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MOBILE M&A AND VALUATION UPDATE Q2 2017

BOSTON  CHICAGO  LONDON  LOS ANGELES  NEW YORK  ORANGE COUNTY  PHILADELPHIA  SAN DIEGO  SILICON VALLEY  TAMPA CONTENTS

Section Page

Introduction . Research Coverage: Mobile 3 . Key Takeaways 4-5 M&A Activity & Multiples . M&A Dollar Volume 7 . M&A Transaction Volume 8-10 . LTM Revenue Multiples 11-12 . Revenue Multiples by Segment 13 . Highest Revenue Multiple Transaction for LTM 14 . Notable M&A Transactions 15 . Most Active Buyers 16 Public Company Valuation & Operating Metrics . Mobile 115 Public Company Universe 18-20 . Recent IPOs 21 . Stock Price Performance 24 . LTM Revenue, EBITDA & P/E Multiples 25-27 . Revenue, EBITDA & EPS Growth 28-30 . Margin Analysis 31-32 . Best / Worst Performers 33-34 Notable Transaction Profiles 35-40

Public Company Trading & Operating Metrics 41-46

Technology & Telecom Team 47

1 INTRODUCTION RESEARCH COVERAGE: MOBILE

 Capstone’s Technology & Telecom Group focuses its research efforts on the follow market segments:

MOBILE & WIRELESS SAAS & CLOUD CONSUMER INTERNET

• App Stores & Content Aggregators • Carrier Back Office • Games / Virtual Goods • M-Commerce Enablement • Messaging & VoIP • Mobile / Local Marketing • Mobile Devices CONSUMER IT & E-COMMERCE • Mobile OS & Utility SW TELECOM HARDWARE • Mobility & Monitoring • Portals & Social Networks • Search & Referral - Diversified • Travel & Entertainment • Vertical Market • Video, Music & eBooks

3 KEY TAKEAWAYS – M&A ACTIVITY & MULTIPLES

 LTM M&A dollar volume decreased to $52.5B, just shy of the five-year high of $54.2B » Q1’17 saw a lack of deals above $500M with the largest transaction at just $366M » LTM M&A dollar volume will likely drop significantly in Q2’17 absent additional large transactions  LTM M&A transaction volume of 421 deals down slightly from 2016  LTM transaction volume for private targets decreased to 413 deals, slightly trailing 2016 » LTM transaction volume saw 7 deals with values greater than $500M, 6 of which were transacted during Q2’16 and Q3’16  LTM public transaction volume remained consistent with 2016 at 8 deals  Median LTM revenue multiple paid for private companies decreased slightly to 2.8x  Notable M&A transactions in Q1’17: . Tsinghua Tongfong / NQMobile (FL Mobile Jiutan Tech) ($366M) . TakeTwo Interactive / Socialpoint ($250M) . Undisclosed / Baidu Mobile Games Business ($174M) . Afterpay / Touchcorp ($140M) . Fingerprint Cards / DeltaID ($120M)

 The most active buyers included Alphabet, Microsoft, Apple, Snap, and Pinterest (sorted by most active)  Capstone expects M&A activity and exit valuations to remain strong in 2017, though likely not reaching the levels we saw at the end of 2015 as the market remains relatively flat with concerns over volatility » In the longer term, there is increasing risk that a market correction could negatively impact activity levels and valuation multiples

4 KEY TAKEAWAYS – PUBLIC COMPANY METRICS

 3 companies went public during Q1’17, 2 of which were added to the Mobile 115  Q1’17 stock performance was strong as the Mobile 115 performed slightly better at 10.3% compared to the NASDAQ with a gain of 9.8% » Fueled by fresh IPOs, Q1’17 was a strong quarter for the technology sector, with the NASDAQ nearing record highs  Median LTM revenue multiples increased to 3.4x, recovering from a near five-year low  Median LTM EBITDA multiples increased to 13.7x, recovering from a three-year decline  Strong stock performance in Q1’17 increased the median LTM P/E multiple to 25.4x, recovering from a three-year decline » Public markets demonstrate a strong preference for companies growing quickly and investing to solidify market leadership status, confident that future profits will come with scale  Median revenue growth decreased to 10.1% versus 14.0% in 2016  Median EBITDA growth rates increased significantly in LTM 3/31/17 to 5.3% recovering from the five-year low of 1.1% in 2016  Median EPS growth has fluctuated significantly over the past five years with LTM 3/31/17 slipping to a 5 year low of 5.5%  Median gross margins have remained consistent at 59.8% in LTM 3/31/17 and remain near the five-year low of 59.7% » Vertical Market Apps segment commanded the highest median gross margin of 81.1%  The Median EBITDA margin increased in Q1’17, recovering from a five-year low to 19.3%

5 M&A ACTIVITY & MULTIPLES LTM M&A DOLLAR VOLUME

 LTM M&A dollar volume decreased to $52.5B, just shy of the five-year high of $54.2B » Q1’17 saw a lack of deals above $500M with the largest transaction at just $366M » 6 $1B+ deals totaling $45.2B during Q2 and Q3 2016 buoyed M&A dollar volume, with the largest deal being the Microsoft / Linkedin deal with a value of $29.3B » LTM M&A dollar volume will likely drop significantly in Q2’17 absent additional large transactions $60,000

$50,000

$5,537 $40,000 $32,467 $32,475

$30,000 $34,465 $2,726 $20,000 $40,439 Total Transaction Value Transaction Total

$10,000 $2,871 $21,500 $21,708 $19,976

$8,369 $9,256 $0 2012 2013 2014 2015 2016 LTM

Total Private $ Total Public $

7 LTM M&A TRANSACTION VOLUME BY SEGMENT

 LTM M&A transaction volume of 421 deals down slightly from 2016 » The Mobile OS & Utility Software, Mobile / Local Marketing, and m-Commerce Enablement are the largest segments by deal count, representing 42% of total LTM M&A transaction volume » Q1’17 transaction volume increased to 118 deals, representing a 33% increase from Q4’16

600

18 18 16 500 26 8 10 9 50 12 20 4 13 14 31 32 56 21 13 400 14 31 42 66 24 9 10 17 5 7 33 17 25 63 105 300 38 53 40 99 6 38 57 70 66 9 100 8

Transactions 60 200 15 4 6 83 58 57 67 42 28 31 18 26 29 28 100 40 41 66 59 54 48 45 31 30 46 35 37 22 36 12 20 24 16 24 0 12 11 10 3 14 2012 2013 2014 2015 2016 LTM Apps Stores & Content Aggregators Carrier Back Office Mobile Games / Virtual Goods m-Commerce Enablement Messaging & VoIP Mobile / Local Marketing Mobile Devices Mobile OS & Utility Software Mobility & Monitoring Portals & Social Networks Search & Referral - Diversified Travel & Entertainment Vertical Market Apps Video, Music & eBooks

8 LTM M&A TRANSACTION VOLUME BY DEAL SIZE – PRIVATE TARGETS

 LTM transaction volume for private targets decreased to 413 deals, slightly trailing 2016 » LTM transaction volume saw 7 deals with values greater than $500M, 6 of which were transacted during Q2’16 and Q3’16  Median deal value increased to $21M as there were fewer small deals in the last twelve months than in 2016

100% 1 5 1 3 6 5 4 4 6 7 4 3 90% 6 4 4 14 7 5 5 14 19 80% 9 8 9 15 70% 11 13 10 6 10 60% 15 15 7 7 20 9 50% 10 19 16 24 40% 29

30% 44 20% 44 32 28 42 40 10%

0% 2012 2013 2014 2015 2016 LTM Total Deals 356 444 472 544 429 413 Deals w/ Value 78 122 137 114 94 75 Median ($M) $20 $20 $24 $19 $13 $21 $0-10M $10-25M $25-50M $50-100M $100-250M $250-500M $500M-1B $1B+

9 LTM M&A TRANSACTION VOLUME BY DEAL SIZE – PUBLIC TARGETS

 LTM public transaction volume remained consistent with 2016 at 8 deals » Q1’17 public transaction volume only saw 1 deal, with the bulk of LTM transactions occurring in Q3 and Q4 2016

 LTM public transactions were spread across a wide range of deal values, resulting In a median deal value of $104M

100%

90% 1 3 2 2 2 80% 3

70% 1 5 1 1 1 60% 1 1 1 50% 1 1 1 1 1 40% 3 1 1 1 30% 1 2 3 1 20% 1 1 1 10% 1 1 1 1 1 1 1 0% 2012 2013 2014 2015 2016 LTM Total Deals 5 8 7 18 8 8 Median ($M) $396 $265 $178 $370 $100 $104 $0-10M $10-25M $25-50M $50-100M $100-250M $250-500M $500M-1B $1B+

10 MEDIAN LTM REVENUE MULTIPLES – PRIVATE TARGETS

 Median LTM revenue multiple paid for private companies decreased to 2.8x » Q1’17 saw the lowest median revenue multiple during the last twelve months at 2.0x compared to 2.3x and 3.0x in Q4’16 and Q3’16, respectively

4.0x

3.5x 3.4x 3.2x

3.0x 2.8x 2.5x 2.5x 2.3x

2.0x 1.6x 1.5x

1.0x Median Revenue Multiple 0.5x

0.0x 2012 2013 2014 2015 2016 LTM 25th % 1.7x 0.8x 1.4x 1.1x 1.1x 0.8x 75th % 4.7x 5.9x 8.5x 3.8x 4.1x 4.2x

11 MEDIAN LTM REVENUE MULTIPLES – PUBLIC TARGETS

 Median LTM revenue multiple paid for public companies increased slightly to 1.1x » Q1’17 posted a median revenue multiple of 4.1x compared to 1.1x in Q4’16, however with only one deal in each quarter, the median is not very meaningful » Median LTM revenue multiples ranged from 1.0x to 8.1x, with Q2’16 posting the highest multiple at 8.1x  With just 8 public deals in LTM it is difficult to draw broad conclusions on valuation implications given the small sample set 3.0x 2.7x

2.5x

2.0x 2.0x 2.0x

1.5x 1.4x

1.0x 1.1x 1.0x

Median Revenue Multiple 0.5x

0.0x 2012 2013 2014 2015 2016 LTM 25th % 1.0x 1.6x 1.9x 1.1x 1.0x 1.0x 75th % 2.7x 2.5x 5.7x 3.5x 4.1x 5.6x

12 MEDIAN LTM REVENUE MULTIPLES BY SEGMENT – LAST 5 YEARS

 Median LTM revenue multiples for Mobile segments ranged from 0.7x to 4.9x » Travel & Entertainment garners the highest multiple as their customers represent high dollar purchase opportunities » Mobile OS & Utility Software has also seen high multiples as enterprises increasing their mobile focus represent large dollar opportunities with lower churn relative to consumer apps

6.0x

4.9x 5.0x 4.8x 4.1x 3.8x 4.0x 3.1x 2.7x 2.7x 3.0x 2.5x 2.5x 2.0x 2.0x 1.7x 1.1x 1.0x 1.0x 0.7x Median Revenue Multiple 0.0x

13 HIGHEST REVENUE MULTIPLE TRANSACTIONS FOR LTM

LTM Multiple Premium Enterprise Ann. Date Buyer Target Segment Target Description Revenue on $ to 1 Mo Value Multiple Invested Prior

Mobile OS & 5/23/16 A mobile Internet company, develops search systems for mobile devices. $381M 21.9x 7.7x NA Utility SW

Vertical Market Provides a tele-health patient engagement and healthcare management 6/30/16 $156M 15.6x 5.2x NA Apps mobile application.

Mobility & Develops cloud-based field service software solutions that help companies 11/14/16 $915M 10.2x 4.5x NA Monitoring to manage contracts, scheduling, and parts.

Portals & Social Provides a social networking website for professionals and businesses 6/13/16 $26.2B 8.1x NA 54.3% Networks globally through www.linkedin.com.

Provides customer billing, analytics, and reporting software and SaaS for the 9/14/16 Carrier Back Office $95M 7.3x 25.8x NA mobile and fixed telecommunications sector globally.

Beijing Smart Mobile Games / 3/7/17 Space $55M NA Virtual Goods Smart Space develops online mobile game. The company is based in China. 7.2x NA Technology

Mobility & SaaS mobile workforce solution for small and medium-sized businesses 8/1/16 $2.2B 7.0x NA 38.6% Monitoring worldwide.

Provides enterprise GPS-based fleet tracking, dispatch management, driver Mobility & 6/21/16 monitoring, mobile workforce management, route mapping and mobile $900M 6.9x 7.1x NA Monitoring navigation SaaS for auto manufacturers and the transportation sectors. Offers betting on various sports events, including football matches; and Mobile Games / 4/24/16 operates a digital multichannel offering with online and mobile portals, as $2.8B 5.0x NA NA Virtual Goods well as betting shops.

Mobile Games / 10/3/16 Develops, publishes, and markets mobile and social games. $30M 4.1x 5.0x NA Virtual Goods

Excludes deals with Target company revenue less than $2M

14 NOTABLE M&A TRANSACTIONS FOR Q1’17

LTM Multiple Premium Enterprise Ann. Date Buyer Target Segment Target Description Revenue on $ to 1 Mo Value Multiple Invested Prior

Mobile Games / FL Mobile Jiutian Tech, is a subsidiary of NQ Mobile and is a developer of 3/30/17 $366M 2.1x NA NA Virtual Goods mobile games and applications for interest-based online communities. FL Mobile Jiutian Tech

Mobile Games / Provides iOS and Android-based mobile video games, as well as social- 2/1/17 $250M 2.8x 4.8x NA Virtual Goods based online video games for consumers globally.

Baidu, Inc., Mobile Game Business comprises a mobile game platform on Mobile Games / 3/31/17 Undisclosed which registered users can access games provided by third-party game $174M NA NA NA Virtual Goods Mobile Game Business developers. Develops, operates, maintains, and commercializes Touch System Platform, a m-Commerce 2/23/17 cloud based software platform that enables the secure electronic delivery of $140M 4.3x NA 45.8% Enablement non-physical products, services, and entitlements to their end-users.

Mobility & Designs and develops a biometric identity and authentication solution 2/1/17 $120M NA 8.0x NA Monitoring based on iris recognition technology.

15 MOST ACTIVE MOBILE BUYERS – LAST 2 YEARS

# of Deals Mobile Transactions Company Mobile Total Date Company Value Date Company Value 1/18/17 Twitter (Fabric assets) NA 2/18/16 Pie.co NA 12/12/16 Cronologics NA 1/6/16 Circus Ponies NA 9/12/16 Urban Engines NA 11/6/15 Fly Labs NA 7/27/16 Cluster Labs NA 9/30/15 Jibe Mobile NA 16 46 7/12/16 FortyTwo NA 7/21/15 Pixate NA 7/7/16 Anvato Inc. NA 6/18/15 Agawi NA 7/6/16 Moodstocks NA 5/28/15 Pulse.io NA 2/19/16 Joyride NA 5/4/15 Timeful NA

8/22/16 Genee NA 12/21/15 Talko NA 6/16/16 Wand Labs NA 11/5/15 Mobile Data Labs NA 6/13/16 LinkedIn $26.2B 9/12/15 Double Labs NA 13 29 2/24/16 Xamarin $400M 7/16/15 FieldOne Systems NA 2/9/16 Zikera NA 6/2/15 6Wunderkinder $150M 2/3/16 TouchType $250M 4/14/15 Datazen Software NA 3/23/17 DeskConnect NA 9/17/15 Mapsense NA 1/29/16 FlyBy Media NA 7 17 5/29/15 Metaio NA 1/29/16 FlyByMedia NA 5/17/15 Coherent Navigation NA 10/5/15 Perceptio NA 12/25/16 Cimagine NA 3/28/16 Bitstrips $100M 5 5 8/15/16 Verbify NA 9/15/15 Looksery NA 6/3/16 Obvious Engineering NA

7/14/16 Math Camp NA 12/8/15 OMG Labs NA 5 7 6/15/16 Fleksy NA 12/8/15 ShopTAP NA 5/3/16 AdLast NA

16 PUBLIC COMPANY VALUATION & OPERATING MULTIPLES MOBILE 115 PUBLIC COMPANY UNIVERSE – PT. 1

Apps Stores & Content Aggregation

Carrier Back Office

Games / Virtual Goods

M-Commerce Enablement

Messaging & VoIP

18 MOBILE 115 PUBLIC COMPANY UNIVERSE – PT. 2

Mobile / Local Marketing

Mobile Devices

Mobile OS & Utility SW

Mobility & Monitoring

Portals & Social Networks

19 MOBILE 115 PUBLIC COMPANY UNIVERSE – PT. 3

Search & Referral - Diversified

Travel & Entertainment

Vertical Market Apps

Video, Music & eBooks

20 RECENT IPOS – SNAP INC.

IPO Details Business Description Offering Date: 3/1/17 Market Cap: $19.7B Snap Inc. operates as a camera company. It offers Snapchat, a Offering Price: $17.00 Offering Size: $3.4B camera application that helps people to communicate through short videos and images. Original Range: $14.00 - $16.00 % of Company: 17.3%

IPO Performance HQ: Venice, California Ticker: NYSE: SNAP Open: $24.00 3/31 $/share: $22.53 % Change to Offer: 41.2% % Change to Offer: 32.5% Stock Performance thru End of Q1’17 Close: $24.48 % Change to Open: (6.1)% $30.00 % Change to Offer: 44.0% $28.00 % Change to Open: 2.0% $26.00 Financial & Valuation Metrics $24.00 $22.00 LTM Revenue: $515M LTM Rev Growth: 589.5% LTM EBITDA: $(2.6B) Gross Margin: (4.6)% $20.00 LTM Net Income: $(2.6B) EBITDA Margin: N/M $18.00 Mkt Cap at 3/31: $26.1B EV at 3/31: $25.1B $16.00 Mkt Cap / $ Invested: 7.5x Rev Multiple: 62.1x $14.00 Investors $12.00 3/10/17 3/13/17 3/14/17 3/15/17 3/16/17 3/17/17 3/20/17 3/21/17 3/22/17 3/23/17 3/24/17 3/27/17 3/28/17 3/29/17 3/30/17 3/31/17 3/2/17 3/3/17 3/6/17 3/7/17 3/8/17 3/9/17 IPO

$10.00 Open Access Industries, Aeon Funds, Alibaba Group, Benchmark Capital, Binary Capital, Brookside Equity Partners, CapitalG, Coatue Management, Comcast Ventures, Dragoneer Investment Group, DST Gobal, Entrée Capital, Fidelity Investments, General Atlantic, General Catalyst Partners, Geodesic Capital, GIC, … Offer Range Price-Open Gap $/Sh are

21 RECENT IPOS – G-BITS NETWORK TECHNOLOGY

IPO Details Business Description Offering Date: 1/3/17 Market Cap: $552M Engages in the planning, research and development, Offering Price: $7.76 Offering Size: $138M production, and commercial operation of games. It offers client, Web, and mobile games. Original Range: N/A % of Company: 25.0%

IPO Performance HQ: Xiamen, China Ticker: SHSE: 603444 Open: $12.42 3/31 $/share: $35.22 % Change to Offer: 60.0% % Change to Offer: 353.8% Stock Performance thru End of Q1’17 Close: $12.42 % Change to Open: 183.6% $60.00 % Change to Offer: 60.0% $55.00 0.0% % Change to Open: $50.00 Financial & Valuation Metrics $45.00 $40.00 LTM Revenue: $231M LTM Rev Growth: 335.1% LTM EBITDA: $141M Gross Margin: 95.2% $35.00 LTM Net Income: $101M EBITDA Margin: 60.8% $30.00 Mkt Cap at 3/31: $3.3B EV at 3/31: $3.0B $25.00 Mkt Cap / $ Invested: 22.8x Rev Multiple: 16.0x $20.00 Investors $15.00 1/11/17 1/14/17 1/19/17 1/24/17 2/11/17 2/14/17 2/17/17 2/24/17 2/27/17 3/13/17 3/18/17 3/21/17 3/26/17 3/31/17 1/6/17 2/5/17 3/4/17 3/8/17 $10.00 IPO N/A

Offer Range Price-Open Gap $/Sh are

22 RECENT IPOS – QUECLINK WIRELESS SOLUTIONS

IPO Details Business Description Offering Date: 1/10/17 Market Cap: $329M Queclink Wireless Solutions Co., Ltd. supplies wireless machine- Offering Price: $4.11 Offering Size: $82M to-machine devices and solutions worldwide. Products include asset trackers, personal trackers, and vehicle trackers. Original Range: N/A % of Company: 25.0%

IPO Performance HQ: Shanghai, China Ticker: SZSE: 300590 Open: $4.93 3/31 $/share: $10.07 % Change to Offer: 19.7% % Change to Offer: 144.8% Stock Performance thru End of Q1’17 Close: $5.91 % Change to Open: 104.4% $13.00 % Change to Offer: 43.7% % Change to Open: 20.0% $11.00

Financial & Valuation Metrics $9.00 LTM Revenue: $39M LTM Rev Growth: (7.3)% LTM EBITDA: $14M Gross Margin: 61.7% $7.00 LTM Net Income: $14M EBITDA Margin: 36.5% $5.00 Mkt Cap at 3/31: $806M EV at 3/31: $791M Mkt Cap / $ Invested: N/A Rev Multiple: 20.2x $3.00 Investors 1/12/17 1/17/17 1/20/17 1/25/17 2/14/17 2/17/17 2/22/17 2/27/17 3/10/17 3/15/17 3/20/17 3/23/17 3/28/17 3/31/17 2/6/17 2/9/17 3/2/17 3/7/17 $1.00 IPO N/A

Offer Range Price-Open Gap $/Sh are

23 MEDIAN STOCK PERFORMANCE – MOBILE 115

 Q1’17 stock performance was strong as the Mobile 115 performed slightly better at 10.3% compared to the NASDAQ with a gain of 9.8% » Fueled by fresh IPOs, Q1’17 was a strong quarter for the technology sector, with the NASDAQ nearing record highs  Only two segments posted losses while the majority gained more than 5%

Stock Performance Stock Performance - 12/31-3/31 100% 91.2 Portals & Social Networks 19.0 90% Video, Music & eBooks 17.6 Games / Virtual Goods 16.5 80% Apps Stores & Content Aggregation 16.5 70% Messaging & VoIP 14.4 60% Travel & Entertainment 14.2 M-Commerce Enablement 13.1 50% 46.1 Mobile / Local Marketing 40.8 12.5 40% Mobile 115 10.3 Search & Referral - Diversified 8.9 30% 21.4 Mobile OS & Utility Software 8.3 20% Mobile Devices 7.2 10.3 8.2 9.8 Vertical Market Apps 3.9 10% 0.8 Carrier Back Office (3.0) 0% Mobility & Monitoring (4.5) Last 5 Years Last 3 Years LTM 12/31-3/31 (15.0)% 5.0% 25.0% Mobile 115 NASDAQ

24 MEDIAN LTM REVENUE MULTIPLES – MOBILE 115

 Median LTM revenue multiples increased to 3.4x, recovering from a near five-year low  Highest trading LTM revenue multiple segments include Messaging & VoIP, Portals & Social Networks, and Travel & Entertainment » The high LTM revenue multiple in the Messaging & VoIP segment is driven by Tencent and Twilio with multiples of 12.2x and 8.0x, respectively » Snap, Inc. posted the highest revenue multiple of 62.1x in the Portals & Social Networks segment

LTM Enterprise Value / Revenue LTM Enterprise Value / Revenue

4.5x Messaging & VoIP 6.5 4.0 Portals & Social Networks 5.6 4.0x 3.8 3.6 Travel & Entertainment 5.1 3.4 3.5x Apps Stores & Content Aggregation 4.5 2.9 3.0 Search & Referral - Diversified 4.4 3.0x Vertical Market Apps 4.2 2.5x M-Commerce Enablement 3.6 Video, Music & eBooks 3.5 2.0x Mobile 115 3.4 Mobile OS & Utility Software 3.4 1.5x Mobile Devices 2.7 1.0x Mobile / Local Marketing 2.6 Carrier Back Office 2.0 0.5x Games / Virtual Goods 1.9

0.0x Mobility & Monitoring 1.5 2012 2013 2014 2015 2016 3/31/17 0x 2x 4x 6x 8x Based on dat a available as of 3/31/17 Based on dat a available as of 3/31/17

25 MEDIAN LTM EBITDA MULTIPLES – MOBILE 115

 Median LTM EBITDA multiples increased to 13.7x, recovering from a three-year decline

 Messaging & VoIP segment trades at a premium LTM EBITDA multiple of 30.1x

 Only one out of the fourteen segments trade at medians below 10x LTM EBITDA

LTM Enterprise Value / EBITDA LTM Enterprise Value / EBITDA

18x 16.7 Messaging & VoIP 30.1 Portals & Social Networks 25.2 16x 15.0 Mobility & Monitoring 18.7 13.7 14x 13.2 Search & Referral - Diversified 17.1 12.4 Travel & Entertainment 16.1 12x 10.5 Vertical Market Apps 15.5 10x Apps Stores & Content Aggregation 15.2 Mobile / Local Marketing 13.9 8x Games / Virtual Goods 13.7 6x Mobile 115 13.7 Video, Music & eBooks 12.9 4x Mobile Devices 11.8 Mobile OS & Utility Software 11.4 2x M-Commerce Enablement 10.9 0x Carrier Back Office 7.1 2012 2013 2014 2015 2016 3/31/17 0x 10x 20x 30x 40x Based on dat a available as of 3/31/17 Based on dat a available as of 3/31/17 Com panies wit h EBITDA Margin <7.5% and EBITDA m ultiple above 20x deem ed NA Com panies wit h EBITDA Margin <7.5% and EBITDA m ultiple above 20x deem ed NA

26 MEDIAN LTM P/E MULTIPLES – MOBILE 115

 Strong stock performance in Q1’17 increased the median LTM P/E multiple to 25.4x, recovering from a three-year decline

 Only one company in the Mobility & Monitoring segment meet the required P/E measurement parameters so the segment multiple is not very meaningful

 Public markets demonstrate a strong preference for companies growing quickly and investing to solidify market leadership status, confident that future profits will come with scale

LTM P/E LTM P/E

30x Mobility & Monitoring 472.0 26.8 25.4 Messaging & VoIP 45.4 24.4 25x Search & Referral - Diversified 33.8 23.0 22.7 Travel & Entertainment 31.1 Portals & Social Networks 27.7 20x 18.0 Mobile 115 25.4 Mobile / Local Marketing 24.5 15x Mobile OS & Utility Software 23.7 Mobile Devices 22.6 Vertical Market Apps 10x 22.5 Games / Virtual Goods 22.2 Apps Stores & Content Aggregation 20.9 5x M-Commerce Enablement 20.9 Video, Music & eBooks 17.2 0x Carrier Back Office 13.6 2012 2013 2014 2015 2016 3/31/17 0x 100x 200x 300x 400x 500x Based on dat a available as of 3/31/17 Based on dat a available as of 3/31/17 Com panies wit h Net Margin <5.0% and P/E above 40x deem ed NA Com panies wit h Net Margin <5.0% and P/E above 40x deem ed NA

27 MEDIAN REVENUE GROWTH – MOBILE 115

 Median revenue growth decreased to 10.1% versus 14.0% in 2016  Revenue growth is expected to significantly increase to 16.0% over the next twelve months, fueled by high-growth companies such as Snap and Meitu

Revenue Growth vs Prior 12 Mos NTM / LTM Revenue Growth Projection

30% Portals & Social Networks 34.8 24.2 Messaging & VoIP 34.7 25% Video, Music & eBooks 24.4 Search & Referral - Diversified 22.2 20% 17.0 17.4 Mobile / Local Marketing 21.0 16.0 Apps Stores & Content Aggregation 17.5 14.0 15% Mobile 115 16.0 11.7 10.1 Mobile OS & Utility Software 14.5 10% Travel & Entertainment 14.1 Mobility & Monitoring 11.2 5% M-Commerce Enablement 10.6 Games / Virtual Goods 9.0 0% Vertical Market Apps 4.5 Carrier Back Office 4.0 Mobile Devices (0.0)

(10)% 0% 10% 20% 30% 40% Based on dat a available as of 3/31/17 Based on dat a available as of 3/31/17

28 MEDIAN EBITDA GROWTH – MOBILE 115

 Median EBITDA growth rates increased significantly in LTM 3/31/17 to 5.3% recovering from the five-year low of 1.1% in 2016  Median EBITDA growth rates are forecasted to significantly improve in the next twelve months, increasing to 18.9%

EBITDA Growth vs Prior 12 Mos NTM / LTM EBITDA Growth Projection

25% 23.0 Messaging & VoIP 86.0 Portals & Social Networks 53.3 20% 18.9 Video, Music & eBooks 37.2 16.0 Search & Referral - Diversified 31.4 Apps Stores & Content Aggregation 31.4 15% 13.3 Mobility & Monitoring 28.9 Mobile / Local Marketing 25.3 10% 9.2 Travel & Entertainment 20.5 Mobile 115 18.9 5.3 M-Commerce Enablement 17.5 5% Vertical Market Apps 15.2 1.1 Carrier Back Office 13.9 0% Mobile Devices 4.9 Games / Virtual Goods 4.0 Mobile OS & Utility Software 1.9

0% 25% 50% 75% 100% Based on dat a available as of 3/31/17 Based on dat a available as of 3/31/17 Com panies wit h EBI T DA M ar gin bet ween -5.0% and 5.0% deem ed NA Com panies wit h EBI T DA M ar gin bet ween -5.0% and 5.0% deem ed NA

29 MEDIAN EPS GROWTH – MOBILE 115

 Median EPS growth has fluctuated significantly over the past five years with LTM 3/31/17 slipping to a 5 year low of 5.5%

 Improved median EPS growth is expected in the next twelve months, reaching 15.4%

EPS Growth vs Prior 12 Mos NTM / LTM EPS Growth Projection 20% 18.6 Messaging & VoIP 46.7 18% Mobility & Monitoring 31.9 15.5 15.4 16% Travel & Entertainment 30.2 14% Portals & Social Networks 28.1 Search & Referral - Diversified 26.7 12% 10.1 Mobile / Local Marketing 19.9 10% 8.7 Video, Music & eBooks 18.6 8% 7.3 Apps Stores & Content Aggregation 16.0 5.5 Mobile 115 15.4 6% M-Commerce Enablement 13.0 4% Vertical Market Apps 12.0 2% Mobile Devices 10.4 Carrier Back Office 7.7 0% Mobile OS & Utility Software 5.6 Games / Virtual Goods 3.2

0% 30% 60%

Based on dat a available as of 3/31/17 Based on dat a available as of 3/31/17 Com panies wit h Net Margin bet ween -5.0% and 5.0% deem ed NA Com panies wit h Net Margin bet ween -5.0% and 5.0% deem ed NA

30 MEDIAN GROSS MARGIN TRENDS – MOBILE 115

 Median gross margins have remained consistent at 59.8% in LTM 3/31/17 and remain near the five-year low of 59.7% » Vertical Market Apps segment commanded the highest median gross margin of 81.1%  More commoditized segments such as Carrier Back Office and Video, Music & eBooks lag behind with gross margins below 40% as vendors face pricing pressure

Gross Margins Gross Margins by Segment

80% Vertical Market Apps 81.1 Travel & Entertainment 75.4 70% 67.4 65.9 63.0 62.5 M-Commerce Enablement 72.5 59.7 59.8 60% Search & Referral - Diversified 70.2 Games / Virtual Goods 61.1 50% Mobile OS & Utility Software 60.7 Portals & Social Networks 60.3 40% Mobile 115 59.8 Messaging & VoIP 53.9 30% Mobile / Local Marketing 50.7 Mobility & Monitoring 46.8 20% Mobile Devices 44.7 Apps Stores & Content Aggregation 41.9 10% Video, Music & eBooks 37.7 0% Carrier Back Office 36.0 2012 2013 2014 2015 2016 3/31/17 0% 20% 40% 60% 80% 100% Based on dat a available as of 3/31/17 Based on dat a available as of 3/31/17

31 MEDIAN EBITDA MARGIN TRENDS – MOBILE 115

 The Median EBITDA margin increased in Q1’17, recovering from a five-year low to 19.3%  The majority of companies in the bottom 3 segments continue to invest heavily in sales and marketing, delaying profitability in an effort to increase market share

EBITDA Margins EBITDA Margins by Segment

25% 23.1 Mobile OS & Utility Software 26.0 Search & Referral - Diversified 24.8 20.5 20.3 19.6 Games / Virtual Goods 24.6 20% 19.3 M-Commerce Enablement 23.1 17.0 Apps Stores & Content Aggregation 22.0 Mobile Devices 15% 20.7 Portals & Social Networks 20.3 Carrier Back Office 19.8 10% Mobile 115 19.3 Mobile / Local Marketing 17.0 Travel & Entertainment 14.3 5% Vertical Market Apps 14.3 Video, Music & eBooks 12.7 Messaging & VoIP 12.2 0% Mobility & Monitoring 5.7 2012 2013 2014 2015 2016 3/31/17 0% 10% 20% 30% Based on dat a available as of 3/31/17 Based on dat a available as of 3/31/17

32 BEST & WORST PERFORMERS – MOBILE 115

High/Low LTM EV/Rev Multiples High/Low Revenue Growth

70x 62.1 200% 155.2 60x 148.7 150% 50x 41.5 41.3 100.2 36.3 100% 70.9 40x 56.3 25.7 30x 50% 16.0 20x 0% 3.4 10x 0.7 0.7 0.5 0.3 0.2 0x (50)% (27.3) (32.6) (39.7) (41.7) (48.1) (100)%

Based on dat a available as of 3/31/17 Based on dat a available as of 3/31/17

High/Low LTM EV/EBITDA Multiples High/Low EBITDA Growth 125.0x 1,350% 1,104.2 98.5 95.9 100.0x 1,100% 73.3 850% 75.0x 57.6 54.9 600% 478.7 287.5 50.0x 350% 240.7 188.8 18.9 25.0x 13.7 100% 3.9 3.7 2.1 2.0 0.9 (150)% 0.0x (62.5) (69.8) (70.1) (71.5) (400)% (139.6)

Based on dat a available as of 3/31/17 Based on dat a available as of 3/31/17 Com panies wit h EBITDA Margin <7.5% and EBITDA m ultiple above 20x deem ed NA Com panies wit h EBI T DA M ar gin bet ween -5.0% and 5.0% deem ed NA

33 BEST & WORST PERFORMERS – MOBILE 115 (CONTINUED)

High/Low LTM P/E Multiples High/Low EPS Growth 472.0 500x 800% 518.8 455.6 400x 209.2 300% 121.2 106.4 300x 5.5 159.0 200x 130.4 119.8 113.3 (200)% (105.6) 100x 25.4 (114.4) 10.4 10.2 9.8 9.5 5.6 (266.2)(316.6) 0x (390.6) (700)%

Based on dat a available as of 3/31/17 Based on dat a available as of 3/31/17 Com panies wit h Net Margin <5.0% and P/E above 40x deem ed NA Com panies wit h Net Margin bet ween -5.0% and 5.0% deem ed NA

Stock Performance - 12/31-3/31 High/Low EBITDA Margin

150% 129.1 120% 68.2 55.7 53.0 51.0 48.6 125% 80% 19.3 100% 85.4 40% 0% 63.1 55.9 75% 44.7 (40)% (23.3) 50% (80)% (34.6) (48.3) 10.3 25% (120)% (93.8) 0% (160)% (200)% (25)% (240)% (194.2) (50)% (31.2) (31.6) (35.5) (36.3) (36.8)

34 NOTABLE TRANSACTION PROFILES M&A TRANSACTION SPOTLIGHT

Acquiror Target Deal Rationale/Commentary

Headquartered in Beijing, China, NQ Mobile – FL Mobile Jiutian Tech, is a subsidiary of NQ Mobile (NYSE: NQ) and is a developer of mobile games FL Mobile Jiutian Tech and applications for interest-based online communities such as, mobile Deal Summary technology, automotive, healthcare, entertainment, books, games, and others. Date: 3/30/2017 Transaction Value: $366 million Founded in 1997, Tsinghua Tongfang operates as an information, security, and energy-saving technology company. The company’s Enterprise Value: $366 million products are tailored made to the customers’ specific needs while also % Sought: 63% providing research, production, and other service of peripheral systems. Consideration: Cash Tsinghua Tongfang’s investment arm, Tongfang Investment Series SPC, made the 63% investment in FL Mobile as NQ Mobile divests its stake in FL Mobile Jiutian Tech.

Valuation Metrics Tsinghua Tongfang will pay approximately $21.7 million in cash as the non-refundable earnest money which will be counted towards the LTM Revenue Multiple: 2.1 x payment of the purchase price. The remaining amount of the total LTM EBITDA Multiple: N/A consideration will be paid on or before May 31, 2017 after the NQ mobile Multiple on $ Invested: N/A delivers all its equity interests in FL Mobile.

Investors Bison Capital Asset Management, NQ Mobile

36 M&A TRANSACTION SPOTLIGHT

Acquiror Target Deal Rationale/Commentary

Headquartered in Barcelona, Spain, Social Point is a developer of social mobile games on iOS and Android platforms. The company offers mobile games such as World Chef, Social Empires, and Social Wars. Their games Deal Summary offer social interaction by enabling their users to connect their games through social media and through the company’s own mobile social Date: 2/1/2017 media network. Transaction Value: $250 million Founded in 1993, Take-Two Interactive is a major developer of video Enterprise Value: $ 250 million games for numerous platforms such as, the Playstation and Xbox. The % Sought: 100% company offers its products under the Rockstar Games and 2K labels, Consideration: Cash / Stock which include blockbuster titles such as, Grand Theft Auto and NBA 2K series. With the acquisition of Social Point, Take-Two will further diversify its business and expand it’s portfolio of intellectual property, as well as enhance its position in the free-to-play mobile gaming space. Strauss Valuation Metrics Zelnick, Chairman and CEO of Take-Two commented, “The experienced team at Social Point shares our commitment to delighting consumers LTM Revenue Multiple: 2.8 x with high-quality entertainment, and we believe that Social Point’s LTM EBITDA Multiple: N/A deeply-engaging mobile offerings will be a perfect complement to our Multiple on $ Invested: 4.8 x business. Social Point is one of the few mobile game developers that has a proven track record of growing revenues and delivering multiple hits, and we expect this growth to continue given the company’s exciting development pipeline.”

Investors The transaction consideration will be comprised of $175 million in cash 83North, Banco Bilbao Vizcaya Argentaria, Greylock and 1,480,168 unregistered shares of Take-Two common stock, plus potential earn-out consideration of up to an aggregate of $25.9 million in Partners, Highland Capital Partners Europe, IdInvest cash and shares of Take-Two common stock. Partners, Nauta Capital, Propel Venture Partners

37 M&A TRANSACTION SPOTLIGHT

Acquiror Target Deal Rationale/Commentary

Undisclosed Founded in 2000, Baidu’s mobile game business, formerly known as 91 Mobile Game Business Wireless, comprises of a mobile game platform on which users can access games provided by third-party game developers. Baidu’s core Deal Summary business is as an operator of an internet search engine which comprises three major segments: Search Services, Transaction Services, and IQiyi. Date: 3/31/17 Transaction Value: $174 million Baidu’s sale of is mobile game business of $174 million represents a significant write down as they originally acquired the business for $1.8 Enterprise Value: $174 million billion in 2013. Baidu released a statement saying, “The business of Baidu % Sought: 100% Mobile Game will be disposed in 2017 as we entered into an equity Consideration: Cash transfer agreement with a third-party purchaser in January 2017.” The third-party purchaser was not disclosed.

Valuation Metrics LTM Revenue Multiple: N/A LTM EBITDA Multiple: N/A Multiple on $ Invested: N/A

Investors Baidu

38 M&A TRANSACTION SPOTLIGHT

Acquiror Target Deal Rationale/Commentary

Headquartered in Melbourne, Australia, Touchcorp owns and operates a software platform that gives businesses instant access to scalable services, such as identification and activation, Deal Summary transaction integrity, data collection & analysis, compliance Date: 2/23/2017 systems, and payments. Some of their notable customers include Transaction Value: $142 million 7-Eleven, ChangeUp, and Optus. Enterprise Value: $140 million Founded in 2014, Afterpay Holdings operates as a payments % Sought: 100% company and offers a retail-centric omni-channel platform that Consideration: Stock merger allow retail merchants to offer end customers with the ability to buy products on a “buy now, pay later” basis. Additionally, the company also provides post-payment services such as processing, transaction management, and invoicing. By merging with Valuation Metrics Touchcorp, Afterpay will be able to accelerate growth, while penetrating new markets, verticals, and enhance their intellectual LTM Revenue Multiple: 4.3 x property profile. Anthony Eisen, Executive chair of Afterpay, LTM EBITDA Multiple: 9.7 x commented, “This proposed strategic merger would enable LTM P/E Multiple: 6.9 x NewCo to be fully integrated from a technology perspective, boost the earnings potential of each component company with Premium versus: access to new industries and benefits of scale.” 1 day prior: 49.9% 1 week prior: 47.1% As the transaction is a merger of equals, Afterpay and Touchcorp 1 month prior: 45.8% will form a joint holding company, NewCo, though a share transfer. One share of Afterpay will be transferred into one share of Newco and 0.64 share of Touchcorp will be transferred into one Note: LTM and Premiums as of quarter prior to transaction share of Newco. announcement date.

39 M&A TRANSACTION SPOTLIGHT

Acquiror Target Deal Rationale/Commentary

Founded in 2011, Delta ID designs and develops biometric identity and authentication solutions based on iris recognition technology. The company’s ActiveIRIS system uses advanced computer pattern Deal Summary recognition techniques to create mathematical representations, which then enables mobile device users to do quick and reliable iris recognition. Date: 2/1/2017 Transaction Value: $120 million Headquartered in Sweden, Fingerprint Cards AB, is a developer of biometric technology products. Their biometric systems include sensors, Enterprise Value: $120 million algorithms, software, and packaging technologies. With the acquisition of % Sought: 100% Delta ID, Fingerprint Cards will be able to expand their product offerings Consideration: Cash, earnout/contingent payments to include Delta ID”s iris recognition technology. Christian Fredrikson, CEO of Fingerprint Cards, commented, “Through the acquisition we will be able to provide multi-modal solutions to the market, combining iris recognition with our fingerprint sensors. Hence, the products will be both Valuation Metrics more secure and user-friendly. The acquisition is consistent with our strategy to expand and maintain our leadership position within biometry, LTM Revenue Multiple: N/A from our leading position within fingerprint sensors for smartphones.” LTM EBITDA Multiple: N/A Multiple on $ Invested: 8.0 x The cash consideration is subject to certain deferred payments based on the management’s future commitment over the next two years with an additional earn out of up to $14 million, dependent on if Delta ID exceeds its revenue forecast for 2017. Investors Intel Capital

40 PUBLIC COMPANY TRADING & OPERATING METRICS TRADING & OPERATING METRICS

($ in millions, except per share data) $/Share Market Enterprise % Change Ent. Value/Rev. Ent. Value/EBITDA Price/EPS NTM / LTM Growth LTM Margin Company Name 3/31/17 Cap Value Cash Debt LTM LQ LTM NTM LTM NTM LTM NTM Revenue EBITDA EPS Gross EBITDA Net

Mobile 115 Mean 36,253 34,541 4,734 2,753 14.6 % 9.4 % 6.1 x 3.9 x 19.1 x 13.8 x 37.6 x 24.9 x 18.5% 46.4% 18.6% 59.5 % 15.4 % (7.4)% Mobile 115 Median 2,209 2,168 298 66 8.2 % 10.3 % 3.4 x 3.1 x 13.7 x 12.0 x 25.4 x 21.4 x 16.0% 18.9% 15.4% 59.8 % 19.3 % 11.1 %

Carrier Back Office Amdocs 60.99 8,947 8,006 940 0 0.9 % 4.7 % 2.1 x 2.1 x 10.8 x 10.3 x 16.9 x 15.7 x 4.0% 5.0% 7.7% 35.1 % 19.8 % 14.3 % Convergys 21.15 2,000 2,148 151 299 (23.8)% (13.9)% 0.7 x 0.7 x 5.7 x 5.9 x 11.5 x 11.6 x (0.9)% (4.0)% (0.6)% 36.0 % 13.0 % 6.5 % CSG Systems 37.81 1,242 1,381 276 416 (16.3)% (21.9)% 1.8 x 1.8 x 7.1 x 7.8 x 13.6 x 15.8 x 2.7% (8.9)% (14.3)% 50.7 % 25.5 % 12.1 % NeuStar 33.15 1,828 2,591 46 808 34.8 % (0.7)% 2.1 x 2.0 x 5.4 x 4.3 x 5.6 x 6.2 x 5.2% 25.4% (9.0)% 69.5 % 39.8 % 27.0 % Synchronoss 24.40 1,106 1,180 194 267 (24.6)% (36.3)% 2.5 x 1.4 x 5.1 x 4.2 x 12.3 x 9.6 x 70.9% 22.3% 28.1% 59.3 % 48.6 % 18.1 % Teleperformance 108.27 6,130 7,889 298 2,057 23.0 % 7.6 % 2.0 x 1.7 x 15.2 x 10.2 x 26.8 x 17.6 x 18.4% 49.0% 52.3% 32.7 % 13.5 % 6.1 % TeleTech 29.60 1,358 1,521 55 217 6.6 % (3.0)% 1.2 x 1.1 x 9.6 x 8.4 x 22.1 x 18.2 x 3.8% 13.9% 21.5% 26.2 % 12.4 % 5.0 % Mean 3,230 3,531 280 581 0.1 % (9.1)% 1.8 x 1.6 x 8.4 x 7.3 x 15.5 x 13.5 x 14.9% 14.7% 12.2% 44.2 % 24.6 % 12.7 % Median 1,828 2,148 194 299 0.9 % (3.0)% 2.0 x 1.7 x 7.1 x 7.8 x 13.6 x 15.7 x 4.0% 13.9% 7.7% 36.0 % 19.8 % 12.1 %

Mobile OS & Utility Software Alphabet 847.80 579,858 497,460 86,333 3,935 11.1 % 7.0 % 5.5 x 4.7 x 15.2 x 11.6 x 24.7 x 20.3 x 17.5% 31.4% 21.5% 61.1 % 36.3 % 26.6 % Apple 143.66 753,718 780,960 60,638 87,880 31.8 % 24.0 % 3.6 x 3.4 x 10.6 x 10.7 x 17.2 x 15.6 x 6.7% (1.0)% 10.4% 38.5 % 33.9 % 20.8 % BlackBerry 7.73 4,104 3,317 1,378 591 (4.9)% 12.4 % 2.5 x 3.2 x 8.9 x 23.6 x NA NA (21.0)% (62.5)% NA 49.0 % 28.6 % 2.4 % Cheetah Mobile 10.74 1,530 1,347 255 72 (34.2)% 12.3 % 2.0 x 1.8 x 14.5 x 16.6 x NA 26.4 x 15.8% (12.8)% NA 69.2 % 14.1 % 5.0 % Enea 9.94 174 166 25 17 (12.5)% (6.0)% 3.0 x 2.3 x 11.6 x 10.2 x 14.3 x 14.9 x 31.2% 13.5% (4.0)% 70.4 % 26.0 % 20.0 % G-treeBNT 14.04 310 307 18 14 (26.3)% 1.5 % 20.2 x NA NA NA NA NA NA NA NA 25.4 % (16.4)% (36.1)% Microsoft 65.86 508,935 475,536 121,205 87,806 19.2 % 6.0 % 5.5 x 4.7 x 13.7 x 12.5 x 22.6 x 21.7 x 17.1% 9.9% 4.4% 61.0 % 40.5 % 26.8 % MobileIron 4.35 388 298 90 0 (3.8)% 16.0 % 1.8 x 1.6 x NA NA NA NA 11.2% 68.0% 46.4% 81.5 % (23.3)% (19.4)% Monotype Imaging 20.10 792 806 91 105 (16.0)% 1.3 % 4.0 x 3.5 x 11.2 x 16.1 x 24.8 x 36.6 x 14.5% (30.7)% (32.1)% 83.8 % 35.5 % 15.8 % Myriad Group 1.64 184 182 10 8 (49.3)% (31.2)% 3.2 x NA NA NA NA NA NA NA NA 34.1 % (22.5)% (72.7)% NQ Mobile 4.17 401 253 327 179 (9.0)% 29.5 % 0.7 x NA NA NA 31.4 x NA NA NA NA 24.4 % 0.8 % 3.4 % Nuance 17.31 5,047 6,890 1,095 2,939 (7.4)% 16.2 % 3.5 x 3.3 x 11.0 x 10.5 x 11.4 x 10.7 x 5.5% 4.8% 6.8% 60.3 % 32.2 % 22.4 % Opera Softw are 4.70 686 567 220 101 (41.1)% 8.3 % 1.1 x 1.0 x 6.2 x 9.5 x 18.9 x NA 9.9% (34.8)% (91.9)% 19.8 % 17.0 % 6.8 % OPTiM 26.31 351 334 17 0 10.3 % 14.4 % 12.7 x 8.5 x 57.6 x NA 130.4 x NA 48.3% NA NA 82.8 % 22.0 % 10.6 % Seamless Distribution 4.34 958 NA 41 NA NA (17.2)% NA NA NA NA 159.0 x NA NA NA NA NA 39.8 % 14.2 % Mean 123,829 126,316 18,116 13,118 (9.4)% 6.3 % 5.0 x 3.5 x 16.0 x 13.5 x 45.5 x 20.9 x 14.2% (1.4)% (4.8)% 54.4 % 17.6 % 3.1 % Median 792 686 220 103 (8.2)% 8.3 % 3.4 x 3.3 x 11.4 x 11.6 x 23.7 x 20.3 x 14.5% 1.9% 5.6% 60.7 % 26.0 % 10.6 %

Messaging & VoIP LINE 38.34 8,388 7,373 1,203 188 NA 11.6 % 6.1 x 4.8 x 50.6 x 21.9 x 119.8 x NA 26.7% 130.9% NA 35.0 % 12.1 % 5.7 % Mail.Ru Group 22.10 4,610 4,520 92 2 1.8 % 20.4 % 6.9 x 5.1 x 23.5 x 12.6 x 15.3 x 18.5 x 34.9% 86.0% (17.4)% 52.2 % 29.5 % 46.8 % Myriad Group 1.64 184 182 10 8 (49.3)% (31.2)% 3.2 x NA NA NA NA NA NA NA NA 34.1 % (22.5)% (72.7)% SINA 72.12 5,112 3,521 1,797 206 52.2 % 18.6 % 3.4 x 2.5 x 27.7 x 9.6 x 50.8 x 30.7 x 34.7% 188.8% 65.6% 65.6 % 12.3 % 10.7 % Tencent 28.67 268,984 267,151 17,603 15,770 40.4 % 17.2 % 12.2 x 8.8 x 32.4 x 22.5 x 40.0 x 31.2 x 38.9% 43.8% 28.5% 55.6 % 37.7 % 31.1 % Tw ilio 28.87 2,527 2,221 306 0 NA 0.1 % 8.0 x 6.0 x NA NA NA NA 33.3% 58.0% 64.9% 56.5 % (8.4)% (9.4)% Mean 48,301 47,495 3,502 2,696 11.3 % 6.1 % 6.7 x 5.5 x 33.5 x 16.7 x 56.5 x 26.8 x 33.7% 101.5% 35.4% 49.9 % 10.1 % 2.0 % Median 4,861 4,021 754 98 21.1 % 14.4 % 6.5 x 5.1 x 30.1 x 17.3 x 45.4 x 30.7 x 34.7% 86.0% 46.7% 53.9 % 12.2 % 8.2 %

42 TRADING & OPERATING METRICS

Portals & Social Networks Facebook 142.05 410,522 381,073 29,449 0 24.5 % 23.5 % 13.8 x 10.1 x 27.0 x 16.1 x 33.5 x 26.2 x 37.1% 68.2% 28.1% 86.3 % 51.0 % 44.9 % Gree 6.29 1,477 773 704 0 14.3 % 19.0 % 1.4 x 1.4 x 5.3 x 10.0 x 9.5 x NA 1.5% (47.4)% NA 70.4 % 27.4 % 29.1 % Kakao 74.33 5,030 5,128 730 827 (14.8)% 16.2 % 4.2 x 3.1 x 33.6 x 17.2 x 74.1 x 45.8 x 35.5% 95.4% 62.0% 95.9 % 12.5 % 5.6 % Mail.Ru Group 22.10 4,610 4,520 92 2 1.8 % 20.4 % 6.9 x 5.1 x 23.5 x 12.6 x 15.3 x 18.5 x 34.9% 86.0% (17.4)% 52.2 % 29.5 % 46.8 % MeetMe 5.89 394 373 22 0 107.4 % 19.5 % 4.9 x 3.2 x 15.5 x 9.3 x 13.1 x 10.9 x 54.3% 67.3% 20.0% 100.0 % 31.5 % 34.1 % Meitu 1.57 6,639 5,845 794 0 NA 44.7 % 25.7 x 10.3 x NA NA NA NA 148.7% 19.9% 99.3% 15.2 % (48.3)% (1683.4)% Mono Technology 0.10 364 403 5 45 70.1 % 27.0 % 6.3 x 5.3 x 30.8 x 12.0 x NA 74.6 x 19.3% 155.8% NA 24.1 % 20.5 % (2.9)% Shutterfly 48.29 1,625 1,710 316 400 4.1 % (3.8)% 1.5 x 1.5 x 8.9 x 7.8 x NA NA 1.9% 14.0% NA 50.1 % 17.0 % 1.3 % SINA 72.12 5,112 3,521 1,797 206 52.2 % 18.6 % 3.4 x 2.5 x 27.7 x 9.6 x 50.8 x 30.7 x 34.7% 188.8% 65.6% 65.6 % 12.3 % 10.7 % Snap 22.53 26,072 25,100 987 15 NA NA 62.1 x 24.3 x NA NA NA NA 155.2% (69.8)% 16.5% (11.7)% (93.8)% (128.9)% Tencent 28.67 268,984 267,151 17,603 15,770 40.4 % 17.2 % 12.2 x 8.8 x 32.4 x 22.5 x 40.0 x 31.2 x 38.9% 43.8% 28.5% 55.6 % 37.7 % 31.1 % Tian Ge Interactive 0.79 1,014 772 242 0 23.4 % 27.4 % 6.4 x 5.0 x 41.8 x NA 29.2 x 20.0 x 27.4% NA 46.5% 77.5 % 15.4 % 29.9 % Tw itter 14.95 10,791 8,703 3,775 1,687 (9.7)% (8.3)% 3.4 x 3.7 x 12.6 x 14.6 x 26.2 x 51.4 x (6.5)% (13.5)% (49.0)% 65.1 % 27.2 % 15.8 % YY 46.11 2,558 2,189 768 399 (25.1)% 17.0 % 1.9 x 1.4 x 9.2 x 6.0 x 11.2 x 9.8 x 30.7% 53.3% 14.0% 38.3 % 20.1 % 21.2 % Mean 53,228 50,519 4,092 1,382 24.1 % 18.3 % 11.0 x 6.1 x 22.4 x 12.5 x 30.3 x 31.9 x 43.8% 50.9% 28.6% 56.0 % 11.4 % (110.3)% Median 4,820 4,021 749 30 18.8 % 19.0 % 5.6 x 4.4 x 25.2 x 12.0 x 27.7 x 28.4 x 34.8% 53.3% 28.1% 60.3 % 20.3 % 18.5 %

Search & Referral - Diversified Alphabet 847.80 579,858 497,460 86,333 3,935 11.1 % 7.0 % 5.5 x 4.7 x 15.2 x 11.6 x 24.7 x 20.3 x 17.5% 31.4% 21.5% 61.1 % 36.3 % 26.6 % Angie's List 5.70 339 357 39 58 (29.4)% (30.7)% 1.1 x 1.2 x 8.7 x 12.3 x 35.3 x 21.4 x (7.4)% (29.4)% NA 70.2 % 12.7 % 2.9 % Baidu 172.52 59,949 54,324 12,973 7,349 (9.6)% 4.9 % 5.3 x 4.4 x 21.6 x 22.2 x 30.5 x 30.7 x 22.2% (2.9)% (0.6)% 56.7 % 24.7 % 19.4 % DigitalGlobe 32.75 2,022 3,202 109 1,289 89.3 % 14.3 % 4.4 x 3.8 x 8.3 x 8.2 x 43.0 x NA 17.0% 1.7% (139.4)% 77.3 % 53.0 % 6.7 % Info Edge 12.34 1,496 1,305 191 0 6.3 % (6.8)% 9.2 x 5.9 x NA NA NA 66.2 x 56.3% 129.0% NA 8.1 % (34.6)% (26.8)% Just Dial 8.14 566 455 111 0 (29.6)% 63.1 % 4.4 x 3.7 x 17.1 x 24.4 x 30.3 x 30.3 x 19.4% (29.7)% 0.2% 43.6 % 25.5 % 18.3 % Kakao 74.33 5,030 5,128 730 827 (14.8)% 16.2 % 4.2 x 3.1 x 33.6 x 17.2 x 74.1 x 45.8 x 35.5% 95.4% 62.0% 95.9 % 12.5 % 5.6 % Naver 764.79 22,031 19,560 2,785 313 36.5 % 18.8 % 5.9 x 4.7 x 20.4 x 14.1 x 39.7 x 27.9 x 24.2% 45.1% 42.2% 100.0 % 28.7 % 16.9 % Yahoo Japan 4.61 26,241 22,889 3,866 513 8.1 % 19.9 % 3.2 x 2.8 x 12.8 x 9.9 x 22.9 x NA 13.8% 29.5% NA 55.8 % 24.8 % 15.9 % Yandex 21.93 7,092 6,368 1,030 306 43.1 % 8.9 % 5.1 x 3.9 x 17.0 x 12.0 x 32.3 x 24.5 x 30.2% 41.2% 31.9% 74.0 % 30.2 % 17.9 % Yelp 32.75 2,607 2,127 480 0 64.7 % (14.1)% 3.0 x 2.4 x 29.9 x 13.2 x 44.9 x 31.8 x 24.8% 125.8% 41.3% 91.5 % 10.0 % 7.9 % Mean 64,294 55,743 9,877 1,326 16.0 % 9.2 % 4.7 x 3.7 x 18.5 x 14.5 x 37.8 x 33.2 x 23.0% 39.7% 7.4% 66.8 % 20.3 % 10.1 % Median 5,030 5,128 730 313 8.1 % 8.9 % 4.4 x 3.8 x 17.1 x 12.8 x 33.8 x 30.3 x 22.2% 31.4% 26.7% 70.2 % 24.8 % 15.9 %

Travel & Entertainment Ctrip.com 49.15 24,477 25,772 4,688 5,982 11.0 % 22.9 % 9.3 x 6.5 x NA 33.6 x 81.9 x 49.2 x 43.0% 478.7% 66.6% 75.4 % (7.3)% 10.3 % Expedia 126.17 18,936 20,226 1,869 3,159 17.0 % 11.4 % 2.3 x 2.0 x 16.1 x 11.0 x 28.0 x 23.2 x 14.1% 46.5% 20.8% 81.8 % 14.3 % 7.9 % GrubHub 32.89 2,825 2,502 324 0 30.9 % (12.6)% 5.1 x 3.9 x 21.2 x 13.9 x 41.8 x 30.0 x 30.7% 52.7% 39.6% 56.6 % 24.0 % 13.7 % Live Nation 30.37 6,219 7,005 1,527 2,313 36.1 % 14.2 % 0.8 x 0.8 x 11.3 x 9.9 x NA NA 7.0% 13.4% NA 27.2 % 7.4 % (0.5)% MakeMy Tr ip 34.60 3,141 3,008 134 1 91.3 % 55.9 % 7.2 x 7.9 x NA NA NA NA (8.5)% (35.4)% 47.3% 44.3 % (15.7)% (24.0)% Priceline 1,779.97 87,522 90,391 4,300 7,169 38.1 % 21.4 % 8.4 x 7.2 x 23.0 x 19.1 x 25.5 x 24.0 x 16.1% 20.5% 6.3% 96.0 % 36.6 % 32.6 % TripAdvisor 43.16 6,222 5,747 730 255 (35.1)% (6.9)% 3.9 x 3.5 x 14.5 x 17.0 x 31.1 x 35.3 x 11.4% (15.0)% (12.0)% 95.2 % 26.8 % 13.8 % Mean 21,334 22,093 1,939 2,697 27.0 % 15.2 % 5.3 x 4.5 x 17.2 x 17.4 x 41.7 x 32.3 x 16.3% 80.2% 28.1% 68.1 % 12.3 % 7.7 % Median 6,222 7,005 1,527 2,313 30.9 % 14.2 % 5.1 x 3.9 x 16.1 x 15.4 x 31.1 x 30.0 x 14.1% 20.5% 30.2% 75.4 % 14.3 % 10.3 %

43 TRADING & OPERATING METRICS

Vertical Market Apps 51job 36.66 2,204 1,509 876 181 18.2 % 8.5 % 4.5 x 3.7 x 15.5 x 10.8 x 20.3 x 19.2 x 19.5% 43.8% 5.6% 71.6 % 28.9 % 31.4 % Auto Trader Group 4.91 4,789 5,246 24 481 (12.5)% (2.7)% 13.6 x 13.0 x 20.0 x NA 24.8 x 23.8 x 4.5% 5.7% 4.4% 99.9 % 68.2 % 51.4 % Autohome 31.77 3,621 2,796 824 0 13.7 % 25.7 % 3.3 x 3.3 x 12.5 x 10.8 x 17.4 x 15.5 x (2.4)% 15.0% 12.0% 65.7 % 26.1 % 24.7 % Bitauto 25.61 1,764 3,284 296 1,816 3.3 % 35.2 % 4.0 x 3.1 x NA 21.3 x NA 19.3 x 26.8% NA NA 64.0 % 4.0 % 3.5 % DHI Group 3.95 199 261 23 85 (51.1)% (36.8)% 1.1 x 1.2 x 3.9 x 5.1 x 10.4 x 13.4 x (3.4)% (23.4)% (22.4)% 85.8 % 29.4 % 8.1 % Everyday Netw ork 3.55 682 584 98 0 (40.8)% (14.6)% 5.9 x NA 46.8 x NA 44.3 x 19.8 x NA NA 124.2% 93.3 % 12.7 % 15.6 % Fang 3.26 1,440 1,634 379 573 (45.6)% (0.6)% 1.8 x 3.1 x NA 13.9 x NA NA (41.7)% 164.7% 103.2% 25.0 % (19.8)% (18.9)% IAC/InterActiveCorp 73.72 5,731 5,915 1,419 1,602 56.6 % 13.8 % 1.9 x 1.9 x 11.8 x 10.3 x 25.0 x 22.0 x (1.1)% 15.2% 13.7% 76.3 % 15.9 % 7.5 % TrueCar 15.47 1,341 1,262 108 29 176.7 % 23.8 % 4.5 x 4.0 x NA NA NA NA 14.7% NA NA 90.9 % 2.3 % (4.3)% Zillow 33.81 6,036 5,897 506 367 32.3 % (7.2)% 7.0 x 5.6 x 73.3 x 28.2 x NA 75.6 x 23.4% 159.5% NA 91.5 % 9.5 % 4.0 % Mean 2,781 2,839 455 514 15.1 % 4.5 % 4.8 x 4.3 x 26.3 x 14.4 x 23.7 x 26.1 x 4.5% 54.4% 34.4% 76.4 % 17.7 % 12.3 % Median 1,984 2,215 338 274 8.5 % 3.9 % 4.2 x 3.3 x 15.5 x 10.8 x 22.5 x 19.5 x 4.5% 15.2% 12.0% 81.1 % 14.3 % 7.8 %

Mobile / Local Marketing Amdocs 60.99 8,947 8,006 940 0 0.9 % 4.7 % 2.1 x 2.1 x 10.8 x 10.3 x 16.9 x 15.7 x 4.0% 5.0% 7.7% 35.1 % 19.8 % 14.3 % comScore 21.59 1,237 1,123 147 33 (28.1)% (31.6)% 3.0 x 2.2 x 10.6 x 9.4 x 11.2 x 13.3 x 40.8% 13.3% (15.8)% 68.5 % 28.6 % 19.7 % Criteo 49.99 3,199 3,014 270 86 20.7 % 21.7 % 1.7 x 3.2 x 17.0 x 10.6 x 24.5 x 20.4 x (48.1)% 60.5% 19.9% 35.8 % 9.8 % 7.5 % CyberAgent 29.55 3,715 3,432 292 9 27.0 % 19.5 % 1.2 x 1.1 x 8.7 x 8.9 x NA NA 18.1% (2.8)% NA 35.2 % 14.3 % 3.0 % Nasmedia 34.93 306 285 26 5 (18.6)% 6.5 % 4.9 x 4.0 x 20.4 x 14.8 x 37.6 x 20.0 x 23.9% 37.4% 87.3% 100.0 % 24.1 % 13.4 % SINA 72.12 5,112 3,521 1,797 206 52.2 % 18.6 % 3.4 x 2.5 x 27.7 x 9.6 x 50.8 x 30.7 x 34.7% 188.8% 65.6% 65.6 % 12.3 % 10.7 % Mean 3,753 3,230 579 56 9.0 % 6.6 % 2.7 x 2.5 x 15.9 x 10.6 x 28.2 x 20.0 x 12.2% 50.4% 32.9% 56.7 % 18.2 % 11.4 % Median 3,457 3,223 281 21 10.8 % 12.5 % 2.6 x 2.3 x 13.9 x 9.9 x 24.5 x 20.0 x 21.0% 25.3% 19.9% 50.7 % 17.0 % 12.0 %

Mobility & Monitoring iPas s 1.17 77 61 16 0 6.4 % (29.1)% 1.0 x 0.9 x NA NA NA NA 11.2% 36.5% (9.5)% 35.8 % (8.5)% (10.2)% Mobile Create 3.37 78 79 13 14 (17.6)% 6.1 % 1.1 x 1.0 x NA NA NA NA 18.8% NA NA 27.8 % 4.4 % 0.9 % Numerex 4.77 93 101 9 17 (21.8)% (35.5)% 1.4 x 1.4 x 19.9 x 13.1 x NA NA 2.5% 51.8% 55.3% 49.1 % 7.2 % (9.9)% ORBCOMM 9.55 682 806 25 149 (5.7)% 15.5 % 4.3 x 3.8 x 17.6 x 14.5 x NA NA 14.4% 21.4% 31.9% 50.2 % 24.5 % (5.9)% Silver Spring Netw orks 11.29 599 481 118 0 (23.5)% (15.2)% 1.5 x 1.5 x NA NA NA NA 3.4% (26.4)% NA 44.5 % 7.0 % 3.8 % Tianze Information 4.04 1,180 1,084 97 0 (10.1)% 12.8 % 41.3 x NA NA NA 472.0 x NA NA NA NA 58.3 % 3.5 % 8.6 % Mean 452 435 46 30 (12.1)% (7.6)% 8.5 x 1.7 x 18.7 x 13.8 x 472.0 x NM 10.0% 20.8% 25.9% 44.3 % 6.4 % (2.1)% Median 346 291 21 7 (13.9)% (4.5)% 1.5 x 1.4 x 18.7 x 13.8 x 472.0 x NM 11.2% 28.9% 31.9% 46.8 % 5.7 % (2.5)%

44 TRADING & OPERATING METRICS

M-Commerce Enablement Alibaba Group 107.83 269,575 262,234 20,422 13,081 36.4 % 22.8 % 12.7 x 9.3 x 30.2 x 20.2 x 32.7 x 26.2 x 35.4% 49.8% 24.8% 62.8 % 41.9 % 40.8 % Amdocs 60.99 8,947 8,006 940 0 0.9 % 4.7 % 2.1 x 2.1 x 10.8 x 10.3 x 16.9 x 15.7 x 4.0% 5.0% 7.7% 35.1 % 19.8 % 14.3 % Bango 1.91 124 118 7 0 208.4 % 129.1 % 36.3 x 25.4 x NA NA NA NA 43.0% 60.2% 16.3% 99.7 % (194.2)% (183.2)% Bankrate 9.65 868 987 177 296 5.2 % (12.7)% 2.3 x 2.0 x 9.8 x 7.9 x 15.8 x 13.9 x 16.3% 24.4% 13.4% 47.6 % 23.2 % 12.5 % Danal 4.91 223 219 77 72 12.1 % 10.3 % 2.4 x NA NA NA NA NA NA NA NA 99.9 % (0.5)% 1.8 % E*TRA DE 34.89 9,582 7,593 4,349 2,360 42.5 % 0.7 % 3.6 x 3.5 x NA NA 18.6 x 18.8 x 5.0% NA (1.3)% 90.8 % NA 25.1 % eBay 33.57 36,492 38,303 7,149 8,960 40.7 % 13.1 % 4.3 x 4.1 x 11.1 x 10.9 x 17.8 x 16.7 x 4.8% 1.3% 6.3% 77.6 % 38.6 % 24.1 % Groupon 3.93 2,209 1,545 892 228 (1.5)% 18.4 % 0.5 x 0.5 x 8.2 x 6.9 x NA 34.8 x (0.2)% 18.0% NA 43.2 % 6.0 % 0.7 % LendingTree 125.35 1,484 1,393 91 0 28.2 % 23.7 % 3.6 x 2.7 x 25.1 x 14.6 x 37.4 x 31.4 x 33.9% 72.5% 19.3% 96.4 % 14.4 % 11.1 % Mercadolibre 211.47 9,338 9,164 487 314 79.4 % 35.4 % 10.9 x 7.8 x 54.9 x 30.2 x 60.9 x 46.0 x 38.7% 81.8% 32.5% 72.5 % 19.8 % 18.1 % Moneysupermarket.co 4.14 2,258 2,203 55 0 (9.6)% 13.9 % 5.6 x 5.1 x 14.6 x 13.2 x 23.2 x 19.5 x 10.4% 10.2% 19.3% 74.8 % 38.6 % 25.0 % Pay Pal 43.02 51,950 42,134 9,816 0 11.5 % 9.0 % 3.9 x 3.3 x 16.1 x 13.3 x 28.7 x 24.9 x 16.3% 21.5% 15.4% 47.4 % 24.1 % 16.9 % Qiw i 17.15 1,039 720 339 20 18.4 % 34.3 % 2.5 x 3.7 x 8.5 x 7.6 x 14.5 x 15.4 x (32.6)% 11.4% (6.0)% 52.5 % 29.0 % 24.6 % Rakuten 10.00 14,237 14,149 6,179 6,091 3.5 % 1.9 % 2.1 x 1.8 x 11.0 x 9.4 x 38.6 x NA 19.2% 17.5% NA 13.3 % 19.1 % 5.6 % RetailMeNot 8.10 391 235 217 61 1.1 % (12.9)% 0.8 x 0.8 x 3.7 x 4.1 x 11.6 x 14.2 x 10.9% (11.6)% (18.6)% 78.1 % 23.0 % 12.4 % TD Ameritrade 38.86 20,500 11,137 11,132 1,769 23.2 % (10.9)% 3.4 x 3.1 x 7.1 x 6.5 x 25.4 x 22.6 x 8.4% 9.1% 12.6% 91.5 % 47.4 % 24.5 % Touchcorp 0.98 125 105 20 0 (39.4)% 23.5 % 3.9 x 3.7 x 7.1 x 23.6 x 13.2 x NA 7.7% (70.1)% (86.3)% 70.6 % 55.7 % 33.6 % Mean 25,255 23,544 3,668 1,956 27.1 % 17.9 % 5.9 x 4.9 x 15.6 x 12.8 x 25.4 x 23.1 x 13.8% 20.1% 4.0% 67.9 % 12.9 % 6.3 % Median 2,258 2,203 487 72 12.1 % 13.1 % 3.6 x 3.4 x 10.9 x 10.6 x 20.9 x 19.5 x 10.6% 17.5% 13.0% 72.5 % 23.1 % 16.9 %

Apps Stores & Content Aggregation Alphabet 847.80 579,858 497,460 86,333 3,935 11.1 % 7.0 % 5.5 x 4.7 x 15.2 x 11.6 x 24.7 x 20.3 x 17.5% 31.4% 21.5% 61.1 % 36.3 % 26.6 % Amazon.com 886.54 423,031 417,463 25,981 20,413 49.3 % 18.2 % 3.1 x 2.5 x 30.7 x 21.5 x NA NA 21.5% 43.0% NA 35.1 % 10.0 % 1.7 % Apple 143.66 753,718 780,960 60,638 87,880 31.8 % 24.0 % 3.6 x 3.4 x 10.6 x 10.7 x 17.2 x 15.6 x 6.7% (1.0)% 10.4% 38.5 % 33.9 % 20.8 % Bew inner 1.43 812 753 60 0 25.0 % 14.8 % 23.9 x NA NA NA NA NA NA NA NA 45.4 % (8.2)% (11.4)% Mean 439,355 424,159 43,253 28,057 29.3 % 16.0 % 9.0 x 3.5 x 18.8 x 14.6 x 20.9 x 17.9 x 15.2% 24.5% 16.0% 45.0 % 18.0 % 9.4 % Median 501,444 457,461 43,310 12,174 28.4 % 16.5 % 4.5 x 3.4 x 15.2 x 11.6 x 20.9 x 17.9 x 17.5% 31.4% 16.0% 41.9 % 22.0 % 11.3 %

Games / Virtual Goods Ateam 23.87 451 428 31 8 44.4 % 20.9 % 1.7 x 1.2 x 18.8 x NA 29.1 x NA 38.1% NA NA 84.6 % 9.1 % 6.2 % Changyou.com 28.04 1,430 978 831 379 49.3 % 32.1 % 1.9 x 1.7 x 4.6 x 5.2 x 9.8 x 8.3 x 11.5% (11.6)% 17.4% 68.4 % 40.9 % 28.9 % Colopl 9.26 1,162 643 519 0 (56.7)% 8.9 % 0.8 x 1.3 x 2.0 x 4.5 x NA NA (39.7)% (55.3)% NA 55.8 % 38.5 % 24.4 % CyberAgent 29.55 3,715 3,432 292 9 27.0 % 19.5 % 1.2 x 1.1 x 8.7 x 8.9 x NA NA 18.1% (2.8)% NA 35.2 % 14.3 % 3.0 % DeNA 20.26 2,939 2,231 709 0 17.4 % (7.4)% 1.8 x 1.7 x 7.4 x 5.6 x 10.2 x NA 4.0% 30.6% NA 60.4 % 24.6 % 23.4 % GAMEVIL 49.20 324 342 30 47 (38.7)% 21.6 % 2.5 x 2.1 x NA NA 10.6 x 10.3 x 19.7% 10.7% 3.1% 61.1 % 7.4 % 22.4 % G-bits 46.40 3,302 3,022 281 0 NA NA 16.1 x 15.3 x 40.4 x 24.3 x 32.1 x 32.6 x 5.3% 66.1% (1.4)% 96.0 % 39.8 % 41.0 % Glu 2.27 306 204 102 0 (19.5)% 17.0 % 1.0 x 0.9 x NA NA NA NA 9.0% NA 48.2% 47.5 % 2.1 % (21.0)% Mail.Ru Group 22.10 4,610 4,520 92 2 1.8 % 20.4 % 6.9 x 5.1 x 23.5 x 12.6 x 15.3 x 18.5 x 34.9% 86.0% (17.4)% 52.2 % 29.5 % 46.8 % MobileFactory 26.84 127 114 12 0 200.0 % 9.5 % 6.4 x NA 20.4 x NA 33.3 x NA NA NA NA 64.9 % 31.7 % 21.5 % Shengxunda 16.48 1,538 1,431 114 7 NA 0.8 % 41.5 x NA 95.9 x NA 113.3 x NA NA NA NA 84.9 % 43.3 % 31.9 % Sohu.com 39.33 1,527 256 1,299 29 (20.6)% 16.1 % 0.2 x 0.1 x 0.9 x 3.2 x NA NA 5.5% (71.5)% 3.4% 47.9 % 17.2 % (13.3)% Zynga 2.85 2,474 1,622 852 0 25.0 % 10.9 % 2.2 x 2.0 x NA 17.8 x NA 40.9 x 8.0% NA NA 67.8 % 4.9 % 3.2 % Mean 1,839 1,479 397 37 20.8 % 14.2 % 6.5 x 3.0 x 22.2 x 10.3 x 31.7 x 22.1 x 10.4% 6.5% 8.9% 63.6 % 23.3 % 16.8 % Median 1,527 978 281 2 17.4 % 16.5 % 1.9 x 1.7 x 13.7 x 7.3 x 22.2 x 18.5 x 9.0% 4.0% 3.2% 61.1 % 24.6 % 22.4 %

45 TRADING & OPERATING METRICS

Video, Music & eBooks Alphabet 847.80 579,858 497,460 86,333 3,935 11.1 % 7.0 % 5.5 x 4.7 x 15.2 x 11.6 x 24.7 x 20.3 x 17.5% 31.4% 21.5% 61.1 % 36.3 % 26.6 % Amazon.com 886.54 423,031 417,463 25,981 20,413 49.3 % 18.2 % 3.1 x 2.5 x 30.7 x 21.5 x NA NA 21.5% 43.0% NA 35.1 % 10.0 % 1.7 % Apple 143.66 753,718 780,960 60,638 87,880 31.8 % 24.0 % 3.6 x 3.4 x 10.6 x 10.7 x 17.2 x 15.6 x 6.7% (1.0)% 10.4% 38.5 % 33.9 % 20.8 % Leshi 4.93 9,827 10,497 618 1,289 (45.9)% (4.5)% 3.3 x 2.2 x NA 16.5 x NA NA 54.2% 287.5% NA 16.8 % 5.2 % 2.5 % Meitu 1.57 6,639 5,845 794 0 NA 44.7 % 25.7 x 10.3 x NA NA NA NA 148.7% 19.9% 99.3% 15.2 % (48.3)% (1683.4)% MTI 6.05 330 253 76 0 (13.0)% (2.6)% 0.9 x 0.9 x 4.2 x 4.8 x 10.9 x NA 4.0% (12.1)% NA 83.5 % 21.8 % 11.3 % Netflix 147.81 63,619 65,249 1,734 3,364 44.6 % 19.4 % 7.4 x 5.8 x NA 60.6 x NA NA 27.2% 129.4% NA 31.7 % 5.3 % 2.1 % Pandora Media 11.81 2,779 2,884 237 342 32.0 % (9.4)% 2.1 x 1.8 x NA NA NA NA 17.1% NA 15.7% 37.2 % (1.8)% (8.7)% Tian Ge Interactive 0.79 1,014 772 242 0 23.4 % 27.4 % 6.4 x 5.0 x 41.8 x NA 29.2 x 20.0 x 27.4% NA 46.5% 77.5 % 15.4 % 29.9 % YY 46.11 2,558 2,189 768 399 (25.1)% 17.0 % 1.9 x 1.4 x 9.2 x 6.0 x 11.2 x 9.8 x 30.7% 53.3% 14.0% 38.3 % 20.1 % 21.2 % Mean 184,337 178,357 17,742 11,762 12.0 % 14.1 % 6.0 x 3.8 x 18.6 x 18.8 x 18.6 x 16.4 x 35.5% 68.9% 34.6% 43.5 % 9.8 % (157.6)% Median 8,233 8,171 781 844 23.4 % 17.6 % 3.5 x 2.9 x 12.9 x 11.6 x 17.2 x 17.8 x 24.4% 37.2% 18.6% 37.7 % 12.7 % 6.9 %

Mobile Devices Apple 143.66 753,718 780,960 60,638 87,880 31.8 % 24.0 % 3.6 x 3.4 x 10.6 x 10.7 x 17.2 x 15.6 x 6.7% (1.0)% 10.4% 38.5 % 33.9 % 20.8 % BDStar Navigation 4.61 2,364 2,320 76 32 8.3 % 0.4 % 13.6 x NA 98.5 x NA 45.2 x NA NA NA NA 30.7 % 13.8 % 23.3 % BlackBerry 7.73 4,104 3,317 1,378 591 (4.9)% 12.4 % 2.5 x 3.2 x 8.9 x 23.6 x NA NA (21.0)% (62.5)% NA 49.0 % 28.6 % 2.4 % Fitbit 5.92 1,344 638 706 0 (60.9)% (19.1)% 0.3 x 0.4 x 2.1 x NA NA NA (27.3)% (139.6)% NA 39.9 % 14.0 % (1.5)% Gar min 51.11 9,638 8,524 1,114 0 27.9 % 5.4 % 2.8 x 2.8 x 13.0 x 12.1 x 18.0 x 19.2 x (0.0)% 7.1% (6.5)% 55.6 % 21.8 % 17.8 % Samsung 1,842.64 255,831 195,295 73,230 12,694 59.6 % 23.1 % 1.2 x 1.0 x 4.6 x 3.3 x 13.9 x 8.9 x 19.2% 40.8% 56.4% 40.4 % 25.4 % 11.2 % TomTom 9.76 2,268 2,127 150 10 (0.1)% 8.2 % 2.0 x 2.1 x 13.3 x 12.7 x 38.4 x 37.3 x (2.7)% 4.9% 2.9% 57.3 % 15.3 % 5.7 % Trimble Navigation 32.01 8,091 8,383 327 620 29.1 % 6.2 % 3.5 x 3.4 x 18.2 x 16.4 x 27.1 x 23.8 x 5.3% 10.6% 14.0% 56.2 % 19.5 % 12.7 % Mean 129,670 125,196 17,202 12,728 11.3 % 7.6 % 3.7 x 2.3 x 21.1 x 13.1 x 26.6 x 21.0 x (2.8)% (19.9)% 15.5% 46.0 % 21.5 % 11.6 % Median 6,097 5,850 910 311 18.1 % 7.2 % 2.7 x 2.8 x 11.8 x 12.4 x 22.6 x 19.2 x (0.0)% 4.9% 10.4% 44.7 % 20.7 % 12.0 %

46 TECHNOLOGY & TELECOM TEAM TECHNOLOGY & TELECOM TEAM

 Capstone is built from the top and our clients receive hands-on, senior-level attention on every transaction. With a long track record of success, we are dedicated to delivering results that maximize value for our clients.

JOHN FERRARA DAVID MICHAELS JOHN SNEAD Founder & President Partner, Managing Director Partner, Managing Director Head of Investment Banking Head of Technology & Telecom Head of International M&A Technology & Telecom Los Angeles, Boston, New York San Diego & Silicon Valley London

DAVID DESIMONE TEAK MURPHY BRANDON OVERMYER Director Director Vice President Technology & Telecom Technology & Telecom Technology & Telecom

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JAY WONGWATANA-ANAN Analyst Technology & Telecom

Los Angeles