkx Plc €50.0 3.40x -

Nov-13 Scout24 Holding GmbH Hellman & Friedman LLC €1,500.0 - -

Nov-13 SAS My Little Paris auFeminin.com €40.2 8.20x -

Oct-13 Supercell Oy Softbank Corp., GungHo Online Entertainment €1,135.7 28.97x -

Sep-13 Meetic S.A. Match.com, L.L.C. €87.0 2.50x 11.4x

Sep-13 Icelolly Marketing Limited Palatine Private Equity LLP €19.7 - -

Jul-13 Swerford Holdings Ltd. Playtech Limited €36.9 - -

Jul-13 Opta Sportsdata Limited Perform Group plc. €45.2 3.70x 44.4x

Apr-13 Mendeley Limited Elsevier B.V. €53.0 - -

Jan-13 Global Betting Exchange Limited Ladbrokes PLC €29.7 - -

A&N Media, Profesia, Tau on-line, Autovia, 25% Stake in Infostud & Nov-12 Alma Media Oyj €23.6 - - 30% Stake in Development Studio

Nov-12 Immoweb SA/NV Axel Springer Digital Classifieds GmbH €125.7 - -

Oct-12 XING AG Burda Digital GmbH €165.3 3.00x 10.3x

Oct-12 Qype GmbH Yelp Ireland Ltd. €37.6 - -

Sep-12 LBi International NV Publicis Groupe SA €448.0 1.86x 11.9x

Aug-12 allesklar.com AG Axel Springer Digital Classifieds GmbH €55.5 - -

Aug-12 LeGuide.com S.A. Lagardere Active SAS €36.8 2.29x 9.5x

Aug-12 Matrix S.p.A. Libero S.r.l. €83.3 0.92x -

Jul-12 Webassets B.V. Tomorrow Focus AG €19.8 - -

Jun-12 Grupa Onet.pl S.A. Ringier Axel Springer Media AG €209.4 - -

Jun-12 MoneySavingExpert.com Moneysupermarket.com Group PLC €103.6 5.56x 6.9x

May-12 RunningBall Holding AG Perform Media Services Limited €119.6 7.57x 16.8x

May-12 Buongiorno SpA DOCOMO Deutschland GmbH €299.5 1.10x 11.4x

Apr-12 Hattrick Holdings Limited Zattikka Plc €22.7 - -

Apr-12 OnlinePizza Norden AB Delivery Hero Holding GmbH €29.5 4.21x -

Feb-12 Brighter Option Ltd. Buddy Media UK Limited €19.3 - -

Jan-12 Aspiro AB Schibsted ASA €19.6 1.23x -

Median €49.1 2.75x 11.4x

Average €134.4 5.24x 15.3x

Sources: Capital IQ and MergerMarket as of January 10, 2014

Quarterly European Technology Report Selected M&A Transactions 19

William Blair & Company

Selected Technology Services M&A Transactions

(€ in millions) Announced Transaction EV/LTM EV/LTM Date Target Acquirer Value Revenue EBITDA Dec-13 Context Information Security Limited Babcock International Group plc €37.8 3.20x - Nov-13 InTechnology Managed Services Limited Redcentric plc €77.4 1.59x 7.8x Oct-13 Indecs Computer Services Limited and Indecs Computers Limited Daisy Group plc €21.1 1.70x 6.9x Oct-13 Backup Technology Ltd. iomart Group plc €27.6 4.42x 9.6x Jul-13 Host Europe WVS Limited Cinven Limited €508.3 - - Sep-13 Osiatis SA Econocom Group €70.8 0.48x 5.9x Sep-13 Amor Business Technology Solutions Limited Lockheed Martin Corporation - - - Aug-13 Arsys Internet S.L. 1&1 Internet AG €138.1 3.50x 9.3x Aug-13 DADA SpA Italiaonline S.r.l. €24.1 1.02x 10.8x Jul-13 Host Europe WVS Ltd. Cinven Ltd. €493.8 - - Jul-13 S&T AG Grosso Holding Gesellschaft GmbH €93.5 0.33x 7.8x

Boussard & Gavaudan Holding Ltd; Itefin Jun-13 GFI Informatique S.A. €82.6 0.38x 5.9x Participations SAS

Jun-13 Trustmarque Solutions Ltd. Dunedin LLP €49.5 0.33x - May-13 Sempla Srl GFT Holding Italy S.r.l. €21.4 0.54x 3.9x May-13 Branded3 Search Ltd. Company St Ives plc €28.3 6.10x 14.7x Apr-13 ZAO R-Style Softlab Asseco Poland Spólka Akcyjna €21.9 - - Mar-13 Nebula Oy Ratos AB €52.3 2.75x - Mar-13 2e2 Morse Spain Logicalis Group Ltd. €22.9 0.21x 3.9x Feb-13 Sigma AB Danir AB €46.0 0.48x 8.4x Feb-13 Capita Managed IT Solutions Ltd. Capita plc €74.5 0.46x - Jan-13 ZETO Bydgoszcz SA Asseco Systems sp. z o.o. €21.5 - - Dec-12 ScoLocate Ltd. Pulsant Ltd. €32.6 - - Dec-12 Raber+Märcker GmbH Konica Minolta Business Solutions €28.0 0.59x - Nov-12 Academica Oy Telecity Group plc €27.6 1.87x - Oct-12 itelligence AG NTT DATA EUROPE GmbH & CO. KG €33.9 1.00x 11.2x Oct-12 Epsilon AB ÅF AB €332.9 1.35x - Oct-12 KMD A/S Advent International Corporation - - - Oct-12 Atento Holding, Inversiones y Teleservicios Bain Capital LLC €1,039.0 0.60x 6.5x Sep-12 Vanerum Group Services NV Sofindev Management NV €30.0 0.90x - Aug-12 ThinkGrid Ltd. Colt Technology Services Group Ltd. €20.9 - - Aug-12 AMADEUS MARKETING CSA s.r.o. Amadeus IT Group S.A. €96.3 - - Jun-12 E-consultancy.com Ltd. Centaur Communications Ltd. €59.9 7.58x 45.5x May-12 Logica PLC CGI Group Holdings Europe Ltd. €2,649.1 0.57x 18.7x May-12 SecureData Europe Ltd. August Equity LLP €20.7 - - Apr-12 Accounting Plaza B.V. Genpact Netherlands B.V. €29.8 - - Feb-12 Sygnity Spólka Akcyjna Asseco Poland Spólka Akcyjna €71.8 0.49x 12.0x Jan-12 Pixelpark AG MMS Germany Holdings GmbH €36.0 1.27x - Jan-12 Network Resource Group Ltd. Cloud XL €24.0 - - Jan-12 Consinto GmbH Datagroup AG €19.9 0.40x - Median €36.0 0.90x 8.4x Average €174.7 1.63x 11.1x Sources: Capital IQ and MergerMarket as of January 10, 2014

Quarterly European Technology Report 20 Selected M&A Transactions

William Blair & Company

Selected Semiconductors M&A Transactions

(€ in millions) Announced Transaction EV/LTM EV/LTM Date Target Acquirer Value Revenue EBITDA

Nov-13 Novaled AG Samsung Display Co., Ltd. €23.4 - -

Apr-13 TPACK A/S Altera European Trading Company €25.1 - -

Dec-12 Ismeca Semiconductor Holding S.A. Delta Design Luxembourg S.à r.l €42.1 0.58x -

Nov-12 ZiiLABS Ltd Intel Corporation (UK), Ltd. €23.1 - -

Oct-12 Cymer, Inc. ASML Holding N.V. €1,728.0 3.80x 17.7x

Jul-12 ASML Holding NV Samsung; TSMC; Intel Capital €3,854.0 2.80x 8.7x

Jul-12 Frontier Silicon (Holdings) Ltd. Toumaz Limited €37.7 1.42x -

Mar-12 CT-Concept Technologie AG Power Integrations Netherlands B.V. €89.5 - -

Median €39.9 2.11x 13.2x

Average €727.9 2.15x 13.2x

Sources: Capital IQ and Mergermarket as of January 10, 2014

Selected Applied Technologies and Systems M&A Transactions

(€ in millions) Announced Transaction EV/LTM EV/LTM Date Target Acquirer Value Revenue EBITDA

Jan-14 Teseq AG Ametek Inc. €67.4 1.73x -

Dec-13 Xyratex Ltd. Seagate Technology International €273.7 0.33x 17.4x

Oct-13 ParkingEye Ltd. Capita plc €69.1 - -

Sep-12 Image Recognition Integrated Systems Group S.A. Canon Europa N.V. €71.0 0.69x 9.7x

Jun-12 Elster Group SE Melrose Industries plc €2,217.6 1.49x 10.2x

May-12 LaCie SA Seagate Technology plc €96.8 0.29x 3.4x

May-12 QUNDIS GmbH HgCapital €153.2 - -

Feb-12 Hirschmann Car Communication GmbH VOXX International €87.0 0.59x -

Median €91.9 0.64x 9.9x

Average €379.5 0.85x 10.1x

Sources: Capital IQ and MergerMarket as of January 10, 2014

Quarterly European Technology Report Selected M&A Transactions 21

William Blair & Company

Selected Private Capital Financings, IPOs and Follow-on Offerings

Selected Software Private Capital Financings

(€ in millions) Announced Transaction Date Issuer Value Investors

Dec-13 Plumbee Ltd €10.2 IDInvest Partners; Endemol Group B.V.

Dec-13 Talend SA €29.0 Iris Capital; Silver Lake; IDInvest Partners; Balderton Capital; Bpifrance Participations SA

Nov-13 MetaPack Limited €24.0 Index Ventures

Nov-13 cXense AS €11.1 -

Nov-13 Itineris nv €8.5 GIMV NV; Participatiemaatschappij Vlaanderen NV

Nov-13 6 Wunderkinder GmbH €14.1 Sequoia Capital; Earlybird Venture Capital GmbH & Co. KG; Atomico Investment Holdings Limited

Finnish Industry Investment Ltd; Intel Capital; California Technology Ventures, LLC; Open Ocean Capital Ltd.; OnCorps Oct-13 SkySQL Ab €14.5 Capital

Sep-13 TalentSoft SA €15.0 Highland Capital Partners; Bpifrance Investissement

Sep-13 TouchType Limited €13.3 Index Ventures; Octopus Investments Limited; Cambridge Holdings Group, Inc.

T-Venture Holding GmbH; KfW Mittelstandsbank, Investment Arm; IBB Beteiligungsgesellschaft mbH; CREATHOR Jul-13 Zimory GmbH €15.5 VENTURE Management GmbH; High-Tech Gründerfonds Management GmbH; Deutsche Boerse AG, Asset Management Arm

Jun-13 NumberFour AG €29.0 T-Venture Holding GmbH; Index Ventures; Allen & Company LLC, Investment Arm; Hommels Holding GmbH

May-13 BonitaSoft SA €10.1 Auriga Partners; Ventech; Bpifrance Investissement; Serena Capital

Mar-13 ForgeRock AS €11.8 Accel Management Co, Inc.; Foundation Capital

Mar-13 Fanzy SAS €11.5 Kima Ventures; Orefa Investment; Start/Capital

Mar-13 ProfitBricks GmbH €15.1 United Internet AG

Mar-13 hybris GmbH €23.0 Greylock Partners; MeriTech Capital Partners; HGGC, LLC

Feb-13 Elasticsearch NL €18.0 Benchmark Capital; Index Ventures; SV Angel

Nov-12 MediaSift Limited €12.0 Upfront Ventures; Scale Venture Partners; Northgate Capital Group, L.L.C.; IA Ventures; Daher Capital

Oct-12 Netbiscuits GmbH €20.6 T-Venture Holding GmbH; CREATHOR VENTURE Management GmbH; Stripes Group

Sep-12 Mimecast Ltd. €48.4 Insight Venture Partners; Dawn Capital

Sep-12 SkyDox Ltd €25.0 Scottish Equity Partners LLP; Business Growth Fund plc

Huddle (Ninian Solutions May-12 €19.1 Matrix Partners; Eden Ventures (UK) Ltd.; JAFCO Ventures; DAG Ventures, LLC Limited)

Feb-12 VocalCom S.A. €10.5 Apax Partners France

Sources: Capital IQ and MergerMarket as of January 10, 2014

Quarterly European Technology Report 22 Selected Private Capital Financings, IPOs and Follow-on Offerings

William Blair & Company

Selected Financial Technology Capital Financings

(€ in millions) Announced Transaction Date Issuer Value Investors

Jan-13 Iwoca Ltd. €6.1 Global Founders Capital; Redline Capital Management S.A

Nov-13 PRET d'UNION S.A. €10.0 Schibsted ASA; Credit Mutuel Arkea S.A.; AG2R La Mondiale; Weber Investissements SAS; Kima Ventures

Oct-13 Funding Circle Ltd. €26.9 Accel Partners; Index Ventures; Union Square Ventures; Ribbit Capital

Sep-13 Calastone Limited €13.5 Accel Management Co, Inc.; Octopus Investments Limited

Aug-13 Powa Technologies Ltd. €56.6 Wellington

Jun-13 Payleven Holding GmbH €11.8 Rocket Internet GmbH

Jan-13 Paymill €10.0 Holtzbrinck Ventures and Sunstone

Jan-13 Payleven €11.8 NEA, Holtzbrinck et al.

Dec-12 CloudPay Solutions Limited €12.2 Rho Capital Partners, Inc.; Pinnacle Investment Partners, LP

Dec-12 Kreditech €5.3 Blumberg Capital / Point Nine Capital

Aug-12 SumUp Limited €15.9 B-To-V Partners AG; Tengelmann Ventures GmbH; Shortcut Ventures GmbH

Aug-12 OpenGamma Limited €12.2 Accel Management Co, Inc.; FirstMark Capital, L.L.C.; ICAP plc; Euclid Opportunities Fund

Greylock Partners; Index Ventures; American Express Company; Northzone Ventures; SEB Venture Capital; MasterCard Jun-12 iZettle AB €31.2 Incorporated; Creandum AB

May-12 Notemachine Holdings Ltd. €12.4 European Capital Ltd

Mar-12 Funding Circle Ltd. €12.1 Index Ventures; Union Square Ventures

Sources: Capital IQ and MergerMarket as of January 10, 2014

Selected Communications Private Capital Financings

(€ in millions) Announced Transaction Date Issuer Value Investors Benchmark Capital; North Bridge Venture Partners; Comcast Ventures; T-Venture Holding GmbH; Pitango Venture Nov-13 Compass EOS Ltd. €31.1 Capital; Cisco Systems, Investment Arm; RusNano; Marker LLC

Sep-13 NewVoiceMedia Limited €25.9 Bessemer Venture Partners; Highland Capital Partners; Eden Ventures Ltd.; Notion Capital Partners LLP

Jan-13 NewVoiceMedia Limited €14.8 Highland Capital Partners; MMC VENTURES Ltd; Eden Ventures Ltd.; Notion Capital Partners LLP

Accel Management Co, Inc.; Advent Venture Partners; Atlas Venture L.P.; Mobile Internet Capital Inc.; Nissay Capital Aug-12 Ubiquisys Ltd. €15.5 Co.,Ltd; Yasuda Enterprise Development Co. Ltd.; Sallfort Privatbank AG; 5 Continents Consulting Group

Jul-12 Newtec Cy N.V €19.0 Participatiemaatschappij Vlaanderen NV

Jun-12 Openet Telecom Limited €12.7 Kreos Capital; Cross Atlantic Capital Partners LLC; Balderton Capital; NS Solutions Corp., Investment Arm

Sources: Capital IQ and Mergermarket as of January 10, 2014

Quarterly European Technology Report Selected Private Capital Financings, IPOs and Follow-on Offerings 23

William Blair & Company

Selected Internet/Digital Media Private Capital Financings

(€ in millions) Announced Transaction Date Issuer Value Investors Upfront Ventures; Insight Venture Partners; Scale Venture Partners; Northgate Capital Group, L.L.C.; Cendana Capital; IA Nov-13 MediaSift Limited €30.9 Ventures; Daher Capital

Nov-13 Spotify Limited €185.5 Technology Crossover Ventures

Oct-13 Skyscanner Ltd. - Sequoia Capital

Jul-13 Shazam Entertainment Ltd. €31.2 America Movil S.A.B. de C.V.

Jul-13 Ocapo Limited €11.1 Northzone Ventures; BOOST&Co SAS

Wrapp (Bohemian Wrappsody Greylock Partners; American Express Company; QUALCOMM Ventures; SEB Venture Capital; Creandum AB; Atomico Jun-13 €11.3 AB) Investment Holdings Limited

May-13 Urturn €10.4 Debiopharm Group; Balderton Capital

May-13 Dailymotion SA €50.0 Orange

May-13 Hellofood (Jade 1352. GmbH) €15.3 Investment AB Kinnevik; Rocket Internet GmbH; Phenomen Ventures

IBB Beteiligungsgesellschaft GmbH; Holtzbrinck Ventures Gmbh; Rocket Internet GmbH; PDV Inter-Media Venture May-13 Affinitas GmbH €22.2 GmbH

Apr-13 ResearchGATE GmbH €26.8 Benchmark Capital; The Founders Fund; Tenaya Capital; Thrive Capital; Dragoneer Investment Group, LLC

Apr-13 Supercell Oy €96.1 Institutional Venture Partners; Index Ventures; Atomico Investment Holdings Ltd.

Mar-13 Farfetch.com Limited €15.3 Advent Venture Partners; e.ventures; Index Ventures; Advance Magazine Publishers Inc.

Mar-13 Softonic International S.L. €79.2 Partners Group Holding AG

Feb-13 Game Insight LLC €18.4 IMI.VC

Jan-13 Appgratis (iMediapp SAS) €10.2 Iris Capital

Accel Management Co, Inc.; Wellington Partners Venture Capital GmbH; KDDI Corporation; Union Square Ventures; Dec-12 Hailo Network Limited €22.5 Felicis Ventures; Atomico Investment Holdings Limited; Forward Investment Partners; Red Swan Ventures; Phenomen Ventures Dec-12 Trustpilot A/S €10.1 Index Ventures; Northzone Ventures; SEED Capital Denmark

Oct-12 HouseTrip SA €31.1 Accel Management Co, Inc.; Index Ventures; Balderton Capital

Oct-12 Deezer.com €100.0 IDInvest Partners; Access Industries, Inc.

Broadbandchoices.co.uk Sep-12 €12.6 Business Growth Fund plc (Decision Technologies)

Sep-12 Criteo SA €30.0 Bessemer Venture Partners; Adams Street Partners, LLC; SAP Ventures; Index Ventures; SoftBank Capital; YJ Capital

Kreos Capital; Holtzbrinck Ventures Gmbh; Team Europe Management GmbH; ru-Net II; Tengelmann Ventures GmbH; Aug-12 Delivery Hero Holding GmbH €63.1 Kite Ventures; Point Nine Capital; Phenomen Ventures

Aug-12 Deezer.com €30.0 Access Industries

Lieferando (yd. yourdelivery Deutsche Investitions- und Entwicklungsgesellschaft mbH; Logan Capital AG; DuMont Venture Holding GmbH & Co. KG; Jun-12 €15.0 GmbH) Macquarie Capital Group Limited; Moraún Investments SA; Rheingau Ventures GmbH; BCM Bruker Capital Management GmbH Jun-12 Westwing Home & Living GmbH €40.1 Summit Partners; Holtzbrinck Ventures Gmbh; Investment AB Kinnevik; Access Industries, Inc.; Rocket Internet GmbH

May-12 Fotolia LLC €118.0 KKR

May-12 Supponor Oy €14.0 Sports Investment Partners LLP

Apr-12 Just-Eat Group Holdings Ltd €48.4 Greylock Partners; Redpoint Ventures; Index Ventures; Vitruvian Partners LLP

Allianz Capital Partners GmbH; IDInvest Partners; Ventech; Bpifrance Participations SA; Jefferies Group, Inc., Investment Apr-12 Viadeo S.A. €24.0 Arm

Mar-12 Hailo Network Limited €12.8 Accel Management Co, Inc.; Atomico Investment Holdings Limited

Mar-12 Wikimart Ltd. €23.0 Tiger Global Management LLC

Axel Springer Digital Classifieds Mar-12 €239.5 General Atlantic Coöperatief U.A. GmbH ruNet Holdings Limited; Holtzbrinck Ventures Gmbh; Team Europe Management GmbH; Tengelmann Ventures GmbH; Feb-12 Delivery Hero Holding GmbH €25.0 Kite Ventures

Jan-12 Playcast Media Systems Ltd. €16.3 Jerusalem Venture Partners; Xenia Venture Capital

Jan-12 Farfetch.com Limited €14.2 Advent Venture Partners; e.ventures; Index Ventures

Jan-12 SoundCloud Ltd. €38.7 Kleiner, Perkins, Caufield & Byers; GGV Capital Sources: Capital IQ and MergerMarket as of January 10, 2014

Quarterly European Technology Report 24 Selected Private Capital Financings, IPOs and Follow-on Offerings

William Blair & Company

Selected Technology Services Private Capital Financings

(€ in millions) Announced Transaction Date Issuer Value Investors

Oct-13 PTS Consulting Group Plc €10.3 Business Growth Fund plc

Sep-13 Exclusive Networks SAS €12.0 Omnes Capital; Edmond de Rothschild Investment Partners, S.A.S.; Socadif SA, SCR

Sep-13 Inoapps Limited €11.9 Business Growth Fund plc

Six Degrees Technology Group Jul-12 €10.2 Penta Capital Ltd

Jul-12 Sportradar AG €44.0 EQT Partners AB

Mar-12 Pulsant Limited €28.7 Bridgepoint Development Capital

Sources: Capital IQ and Mergermarket as of January 10, 2014

Selected Semiconductors Private Capital Financings

(€ in millions) Announced Transaction Date Issuer Value Investors

Dec-13 XMOS, Ltd. €10.3 Foundation Capital; DFJ Esprit LLP; Amadeus Capital Partners Limited

Nov-13 Hanwha Q CELLS GmbH €138.8 Hanwha Chemical Corp.

Sep-13 Thin Film Electronics ASA €17.5 INVESCO Asset Management Limited

DFJ Esprit LLP; Dublin Business Innovation Centre, Investment Arm; Enterprise Equity (Irl) Limited; Western Aug-13 Movidius Ltd. €12.5 Investment Fund; Atlantic Bridge; Capital-E NV; Robert Bosch Venture Capital GmbH IDInvest Partners; Sofinnova Ventures, Inc.; Ventech; Innovation Capital SAS; NanoDimension Management Limited; Jul-13 Crocus Technology SA €34.0 Industrial Investors; RusNano

Aug-12 MAPPER Lithography B.V. €80.0 Parcom Capital; DEMCON Holding B.V.; RusNano; Technolution B.V.; NL Agency; Hoving & Partners S.A.

Sources: Capital IQ and MergerMarket as of January 10, 2014

Selected Applied Technology and Systems Private Capital Financings

(€ in millions) Announced Transaction Date Issuer Value Investors

Jan-14 Idex ASA €35.9 INVESCO Asset Management Limited

Feb-13 Leosphere, Inc. €21.0 ORAXYS S.A.

Nov-12 Tattile srl €15.0 Ambienta SGR S.p.A.

Wireless Energy Management Sep-12 €16.3 WHEB Partners; Hermes GPE Systems International Limited

Jun-12 Power Plus Communications AG €12.0 Siemens Venture Capital GmbH; Climate Change Capital Asset Management; British Gas Energy Services Ltd.

Jun-12 Flatfrog Laboratories AB €20.0 The Invus Group, LLC; Intel Capital; Sunstone Capital A/S

Omnes Capital; Grand Sud Ouest Capital, S.C.R. SA.; French Environment and Energy Management Agency; Crédit May-12 Exosun SAS €12.0 Agricole Aquitaine Expansion, SAS

Mar-12 Tobii Technology AB €16.1 Amadeus Capital Partners Limited; Intel Capital; Investor Growth Capital; Northzone Ventures

Mar-12 Heliatek GmbH €60.0 BASF; Bosch; RWE

Mar-12 Aldebaran Robotics, SA €38.8 SoftBank Corp.

Sources: Capital IQ and MergerMarket as of January 10, 2014

Quarterly European Technology Report Selected Private Capital Financings, IPOs and Follow-on Offerings 25

William Blair & Company

Selected Technology IPOs

% of Total Offering % Price Change Date Issuer Offering Size Offer/Current Primary Secondary Stock Exchange Sector

Applied Technologies and Nov-13 Arria NLG Plc €123.5 30.5% 100.0% 0.0% London Stock Exchange AIM Market Systems Nov-13 Napatech A/S €16.7 (10.1%) 83.3% 16.7% Oslo Bors Communications Nov-13 GameAccount Network plc €26.6 5.0% 100.0% 0.0% London Stock Exchange AIM Market Internet/Digital Media Nov-13 Globoforce Limited €56.2 - - - Nasdaq Global Market Technology Services Applied Technologies and Oct-13 Servelec Group plc €147.7 27.0% 0.0% 100.0% London Stock Exchange Systems Oct-13 Tungsten Corporation €185.2 3.6% 100.0% 0.0% London Stock Exchange AIM Market Software Oct-13 Criteo SA €208.8 0.5% 100.0% 0.0% Nasdaq Internet/Digital Media Jun-13 Keywords International Ltd. €32.5 (3.7%) 35.7% 64.3% London Stock Exchange AIM Market Technology Services May-13 Outsourcery PLC €14.8 16.9% 100.0% 0.0% London Stock Exchange AIM Market Technology Services May-13 Luxoft Holding, Inc. €53.2 115.1% 50.0% 50.0% New York Stock Exchange Technology Services Mar-13 Qiwi plc €162.9 201.2% 0.0% 100.0% Nasdaq Global Select Fintech Mar-13 Asetek A/S €25.6 19.4% 75.0% 25.0% Oslo Bors Software Aug-12 Fleetmatics Group PLC €102.2 150.1% 70.0% 30.0% New York Stock Exchange Software May-12 Etherstack plc €41.4 (65.0%) 50.0% 50.0% Australian Securities Exchange Communications May-12 WANdisco plc €22.4 597.2% 100.0% 0.0% London Stock Exchange AIM Market Software Feb-12 INSIDE Secure €69.0 (74.1%) 100.0% 0.0% Euronext Paris Semiconductors Jan-12 AVG Technologies N.V. €97.0 8.7% 50.0% 50.0% New York Stock Exchange Software Median €62.6 Average €85.7 Sources: Capital IQ as of January 10, 2014

Quarterly European Technology Report 26 Selected Private Capital Financings, IPOs and Follow-on Offerings

William Blair & Company

Selected Technology Follow-on Offerings

% of Total Offering % Price Change Date Issuer Offering Size Offer/Current Primary Secondary Stock Exchange Sector

Applied Technology and Dec-13 Fingerprint Cards AB €13.3 - 100.0% 0.0% OMX Nordic Exchange Stockholm Systems Dec-13 Outsourcery PLC €5.0 5.6% 100.0% 0.0% London Stock Exchange AIM Market Technology Services Dec-13 NXP Semiconductors NV €771.9 1.2% 0.0% 100.0% Nasdaq Global Select Semiconductors Applied Technology and Nov-13 Manz AG €26.9 10.3% 100.0% 0.0% XETRA Trading Platform Systems Nov-13 Sequans Communications S.A. €16.7 9.4% 100.0% 0.0% New York Stock Exchange Semiconductors Nov-13 Redcentric plc €76.2 32.2% 100.0% 0.0% London Stock Exchange AIM Market Technology Services Nov-13 Cancom SE €56.0 47.9% 100.0% 0.0% XETRA Trading Platform Technology Services Nov-13 Quindell Plc €251.5 26.7% 0.0% 100.0% London Stock Exchange AIM Market Software Nov-13 Sapiens International Corp. NV €40.6 18.4% 100.0% 0.0% Nasdaq Capital Market Software Nov-13 SQS Software Quality Systems AG €13.7 22.0% 100.0% 0.0% London Stock Exchange AIM Market Software Nov-13 Opera Software ASA €66.6 21.9% 100.0% 0.0% Oslo Bors Software Nov-13 Seamless Distribution AB €36.4 17.0% 100.0% 0.0% OMX Nordic Exchange Stockholm Financial Technology Nov-13 Alcatel-Lucent, S.A. €956.7 49.3% 100.0% 0.0% Euronext Paris Communications Oct-13 Aixtron SE €101.2 15.9% 100.0% 0.0% Deutsche Boerse AG Semiconductors Oct-13 Nanoco Group plc €11.8 (1.3%) 100.0% 0.0% London Stock Exchange AIM Market Semiconductors Oct-13 Globo plc €28.5 13.7% 100.0% 0.0% London Stock Exchange AIM Market Software Sep-13 WANdisco plc €22.6 21.7% 100.0% 0.0% London Stock Exchange AIM Market Software Sep-13 QIWI plc €177.6 17.3% 0.0% 100.0% Nasdaq Global Select Financial Technology Sep-13 Fleetmatics Group plc €207.0 (10.4%) 0.0% 100.0% New York Stock Exchange Software Sep-13 NXP Semiconductors NV €708.8 13.9% 0.0% 100.0% Nasdaq Global Select Semiconductors Jul-13 Fleetmatics Group plc €266.9 27.0% 9.2% 90.8% New York Stock Exchange Software Jun-13 Soitec S.A. €71.5 6.9% 100.0% 0.0% Euronext Paris Semiconductors May-13 1Spatial Plc €21.1 50.0% 100.0% 0.0% London Stock Exchange AIM Market Software Mar-13 Atos S.A. €129.2 21.9% 0.0% 100.0% Euronext Paris Technology Services Mar-13 Yandex N.V. €423.4 90.9% 0.0% 100.0% Nasdaq Global Select Internet/Digital Media Mar-13 NXP Semiconductors NV €599.5 36.6% 0.0% 100.0% Nasdaq Global Select Semiconductors Feb-13 Mail.ru Group €406.7 21.7% 0.0% 100.0% London Stock Exchange Internet/Digital Media Feb-13 Tomorrow Focus AG €19.2 14.5% 100.0% 0.0% Deutsche Borse Internet/Digital Media Feb-13 NXP Semiconductors NV €672.3 41.3% 0.0% 100.0% Nasdaq Global Select Semiconductors Jan-13 Fleetmatics Group PLC €150.4 59.0% 0.0% 100.0% New York Stock Exchange Software Jan-13 IQE Public Limited Company €20.1 (24.1%) 100.0% 0.0% London Stock Exchange AIM Market Semiconductors Dec-12 Monitise plc €123.0 160.8% 100.0% 0.0% London Stock Exchange AIM Market Software Nov-12 Quindell Portfolio Plc €24.9 53.8% 100.0% 0.0% London Stock Exchange AIM Market Software Nov-12 Quindell Portfolio Plc €33.1 53.8% 100.0% 0.0% London Stock Exchange AIM Market Software Oct-12 Fleetmatics Group PLC €113.1 87.9% 69.6% 30.4% New York Stock Exchange Software Apr-12 itelligence AG €36.8 (100.0%) 100.0% 0.0% Frankfurt Stock Exchange Prime Standard Technology Services Mar-12 Wirecard AG €139.5 55.0% - - Frankfurt Stock Exchange Fintech Feb-12 Quindell Portfolio Plc €38.3 151.9% 100.0% 0.0% London Stock Exchange AIM Market Fintech Feb-12 Brady plc €21.6 (19.5%) 100.0% 0.0% London Stock Exchange AIM Market Fintech Median €113.1 Average €178.7 Sources: Capital IQ as of January 10, 2014

Quarterly European Technology Report Selected Private Capital Financings, IPOs and Follow-on Offerings 27

William Blair & Company

Disclosures

William Blair & Company, L.L.C. is a Delaware company and is regulated by the Securities and Exchange Commission, the financial industry regulatory authority, and other principal exchanges. William Blair International Limited is authorised and regulated by the Financial Conduct Authority (“FCA”) in the United Kingdom. William Blair & Company only offers products and services where it is permitted to do so. Some of these products and services are only offered to persons or institutions situated within the United States and are not offered to persons or institutions outside of the United States.

This material has been approved for distribution in the United Kingdom by William Blair International Limited, and is directed only at professional clients and eligible counterparties (as defined in cobs 3.5 and 3.6 of the FCA handbook). This is an advertisement and is not intended to be investment advice, marketing communication or investment research. Although every precaution has been taken to ensure the details in the Technology report are accurate, no reliance should be placed on these details.

William Blair & Company | 222 West Adams Street | Chicago, Illinois 60606 | +1 312 236 1600 | williamblair.com January 15, 2014

Quarterly European Technology Report 28 Disclosures

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20 Primrose Street 222 West Adams Street 17th Floor Chicago, IL 60606 London EC2A 2EW +1 312 236 1600 United Kingdom +1 800 621 0687 Equity Sales: +44 20 7868 4400 [email protected] Corporate Finance: +44 20 7868 4444 williamblair.com United States William Blair International, Limited 40 Bruton Street Boston London W1J 6QZ United Kingdom SãoInvestment Paulo Management: +44 20 7297 4700 125 High Street Oliver Street Tower Suite 1901 William Blair do Brasil Assessoria Financeira Ltda. Boston, MA 02110 BrazilAv. Brigadeiro Faria Lima 3729, room 511 Hartford+1 617 235 7500 São Paulo, SP

04538-905 Putnam Place Shanghai+55 11 3443 6472 100 Great Meadow Road Suite 606 Wethers�ield, CT 06109 William Blair & Company, L.L.C. New+1 800 York 596 2028 Shanghai Representative Of�ice Unit 16-18, 11th Floor Building One, Corporate Avenue 666 Fifth Avenue 222 Hubin Road 14th Floor Shanghai 200021 New York, NY 10103 P.R. China San+1 212 Francisco 237 2700 Zurich+86 21 2327 2222

343 Sansome Street William Blair & Company, L.L.C. 12th Floor Stockerstrasse 46 San Francisco, CA 94104 CH-8002 Zurich Wilmington+1 415 986 5596 Switzerland Institutional Sales: +41 44 287 9020 Investment Management: +41 44 287 90 30 500 Delaware Avenue Suite 720 Wilmington, DE 19801 +1 302 573 5000 June 2013

Specialty Finance Industry Insights A review of M&A activity and public market valuation in the consumer and commercial specialty finance sectors

William Blair’s investment banking group combines significant transaction experience, rich industry knowledge, and deep relationships to deliver successful advisory and financing solutions to our global base of corporate clients. We serve both publicly traded and privately held companies, executing mergers and acquisitions, growth financing, special situations and restructuring, and general advisory projects. This comprehensive suite of services allows us to be a long-term partner to our clients as they grow and evolve. In 2012, the investment banking group completed 76 merger-and-acquisition About William Blair transactions worth more than $13.8 billion in value, involving parties in 21 countries and Investment Banking five continents, and was an underwriter on over 20% of all U.S. initial public offerings.

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