Median Revenue Growth

Over a Decade of Capstone Partners M&A Excellence Investment Banking Advisors

Mobile M&A and Valuation Update

Q4 2013

BOSTON ¡ CHICAGO ¡ LONDON ¡ LOS ANGELES ¡ PHILADELPHIA ¡ SAN DIEGO ¡ SILICON VALLEY

Capstone Partners CapstoneInvestment BankingPartners Advisors 1 Investment Banking Advisors WORLD CLASS WALL STREET EXPERTISE.1 BUILT FOR THE MIDDLE MARKET.TM Over a Decade of Table of Contents M&A Excellence

Section Page Introduction n Research Coverage: Mobile 4 n Key Takeaways 5-6

M&A Activity & Multiples n M&A Dollar Volume 8 n M&A Transaction Volume 9-11 n 2013 Revenue Multiples 12-13 n Revenue Multiples by Segment 14 n Highest Revenue Multiple Transactions 15 n Notable M&A Transactions 16 n Most Active Buyers 17-18

Public Company Valuation & Operating Metrics n Mobile 130 Public Company Universe 20-22 n Recent IPOs 23-28 n Stock Price Performance 29 n 2013 Revenue, EBITDA & P/E Multiples 30-32 n Revenue, EBITDA and EPS Growth 33-35 n Margin Analysis 36-37 n Best / Worst Performers 38-39

Notable Transaction Profiles 41-50

Public Company Trading & Operating Metrics 52-58 Technology & Telecom Team 60-62

Capstone Partners CapstoneInvestment BankingPartners Advisors 2 Investment Banking Advisors 2 Over a Decade of Capstone Partners M&A Excellence Investment Banking Advisors

Observations and Introduction Recommendations

Capstone Partners CapstoneInvestment BankingPartners Advisors 3 Investment Banking Advisors WORLD CLASS WALL STREET EXPERTISE.3 BUILT FOR THE MIDDLE MARKET.TM Over a Decade of Research Coverage: Mobile M&A Excellence n Capstone’s Technology & Telecom Group focuses its research efforts on the following market segments:

Enterprise SaaS & Mobile Consumer Internet Cloud

4 App Stores & Content Aggregators 4 Carrier Back Office 4 Games / Virtual Goods 4 M-Commerce Enablement 4 Messaging & VoIP 4 Mobile / Local Marketing E-Commerce Consumer, IT & 4 Mobile Devices Telecom Hardware 4 Mobile OS & Utility SW 4 Mobility & Monitoring 4 Portals & Social Networks 4 Search, Referral & Navigation 4 Video, Music & eBooks 4 Wireless Network Equipment 4 Wireless Network Operators 4 Wireless Semiconductors

Capstone Partners CapstoneInvestment BankingPartners Advisors 4 Investment Banking Advisors 4 Over a Decade of Key Takeaways – M&A Activity & Multiples M&A Excellence n M&A dollar volume has surged from $64.5B in 2012 to $100.6B in 2013 } Both Private and Public company M&A dollar volume has risen sharply with Private setting a new five year high n Transaction volume has risen to approximately 500 deals per annum in ‘11-’13 from less than 350 in ‘08-09 } Wireless Network Operators; Mobility & Monitoring, Mobile OS & Utility Software and Mobile/Local Marketing segments were particularly active with 50+ deals in 2013 in each segment n Private company deal volume jumped significantly in 2011 and has remained near 480 deals per annum since then } The median deal value dropped slightly to $27M in 2013 from $30M in 2012 n Public company median deal value jumped to $607M in 2013 compared to $384M in 2012 } M&A transactions with values greater than $500M constituted more than half of public target deals in 2013 n M&A valuations vary considerably across the various Mobile segments with Wireless Tower and hot Software segments commanding more than 4x revenue while the majority of segments trade in the 1.5-2.5x range n Notable M&A transactions in Q4’13 } } } Oi / Portugal Telecom ($19.0B) Softbank / Brightstar ($1.3B) UnderArmor / MapMyFitness ($150M) } Hong Kong Telecom / CSL ($2.4B) } Tsinghua Unigroup / RDA ($835M) } i.TV / GetGlue ($79M)

} NCR / Digital Insight ($1.7B) } IBM / Fiberlink ($300M) } Softbank / Supercell ($1.5B) } Tribune / Gracenote ($170M) n Most active buyers include Facebook, Google, Yahoo!, Apple, Intel, Twitter, Groupon, Verizon, American Tower, Cisco & Zynga n Capstone expects the robust M&A activity and attractive exit valuations in Mobile to continue in 2014 } There is some risk that a significant market correction could negatively impact activity levels and valuation multiples

Capstone Partners CapstoneInvestment BankingPartners Advisors 5 Investment Banking Advisors 5 Over a Decade of Key Takeaways – Public Company Metrics M&A Excellence n Q4’13 saw six IPO companies added to the Mobile 130, with generally strong performance } Twitter was priced conservatively at $26.00, opened at $45.10 and ended 2013 at $63.65 n Mobile 130 median gain has performed on par with the NASDAQ over the past year } The Mobile 130 median gain for Q4 was 10.3%, almost identical to the NASDAQ’s 10.7% gain } Search Referral & Navigation , App Stores & Content Aggregation and Games / Virtual Goods posted 20+% gains n Median 2013 Revenue Multiple of 3.1x represents a five year high amid increased confidence in future growth as the market recovery continues } Medians vary significantly with Wireless Towers at 12.0x and Carrier Back Office at just 1.2x n Median 2013 EBITDA multiples continued to recover, jumping to a near five year high of 12.0x } Just three Mobile segments are trading at medians below 10.0x 2013 EBITDA n Median 2013 P/E multiples continued to climb, reaching 21.4x which is a 5 year high } All segments trade above 15x with five segments above 30x n Mobile 130 median revenue growth continued to decline rapidly to 8.9% in 2013 but is expected to rebound to 9.8% in 2014 } Six segments are projecting median 2014 revenue growth of over 20% while five are projecting single digit median growth rates n Mobile 130 posted median EBITDA growth of 7.8% for 2013 with improved growth projected at 16.8% for 2014 n Median gross margins currently stand at 52.0% in 2013, near five year highs n Median EBITDA margins decreased to 22.0% in 2013 from 23.9% in 2012 as many of the Mobile 130 sacrificed near term profitability to invest in growth

Capstone Partners CapstoneInvestment BankingPartners Advisors 6 Investment Banking Advisors 6 Over a Decade of Capstone Partners M&A Excellence Investment Banking Advisors

M&AObservations Activity & and MultiplesRecommendations

Capstone Partners CapstoneInvestment BankingPartners Advisors 7 Investment Banking Advisors WORLD CLASS WALL STREET EXPERTISE.7 BUILT FOR THE MIDDLE MARKET.TM Over a Decade of 2013 M&A Dollar Volume M&A Excellence n M&A dollar volume has surged from $64.5B in 2012 to $100.6B in 2013 } Both Private and Public company M&A dollar volume has risen sharply with Private setting a new five year high } Dollar volume tends to be driven by multi-billion dollar carrier deals and is not necessarily indicative of trends across all mobile segments

Capstone Partners CapstoneInvestment BankingPartners Advisors 8 Investment Banking Advisors 8 Over a Decade of 2013 M&A Transaction Volume by Segment M&A Excellence n Transaction volume has risen from less than 350 deals per annum in ‘08-09 to approximately 500 deals per annum from 2011 forward } Wireless Network Operators, Mobility & Monitoring, Mobile OS & Utility Software and Mobile/Local Marketing segments were particularly active with 50+ deals in 2013 in each segment

Capstone Partners CapstoneInvestment BankingPartners Advisors 9 Investment Banking Advisors 9 2013 M&A Transaction Volume by Deal Size – Over a Decade of Private Targets M&A Excellence n Private company deal volume jumped significantly in 2011 and has remained near 480 deals per annum since then n There were 16 billion dollar private deals in 2013 which set a new five year high n The median deal value dropped slightly to $27M in 2013 from $30M in 2012

Capstone Partners CapstoneInvestment BankingPartners Advisors 10 Investment Banking Advisors 10 2013 M&A Transaction Volume by Deal Size – Over a Decade of Public Targets M&A Excellence n M&A transactions with values greater than $500M constituted more than half of public target deals in 2013 } $1B+ transaction activity has been strong for 2010 to current with four $1B+ deals in 2013 } Median deal size jumped to $607M in 2013 as deal mix has shifted toward larger transactions with just four transactions under $250M

Capstone Partners CapstoneInvestment BankingPartners Advisors 11 Investment Banking Advisors 11 Over a Decade of 2013 Revenue Multiples – Private Targets M&A Excellence n The Median 2013 Revenue Multiple paid for private company targets fell significantly in 2013 } There were 10 small deals (<$20M)with multiples of less than 1.0x in 2013 versus zero in 2012 } Excluding small deals (<$20M), the Median Revenue Multiple for Software & Services is 4.1x for 2013 vs 3.5x for 2012 n Hot companies and sectors can achieve double digit multiples upon exit but those are the exception with most companies being acquired at more modest multiples

Capstone Partners CapstoneInvestment BankingPartners Advisors 12 Investment Banking Advisors 12 Over a Decade of 2013 Revenue Multiples – Public Targets M&A Excellence n The Median 2013 Revenue Multiple paid for public company targets jumped for Mobile Software & Services to a five year high, though Hardware remains relatively flat with recent years n With less than 20 public company target data points in a given year, the median multiple tends to be quite volatile so it is difficult to reliably draw conclusions on M&A valuation trends

Capstone Partners CapstoneInvestment BankingPartners Advisors 13 Investment Banking Advisors 13 Median Revenue Multiples by Segment – 2008 Over a Decade of to Current M&A Excellence n M&A valuations vary considerably across the various Mobile segments } The premium multiples paid for Wireless Tower companies are driven by high margins and stable cash flows } m-Commerce Enablement, Mobile Games/Virtual Goods and Mobile/Local Marketing represent the hottest segments in mobile software with median multiples of 4x+ while most other segments trade in the 1.5-2.5x range } Hardware segments all trade at under 2x with mobile devices at just 0.6x

Capstone Partners CapstoneInvestment BankingPartners Advisors 14 Investment Banking Advisors 14 Over a Decade of Highest Revenue Multiple Transactions for 2013 M&A Excellence

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

Mobile Games / Provides iOS-based free-to-play mobile video games for 10/15/13 $1.5B 29.0x 10.8x NA Virtual Goods consumers

Provides financial anti-fraud software and SaaS to businesses Cloud & IT 8/15/13 globally. Also provides anti-malware, endpoint integrity and $900M 25.7x 90.0x NA Infrastructure mobile device security software.

Carrier Back Provides mobile network management software for wireless 1/23/13 $475M 15.8x 55.9x NA Office telecommunication operators worldwide.

Provides 3G, LTE and WiFi base stations and related Wireless Network 4/3/13 management software for wireless telecom service providers $310M 13.7x 3.8x NA Equipment globally. Provides marketing automation, social media marketing, Mobile / Local 6/27/13 mobile marketing, customer analytics and campaign $600M 10.3x 17.3x NA Marketing management software to businesses globally. Provides flash-compatible mobile video traffic optimization Carrier Back 2/15/13 software for use with iOS, Android and Symbian operating $50M 10.2x 1.2x NA Office systems.

Mobility & Provides a mobile application that enables users to securely 2/13/13 $17.1M 8.6x NA NA Monitoring access enterprise applications and files via an iPad.

Wireless Network Provides fixed satellite services; offers satellite transmission 7/31/13 $1.19B 8.5x NA NA Operators capacity for fixed and mobile telephone networks.

Cloud & IT Provides mobile device and application management software 11/13/13 $300M 6.0x 3.6x NA Infrastructure and SaaS for small, medium and large businesses

Provides fixed-line and mobile telephone, broadband Internet, Wireless Network 6/24/13 and cable TV services for businesses and consumers in $10.2B 5.9x NA 20.2% Operators Germany. Sorted by LTM Revenue Multiple Excludes deals with Target company revenue less than $2M

Capstone Partners CapstoneInvestment BankingPartners Advisors 15 Investment Banking Advisors 15 Over a Decade of Notable M&A Transactions for Q4’13 M&A Excellence

LTM Multiple Premium Deal Ann. Date Buyer Target Segment Target Description Revenue on $ to 1 Mo Value Multiple Invested Prior Wireless Provides telecommunications and multimedia services primarily in 10/2/13 Network $19.0B 1.8x NA 11.4% Portugal, Brazil, and other countries in Africa and Asia Operators Wireless A mobile network operator, provides customer-centric services in 12/20/13 Network $2.4B 2.4x 4.9x NA Hong Kong and internationally Operators Provides online and mobile online banking for consumers and M-Commerce 12/2/13 payment processing SaaS for financial institutions and merchants $1.7B 5.0x 1.6x NA Enablement globally

Mobile Games / Provides iOS-based free-to-play mobile video games for 10/15/13 $1.5B 29.0x 10.8x NA Virtual Goods consumers

Distributes mobile phones and tablets and provides mobile 10/18/13 Mobile Devices device insurance, buy-back and trade-in and supply chain $1.3B 0.2x NA NA management services A fabless semiconductor company, develops and markets 11/7/13 Wireless Semis wireless SoC and RF semiconductors for cellular, connectivity, and $835M 1.9x NA 15.1% broadcast applications

Cloud & IT Provides mobile device and application management software 11/13/13 $300M 6.0x 3.6x NA Infrastructure and SaaS for small, medium and large businesses

Video, Music & Provides digital music and video content recognition software 12/23/13 $170M NA 0.7x NA eBooks and metadata databases

Provides iOS, Android, Blackberry and Windows Phone mobile Mobile OS & 11/14/13 and online fitness and nutrition tracking applications for $150M NA 6.5x NA Utility SW consumers

Portals & Provides a mobile application that enables iOS device users in the 11/6/13 $78.6M NA 3.3x NA Social Networks US to “check in” to TV programs they are viewing

Sorted by Deal Value

Capstone Partners CapstoneInvestment BankingPartners Advisors 16 Investment Banking Advisors 16 Over a Decade of Most Active Mobile Buyers – Last 2 Years M&A Excellence

# of Deals Mobile Transactions Company Mobile Total Date Company Value Date Company Value 12/17/13 SportStream NA 7/14/12 Spool NA 10/13/13 Onavo Mobile $150M 6/11/12 Pieceable NA 8/23/13 Midnox NA 5/18/12 Karma Science $80M 13 20 8/12/13 Mobile Technologies NA 5/15/12 Lightbox NA 4/25/13 Parse $85M 5/5/12 Glancee NA 4/23/13 spaceport NA 4/9/12 Instagram $1.0B 7/20/12 Acrylic Software NA 10/22/13 FlexyCore $22M 4/23/13 wavii $30M 10/2/13 Flutter NA 9/17/12 Nik Software NA 10/2/13 Bot Square NA 7/20/12 Sparrow NA

12 38 9/16/13 Bump Technologies $60M 6/5/12 Quickoffice NA 8/30/13 WIMM Labs NA 6/4/12 Magnolia NA 6/11/13 Waze $966M 3/15/12 Milk $15M

8/24/13 IQ Engines NA 5/2/13 Todoroo NA 7/17/13 AdMovate NA 3/25/13 Summly $30M 7/2/13 Qwiki $50M 3/20/13 Jybe NA 11 30 7/1/13 Bignoggins Productions NA 2/12/13 Propeld NA 6/13/13 GhostBird Software NA 10/25/12 Stamped $10M 5/10/13 Loki Studios NA

11/24/13 PrimeSense NA 7/19/13 Hopstop.com NA 10/3/13 Cue NA 7/19/13 Locationary NA 10 13 8/28/13 AlgoTrim NA 3/25/13 WiFiSLAM $20M 8/22/13 Embark NA 7/27/12 AuthenTec $400M 8/1/13 Passif Semiconductor $50M 2/24/12 Chomp $50M

12/16/13 Mindspeed Technologies NA 2/22/13 appMobi (Developer Tools) NA 8/13/13 Fujitsu Semiconductor Assets NA 2/20/13 FlyCast (Development Tools) NA 8 33 5/28/13 ST-Ericsson GNSS Business NA 11/19/12 ZiiLABS $30M 4/24/13 Aepona $120M 618/12 InterDigital (1,700 patents) $375M

Capstone Partners CapstoneInvestment BankingPartners Advisors 17 Investment Banking Advisors 17 Most Active Mobile Buyers – Last 2 Years Over a Decade of (Continued) M&A Excellence

# of Deals Mobile Transactions Company Mobile Total Date Company Value Date Company Value

9/9/13 MoPub $350M 1/28/13 Crashlytics NA 6/19/13 Spindle Labs NA 10/16/12 Cabana NA 8 18 5/13/13 Lucky Sort NA 10/9/12 Vine NA 3/13/13 We Are Hunted NA 8/13/12 Boilerplate NA

9/9/13 Innovate Mobile Apps NA 9/24/12 VillageVines $20M Europe 5/29/12 Breadcrumb NA

7 17 8/12/13 Plumfare NA 4/17/12 Pingpin NA 1/11/13 Ansible Technologies NA 2/18/12 Kima Labs NA

11/13/13 upLynk NA 3/23/12 Wescel Cellular of New $30M 9/2/13 Cellco Partnership $130B Mexico 7 10 7/30/13 Stelera Wireless $18M 3/14/12 Cellular One of NEPA NA 4/1/13 Mohave Wireless NA 2/17/12 Plateau Wireless NA

9/6/13 MIP Tower Holdings $3.3B 1/31/13 Axtel $250M 8/9/13 NII Holdings (Brazil Towers) $413M 11/15/12 KPN (2,000 German tower $499M

6 7 8/9/13 NII Holdings (Mexico Towers) $398M sites) 12/12/11 Pegaso PCS $500M

12/17/13 Kibits NA 12/18/12 BroadHop NA 6 21 4/3/13 Ubiquisys $310M 11/29/12 Cariden Technologies $141M 1/23/13 Intucell $475M 3/28/12 ClearAccess NA

6/19/13 Spooky Cool Labs NA 3/21/12 OMGPOP $180M 6 9 11/9/12 November Software NA 1/18/12 HipLogic NA 5/14/12 Wild Needle $3.8M 1/14/12 Gamedoctors NA

Capstone Partners CapstoneInvestment BankingPartners Advisors 18 Investment Banking Advisors 18 Over a Decade of Capstone Partners M&A Excellence Investment Banking Advisors

Public Company Observations and Valuation & OperatingRecommendations Metrics

Capstone Partners CapstoneInvestment BankingPartners Advisors 19 Investment Banking Advisors WORLD CLASS WALL STREET EXPERTISE.19 BUILT FOR THE MIDDLE MARKET.TM Over a Decade of Mobile 130 Public Company Universe – Part 1 M&A Excellence

App Stores & Content Aggregation

Carrier Back Office

Games / Virtual Goods

M-Commerce Enablement

Messaging & VoIP

Mobile / Local Marketing

Capstone Partners CapstoneInvestment BankingPartners Advisors 20 Investment Banking Advisors 20 Over a Decade of Mobile 130 Public Company Universe – Part 2 M&A Excellence

Mobile Devices

Mobile OS & Utility Software

Mobility & Monitoring

Portals & Social Networks

Search, Referral & Navigation

Video, Music & eBooks

Capstone Partners CapstoneInvestment BankingPartners Advisors 21 Investment Banking Advisors 21 Over a Decade of Mobile 130 Public Company Universe – Part 3 M&A Excellence

Wireless Network Equipment

Wireless Network Operators

Wireless Semiconductors

Wireless Tower

Capstone Partners CapstoneInvestment BankingPartners Advisors 22 Investment Banking Advisors 22 Over a Decade of Recent IPOs – Twitter M&A Excellence

IPO Details Business Description Offering Date: 11/6/13 Market Cap: $14.2B A global platform for public self-expression and Offering Price: $26.00 Offering Size: $1.8B conversation in real time. It provides various products that allow users to express themselves and create, distribute, Original Range: $23.00-$25.00 % of Company: 12.9% and discover content.

IPO Performance HQ: San Francisco, CA Ticker: NYSE: TWTR Open: $45.10 12/31 $/share: $63.65 % Change to Offer: 73.5% % Change to Offer: 144.8% Stock Performance thru End of Q4’13 Close: $44.90 % Change to Open: 41.1% % Change to Offer: 72.7% % Change to Open: (0.4)%

Financial & Valuation Metrics LTM Revenue: $534.5M LTM Rev Growth: 12.0% LTM EBITDA: $(56.9M) Gross Margin: 64.3% LTM Net Income: $(142.6M) EBITDA Margin: (10.6)% Mkt Cap / $ Invested: 12.2x Rev Multiple: 64.6x

Investors Andreessen Horowitz; Baseline Ventures; Benchmark Capital; Betaworks Studio; Bezos Expeditions; Charles River Ventures; DG Incubation; Draper Fisher Jurvetson; DST Global; Felix Investments; Firsthand Capital; Floodgate; GSV Capital; Harrison Metal Capital; Hit Forge; Industry Ventures; Insight Venture Partners; Institutional Venture Partners; JP Morgan; JAFCO; Kingdom Holdings; Kleiner Perkins Caufield & Byers; Lowercase Capital; Lucas Venture Group; Millennium Technology Value Partners; North Sky Capital; Northport Investments; Rizvi Traverse Management; SoftTech; SV Angel; T. Rowe Price; Union Square Ventures; Westway Capital; XG Ventures

Capstone Partners CapstoneInvestment BankingPartners Advisors 23 Investment Banking Advisors 23 Over a Decade of Recent IPOs – Boyaa Interactive M&A Excellence

IPO Details Business Description Offering Date: 11/11/13 Market Cap: $4.58B Develops and operates online card and board games Offering Price: $6.21 Offering Size: $618.3M primarily in the People’s Republic of China, Hong Kong, and Thailand. Original Range: $5.31-$6.48 % of Company: 13.5%

IPO Performance HQ: Shenzhen, China Ticker: SEHK: 434 Open: $6.75 12/31 $/share: $7.96 % Change to Offer: 8.7% % Change to Offer: 28.2% Stock Performance thru End of Q4’13 Close: $6.09 % Change to Open: 17.9% $9.00 % Change to Offer: (1.9)% $8.50 % Change to Open: (9.8)% $8.00 Financial & Valuation Metrics $7.50 LTM Revenue: $95.0M LTM Rev Growth: NA LTM EBITDA: $30.3M Gross Margin: 64.8% $7.00 LTM Net Income: $23.6M EBITDA Margin: 31.9% $6.50 Mkt Cap / $ Invested: NA Rev Multiple: 7.2x $6.00

Investors $5.50

Munsun Asset Management; Sequoia Capital; The Core $5.00 11/12/13 11/14/13 11/18/13 11/20/13 11/22/13 11/26/13 11/28/13 12/2/13 12/4/13 12/6/13 12/10/13 12/12/13 12/16/13 12/18/13 12/20/13 12/24/13 12/30/13 IPO Trust Company

Offer Range Price-Open Gap $/Share

Capstone Partners CapstoneInvestment BankingPartners Advisors 24 Investment Banking Advisors 24 Over a Decade of Recent IPOs – IGG M&A Excellence

IPO Details Business Description Offering Date: 10/17/13 Market Cap: $489.2M Provides multi-language browser games, client-based Offering Price: $0.36 Offering Size: $118.2M games, and mobile games to players. Its games include massively multiplayer online role-playing games, casino Original Range: $0.31-$0.38 % of Company: 24.2% games, cards games, tower defense games, and strategy games. IPO Performance HQ: Singapore Ticker: SEHK: 8002 Open: $0.60 12/31 $/share: $0.66 % Change to Offer: 67.7% % Change to Offer: 84.5% Stock Performance thru End of Q4’13 Close: $0.40 % Change to Open: 10.0% % Change to Offer: 10.3% % Change to Open: (34.2)%

Financial & Valuation Metrics LTM Revenue: $63.9M LTM Rev Growth: NA LTM EBITDA: $14.1M Gross Margin: 75.3% LTM Net Income: $(7.3M) EBITDA Margin: 22.1% Mkt Cap / $ Invested: NA Rev Multiple: 13.8x

Investors Accel Partners; Duke Online Holdings; Hearst Interactive Media; IDG Capital Partners; Luxfull; Temasek Holdings; Vertex Venture Holdings

Capstone Partners CapstoneInvestment BankingPartners Advisors 25 Investment Banking Advisors 25 Over a Decade of Recent IPOs – Sungy Mobile M&A Excellence

IPO Details Business Description Offering Date: 11/22/13 Market Cap: $390.0M Provides mobile Internet products and services in China Offering Price: $11.22 Offering Size: $78.5M and internationally. It offers various launcher products, including GO Launcher EX to manage apps, widgets, and Original Range: $9.50-$11.50 % of Company: 20.1% functions on Android smartphones.

IPO Performance HQ: Guangzhou, China Ticker: NasdaqGM: GOMO Open: $14.80 12/31 $/share: $20.53 % Change to Offer: 31.9% % Change to Offer: 83.0% Stock Performance thru End of Q4’13 Close: $17.19 % Change to Open: 38.7% % Change to Offer: 53.2% % Change to Open: 16.1%

Financial & Valuation Metrics LTM Revenue: $47.5M LTM Rev Growth: NA LTM EBITDA: $14.1M Gross Margin: 68.9% LTM Net Income: $12.8M EBITDA Margin: 29.8% Mkt Cap / $ Invested: NA Rev Multiple: 13.6x

Investors 360 Capital; Accel Partners; CBC Capital; IDG Capital Partners; JAFCO; Kingsoft; Passport Management; WI Harper Group

Capstone Partners CapstoneInvestment BankingPartners Advisors 26 Investment Banking Advisors 26 Recent IPOs – China Binary Sale Over a Decade of Technology M&A Excellence

IPO Details Business Description Offering Date: 12/3/13 Market Cap: $345.6M Provides various online transaction services in China. It Offering Price: $0.72 Offering Size: $86.4M facilitates transactions between online game operators and online game users; and offers mobile top-up services Original Range: $0.45-$0.72 % of Company: 25.0% to mobile subscribers.

IPO Performance HQ: Beijing, China Ticker: SEHK: 8255 Open: $0.90 12/31 $/share: $2.29 % Change to Offer: 25.0% % Change to Offer: 218.1% Stock Performance thru End of Q4’13 Close: $0.69 % Change to Open: 154.4% $2.50 % Change to Offer: (4.2)% % Change to Open: (23.3)% $2.00 Financial & Valuation Metrics LTM Revenue: $9.0M LTM Rev Growth: NA $1.50 LTM EBITDA: $4.0M Gross Margin: 64.9% LTM Net Income: $2.7M EBITDA Margin: 44.9% $1.00 Mkt Cap / $ Invested: NA Rev Multiple: 15.4x $0.50 Investors

Accel Partners; Ventech China II SICAR $0.00 12/4/13 12/5/13 12/6/13 12/9/13 12/10/13 12/11/13 12/12/13 12/13/13 12/16/13 12/17/13 12/18/13 12/19/13 12/20/13 12/23/13 12/24/13 12/27/13 12/30/13 12/31/13 Open IPO

Offer Range Price-Open Gap $/Share

Capstone Partners CapstoneInvestment BankingPartners Advisors 27 Investment Banking Advisors 27 Over a Decade of Recent IPOs – Mavenir Systems M&A Excellence

IPO Details Business Description Offering Date: 11/6/13 Market Cap: $224.6M Provides software-based telecommunications networking Offering Price: $10.00 Offering Size: $54.5M solutions. Its solutions, based on its mOne Convergence platform enable mobile service providers to deliver IP Original Range: $15.00-$17.00 % of Company: 24.3% voice, video and messaging through 2G, 3G and 4G LTE networks. IPO Performance HQ: Richardson, TX Ticker: NYSE: MVNR Open: $11.25 12/31 $/share: $11.16 % Change to Offer: 12.5% % Change to Offer: 11.6% Stock Performance thru End of Q4’13 Close: $9.55 % Change to Open: (0.8)% % Change to Offer: (4.5)% % Change to Open: (15.1)%

Financial & Valuation Metrics LTM Revenue: $90.9M LTM Rev Growth: 12.0% LTM EBITDA: $(6.6M) Gross Margin: 54.7% LTM Net Income: $(18.9M) EBITDA Margin: (7.3)% Mkt Cap / $ Invested: 2.1x Rev Multiple: 4.3x

Investors Alloy Ventures; August Capital; Austin Ventures; Cisco Systems; Cross Creek Advisors; Greenspring Associates; North Bridge Venture Partners; LiveOak Venture Partners

Capstone Partners CapstoneInvestment BankingPartners Advisors 28 Investment Banking Advisors 28 Over a Decade of Median Stock Performance – Mobile 130 M&A Excellence n Mobile 130 median gain has performed on par with NASDAQ over the past year } The Mobile 130 median gain for Q4 was 10.3%, almost identical to the NASDAQ’s 10.7% gain n Search Referral & Navigation leads with 28% gains over the last quarter with App Stores & Content Aggregation and Games / Virtual Goods next at 23% and 20% gains, respectively n Wireless Network Equipment, Mobile OS & Utility Software and Mobile Devices lagged with median gains of 4% or less

Capstone Partners CapstoneInvestment BankingPartners Advisors 29 Investment Banking Advisors 29 Over a Decade of Median 2013 Revenue Multiples – Mobile 130 M&A Excellence n Median 2013 Revenue Multiple of 3.1x represents a five year high amid increased confidence in future growth as the market recovery continues n Within Mobile, several segments trade at premium multiples } Wireless Tower consistently commands high revenue multiples based on strong margins and stable cash flow } Portals & Social Networks, Messaging & VoIP and Search, Referral & Navigation all trade above 7x } Carrier Back Office median is just 1.2x, though Synchronoss and Neustar trade above 3.5x

Capstone Partners CapstoneInvestment BankingPartners Advisors 30 Investment Banking Advisors 30 Over a Decade of Median 2013 EBITDA Multiples – Mobile 130 M&A Excellence n Median 2013 EBITDA multiples continued to recover, jumping to a five year high of 12.0x n Messaging & VoIP, Wireless Tower, Search, Referral & Navigation and Portals & Social Networks segments trade at over 20x n Only three Mobile segments are trading at medians below 10x 2013 EBITDA

Capstone Partners CapstoneInvestment BankingPartners Advisors 31 Investment Banking Advisors 31 Over a Decade of Median 2013 P/E Multiples – Mobile 130 M&A Excellence n Median P/E multiples continue to climb, reaching 21.4x which is a 5 year high } P/E multiples peaked in 2009 as investors looked forward to an economic recovery despite weak 2009 results, then fell during 2010 and 2011 as companies achieved expected improvements in profitability n All segments trade above 15x with five segments above 30x } Investors are willing to pay a high multiple for well-positioned mobile companies and hot segments as the trend towards mobility proliferates

Capstone Partners CapstoneInvestment BankingPartners Advisors 32 Investment Banking Advisors 32 Over a Decade of Median Revenue Growth – Mobile 130 M&A Excellence n Mobile 130 median revenue growth continued to decline rapidly to 8.9% in 2013 but is expected to rebound to 9.8% in 2014 } The median growth rate is being dragged down by the fact that lower growth segments such as Wireless Network Operators, Mobile Devices and Wireless Semis represent one-third of the Mobile 130 n Six segments are projecting median 2014 revenue growth of over 20% while five are projecting single digit median growth rates

Capstone Partners CapstoneInvestment BankingPartners Advisors 33 Investment Banking Advisors 33 Over a Decade of Median EBITDA Growth – Mobile 130 M&A Excellence n Median EBITDA growth dropped slightly to 7.8% in 2013 from 8.5% in 2012 } Strong EBITDA growth in 2011 was driven by weaker prior year periods as the economy recovered } A return to double digit EBITDA growth is expected for 2014 with a median growth rate of 16.8% n Only four segments project single digit growth with Mobile / Local Marketing, Mobile Devices, Wireless Network Operators and Carrier Back Office as the only segments below 10%

Capstone Partners CapstoneInvestment BankingPartners Advisors 34 Investment Banking Advisors 34 Over a Decade of Median EPS Growth – Mobile 130 M&A Excellence n Median EPS growth ticked up to 8.1% in 2013 as EPS growth returns to more sustainable levels following the economic recovery n EPS growth is expected to significantly accelerate in 2014 to a median of 14.9% } Apps Stores & Content Aggregation and Mobility & Monitoring segments project over 40% growth } Only four segments project single digit EPS growth in 2014

Capstone Partners CapstoneInvestment BankingPartners Advisors 35 Investment Banking Advisors 35 Over a Decade of Median Gross Margin Trends – Mobile 130 M&A Excellence n Median gross margins returned back to 50%+ levels in 2012 and currently stand at 52.0% in 2013, near their five year highs n Search, Referral & Navigation tops the list at 69.9% as cost to serve is relatively small n The more commoditized Mobile Devices , Video, Music & eBooks, Carrier Back Office and Apps Stores & Content Aggregation segments lag behind at gross margins below 40% as vendors face pricing pressure

Capstone Partners CapstoneInvestment BankingPartners Advisors 36 Investment Banking Advisors 36 Over a Decade of Median EBITDA Margin Trends – Mobile 130 M&A Excellence n Median EBITDA margins decreased to 22.0% in 2013 from 23.9% in 2012 as many of the Mobile 130 sacrificed near term profitability to invest in growth n 6 of 16 Mobile segments generate median EBITDA margins of more than 20% } Wireless Tower companies deliver the strongest EBITDA Margins at 51.8%, producing strong cash flow } Low gross margins for Video, Music & eBooks segment translates to weak EBITDA margins

Capstone Partners CapstoneInvestment BankingPartners Advisors 37 Investment Banking Advisors 37 Over a Decade of Best & Worst Performers – Mobile 130 M&A Excellence

Capstone Partners CapstoneInvestment BankingPartners Advisors 38 Investment Banking Advisors 38 Best & Worst Performers – Mobile 130 Over a Decade of (Continued ) M&A Excellence

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Notable Observations and Transaction ProfilesRecommendations

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Acquiror Target Deal Rationale/Commentary

Portugal Telecom provides telecommunications and multimedia services primarily in Portugal, Brazil and other countries in Africa and Asia. Deal Summary Oi provides integrated telecommunication services for Date: 10/2/2013 residential customers, companies and governmental Transaction Value: $19.0B agencies in Brazil. It is the largest fixed-line and broadband % Sought: 100% provider and the fourth-largest mobile phone operator in Consideration: Cash, Equity Brazil.

Note: Transaction Value calculated as consideration paid to The merger comes at a tough period for both companies; holders of stock and stock equivalents plus assumed debt. where Oi is highly leveraged but continues to invest to remain competitive and Portugal Telecom has a small and struggling market in Portugal due to the economic recession Valuation Metrics caused by government cutback in the wake of European LTM Revenue Multiple: 1.8x sovereign-debt crisis. LTM P/E Multiple: 7.7x The newly merged company will be based out of Brazil and Premium versus: have said that they would have a combined 100 million 1 day prior: (4.9)% subscribers. The consolidated company looks to further 1 week prior: (3.8)% penetrate the Portuguese speaking markets and expects 1 month prior: 11.4% 75% of their revenues to be generated in Brazil. At a transaction value of $19 billion, it is 1.8 times trailing revenues and the offer price of $4.4 per share marks a 11.4% premium of 1 month prior stock price. Note: LTM and Premium s of last quarter prior to transaction announcement date.

Capstone Partners CapstoneInvestment BankingPartners Advisors 41 Investment Banking Advisors 41 Over a Decade of M&A Transaction Spotlight M&A Excellence

Acquiror Target Deal Rationale/Commentary

CSL Limited is Hong Kong’s first mobile communications operator founded in 1983. It is a joint venture company of Telstra Corporation and New World Development. It provides Deal Summary various 3G and 4G service under the premium 1010 and Date: 12/20/2013 mainstream One2Free brands.

Transaction Value: $2.4B HKT Limited offers telecommunications products and % Sought: 100% services internationally, along with mobile Consideration: Cash telecommunication services in Hong Kong. The acquisition of the city’s largest wireless services provider will enable them to leverage its expanded 3G resources ahead of the expiry of 3G spectrum licenses in 2016. Upon completion of the deal, it will have a 31% market share of the city’s mobile Valuation Metrics communications market. Trailing Revenue Multiple: 2.4x This deal cost HKT $2.4 billion dollars, equating to 2.4 times

Trailing EBITDA Multiple: NA trailing revenues of CSL. Telstra will make a profit of roughly Multiple on $ Invested: 4.9x $600 million from its 76.4% stake in CSL.

Investors New World Development Company; Telstra Corporation

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Acquiror Target Deal Rationale/Commentary

Digital Insight provides online banking for consumers and payment processing SaaS for merchants and financial institutions. It was formerly known as Intuit Financial Services Deal Summary and the division was sold to Thoma Bravo for $1.03 billion in Date: 12/2/2013 June of 2013.

Transaction Value: $1.65B Generating a quick profit of $600 million in a mere six % Sought: 100% months, Thoma Bravo marks one of the more significant Consideration: Cash private equity flips in recent history. Many in the industry questioned why NCR failed to acquire the opportunity back in June prior to the Thoma Bravo deal, but analysts reported Intuit was seeking a fast closing process and the protocols for acquiring a company at NCR did not meet the time Valuation Metrics frame. Trailing Revenue Multiple: 5.0x The deal will provide NCR a new source of customers, with

Trailing EBITDA Multiple: 55.0x more than two-thirds of Digital Insight’s 1000 financial Multiple on $ Invested: 1.6x institution customers not already using NCR’s services. Following the acquisition, which NCR CEO Bill Nuti describes as “a historic day for [the] company,” there will likely be fundamental changes to NCR’s financial service offerings Investors and substantial enhancements to its mobile and online Thoma Bravo banking services. At a deal value of $1.65 billion, it equates to 5 times trailing revenue, 55 times trailing EBITDA and a return of over half a billion dollars for Thoma Bravo.

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Acquiror Target Deal Rationale/Commentary

Supercell provides iOS based mobile video games for consumers. Popular games include Clash of Clans, Hay Day and Battle Buddies. The company was founded in 2010 in Deal Summary Helsinki by Ilkka Paananen. Having only operated for roughly Date: 10/15/2013 3 years, the company was valued at $3 billion, which is more Transaction Value: $1.5B than big-name mobile game maker Zynga’s market capitalization of $2.8 billion. Supercell raised $130 million in % Sought: 51% Q2 of 2013 with a valuation of $770 million and its year-over- Consideration: Cash year revenue growth from 2011 to 2012 was a whopping 522%.

Softbank, one of the major telecommunications providers in Japan has been aggressive with its acquisitions, looking to Valuation Metrics broaden its presence in the United States. By acquiring a Trailing Revenue Multiple: 29.0x controlling stake in Supercell, it looks to expand its presence Trailing EBITDA Multiple: NA in the mobile gaming space. As a part of the deal, Japanese gaming company, GungHo Online Entertainment, Multiple on $ Invested: 10.8x which is partially owned by Softbank, will also invest $300 million contributing to the transaction value of $1.5 billion.

This transaction stands as the largest gaming space deal Investors since Vivendi’s acquisition of Activision in 2007 for $5.5 billion. Accel Partners; Atomico Investments; Cerval Investments; At a deal size of $1.5 billlion, it equates to 10.8 times the total Index Ventures; Initial Capital, Institutional Venture Partners; dollar amount invested, resulting in a big pay day for its Lifeline Ventures; London Venture Partners investors.

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Acquiror Target Deal Rationale/Commentary

Brightstar sources phones and tablet computers from manufacturers on behalf of telecom providers and offers mobile device insurance, buy-back and trade-in and supply Deal Summary chain management services for businesses globally. Date: 10/18/2013 With Softbank’s effort to expand its presence in the United

Transaction Value: $1.3B States, it’s acquisition of Brightstar will help fortify its % Sought: 57% purchasing scale for mobile devices and further increase Consideration: Cash competitiveness in both Japan and the US. Some concerns may arise upon Brightstar’s customers since under the deal with Softbank, it will become the sole handset provider for Sprint and other Softbank group Valuation Metrics companies. Brightstar currently serves big-name rivals such Trailing Revenue Multiple: 0.2x as Verizon Wireless, AT&T and T-Mobile, among others. Trailing EBITDA Multiple: 4.8x Under the terms of the deal, Softbank will acquire a 57% Multiple on $ Invested: NA stake in Brightstar and will gradually increase its control to 70% across a span of 5 years. With a deal value of $1.3 billion, it equates to 0.2 times trailing revenues and 4.8 times trailing EBITDA. Investors Lindsay Goldberg

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Acquiror Target Deal Rationale/Commentary

RDA Microelectronics is a fabless semiconductor company that designs, develops and markets wireless systems-on-chip (SoC) and radio-frequency (RF) semiconductors for cellular Deal Summary connectivity and broadcast applications. Date: 11/7/2013 Tsinghua Unigroup is an operating subsidiary of Tsinghua Transaction Value: $835M Holdings, a state-owned corporation funded by Tsinghua % Sought: 100% University in China. The announcement of this deal to Consideration: Cash acquire RDA comes only months after they announced the acquisition of Spreadtrum Communications, another leading Note: Transaction Value calculated as consideration paid to fabless semiconductor provider in China. holders of stock and stock equivalents plus assumed debt. The consolidation of RDA and Spreadtrum will enable Tsinghua to compete aggressively against MediaTek, a Valuation Metrics Taiwan-based fabless semiconductor company. The LTM Revenue Multiple: 1.9x combined operations of the two companies will be able to LTM P/E Multiple: 15.9x focus more on generating revenues from the feature phone market rather than the diminishing market of low-end Premium versus: devices. 1 day prior: 15.6% 1 week prior: 14.9% At a transaction value of $835 million and an offer price of 1 month prior: 15.1% $18 per ADS share, it equates to 1.9 times trailing revenue and a 15% premium over the 1 month prior stock price.

Note: LTM and Premium s of last quarter prior to transaction announcement date.

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Acquiror Target Deal Rationale/Commentary

Fiberlink provides cloud-based enterprise mobile device security and application management software. Fiberlink is an established mobile device management (MDM) provider Deal Summary with more than 3,500 customers ranging from small Date: 11/13/2013 businesses to enterprise and government agencies. (1) Transaction Value: $300M The company’s solution, offered under the brand MaaS360, % Sought: 100% enables end-to-end security, device and application Consideration: Cash management for the rapidly expanding bring your own device (BYOD) trend in the enterprise.

(1) Estimate from Capstone research & industry sources This is IBM’s eighth acquisition within the past 18 months, with plans to offer Fiberlink’s MaaS360 on the IBM SoftLayer cloud Valuation Metrics infrastructure. The deal demonstrates IBM’s intent to boost its Trailing Revenue Multiple: 6.0x(1) mobile offerings and provide a comprehensive, cloud- based MDM solution that can accelerate productivity for its LTM P/E Multiple: N/A customers. Multiple on $ Invested: 3.6.x(1) With an estimated value of $300 million, the deal amounts to (1) Estimate from Capstone research & industry sources 6 times trailing revenue and 3.6 times the aggregate dollars invested. This is a solid revenue multiple given the MDM Investors space is crowded and is consolidating rapidly. Taken with other significant acquisitions by Citrix (Zenprise), LANDesk Edison Venture Fund; GE Equity; Goldman Sachs Group; (WaveLink) and Symantec (Odyssey & Nukona), IBM’s NewSpring Capital; Strattech Partners; Technology acquisition of Fiberlink continues the consolidation trend in Crossover Ventures the MDM market.

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Acquiror Target Deal Rationale/Commentary

Gracenote, a subsidiary of Sony, provides digital music and video content recognition software and metadata databases for consumers and the entertainment sector. The Deal Summary database allows users to identify digital music online, via Date: 12/23/2013 mobile and in-car music players and create related playlists. Transaction Value: $170M Gracenote has metadata for more than 180 million tracks and is used by various music streaming services like Apple % Sought: 100% iTunes, Spotify, Rhapsody and Xbox Music to retrieve track Consideration: Cash info. In the past year, Gracenote has expanded its content recognition software to support video services as well.

Tribune Company is a media conglomerate that focuses on publishing and broadcasting operations. It owns print and Valuation Metrics online newspapers, television stations and radio stations. Trailing Revenue Multiple: NA With its acquisition of Gracenote, it hopes to offer Trailing EBITDA Multiple: NA personalized recommendations of movies and TV shows available for consumers. Multiple on $ Invested: 0.7x The deal value was reported at $170 million which is significantly less than the $260M that Sony paid for the business in 2008. Investors Sony

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Acquiror Target Deal Rationale/Commentary

MapMyFitness provides iOS, Android, Blackberry and Windows mobile and online fitness and nutrition tracking applications for consumers. It also provides social Deal Summary collaboration, body mass index (BMI) calculators, fitness Date: 11/14/2013 mapped course and fitness events directories.

Transaction Value: $150M Under Armour, a performance apparel, footwear and % Sought: 100% accessories maker, is seeking to expand its offerings with the Consideration: Cash acquisition of MapMyFitness. It currently provides a wearable device called Armour39, where athletes wear a band around the chest to measure heart rate, calories burned, and real-time intensity. It is very plausible that Under Armour will integrate the MapMyFitness application into the Valuation Metrics wearable device to broaden its capabilities. Trailing Revenue Multiple: NA At a deal value of $150 million, it equates to 6.5 times total

Trailing EBITDA Multiple: NA dollar amount invested, producing an attractive return for its Deal Value Per Customer: $8 investors. Multiple on $ Invested: 6.5x

Investors Austin Ventures; Competitor Group; Milestone Venture Partners; Square 1 Bank

Capstone Partners CapstoneInvestment BankingPartners Advisors 49 Investment Banking Advisors 49 Over a Decade of M&A Transaction Spotlight M&A Excellence

Acquiror Target Deal Rationale/Commentary

GetGlue provides a mobile application that enables iOS device users in the US to “check in” to TV programs they are viewing online in order to receive points, stickers, Deal Summary recommendations and discounts. The idea behind the Date: 11/6/2013 application was to engage people watching TV to interact Transaction Value: $78.6M with friends and other viewers on a TV-based social network. At the time of the acquisition they had a user base of 4.5 % Sought: 100% million users. Consideration: Cash, Equity i.TV operates in a similar space where it provides iOS and Android device users a social and customizable TV guide. Founded five years ago, it has a user base of 15 million users and with the acquisition of GetGlue it hopes to expand its Valuation Metrics presence in the second screen apps space and generate Trailing Revenue Multiple: NA more advertisement revenue.

Trailing EBITDA Multiple: NA GetGlue has a total funding of $24 million across four rounds. Multiple on $ Invested: 3.3x At a deal value of $79 million, it equates to 3.3 times total dollar amount invested in the company. Revenue and EBITDA values were not disclosed.

Investors Biltmore Ventures; RRE Ventures; Rho Ventures; Time Warner Investments; Union Square Ventures

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Public Company Observations and Trading & Operating MetricsRecommendations

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($ 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 12/31/13 Cap Value Cash Debt LTM LQ LTM NTM LTM NTM LTM NTM Revenue EBITDA EPS Gross EBITDA Net

Mobile 130 Mean 31,145 33,164 5,154 6,939 52.2 % 11.0 % 5.8 x 4.3 x 20.5 x 16.9 x 31.3 x 25.0 x 18.1% 35.3% 24.7% 52.4 % 21.7 % 8.3 % Mobile 130 Median 3,006 3,230 321 120 35.2 % 10.3 % 3.1 x 2.6 x 12.0 x 10.3 x 21.4 x 18.6 x 9.8% 16.8% 14.9% 52.0 % 22.0 % 10.3 %

Apps Stores & Content Aggregation Amazon 398.79 182,540 177,894 7,689 3,043 59.0 % 27.6 % 2.5 x 2.1 x NA NA NA NA 22.6% 68.4% NA 26.6 % 5.3 % 0.2 % Apple 561.02 500,739 477,109 40,590 16,960 5.4 % 17.7 % 2.8 x 2.6 x 8.3 x 8.1 x 14.2 x 12.8 x 8.1% 3.2% 10.5% 37.6 % 33.6 % 21.6 % Bew inner Comm 7.51 852 819 33 0 261.1 % (31.3)% 21.2 x 12.5 x 116.6 x 39.9 x 95.7 x 54.5 x 69.6% 192.1% 75.4% 47.0 % 18.1 % 22.9 % Google 1,120.71 374,415 326,816 54,739 7,140 58.4 % 27.9 % 5.7 x 4.9 x 16.7 x 13.2 x 26.4 x 22.6 x 16.2% 26.2% 16.8% 57.3 % 34.1 % 25.0 % Ku6 Media 2.82 134 115 22 3 166.4 % 61.4 % 6.6 x NA NA NA 17.7 x NA NA NA NA (7.8)% (19.6)% 42.9 % Mandalay Digital 2.62 82 74 8 0 (30.1)% (1.9)% 4.7 x 1.8 x NA NA NA NA 155.4% 112.0% 76.7% 41.5 % (60.0)% (127.7)% Mean 176,460 163,805 17,180 4,524 86.7 % 16.9 % 7.2 x 4.8 x 47.2 x 20.4 x 38.5 x 30.0 x 54.4% 80.4% 44.8% 33.7 % 1.9 % (2.5)% Median 91,696 89,357 3,861 1,523 58.7 % 22.6 % 5.2 x 2.6 x 16.7 x 13.2 x 22.0 x 22.6 x 22.6% 68.4% 46.1% 39.6 % 11.7 % 22.2 %

Carrier Back Office Amdocs 41.24 6,597 5,472 1,326 201 21.3 % 12.6 % 1.6 x 1.5 x 7.9 x 7.7 x 14.1 x 13.1 x 5.9% 2.7% 7.8% 35.2 % 20.6 % 14.2 % Comverse 38.80 863 618 244 0 36.0 % 21.4 % 0.9 x 1.0 x 7.7 x 7.0 x 38.3 x 15.3 x (6.2)% 9.7% NA 39.5 % 12.0 % 3.4 % Convergys 21.05 2,141 1,550 652 61 28.3 % 12.3 % 0.8 x 0.7 x 6.4 x 5.9 x 19.9 x 18.5 x 3.6% 8.0% 7.3% 35.1 % 11.9 % 5.9 % CSG Systems 29.40 934 1,007 194 268 61.7 % 17.4 % 1.3 x 1.3 x 6.1 x 6.3 x 13.1 x 13.2 x 2.5% (2.4)% (0.9)% 48.9 % 22.0 % 9.7 % NeuStar 49.86 3,122 3,389 353 619 18.9 % 0.8 % 3.9 x 3.6 x 8.6 x 7.3 x 14.9 x 13.5 x 8.2% 16.9% 10.3% 77.3 % 45.0 % 25.6 % Synchronoss 31.07 1,217 1,181 45 9 47.3 % (18.4)% 3.6 x 2.9 x 13.3 x 8.8 x 25.5 x 19.4 x 24.5% 50.7% 31.1% 57.8 % 27.3 % 14.8 % Teleperformance 61.00 3,418 3,325 211 118 68.7 % 26.0 % 1.1 x 1.0 x 8.5 x 7.1 x 22.0 x 15.9 x 9.7% 18.8% 38.6% 29.7 % 12.5 % 5.0 % TeleTech 23.94 1,207 1,183 145 120 34.5 % (4.6)% 1.0 x 1.0 x 8.1 x 7.5 x 16.4 x 15.5 x 5.0% 8.6% 5.8% 28.4 % 12.5 % 6.6 % Mean 2,437 2,216 396 175 39.6 % 8.4 % 1.8 x 1.6 x 8.3 x 7.2 x 20.5 x 15.6 x 6.6% 14.1% 14.3% 44.0 % 20.5 % 10.7 % Median 1,679 1,366 227 119 35.2 % 12.4 % 1.2 x 1.1 x 8.0 x 7.2 x 18.1 x 15.4 x 5.4% 9.2% 7.8% 37.4 % 16.5 % 8.2 %

Games / Virtual Goods Boyaa 1.03 757 686 79 8 NA NA 7.2 x 6.1 x 23.4 x 22.8 x 20.5 x 22.1 x 17.5% 2.9% (7.5)% 64.8 % 30.8 % 25.9 % Changyou.com 32.05 1,699 1,527 526 354 21.7 % (9.8)% 2.1 x 1.9 x 3.7 x 4.1 x 5.7 x 7.7 x 12.8% (7.9)% (26.4)% 83.3 % 56.9 % 42.1 % CyberAgent 40.70 2,536 2,246 290 0 98.9 % 47.3 % 1.4 x 1.3 x 12.1 x 8.9 x 22.5 x NA 4.5% 36.4% NA 35.4 % 11.2 % 0.1 % DeNA 21.04 2,724 2,175 653 105 (36.0)% 3.3 % 1.0 x 1.4 x 2.2 x 3.8 x 6.2 x NA (24.5)% (41.6)% NA 70.4 % 47.3 % 21.7 % DWA NGO 25.84 1,054 966 89 0 167.8 % 34.4 % 2.6 x 2.6 x 21.7 x 19.2 x NA NA (0.4)% 13.1% NA 43.2 % 12.1 % 0.0 % Giant Interactive 11.24 2,693 2,187 608 102 107.8 % 23.2 % 5.8 x 5.3 x 9.5 x 8.0 x 11.8 x 11.3 x 9.7% 19.5% 4.5% 90.3 % 60.6 % 61.2 % IGG 0.66 903 NA NA NA NA NA NA NA NA NA NA 26.6 x 85.2% 138.4% 223.2% 75.3 % 22.1 % (22.6)% Mail.ru 44.60 9,303 9,090 213 0 29.3 % 16.8 % 12.6 x 9.7 x 29.4 x 18.3 x 27.0 x 25.5 x 29.7% 60.9% 5.6% 56.3 % 42.8 % 48.5 % Ourpalm 4.74 3,340 3,230 110 0 411.5 % 27.4 % 76.9 x 35.6 x 263.4 x 38.9 x 178.8 x 69.3 x 116.3% 576.6% 158.1% 46.8 % 29.2 % 40.9 % Sohu.com 72.93 2,793 1,800 1,347 354 54.1 % (7.5)% 1.4 x 1.1 x 4.9 x 6.2 x 29.9 x NA 22.0% (21.4)% (73.1)% 66.8 % 28.1 % 7.1 % Mean 2,780 2,656 435 103 106.9 % 16.9 % 12.3 x 7.2 x 41.2 x 14.5 x 37.8 x 27.1 x 27.3% 77.7% 40.6% 63.3 % 34.1 % 22.5 % Median 2,615 2,175 290 8 76.5 % 20.0 % 2.6 x 2.6 x 12.1 x 8.9 x 21.5 x 23.8 x 15.2% 16.3% 4.5% 65.8 % 30.0 % 23.8 %

*Sorted alphabetically within market segment

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M-Commerce Enablement Amdocs 41.24 6,597 5,472 1,326 201 21.3 % 12.6 % 1.6 x 1.5 x 7.9 x 7.7 x 14.1 x 13.1 x 5.9% 2.7% 7.8% 35.2 % 20.6 % 14.2 % Bango 2.29 104 100 4 0 (25.2)% (12.6)% 3.2 x NA NA NA NA NA NA NA NA 12.9 % (3.9)% (2.7)% China Binary 0.30 142 138 4 0 NA NA 15.4 x NA 34.6 x NA NA NA NA NA NA 64.9 % 44.4 % 30.1 % eBay 54.87 71,028 65,288 10,271 4,531 7.6 % (1.7)% 4.2 x 3.7 x 13.3 x 11.1 x 21.1 x 18.2 x 14.8% 19.0% 15.8% 69.0 % 31.8 % 22.0 % Econtext 0.77 384 244 141 0 NA NA 1.6 x NA 12.2 x NA NA NA NA NA NA 26.9 % 13.3 % 5.6 % eServGlobal 0.71 179 176 6 3 89.0 % 44.0 % 6.0 x 5.2 x NA 52.5 x 20.3 x NA 15.4% 189.0% NA 62.0 % (12.8)% 28.7 % Monitise 1.11 1,823 1,693 132 2 100.8 % 20.5 % 15.3 x 9.1 x NA NA NA NA 69.1% 81.7% 77.7% 75.8 % (43.0)% (68.6)% Qiw i 56.00 2,917 2,688 233 3 NA 79.1 % 7.9 x 12.6 x 40.6 x 27.9 x 55.4 x 40.5 x (37.3)% 45.4% 36.7% 45.5 % 19.5 % 15.6 % RetailMeNot 28.79 1,513 1,420 136 43 NA (19.1)% 7.8 x 6.1 x 23.9 x 17.1 x 14.4 x 33.0 x 28.6% 40.0% (56.4)% 93.8 % 32.6 % 11.5 % Seamless Dist. 7.67 315 313 2 0 199.0 % 104.4 % 14.0 x 6.9 x NA NA NA NA 101.8% NA 8.0% (9.4)% 1.7 % (44.4)% Mean 8,500 7,753 1,226 478 65.4 % 28.4 % 7.7 x 6.4 x 22.1 x 23.3 x 25.1 x 26.2 x 28.3% 63.0% 15.0% 47.7 % 10.4 % 1.2 % Median 949 866 134 2 55.2 % 16.5 % 6.9 x 6.1 x 18.6 x 17.1 x 20.3 x 25.6 x 15.4% 42.7% 11.9% 53.8 % 16.4 % 12.9 %

Messaging & VoIP Comverse 38.80 863 618 244 0 36.0 % 21.4 % 0.9 x 1.0 x 7.7 x 7.0 x 38.3 x 15.3 x (6.2)% 9.7% NA 39.5 % 12.0 % 3.4 % Mail.ru 44.60 9,303 9,090 213 0 29.3 % 16.8 % 12.6 x 9.7 x 29.4 x 18.3 x 27.0 x 25.5 x 29.7% 60.9% 5.6% 56.3 % 42.8 % 48.5 % Mavenir 11.16 260 285 8 33 NA NA 3.1 x 2.6 x NA NA NA NA 22.7% 66.9% 34.2% 54.7 % (10.8)% (13.4)% Myriad Group 1.53 140 138 10 8 (41.7)% (6.0)% 2.5 x NA NA NA NA NA NA NA NA 34.1 % (22.5)% (72.7)% Naver 685.80 20,449 19,798 948 298 120.1 % 32.4 % 9.2 x 7.5 x 26.7 x 25.5 x 50.3 x 49.3 x 22.3% 4.6% 2.1% 69.9 % 34.4 % 23.9 % SINA 84.25 5,624 4,406 1,218 0 67.8 % 3.8 % 7.3 x 5.7 x NA 30.4 x 108.0 x 46.2 x 28.3% 307.1% 133.9% 57.1 % 5.9 % 8.6 % Tencent 63.79 117,577 114,182 5,882 2,487 98.6 % 21.6 % 12.6 x 9.2 x 36.9 x 28.2 x 44.2 x 37.9 x 35.9% 30.8% 16.6% 55.3 % 34.1 % 29.7 % Mean 22,031 21,217 1,218 404 51.7 % 15.0 % 6.9 x 5.9 x 25.2 x 21.9 x 53.6 x 34.9 x 22.1% 80.0% 38.5% 52.4 % 13.7 % 4.0 % Median 5,624 4,406 244 8 51.9 % 19.1 % 7.3 x 6.6 x 28.0 x 25.5 x 44.2 x 37.9 x 25.5% 45.9% 16.6% 55.3 % 12.0 % 8.6 %

Mobile / Local Marketing Amdocs 41.24 6,597 5,472 1,326 201 21.3 % 12.6 % 1.6 x 1.5 x 7.9 x 7.7 x 14.1 x 13.1 x 5.9% 2.7% 7.8% 35.2 % 20.6 % 14.2 % comScore 28.61 1,021 960 80 19 107.6 % (1.2)% 3.4 x 3.1 x 21.1 x 15.4 x 28.0 x 23.3 x 9.7% 37.8% 20.3% 67.9 % 16.3 % 12.5 % Conversant 23.37 1,560 1,701 55 195 20.4 % 12.0 % 2.5 x 2.9 x 7.3 x 7.4 x 14.9 x 13.0 x (13.0)% (2.1)% 14.7% 63.3 % 34.2 % 17.5 % CyberAgent 40.70 2,536 2,246 290 0 98.9 % 47.3 % 1.4 x 1.3 x 12.1 x 8.9 x 22.5 x NA 4.5% 36.4% NA 35.4 % 11.2 % 0.1 % Marchex 8.65 308 283 25 0 110.5 % 18.8 % 1.9 x 1.8 x 17.7 x 18.7 x NA NA 5.2% (5.7)% NA 39.1 % 10.6 % 4.0 % MegaFon 33.50 19,198 23,220 597 4,619 40.8 % (5.0)% 2.6 x 2.6 x 5.9 x 5.9 x 12.3 x 12.1 x 0.1% 0.3% 2.4% 73.9 % 44.2 % 17.4 % Millennial Media 7.27 772 651 121 0 (42.0)% 2.8 % 3.0 x 1.7 x NA NA NA NA 72.9% NA NA 41.2 % 2.8 % 1.1 % SINA 84.25 5,624 4,406 1,218 0 67.8 % 3.8 % 7.3 x 5.7 x NA 30.4 x 108.0 x 46.2 x 28.3% 307.1% 133.9% 57.1 % 5.9 % 8.6 % Mean 4,702 4,867 464 629 53.2 % 11.4 % 3.0 x 2.6 x 12.0 x 13.5 x 33.3 x 21.5 x 14.2% 53.8% 35.8% 51.6 % 18.2 % 9.4 % Median 2,048 1,973 206 10 54.3 % 7.9 % 2.5 x 2.2 x 10.0 x 8.9 x 18.7 x 13.1 x 5.5% 2.7% 14.7% 49.1 % 13.7 % 10.6 %

*Sorted alphabetically within market segment

Capstone Partners CapstoneInvestment BankingPartners Advisors 53 Investment Banking Advisors 53 Over a Decade of Trading & Operating Metrics M&A Excellence

Mobile Devices Apple 561.02 500,739 477,109 40,590 16,960 5.4 % 17.7 % 2.8 x 2.6 x 8.3 x 8.1 x 14.2 x 12.8 x 8.1% 3.2% 10.5% 37.6 % 33.6 % 21.6 % BDStar Navigation 5.71 1,036 1,076 22 61 54.9 % (2.3)% 10.4 x 7.8 x 68.0 x 58.2 x NA 93.4 x 33.5% 16.9% NA 33.6 % 15.3 % 3.7 % Blackberry 7.44 3,855 1,787 3,062 994 (37.2)% (5.6)% 0.2 x 0.4 x 1.4 x NA NA NA (47.1)% (115.5)% (61.8)% 6.6 % 15.4 % (6.5)% Gar min 46.19 9,017 7,814 1,203 0 13.3 % 2.2 % 3.0 x 3.0 x 11.3 x 12.8 x 18.3 x 18.6 x (2.2)% (11.3)% (1.9)% 52.5 % 26.1 % 18.8 % Hi-Target Nav 4.42 892 824 68 0 115.8 % 14.0 % 11.8 x 7.9 x 66.8 x NA 46.4 x 37.7 x 49.7% NA 23.2% 49.7 % 17.7 % 27.6 % HTC 4.72 3,886 2,409 1,477 0 (54.3)% 5.7 % 0.3 x 0.4 x 3.9 x NA NA NA (15.6)% (116.7)% NA 22.0 % 8.3 % 0.9 % LG 64.51 10,507 16,616 2,236 8,344 (6.8)% (2.6)% 0.3 x 0.3 x 7.5 x 5.1 x 19.9 x 12.1 x 9.7% NA NA 23.4 % 4.4 % 1.0 % Nokia 8.01 29,755 26,060 12,792 9,097 107.8 % 21.9 % 0.8 x 1.1 x 17.4 x 12.0 x NA 38.3 x (30.0)% NA NA 32.2 % 4.4 % 0.7 % Samsung 1,299.61 170,103 132,048 48,985 10,930 (9.2)% 2.2 % 0.6 x 0.6 x 3.1 x 2.3 x 7.5 x 6.5 x 9.0% 31.4% 15.4% 39.8 % 20.5 % 10.8 % Trimble Navigation 34.70 8,947 9,641 115 809 16.1 % 16.8 % 4.4 x 3.9 x 22.4 x 18.1 x 24.2 x 20.7 x 11.4% 24.0% 16.6% 55.5 % 19.5 % 16.9 % Mean 73,874 67,538 11,055 4,720 20.6 % 7.0 % 3.5 x 2.8 x 21.0 x 16.6 x 21.7 x 30.0 x 2.7% (24.0)% 0.3% 35.3 % 16.5 % 9.6 % Median 8,982 8,728 1,856 902 9.4 % 4.0 % 1.8 x 1.8 x 9.8 x 12.0 x 19.1 x 19.7 x 8.6% 3.2% 13.0% 35.6 % 16.5 % 7.2 %

Mobile OS & Utility Software Google 1,120.71 374,415 326,816 54,739 7,140 58.4 % 27.9 % 5.7 x 4.9 x 16.7 x 13.2 x 26.4 x 22.6 x 16.2% 26.2% 16.8% 57.3 % 34.1 % 25.0 % Infraw are 10.37 193 152 43 2 16.7 % (3.8)% 3.4 x 1.9 x NA NA 23.5 x 6.8 x 75.4% NA 245.0% 99.5 % 0.1 % 17.8 % Microsoft 37.41 312,297 248,888 79,934 16,525 40.1 % 12.4 % 3.1 x 2.9 x 8.0 x 8.2 x 13.6 x 14.0 x 6.4% (2.3)% (3.2)% 73.6 % 38.8 % 29.0 % Monotype Imaging 31.86 1,243 1,179 64 0 99.4 % 11.2 % 7.2 x 6.6 x 17.2 x 15.6 x 29.2 x 28.0 x 9.9% 10.8% 4.5% 85.4 % 42.1 % 26.0 % Myriad Group 1.53 140 138 10 8 (41.7)% (6.0)% 2.5 x NA NA NA NA NA NA NA NA 34.1 % (22.5)% (72.7)% NQ Mobile 14.70 784 635 149 0 143.4 % (32.5)% 4.0 x 2.3 x 18.8 x 7.2 x 15.5 x 11.0 x 74.8% 161.2% 41.2% 64.8 % 21.3 % 34.7 % Nuance Comm 15.20 4,817 5,803 1,130 2,116 (31.9)% (18.6)% 3.5 x 2.8 x 8.1 x 11.7 x 8.0 x 14.1 x 24.0% (30.8)% (43.4)% 67.0 % 43.3 % 36.9 % Opera 13.66 1,807 1,737 70 0 140.6 % 28.8 % 6.4 x 4.7 x 27.9 x 15.6 x 38.3 x 28.7 x 36.0% 79.0% 33.5% 44.7 % 22.9 % 16.1 % Sungy Mobile 20.53 664 645 19 0 NA NA 13.6 x 8.9 x 85.7 x 31.3 x NA 28.6 x 53.1% 173.9% NA 68.9 % 15.9 % (0.5)% Mean 77,374 65,110 15,129 2,866 53.1 % 2.4 % 5.5 x 4.4 x 26.1 x 14.7 x 22.1 x 19.2 x 37.0% 59.7% 42.0% 66.1 % 21.8 % 12.5 % Median 1,243 1,179 70 2 49.2 % 3.7 % 4.0 x 3.8 x 17.2 x 13.2 x 23.5 x 18.4 x 30.0% 26.2% 16.8% 67.0 % 22.9 % 25.0 %

Mobility & Monitoring BSM 2.96 113 109 10 6 126.6 % 8.6 % 5.8 x 4.3 x 37.7 x 19.1 x 58.9 x 21.9 x 35.8% 96.8% 168.7% 62.5 % 15.5 % 8.8 % ClickSoftw are 7.50 238 184 55 0 (10.8)% 23.2 % 1.8 x 1.8 x 15.1 x NA NA NA 1.1% (87.7)% NA 57.9 % 12.1 % (0.6)% Fleetmatics 43.25 1,594 1,478 140 23 71.9 % 15.2 % 9.1 x 6.9 x 40.2 x 22.9 x 53.4 x 41.6 x 32.0% 75.9% 28.4% 74.5 % 22.5 % 17.7 % Ituran 21.83 458 429 29 0 62.9 % 17.2 % 2.9 x 2.5 x 9.4 x NA 26.0 x 16.3 x 13.3% NA 59.2% 49.3 % 30.3 % 11.7 % Mix Telematics 0.48 369 299 76 6 39.5 % (18.5)% 2.5 x 2.2 x 9.7 x 10.5 x 27.3 x 21.3 x 9.6% (7.9)% 28.1% 65.2 % 25.4 % 10.1 % Mobile Create 26.34 149 149 7 6 89.9 % (12.7)% 5.1 x NA NA NA 25.2 x NA NA NA NA 38.0 % NA 18.1 % Numerex 12.95 241 217 26 2 (1.4)% 18.3 % 2.9 x 2.5 x 28.9 x 16.6 x NA 38.1 x 17.2% 74.2% NA 40.8 % 10.0 % 4.2 % ORBCOMM 6.34 302 272 77 47 61.7 % 21.0 % 3.8 x 3.3 x 17.3 x 12.9 x 48.0 x 48.1 x 16.6% 34.4% (0.2)% 50.1 % 22.0 % 9.0 % Silver Spring 21.00 990 848 143 2 NA 21.2 % 3.0 x 2.0 x NA 17.7 x NA 30.3 x 50.7% 170.0% 181.2% 32.9 % (24.4)% (19.1)% Tianze Information 2.14 342 243 100 0 32.0 % 9.0 % 11.0 x NA NA NA 188.7 x NA NA NA NA 59.2 % (9.7)% 8.3 % Mean 480 423 66 9 52.5 % 10.2 % 4.8 x 3.2 x 22.6 x 16.6 x 61.0 x 31.1 x 22.0% 50.8% 77.5% 53.1 % 11.5 % 6.8 % Median 322 257 66 4 61.7 % 16.2 % 3.4 x 2.5 x 17.3 x 17.2 x 48.0 x 30.3 x 16.9% 74.2% 43.8% 54.0 % 15.5 % 8.9 %

*Sorted alphabetically within market segment

Capstone Partners CapstoneInvestment BankingPartners Advisors 54 Investment Banking Advisors 54 Over a Decade of Trading & Operating Metrics M&A Excellence

Portals & Social Networks Daum Comm 79.57 1,053 799 254 1 (7.1)% (7.7)% 1.7 x 1.5 x 6.7 x 5.9 x 13.2 x 13.7 x 16.3% 12.3% (3.0)% 100.0 % 25.6 % 17.3 % Facebook 54.65 138,820 130,067 9,328 575 105.3 % 8.8 % 18.9 x 13.6 x 41.7 x 23.0 x 74.9 x 52.6 x 39.7% 81.4% 42.3% 75.7 % 45.4 % 28.0 % Gree 9.88 2,293 1,999 482 187 (36.1)% 26.7 % 1.3 x 1.6 x 2.7 x 5.1 x 13.0 x NA (16.2)% (47.9)% NA 81.9 % 49.2 % 11.9 % Mail.ru 44.60 9,303 9,090 213 0 29.3 % 16.8 % 12.6 x 9.7 x 29.4 x 18.3 x 27.0 x 25.5 x 29.7% 60.9% 5.6% 56.3 % 42.8 % 48.5 % Mono Technology 0.25 351 270 82 1 NA (30.1)% 5.4 x 4.8 x 11.2 x 7.8 x 16.2 x 14.4 x 13.3% 43.3% 12.1% 64.8 % 48.8 % 38.6 % SINA 84.25 5,624 4,406 1,218 0 67.8 % 3.8 % 7.3 x 5.7 x NA 30.4 x 108.0 x 46.2 x 28.3% 307.1% 133.9% 57.1 % 5.9 % 8.6 % Tencent 63.79 117,577 114,182 5,882 2,487 98.6 % 21.6 % 12.6 x 9.2 x 36.9 x 28.2 x 44.2 x 37.9 x 35.9% 30.8% 16.6% 55.3 % 34.1 % 29.7 % Tw itter 63.65 34,670 34,534 321 185 NA NA 64.6 x 35.4 x NA 346.8 x NA NA 82.6% NA 87.9% 64.3 % (4.3)% (90.3)% Mean 38,711 36,918 2,223 430 42.9 % 5.7 % 15.6 x 10.2 x 21.4 x 58.2 x 42.3 x 31.7 x 28.7% 69.7% 42.2% 69.4 % 30.9 % 11.5 % Median 7,464 6,748 402 93 48.5 % 8.8 % 9.9 x 7.5 x 20.3 x 20.6 x 27.0 x 31.7 x 29.0% 43.3% 16.6% 64.5 % 38.5 % 22.6 %

Search, Referral & Navigation AutoNavi 14.25 948 436 511 0 25.7 % (4.4)% 2.8 x 3.9 x 11.0 x NA 38.5 x NA (27.1)% (200.3)% (183.2)% 69.5 % 25.9 % 12.4 % Baidu 177.88 62,247 58,089 7,074 2,915 77.4 % 14.6 % 12.4 x 8.8 x 28.2 x 21.6 x 36.6 x 30.6 x 40.5% 30.9% 19.6% 73.1 % 43.8 % 36.2 % Daum Comm 79.57 1,053 799 254 1 (7.1)% (7.7)% 1.7 x 1.5 x 6.7 x 5.9 x 13.2 x 13.7 x 16.3% 12.3% (3.0)% 100.0 % 25.6 % 17.3 % DigitalGlobe 41.15 3,095 3,983 256 1,144 68.4 % 30.1 % 7.0 x 5.8 x 20.7 x 13.5 x NA NA 20.9% 53.1% NA 73.6 % 33.9 % 0.8 % Google 1,120.71 374,415 326,816 54,739 7,140 58.4 % 27.9 % 5.7 x 4.9 x 16.7 x 13.2 x 26.4 x 22.6 x 16.2% 26.2% 16.8% 57.3 % 34.1 % 25.0 % Just Dial 23.32 1,634 1,543 91 0 NA 72.8 % 23.5 x 17.6 x 84.2 x 54.8 x 101.6 x 74.9 x 33.3% 53.7% 35.7% 48.3 % 27.9 % 24.6 % Naver 685.80 20,449 19,798 948 298 120.1 % 32.4 % 9.2 x 7.5 x 26.7 x 25.5 x 50.3 x 49.3 x 22.3% 4.6% 2.1% 69.9 % 34.4 % 23.9 % Mean 66,263 58,781 9,125 1,642 57.1 % 23.7 % 8.9 x 7.1 x 27.7 x 22.4 x 44.4 x 38.2 x 17.5% (2.8)% (18.7)% 70.2 % 32.2 % 20.0 % Median 3,095 3,983 511 298 63.4 % 27.9 % 7.0 x 5.8 x 20.7 x 17.5 x 37.6 x 30.6 x 20.9% 26.2% 9.4% 69.9 % 33.9 % 23.9 %

Video, Music & eBooks Amazon 398.79 182,540 177,894 7,689 3,043 59.0 % 27.6 % 2.5 x 2.1 x NA NA NA NA 22.6% 68.4% NA 26.6 % 5.3 % 0.2 % Apple 561.02 500,739 477,109 40,590 16,960 5.4 % 17.7 % 2.8 x 2.6 x 8.3 x 8.1 x 14.2 x 12.8 x 8.1% 3.2% 10.5% 37.6 % 33.6 % 21.6 % Google 1,120.71 374,415 326,816 54,739 7,140 58.4 % 27.9 % 5.7 x 4.9 x 16.7 x 13.2 x 26.4 x 22.6 x 16.2% 26.2% 16.8% 57.3 % 34.1 % 25.0 % Netflix 368.17 21,817 21,182 1,135 500 297.6 % 19.1 % 5.1 x 4.2 x NA 43.5 x NA NA 20.4% NA NA 28.4 % 4.9 % 2.1 % Pandora Media 26.60 5,167 4,719 448 0 189.8 % 5.8 % 8.0 x 5.8 x NA NA NA NA 38.2% NA 140.3% 37.0 % (3.1)% (7.8)% Mean 216,936 201,544 20,920 5,529 122.0 % 19.6 % 4.8 x 3.9 x 12.5 x 21.6 x 20.3 x 17.7 x 21.1% 32.6% 55.9% 37.4 % 15.0 % 8.2 % Median 182,540 177,894 7,689 3,043 59.0 % 19.1 % 5.1 x 4.2 x 12.5 x 13.2 x 20.3 x 17.7 x 20.4% 26.2% 16.8% 37.0 % 5.3 % 2.1 %

*Sorted alphabetically within market segment

Capstone Partners CapstoneInvestment BankingPartners Advisors 55 Investment Banking Advisors 55 Over a Decade of Trading & Operating Metrics M&A Excellence

Wireless Network Equipment Alcatel-Lucent 4.49 12,286 13,593 5,967 7,275 239.3 % 25.2 % 0.7 x 0.7 x NA 8.1 x NA NA 4.4% NA 92.9% 31.1 % 3.4 % (12.6)% Allw in Telecom 1.06 378 364 18 5 8.4 % (8.6)% 6.7 x 4.5 x 43.2 x NA NA NA 50.4% NA NA 48.4 % 15.5 % (2.5)% Aruba Netw orks 17.90 1,954 1,629 325 0 (13.7)% 7.6 % 2.6 x 2.3 x 11.9 x 11.2 x 29.3 x 22.7 x 16.1% 6.8% 29.4% 70.3 % 22.2 % 11.2 % Cisco Systems 22.43 119,925 87,950 48,201 16,226 14.2 % (4.3)% 1.8 x 1.9 x 5.5 x 5.5 x 10.8 x 11.4 x (5.5)% 0.2% (5.2)% 61.1 % 32.6 % 22.9 % EchoStar 49.72 4,494 5,218 1,709 2,433 45.3 % 13.2 % 1.6 x 1.5 x 8.4 x 7.2 x NA NA 4.0% 16.8% NA 32.5 % 19.0 % 0.4 % Ericsson 12.21 39,253 33,793 9,445 3,984 22.1 % (8.3)% 1.0 x 1.0 x 8.9 x 7.1 x 18.8 x 16.1 x 0.3% 25.6% 16.6% 33.1 % 10.8 % 5.9 % GN Store 24.59 4,054 4,238 18 202 70.1 % 16.8 % 3.5 x 3.2 x 22.8 x 13.7 x 33.8 x 23.9 x 8.1% 67.0% 41.4% 60.2 % 15.3 % 10.2 % Hytera Comm 3.91 1,087 1,081 64 57 54.3 % 1.9 % 5.5 x 4.1 x NA NA 76.7 x NA 34.5% NA NA 71.3 % 2.5 % 7.5 % Motorola Solutions 67.50 17,463 17,035 2,890 2,462 21.2 % 13.7 % 2.0 x 1.9 x 10.2 x 9.0 x 16.1 x 15.4 x 3.0% 13.5% 4.4% 49.5 % 19.4 % 13.4 % NEC 2.25 5,856 11,020 1,804 6,967 7.7 % (2.6)% 0.4 x 0.4 x 4.7 x 6.1 x NA NA (6.9)% (22.8)% NA 29.7 % 7.6 % (0.1)% Ruckus Wireless 14.20 1,121 982 140 0 (37.0)% (15.6)% 3.9 x 3.2 x 43.7 x 27.2 x 71.0 x 65.7 x 21.5% 60.9% 8.0% 66.2 % 8.9 % 6.7 % Ubiquiti Netw orks 45.96 4,028 3,823 280 75 278.6 % 36.8 % 9.8 x 6.8 x 40.3 x 19.6 x 37.4 x 24.8 x 45.1% 105.4% 50.9% 43.3 % 24.4 % 28.3 % ViaSat 62.65 2,856 3,411 67 622 61.1 % (1.6)% 2.7 x 2.3 x 20.9 x 12.8 x NA NA 14.5% 63.3% NA 25.9 % 12.9 % 1.9 % ZTE 2.16 7,307 10,670 2,587 5,950 38.0 % (20.4)% 0.8 x 0.6 x NA 13.0 x NA NA 42.8% NA NA 25.2 % (0.3)% 0.4 % Mean 15,862 13,915 5,251 3,304 57.8 % 3.8 % 3.1 x 2.5 x 20.1 x 11.7 x 36.7 x 25.7 x 16.6% 33.7% 29.8% 46.3 % 13.9 % 6.7 % Median 4,274 4,728 1,017 1,527 30.1 % 0.2 % 2.3 x 2.1 x 11.9 x 10.1 x 31.6 x 22.7 x 11.3% 21.2% 23.0% 45.8 % 14.1 % 6.3 %

*Sorted alphabetically within market segment

Capstone Partners CapstoneInvestment BankingPartners Advisors 56 Investment Banking Advisors 56 Over a Decade of Trading & Operating Metrics M&A Excellence

Wireless Network Operators America Movil 1.16 82,114 115,576 5,491 38,953 1.3 % 17.7 % 1.9 x 1.9 x 5.8 x 5.8 x 15.2 x 11.7 x 2.2% (1.0)% 29.7% 56.6 % 33.8 % 9.4 % AT&T 35.16 185,223 260,636 1,371 76,784 4.3 % 4.0 % 2.0 x 2.0 x 6.4 x 6.2 x 14.6 x 13.5 x 1.6% 3.4% 7.8% 55.7 % 31.9 % 10.3 % BSkyB 13.98 21,802 24,247 2,283 4,728 12.2 % (0.7)% 2.0 x 1.9 x 9.3 x 8.6 x 15.2 x 14.1 x 7.2% 7.9% 8.0% 39.8 % 22.0 % 12.5 % China Mobile 10.37 208,447 139,592 73,526 4,671 (10.9)% (7.2)% 1.5 x 1.3 x 3.4 x 3.3 x 9.9 x 10.5 x 11.4% 3.3% (5.5)% 78.8 % 42.3 % 22.2 % Deutsche Telekom 17.17 76,072 132,130 10,699 66,756 51.4 % 19.0 % 1.6 x 1.6 x 5.8 x 5.5 x 21.7 x 18.5 x 3.9% 5.3% NA 40.2 % 28.6 % 4.3 % DIRECTV 69.06 36,287 53,904 1,622 19,239 37.7 % 15.5 % 1.7 x 1.6 x 7.0 x 6.5 x 13.4 x 12.2 x 5.3% 7.8% 10.1% 47.7 % 24.7 % 9.5 % Dish Netw ork 57.92 26,530 30,339 10,302 14,111 59.1 % 28.7 % 2.1 x 2.1 x 10.7 x 10.2 x 20.9 x 31.6 x 2.2% 5.0% (33.8)% 38.3 % 19.8 % 8.8 % EchoStar 49.72 4,494 5,218 1,709 2,433 45.3 % 13.2 % 1.6 x 1.5 x 8.4 x 7.2 x NA NA 4.0% 16.8% NA 32.5 % 19.0 % 0.4 % Gogo 24.82 2,088 2,051 285 248 NA 39.7 % 6.9 x 5.2 x NA NA NA NA 31.1% NA 90.8% 50.0 % 4.0 % (94.7)% Inmarsat 12.52 5,604 7,270 216 1,882 31.8 % 9.1 % 5.6 x 5.8 x 11.3 x 11.2 x 26.3 x 24.7 x (3.2)% 0.5% 6.5% 61.9 % 49.8 % 16.4 % Intelsat 22.54 2,378 17,594 404 15,620 NA (6.1)% 6.7 x 6.8 x 8.8 x 8.7 x NA 9.1 x (1.5)% 0.7% NA 84.8 % 76.0 % (4.8)% NTT DOCOMO 16.41 68,028 64,449 6,052 2,473 14.4 % 1.1 % 1.4 x 1.5 x 3.5 x 4.2 x 12.6 x NA (3.2)% (16.2)% NA 60.5 % 40.5 % 11.9 % Orange 12.39 32,562 73,132 7,984 48,554 12.7 % (1.2)% 1.3 x 1.3 x 4.2 x 4.3 x 22.9 x 9.1 x 1.7% (2.1)% NA 37.3 % 31.6 % 2.6 % SES 32.31 13,021 18,600 901 6,480 12.9 % 13.3 % 7.4 x 6.9 x 10.6 x 9.4 x 16.5 x 15.4 x 7.9% 12.9% 7.4% 79.7 % 70.3 % 31.6 % Sky Vision 0.16 1,161 1,296 27 161 (34.0)% 6.3 % 5.2 x 5.0 x 13.5 x 12.3 x 37.7 x 55.2 x 3.6% 9.5% (31.7)% 27.1 % 38.7 % 11.6 % SOFTBANK 87.49 103,914 166,493 27,507 90,086 141.0 % 26.4 % 3.7 x 2.3 x 12.5 x 8.5 x 19.3 x NA 57.4% 46.8% NA 48.6 % 29.2 % 11.7 % Sprint 10.75 42,271 68,328 7,494 33,551 89.6 % 72.9 % 1.9 x 1.9 x 13.4 x 11.1 x NA NA 0.0% 20.2% 26.8% 42.0 % 14.5 % (7.4)% Telecom Italia 0.99 17,883 60,040 9,140 51,297 10.3 % 20.3 % 1.6 x 1.7 x 4.1 x 4.4 x 6.8 x 8.5 x (8.4)% (7.5)% (20.6)% 52.1 % 38.9 % (16.0)% Telefónica 16.30 73,796 140,584 15,857 82,645 21.3 % 4.6 % 1.8 x 1.8 x 5.1 x 5.4 x 10.2 x 11.6 x (2.9)% (4.6)% (12.3)% 58.1 % 34.1 % 9.0 % Verizon 49.14 140,540 182,323 57,357 99,140 13.6 % 5.3 % 1.5 x 1.5 x 4.7 x 4.1 x 19.2 x 14.7 x 4.1% 15.9% 30.2% 61.5 % 32.3 % 6.2 % ViaSat 62.65 2,856 3,411 67 622 61.1 % (1.6)% 2.7 x 2.3 x 20.9 x 12.8 x NA NA 14.5% 63.3% NA 25.9 % 12.9 % 1.9 % Vodafone 3.93 190,283 229,112 16,205 55,034 56.4 % 12.3 % 3.2 x 3.1 x 12.0 x 10.4 x 6.4 x 18.3 x 2.0% 15.2% (65.1)% 30.5 % 26.2 % 41.6 % Mean 60,789 81,651 11,659 32,521 31.6 % 13.3 % 3.0 x 2.8 x 8.6 x 7.6 x 17.0 x 17.4 x 6.4% 9.7% 3.2% 50.4 % 32.8 % 4.5 % Median 34,425 62,245 5,771 17,429 17.9 % 10.7 % 2.0 x 1.9 x 8.4 x 7.2 x 15.2 x 13.8 x 2.9% 5.3% 7.4% 49.3 % 31.8 % 9.2 %

Wireless Semis Broadcom 29.65 16,838 16,128 2,404 1,694 (10.7)% 13.9 % 2.0 x 1.9 x 8.5 x 9.5 x 10.3 x 12.8 x 2.0% (11.1)% (19.4)% 50.1 % 23.2 % 20.5 % CSR 10.47 1,739 1,447 293 1 93.0 % 25.6 % 1.4 x 1.6 x 10.6 x 10.6 x 23.3 x 21.1 x (9.7)% (0.4)% 10.2% 51.9 % 13.6 % 8.2 % Hittite Microw ave 61.73 1,883 1,426 457 0 (0.5)% (5.5)% 5.2 x 5.0 x 11.8 x 11.1 x 26.6 x 25.0 x 3.4% 6.5% 6.3% 72.6 % 44.2 % 26.3 % Marvell 14.38 7,074 5,269 1,804 0 98.1 % 25.0 % 1.6 x 1.5 x 10.2 x 8.6 x 15.5 x 14.0 x 10.7% 19.4% 10.3% 52.1 % 15.9 % 14.6 % MediaTek 14.85 19,917 16,760 3,826 669 33.4 % 20.0 % 4.0 x 3.0 x 29.6 x 14.1 x 24.7 x 17.6 x 35.0% 109.1% 40.5% 42.9 % 13.6 % 19.4 % QUA LCOMM 74.25 125,441 110,492 14,966 17 20.0 % 10.3 % 4.4 x 4.1 x 12.3 x 10.0 x 16.5 x 14.7 x 8.7% 22.8% 12.3% 60.5 % 36.1 % 31.8 % RF Mic r o 5.16 1,457 1,392 149 85 15.2 % (8.5)% 1.2 x 1.1 x 19.1 x 7.0 x 14.7 x 10.1 x 7.9% 174.8% 46.1% 32.6 % 6.3 % 8.5 % Skyw orks Solutions 28.56 5,381 4,870 511 0 40.7 % 15.0 % 2.7 x 2.5 x 12.0 x 8.2 x 12.9 x 11.1 x 10.4% 45.9% 16.2% 42.8 % 22.6 % 23.7 % STMic r o 8.04 7,162 6,423 1,526 787 13.6 % (12.8)% 0.8 x 0.8 x 12.7 x 6.1 x NA NA (0.3)% 110.3% NA 31.5 % 6.1 % (0.4)% Texas Instruments 43.91 48,062 49,630 3,593 5,161 42.1 % 9.0 % 4.1 x 4.0 x 13.0 x 11.6 x 24.0 x 20.2 x 2.1% 11.6% 19.0% 50.8 % 31.4 % 16.8 % TriQuint 8.34 1,339 1,313 27 0 72.7 % 2.7 % 1.5 x 1.3 x NA 7.6 x NA 19.9 x 17.0% NA NA 29.8 % 4.5 % (0.7)% Mean 21,481 19,559 2,687 765 38.0 % 8.6 % 2.6 x 2.4 x 14.0 x 9.5 x 18.7 x 16.6 x 7.9% 48.9% 15.7% 47.0 % 19.8 % 15.3 % Median 7,074 5,269 1,526 17 33.4 % 10.3 % 2.0 x 1.9 x 12.2 x 9.5 x 16.5 x 16.1 x 7.9% 21.1% 12.3% 50.1 % 15.9 % 16.8 %

*Sorted alphabetically within market segment

Capstone Partners CapstoneInvestment BankingPartners Advisors 57 Investment Banking Advisors 57 Over a Decade of Trading & Operating Metrics M&A Excellence

Wireless Tower American Tow er 79.82 31,500 40,107 4,040 12,647 3.3 % 7.7 % 12.6 x 10.4 x 20.5 x 16.1 x 51.4 x 38.9 x 21.0% 27.6% 31.9% 74.8 % 61.3 % 19.5 % Bharti Infratel 2.72 5,133 5,077 472 416 (22.7)% 9.0 % 3.0 x 2.8 x 7.2 x 7.0 x 24.8 x 21.6 x 8.0% 3.6% 15.2% 51.3 % 41.5 % 12.0 % Crow n Castle 73.43 24,134 34,691 219 10,775 1.8 % 0.5 % 12.0 x 10.5 x 21.2 x 17.8 x 95.4 x 101.9 x 13.8% 19.4% (6.4)% 66.0 % 56.4 % 7.8 % GTL Infrastructure 0.03 75 2,373 57 2,355 (55.4)% 12.4 % 8.6 x NA 35.0 x NA NA NA NA NA NA 78.3 % 24.7 % (13.8)% SBA Comm 89.84 11,512 16,966 194 5,648 26.6 % 11.7 % 13.4 x 12.4 x 25.9 x 19.6 x NA NA 8.3% 32.5% NA 68.6 % 51.8 % (3.4)% Mean 14,471 19,843 996 6,368 (9.3)% 8.2 % 9.9 x 9.0 x 22.0 x 15.1 x 57.2 x 54.1 x 12.8% 20.8% 13.6% 67.8 % 47.1 % 4.4 % Median 11,512 16,966 219 5,648 1.8 % 9.0 % 12.0 x 10.5 x 21.2 x 16.9 x 51.4 x 38.9 x 11.0% 23.5% 15.2% 68.6 % 51.8 % 7.8 %

*Sorted alphabetically within market segment

Capstone Partners CapstoneInvestment BankingPartners Advisors 58 Investment Banking Advisors 58 Over a Decade of Capstone Partners M&A Excellence Investment Banking Advisors

Observations Technology & and RecommendationsTelecom Team

Capstone Partners CapstoneInvestment BankingPartners Advisors 59 Investment Banking Advisors WORLD CLASS WALL STREET EXPERTISE.59 BUILT FOR THE MIDDLE MARKET.TM Over a Decade of Technology & Telecom Team M&A Excellence

DAVID MICHAELS Managing Director, Head of Technology & Telecom Group Phone: (858) 926-5950 Email: [email protected] David Michaels is a Managing Director of Capstone where he is responsible for managing the firm’s Technology & Telecom Group (TTG). David founded SagePoint Advisors in 2008, a boutique investment banking firm focused on providing merger, acquisition and strategic advisory services to growth companies in the technology and telecom sectors. Prior to founding SagePoint, David was a Co-Founder, Partner and Managing Director at Montgomery & Co., a leading investment bank focused on serving emerging-growth technology companies and their venture backers. David co-founded Montgomery’s investment banking business in 1996 and played an instrumental role in building the business to over $50 million in revenues and 80 employees. Mr. Michaels also ran the firm’s Communications and Digital Media Technology practice areas for several years prior to his departure. David has intimate knowledge of the strategic landscape, market dynamics and technology underpinnings of several high technology market segments including Mobile Software & Services, Consumer Internet, E-Commerce, Enterprise SaaS, Cloud & Infrastructure Software and Consumer, IT & Telecom Hardware. Prior to joining Montgomery in 1994, David worked at Bankers Trust Corporate Finance Department, where he helped execute merger and acquisition assignments. Prior to that, Mr. Michaels worked as a structural engineer at General Dynamics, Mr. Michaels received an M.B.A. in entrepreneurship from the Anderson School of Management at UCLA and holds a B.S. in Mechanical Engineering from the University of Michigan.

JOHN SNEAD Managing Director, Head of International Phone: 44 (0)7979 704302 Email: [email protected]

John Snead is responsible for managing the firm’s international operations as Managing Director of Capstone Grenport Ltd (CGL), focusing on the European technology and private equity markets. In his capacity, John is instrumental the firm’s cross border M&A and financing activities. He joins Capstone with 25 years of experience in in the investment banking and financial markets both in London and Silicon Valley. For the seven years prior to joining Capstone, John was the founder and Managing Partner of Grenport Limited, a London-based investment banking boutique serving the strategic and transaction needs of emerging technology companies. Prior to Grenport, John was a Managing Director in Kroll’s corporate finance group. He has also served as a senior professional at leading financial advisory firms such as Arthur Andersen, KPMG and Morgan Grenfell. John is particularly experienced in the technology sector where he has advised on more than 80 transactions, primarily in the software and IT services sectors. John holds an MBA, CFA, CF qualifications and is regulated by ICAEW.

Capstone Partners CapstoneInvestment BankingPartners Advisors 60 Investment Banking Advisors 60 Over a Decade of Technology & Telecom Team M&A Excellence

JOHN FERRARA President and Managing Partner Phone: (617) 619-3325 Email: [email protected]

John serves as the Managing Partner of Capstone, responsible for the firm’s investment and merchant banking operations, as well as managing client transactions. During his tenure as Managing Partner, Capstone has completed three acquisitions to expand the firm’s presence from Boston to include seven offices internationally, culminating in the “Global Investment Banking Boutique of the Year” award in 2012. Over his 25+ year career in mergers & acquisitions, venture capital and management consulting, John has executed well over 150 transactions and related engagements. Prior to 2002, when he acquired the practice he initially founded from Arthur Andersen to form Capstone, John served as a Regional Managing Partner with Andersen Corporate Finance LLC. While with Andersen, John held various national and global leadership positions. He started his career in Lehman Brothers' M&A group in New York, London and Riyadh, later becoming a founding member of Rodman & Renshaw's M&A practice in New York. After a break to compete in Australia's semi-professional baseball league, John joined The Deloitte Consulting Group in Los Angeles to focus on turnaround and interim management engagements. John has been recognized as “Investment Banker of the Year” in 2012, “Deal Maker of the Year” in 2010 and received the “40 Under 40” award for entrepreneurial excellence in 2006. He is the founder of the Spirit Triumph Cancer Foundation, author of the children’s book "Beyond the Waterspout" and former owner in the Holyoke Sox, a baseball franchise in the NECBL. John earned his MBA from The Anderson School at UCLA and the London School of Economics. He holds dual BA degrees from Wesleyan University and is qualified as a General Securities Principal.

TEAK MURPHY Vice President, Technology & Telecom Group Phone: (858) 345-2408 Email: [email protected] Teak joins Capstone as a Vice President in the Technology & Telecom Group, based out of San Diego. Prior to Capstone’s acquisition of SagePoint Advisors, Teak worked at SagePoint as a Senior Associate advising technology companies on mergers, acquisitions and strategic capital raises. Prior to joining SagePoint, Teak worked as a Senior Associate with Enterprise Partners Venture Capital, the largest Southern California based VC firm, where he evaluated investment opportunities and worked closely with senior management and board members to successfully grow portfolio companies. Prior to Enterprise Partners, Teak worked as an Associate in technology investment banking at Montgomery & Co. where he spent three years working closely with SagePoint's founder David Michaels on buy-side and sell-side M&A transactions. Prior to Montgomery, Teak worked at Cowen & Co. advising technology companies on M&A and IPO transactions. Teak's experience working on fund raising, mergers and acquisitions, and initial public offerings as both an advisor and investor provides unique insight into the needs of venture-backed companies. Teak graduated from the University of Southern California with honors, receiving a B.S. in Business Administration/Finance.

Capstone Partners CapstoneInvestment BankingPartners Advisors 61 Investment Banking Advisors 61 Over a Decade of Technology & Telecom Team M&A Excellence

BRANDON OVERMYER Associate, Technology & Telecom Group Phone: (415) 690-8119 Email: [email protected] Brandon is an Associate in the Technology & Telecom Group, working closely with clients to execute and optimize mergers, acquisitions and strategic capital raises. Prior to joining Capstone, Brandon was an Analyst in technology investment banking with ArchPoint Partners in San Francisco, supporting the senior team on middle market domestic and cross-border technology transactions. Brandon has previously worked in varying roles with Apple, LG and a number of startup ventures in addition to civil litigation practice. Brandon received his BA from University of Florida, graduating with distinction in three years. He received his JD from Baylor University School of Law and is a member of the Florida Bar.

HIROKI HIGASHIHARA Analyst, Technology & Telecom Group Phone: (858) 926-5850 Email: [email protected] Hiroki works closely with senior team members of the Technology & Telecom Group, as an Analyst, to execute various corporate financing transactions. Prior to joining Capstone, Hiroki interned at an investment management firm, Sage Capital Advisors, conducting back-testing models and investment performance analyses. He also interned at an Internet Security software company, gaining exposure to corporate financial planning and analysis. Hiroki received a BS in Management Science along with a minor in Accounting from University of California, San Diego. Hiroki graduated as a team member of the Thurgood Marshall Honors Program.

Capstone Partners CapstoneInvestment BankingPartners Advisors 62 Investment Banking Advisors 62