European Technology Update 16 March 2012

Member FINRA/SIPC

Thierry Monjauze Managing Director 63 Brook Street London W1K 4HS United Kingdom Phone: +44 20 7518 8900 [email protected]

Francois Morin Director 63 Brook Street London W1K 4HS United Kingdom Phone: +44 20 7518 8900 [email protected]

This report has been prepared by Harris Williams & Co. Ltd a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, which is authorised and www.harriswilliams.com regulated by the Financial Services Authority (FRN #540892). Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business in the U.S. and Europe, respectively. Recent Developments

Company ƒ Quest , the developer of enterprise systems management software, agreed to be acquired by Insight Specific Ventures Partners for approximately $2 billion News ƒ Ahold acquired bol.com, one of the most visited retail websites in the Netherlands, for €350 million ƒ SingTel acquired Amobee, the US-based provider of mobile advertising solutions, for $321 million ƒ PLATO Learning acquired Archipelago Learning, a provider of SaaS-based education products, for approximately $291 million ƒ General Atlantic invested €237 million for a 30% stake in Axel Springer Digital Classifieds, a business managing Axel Springer's French and German real estate and job portal ƒ Sopra Group acquired a majority stake in Callatay & Wouters, the Belgium-based company offering a portfolio of IT solutions for retail, private and corporate banking, for an estimated consideration of €100 million ƒ F5 Networks acquired Traffix Syystems, the -based ppgrovider of next generation networks and diameter solutions for the telecommunication industry, for $130 million ƒ Aegis Group acquired Roundarch, the US digital agency, for $125 million ƒ Asseco agreed to acquire Sygnity, a Poland-based provider of IT solutions, consultancy services and software for the banking and financial sector, for $88 million ƒ Green Dot Corporation acquired Loopt, a developer of mobile location-based services, for $43 million ƒ Opera Software acquired Mobile Theory, a leading premium mobile advertising network focused on the US mobile advertising market, for $40 million ƒ Livi ngS oci al acquidired JOitJump On it, the A us trali a-based on line d ail y di scount ed d eal company, f or $40 milli on ƒ Yammer, the leading provider of enterprise social networks, received an $85 million funding from DFJ Growth ƒ German music streaming service Simfy raised €30 million from various investors ƒ Pulsant, a UK-based managed hosting and cloud services provider, raised a £24 million funding from Bridgepoint ƒ Fluid, the digital commerce and SaaS-based software agency, received a $24 million growth equity investment from Asset Management ƒ Yelp shares surged 64% on their first day of trading to $24.58, having priced at $15 a share ƒ Online video service Brightcove’s share price closed at $14.30 after its first day of trading, up 30% from the company’s original price of $11 per share ƒ EPAM systems shares closed at $14 a share at the end of its first day of trading on the NYSE, up 16.7% from its public offering price of $12

Industry ƒ iPad had a 62% share of the overall tablet market in 2011 , with Samsung as the next closest competitor at 9% , Trends according to iSuppli ƒ Juniper Research forecasts that NFC will facilitate $74 billion worth of transactions globally by 2015 ƒ Twitter's user growth is expected to drop from 32% in 2011 to 21% in 2012 and to 14% in 2014 and Facebook's growth is expected to drop from 13% in 2011 to 7% in 2012 and 4% in 2014, according to eMarketer ƒ Global PC shipments for 2012 will increase by 4.4% y-o-y to 368 million units, according to Gartner ƒ Gartner estimates that mobile applications will influence $15.9 billion of end-user spending in 2012 ƒ Ad revenues by social networks worldwide are projected to climb from $5.2 billion in 2011 to $11.87 billion in 2014, with Facebook continuing to dominate, according to eMarketer ƒ Cloud content services will be integrated into 90% of the world's connected consumer devices before the end of 2013, according to research firm Gartner ƒ Gaming firms recorded £2 billion in VC backing in 2011, doubling investment value across 152 deals y-o-y, according to Digi-Capital ƒ US e-book revenues grew 117% last year to $969 million, according to the Association of American Publishers ƒ Digital music accounted for over a third of the UK music sales, amounting to £281.6 million, according to BPI

Source: Various industry news outlets. 1 Public Market Trading Statistics

Stock Last 30 Days

Performance 10%

4.5% 5% 2.3% 2.1% 1.9% 0% 1.8%

(()5%) 09 Feb 14 Feb 19 Feb 24 Feb 29 Feb 05 Mar

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

Last Twelve Months

20% 15% 10% 5% 10.6% 0% (1.5% ) (5%) (5.4% ) (10%) (5.7% ) (15%) (12.0%) (20%) (25%) (30%) (35%) (40%) (45%) Mar 2011 Jun 2011 Sep 2011 Dec 2011 Mar 2012

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

Sources: Capital IQ, 9 March 2012; Brokers’ reports. Comparable CY2012E EV / Revenue EV / EBITDA P / E Trading EBITDA Margin Growth CY2012E CY2013E CY2012E CY2013E CY2012E CY2013E

Summary Software and IT Services Enterprise Applications 15.0% 11.1% 2.7x 2.3x 11.6x 8.8x 13.8x 11.8x European Large Cap Software 31.2% 57%5.7% 31x3.1x 29x2.9x 10.1x 92x9.2x 16.7x 14.9x Financial Software 22.6% 4.1% 2.1x 2.0x 8.7x 7.9x 16.9x 14.5x Healthcare Software 23.1% 7.9% 2.2x 2.0x 8.7x 7.9x 21.1x 14.5x Large Cap IT Services 13.1% 9.2% 0.9x 0.8x 6.4x 5.9x 12.9x 11.4x Mid Cap IT Services 10.7% 3.6% 0.6x 0.6x 5.8x 5.3x 9.7x 8.6x Offshore IT Services 20.7% 21.2% 2.3x 2.0x 10.5x 9.5x 16.0x 14.3x Security Software 36.6% 6.6% 3.5x 3.2x 8.6x 7.7x 16.3x 14.4x

Communications Digital Broadband 11.6% (2.1%) 0.5x 0.5x 4.2x 3.7x 10.7x 8.9x Diversified Communication Equipment 12.0% 32%3.2% 10x1.0x 09x0.9x 77x7.7x 58x5.8x 22.6x 12.6x Mobile Content / Solutions Providers 19.2% 4.8% 1.4x 1.2x 7.1x 6.0x 19.7x 16.4x Mobile Infrastructure Software 14.1% 6.2% 2.2x 2.2x 11.9x 11.5x 18.2x 20.2x

Internet and Digital Media Chinese Internet Leaders 23.0% 33.9% 4.4x 3.4x 11.3x 12.1x 18.2x 16.6x Online Classifieds 41.8% 12.5% 5.6x 5.0x 12.9x 12.4x 20.4x 16.1x Content Providers / Communities 19.7% 37.6% 3.1x 2.4x 9.3x 7.5x 24.2x 18.7x Ecommerce 17.7% 23.0% 3.0x 2.4x 17.4x 11.8x 30.0x 25.5x Global Internet Leaders 35.8% 32.8% 4.7x 3.8x 14.2x 11.0x 18.5x 14.9x IiEiInteractive Entertainment 18.3% 13.4% 202.0x 161.6x 15.2 x 616.1x 16.6 x 15.4 x Intermediation and Comparison 16.4% 24.1% 3.8x 3.0x 15.3x 11.1x 25.7x 28.3x Online Gambling 27.0% 15.3% 2.0x 1.8x 6.8x 6.3x 13.0x 9.8x Online Marketing 17.4% 15.1% 1.7x 1.5x 9.1x 8.1x 16.1x 16.1x Online Travel 28.0% 13.1% 2.9x 2.5x 10.2x 8.1x 17.5x 13.4x 2 Software and IT Services

Last 30 Days Performance

Large Cap IT Services 6.8% Healthcare Software 27%2.7% Financial Software 2.4% 10% Mid Cap IT Services 2.2% European Large Cap Software 1.8% Offshore IT Services 1.3% Enterprise Applications 0.5% Security Software (1.1% )

5%

0%

(5%) 08 Feb 14 Feb 20 Feb 26 Feb 03 Mar 09 Mar

European Large Cap Software Fina ncia l Softwa re Enterprise Applications Healthcare Softwa re Security Software Large Cap IT Services Mid Cap IT Services Offshore IT Services

Last Twelve Months Performance

European Large Cap Software 7.0% Security Software 5.4% Healthcare Software 4.0% Offshore IT Services (7.2% ) 20% Financial Software (7.4% ) Large Cap IT Services (8.1% ) Enterprise Applications (19.8%) Mid Cap IT Services (20.2% ) 10%

0%

(10%)

(20%)

(30%)

(40%) Mar 2011 Jun 2011 Sep 2011 Dec 2011 Mar 2012 European Large Cap Software Financial Software Enterprise Applications Healthcare Software Security Software Large Cap IT Services Mid Cap IT Services Offshore IT Services

Source: Capital IQ, 9 March 2012. 3 Software and IT Services (Continued)

Market Enterprise CY2012E EV / Revenue EV / EBITDA P / E Cap ($m) Value ($m) EBITDA Margin Growth CY2012E CY2013E CY2012E CY2013E CY2012E CY2013E

European Large Cap Software SAP 82,161 80,166 35.1% 11.1% 3.9x 3.5x 11.0x 9.9x 16.9x 15.2x DlSDassault Systemes 10, 105 8, 653 32.1% 10. 3% 343.4x 323.2x 10. 6x 959.5x 19. 6x 17. 7x Sage 6,071 6,089 28.9% 3.6% 2.8x 2.7x 9.7x 9.2x 14.3x 13.1x Software AG 3,173 3,362 28.0% (0.2%) 2.3x 2.2x 8.2x 7.5x 12.8x 11.5x Aveva 1,803 1,557 33.9% 11.2% 4.8x 4.3x 14.1x 12.3x 23.3x 19.9x Misys 1,712 1,945 25.1% 11.4% 2.8x 2.6x 11.0x 10.1x 16.6x 14.2x Micro Focus 1,166 1,136 40.0% (0.1%) 2.6x 2.6x 6.6x 6.5x 14.2x 13.8x Temenos 1,157 1,257 26.6% (1.3%) 2.6x 2.4x 9.9x 8.4x 15.8x 13.7x Mean 31.2% 5.7% 3.1x 2.9x 10.1x 9.2x 16.7x 14.9x Median 30.5% 6.9% 2.8x 2.7x 10.2x 9.4x 16.2x 14.0x

Financial Software Intuit 17,155 17,195 37.6% 8.6% 3.9x 3.6x 10.4x 9.4x 19.2x 16.8x Misys 1,712 1,945 25.1% 11.4% 2.8x 2.6x 11.0x 10.1x 16.6x 14.2x Temenos 1,157 1,257 26.6% (1.3%) 2.6x 2.4x 9.9x 8.4x 15.8x 13.7x Fidessa 920 810 20.6% 3.2% 1.8x 1.7x 8.6x 8.1x 18.8x 17.8x SimCorp 751 689 25.2% 6.1% 2.6x 2.3x 10.1x 9.0x 16.2x 14.0x Innovation 294 247 13.1% 12.4% 0.8x 0.7x 5.9x 5.1x 16.5x 13.9x ORC 290 264 24.1% (3.4%) 2.0x 1.8x 8.2x 6.9x 24.8x 16.9x Microgen 185 143 13.2% 1.2% 2.4x 2.3x 8.7x 7.9x 15.2x 14.8x Linedata 157 158 21.2% 6.4% 0.8x 0.8x 3.8x 3.7x 8.8x 8.0x StatPro 84 92 19.2% (3.2%) 1.9x 1.9x 10.1x 10.0x 16.6x 14.9x Mean 22.6% 4.1% 2.1x 2.0x 8.7x 7.9x 16.9x 14.5x Median 22.6% 4.7% 2.2x 2.1x 9.3x 8.3x 16.6x 14.5x

Enterprise Applications Jive Software 1,467 1,300 (17.4%) 46.4% 11.7x 8.6x NM NM NM NM SDL 882 773 17.4% 18.6% 1.8x 1.7x 10.5x 9.3x 17.9x 16.0x Unit 4 809 966 20.1% 3.8% 1.5x 1.5x 7.7x 6.9x 18.9x 14.7x Exact 524 458 24.1% 2.1% 1.6x 1.5x 6.5x 6.3x 11.3x 10.8x F-Secure 410 373 20.6% 11.3% 1.8x 1.6x 8.6x 7.4x 16.5x 13.0x IFS 399 352 16.3% 3.1% 0.9x 0.9x 5.5x 5.1x 15.0x 13.5x Kofax 389 326 16.6% 7.2% 1.2x 1.2x 7.5x 6.9x 14.1x 12.7x Cegid 207 302 23.5% 3.4% 0.9x 0.8x 3.6x 3.5x 7.8x 5.5x Kewill 105 80 19.3% 4.3% 0.8x 0.8x 4.1x NA 8.8x 8.0x

Mean 15.0% 11.1% 2.7x 2.3x 11.6x 8.8x 13.8x 11.8x Median 18.3% 4.3% 1.6x 1.5x 7.5x 6.9x 14.5x 12.8x

Healthcare Software McKesson 21,263 21,059 2.6% 2.9% 0.2x 0.2x 6.6x 6.2x 12.4x 11.3x Cerner 13,042 12,394 32.9% 15.4% 5.0x 4.4x 15.1x 12.9x 33.9x 28.3x Allscripts Healthcare Solutions 3,543 3,757 26.5% 12.4% 2.3x 2.1x 8.7x 7.7x 17.1x 14.7x CompuGroup 696 1,019 21.3% 13.0% 1.7x 1.6x 8.2x 7.4x 17.0x 13.6x Cegedim 502 1,140 17.0% 0.9% 0.9x 0.9x 5.5x 5.1x 9.2x 7.8x Emis 421 405 35.8% 9.0% 3.3x 3.0x 9.1x 8.2x 17.1x 15.2x Advanced Computer Software 265 305 25.3% 1.8% 2.0x 1.9x 7.9x 7.5x 41.2x 10.8x

Mean 23.1% 7.9% 2.2x 2.0x 8.7x 7.9x 21.1x 14.5x Median 25.3% 9.0% 2.0x 1.9x 8.2x 7.5x 17.1x 13.6x

Sources: Capital IQ, 9 March 2012; Brokers’ reports. 4 Software and IT Services (Continued)

Market Enterprise CY2012E EV / Revenue EV / EBITDA P / E Cap ($m) Value ($m) EBITDA Margin Growth CY2012E CY2013E CY2012E CY2013E CY2012E CY2013E

Security Software Symantec 12,933 12,664 33.3% 3.3% 1.8x 1.7x 5.5x 4.9x 10.2x 9.2x Check Point 12,410 11,050 59.0% 10.8% 8.0x 7.3x 13.6x 12.2x 18.9x 17.0x Trend Micro 4,037 2,705 33.6% 1.0% 2.3x 2.2x 6.8x 6.4x 19.7x 18.3x F-Secure 410 373 20.6% 11.3% 1.8x 1.6x 8.6x 7.4x 16.5x 13.0x

Mean 36.6% 6.6% 3.5x 3.2x 8.6x 7.7x 16.3x 14.4x Median 33.5% 7.1% 2.0x 2.0x 7.7x 6.9x 17.7x 15.0x

Large Cap IT Services Accenture 39,389 34,752 16.0% 6.0% 1.2x 1.2x 7.8x 7.3x 15.6x 14.2x Capita Group 7,091 9,682 16.7% 11.3% 1.9x 1.8x 11.3x 10.7x 14.8x 13.6x Cap Gemini 6,714 6,461 9.3% 3.2% 0.5x 0.5x 5.3x 4.9x 13.1x 11.9x Computer Sciences 4, 880 6, 761 12. 9% (1. 8%) 04x0.4x 04x0.4x 33x3.3x 29x2.9x 10. 1x 78x7.8x Atos Origin 4,725 4,918 10.5% 27.3% 0.4x 0.4x 4.1x 3.8x 10.8x 9.3x

Mean 13.1% 9.2% 0.9x 0.8x 6.4x 5.9x 12.9x 11.4x Median 12.9% 6.0% 0.5x 0.5x 5.3x 4.9x 13.1x 11.9x

Mid Cap IT S ervi ces CGI 5,460 6,360 18.6% NA 1.4x 1.4x 7.8x 7.1x 12.3x 10.9x Logica 2,287 2,789 8.1% 0.3% 0.5x 0.4x 5.6x 5.3x 8.4x 7.7x Indra Sistemas 2,064 2,754 10.8% 7.3% 0.7x 0.7x 6.7x 6.3x 9.5x 8.5x Tieto 1,341 1,457 11.3% 1.8% 0.6x 0.6x 5.3x 4.9x 13.0x 11.5x Sopra 692 753 9.7% 6.4% 0.5x 0.5x 5.2x 4.9x 8.8x 7.9x Groupe Steria 643 811 8.6% 6.9% 0.3x 0.3x 4.0x 3.7x 7.7x 6.8x GFI Informatique 221 373 7.6% (1.4%) 0.4x 0.4x 5.5x 5.0x 8.2x 7.0x

Mean 10.7% 3.6% 0.6x 0.6x 5.8x 5.3x 9.7x 8.6x Median 9.7% 4.1% 0.5x 0.5x 5.5x 5.0x 8.8x 7.9x

Offshore IT Services Tata 46,598 45,413 28.8% 24.9% 4.0x 3.5x 13.8x 12.3x 18.6x 16.7x Cognizant 22,055 19,623 20.4% 23.1% 2.6x 2.2x 12.8x 10.7x 21.1x 17.9x Wipro 21,366 20,336 20.5% 18.2% 2.4x 2.2x 11.8x 11.3x 17.0x 16.0x HCL 7,017 7,102 18.0% 25.2% 1.6x 1.4x 8.7x 8.5x 14.5x 12.8x Satyam 1, 613 1, 156 15. 9% 14. 5% 08x0.8x 07x0.7x 52x5.2x 47x4.7x 86x8.6x 80x8.0x Mean 20.7% 21.2% 2.3x 2.0x 10.5x 9.5x 16.0x 14.3x Median 20.4% 23.1% 2.4x 2.2x 11.8x 10.7x 17.0x 16.0x

Sources: Capital IQ, 9 March 2012; Brokers’ reports. 5 Communications

Last 30 Days Performance

Mobile Content / Solutions Providers 10.1% Mobile Infrastructure Software 14%1.4% Digital Broadband (0.2%) 25% Diversified Communication Equipment (2.0% )

20%

15%

10%

5%

0%

(5%)

(10%)

(15%) 08 Feb 14 Feb 20 Feb 26 Feb 03 Mar 09 Mar

Digital Broadband Diversified Communication Equipment

Mobile Infrastructure Software Mobile Content / Solutions Providers

LTlMhPfLast Twelve Months Performance

Mobile Content / Solutions Providers 31.7% Mobile Infrastructure Software (2.3% ) Diversified Communication Equipment (35.9% ) 50% Digital Broadband (47.5%) 40% 30% 20% 10% (0%) (10%) (20%) (30%) (40%) (50%) (60%) (70%) Mar 2011 Jun 2011 Sep 2011 Dec 2011 Mar 2012

Digital Broa dba nd Diversified Communication Equipment

Mobile Infrastructure Software Mobile Content / Solutions Providers

Source: Capital IQ, 9 March 2012. 6 Communications (Continued)

Market Enterprise CY2012E EV / Re ve nue EV / EB ITDA P / E Cap ($m) Value ($m) EBITDA Margin Growth CY2012E CY2013E CY2012E CY2013E CY2012E CY2013E

Digital Broadband Logitech 1,316 783 7.7% (1.8%) 0.3x 0.3x 4.4x 4.0x 14.1x 11.5x TomTom 1,043 1,293 15.7% (12.1%) 0.9x 0.9x 5.6x 5.2x 13.7x 11.5x Technicolor 640 1,903 14.5% (3.1%) 0.4x 0.4x 3.0x 2.8x 1.1x NA Pace 420 743 8.5% (3.2%) 0.3x 0.3x 4.0x 3.7x 5.2x 4.5x Kudelski 398 662 10.6% (6.9%) 0.7x 0.7x 6.8x 5.4x 20.5x 10.1x Parrot 371 257 15.6% 5.3% 0.7x 0.7x 4.7x 4.2x 11.7x 10.4x Advanced Digital Broadcast 72 43 8.5% 7.0% 0.1x 0.1x 1.1x 0.9x 8.8x 5.2x Mean 11.6% (2.1%) 0.5x 0.5x 4.2x 3.7x 10.7x 8.9x Median 10.6% (3.1%) 0.4x 0.4x 4.4x 4.0x 11.7x 10.2x

Diversified Communication Equipment LM Ericsson Telephone 31,557 24,599 12.3% 22%2.2% 07x0.7x 07x0.7x 58x5.8x 48x4.8x 16.9x 12.4x 18,446 13,190 4.4% (6.9%) 0.3x 0.3x 6.3x 3.7x 34.7x 12.1x Alcatel- 5,241 6,416 7.9% (2.7%) 0.3x 0.3x 4.0x 3.6x 11.5x 10.0x ADTRAN 2,074 1,918 26.7% 12.5% 2.4x 2.1x 8.9x 7.8x 14.8x 12.9x CIENA 1,479 2,320 8.9% 10.8% 1.2x 1.1x 13.7x 9.3x 35.1x 15.7x

Mean 12.0% 3.2% 1.0x 0.9x 7.7x 5.8x 22.6x 12.6x Median 8.9% 2.2% 0.7x 0.7x 6.3x 4.8x 16.9x 12.4x

Mobile Infrastructure Software QUALCOMM 108,132 97,536 40.4% 23.7% 4.9x 4.4x 12.1x 10.6x 16.7x 15.1x VeriSign 5,894 5,238 57.9% 13.8% 6.0x 5.4x 10.3x 9.1x 19.4x 16.3x Amdocs 5,259 4,334 20.6% 4.7% 1.3x 1.2x 6.2x 6.2x 12.0x 10.7x Comverse Technology 1,301 1,530 14.7% 4.1% 0.9x 0.9x 6.2x 5.7x 9.9x 9.0x Synchronoss Technologies 1,192 1,080 28.5% 24.4% 3.8x 3.1x 13.3x 11.2x 29.9x 24.5x Sonus Networks 799 470 4.9% 5.8% 1.7x 1.6x 35.1x 28.9x NA 42.4x Openwave Systems 207 144 (15.9%) (24.9%) 1.2x NA NM NA NM NA TeleCommunication Systems 156 247 12.6% 11.5% 0.5x 0.5x 4.1x 3.7x 26.6x 14.5x Smith Micro Software 89 43 (36.6%) (10.1%) 0.8x 0.6x NM 22.6x NM 38.4x Redknee Solutions 78 70 13.8% 8.6% 1.1x NA 7.6x 5.8x 13.0x 10.8x Mean 14.1% 6.2% 2.2x 2.2x 11.9x 11.5x 18.2x 20.2x Median 14.2% 7.2% 1.3x 1.4x 9.0x 9.1x 16.7x 15.1x

Mobile Content / Solutions Providers Opera Software 741 654 29.9% 33.0% 3.1x 2.6x 10.5x 7.7x 18.5x 13.5x GameLoft 488 454 22.8% 15.4% 1.8x 1.6x 8.0x 6.8x 18.8x 15.7x Buongiorno 174 288 12.4% 15.7% 0.8x 0.8x 6.6x 5.8x 20.9x 13.9x Danal 125 114 11.5% (48.0%) 0.7x 0.7x 6.3x 5.9x 33.2x 25.4x Dada 49 84 12.8% (52.1%) 0.8x 0.8x 6.5x 5.9x NM 26.2x Synchronica 32 43 25.8% 64.6% 1.2x 1.0x 4.5x 3.8x 7.1x 3.8x Mean 19.2% 4.8% 1.4x 1.2x 7.1x 6.0x 19.7x 16.4x Median 17.8% 15.5% 1.0x 0.9x 6.5x 5.9x 18.8x 14.8x

Sources: Capital IQ, 9 March 2012; Brokers’ reports. 7 Internet and Digital Media

Last 30 Days Performance

Intermediation and Comparison 11.8% Chinese Internet Leaders 99%9.9% Online Classifieds 9.4% Global Internet Leaders 8.8% Online Travel 0.0% 15% Online Marketing (0.0%) Content Providers / Communities (0.4%) Ecommerce (1.8%) Interactive Entertainment (3.5%) Online Gambling (5.9% ) 10%

5%

0%

(5%)

(10%) 07 Feb 13 Feb 19 Feb 25 Feb 02 Mar 08 Mar Global Internet Leaders Ecommerce Online Travel Online Marketing Content Providers / Communities Intermediation and Comparison Online Classifieds Chinese Internet Leaders Online Gambling Interactive Entertainment

LtTlLast Twelve M onth thPfs Performance

Intermediation and Comparison 56.0% Global Internet Leaders 18.1% Online Classifieds 2.9% Online Travel (1.1% ) Online Gambling (5.9% ) Online Marketing (5.9% ) Chinese Internet Leaders (6.3% ) Ecommerce (12.3%) 60% Content Providers / Communities (14.6%) Interactive Entertainment (25.6% )

40%

20%

0%

(20%)

(40%) Mar 2011 Jun 2011 Sep 2011 Dec 2011 Mar 2012 Global Internet Leaders Ecommerce Online Travel Online Marketing Content Providers / Communities Intermediation and Comparison Online Classifieds Chinese Internet Leaders Online Gambling Interactive Entertainment Source: Capital IQ, 9 March 2012. 8 Internet and Digital Media (Continued)

Market Enterprise CY2012E EV / Revenue EV / EBITDA P / E Cap ($m) Value ($m) EBITDA Margin Growth CY2012E CY2013E CY2012E CY2013E CY2012E CY2013E

Global Internet Leaders Apple 508,300 478,144 36.1% 34.1% 3.0x 2.6x 8.2x 7.4x 12.7x 11.2x Microsoft 268,421 230,533 41.6% 6.1% 3.0x 2.8x 7.2x 6.4x 11.4x 9.9x Google 195,163 158,048 41.0% 21.5% 3.4x 2.9x 8.3x 7.0x 14.2x 12.0x Amazon 83,878 76,112 4.3% 28.5% 1.2x 0.9x 28.0x 20.1x NM NM Baidu 48,367 46,681 56.0% 59.0% 13.1x 9.3x 23.3x 16.4x 29.7x 21.0x eBay 46,788 42,948 32.2% 19.2% 3.1x 2.7x 9.7x 8.5x 15.9x 13.6x Yahoo! 17,757 15,783 29.9% 0.2% 3.6x 3.5x 12.0x 9.9x 17.7x 15.7x Yandex 7,612 7,254 45.1% 93.5% 7.7x 5.7x 17.0x 12.6x 27.8x 20.7x

Mean 35.8% 32.8% 4.7x 3.8x 14.2x 11.0x 18.5x 14.9x Median 38.6% 25.0% 3.3x 2.8x 10.8x 9.2x 15.9x 13.6x

Ecommerce Amazon 83,878 76,112 4.3% 28.5% 1.2x 0.9x 28.0x 20.1x NM NM eBay 46,788 42,948 32.2% 19.2% 3.1x 2.7x 9.7x 8.5x 15.9x 13.6x Groupon 10,881 9,760 15.8% 47.5% 4.2x 3.2x 26.3x 12.7x NM 32.0x Mail.ru 8,136 7,925 49.9% 32.8% 12.1x 9.5x 24.4x 18.6x 34.7x 26.6x Netflix 6,048 5,684 3.5% 14.7% 1.6x 1.3x 44.6x 14.8x NM 42.4x Mercadolibre 4,238 4,100 36.5% 33.7% 10.3x 7.8x 28.2x 21.0x 42.0x 31.1x IAC 3,954 3,285 18.0% 24.6% 1.3x 1.2x 7.2x 6.2x 18.4x 15.2x Asos 2,075 2,059 9.8% 42.9% 2.0x 1.5x 20.2x 14.8x 35.3x 25.6x Vistaprint 1,414 1,493 12.0% 24.8% 1.3x 1.1x 10.8x 8.5x 24.1x 16.3x Shutterfly 1,118 938 16.8% 18.1% 1.7x 1.5x 10.1x 8.1x NM NM OpenTable 968 918 40.6% 21.8% 5.4x 4.5x 13.4x 10.5x 28.0x 21.8x Ocado 915 915 5.4% 15.9% 0.8x 0.7x 15.5x 11.5x NM NM YOOX 805 788 9.6% 28.8% 1.6x 1.3x 16.8x 12.2x 45.0x 32.0x Digital River 607 240 21.5% 3.9% 0.6x 0.6x 2.8x 2.4x 13.9x 12.6x Blue Nile 486 398 6.2% 6.8% 1.0x 1.0x 16.6x 16.1x 42.8x 37.6x

Mean 17.7% 23.0% 3.0x 2.4x 17.4x 11.8x 30.0x 25.5x Median 13.9% 23.2% 1.6x 1.3x 16.1x 11.9x 31.4x 26.1x

Online Travel Priceline 32,242 30,287 36.2% 28.1% 5.5x 4.5x 15.1x 12.3x 20.8x 17.0x Expedia 4,238 4,255 19.5% 7.5% 1.1x 1.0x 5.8x 5.3x 11.3x 10.1x Ctrip 3,458 2,715 27.7% 22.6% 4.0x 3.3x 14.5x 11.5x 21.7x 17.1x Wotif 982 820 58.0% 6.7% 5.2x 4.7x 8.9x 8.1x 15.5x 14.0x Travelzoo 368 329 25.7% 8.3% 2.0x 1.8x 7.8x 6.8x 15.1x 13.3x Orbitz 341 678 17.1% 4.5% 0.8x 0.8x 5.0x 4.6x 13.3x 9.3x hotel.de 118 107 12.1% 14.0% 1.8x 1.6x 14.6x NA 25.0x 13.4x

Mean 28.0% 13.1% 2.9x 2.5x 10.2x 8.1x 17.5x 13.4x Median 25.7% 8.3% 2.0x 1.8x 8.9x 7.4x 15.5x 13.4x

Online Marketing HomeAway 2, 088 1, 904 28. 3% 21. 1% 68x6.8x 56x5.6x 24. 1x 19. 0x NM NM ValueClick 1,666 1,717 30.9% 28.6% 2.4x 2.2x 7.8x 6.9x 18.0x 15.0x Constant Contact 901 761 18.4% 17.5% 3.0x 2.6x 16.4x 13.0x 33.6x 26.1x InfoSpace 517 224 20.1% 55.4% 0.6x 0.6x 3.2x 3.4x 15.8x 13.0x LBI 420 424 15.3% 25.7% 1.3x 1.3x 8.6x 7.6x 12.6x 11.3x TradeDoubler 207 164 5.5% (6.3%) 0.4x 0.4x 7.4x 6.7x 13.8x 12.4x Marchex 157 119 13.5% 3.0% 0.8x 0.7x 5.9x 4.5x NM NM Hi-Media 149 178 8.9% (5.7%) 0.6x 0.5x 6.7x 5.8x 10.7x 9.7x 1000mercis 133 103 44.6% 10.5% 1.8x 1.8x 4.1x 4.1x 8.1x NA Sedo 116 87 6.8% 7.8% 0.5x 0.5x 7.1x 6.7x 16.1x 13.5x ad pepper media 39 27 (0.7%) 9.0% 0.3x 0.3x NM 11.3x NM 27.6x

Mean 17.4% 15.1% 1.7x 1.5x 9.1x 8.1x 16.1x 16.1x Median 15.3% 10.5% 0.8x 0.7x 7.3x 6.7x 14.8x 13.2x

Content Providers / Communities LinkedIn 9,231 8,653 20.0% 252.3% 10.1x 6.7x NM 29.0x NM NM Pandora Media 1,856 1,765 (5.4%) 50.8% 4.2x 2.9x NM NM NM NM WebMD Health 1,419 1,098 21.2% (9.1%) 2.2x 2.1x 10.2x 9.2x NM NM Perform Group 1,078 979 24.1% 32.7% 4.6x 3.7x 19.1x 13.9x 31.2x 21.4x Demand Media 598 512 27.0% 9.1% 1.5x 1.3x 5.4x 4.4x 24.9x 18.7x Mixi 446 328 26.6% 11.7% 1.7x 1.3x 6.5x 5.6x 20.6x 17.0x MtiMeetic 367 322 22. 0% (0. 1%) 131.3x 131.3x 616.1x 585.8x 11. 2x 10. 4x Move 346 307 12.4% 3.5% 1.5x 1.5x 12.3x 8.9x 29.0x 18.7x XING 314 222 32.7% 16.4% 2.2x 2.0x 6.8x 5.8x 20.2x 16.5x XO Group 256 179 16.6% 8.2% 1.3x 1.2x 8.0x 6.5x 32.6x 28.2x

Mean 19.7% 37.6% 3.1x 2.4x 9.3x 7.5x 24.2x 18.7x Median 21.6% 10.4% 1.9x 1.7x 7.4x 6.1x 24.9x 18.7x

Sources: Capital IQ, 9 March 2012; Brokers’ reports. 9 Internet and Digital Media (Continued)

Market Enterprise CY2012E EV / Re ve nue EV / EB ITDA P / E Cap ($m) Value ($m) EBITDA Margin Growth CY2012E CY2013E CY2012E CY2013E CY2012E CY2013E

Intermediation and Comparison Bankrate 2,333 2,470 31.5% 30.6% 4.6x 3.9x 14.5x 11.9x 40.2x 28.9x Liquidity Services 1,364 1,336 19.7% 28.2% 2.9x 2.5x 14.7x 11.9x 31.7x 26.3x Moneysupermarket 1,027 972 28.6% 8.7% 3.2x 2.9x 11.2x 9.8x 17.1x 15.6x Zillow 852 775 21.5% 58.1% 7.5x 5.3x 35.0x 21.2x NM 49.1x Angie's List 761 687 (30.4%) 66.2% 4.7x 3.2x NM NM NM NM eHealth 322 198 14.7% 4.1% 1.3x 1.2x 8.8x 7.1x NM 41.0x Gruppo MutuiOnline 171 143 29.4% (27.2%) 2.1x 1.8x 7.3x 4.9x 13.9x 9.2x

Mean 16.4% 24.1% 3.8x 3.0x 15.3x 11.1x 25.7x 28.3x Median 21.5% 28.2% 3.2x 2.9x 12.9x 10.9x 24.4x 27.6x

Online Classifieds Rightmove 2, 336 2, 302 70. 2% 14. 9% 13. 2x 11. 8x 18. 8x 16. 5x 25. 4x 21. 8x SEEK 2,327 2,664 44.1% 15.5% 5.7x 5.2x 13.0x 11.7x 16.3x 13.5x 51job 1,581 1,255 37.4% 22.9% 4.9x 4.1x 13.1x 10.6x 21.7x 18.5x SouFun 1,401 1,498 42.7% 17.2% 3.7x 3.1x 8.7x 7.3x 11.0x 9.0x Carsales.au 1,248 1,221 55.1% 14.4% 6.1x 5.5x 11.1x 9.9x 16.5x 14.5x Monster 1,121 1,060 16.2% (7.2%) 1.1x 1.0x 6.7x 5.6x 34.3x 20.5x LoopNet 789 678 28.9% 12.7% 7.0x 6.4x 24.4x 31.0x NM NM Dice 637 591 39.8% 9.8% 3.0x 2.7x 7.6x 6.6x 17.3x 14.5x

Mean 41.8% 12.5% 5.6x 5.0x 12.9x 12.4x 20.4x 16.1x Median 41.2% 14.7% 5.3x 4.6x 12.1x 10.3x 17.3x 14.5x

Chinese Internet Leaders Baidu 48,367 46,681 56.0% 59.0% 13.1x 9.3x 23.3x 16.4x 29.7x 21.0x Tencent 47,012 45,070 46.9% 30.4% 7.7x 6.1x 16.5x 13.2x 22.6x 18.1x Alibaba 8,521 6,891 30.3% 9.0% 6.2x 5.5x 20.5x 17.3x 28.4x 24.9x Netease 7,088 5,035 49.6% 20.9% 3.6x 3.2x 7.4x 6.5x 11.9x 10.4x Sina 5,098 4,433 10.6% 19.0% 7.8x 6.2x NM 34.0x NM 41.4x Focus Media 3,309 2,721 41.0% 23.7% 2.9x 2.4x 7.1x 5.7x 11.6x 9.4x Renren 2,117 922 (27.4%) 50.1% 5.2x 3.6x NM NM NM NM Sohu 1,878 1,316 28.8% 21.9% 1.3x 1.1x 4.4x 3.4x 12.9x 9.3x SouFun 1,401 1,498 42.7% 17.2% 3.7x 3.1x 8.7x 7.3x 11.0x 9.0x DdDangdang 514 317 (7. 1%) 64. 6% 030.3x 020.2x NM NM NM NM Tudou 436 311 (19.4%) 78.8% 2.2x 1.3x NM 21.0x NM NM Jiayuan 179 86 14.7% 28.1% 1.3x 1.0x 8.8x 5.0x 21.0x 12.8x Taomee 213 92 31.5% 17.7% 1.7x 1.3x 5.4x 3.7x 14.3x 9.6x

Mean 23.0% 33.9% 4.4x 3.4x 11.3x 12.1x 18.2x 16.6x Median 30.3% 23.7% 3.6x 3.1x 8.7x 7.3x 14.3x 11.6x

Online Gambling bwin.party digital entertainment 2,091 1,674 22.9% 12.6% 1.5x 1.4x 6.4x 5.9x 11.3x 10.5x Playtech 1,474 1,384 49.3% 34.1% 3.9x 3.5x 7.9x 7.4x 10.1x 8.7x Betfair 1,387 1,168 23.6% 7.0% 1.8x 1.7x 7.6x 6.8x 19.3x NM 888 293 234 12.2% 7.6% 0.7x 0.6x 5.4x 5.1x 11.4x 10.1x

Mean 27.0% 15.3% 2.0x 1.8x 6.8x 6.3x 13.0x 9.8x Median 23.2% 10.1% 1.6x 1.5x 7.0x 6.4x 11.3x 10.1x

Interactive Entertainment Activision 13,373 9,848 35.9% 7.1% 2.1x 2.1x 6.0x 5.4x 12.3x 11.6x Zynga 10,094 8,286 29.3% 21.9% 6.0x 4.9x 20.4x 14.7x NM 37.0x Electronic Arts 5,720 4,463 15.4% 4.3% 1.0x 0.9x 6.7x 5.0x 17.8x 11.5x Take-Two Interactive Software 1,418 1,277 4.8% (40.1%) 1.9x 0.7x 40.5x 3.7x NM 5.6x Ubisoft Entertainment 755 860 37.9% (33.7%) 1.0x 0.6x 2.5x 1.5x 19.7x 11.4x THQ 36 88 (16. 1%) (46. 4%) 020.2x 020.2x NM NM NM NM

Mean 18.3% 13.4% 2.0x 1.6x 15.2x 6.1x 16.6x 15.4x Median 20.7% 4.3% 1.5x 0.8x 6.7x 5.0x 17.8x 11.5x

Sources: Capital IQ, 9 March 2012; Brokers’ reports. 10 TTDM Group Overview and Disclosures

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