European Technology, Media & Telecommunications Monitor

Market and Industry Update Fourth Quarter 2012

Piper Jaffray European TMT Team:

Eric Sanschagrin Managing Director Head of European TMT [email protected] +44 (0) 207 796 8420

Stefan Zinzen Principal [email protected] +44 (0) 207 796 8418

Jessica Harneyford Associate [email protected] +44 (0) 207 796 8416

Peter Shin Analyst [email protected] +44 (0) 207 796 8444

Julie Wright Executive Assistant [email protected] +44 (0) 207 796 8427 TECHNOLOGY, MEDIA &TELECOMMUNICATIONS MONITOR Market and Industry Update Selected Piper Jaffray 2012 TMT Transactions

2 This report may not be reproduced, redistributed or passed to any other person or published in whole or in part for any purpose without the written consent of Piper Jaffray. © 2013 Piper Jaffray Ltd. All rights reserved. TECHNOLOGY, MEDIA &TELECOMMUNICATIONS MONITOR Market and Industry Update Contents

1. Internet and Digital Media A. Trading Update B. Transaction Update C. Public Market Trading Multiples

2. Software and IT Services A. Trading Update B. Transaction Update C. Public Market Trading Multiples

3. Communications Technology And Hardware A. Trading Update B. Transaction Update C. Public Market Trading Multiples

4. Equity Capital Markets and M&A Update

3 This report may not be reproduced, redistributed or passed to any other person or published in whole or in part for any purpose without the written consent of Piper Jaffray. © 2013 Piper Jaffray Ltd. All rights reserved. TECHNOLOGY, MEDIA &TELECOMMUNICATIONS MONITOR Market and Industry Update 1 - Internet and Digital Media

A - Trading Update

Sub-sector performance – Last Three Months: Sub-sector performance – Last 12 Months: Sector 3M Sector LTM

Other vertical marketplaces 20.6% Vertical marketplaces - Employment services 106.3% Online Content 16.2% Online Retail 44.1% Online Marketing / Advertising 10.9% Online Content 29.5% Online Gambling 3.9% Vertical marketplaces - Real Estate 23.9% Vertical marketplaces - Real Estate (1.6%) Online Marketing / Advertising 22.3% Online Retail (3.2%) Online Travel 20.4% Global Internet Leaders (6.2%) Online Gambling 16.7% Vertical marketplaces - Employment services (7.4%) Global Internet Leaders 7.5% Online Travel (7.7%) Chinese Internet Leaders (21.5%) Chinese Internet Leaders (12.6%) Other vertical marketplaces (53.4%) DJIA (3.4%) DJIA 5.5% NASDAQ Comp (5.5%) NASDAQ Comp 12.7% S&P 500 (2.7%) S&P 500 11.0%

Note: Excludes IPOs for last 12 month comparisons (Facebook)

Top 5 Price Performers – Last Three Months: Top 5 Price Performers – Last 12 Months:

Company % change Company % change

Netflix 60.5% 888 Holdings 183.6% Ehealth 52.1% Expedia 107.7% Overstock 34.5% Asos 105.2% Ctrip.com 28.4% AOL 98.5% 888 Holdings 26.8% Ehealth 97.2%

Top 5 Price Underperformers – Last Three Months: Top 5 Price Underperformers – Last 12 Months: Company % change Company % change Velti (47.2%) Groupon (74.1%) Sina (29.4%) Zynga (73.7%) Monster Worldwide (26.9%) Webmd Health 'A' (61.0%) Travelzoo (19.3%) Tradedoubler (52.1%) Netease.com (19.0%) Orbitz (36.9%)

Note: For composition of indices, see Public Market Trading Multiples section

Source: Thomson Reuters 4 This report may not be reproduced, redistributed or passed to any other person or published in whole or in part for any purpose without the written consent of Piper Jaffray. © 2013 Piper Jaffray Ltd. All rights reserved. TECHNOLOGY, MEDIA &TELECOMMUNICATIONS MONITOR Market and Industry Update 1 - Internet and Digital Media

B - Transaction Update Selected European ECM Transactions – Q4 2012

Offering Target Amount Offering Date Target Location ($MM) Deal Type Description Target Description

21-Dec-12 getgoods.de AG Germany 27 Follow-On Ordinary Shares Distributor of IT and telecommunication products

11-Dec-12 Yandex NV Russia 107 Follow-On Ordinary Shares Operates an Internet search engine in Russia

03-Dec-12 Quindell Portfolio PLC UK 27 Follow-On Ordinary Shares Provides software and consulting solutions

16-Nov-12 SmartGuy Group A/S Denmark 21 Follow-On Ordinary Shares Online retailer of consumer goods

02-Nov-12 Quindell Portfolio PLC UK 42 Follow-On Ordinary Shares Provides software and consulting services

Number of Deals 5 Average Value ($MM) 45 Total Value ($MM) 224

Note: Offerings over $10 million where the issuer is headquartered in Europe

Source: CapitalIQ, StrategyEye, company information, Thomson, company press releases 5 This report may not be reproduced, redistributed or passed to any other person or published in whole or in part for any purpose without the written consent of Piper Jaffray. © 2013 Piper Jaffray Ltd. All rights reserved. TECHNOLOGY, MEDIA &TELECOMMUNICATIONS MONITOR Market and Industry Update 1 - Internet and Digital Media

B - Transaction Update Selected European M&A Transactions – Q4 2012

Deal Trans. Multiples Target Acquirer Value EV / EV / Date Target Location Acquirer Location ($MM) Sales EBITDA Target Description

Publisher of traditional press 21-Nov-12 Northcliffe Media Ltd UK Local World Ltd UK 84 NA NA newspapers and digital media Advanced Inflight Alliance Global Eagle Acquisition Provides inflight entertainment 08-Nov-12 Germany US 142 0.9x 12.7x AG Corp services Axel Springer Classfields Provides information retrieval services 06-Nov-12 Immoweb SA Belgium Germany 163 8.2x NA GmbH regarding real estate Provides Internet search engine 24-Oct-12 Qype GmbH Germany Yelp Inc US 50 NA NA services Provides digital IR and corporate 01-Oct-12 Investis Ltd UK Gresham Private Equity UK 40 NA NA communication solutions

Median 4.6x 12.7x Mean 4.6x 12.7x

Number of Deals 5 Average Value ($MM) 96 Total Value ($MM) 480

Note: M&A transactions over $40 million where either party is headquartered in Europe

Source: CapitalIQ, StrategyEye, company information, Thomson, company press releases 6 This report may not be reproduced, redistributed or passed to any other person or published in whole or in part for any purpose without the written consent of Piper Jaffray. © 2013 Piper Jaffray Ltd. All rights reserved. TECHNOLOGY, MEDIA &TELECOMMUNICATIONS MONITOR Market and Industry Update 1 - Internet and Digital Media

B - Transaction Update Selected European Private Equity and Venture Capital Activity – Q4 2012

Deal Target Value Date Target Location ($MM) Investor(s) Target Description 20-Dec-12 Avito.ru Russia 50 Undisclosed new investor Online advertising website 12-Dec-12 Trustpilot A/S Denmark 13 Index Ventures Provides a portal for online customer reviews Northzone Ventures SEED Capital Denmark 03-Dec-12 DocPlanner Poland 10 Point Nine Capital Operates online portal that helps users find local Piton Capital physicians and dentists RTAventures VC sp. z o.o. 21-Nov-12 Local World Limited UK 23 Trinity Mirror plc Publishes print and digital newspapers 08-Nov-12 Elasticsearch NL Netherlands 10 Benchmark Capital Develops distributed search engine solutions for Data Collective websites and other online systems 07-Nov-12 MediaSift Ltd. UK 15 Scale Venture Partners Develops social media tools and platforms GRP Partners Northgate Capital Group, L.L.C. IA Ventures Daher Capital 18-Oct-12 7digital Limited UK 10 Undisclosed (two public Provides online download stores for digital media technology companies) 09-Oct-12 HouseTrip SA Switzerland 40 Accel Management Co, Inc Operates a holiday property rental website Index Ventures Balderton Capital 06-Oct-12 Deezer.com France 131 Access Industries, Inc. Deezer.com provides free and legal music streaming IDInvest Partners services

Number of Deals 9 Average Value ($MM) 34 Total Value ($MM) 302

(1) Private placements over $10 million and financial sponsor deals where issuer/target is headquartered in Europe (2) Firms in bold are the lead investors in the financing round (where disclosed)

Source: CapitalIQ, StrategyEye, company information, Thomson, company press releases 7 This report may not be reproduced, redistributed or passed to any other person or published in whole or in part for any purpose without the written consent of Piper Jaffray. © 2013 Piper Jaffray Ltd. All rights reserved. 1 - Internet and Digital Media

C - Public Market Trading Multiples

Stock Fully Diluted Fully Diluted Fully Diluted Revenues EBITDA Price Market Enterprise EV / Revenue EV / EBITDA P/E Revenues CAGR EBITDA Margin Company Local 3 1- Dec- 12 Cap Value Dec- 12 Dec- 13 Dec- 12 Dec- 13 Dec- 12 Dec- 13 Dec- 12 Dec- 13 11- 13 Dec- 12 Dec- 13 Dec- 12 Currency (Local Ccy) (USD m) (USD m) (USD m)(USD m) (USD m)(USD m) Global Internet Leaders Google USD 707.38 235,868 196,350 4.7x 3.8x 10.6x 8.9x 18.0x 15.3x 41,552 51,653 33.2% 18,538 22,046 44.6% Microsoft USD 26.71 224,980 170,286 2.2x 2.0x 5.3x 5.0x 9.5x 8.8x 76,925 83,430 7.8% 31,868 34,312 41.4% Amazon.com USD 250.87 113,634 108,386 1.7x 1.4x 41.2x 29.0x NM NM 62,061 79,213 28.4% 2,630 3,733 4.2% Ebay USD 51.00 67,001 62,400 4.4x 3.8x 13.3x 11.5x 21.7x 18.6x 14,051 16,279 18.2% 4,692 5,416 33.4% Facebook USD 26.62 64,431 54,881 10.9x 8.4x 19.6x 14.9x 50.0x 37.7x 5,024 6,530 32.7% 2,805 3,688 55.8% Yahoo USD 19.90 23,535 15,205 3.4x 3.3x 9.9x 8.7x 16.1x 16.0x 4,458 4,599 2.5% 1,541 1,748 34.6% Mean 4 .6 x 3 .8 x 16 .6 x 13 .0 x 2 3 .1x 19 .3 x 3 4 ,0 12 4 0 ,2 8 4 19 .7 % 10 ,3 4 6 11,8 2 4 3 5 .7 % Median 3 .9 x 3 .6 x 11.9 x 10 .2 x 18 .0 x 16 .0 x 3 8 .0 % Online Retail Amazon.com USD 250.87 113,634 108,386 1.7x 1.4x 41.2x 29.0x NM NM 62,061 79,213 28.4% 2,630 3,733 4.2% Ebay USD 51.00 67,001 62,400 4.4x 3.8x 13.3x 11.5x 21.7x 18.6x 14,051 16,279 18.2% 4,692 5,416 33.4% Asos GBP 26.91 3,708 3,663 3.4x 2.5x 34.0x 25.5x 59.4x 43.7x 1,091 1,441 33.9% 108 144 9.9% Mercadolibre USD 78.55 3,469 3,295 8.8x 7.0x 24.4x 19.5x 35.4x 28.6x 376 468 25.1% 135 169 35.9% Groupon USD 4.86 3,256 2,060 0.9x 0.7x 7.2x 6.9x 31.2x 21.0x 2,337 2,755 30.2% 285 297 12.2% Vistaprint USD 32.86 1,126 1,326 1.2x 1.0x 9.5x 8.9x 16.0x 15.0x 1,098 1,268 17.5% 139 150 12.7% Shutterfly USD 29.87 1,120 1,030 1.7x 1.5x 10.1x 8.0x NM 59.8x 599 706 22.2% 102 129 17.0% YOOX EUR 11.92 901 901 1.8x 1.5x 20.7x 15.5x 57.3x 40.1x 493 616 26.6% 43 58 8.8% Web.com USD 14.80 780 1,451 3.0x 2.7x 10.1x 9.0x 10.0x 7.8x 490 529 50.1% 144 161 29.4% Digital River USD 14.38 512 190 0.5x 0.5x 3.0x 2.9x 12.8x 13.7x 383 381 (2.1%) 63 66 16.4% Blue Nile USD 38.48 492 463 1.1x 1.0x 24.3x 19.4x 50.5x 38.9x 409 458 14.7% 19 24 4.6% Overstock USD 14.31 336 280 0.3x 0.2x 8.8x 7.0x 21.9x 15.2x 1,106 1,198 6.6% 32 40 2.9% Mean 2 .4 x 2 .0 x 17 .2 x 13 .6 x 3 1.6 x 2 7 .5 x 7 ,0 4 1 8 ,7 7 6 2 6 .1% 699 865 15 .6 % Median 1.7 x 1.4 x 11.7 x 10 .3 x 2 6 .6 x 2 1.0 x 12 .4 % Vertical marketplaces - Employment services LinkedIn Corp USD 114.82 12,337 11,661 12.4x 8.2x 56.9x 34.3x NM NM 939 1,417 64.7% 205 340 21.8% Seek AUD 7.00 2,462 3,083 5.9x 5.0x 13.9x 12.1x 17.4x 15.2x 522 612 22.3% 221 256 42.4% 51Job Sponsored USD 46.75 1,387 1,011 4.4x 3.9x 12.4x 10.4x 19.0x 16.1x 230 260 12.2% 82 97 35.5% Monster Worldwide USD 5.62 658 679 0.8x 0.8x 5.4x 4.6x 18.4x 13.2x 896 849 (9.8%) 126 146 14.1% Dice USD 9.18 588 580 3.0x 2.7x 7.6x 7.1x 15.5x 15.0x 194 216 9.8% 76 82 39.2% Xing EUR 41.87 309 230 2.4x 2.1x 8.0x 6.6x 24.0x 18.5x 97 108 12.2% 29 35 29.9% Mean 4 .8 x 3 .8 x 17 .4 x 12 .5 x 18 .8 x 15 .6 x 480 577 19 .0 % 12 3 15 9 3 0 .5 % Median 3 .7 x 3 .3 x 10 .2 x 8 .7 x 18 .4 x 15 .2 x 3 2 .7 % Vertical marketplaces - Real Estate Rightmove GBP 14.36 2,491 2,467 13.1x 11.7x 18.4x 16.1x 25.0x 21.9x 189 211 15.8% 134 153 71.1% Rea Group AUD 18.00 2,466 2,277 7.4x 6.5x 16.0x 13.7x 25.1x 21.6x 309 350 14.2% 143 167 46.1% Move USD 7.57 303 272 1.4x 1.3x 10.7x 7.7x 49.3x 20.6x 198 217 6.3% 25 35 12.8% Mean 7 .3 x 6 .5 x 15 .0 x 12 .5 x 3 3 .1x 2 1.4 x 232 259 12 .2 % 10 1 118 4 3 .3 % Median 7 .4 x 6 .5 x 16 .0 x 13 .7 x 2 5 .1x 2 1.6 x 4 6 .1% Other vertical marketplaces Moneysupermarket Com GBP 1.57 1,401 1,341 4.1x 3.7x 13.5x 11.0x 22.4x 17.0x 329 364 12.0% 99 122 30.1% Webmd Health 'A' USD 14.34 718 549 1.2x 1.3x 8.5x 10.1x NM NM 462 422 (13.1%) 65 55 14.0% Ehealth USD 27.48 620 489 3.1x 2.8x 28.1x 21.6x 84.5x 62.0x 157 173 6.8% 17 23 11.1% Meetic EUR 12.92 397 334 1.4x 1.3x 5.9x 5.4x 10.9x 9.7x 246 257 4.4% 56 62 22.9% Mutuionline EUR 3.31 173 162 3.4x 2.6x 58.6x 11.7x NM 20.0x 47 62 (17.2%) 3 14 5.8% Mean 2 .6 x 2 .3 x 2 2 .9 x 11.9 x 3 9 .3 x 2 7 .2 x 248 255 (1.9 % ) 48 55 16 .8 % Median 3 .1x 2 .6 x 13 .5 x 11.0 x 2 2 .4 x 18 .5 x 14 .0 % Online Travel Priceline.com USD 620.39 32,073 27,538 5.2x 4.4x 14.1x 11.4x 20.2x 16.4x 5,249 6,292 20.2% 1,951 2,412 37.2% Amadeus IT Holding EUR 19.05 11,250 13,323 3.5x 3.3x 9.3x 8.8x 15.7x 14.5x 3,792 3,983 5.6% 1,432 1,519 37.8% Expedia USD 61.44 8,930 7,929 2.0x 1.8x 10.0x 8.6x 20.6x 17.5x 3,982 4,528 14.6% 794 923 19.9% TripAdvisor USD 41.92 6,206 6,073 8.0x 6.7x 17.3x 14.6x 29.6x 23.7x 760 909 19.4% 350 417 46.1% Ctrip.com USD 22.66 3,396 4,826 7.2x 6.1x 38.7x 28.1x 32.6x 25.0x 669 793 19.5% 125 172 18.6% HomeAway USD 22.00 1,938 1,694 6.1x 5.0x 21.2x 16.9x 48.7x 34.5x 280 337 21.0% 80 100 28.6% Wotif Com AUD 5.27 1,165 1,019 6.8x 6.2x 11.7x 10.6x 18.8x 17.3x 151 164 7.3% 87 96 58.0% Travelzoo USD 18.99 301 244 1.6x 1.5x 7.5x 7.1x 14.4x 15.3x 150 159 3.6% 32 34 21.6% Orbitz USD 2.72 286 573 0.7x 0.7x 4.8x 4.7x 14.1x 9.8x 774 809 2.7% 119 123 15.3% Hotel De EUR 28.40 141 132 2.2x 2.0x 50.1x 34.5x NA 56.6x 61 67 11.0% 3 4 4.3% Mean 4 .3 x 3 .8 x 18 .5 x 14 .5 x 2 3 .8 x 2 3 .1x 1,5 8 7 1,8 0 4 13 .9 % 497 580 2 8 .7 % Median 4 .4 x 3 .9 x 12 .9 x 11.0 x 2 0 .2 x 17 .4 x 2 5 .1% Online Marketing / Advertising Valueclick USD 19.41 1,488 1,543 2.3x 2.1x 7.2x 6.4x 11.7x 10.7x 659 744 15.2% 214 243 32.5% Velti USD 4.50 482 503 1.8x 1.4x 7.1x 5.8x 12.5x 9.1x 276 349 35.8% 71 86 25.7% Marchex 'B' USD 4.11 155 120 0.9x 0.8x 6.8x 6.4x 14.9x 11.8x 137 142 (1.6%) 18 19 12.9% Hi Media EUR 2.06 124 161 0.6x 0.5x 6.8x 5.7x 11.1x 9.1x 276 295 (1.4%) 24 28 8.6% Tradedoubler SEK 12.50 82 56 0.2x 0.2x 7.0x 4.2x 12.6x 10.1x 371 368 (10.0%) 8 13 2.2% AD Pepper Media EUR 0.82 25 14 0.2x 0.2x NM 12.6x NM NM 76 81 4.5% (3) 1 (3.9%) Mean 1.0 x 0 .9 x 7 .0 x 6 .8 x 12 .5 x 10 .2 x 299 330 7 .0 % 55 65 13 .0 % Median 0 .7 x 0 .7 x 7 .0 x 6 .1x 12 .5 x 10 .1x 10 .8 %

Source: Thomson Reuters, company filings, updated as of 31 December 2012 8 This report may not be reproduced, redistributed or passed to any other person or published in whole or in part for any purpose without the written consent of Piper Jaffray. © 2013 Piper Jaffray Ltd. All rights reserved. 1 - Internet and Digital Media

C - Public Market Trading Multiples (cont’d)

Source: Thomson Reuters, company filings, updated as of 31 December 2012 9 This report may not be reproduced, redistributed or passed to any other person or published in whole or in part for any purpose without the written consent of Piper Jaffray. © 2013 Piper Jaffray Ltd. All rights reserved. TECHNOLOGY, MEDIA &TELECOMMUNICATIONS MONITOR Market and Industry Update 2 - Software and IT Services

A - Trading Update Sub-sector performance – Last Three Months: Sub-sector performance – Last 12 Months:

Sector 3M Sector LTM SaaS 9.7% SaaS 70.4% Fintech 6.5% Fintech 36.0% Specialised 5.1% Specialised 29.8% ERP 2.3% Infrastructure IT Management 15.9% Infrastructure IT Management (4.1%) ERP 15.2% Large Cap Tech (4.3%) Analytics / Data 14.1% Security (14.0%) Security 13.1% Analytics / Data (15.2%) Large Cap Tech 6.4% DJIA (3.4%) DJIA 5.5% NASDAQ Comp (5.5%) NASDAQ Comp 12.7% S&P 500 (2.7%) S&P 500 11.0%

Note: Excludes IPOs for last 12 month comparisons (ExactTarget, Bazaarvoice, Palo Alto Networks, AVG Technologies)

Top 5 Price Performers – Last Three Months: Top 5 Price Performers – Last 12 Months:

Company % change Company % change AVG Technologies NV 52.2% Salesforce.com 70.5% Innovation Group 18.2% NetSuite 68.9% Software AG 14.3% Cornerstone OnDemand 60.1% Temenos Group 12.4% ACI Worldwide 52.0% Unit4 NV 11.7% AVEVA Group 50.2%

Top 5 Price Underperformers – Last Three Months: Top 5 Price Underperformers – Last 12 Months:

Company % change Company % change

Bazaarvoice (39.3%) Hewlett-Packard (47.2%) TIBCO Software (28.4%) Rovi Corp (36.9%) SDL PLC (26.8%) F Secure (22.1%) Fortinet (20.3%) SDL PLC (20.2%) Teradata Corp (18.6%) Informatica Corp (14.2%)

Note: For composition of indices, see Public Market Trading Multiples section

Source: Thomson Reuters 10 This report may not be reproduced, redistributed or passed to any other person or published in whole or in part for any purpose without the written consent of Piper Jaffray. © 2013 Piper Jaffray Ltd. All rights reserved. TECHNOLOGY, MEDIA &TELECOMMUNICATIONS MONITOR Market and Industry Update 2 - Software and IT Services

B - Transaction Update Selected European ECM Transactions – Q4 2012

Offering Target Amount Offering Date Target Location ($MM) Deal Type Description Target Description Develops software solutions to mobile operators, 21-Dec-12 Seamless Distribution AB Sweden 21 Follow-On Ordinary Shares banks, retailers and distributors

13-Dec-12 QIWI Group Russia 300 IPO Ordinary Shares Offers integrated business technology solutions

Provides enterprise software solutions and related 12-Dec-12 Fusionex International Plc UK 19 IPO Ordinary Shares services Provides surveillance technologies to the security 06-Dec-12 Digital Barriers PLC UK 17 Follow-On Ordinary Shares and defense industries

03-Dec-12 Monitise PLC UK 161 Follow-On Ordinary Shares Provides mobile banking and payment solutions

14-Nov-12 Quindell Portfolio PLC UK 32 Follow-On Ordinary Shares Provides software and consulting services

Provides transaction processing and technology 14-Nov-12 Amadeus IT Holding SA Spain 391 Follow-On Ordinary Shares solutions to the travel and tourism industry Provides enterprise security, archiving and 02-Nov-12 GFI Software SA Luxembourg 100 IPO Ordinary Shares networking solutions Cybercom Group Europe 23-Oct-12 Sweden 11 Follow-On Ordinary Shares Provides IT business solutions AB Provides payment services solutions to the banking 22-Oct-12 Earthport PLC UK 12 Follow-On Ordinary Shares industry

04-Oct-12 Fleetmatics Group PLC Ireland-Rep 153 IPO Ordinary Shares Provides fleet management software solutions

Number of Deals 11 Average Value ($MM) 111 Total Value ($MM) 1,217

Note: Offerings over $10 million where the issuer is headquartered in Europe

Source: CapitalIQ, StrategyEye, company information, Thomson, company press releases 11 This report may not be reproduced, redistributed or passed to any other person or published in whole or in part for any purpose without the written consent of Piper Jaffray. © 2013 Piper Jaffray Ltd. All rights reserved. TECHNOLOGY, MEDIA &TELECOMMUNICATIONS MONITOR Market and Industry Update 2 - Software and IT Services

B - Transaction Update Selected European M&A Transactions – Q4 2012

Deal Trans. Multiples Target Acquirer Value EV / EV / Date Target Location Acquirer Location ($MM) Sales EBITDA Target Description

Develops video image processing 28-Dec-12 Traficon NV Belgium FLIR Systems Inc US 46 NA NA solutions

24-Dec-12 Emesa BV Netherlands Cyrte Investments BV Netherlands 125 NA NA Operates travel and leisure websites

19-Dec-12 Yandex.Den'gi Russia Sberbank Rossii Russia 60 NA NA Provides online payment solutions

procuritas Capital Develops large format imaging 30-Nov-12 Contex A/S Denmark Sweden 42 NA NA Investor V solutions

Provides signalling and control system 28-Nov-12 Invensys Rail Ltd UK Siemens AG Germany 2,790 NA NA software solutions

Develops embedded security software 19-Nov-12 AuthenTec Inc-Embedded US Inside Secure SA France 47 NA NA solutions

Develops software solutions for Big 19-Nov-12 AltoStor US WANdisco PLC UK 368 NA NA Data applications

Develops law and accounting software 14-Nov-12 Tikit Group PLC UK BT Group PLC UK 97 2.0x 11.1x solutions

NTT Data Europe GmbH 29-Oct-12 itelligence AG Germany Germany 44 1.0x 11.6x Provides software consulting services & Co KG

18-Oct-12 Epsilon Holding AB Sweden AF AB Sweden 432 1.6x NA Provides IT consulting services

15-Oct-12 Sesa SpA Italy Made in Italy 1 Italy 41 NA NA Provides IT services

Develops software platforms for Informatica Deutschland 01-Oct-12 Heiler Software AG Germany Germany 108 3.7x NM industrial and commercial media AG advertising Median 1.8x 11.3x Mean 2.1x 11.3x

Number of Deals 12 Average Value ($MM) 350 Total Value ($MM) 4,199

Note: M&A transactions over $40 million where either party is headquartered in Europe

Source: CapitalIQ, StrategyEye, company information, Thomson, company press releases 12 This report may not be reproduced, redistributed or passed to any other person or published in whole or in part for any purpose without the written consent of Piper Jaffray. © 2013 Piper Jaffray Ltd. All rights reserved. TECHNOLOGY, MEDIA &TELECOMMUNICATIONS MONITOR Market and Industry Update 2 - Software and IT Services

B - Transaction Update Selected European Private Equity and Venture Capital Activity – Q4 2012

Deal Target Value Date Target Location ($MM) Investor(s) Target Description 24-Dec-12 Hailo Network Limited UK 30 Union Square Ventures Develops a mobile application that interactively connects users and available taxis in various cities worldwide 05-Dec-12 ObjectWay S.p.A. Italy 13 Futurimpresa SGR Provides software applications and technology solutions to the financial industry in Italy and worldwide 05-Dec-12 CloudPay Solutions Limited UK 16 Rho Capital Partners, Inc. Provides SaaS-based payroll and payment solutions Pinnacle Investment Partners, LP Raymond James & Associates, Inc 06-Nov-12 Trademob GmbH Germany 15 Kennet Partners Limited Provides mobile advertising buying solutions to High-Tech Gründerfonds advertisers Management GmbH Tengelmann Ventures GmbH 05-Nov-12 Tattile srl Italy 19 Ambienta SGR S.p.A. Provides problem solving software solutions to a range of industries 02-Nov-12 Neo Technology AB Sweden 11 Conor Venture Partners Oy Develops integrated storage and database systems Sunstone Capital A/S Fidelity Growth Partners Europe 17-Oct-12 Netbiscuits GmbH Germany 27 Stripes Group Develops web software that enable the creation, T-Venture Holding GmbH operation and monetisation of mobile websites CREATHOR VENTURE Management GmbH

01-Oct-12 Definiens AG Germany 13 Gilde Healthcare Partners Develops intelligent software solutions for digital B.V. image analysis, knowledge management, and other TVM Capital GmbH simulation activities Cipio Partners GmbH

Number of Deals 8 Average Value ($MM) 18 Total Value ($MM) 144

(1) Private placements over $10 million and financial sponsor deals where issuer/target is headquartered in Europe (2) Firms in bold are the lead investors in the financing round (where disclosed)

Source: CapitalIQ, StrategyEye, company information, Thomson, company press releases 13 This report may not be reproduced, redistributed or passed to any other person or published in whole or in part for any purpose without the written consent of Piper Jaffray. © 2013 Piper Jaffray Ltd. All rights reserved. 2 - Software and IT Services

C - Public Market Trading Multiples

Stock Fully Diluted Fully Diluted Fully Diluted Revenues EBITDA Price Market Enterprise EV / Revenue EV / EBITDA P/E Revenues CAGR EBITDA Margin Company Local 3 1- Dec- 12 Cap Value Dec- 12 Dec- 13 Dec- 12 Dec- 13 Dec- 12 Dec- 13 Dec- 12 Dec- 13 11- 13 Dec- 12 Dec- 13 Dec- 12 Currency (Local Ccy) (USD m) (USD m) (USD m)(USD m) (USD m)(USD m) SaaS Salesforce.com USD 168.10 24,923 24,832 8.3x 6.6x 48.7x 37.1x NM 81.8x 2,981 3,786 30.7% 510 669 17.1% NetSuite USD 67.30 5,065 4,889 15.9x 12.3x NM NM NM NM 307 396 29.4% 33 41 10.8% Concur Technologies USD 67.52 3,753 3,502 7.5x 6.0x 31.2x 26.7x 71.7x 61.1x 467 583 25.2% 112 131 24.0% Ultimate Software Group USD 94.41 2,743 2,672 8.1x 6.5x 43.9x 31.9x NM 67.3x 331 410 23.4% 61 84 18.4% Cornerstone OnDemand USD 29.53 1,619 1,559 13.2x 9.1x NM NM NM NM 118 172 50.8% (10) (1) (8.3%) ExactTarget USD 20.00 1,540 1,330 4.6x 3.6x NM NM NM NM 288 370 33.6% 8 3 2.9% j2 Global USD 30.60 1,424 1,238 3.4x 3.2x 6.5x 5.8x 11.7x 11.6x 361 387 6.6% 190 213 52.5% Jive Software USD 14.53 1,074 944 8.4x 6.2x NM NM NM NM 112 151 39.9% (20) (6) (17.6%) Bazaarvoice USD 9.35 726 584 4.1x 3.1x NM NM NM NM 144 190 43.6% (18) (13) (12.4%) Mean 8 .2 x 6 .3 x 3 2 .6 x 2 5 .4 x 4 1.7 x 5 5 .4 x 568 7 16 3 1.5 % 96 12 5 9 .7 % Median 8 .1x 6 .2 x 3 7 .5 x 2 9 .3 x 4 1.7 x 6 4 .2 x 10 .8 % Analytics / Data Teradata Corp USD 61.89 10,774 10,143 3.8x 3.4x 13.1x 11.9x 22.5x 19.9x 2,652 2,943 11.6% 775 856 29.2% TIBCO Software USD 21.98 3,782 3,581 3.5x 3.2x 12.2x 10.9x 19.3x 18.3x 1,033 1,131 10.4% 294 328 28.5% Informatica Corp USD 30.32 3,409 2,824 3.6x 3.3x 12.5x 11.3x 23.8x 21.3x 794 867 5.2% 225 251 28.4% OpenText Corp USD 56.07 3,319 3,606 2.8x 2.5x 9.5x 8.7x 11.2x 10.0x 1,300 1,429 12.9% 378 414 29.1% Nice Systems USD 33.03 2,082 1,730 1.9x 1.8x 11.8x 9.0x 14.0x 12.6x 898 981 11.2% 147 192 16.4% Qlik Technologies USD 21.72 1,930 1,737 4.6x 3.8x 44.8x 31.7x NM 56.2x 378 453 18.9% 39 55 10.3% Verint Systems USD 29.36 1,180 1,873 2.2x 2.1x 9.3x 8.7x 10.1x 8.6x 839 904 7.8% 201 215 24.0% Mean 3 .2 x 2 .9 x 16 .2 x 13 .2 x 16 .8 x 2 1.0 x 1,12 8 1,2 4 4 11.1% 294 330 2 3 .7 % Median 3 .5 x 3 .2 x 12 .2 x 10 .9 x 16 .7 x 18 .3 x 2 8 .4 % ERP The Sage Group GBP 2.94 5,759 5,999 2.7x 2.6x 9.3x 8.9x 13.8x 13.4x 2,205 2,306 3.1% 642 670 29.1% Unit4 NV EUR 22.70 1,001 1,161 1.9x 1.8x 9.6x 8.5x 16.4x 13.0x 623 660 4.9% 120 136 19.3% SDL PLC GBP 5.13 673 681 1.5x 1.5x 9.8x 9.0x 14.9x 13.6x 440 462 11.4% 70 76 15.8% Exact Holding NV EUR 16.00 515 450 1.6x 1.6x 7.3x 6.6x 13.6x 11.6x 288 290 1.0% 62 68 21.6% Mean 1.9 x 1.8 x 9 .0 x 8 .3 x 14 .7 x 12 .9 x 889 930 5 .1% 224 238 2 1.5 % Median 1.7 x 1.7 x 9 .5 x 8 .7 x 14 .4 x 13 .2 x 2 0 .4 % Fintech Fiserv Inc USD 79.03 10,739 13,881 3.1x 2.9x 9.6x 9.0x 15.1x 14.0x 4,535 4,737 4.5% 1,440 1,534 31.8% SS&C Technologies Holdings USD 23.09 1,982 2,972 5.4x 4.2x 13.8x 10.5x 17.1x 14.0x 553 712 38.5% 216 284 39.0% ACI Worldwide USD 43.69 1,792 2,089 3.0x 2.7x 13.1x 9.9x 39.0x 18.9x 688 781 29.6% 159 211 23.1% Temenos Group USD 17.48 1,274 1,451 3.3x 3.1x 13.3x 10.9x 20.9x 16.4x 446 467 (0.7%) 109 133 24.4% Advent Software USD 21.38 1,106 1,007 2.8x 2.6x 9.4x 9.1x 20.8x 18.2x 358 382 8.2% 107 111 29.9% Fidessa Group GBP 15.12 956 873 1.9x 1.9x 9.9x 8.6x 20.1x 19.6x 453 460 0.9% 89 102 19.6% Innovation Group GBP 0.24 380 342 1.1x 1.0x 7.4x 6.3x 17.9x 15.8x 322 350 9.3% 46 55 14.3% Mean 2 .9 x 2 .6 x 10 .9 x 9 .2 x 2 1.5 x 16 .7 x 1,0 5 1 1,12 7 12 .9 % 309 347 2 6 .0 % Median 3 .0 x 2 .7 x 9 .9 x 9 .1x 2 0 .1x 16 .4 x 2 4 .4 % Infrastructure IT Management Vmware USD 94.14 41,222 37,277 8.1x 6.9x 20.6x 17.8x 33.7x 28.9x 4,591 5,424 20.0% 1,808 2,094 39.4% Citrix Systems USD 65.62 12,457 11,774 4.6x 4.1x 14.6x 12.7x 23.3x 20.9x 2,552 2,906 14.8% 805 928 31.5% Red Hat USD 52.96 10,272 9,386 7.2x 6.2x 25.8x 21.8x 45.4x 38.9x 1,297 1,508 17.3% 364 431 28.0% CA USD 21.98 10,103 9,149 2.0x 2.0x 5.2x 5.2x 9.1x 8.9x 4,669 4,686 (0.3%) 1,765 1,769 37.8% Software AG EUR 32.11 3,678 3,665 2.6x 2.5x 9.2x 8.6x 15.5x 13.9x 1,401 1,452 0.1% 397 427 28.3% Micro Focus International USD 9.46 1,415 1,511 3.5x 3.5x 8.2x 8.1x 10.2x 9.3x 435 432 (0.4%) 184 186 42.2% Mean 4 .7 x 4 .2 x 13 .9 x 12 .4 x 2 2 .9 x 2 0 .1x 2 ,4 9 1 2 ,7 3 5 8 .6 % 887 972 3 4 .6 % Median 4 .0 x 3 .8 x 11.9 x 10 .6 x 19 .4 x 17 .4 x 3 4 .7 % Security Symantec Corp USD 18.82 13,059 12,128 1.8x 1.7x 5.5x 5.3x 10.6x 10.5x 6,811 7,002 3.0% 2,194 2,303 32.2% Palo Alto Networks USD 53.52 4,250 3,929 12.6x 8.6x NM 80.9x NM NM 313 456 61.2% 28 49 8.9% Fortinet USD 21.02 3,616 3,242 6.2x 5.2x 23.5x 19.0x 42.4x 34.5x 527 620 19.6% 138 170 26.2% AVG Technologies NV USD 15.83 902 968 2.7x 2.4x 8.6x 8.2x 12.4x 11.1x 357 403 21.6% 113 118 31.6% F Secure EUR 1.55 325 289 1.4x 1.3x 6.6x 5.9x 14.1x 11.7x 208 222 7.3% 44 49 21.2% Mean 4 .9 x 3 .9 x 11.0 x 2 3 .9 x 19 .9 x 16 .9 x 1,6 4 3 1,7 4 1 2 2 .6 % 503 538 2 4 .0 % Median 2 .7 x 2 .4 x 7 .6 x 8 .2 x 13 .3 x 11.4 x 2 6 .2 % Specialised Adobe Systems USD 37.68 18,811 16,781 3.8x 4.1x 9.7x 13.3x 16.4x 24.4x 4,379 4,142 (1.1%) 1,726 1,258 39.4% Intuit USD 59.48 17,951 17,892 4.1x 3.7x 10.8x 9.7x 18.9x 17.0x 4,338 4,775 9.6% 1,656 1,844 38.2% Dassault Systemes EUR 84.23 14,270 12,739 4.7x 4.3x 14.6x 12.9x 25.4x 22.5x 2,685 2,950 12.0% 875 990 32.6% Autodesk USD 35.35 8,073 6,854 3.0x 2.9x 10.4x 9.5x 18.4x 16.7x 2,283 2,405 4.7% 657 719 28.8% Cadence Design Systems USD 13.51 4,513 3,905 3.0x 2.7x 10.1x 8.9x 21.2x 17.5x 1,322 1,423 11.3% 386 441 29.2% Mean 3 .7 x 3 .5 x 11.1x 10 .9 x 2 0 .0 x 19 .6 x 3 ,0 0 1 3 ,13 9 7 .3 % 1,0 6 0 1,0 5 0 3 3 .6 % Median 3 .8 x 3 .7 x 10 .4 x 9 .7 x 18 .9 x 17 .5 x 3 2 .6 % Large Cap Tech Microsoft USD 26.71 224,980 170,286 2.2x 2.0x 5.3x 5.0x 9.5x 8.8x 76,925 83,430 7.8% 31,868 34,312 41.4% IBM USD 191.55 218,532 240,071 2.3x 2.3x 9.0x 8.3x 12.5x 11.9x 104,417 106,644 (0.1%) 26,557 28,773 25.4% Oracle USD 33.32 162,245 148,734 3.9x 3.7x 8.1x 7.5x 12.6x 11.8x 37,818 39,693 4.1% 18,424 19,726 48.7% SAP EUR 60.69 98,382 98,156 4.6x 4.1x 13.7x 11.8x 21.3x 18.2x 21,382 23,864 12.7% 7,170 8,292 33.5% EMC Corp USD 25.30 55,211 52,628 2.4x 2.2x 8.4x 7.6x 14.8x 13.1x 21,693 23,655 8.7% 6,261 6,900 28.9% Hewlett-Packard USD 14.25 27,772 45,304 0.4x 0.4x 3.2x 3.4x 3.6x 4.3x 119,006 112,048 (5.7%) 14,288 13,487 12.0% Mean 2 .6 x 2 .5 x 8 .0 x 7 .3 x 12 .4 x 11.4NA x 6 3 ,5 4 0 6 4 ,8 8 9 4 .6 % 17 ,4 2 8 18 ,5 8 2 3 1.7 % Median 2 .4 x 2 .2 x 8 .2 x 7 .6 x 12 .5 x 11.9NA x 3 1.2 % Overall Mean 4 .3 x 3 .7 x 13 .7 x 13 .2 x 19 .6 x 2 0 .7 x 2 4 .6 % Overall Median 3 .4 x 3 .1x 9 .8 x 9 .0 x 16 .4 x 15 .8 x 2 8 .3 %

Source: Thomson Reuters, company filings, updated as of 31 December 2012 14 This report may not be reproduced, redistributed or passed to any other person or published in whole or in part for any purpose without the written consent of Piper Jaffray. © 2013 Piper Jaffray Ltd. All rights reserved. TECHNOLOGY, MEDIA &TELECOMMUNICATIONS MONITOR Market and Industry Update 3 - Communications Technology And Hardware

A - Trading Update

Sub-sector performance – Last Three Months: Sub-sector performance – Last 12 Months: Sector LTM Sector LTM European Computing, Storage, Imaging Internet Infrastructure 105.0% and Payment Hardware 18.5% European Electronic Components and Wireline/Optical/Cable 14.5% Supply Chain 89.5% Diversified Systems 5.5% European Semiconductor Device and IP 53.7% European Semiconductor Device and IP 5.5% European Computing, Storage, Imaging European Electronic Components and and Payment Hardware 38.3% Supply Chain 3.5% Wireline/Optical/Cable 36.5% Internet Infrastructure 2.7% Wireless 29.0% Home Terminals and Peripherals (0.8%) European Semiconductor Capital Communication Software (3.0%) Equipment 21.8% European Semiconductor Capital Diversified Systems 10.3% Equipment (7.1%) Home Terminals and Peripherals 7.6% Enterprise / Data Networking (12.2%) Communication Software (2.6%) Wireless (28.9%) Enterprise / Data Networking (6.5%) DJIA (3.4%) DJIA 5.5% NASDAQ Comp (5.5%) NASDAQ Comp 12.7% S&P 500 (2.7%) S&P 500 11.0%

Top 5 Price Performers – Last Three Months: Top 5 Price Performers – Last 12 Months: Company % change Company % change

Research In Motion 86.5% Austriamicrosystems 157.5% Peer 1 Network Enterprises 47.4% Peer 1 Network Enterprises 117.0% Nokia 46.8% Pace 105.3% Arm Holdings 33.6% Equinix 102.4% Parrot 25.3% CSR 85.6%

Top 5 Price Underperformers – Last Three Months: Top 5 Price Underperformers – Last 12 Months:

Company % change Company % change Tellabs (35.7%) ZTE (45.1%) Allot Communications (33.3%) OnMobile Global Ltd (40.7%) Net Insight 'B' (26.2%) Tellabs (39.5%) Apple (25.4%) Xyratex (38.7%) Imagination Technologies (22.9%) Soitec -PAR (33.7%)

Note: For composition of indices, see Public Market Trading Multiples section

Source: Thomson Reuters 15 This report may not be reproduced, redistributed or passed to any other person or published in whole or in part for any purpose without the written consent of Piper Jaffray. © 2013 Piper Jaffray Ltd. All rights reserved. TECHNOLOGY, MEDIA &TELECOMMUNICATIONS MONITOR Market and Industry Update 3 - Communications Technology And Hardware

B - Transaction Update

Selected European ECM Transactions – Q4 2012

Offering Target Amount Offering Date Target Location ($MM) Deal Type Description Target Description 5.0% Senior Provides telecommunications hardware and 23-Oct-12 Nokia Oyj Finland 974 Convertible Unsecured software solutions

12-Oct-12 Myriad Group AG Switzerland 11 Follow-On Ordinary Shares Provides software for mobile and online platforms

Number of Deals 2 Average Value ($MM) 492 Total Value ($MM) 985

Note: Offerings over $10 million where the issuer is headquartered in Europe

Selected European M&A Transactions – Q4 2012

Deal Trans. Multiples Target Acquirer Value EV / EV / Date Target Location Acquirer Location ($MM) Sales EBITDA Target Description

Synchronoss 27-Dec-12 NewBay Software Ltd Ireland-Rep US 56 NA NA Provides digital content services Technologies Inc The Railway Engineering Provides communication software and 20-Dec-12 UK Hitachi Europe Ltd UK 42 NA NA Co Ltd hardware solutions to the rail industry

23-Nov-12 STH Ltd UK Claranet Ltd UK 88 NA NA Provides managed technology services

Imagination Tech Grp Develops processor architectures for 05-Nov-12 MIPS Technologies Inc US UK 100 NM NM PLC digital home, networking and mobile applications 26-Oct-12 Xing AG Germany Burda Digital GmbH Germany 66 2.5x 8.6x Provides online networking services

09-Oct-12 Tampnet AS Norway EQT Infrastructure Fund Guernsey 262 NA NA Provides offshore network services

Median 2.5x 8.6x Mean 2.5x 8.6x

Number of Deals 6 Average Value ($MM) 102 Total Value ($MM) 613

Note: M&A transactions over $40 million where either party is headquartered in Europe

Source: CapitalIQ, StrategyEye, company information, Thomson, company press releases 16 This report may not be reproduced, redistributed or passed to any other person or published in whole or in part for any purpose without the written consent of Piper Jaffray. © 2013 Piper Jaffray Ltd. All rights reserved. TECHNOLOGY, MEDIA &TELECOMMUNICATIONS MONITOR Market and Industry Update 3 - Communications Technology And Hardware

B - Transaction Update

Selected European Private Equity and Venture Capital Activity – Q4 2012

Deal Target Value Date Target Location ($MM) Investor(s) Target Description 11-Dec-12 Evertale ApS Denmark 40 Undisclosed Designs and develops mobile applications 02-Oct-12 Jolla Ltd. Finland 13 Private Investors Designs, develops, and sells mobile phones Number of Deals 2 Average Value ($MM) 26 Total Value ($MM) 53

(1) Private placements over $10 million and financial sponsor deals where issuer/target is headquartered in Europe (2) Firms in bold are the lead investors in the financing round (where disclosed)

Source: CapitalIQ, StrategyEye, company information, Thomson, company press releases 17 This report may not be reproduced, redistributed or passed to any other person or published in whole or in part for any purpose without the written consent of Piper Jaffray. © 2013 Piper Jaffray Ltd. All rights reserved. 3 - Communications Technology And Hardware

C - Public Market Trading Multiples

Stock Fully Diluted Fully Diluted Fully Diluted Revenues EBITDA Price Market Enterprise EV / Revenue EV / EBITDA P/E Revenues CAGR EBITDA Margin Company Local 3 1- Dec- 12 Cap Value Dec- 12 Dec- 13 Dec- 12 Dec- 13 Dec- 12 Dec- 13 Dec- 12 Dec- 13 11- 13 Dec- 12 Dec- 13 Dec- 12 Currency (Local Ccy) (USD m) (USD m) (USD m)(USD m) (USD m) (USD m) Diversified Systems Cisco Systems USD 19.65 104,656 75,998 1.6x 1.5x 5.1x 4.8x 10.3x 9.7x 47,165 49,823 5.9% 15,001 15,892 31.8% Ericsson SEK 65.10 32,779 27,103 0.8x 0.8x 7.0x 6.0x 21.8x 14.1x 34,607 35,688 1.6% 3,856 4,539 11.1% Motorola Solutions USD 55.68 15,861 14,274 1.6x 1.6x 8.4x 8.0x 17.8x 16.6x 8,708 9,207 5.9% 1,695 1,781 19.5% ZTE CNY 9.75 5,337 9,866 0.6x 0.5x 18.5x 13.1x 26.6x 11.7x 15,363 18,017 14.6% 534 752 3.5% Alcatel-Lucent EUR 1.00 3,004 4,160 0.2x 0.2x 6.2x 3.7x NM NM 18,707 18,689 (3.8%) 676 1,122 3.6% Mean 1.0 x 0 .9 x 9 .0 x 7 .1x 19 .1x 13 .0 x 2 4 ,9 10 2 6 ,2 8 5 4 .2 % 4 ,3 5 2 4 ,8 17 13 .9 % Median 0 .8 x 0 .8 x 7 .0 x 6 .0 x 19 .8 x 12 .9 x 11.1% Wireline/Optical/Cable Arris Group USD 14.94 1,714 1,385 1.0x 0.9x 6.9x 5.9x 15.6x 12.9x 1,365 1,462 15.9% 202 234 14.8% Ciena USD 15.70 1,582 2,331 1.3x 1.2x 23.3x 15.6x NM 49.5x 1,857 2,009 6.9% 100 149 5.4% Tellabs USD 2.28 838 (104) NM NM NM NM NM NM 1,061 1,015 (11.2%) 37 44 3.5% Infinera USD 5.81 659 490 1.1x 1.0x NM 30.1x NM NM 438 511 12.4% (19) 16 (4.4%) Harmonic USD 5.07 587 395 0.7x 0.7x 5.6x 4.5x 21.7x 13.2x 535 564 1.3% 71 87 13.2% Transmode Holding SEK 72.25 306 257 1.7x 1.5x 8.6x 8.0x 15.5x 14.5x 154 168 9.8% 30 32 19.4% Adva Optical Networking EUR 3.98 248 195 0.5x 0.4x 3.3x 3.1x 13.0x 11.9x 428 466 7.9% 59 63 13.7% Net Insight 'B' SEK 1.56 92 63 1.4x 1.3x 24.9x 7.6x 29.6x 15.6x 45 50 5.6% 3 8 5.7% Mean 1.1x 1.0 x 12 .1x 10 .7 x 19 .1x 19 .6 x 735 781 5 .0 % 60 79 8 .9 % Median 1.1x 1.0 x 7 .7 x 7 .6 x 15 .6 x 13 .8 x 9 .5 % W ireless Apple USD 532.17 504,985 475,856 2.9x 2.4x 7.9x 7.0x 11.8x 10.4x 165,208 198,508 28.4% 60,003 67,826 36.3% Qualcomm USD 61.86 107,745 95,393 4.7x 3.9x 11.5x 10.2x 16.0x 13.9x 20,238 24,228 23.1% 8,273 9,383 40.9% Nokia EUR 2.93 14,472 11,608 0.3x 0.3x 21.7x 8.3x NM NM 38,858 37,796 (12.8%) 536 1,397 1.4% Research In Motion USD 12.00 6,289 3,558 0.3x 0.3x 2.6x 3.6x NM NM 12,296 11,625 (21.2%) 1,386 982 11.3% Mean 2 .0 x 1.7 x 10 .9 x 7 .3 x 13 .9 x 12 .1x 5 9 ,15 0 6 8 ,0 4 0 15 .3 % 17 ,5 5 0 19 ,8 9 7 2 2 .5 % Median 1.6 x 1.4 x 9 .7 x 7 .7 x 13 .9 x 12 .1x 2 3 .8 % Terminals and Peripherals Garmin USD 40.75 8,539 7,170 2.6x 2.6x 10.2x 10.2x 15.1x 15.3x 2,782 2,788 0.5% 700 704 25.2% GN Store Nord DKK 81.80 2,736 2,682 2.5x 2.4x 17.0x 12.1x 30.9x 20.1x 1,067 1,139 8.9% 158 221 14.8% Axis SEK 177.50 1,878 1,849 2.9x 2.5x 20.1x 15.7x 31.1x 23.3x 639 746 17.0% 92 118 14.4% Netgear USD 39.43 1,558 1,196 0.9x 0.9x 7.4x 6.8x 15.2x 14.2x 1,270 1,366 7.5% 162 176 12.7% Logitech USD 7.38 1,277 1,040 0.5x 0.5x 7.2x 5.6x 16.8x 12.0x 2,252 2,240 (1.9%) 145 185 6.4% Tom Tom EUR 3.80 1,084 1,283 0.9x 1.0x 6.0x 6.0x 10.1x 11.0x 1,363 1,289 (11.3%) 215 214 15.8% Pace USD 3.05 968 1,212 0.5x 0.5x 5.8x 5.2x 9.9x 8.7x 2,301 2,347 0.8% 208 234 9.0% Kudelski CHF 9.53 497 746 0.8x 0.8x 6.3x 5.5x 12.1x 10.0x 922 943 0.7% 118 136 12.8% Parrot EUR 28.50 465 344 0.9x 0.9x 6.2x 5.6x 13.0x 11.5x 365 396 11.5% 55 62 15.1% D-Link TWD 18.35 406 329 0.3x 0.3x 6.9x 5.7x 15.7x 10.7x 1,123 1,192 3.6% 48 58 4.3% Advanced Digital Broadcast USD 13.68 76 59 0.1x 0.1x 1.8x 1.4x 15.8x 9.1x 423 429 3.7% 33 42 7.7% Mean 1.2 x 1.1x 8 .6 x 7 .3 x 16 .9 x 13 .3 x 1,3 19 1,3 5 2 1.4 % 17 6 19 5 12 .6 % Median 0 .9 x 0 .9 x 6 .9 x 5 .7 x 15 .2 x 11.5 x 12 .8 % Enterprise / Data Networking Juniper Networks USD 19.67 10,206 8,059 1.9x 1.8x 9.7x 7.2x 24.5x 17.4x 4,353 4,601 1.7% 830 1,117 19.1% F5 Networks USD 97.15 7,704 7,172 5.0x 4.4x 12.5x 10.9x 21.4x 18.7x 1,425 1,632 16.2% 576 656 40.4% Riverbed Technology USD 19.72 3,150 2,617 3.1x 2.3x 10.3x 7.3x 19.0x 14.6x 836 1,142 25.2% 254 358 30.4% Polycom USD 10.46 1,837 1,253 0.9x 0.9x 5.9x 5.8x 15.0x 14.5x 1,409 1,451 (1.5%) 212 216 15.0% Acme Packet USD 22.12 1,492 1,128 4.1x 3.8x 19.1x 16.9x 46.5x 41.4x 272 300 (1.3%) 59 67 21.7% Allot Communications USD 17.40 588 444 4.1x 3.4x 19.2x 13.1x 28.8x 22.5x 109 132 30.1% 23 34 21.3% Procera Networks USD 18.55 368 235 3.8x 2.9x 24.1x 19.2x 38.3x 32.9x 62 82 36.2% 10 12 15.7% BATM Advanced CommunicationsUSD 0.27 109 72 0.7x 0.6x 20.1x 8.9x 30.1x 11.3x 109 119 (3.6%) 4 8 3.3% Mean 2 .9 x 2 .5 x 15 .1x 11.2 x 2 8 .0 x 2 1.7 x 1,0 7 2 1,18 2 5 .9 % 246 309 2 0 .9 % Median 3 .5 x 2 .6 x 15 .8 x 9 .9 x 2 6 .7 x 18 .0 x 2 0 .2 % Communication Software Nuance Communications USD 22.32 7,412 8,167 4.4x 3.6x 10.7x 8.7x 13.0x 11.6x 1,852 2,268 23.8% 764 934 41.2% Amdocs USD 33.99 5,609 4,691 1.4x 1.4x 7.1x 6.7x 12.1x 11.7x 3,274 3,389 3.0% 657 703 20.1% NeuStar Inc USD 41.93 2,896 3,216 3.9x 3.5x 8.0x 7.4x 14.2x 13.4x 832 908 21.0% 400 435 48.1% Monitise GBP 0.34 886 870 9.8x 6.0x NM NM NM NM 89 145 89.3% (16) (3) (17.9%) Synchronoss Technologies USD 21.09 838 729 2.7x 2.2x 8.8x 7.2x 19.9x 16.1x 271 331 19.8% 83 101 30.5% Opera Software ASA USD 5.66 693 631 2.9x 2.3x 10.9x 7.7x 24.7x 14.1x 215 277 31.5% 58 82 26.9% Gameloft SA EUR 5.30 566 510 1.9x 1.6x 12.0x 8.9x 26.4x 17.1x 268 310 21.1% 43 57 15.9% Access JPY 57300.00 288 (9) NM NM NM NM 13.4x 8.0x 150 156 (9.0%) 25 33 16.9% TeleCommunication Systems USD 2.47 143 254 0.5x 0.5x 5.1x 4.5x 8.1x 7.3x 484 481 6.4% 50 56 10.2% OnMobile Global Ltd INR 42.75 92 59 0.4x 0.4x 1.7x 1.7x 6.0x 7.3x 143 156 16.0% 34 35 23.8% Smith Micro Software Inc USD 1.50 54 27 0.6x 0.5x NM NM NM NM 45 58 0.4% (17) (6) ###### Mean 2 .9 x 2 .2 x 8 .0 x 6 .6 x 15 .3 x 11.8 x 693 771 12 .3 % 18 9 221 16 .1% Median 2 .3 x 1.9 x 8 .4 x 7 .3 x 13 .4 x 11.7 x 2 0 .1%

Source: Thomson Reuters, company filings, updated as of 31 December 2012 18 This report may not be reproduced, redistributed or passed to any other person or published in whole or in part for any purpose without the written consent of Piper Jaffray. © 2013 Piper Jaffray Ltd. All rights reserved. 3 - Communications Technology And Hardware

C - Public Market Trading Multiples (cont’d)

European Computing, Storage, Imaging and Payment Hardware Ingenico EUR 43.00 2,903 3,104 2.0x 1.9x 11.0x 9.8x 19.9x 17.1x 1,532 1,665 13.7% 283 317 18.5% Spirent Communications USD 2.44 1,591 1,356 2.7x 2.5x 9.8x 8.6x 18.3x 15.6x 504 551 2.1% 139 158 27.5% Wincor Nixdorf EUR 35.45 1,508 1,770 0.6x 0.6x 7.8x 7.1x 17.4x 13.7x 3,023 3,084 1.4% 228 251 7.5% Bull SA EUR 3.10 483 293 0.2x 0.2x 3.6x 3.2x 15.9x 11.5x 1,692 1,751 2.3% 81 92 4.8% Xyratex USD 8.41 228 124 0.1x 0.1x 3.4x 19.8x 11.3x NM 1,129 924 (19.5%) 37 6 3.3% Lacie EUR 4.39 205 108 0.3x NA 3.4x NA 8.6x NA 338 NA NA 31 NA 9.3% Mean 1.0 x 1.0 x 6 .5 x 9 .7 x 15 .2 x 14 .5 x 1,3 7 0 1,5 9 5 7 .8 % 13 3 16 5 11.8 % Median 0 .5 x 0 .6 x 5 .7 x 8 .6 x 16 .6 x 14 .6 x 8 .4 % European Semiconductor Device and IP Arm Holdings GBP 7.68 17,210 16,661 18.3x 15.9x 41.2x 33.5x 53.7x 43.1x 911 1,050 14.9% 404 497 44.4% Infineon Technologies EUR 6.13 8,879 6,244 1.3x 1.3x 5.8x 6.2x 18.5x 28.5x 4,935 4,805 (3.0%) 1,084 1,001 22.0% NXP Semiconductors USD 26.32 6,731 9,828 2.3x 2.1x 8.7x 7.2x 15.9x 10.4x 4,363 4,627 5.0% 1,132 1,366 26.0% Stmicroelectronics USD 6.90 6,285 5,920 0.7x 0.7x 38.1x 6.6x NM 43.6x 8,504 8,900 (3.9%) 155 890 1.8% Imagination Technologies GBP 3.95 1,712 1,633 6.9x 5.5x 22.8x 17.6x 33.9x 25.3x 237 295 24.4% 71 93 30.2% Austriamicrosystems EUR 81.12 1,562 1,549 3.1x 2.7x 9.9x 8.5x 14.5x 12.3x 501 577 27.6% 156 182 31.1% Dialog Semiconductor USD 17.09 1,226 956 1.3x 1.0x 8.6x 6.0x 21.6x 13.5x 746 915 31.7% 111 160 14.8% CSR USD 5.40 907 615 0.6x 0.7x 6.4x 5.4x 15.3x 14.4x 1,021 927 4.7% 96 114 9.4% Melexis EUR 12.88 669 662 2.1x 1.9x 7.4x 6.9x 10.9x 10.1x 320 340 7.1% 90 96 28.1% Nordic Semiconductor USD 2.53 414 386 2.9x 2.4x 13.8x 10.7x 22.3x 17.4x 135 160 7.3% 28 36 20.8% Wolfson Microelectronics USD 3.19 378 328 1.8x 1.5x 65.0x 14.3x NM 29.2x 179 218 18.0% 5 23 2.8% U-Blox Holding CHF 39.15 263 203 1.1x 1.0x 6.1x 5.2x 15.0x 13.4x 177 206 24.6% 33 39 18.8% Micronas Semiconductor CHF 8.29 262 83 0.5x 0.4x 2.0x 1.8x 13.2x 10.7x 179 193 6.9% 41 46 23.0% Mean 3 .3 x 2 .9 x 18 .1x 10 .0 x 2 1.3 x 2 0 .9 x 1,7 0 8 1,7 8 6 1.5 % 262 349 2 1.0 % Median 1.8 x 1.5 x 8 .7 x 6 .9 x 15 .9 x 14 .4 x 2 2 .0 % European Semiconductor Capital Equipment Asml Holding EUR 48.00 26,033 20,357 3.3x 3.0x 11.4x 10.8x 19.0x 17.8x 6,105 6,750 (3.6%) 1,785 1,893 29.2% ASM International EUR 27.16 2,530 2,649 1.4x 1.3x 12.7x 8.1x 48.7x 19.8x 1,831 1,984 (2.8%) 209 326 11.4% Aixtron EUR 8.88 1,170 901 3.2x 2.1x NM 21.4x NM 64.4x 286 438 (25.3%) (130) 42 (45.6%) Soitec -PAR EUR 2.59 407 444 1.2x 0.8x NM 39.4x NM NM 380 544 16.3% (57) 11 (15.0%) BE Semiconductor EUR 5.79 298 222 0.6x 0.6x 4.3x 3.6x 12.3x 8.0x 369 386 (4.1%) 52 62 14.0% Muehlbauer Holding EUR 20.10 162 149 0.5x 0.5x 4.6x 2.9x 14.1x 6.7x 308 316 7.4% 32 50 10.4% Mean 1.7 x 1.4 x 8 .3 x 14 .4 x 2 3 .5 x 2 3 .3 x 1,5 4 6 1,7 3 6 ##### 3 15 397 0 .7 % Median 1.3 x 1.1x 8 .0 x 9 .4 x 16 .5 x 17 .8 x 10 .9 % European Electronic Components and Supply Chain Gemalto EUR 68.00 7,925 7,550 2.7x 2.4x 16.2x 13.6x 24.6x 19.6x 2,842 3,125 9.8% 467 557 16.4% Electrocomponents GBP 2.38 1,713 1,983 1.0x 1.0x 8.9x 8.7x 14.5x 14.0x 2,017 2,059 1.1% 224 229 11.1% Huber & Suhner CHF 43.50 935 776 1.1x 1.0x 11.5x 8.6x 34.9x 22.2x 733 788 (1.2%) 68 90 9.2% Laird GBP 2.07 896 1,115 1.3x 1.2x 7.8x 7.1x 11.1x 9.8x 870 935 (0.6%) 143 158 16.4% Also Holdings CHF 45.75 626 620 0.1x 0.1x 5.9x 5.6x 15.2x 13.9x 6,460 6,532 (3.0%) 106 111 1.6% TT Electronics GBP 1.44 366 378 0.5x 0.4x 4.5x 4.1x 11.4x 10.5x 826 857 (5.3%) 83 92 10.1% Nolato SEK 78.50 282 264 0.5x 0.4x 3.9x 3.8x 9.6x 9.0x 580 599 14.9% 67 69 11.6% Smartrac EUR 10.60 270 343 1.1x 1.0x 8.5x 7.4x 13.9x 11.6x 306 336 24.8% 41 46 13.2% AT & S Austria Technologie EUR 7.87 262 591 0.9x 0.8x 4.7x 4.1x 9.7x 8.6x 673 723 5.3% 126 146 18.8% Esprinet EUR 3.37 227 305 0.1x 0.1x 6.0x 5.7x 8.7x 7.9x 2,549 2,548 (2.1%) 51 53 2.0% Mean 0 .9 x 0 .8 x 7 .8 x 6 .9 x 15 .4 x 12 .7 x 1,7 8 6 1,8 5 0 0 .7 % 13 7 15 5 11.0 % Median 0 .9 x 0 .9 x 6 .9 x 6 .4 x 12 .7 x 11.0 x 11.3 % Internet Infrastructure Equinix USD 206.20 12,138 13,748 7.2x 6.2x 15.5x 13.3x 89.6x 71.9x 1,898 2,220 17.5% 886 1,034 46.7% Rackspace Hosting USD 74.27 10,906 10,799 8.3x 6.6x 25.4x 20.6x NM 70.1x 1,303 1,642 26.6% 424 523 32.6% Telecity Group GBP 7.87 2,585 2,913 6.4x 5.5x 13.9x 11.4x 25.8x 21.1x 456 534 17.4% 209 255 45.8% Peer 1 Network Enterprises USD 3.89 530 635 4.2x 3.6x 16.6x 12.2x NM NM 150 177 19.9% 38 52 25.6% Iomart Group GBP 2.00 329 333 5.1x 4.3x 13.9x 11.0x 26.3x 21.4x 65 78 23.7% 24 30 36.5% Mean 6 .3 x 5 .2 x 17 .1x 13 .7 x 4 7 .2 x 4 6 .1x 774 930 2 0 .7 % 3 16 379 3 7 .4 % Median 6 .4 x 5 .5 x 15 .5 x 12 .2 x 2 6 .3 x 4 5 .7 x 3 6 .5 % Overall Mean 2 .2 x 1.9 x 11.4 x 9 .3 x 2 0 .0 x 18 .1x 15 .6 % Overall Median 1.3 x 1.2 x 8 .5 x 7 .4 x 15 .8 x 14 .0 x 14 .8 %

Source: Thomson Reuters, company filings, updated as of 31 December 2012 19 This report may not be reproduced, redistributed or passed to any other person or published in whole or in part for any purpose without the written consent of Piper Jaffray. © 2013 Piper Jaffray Ltd. All rights reserved. TECHNOLOGY, MEDIA &TELECOMMUNICATIONS MONITOR Market and Industry Update 4 - Equity Capital Markets and M&A Update

European Equity Offerings 2012

Offer Date Company Type of Issue Exchange Sector Amount ($MM) 21-Dec-2012 getgoods.de AG Follow-On Deutsche Borse Int. & DM 27 21-Dec-2012 Seamless Distribution AB Follow-On Stockholm Stock Exchange SW/IT 21 13-Dec-2012 QIWI Group IPO London Stock Exchange SW/IT 300 12-Dec-2012 Fusionex International Plc IPO Alternative Investment Market SW/IT 19 11-Dec-2012 Yandex NV Follow-On NASDAQ Int. & DM 107 06-Dec-2012 Digital Barriers PLC Follow-On Alternative Investment Market SW/IT 17 03-Dec-2012 Quindell Portfolio PLC Follow-On London Stock Exchange Int. & DM 27 03-Dec-2012 Monitise PLC Follow-On Alternative Investment Market SW/IT 161 16-Nov-2012 SmartGuy Group A/S Follow-On NASDAQ OMX Int. & DM 21 14-Nov-2012 Quindell Portfolio PLC Follow-On London Stock Exchange SW/IT 32 14-Nov-2012 Amadeus IT Holding SA Follow-On Madrid Stock Exchange SW/IT 391 02-Nov-2012 Quindell Portfolio PLC Follow-On London Stock Exchange Int. & DM 42 02-Nov-2012 GFI Software SA IPO New York Stock Exchange SW/IT 100 23-Oct-2012 Nokia Oyj Convertible Helsinki Stock Exchange CommTech 974 23-Oct-2012 Cybercom Group Europe AB Follow-On NASDAQ OMX SW/IT 11 22-Oct-2012 Earthport PLC Follow-On Alternative Investment Market SW/IT 12 12-Oct-2012 Myriad Group AG Follow-On Swiss Stock Exchange CommTech 11 04-Oct-2012 Fleetmatics Group PLC IPO New York Stock Exchange SW/IT 153 02-Aug-2012 Phorm Inc Follow-On Alternative Investment Market Int. & DM 11 03-Jul-2012 Toumaz Ltd Follow-On Alternative Investment Market CommTech 47 20-Jun-2012 Funcom NV Follow-On Oslo Stock Exchange Int. & DM 10 28-May-2012 ATM Systemy Informatyczne SA IPO Warsaw Stock Exchange SW/IT 231 07-May-2012 Eniro AB Follow-On Stockholm Stock Exchange Int. & DM 59 24-Apr-2012 Globo plc Follow-On Alternative Investment Market CommTech 16 16-Apr-2012 Zattikka plc IPO Alternative Investment Market Int. & DM 21 05-Apr-2012 Progressive Digital Media Group plc Follow-On Alternative Investment Market Int. & DM 32 08-Mar-2012 Wirecard AG Follow-On XETRA CommTech 184 08-Mar-2012 Dialog Semiconductor plc Convertible XETRA CommTech 185 08-Mar-2012 Cupid plc Follow-On Alternative Investment Market Int. & DM 34 20-Feb-2012 INSIDE Secure SA IPO Euronext CommTech 104 16-Feb-2012 Quindell Portfolio plc Follow-On Alternative Investment Market SW/IT 50 07-Feb-2012 Brady plc Follow-On Alternative Investment Market SW/IT 28 02-Feb-2012 AVG Technologies NV IPO New York Stock Exchange SW/IT 128 Number of Deals 33 Average Value ($MM) 108 Total Value ($MM) 3,565

Note: ECM transactions over $10 million where issuer is headquartered in Europe Source: CapitalIQ, company information, Thomson, company press releases 20 This report may not be reproduced, redistributed or passed to any other person or published in whole or in part for any purpose without the written consent of Piper Jaffray. © 2013 Piper Jaffray Ltd. All rights reserved. TECHNOLOGY, MEDIA &TELECOMMUNICATIONS MONITOR Market and Industry Update 4 - Equity Capital Markets and M&A Update

European M&A 2012

Date Announced Target Acquirer Sector Amount ($MM) 28-Dec-2012 Traficon NV FLIR Systems Inc SW/IT 46 27-Dec-2012 NewBay Software Ltd Synchronoss Technologies Inc CommTech 56 24-Dec-2012 Emesa BV Cyrte Investments BV SW/IT 125 20-Dec-2012 The Railway Engineering Co Ltd Hitachi Europe Ltd CommTech 42 19-Dec-2012 Yandex.Den'gi Sberbank Rossii SW/IT 60 30-Nov-2012 Contex A/S procuritas Capital Investor V SW/IT 42 28-Nov-2012 Invensys Rail Ltd Siemens AG SW/IT 2,790 23-Nov-2012 STH Ltd Claranet Ltd CommTech 88 21-Nov-2012 Northcliffe Media Ltd Local World Ltd Int. & DM 84 19-Nov-2012 AuthenTec Inc-Embedded Inside Secure SA SW/IT 47 19-Nov-2012 AltoStor WANdisco PLC SW/IT 368 14-Nov-2012 Tikit Group PLC BT Group PLC SW/IT 97 08-Nov-2012 Advanced Inflight Alliance AG Global Eagle Acquisition Corp Int. & DM 142 06-Nov-2012 Immoweb SA Axel Springer Classfields GmbH Int. & DM 163 05-Nov-2012 MIPS Technologies Inc Imagination Tech Grp PLC CommTech 100 29-Oct-2012 itelligence AG NTT Data Europe GmbH & Co KG SW/IT 44 26-Oct-2012 Xing AG Burda Digital GmbH CommTech 66 24-Oct-2012 Qype GmbH Yelp Inc Int. & DM 50 18-Oct-2012 Epsilon Holding AB AF AB SW/IT 432 15-Oct-2012 Sesa SpA Made in Italy 1 SW/IT 41 09-Oct-2012 Tampnet AS EQT InfrastruCommTechure Fund CommTech 262 01-Oct-2012 Investis Ltd Gresham Private Equity Int. & DM 40 01-Oct-2012 Heiler Software AG Informatica Deutschland AG SW/IT 108 20-Sep-2012 LBI International NV Publicis Groupe SA CommTech 582 18-Sep-2012 vwd Vereinigte Wirtschaftsdienste AG Vienna GmbH Int. & DM 75 18-Sep-2012 Image Recognition Integrated Systems Group SA Canon Inc SW/IT 88 12-Sep-2012 jobs.ch AG Tamedia AG; Ringier Holding AG Int. & DM 416 10-Sep-2012 Lodstone Management Consultants AG Infosys Ltd SW/IT 350 06-Sep-2012 Metrico Wireless Inc Spirent Communications plc CommTech 52 16-Aug-2012 Fintrax Group Holdings Ltd Exponent Private Equity CommTech 210 13-Aug-2012 UC4 Software GmbH EQT Partners AB SW/IT 271 09-Aug-2012 Matrix SpA Libero Srl Int. & DM 109 08-Aug-2012 Hamilton Safe Co Gunnebo AB CommTech 65 07-Aug-2012 BigWorld Pty Ltd Wargaming Public Co Ltd SW/IT 45 02-Aug-2012 Starhome BV Fortissimo Capital CommTech 80 01-Aug-2012 Visualization Sciences Group SAS FEI Co CommTech 55 20-Jul-2012 CrossControl AB Actuant Corp CommTech 40 17-Jul-2012 CSR plc, Mobile Technology Business Samsung Electronics Co Ltd CommTech 310 03-Jul-2012 MACH sarl Syniverse Technologies Inc CommTech 694 03-Jul-2012 Frontier Silicon Ltd Toumaz Ltd CommTech 51 29-Jun-2012 NTO IRE Polyus IPG Photonics Corp CommTech 55 29-Jun-2012 Elster Group SE Melrose plc CommTech 2,785 28-Jun-2012 paysafecard.com Wertkarten AG Skrill Holdings Ltd Int. & DM 175 20-Jun-2012 Folhmatic Tecnologia em Sistemas Ltda Sage Group plc SW/IT 197 19-Jun-2012 Kewill plc Francisco Partners SW/IT 136 18-Jun-2012 Sagemcom, M2M Business Sierra Wireless Inc CommTech 57 15-Jun-2012 Psion plc Motorola Solutions Inc CommTech 159 11-Jun-2012 Paradigm BV Apax Partners; JMI Equity Partners SW/IT 1,000 08-Jun-2012 Allproperty Media Pte Ltd ImmobilienScout GmbH Int. & DM 47 04-Jun-2012 Grupa Onet SA Ringier Axel Springer Media AG Int. & DM 272 02-Jun-2012 Ratioform Holding GmbH Takkt AG Int. & DM 261 Note: M&A transactions over $40 million where either party is headquartered in Europe Source: CapitalIQ, company information, Thomson, company press releases 21 This report may not be reproduced, redistributed or passed to any other person or published in whole or in part for any purpose without the written consent of Piper Jaffray. © 2013 Piper Jaffray Ltd. All rights reserved. TECHNOLOGY, MEDIA &TELECOMMUNICATIONS MONITOR Market and Industry Update 4 - Equity Capital Markets and M&A Update

European M&A 2012 (Cont’d)

Date Announced Target Acquirer Sector Amount ($MM) 01-Jun-2012 Advanced Inflight Alliance AG PAR Capital Management Int. & DM 82 01-Jun-2012 Gyron Int. & DM Ltd NTT Communications Corp SW/IT 63 01-Jun-2012 Moneysupermarket.com Group plc MoneySavingExpert.com Ltd Int. & DM 134 30-May-2012 Logica plc CGI Group Inc SW/IT 2,459 29-May-2012 Esterel Technologies SA Ansys Inc SW/IT 53 28-May-2012 FCI SA, Motorised Vehicles Division Delphi Automotive plc CommTech 960 23-May-2012 LaCie SA Seagate Technology plc CommTech 185 22-May-2012 Ariba Inc SAP AG SW/IT 4,310 21-May-2012 BigHand Ltd Bridgepoint Development Capital SW/IT 77 16-May-2012 RunningBall Holding AG Perform Group plc Int. & DM 155 16-May-2012 Certiport Inc Pearson plc SW/IT 140 14-May-2012 Buongiorno SpA NTT DOCOMO Inc CommTech 350 13-May-2012 The Leisure Pass Group Ltd Primary Capital Ltd Int. & DM 56 10-May-2012 XtremIO Ltd EMC Corp CommTech 430 07-May-2012 LeGuide.com SA Lagardere SCA Int. & DM 72 07-May-2012 TRAEN A/S Formpipe Software AB SW/IT 44 26-Apr-2012 Torex Retail Holdings Ltd Micros Systems Inc SW/IT 263 26-Apr-2012 Gemcom Software International Inc Dassault Systemes SA SW/IT 360 23-Apr-2012 Transics International NV Tavares NV CommTech 53 20-Apr-2012 MU Dynamics Inc Spirent Communications plc SW/IT 40 16-Apr-2012 Objet Ltd Stratasys Inc CommTech 1,400 10-Apr-2012 Thrane & Thrane A/S Cobham plc CommTech 381 04-Apr-2012 Totaljobs Group Ltd Axel Springer AG Int. & DM 175 03-Apr-2012 Augusta Technologie AG TKH Group NV CommTech 128 02-Apr-2012 CT-Concept Technologie AG Power Integrations Inc CommTech 116 30-Mar-2012 Int. & DMstores AG EQT Partners AB Int. & DM 40 26-Mar-2012 Clairmail Inc Monitise plc CommTech 173 15-Mar-2012 NDS Group Ltd Cisco Systems Inc CommTech 5,000 15-Mar-2012 Radvision Ltd Avaya Inc CommTech 230 12-Mar-2012 Redefine Sp zoo Cyfrowy Polsat SA Int. & DM 48 06-Mar-2012 Axel Springer Digital Classifieds GmbH General Atlantic Int. & DM 314 22-Feb-2012 Roundarch Inc Aegis Group plc SW/IT 360 22-Feb-2012 Sygnity SA Asseco Poland SA SW/IT 74 20-Feb-2012 Misys plc Vista Equity Partners SW/IT 2,141 16-Feb-2012 Mobile Theory Inc Opera Software ASA CommTech 50 15-Feb-2012 Kiala SA/ NV United Parcel Delivery Service Inc Int. & DM N/A 13-Feb-2012 AmerCable Inc Nexans SA CommTech 275 08-Feb-2012 Aptara Inc IEnergizer Ltd SW/IT 150 01-Feb-2012 GlobeOp Financial Services SA TPG Capital SW/IT 800 26-Jan-2012 Pixelpark AG Publicis Groupe SA Int. & DM 63 23-Jan-2012 Autologic Diagnostics Ltd ISIS Equity Partners SW/IT 72 13-Jan-2012 Buckaroo BV Intrum Justitia AB Int. & DM 51 12-Jan-2012 Aspiro AB Schibsted ASA Int. & DM 40 12-Jan-2012 Anobit Technologies Ltd Apple Inc CommTech 390 09-Jan-2012 CSL DualCom Ltd Bowmark Capital CommTech 49 05-Jan-2012 Miyowa SA Synchronoss Technologies Inc CommTech 59 05-Jan-2012 PicoChip Ltd Mindspeed Technologies Inc CommTech 77 Number of Deals 97 Average Value ($MM) 380 Total Value ($MM) 36,868

Note: M&A transactions over $40 million where either party is headquartered in Europe Source: CapitalIQ, company information, Thomson, company press releases 22 This report may not be reproduced, redistributed or passed to any other person or published in whole or in part for any purpose without the written consent of Piper Jaffray. © 2013 Piper Jaffray Ltd. All rights reserved. TECHNOLOGY, MEDIA &TELECOMMUNICATIONS MONITOR Market and Industry Update 4 - Equity Capital Markets and M&A Update

European Private Placements 2012

Date Announced Target Investor(s) Sector Amount ($MM)

24-Dec-2012 Hailo Network Limited Union Square Ventures SW/IT 30 20-Dec-2012 Avito.ru Undisclosed new investor Int. & DM 50 12-Dec-2012 Trustpilot A/S Index Ventures Int. & DM 13 Northzone Ventures SEED Capital Denmark 11-Dec-2012 Evertale ApS Undisclosed CommTech 40 05-Dec-2012 ObjectWay S.p.A. Futurimpresa SGR SW/IT 13 05-Dec-2012 CloudPay Solutions Limited Rho Capital Partners, Inc. SW/IT 16 Pinnacle Investment Partners, LP Raymond James & Associates, Inc 03-Dec-2012 DocPlanner Point Nine Capital Int. & DM 10 Piton Capital RTAventures VC sp. z o.o. 21-Nov-2012 Local World Limited Trinity Mirror plc Int. & DM 23 08-Nov-2012 Elasticsearch NL Benchmark Capital Int. & DM 10 Data Collective 07-Nov-2012 MediaSift Ltd. Scale Venture Partners Int. & DM 15 GRP Partners Northgate Capital Group, L.L.C. IA Ventures Daher Capital 06-Nov-2012 Trademob GmbH Kennet Partners Limited SW/IT 15 High-Tech Gründerfonds Management GmbH Tengelmann Ventures GmbH 05-Nov-2012 Tattile srl Ambienta SGR S.p.A. SW/IT 19 02-Nov-2012 Neo Technology AB Conor Venture Partners Oy Sunstone SW/IT 11 Capital A/S Fidelity Growth Partners Europe 18-Oct-2012 7digital Limited Undisclosed (two public technology Int. & DM 10 companies) 17-Oct-2012 Netbiscuits GmbH Stripes Group SW/IT 27 T-Venture Holding GmbH CREATHOR VENTURE Management GmbH

09-Oct-2012 HouseTrip SA Accel Management Co, Inc Int. & DM 40 Index Ventures Balderton Capital 06-Oct-2012 Deezer.com Access Industries, Inc. Int. & DM 131 IDInvest Partners

02-Oct-2012 Jolla Ltd. Private Investors CommTech 13 01-Oct-2012 Definiens AG Gilde Healthcare Partners B.V. SW/IT 13 TVM Capital GmbH Cipio Partners GmbH

27-Sep-2012 Mimecast Ltd Insight Venture Partners SW/IT 62 Dawn Capital

Note: Private placement transactions over $10 million where the company is headquartered in Europe Source: CapitalIQ, company information, Thomson, company press releases 23 This report may not be reproduced, redistributed or passed to any other person or published in whole or in part for any purpose without the written consent of Piper Jaffray. © 2013 Piper Jaffray Ltd. All rights reserved. TECHNOLOGY, MEDIA &TELECOMMUNICATIONS MONITOR Market and Industry Update 4 - Equity Capital Markets and M&A Update

European Private Placements 2012 (Cont’d)

Date Announced Target Investor(s) Sector Amount ($MM)

17-Sep-2012 Yemeksepeti.com General Atlantic Int. & DM 44 Endeavor Catalyst 11-Sep-2012 SkyDox Ltd Business Growth Fund SW/IT 32 Scottish Equity Partners 10-Sep-2012 Wireless Energy Management Systems WHEB Venture Partners CommTech 21 International Ltd Hermes GPE 10-Sep-2012 OOO ivi.ru Baring Vostok Capital Partners Int. & DM 40 Frontier Ventures Prof-Media Management ruNet Holdings Tiger Global Management 06-Sep-2012 Nujira Ltd Amadeus Capital Partners CommTech 12 Climate Change Capital Asset Management Environmental Technologies Fund New Energy Solutions Management ApS SAM Private Equity 05-Sep-2012 SigFox Wireless SAS Intel Capital CommTech 13 Elaia Partners iXO Private Equity Partech International 03-Sep-2012 Lamoda JP Morgan Int. & DM 80 27-Aug-2012 Delivery Hero Holding GmbH Kite Ventures Int. & DM 50 Kreos Capital 23-Aug-2012 MAPPER Lithography BV RUSNANO CommTech 100 ADP Industries DEMCON Twente BV Hoving & Partners Parcom Capital Technolution BV 23-Aug-2012 SumUp GmbH b-to-v Partners CommTech 20 Klaus Hommels Shortcut Ventures Tengelmann Ventures 15-Aug-2012 Ubiquisys Ltd 5CCG/Sallfort Privatbank AG CommTech 19 Accel Partners Advent Venture Partners Atlas Venture Nissay Capital NTT Docomo Inc Yasuda 09-Aug-2012 CCP hf Institutional Investors Int. & DM 20 02-Aug-2012 OpenGamma Ltd ICAP plc SW/IT 15 Accel Partners Eculid Opportunities Fund FirstMark Capital 02-Aug-2012 SeoPult.ru iTech Capital Int. & DM 10 26-Jul-2012 Six Degrees Technology Group Ltd Penta Capital SW/IT 13

Note: Private placement transactions over $10 million where the company is headquartered in Europe Source: CapitalIQ, company information, Thomson, company press releases 24 This report may not be reproduced, redistributed or passed to any other person or published in whole or in part for any purpose without the written consent of Piper Jaffray. © 2013 Piper Jaffray Ltd. All rights reserved. TECHNOLOGY, MEDIA &TELECOMMUNICATIONS MONITOR Market and Industry Update 4 - Equity Capital Markets and M&A Update

European Private Placements 2012 (Cont’d)

Date Announced Target Investor(s) Sector Amount ($MM)

20-Jul-2012 Carpooling.com GmbH Daimler AG Int. & DM 10 13-Jul-2012 mysportgroup GmbH Cipio Partners Int. & DM 17 Nauta Capital Grazia Equity IBB Beteiligungsgesellschaft XAnge Private Equity 09-Jul-2012 Sportradar AG EQT Partners Int. & DM 54 26-Jun-2012 Taboola.com Ltd Marker LLC CommTech 10 Evergreen Venture Partners WGI Group 21-Jun-2012 NaturalMotion Ltd Benchmark Capital SW/IT 11 21-Jun-2012 KupiVIP Intel Capital Int. & DM 38 Accel Partners Acton Capital Partners Balderton Capital European Bank of Reconstruction 20-Jun-2012 Power Plus Communications AG Climate Change Capital CommTech 15 GB Gas Holdings Ltd Siemens Corporate Finance 19-Jun-2012 Lifealike Ltd Canaan Partners Int. & DM 12 Index Ventures PROFounders Capital 18-Jun-2012 Flatfrog Laboratories AB Intel Capital CommTech 25 Sunstone Capital The Invus Group 15-Jun-2012 doo.net Target Partners SW/IT 10 DuMont Venture e42 Ventures 14-Jun-2012 iZettle AB Greylock Partners CommTech 31 Northzone Ventures Creandum Index Ventures MasterCard Inc SEB Private Equity 13-Jun-2012 Openet Telecom Ltd NS Solutions CommTech 21 Balderton Capital Cross Atlantic Kreos Capital 12-Jun-2012 yd. yourdelivery GmbH Macquarie Capital Group Int. & DM 20 Deutsche Investitions-und Entwicklungsgesellschaft mbH DuMont Venture Holding Moraún Investments SA Mountain Super Angel BCM Bruker Capital Management Rheingau Ventures

Note: Private placement transactions over $10 million where the company is headquartered in Europe Source: CapitalIQ, company information, Thomson, company press releases 25 This report may not be reproduced, redistributed or passed to any other person or published in whole or in part for any purpose without the written consent of Piper Jaffray. © 2013 Piper Jaffray Ltd. All rights reserved. TECHNOLOGY, MEDIA &TELECOMMUNICATIONS MONITOR Market and Industry Update 4 - Equity Capital Markets and M&A Update

European Private Placements 2012 (Cont’d)

Date Announced Target Investor(s) Sector Amount ($MM)

08-Jun-2012 Westwing Home & Living GmbH Summit Partners Int. & DM 50 Access Industries Inc Holtzbrinck Ventures Gmbh Investment AB Kinnevik Rocket Internet GmbH 31-May-2012 Iglu.com Ltd Growth Capital Partners Int. & DM 30 24-May-2012 Huddle Jafco Ventures SW/IT 24 DAG Ventures Eden Ventures Matrix Partners 18-May-2012 Notonthehighstreet Enterprises Ltd Fidelity Growth Partners Int. & DM 16 Greylock Partners Index Ventures 13-May-2012 Livebookings Ltd Balderton Capital Int. & DM 24 Ekstranda Wellington Partners 10-May-2012 MedicAnimal Ltd Balderton Capital Int. & DM 16 Iris Capital 03-May-2012 Fiverr International Ltd Accel Partners Int. & DM 15 Bessemer Venture Partners 02-May-2012 Avito.ru Accel Partners Int. & DM 75 Baring Vostok Capital Partners Investment AB Kinnevik Northzone Ventures 30-Apr-2012 La Fourchette SA Partech International Int. & DM 11 Serena Capital 29-Apr-2012 Just-Eat Ltd Vitruvian Partners Int. & DM 64 Greylock Partners Index Ventures Redpoint Ventures 25-Apr-2012 P2i Ltd Ombu Ltd CommTech 19 23-Apr-2012 IJM Enterprises Ltd Augmentum Capital Int. & DM 12 Dawn Capital 19-Apr-2012 mySupermarket Ltd WPP plc Int. & DM 10 Greylock Partners Pitango Venture Capital 12-Apr-2012 Viadeo SA Allianz Specialized Investments Int. & DM 32 Fonds Stratégique d'Investissement IDInvest Partners Jefferies Group Ventech 10-Apr-2012 Sefaira Braemar Energy Ventures SW/IT 11 Hermes GPE SET Venture Partners 03-Apr-2012 AppchiMedia Ltd Accel Partners Int. & DM 14 Entrée Capital Founder Collective

Note: Private placement transactions over $10 million where the company is headquartered in Europe Source: CapitalIQ, company information, Thomson, company press releases 26 This report may not be reproduced, redistributed or passed to any other person or published in whole or in part for any purpose without the written consent of Piper Jaffray. © 2013 Piper Jaffray Ltd. All rights reserved. TECHNOLOGY, MEDIA &TELECOMMUNICATIONS MONITOR Market and Industry Update 4 - Equity Capital Markets and M&A Update

European Private Placements 2012 (Cont’d)

Date Announced Target Investor(s) Sector Amount ($MM)

02-Apr-2012 Delivery Hero Holding GmbH Holtzbrinck Ventures Int. & DM 33 Kite Ventures ru-Net Ventures Team Europe Ventures Tengelmann Ventures 01-Apr-2012 Funding Circle Ltd Index Ventures Int. & DM 16 Union Square Ventures 29-Mar-2012 Hailo Network Ltd Accel Partners SW/IT 17 Atomico Ventures Wellington Partners 20-Mar-2012 MyThings Ltd Iris Capital Int. & DM 15 Accel Partners Carmel Ventures GP Bullhound T-Venture Holding 15-Mar-2012 Shoptime.ru KupiVIP Int. & DM 50 15-Mar-2012 Tobii Technology AB Intel Capital CommTech 21 13-Mar-2012 eToro Spark Capital Int. & DM 15 BRM 08-Mar-2012 Songkick.com Sequoia Capital Int. & DM 10 27-Feb-2012 Vaultive Ltd 406 Ventures SW/IT 10 Harmony Partners New Science Ventures 13-Feb-2012 SHAPE Services GmbH Finam Capital Partners CommTech 10 13-Feb-2012 Oktogo.ru CJSC VTB Capital Int. & DM 10 13-Feb-2012 Secret Sales Ltd Doughty Hanson Int. & DM 10 Partech - OCP Innovation Fund Pentech Ventures 09-Feb-2012 Nivio AEC Partners CommTech 21 Videocon 02-Feb-2012 Stylistpick Ltd Fidelity Growth Partners Int. & DM 11 Accel Partners Index Ventures 01-Feb-2012 VideoPlaza AB Qualcomm Ventures Int. & DM 12 Innovacom 24-Jan-2012 Onavo Mobile Ltd Horizons Ventures CommTech 10 Magma Venture Partners Motorola Mobility Ventures Sequoia Capital 23-Jan-2012 Intelligent Apps GmbH Daimler AG CommTech 13 16-Jan-2012 BlablaCar Ltd Accel Partners Int. & DM 10 Cabiedes & Partners ISAI 15-Jan-2012 Farfetch.com Ltd Index Ventures Int. & DM 18 Advent Venture Partners eVenture Capital Partners

Note: Private placement transactions over $10 million where the company is headquartered in Europe Source: CapitalIQ, company information, Thomson, company press releases 27 This report may not be reproduced, redistributed or passed to any other person or published in whole or in part for any purpose without the written consent of Piper Jaffray. © 2013 Piper Jaffray Ltd. All rights reserved. TECHNOLOGY, MEDIA &TELECOMMUNICATIONS MONITOR Market and Industry Update 4 - Equity Capital Markets and M&A Update

European Private Placements 2012 (Cont’d)

Date Announced Target Investor(s) Sector Amount ($MM)

12-Jan-2012 Neolane SA Battery Ventures SW/IT 27 Auriga Partners Xange 10-Jan-2012 Takeaway.com BV Prime Ventures Int. & DM 17 05-Jan-2012 Maxymiser Ltd Investor Growth Capital SW/IT 12 Pentech Ventures 04-Jan-2012 Unruly Media Ltd Amadeus Capital Partners Int. & DM 25 Van den Ende & Deitmers UK Business Growth Fund 02-Jan-2012 SoundCloud Ltd Kleiner, Perkins, Caufield & Byers Int. & DM 50

Number of Deals 88 Average Value ($MM) 25 Total Value ($MM) 2,188

Note: Private placement transactions over $10 million where the company is headquartered in Europe Source: CapitalIQ, company information, Thomson, company press releases 28 This report may not be reproduced, redistributed or passed to any other person or published in whole or in part for any purpose without the written consent of Piper Jaffray. © 2013 Piper Jaffray Ltd. All rights reserved. TECHNOLOGY, MEDIA &TELECOMMUNICATIONS MONITOR Market and Industry Update Disclaimer

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