HW&Co. Industry Reader Template

EUROPEAN TECHNOLOGY

INDUSTRY UPDATE │ JANUARY 2016

www.harriswilliams.de

Harris Williams & Co. Ltd Niederlassung Frankfurt (German branch) is registered in the Commercial Register (Handelsregister) of the Local Court (Amtsgericht) of Frankfurt am Main, Germany, under registration number HRB 96687, having its business address at Bockenheimer Landstrasse 33-35, 60325 Frankfurt am Main, Germany. Permanent Representative (Ständiger Vertreter) of the Branch Niederlassung: Mr. Jeffery H. Perkins.

0 EUROPEAN TECHNOLOGY INDUSTRY UPDATE │ JANUARY 2016

RECENT DEVELOPMENTS CONTENTS COMPANY SPECIFIC NEWS . RECENT DEVELOPMENTS FSN Capital Partners has acquired a majority stake in Netcompany, the Denmark- . PUBLIC MARKET TRADING based IT company offering information technology solutions and business . SOFTWARE consulting services, valuing the business at c.DKK 2.0bn . IT SERVICES Summit Partners has acquired a 26.0% stake in Siteimprove, the Denmark-based . COMMUNICATIONS provider of web governance software, valuing the business at $212m . INTERNET AND DIGITAL MEDIA CityFibre Infrastructure has agreed to acquire National Infrastructure Assets of KCOM, the UK-based provider of communications solutions to the private and public sectors, valuing the business at £90m TMT GROUP OVERVIEW Our Technology, Media & Ströer has acquired 81.3% stake in Statista, the Germany-based statistics portal Telecom (TMT) Group is operator, valuing the business at €79m dedicated to providing Laird has agreed to acquire Novero, the Germany-based developer and superior merger & acquisition and capital markets advisory manufacturer of vehicle communication, telematics and mobile device services to market leading integration solutions, valuing the business at €65m companies. Our extensive Grovepoint Capital has agreed to acquire Payzone UK, the UK-based provider of industry knowledge and transaction leadership installation and maintenance services of Payzone owned terminals, valuing the experience spans the software, business at £35m digital media, IT services and Castle Street Investments has agreed to acquire Selection Services Investments, a communications sectors. Our professionals in London, Boston UK-based provider of IT and Cloud services, valuing the business at £35m and San Francisco have global Nemetschek has agreed to acquire Solibri, the Finland-based provider of software relationships with leading solutions for the quality assurance and quality control of Building Information technology companies and financial investors. Thoughtful Modeling, valuing the business at up to €45m advice, deep experience and Kapsch TrafficCom has agreed to acquire the Global Transportation Business of technology expertise, creativity Schneider Electric, the France-based provider of electricity distribution and and attention to detail from our senior technology bankers energy automation, valuing the business at €35m have resulted in a track record HgCapital has agreed to acquire Zitcom, the Denmark-based provider of cloud of consistently exceeding our hosting services and developer of data processing software, valuing the clients' expectations. businesses at c.DKK 250m CONTACTS Aero 2 has agreed to acquire a 51% stake in Sferia, the Poland-based provider of wireless service telecommunications and internet, valuing the business at PLN EUROPE 254m Thierry Monjauze TransUnion has agreed to acquire Trustev, the Ireland-based provider of digital Managing Director fingerprinting technology for real time online customer identity verification, [email protected] +44 (0) 20 7518 8901 valuing the business at up to $44m

Sophos has acquired SurfRight, the Netherlands-based developer of computer Jonathan Organ security software, valuing the business at $32m Vice President Clarion Events has acquired a 75.1% stake in iGaming Business, a UK-based [email protected] information provider for the interactive gaming and gambling industry, valuing the +44 (0) 20 7518 8909 business at £20m UNITED STATES Grupa Wirtualna Polska has agreed to acquire Enovatis, the Poland-based Jeff Bistrong operator of travel portals, valuing the business at an estimated PLN 84m Managing Director Investment AB Latour has acquired a 66.1% stake in Neuffer Fenster + Tueren, the [email protected] +1 (617) 482-7501 Germany-based operator of windows and doors eCommerce portals, valuing the business at €28m Michael Wilkins Advanced Discovery has agreed to acquire Millnet, the UK-based provider of Managing Director eDiscovery and legal document services for firms and corporations [email protected] Gilde Equity Management has agreed to acquire Baarsma Wine Group, the +1 (415) 288-4260 Netherlands-based wine e-retailer, in an HW&Co.-led transaction Sam Hendler Investcorp has agreed to acquire SecureLink, the Belgium-based provider of Managing Director [email protected] cybersecurity infrastructure and managed security services +1 (617) 654-2117 TA Associates has acquired a minority stake in Eurowag, the Czech Republic- based provider of payment solutions for freight and passenger carriers www.harriswilliams.de

PAGE | 1 EUROPEAN TECHNOLOGY INDUSTRY UPDATE │ JANUARY 2016

RECENT DEVELOPMENTS

INDUSTRY TRENDS AND NEWS . According to eMarketer the leading technology investment priority for marketers in 2016 is social marketing with nearly 65% of respondents rating it as their top priority, additionally 61% said marketing analytics were a priority

. The European Commission has unveiled a new copyright framework, which according to ARS Technica, could result in the introduction of an ancillary copyright requiring people to pay a licensing fee for the use of short snippets online, also known as ‘the Google tax’ . By 2018, Gartner predicts 50% of consumers in mature markets will use smart phones or wearables for mobile payments . World digital travel sales are projected to exceed $533bn in 2015, according to eMarketer, an increase of 13.3% on 2014 and expected to reach $762m by 2019, representing a CAGR of 9.3% . According to IDC, worldwide spending on the IoT will increase at a 17% CAGR from $698.6bn in 2015 to nearly $1.3tn in 2019 . Global businesses and governments spending on technology will grow 4.5% in 2016 and 4.7% in 2017, according to Forrester, reaching $2.9tn in 2016

Source: Various industry news outlets

PUBLIC MARKET TRADING STATISTICS Stock Performance

LAST 30 DAYS LAST TWELVE MONTHS

25% 8% 1.0% 9.0% (1.0%) 6.0% (1.7%) 5.5% 20% 6% (4.7%) (0.5%) (6.2%) (2.2%) (8.3%) (22.6%) 15% 4%

10% 2%

0% 0%

(2%) (5%)

(4%) (10%)

(6%) (15%)

(8%) (20%)

(10%) (25%) 11 Dec 18 Dec 25 Dec 01 Jan 08 Jan Jan 2015 Apr 2015 Jul 2015 Oct 2015

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

PAGE | 2 EUROPEAN TECHNOLOGY INDUSTRY UPDATE │ JANUARY 2016

PUBLIC MARKET TRADING STATISTICS

COMPARABLE TRADING SUMMARY

CY2016E EV / Revenue EV / EBITDA P / E Rev. Growth EBITDA Margin CY2016E CY2017E CY2016E CY2017E CY2016E CY2017E

Software European Large Cap. Software 6.0% 35.3% 5.0x 4.8x 14.4x 13.5x 22.2x 20.6x Application Software 9.0% 27.7% 3.9x 3.7x 15.0x 13.1x 18.3x 18.9x Infrastructure Software 11.2% 29.4% 2.8x 2.6x 9.7x 8.9x 15.4x 14.8x Large Cap. SaaS 26.1% 15.6% 6.0x 4.7x 28.9x 23.1x 19.9x 32.3x Small Cap. SaaS 17.0% 7.4% 2.7x 2.3x 22.6x 20.4x 38.1x 33.4x HCM/WFM 22.8% 11.6% 5.3x 4.3x 27.4x 22.2x 28.7x 29.1x FinTech 15.3% 28.4% 4.5x 4.0x 15.3x 13.0x 21.9x 20.1x Healthcare IT 11.3% 16.7% 3.1x 2.8x 13.1x 11.8x 21.7x 20.5x Data and Data Analytics 11.3% 23.9% 4.0x 3.5x 14.4x 11.7x 13.5x 15.0x Security Software 13.9% 24.9% 4.2x 3.7x 12.7x 12.6x 20.7x 17.6x CAx/PLM 6.1% 24.6% 4.3x 4.1x 13.6x 13.0x 23.3x 21.5x

IT Services IT Services 2.5% 13.4% 1.0x 1.0x 7.7x 7.2x 14.8x 13.3x Offshore IT Services 12.0% 24.2% 2.8x 2.6x 11.6x 10.9x 17.4x 15.1x Managed Services, Colocation and Hosting 9.5% 27.8% 2.4x 2.3x 8.6x 7.8x 17.1x 16.3x Data Centres 14.2% 53.0% 7.4x 6.8x 14.1x 12.7x 26.6x 33.3x PaaS/IaaS 10.8% 25.9% 2.8x 2.4x 12.7x 9.9x 17.0x 16.9x

Communications Digital Broadband 6.8% 12.1% 1.1x 1.1x 8.7x 8.1x 19.9x 16.4x Diversified Communication Equipment 4.7% 12.5% 1.0x 0.9x 8.5x 7.5x 15.0x 12.9x Mobile Content/Solutions Providers 14.6% 16.2% 1.5x 1.3x 9.3x 8.0x NM 20.9x Mobile Infrastructure Software 7.6% 26.4% 2.2x 2.5x 7.5x 6.8x 15.5x 17.2x

Internet and Digital Media Global Internet Leaders 15.6% 35.5% 5.2x 4.4x 15.3x 12.5x 20.4x 20.4x Chinese Internet Leaders 39.1% 12.9% 4.4x 3.2x 15.8x 12.8x 27.4x 25.3x Online Classifieds 20.7% 31.5% 5.1x 4.5x 12.8x 11.6x 22.3x 18.9x Content Providers/Communities 19.6% 18.6% 3.7x 3.1x 18.6x 13.8x 27.6x 30.6x Ecommerce 15.8% 19.4% 3.5x 3.0x 14.9x 14.1x 22.1x 25.4x Interactive Entertainment 7.6% 30.9% 3.1x 2.8x 10.9x 9.5x 20.4x 21.0x Intermediation and Comparison 8.8% 19.4% 2.8x 2.9x 13.0x 10.9x 21.4x 22.5x Online Gambling 9.8% 24.7% 3.4x 3.2x 14.1x 13.0x 24.4x 22.5x Digital Marketing 18.7% 13.7% 2.0x 1.5x 14.6x 11.7x 17.4x 16.5x Online Travel 13.2% 22.7% 4.3x 3.7x 16.6x 12.6x 23.8x 20.4x Educational Technology 4.5% 5.5% 1.8x 3.1x 11.1x 10.6x 23.1x 13.8x Internet Services 30.3% 18.4% 3.1x 2.5x 18.2x 11.2x 9.1x 16.0x

PAGE | 3 EUROPEAN TECHNOLOGY INDUSTRY UPDATE │ JANUARY 2016

SOFTWARE

LAST 30 DAYS PERFORMANCE

10%

(2%) Healthcare IT 3.7% Security Software 3.1% Large Cap. SaaS (1.0%) (4%) CAx/PLM (1.2%) Data and Data Analytics (1.8%) European Large Cap. Software (2.2%) (6%) Fintech (2.7%) HCM/WFM (3.2%) (8%) Application Software (4.1%) Infrastructure Software (4.2%) Small Cap. SaaS (6.2%) (10%) 11 Dec 18 Dec 25 Dec 01 Jan 08 Jan

Application Software CAx/PLM Data and Data Analytics European Large Cap. Software

(1) Fintech HCM/WFM Healthcare IT Infrastructure Software

Large Cap. SaaS Security Software Small Cap. SaaS

LAST TWELVE MONTHS PERFORMANCE

35%

25%

15%

(5%)

Large Cap. SaaS 20.0% (15%) Small Cap. SaaS 20.0% European Large Cap. Software 18.2% Fintech 17.7% (25%) Data and Data Analytics 15.5% HCM/WFM 10.2% Security Software 8.3% Application Software 4.2% (35%) Healthcare IT (0.0%) CAx/PLM (3.2%) Infrastructure Software (27.4%) (45%) Jan 2015 Apr 2015 Jul 2015 Oct 2015

Application Software CAx/PLM Data and Data Analytics European Large Cap. Software (1) Fintech HCM/WFM Healthcare IT Infrastructure Software Large Cap. SaaS Security Software Small Cap. SaaS

(1) Infrastructure Software index has been normalised to reflect Hewlett-Packard’s split into two independent businesses

PAGE | 4 EUROPEAN TECHNOLOGY INDUSTRY UPDATE │ JANUARY 2016

SOFTWARE

Market Enterprise CY2016E EV / Revenue EV / EBITDA P / E Cap ($m) Value ($m) EBITDA Margin Rev. Growth CY2016E CY2017E CY2016E CY2017E CY2016E CY2017E

European Large Cap. Software SAP 92,950 100,162 35.4% 4.4% 4.3x 4.1x 12.1x 11.2x 18.4x 17.2x Dassault Systemes 19,178 19,179 34.8% 8.4% 5.7x 5.3x 16.4x 15.1x 29.9x 26.9x Sage 9,058 10,017 29.3% 7.0% 4.5x 4.3x 15.2x 14.6x 22.6x 20.8x Micro Focus (1) 4,761 6,409 44.6% 1.2% 5.2x 5.2x 11.7x 11.3x 15.0x 14.4x Temenos 3,125 3,785 37.9% 10.3% 6.4x 5.8x 16.8x 15.0x 25.7x 23.3x Aveva 1,398 1,370 30.0% 4.7% 4.2x 4.2x 14.2x 13.8x 21.7x 21.0x

Mean 35.3% 6.0% 5.0x 4.8x 14.4x 13.5x 22.2x 20.6x Median 35.1% 5.9% 4.8x 4.7x 14.7x 14.2x 22.2x 20.9x Application Software Microsoft 418,007 357,502 35.5% 4.9% 3.8x 3.6x 10.6x 9.2x 18.0x 15.9x Oracle 145,572 135,585 46.1% 0.6% 3.6x 3.5x 7.8x 7.6x 12.8x 11.7x SAP 92,950 99,155 35.1% 5.4% 4.2x 4.0x 12.0x 11.1x 17.6x 16.5x Intuit 24,589 24,965 37.7% 5.3% 5.3x 4.8x 14.0x 12.0x 25.2x 20.9x Sage 9,058 9,555 29.4% 6.6% 4.4x 4.1x 15.0x 14.1x 22.2x 19.9x Constellation Software 7,790 7,999 25.4% 17.8% 3.7x 3.2x 14.7x 12.8x 18.6x 15.2x Tyler Technologies 5,452 5,204 27.3% 30.9% 6.8x 5.8x 25.0x 21.0x NM 39.1x Guidewire Software 4,002 3,466 19.0% 10.5% 8.0x 7.0x 42.4x 31.4x NM NM IFS(1)(2) 1,044 1,018 20.5% 5.6% 2.4x 2.3x 11.9x 10.1x 24.5x 19.9x Cegid 515 571 27.1% 9.8% 1.7x 1.6x 6.2x 5.8x 16.9x 15.4x SDL 496 484 11.0% 4.8% 1.2x 1.1x 10.6x 9.1x 17.7x 14.9x American Software 282 221 17.8% 5.9% 1.8x NA 10.2x NA 27.3x NA

Mean 27.7% 9.0% 3.9x 3.7x 15.0x 13.1x 18.3x 18.9x Median 27.2% 5.7% 3.7x 3.6x 11.9x 11.1x 18.0x 16.2x Infrastructure Software Hewlett-Packard Enterpise Co. 23,594 29,929 15.8% (2.8%) 0.6x 0.6x 3.7x 3.7x 7.1x 6.8x VMware 22,777 17,060 32.7% 9.2% 2.4x 2.2x 7.2x 6.7x 12.8x 11.9x Red Hat 14,455 14,048 26.5% 15.3% 6.2x 5.4x 23.4x 20.7x 38.3x 32.8x CA Technologies 10,980 10,318 40.3% 1.8% 2.5x 2.5x 6.3x 5.9x 10.4x 10.0x Citrix Systems 10,718 10,963 30.8% 2.0% 3.3x 3.2x 10.7x 9.8x 15.6x 13.7x F5 Networks 6,484 5,710 40.0% 7.9% 2.7x 2.5x 6.8x 6.1x 12.8x 11.5x Solarwinds 4,212 4,109 45.2% 18.5% 6.8x 6.0x 15.1x 15.4x 24.6x 20.9x Brocade 3,432 2,787 27.0% 2.2% 1.2x 1.2x 4.5x 4.7x 8.2x 8.8x Netscout Systems 2,669 2,600 27.7% 68.5% 2.0x 1.8x 7.1x 6.3x 12.2x 10.0x Software AG 2,170 2,172 28.8% 2.4% 2.3x 2.2x 7.8x 7.3x 12.3x 11.5x Pegasystems 1,903 1,679 17.3% 12.2% 2.2x 2.0x 12.9x 10.6x 28.2x 23.8x Progress Software 1,165 1,091 32.3% 3.6% 2.5x 2.4x 7.9x 7.5x 14.9x 13.8x Radware 601 509 18.1% 5.0% 2.2x 2.2x 12.3x 10.8x 18.2x 17.5x Mean 29.4% 11.2% 2.8x 2.6x 9.7x 8.9x 15.4x 14.8x Median 28.8% 5.0% 2.4x 2.2x 7.8x 7.3x 12.8x 11.9x Large Cap. SaaS Salesforce 48,625 49,331 20.4% 21.5% 6.1x 5.1x 29.9x 24.1x NM NM Workday 13,788 12,399 7.6% 33.6% 8.0x 6.1x NM NM NM NM NetSuite 6,226 6,136 7.9% 29.9% 6.4x 5.0x NM NM NM NM Athenahealth 6,210 6,392 20.7% 19.9% 5.8x 4.8x 27.8x 22.5x NM NM The Ultimate Software Group 5,102 4,982 25.0% 23.0% 6.6x 5.4x 26.3x 22.3x NM 44.4x Guidewire Software 4,002 3,466 19.0% 10.5% 8.0x 7.0x 42.4x 31.4x NM NM Veeva Systems 3,409 3,069 29.5% 25.4% 6.0x 5.0x 20.5x 16.1x NM 34.6x Medidata Solutions 2,518 2,480 24.6% 18.9% 5.2x 4.4x 21.3x 16.9x NM 33.0x Fleetmatics 1,892 1,730 33.3% 20.8% 5.0x 4.3x 15.1x 12.2x 27.9x 22.7x Paylocity 1,860 1,781 4.6% 33.4% 7.4x 5.8x NM NM NM NM Cornerstone OnDemand 1,640 1,656 8.5% 28.3% 3.8x 3.1x 44.3x 36.6x NM NM Xero 1,555 1,408 (17.0%) 57.4% 7.3x 5.0x NM NM NM NM LogMeIn 1,423 1,178 24.1% 19.4% 3.7x 3.2x 15.1x 12.0x 31.9x 27.0x Cvent 1,272 1,113 10.4% 23.6% 4.8x 3.9x 46.4x 36.5x NM NM

Mean 15.6% 26.1% 6.0x 4.7x 28.9x 23.1x 19.9x 32.3x Median 19.7% 23.3% 6.1x 5.0x 27.1x 22.4x 27.9x 33.0x

(1) EQT Partners entered into an agreement to acquire a 63% stake in IFS; share price as at 27 November 2015

PAGE | 5 EUROPEAN TECHNOLOGY INDUSTRY UPDATE │ JANUARY 2016

SOFTWARE

Market Enterprise CY2016E EV / Revenue EV / EBITDA P / E Cap ($m) Value ($m) EBITDA Margin Rev. Growth CY2016E CY2017E CY2016E CY2017E CY2016E CY2017E

Small Cap. SaaS SPS Commerce 1,024 901 13.7% 23.0% 4.6x 3.9x 33.8x 25.9x NM NM Callidus 954 858 12.4% 22.4% 4.1x 3.4x 32.8x 26.2x NM 46.2x Benefitfocus 911 876 (10.4%) 25.4% 3.8x 3.2x NM NM NM NM Textura 489 415 18.3% 31.3% 3.7x 2.8x 20.0x 12.1x 38.5x 21.2x SciQuest 348 212 19.9% 6.5% 1.9x 1.7x 9.5x 8.2x 37.7x 31.1x Channel Advisors 325 269 0.4% 15.6% 2.4x 2.1x NM 48.8x NM NM JIVE 275 168 4.7% 6.3% 0.8x 0.8x 17.1x 9.7x NM 35.1x Marin Software 115 85 0.1% 5.7% 0.8x 0.7x NM 12.1x NM NM

Mean 7.4% 17.0% 2.7x 2.3x 22.6x 20.4x 38.1x 33.4x Median 8.6% 19.0% 3.0x 2.5x 20.0x 12.1x 38.1x 33.1x

HCM/WFM Workday 13,788 12,240 7.6% 33.6% 7.9x 6.0x NM NM NM NM The Ultimate Software Group 5,102 4,937 24.9% 23.0% 6.5x 5.3x 26.1x 22.1x NM 44.0x Paylocity 1,860 1,759 5.0% 33.4% 7.3x 5.7x NM NM NM NM Cornerstone OnDemand 1,640 1,644 8.5% 28.2% 3.7x 3.1x 44.0x 36.4x NM NM Benefitfocus 911 866 (10.6%) 25.4% 3.8x 3.1x NM NM NM NM ATOSS Software 272 262 26.3% 9.7% 5.0x 4.5x 18.9x 17.3x 33.1x 28.1x Invision Software 115 117 37.2% 16.0% 7.6x 6.1x 20.5x 13.2x 24.4x 15.3x Halogen 107 70 (6.1%) 12.8% 0.9x 0.8x NM NM NM NM

Mean 11.6% 22.8% 5.3x 4.3x 27.4x 22.2x 28.7x 29.1x Median 8.1% 24.2% 5.7x 4.9x 23.3x 19.7x 28.7x 28.1x

Healthcare IT McKesson 41,970 47,494 2.7% 5.3% 0.2x 0.2x 8.6x 8.0x 13.2x 11.7x Cerner 20,095 20,261 33.6% 13.2% 4.0x 3.6x 12.1x 10.8x 25.0x 21.5x Sysmex 13,271 12,825 26.6% 14.1% 5.3x 4.6x 19.8x 17.2x 39.6x 33.5x Allscripts Healthcare Solutions 2,646 3,221 19.5% 5.5% 2.2x 2.1x 11.2x 9.9x 24.0x 20.3x CompuGroup 1,804 2,181 22.8% 7.7% 3.4x 3.1x 14.9x 12.9x 20.3x 17.2x EMIS 1,039 1,045 31.8% 7.1% 4.2x 3.9x 13.1x 12.4x 22.7x 21.0x Computer Programs & Systems 548 509 22.8% 11.2% 2.5x 2.4x 10.9x 10.3x 19.5x 18.0x Sectra Aktiebolag 499 488 20.3% 12.0% 3.6x 3.3x 17.7x 15.8x 30.1x 27.1x Cegedim 472 670 18.4% 2.9% 1.2x 1.1x 6.4x 6.0x 17.0x 10.5x Castlight Health 374 227 (46.4%) 34.5% 2.2x 1.7x NM NM NM NM Craneware 311 272 31.0% 10.9% 5.2x 4.6x 16.7x 15.0x 27.3x 24.6x

Mean 16.7% 11.3% 3.1x 2.8x 13.1x 11.8x 21.7x 20.5x Median 22.8% 10.9% 3.4x 3.1x 12.6x 11.6x 22.7x 20.6x

Security Software Palo Alto Networks 13,981 13,712 24.9% 35.3% 8.9x 7.0x 36.0x 25.0x NM NM Check Point 13,873 12,574 57.0% 7.9% 7.2x 6.7x 12.6x 11.5x 16.9x 15.2x Symantec 13,842 12,225 36.1% (33.3%) 3.4x 3.3x 9.3x 8.7x 18.8x 16.1x Verisign 8,714 8,685 68.6% 7.4% 7.7x 7.3x 11.2x 10.6x 22.6x 20.8x Trend Micro 5,624 4,564 32.5% 16.6% 3.7x 3.6x 11.4x 10.0x 28.8x 27.1x Fortinet 4,928 4,020 17.0% 23.6% 3.2x 2.7x 19.0x 14.5x NM 31.8x Gemalto 4,856 5,398 18.6% 7.4% 1.5x 1.4x 7.9x 7.0x 12.1x 10.4x FireEye 2,942 2,469 (18.1%) 31.1% 3.0x 2.4x NM NM NM NM Proofpoint 2,359 2,283 3.2% 29.9% 6.7x 5.2x NM NM NM NM Imperva 1,804 1,550 6.2% 26.3% 5.3x 4.3x NM 41.1x NM NM AVG Technologies 986 1,107 35.6% 4.4% 2.5x 2.3x 7.0x 6.5x 9.7x 8.6x Qualys 980 806 32.7% 22.8% 4.0x 3.3x 12.2x 9.6x 35.3x 28.1x Vasco Data Security 632 448 21.4% (3.6%) 1.9x 1.7x 9.0x 6.7x 14.9x 12.8x Barracuda Networks 573 423 18.2% 10.0% 1.2x 1.1x 6.9x 4.0x 26.3x 21.4x F-Secure 421 334 19.0% 5.8% 2.0x 1.9x 10.4x 8.4x 21.6x 18.8x Intercede 99 91 NA 31.1% 4.4x 4.3x NA NA NM 0.0x

Mean 24.9% 13.9% 4.2x 3.7x 12.7x 12.6x 20.7x 17.6x Median 21.4% 13.3% 3.5x 3.3x 10.8x 9.6x 20.2x 17.5x

PAGE | 6 EUROPEAN TECHNOLOGY INDUSTRY UPDATE │ JANUARY 2016

SOFTWARE

Market Enterprise CY2016E EV / Revenue EV / EBITDA P / E Cap ($m) Value ($m) EBITDA Margin Rev. Growth CY2016E CY2017E CY2016E CY2017E CY2016E CY2017E

Fintech Intuit 24,589 24,965 37.7% 5.3% 5.3x 4.8x 14.0x 12.0x 25.2x 20.9x Fiserv 20,004 23,930 34.4% 5.7% 4.3x 4.1x 12.5x 11.7x 20.2x 18.0x Fidelity Information Services 18,973 23,578 30.1% 42.7% 2.5x 2.4x 8.3x 7.7x 15.1x 13.2x Paychex 17,167 16,690 42.5% 7.8% 5.4x 5.1x 12.8x 11.6x 22.4x 20.8x MSCI 7,033 7,619 46.1% 8.1% 6.6x 6.1x 14.2x 12.8x 24.8x 20.6x SS&C Technologies 6,268 8,593 43.1% 43.5% 5.8x 5.3x 13.5x 11.9x 19.1x 15.9x Jack Henry 6,111 6,027 35.7% 6.7% 4.4x 4.1x 12.2x 11.4x 25.9x 23.2x Guidewire 4,002 3,466 19.0% 10.5% 8.0x 7.0x 42.4x 31.4x NM NM Temenos 3,125 3,535 37.9% 10.8% 5.9x 5.4x 15.6x 14.0x 23.8x 20.8x Fair Isaac 2,765 3,286 26.9% 4.0% 3.7x 3.5x 13.8x 13.0x 14.3x NA SimCorp 2,147 2,108 29.5% 8.5% 6.3x 5.8x 21.5x 19.1x 30.3x 26.4x Paycom 1,966 1,943 20.7% 31.5% 6.7x 5.1x 32.3x 22.7x NM 44.8x Ellie Mae 1,887 1,781 27.2% 22.2% 5.8x 4.6x 21.4x 14.9x 35.9x 26.1x Bottomline Technologies 1,072 1,106 22.0% 12.4% 2.9x 2.6x 13.2x 11.5x NM 15.0x Iress 1,038 1,126 30.9% 12.3% 4.1x 3.9x 13.2x 12.1x 19.4x 17.7x Fidessa 1,030 940 21.8% 3.2% 2.2x 2.1x 9.9x 9.3x 22.9x 21.7x Ebix 991 1,144 36.1% 9.6% 4.0x 3.3x 11.0x NA 12.9x 11.1x Q2 Holdings 929 810 (2.6%) 31.8% 5.7x 4.4x NM NM NM NM Envestnet 925 866 18.9% 39.6% 1.5x 1.2x 7.8x 5.6x 21.5x 15.2x Linedata 252 282 24.7% 1.9% 1.5x 1.5x 6.0x 5.8x 11.8x 10.8x StatPro 75 72 14.2% 3.7% 1.5x 1.5x 10.8x 9.1x 27.0x 20.3x

Mean 28.4% 15.3% 4.5x 4.0x 15.3x 13.0x 21.9x 20.1x Median 29.5% 9.6% 4.4x 4.1x 13.2x 11.9x 22.4x 20.5x Data and Data Analytics Nielsen 16,139 23,321 30.8% 3.5% 3.7x 3.5x 11.9x 11.1x 15.4x 13.9x Experian 15,521 18,745 34.1% 0.8% 4.0x 3.8x 11.7x 10.9x 17.3x 15.9x Verisk 12,431 15,457 47.3% 12.9% 6.6x 6.1x 14.0x 12.9x 22.8x 20.6x Equifax 12,113 13,377 35.6% 7.5% 4.7x 4.4x 13.1x 12.0x 20.7x 18.9x Splunk 6,746 5,797 6.7% 31.3% 6.8x 5.2x NM NM NM NM Tableau Software 6,260 5,510 13.0% 33.7% 6.3x 4.8x 48.6x 29.9x NM NM Convergys 2,285 2,429 13.3% 3.4% 0.8x 0.8x 6.0x 5.5x 12.5x 11.5x Microstrategy 1,684 1,227 30.7% 6.6% 2.2x 2.0x 7.1x 5.8x 15.0x 13.4x Neustar 1,166 1,592 45.5% 17.4% 1.3x 2.0x 2.8x 5.5x 4.2x 10.6x PROS 584 542 (17.9%) (4.0%) 3.3x 2.8x NM NM NM NM

Mean 23.9% 11.3% 4.0x 3.5x 14.4x 11.7x 13.5x 15.0x Median 30.8% 7.0% 3.8x 3.6x 11.8x 11.0x 15.2x 13.9x CAx/PLM Dassault Systems 19,178 17,859 34.7% 8.7% 5.3x 4.9x 15.3x 14.0x 28.0x 25.3x Autodesk 12,406 11,609 (10.2%) (15.0%) 5.5x 4.8x NM NM NM NM Ansys 7,600 6,823 52.0% 8.3% 6.6x 6.1x 12.7x 11.7x 23.2x 21.3x PTC 3,592 3,986 31.7% 15.9% 2.8x 3.4x 8.9x 12.6x 14.7x 18.8x Nemetschek 1,764 1,743 25.2% 12.3% 5.1x 4.5x 20.0x 17.7x 33.7x 29.3x Aveva 1,398 1,245 29.8% 3.3% 4.0x 3.9x 13.6x 12.8x 21.0x 19.7x Mensch und Maschine 162 191 9.1% 8.8% 1.0x 0.9x 11.2x 9.1x 19.5x 14.3x

Mean 24.6% 6.1% 4.3x 4.1x 13.6x 13.0x 23.3x 21.5x Median 29.8% 8.7% 5.1x 4.5x 13.2x 12.7x 22.1x 20.5x

PAGE | 7 EUROPEAN TECHNOLOGY INDUSTRY UPDATE │ JANUARY 2016

IT SERVICES

LAST 30 DAYS PERFORMANCE

(2%) Data Centres 6.6% IT Services 0.7% Offshore IT Services (3.2%) (4%) Managed Services, Colocation and Hosting (3.7%) PaaS/IaaS (6.8%)

(6%)

(8%) 11 Dec 18 Dec 25 Dec 01 Jan 08 Jan Data Centres IT Services Managed Services, Colocation and Hosting Offshore IT Services PaaS/IaaS

LAST TWELVE MONTHS PERFORMANCE

30%

20%

10%

(10%)

IT Services 20.9% Data Centres 16.6% (20%) Offshore IT Services (1.0%) Managed Services, Colocation and Hosting (15.0%) PaaS/IaaS (16.7%)

(30%) Jan 2015 Apr 2015 Jul 2015 Oct 2015 Data Centres IT Services Managed Services, Colocation and Hosting Offshore IT Services PaaS/IaaS

PAGE | 8 EUROPEAN TECHNOLOGY INDUSTRY UPDATE │ JANUARY 2016

IT SERVICES

Market Enterprise CY2016E EV / Revenue EV / EBITDA P / E Cap ($m) Value ($m) EBITDA Margin Rev. Growth CY2016E CY2017E CY2016E CY2017E CY2016E CY2017E

IT Services KDDI 64,084 71,383 30.8% 2.0% 1.8x 1.8x 5.9x 5.7x 13.9x 13.0x Accenture 61,661 59,118 16.6% 5.2% 1.8x 1.7x 10.9x 10.1x 18.2x 16.7x Capgemini 15,009 13,525 12.6% 9.5% 1.0x 0.9x 7.5x 6.8x 15.4x 13.7x NTT Group 13,620 15,841 16.6% 3.2% 1.1x 1.1x 6.9x 6.7x 25.2x 23.3x CGI 11,692 12,981 19.4% 2.9% 1.7x 1.7x 8.9x 8.8x 15.2x 14.1x Capita 11,226 14,067 15.2% 7.5% 1.9x 1.8x 12.2x 11.6x 15.3x 14.4x Fujitsu 10,283 16,932 7.4% 1.8% 0.4x 0.4x 5.5x 5.1x 9.9x 8.6x Atos Origin 8,145 7,998 11.4% 7.7% 0.6x 0.6x 5.6x 5.1x 11.3x 10.2x NEC 8,022 11,395 7.1% 5.9% 0.4x 0.4x 6.0x 5.8x 11.5x 10.4x Computer Sciences 4,094 4,915 18.9% (26.7%) 0.7x 0.7x 3.5x 3.6x 10.4x 8.6x Sopra 2,213 2,926 8.9% 4.9% 0.7x 0.7x 8.0x 7.0x 13.1x 10.9x Bechtle 1,915 1,861 5.4% 8.1% 0.6x 0.5x 10.2x 9.4x 17.5x 15.9x Tieto 1,902 1,975 14.4% 2.3% 1.2x 1.2x 8.4x 8.1x 16.0x 15.2x Indra Sistemas 1,461 2,388 8.7% 0.1% 0.7x 0.7x 8.6x 7.1x 13.6x 9.5x GFI Informatique 502 600 7.7% 3.4% 0.6x 0.6x 7.8x 7.2x 15.7x 15.3x

Mean 13.4% 2.5% 1.0x 1.0x 7.7x 7.2x 14.8x 13.3x Median 12.6% 3.4% 0.7x 0.7x 7.8x 7.0x 15.2x 13.7x Offshore IT Services Tata 70,877 68,021 28.4% 12.0% 3.9x 3.5x 13.6x 12.6x 17.4x 15.6x Infosys 36,461 32,955 27.6% 10.3% 3.4x 3.1x 12.3x 11.7x 19.4x 16.9x Cognizant 33,906 33,694 20.4% 14.1% 2.4x 2.1x 11.7x 10.1x 17.5x 15.2x Wipro 20,483 17,681 22.3% 10.4% 2.1x 1.9x 9.6x 9.7x 15.6x 13.9x HCL 17,514 16,400 22.3% 13.1% 2.4x 2.2x 10.9x 10.2x 17.2x 13.7x

Mean 24.2% 12.0% 2.8x 2.6x 11.6x 10.9x 17.4x 15.1x Median 22.3% 12.0% 2.4x 2.2x 11.7x 10.2x 17.4x 15.2x Managed Services, Colocation and Hosting Level 3 17,796 28,118 32.1% 7.5% 3.2x 3.2x 9.9x 9.3x 21.1x 18.4x United Internet 10,752 12,224 21.8% 7.5% 2.8x 2.6x 12.8x 11.8x 21.5x 19.0x Rackspace 3,075 3,195 33.8% 11.0% 1.4x 1.3x 4.3x 3.8x 23.5x 19.3x Interxion 2,049 2,598 45.6% 9.9% 5.6x 4.9x 12.3x 10.7x NM 32.9x GoDaddy 1,963 2,946 22.0% 14.3% 1.6x 1.4x 7.3x 6.1x 19.2x 15.7x Endurance (1) 1,351 2,421 35.8% 11.0% 2.9x 2.7x 8.2x 7.7x 7.4x 7.1x Windstream 595 11,411 26.8% (3.0%) 2.0x 2.1x 7.6x 7.5x NM NM iomart 401 435 43.0% 13.4% 3.6x 3.3x 8.3x 7.7x 15.4x 13.8x Redcentric 395 424 23.7% 14.5% 2.5x 2.3x 10.6x 9.8x 17.1x 15.3x Internap 298 657 27.3% 5.1% 1.9x 1.9x 7.1x 6.3x NM NM Melbourne IT 137 148 16.0% 16.2% 1.2x 1.1x 7.5x 6.3x 16.4x 11.3x Proact 137 148 5.8% 6.7% 0.4x 0.4x 7.1x 6.7x 12.2x 9.9x

Mean 27.8% 9.5% 2.4x 2.3x 8.6x 7.8x 17.1x 16.3x Median 27.0% 10.4% 2.3x 2.2x 7.9x 7.6x 17.1x 15.5x Data Centres Equinix (2) 19,197 23,498 47.1% 17.0% 7.4x 6.6x 15.7x 13.7x 28.3x 41.3x Digital Realty Trust 11,274 17,330 55.8% 19.6% 8.2x 7.9x 14.7x 13.7x NM 48.0x (2) Telecity 3,776 4,225 47.4% 9.4% 7.4x 6.8x 15.7x 14.2x 29.2x 24.7x DuPont Fabros 2,010 3,905 63.5% 8.0% 8.1x 7.5x 12.8x 11.9x 22.3x 19.4x Coresite 1,481 2,213 51.2% 16.9% 5.8x 5.2x 11.4x 9.8x NM 33.2x

Mean 53.0% 14.2% 7.4x 6.8x 14.1x 12.7x 26.6x 33.3x Median 51.2% 16.9% 7.4x 6.8x 14.7x 13.7x 28.3x 33.2x PaaS/IaaS EMC (3) 53,623 48,756 26.2% 3.5% 1.9x 1.8x 7.2x 7.1x 12.5x 11.7x ServiceNow 12,421 12,159 18.1% 36.9% 8.9x 6.7x 48.9x 31.5x NM NM Akamai 8,559 8,510 40.3% 10.5% 3.5x 3.1x 8.7x 7.6x 17.8x 15.3x Netapp 6,724 3,399 20.8% (0.6%) 0.6x 0.6x 2.8x 2.7x 8.9x 8.5x Commvault Systems 1,588 1,188 14.7% 6.3% 1.9x 1.8x 13.1x 9.4x 35.4x 26.3x Synchronoss 1,413 1,446 34.6% 17.6% 2.1x 1.8x 6.1x 5.0x 12.7x 10.5x Progress Software 1,165 1,091 32.3% 3.6% 2.5x 2.4x 7.9x 7.5x 14.9x 13.8x Carbonite 254 191 20.2% 8.2% 1.3x 1.2x 6.4x 8.5x NM 32.1x

Mean 25.9% 10.8% 2.8x 2.4x 12.7x 9.9x 17.0x 16.9x Median 23.5% 7.3% 2.0x 1.8x 7.6x 7.5x 13.8x 13.8x

(1) Endurance has entered into an agreement to acquire Constant Contact; share price as at 2 November 2015 (2) Equinix has entered into an agreement to acquire Telecity; share price as at 29 May 2015 (3) Dell has entered into an agreement to acquire EMC; share price as at 9 October 2015 PAGE | 9 EUROPEAN TECHNOLOGY INDUSTRY UPDATE │ JANUARY 2016

COMMUNICATIONS

LAST 30 DAYS PERFORMANCE

8% Diversified Communication Equipment 3.6% Mobile Infrastructure Software (3.3%) Digital Broadband (6.9%) Mobile Content / Solutions Providers (7.2%) 6%

(2%)

(4%)

(6%)

(8%) 11 Dec 18 Dec 25 Dec 01 Jan 08 Jan

Digital Broadband Diversified Communication Equipment Mobile Content / Solutions Providers Mobile Infrastructure Software

LAST TWELVE MONTHS PERFORMANCE

50%

40%

30%

20%

10%

(10%)

(20%)

Digital Broadband 26.7% (30%) Mobile Content / Solutions Providers (2.0%) Diversified Communication Equipment (11.0%) Mobile Infrastructure Software (31.3%) (40%) Jan 2015 Apr 2015 Jul 2015 Oct 2015

Digital Broadband Diversified Communication Equipment Mobile Content / Solutions Providers Mobile Infrastructure Software

PAGE | 10 EUROPEAN TECHNOLOGY INDUSTRY UPDATE │ JANUARY 2016

COMMUNICATIONS

Market Enterprise CY2016E EV / Revenue EV / EBITDA P / E Cap ($m) Value ($m) EBITDA Margin Rev. Growth CY2016E CY2017E CY2016E CY2017E CY2016E CY2017E

Digital Broadband Technicolor 3,057 3,834 13.0% 30.9% 0.8x 0.8x 5.9x 6.1x 12.4x 13.4x TomTom 2,692 2,706 15.4% 5.6% 2.3x 2.2x 15.1x 13.0x 32.6x 26.6x Logitech 2,278 2,052 10.1% (1.5%) 1.0x 0.9x 9.8x 9.0x 19.3x 15.5x Kudelski 712 998 13.0% 3.0% 1.0x 1.0x 7.9x 7.6x 13.7x 13.9x Extreme Networks 351 390 11.7% (1.1%) 0.7x NA 6.3x NA 16.9x NA Parrot 324 250 9.6% 3.9% 0.7x 0.6x 7.2x 5.0x 24.1x 12.5x Mean 12.1% 6.8% 1.1x 1.1x 8.7x 8.1x 19.9x 16.4x Median 12.4% 3.4% 0.9x 0.9x 7.6x 7.6x 18.1x 13.9x Diversified Communication Equipment LM Ericsson Telephone 29,800 26,878 14.6% 1.1% 0.9x 0.9x 6.3x 5.8x 12.1x 10.9x Alcatel-Lucent 11,336 12,323 11.9% 3.9% 0.8x 0.7x 6.5x 5.9x 14.5x 11.9x CIENA 2,467 2,840 14.8% 9.5% 1.0x 1.0x 7.0x 6.0x 11.4x 9.9x ADTRAN 851 754 8.5% 4.1% 1.2x 1.2x 14.2x 12.5x 21.9x 19.1x Mean 12.5% 4.7% 1.0x 0.9x 8.5x 7.5x 15.0x 12.9x Median 13.3% 4.0% 1.0x 0.9x 6.8x 5.9x 13.3x 11.4x Mobile Infrastructure Software QUALCOMM 68,954 62,595 39.4% (0.5%) 2.6x 2.5x 6.7x 6.0x 10.2x 9.4x VeriSign 8,714 8,685 68.6% 7.4% 7.7x 7.3x 11.2x 10.6x 22.6x 20.8x Amdocs 7,844 6,710 20.9% 4.0% 1.8x 1.7x 8.4x 8.0x 14.3x 13.1x Synchronoss Technologies 1,413 1,446 34.6% 17.6% 2.1x 1.8x 6.1x 5.0x 12.7x 10.5x TeleCommunication Systems 307 399 12.6% 4.9% 1.0x NA 7.9x NA 12.6x NA Sonus Networks 299 190 11.4% 5.3% 0.7x 0.7x 6.4x NA 24.4x 43.0x Redknee Solutions 220 223 18.0% 11.2% 0.9x 0.9x 5.1x 4.4x 11.4x 6.5x Smith Micro Software 33 21 5.7% 10.8% 0.5x NA 8.3x NA NM NA

Mean 26.4% 7.6% 2.2x 2.5x 7.5x 6.8x 15.5x 17.2x Median 19.5% 6.4% 1.4x 1.7x 7.3x 6.0x 12.7x 11.8x Mobile Content / Solutions Providers Opera Software 735 922 18.3% 20.4% 1.3x 1.1x 7.2x 5.9x 18.8x 13.0x GameLoft (1) 506 506 14.2% 8.8% 1.6x 1.5x 11.5x 10.2x 35.3x 28.9x Mean 16.2% 14.6% 1.5x 1.3x 9.3x 8.0x NM 20.9x Median 16.2% 14.6% 1.5x 1.3x 9.3x 8.0x NM 20.9x

(1) Vivendi has entered into discussions to merge with Gameloft

PAGE | 11 EUROPEAN TECHNOLOGY INDUSTRY UPDATE │ JANUARY 2016

INTERNET AND DIGITAL MEDIA

LAST 30 DAYS PERFORMANCE

15%

10%

(5%)

(10%) Online Gambling (3.0%) Educational Technology (3.9%) Intermediation and Comparison (4.0%) (15%) Online Classifieds (4.2%) Interactive Entertainment (6.3%) Digital Marketing (7.6%) (20%) Content Providers / Communities (7.6%) Ecommerce (7.8%) (25%) Global Internet Leaders (7.9%) Online Travel (8.3%) Chinese Internet Leaders (9.6%) (30%) Internet Services (18.7%) 11 Dec 18 Dec 25 Dec 01 Jan 08 Jan

Global Internet Leaders eCommerce Online Travel Digital Marketing Content Providers / Communities Intermediation and Comparison Online Classifieds Interactive Entertainment Online Gambling Chinese Internet Leaders Internet Services Educational Technology (1)

LAST TWELVE MONTHS PERFORMANCE

100% Online Gambling 77.5% Interactive Entertainment 27.9% Online Travel 15.1% Ecommerce 8.6% 80% Chinese Internet Leaders 5.0% Global Internet Leaders 3.0% Educational Technology (0.3%) Online Classifieds (1.6%) 60% Intermediation and Comparison (3.3%) Digital Marketing (12.5%) Content Providers / Communities (25.9%) Internet Services (26.1%) 40%

20%

(20%)

(40%) Jan 2015 Apr 2015 Jul 2015 Oct 2015

(1) Education Technology index has been normalised to reflect Graham Holdings’ spin-off of its cable segment

PAGE | 12 EUROPEAN TECHNOLOGY INDUSTRY UPDATE │ JANUARY 2016

INTERNET AND DIGITAL MEDIA

Market Enterprise CY2016E EV / Revenue EV / EBITDA P / E Cap ($m) Value ($m) EBITDA Margin Rev. Growth CY2016E CY2017E CY2016E CY2017E CY2016E CY2017E

Global Internet Leaders Apple 537,593 560,073 32.8% 3.8% 2.3x 2.2x 7.0x 6.5x 9.8x 9.0x Google 496,985 434,570 41.0% 15.1% 5.1x 4.4x 12.5x 10.8x 21.5x 18.5x Microsoft 418,007 357,502 35.5% 4.9% 3.8x 3.6x 10.6x 9.2x 18.0x 15.9x Amazon 284,562 288,721 11.3% 20.9% 2.2x 1.9x 19.6x 14.9x NM NM Facebook 275,249 259,541 61.3% 37.8% 10.8x 8.2x 17.6x 13.3x 34.2x 26.1x Alibaba 177,880 174,534 49.8% 28.9% 9.2x 7.3x 18.5x 14.7x 22.9x 17.7x Baidu 59,220 54,634 23.1% 26.4% 4.2x 3.4x 18.0x 13.0x 23.9x 18.2x eBay 30,917 33,055 41.2% 4.8% 3.7x 3.5x 8.9x 7.8x 13.0x 11.9x Yahoo! 28,926 24,294 22.6% (4.6%) 6.3x 6.1x 27.8x 24.8x NM 48.2x Yandex 4,280 4,098 36.3% 18.0% 4.4x 3.8x 12.2x 9.8x 19.6x 17.9x

Mean 35.5% 15.6% 5.2x 4.4x 15.3x 12.5x 20.4x 20.4x Median 35.9% 16.5% 4.3x 3.7x 15.0x 11.9x 20.5x 17.9x Ecommerce Amazon 284,562 288,721 11.3% 20.9% 2.2x 1.9x 19.6x 14.9x NM NM Alibaba 177,880 174,534 49.8% 28.9% 9.2x 7.3x 18.5x 14.7x 22.9x 17.7x Naspers 51,456 54,227 12.3% 18.0% 9.5x 8.3x NM NM 33.4x 23.9x Netflix 47,607 47,419 6.6% 28.2% 5.5x 4.4x NM 38.7x NM NM JD.com 37,785 34,939 1.2% 39.9% 0.9x 0.7x NM 28.3x NM 47.9x eBay 30,917 33,055 41.2% 4.8% 3.7x 3.5x 8.9x 7.8x 13.0x 11.9x IAC 4,955 5,159 17.6% 1.5% 1.6x 1.5x 8.9x 7.6x 16.6x 14.4x JUST EAT 4,634 4,404 27.8% 33.2% 9.3x 7.5x 33.5x 23.2x NM 34.3x Mercadolibre 4,464 4,420 28.9% 10.3% 6.2x 5.2x 21.6x 18.2x 33.2x 27.6x Mail.ru 3,965 4,215 48.7% 10.9% 7.2x 6.2x 14.8x 12.4x 22.3x 17.8x Asos 3,730 3,556 6.6% 20.5% 1.7x 1.4x 26.5x 20.5x NM 39.0x Ocado 2,531 2,683 7.7% 15.2% 1.4x 1.3x 18.8x 15.5x NM NM Cimpress 2,500 3,276 15.5% 10.3% 1.9x 1.7x 12.1x 10.4x 22.9x 17.1x GrubHub 1,868 1,572 27.8% 25.2% 3.5x 2.9x 12.5x 9.7x 30.4x 23.4x Groupon 1,708 1,001 3.6% (3.0%) 0.3x 0.3x 9.5x 5.0x NM NM Shutterfly 1,429 1,678 19.6% 12.6% 1.4x 1.3x 7.2x 6.3x NM 41.7x Shutterstock 1,170 888 19.5% 20.8% 1.7x 1.5x 8.8x 6.9x 22.8x 21.3x Coupons.com 494 304 9.5% 9.8% 1.2x 1.1x 12.8x 11.8x NM NM RetailMeNot 464 269 29.0% 2.4% 1.1x 1.0x 3.7x 3.2x 13.1x 11.0x Blue Nile 401 368 4.7% 5.7% 0.7x 0.7x 14.9x 13.8x 34.2x 31.4x Overstock 285 204 NA NA NA NA NA NA NA NA

Mean 19.4% 15.8% 3.5x 3.0x 14.9x 14.1x 22.1x 25.4x Median 16.5% 13.9% 1.8x 1.6x 12.8x 12.4x 22.8x 23.4x Online Travel The Priceline Group 56,602 58,993 40.8% 16.0% 5.5x 4.8x 13.5x 11.5x 16.5x 14.2x Ctrip 19,511 20,698 18.4% 43.1% 8.5x 6.2x 46.3x 24.3x NM 29.0x Amadeus 18,320 20,163 37.3% 8.2% 4.4x 4.1x 11.8x 11.0x 21.1x 19.3x Expedia(1) 16,741 18,359 19.0% 26.7% 2.2x 1.9x 11.4x 9.3x 18.5x 14.7x Tripadvisor 10,984 10,586 31.2% 15.3% 6.2x 5.3x 19.8x 16.0x 33.5x 26.9x Sabre Corporation 7,088 10,092 32.3% 13.9% 3.0x 2.8x 9.2x 8.2x 18.5x 15.5x Travelport 1,396 3,788 24.2% 6.8% 1.6x 1.5x 6.6x 6.2x 32.0x 21.0x MakeMyTrip 929 822 (10.5%) (10.4%) 5.3x 3.9x NM NM NM NM Hostelworld Group 313 635 27.2% 8.9% 6.1x 5.5x 22.5x 19.7x 24.4x 19.2x Travelzoo 114 84 7.2% 3.7% 0.6x 0.6x 8.1x 7.4x 26.0x 24.2x

Mean 22.7% 13.2% 4.3x 3.7x 16.6x 12.6x 23.8x 20.4x Median 25.7% 11.4% 4.8x 4.0x 11.8x 11.0x 22.8x 19.3x

PAGE | 13 EUROPEAN TECHNOLOGY INDUSTRY UPDATE │ JANUARY 2016

INTERNET AND DIGITAL MEDIA

Market Enterprise CY2016E EV / Revenue EV / EBITDA P / E Cap ($m) Value ($m) EBITDA Margin Rev. Growth CY2016E CY2017E CY2016E CY2017E CY2016E CY2017E

Digital Marketing(1) Criteo 2,125 1,827 27.4% 31.3% 2.7x 2.2x 9.8x 6.8x 21.5x 15.7x Cvent 1,272 1,113 10.4% 23.6% 4.8x 3.9x 46.4x 36.5x NM NM Marketo 1,076 970 (5.3%) 32.1% 3.5x 2.7x NM NM NM NM Callidus Software 954 858 12.4% 22.4% 4.1x 3.4x 32.8x 26.2x NM 46.2x (1) Constant Contact 923 742 1.8x NA 8.1x NA 16.9x NA (2) 21.9% 13.9% The Rubicon Project 672 592 16.4% 36.3% 1.8x 1.4x 10.7x 7.1x 21.4x 15.6x Bazaarvoice 308 255 3.2% 6.6% 1.2x 1.1x 37.5x 21.9x NM NM TechTarget 273 253 24.6% 11.5% 2.0x 1.8x 8.2x NA 18.1x NA Dotdigital 219 201 28.1% 28.4% 4.4x NA 15.7x NA 24.9x NA Harte-Hanks 167 218 10.9% (1.5%) 0.4x 0.4x 4.1x 3.8x 8.5x 7.7x Marchex 156 48 7.5% (0.5%) 0.3x 0.3x 4.3x 3.3x 38.2x 27.2x Matomy Media 132 146 10.0% 38.9% 0.4x 0.4x 3.8x 3.3x 5.6x 5.1x 1000mercis 126 112 21.4% 15.9% 1.7x 1.5x 7.9x 6.4x 17.0x 13.0x Marin Software 115 85 0.1% 5.7% 0.8x 0.7x NM 12.1x NM NM InternetQ 35 39 16.6% 15.3% 0.2x 0.2x 1.1x 0.9x 2.4x 1.8x Mean 13.7% 18.7% 2.0x 1.5x 14.6x 11.7x 17.4x 16.5x Median 12.4% 15.9% 1.8x 1.4x 8.2x 6.8x 17.5x 14.3x

Content Providers / Communities LinkedIn 28,302 28,101 26.6% 30.6% 7.2x 5.7x 27.1x 19.7x NM 42.6x Twitter 13,645 14,469 26.1% 40.8% 4.6x 3.5x 17.8x 13.0x NM 26.4x JustEat 4,634 4,463 27.9% 33.2% 9.1x 7.5x 32.7x 23.1x NM 36.1x Pandora Media 2,292 2,424 7.2% 21.2% 1.7x 1.4x 23.8x 13.8x NM 31.4x GoPro 2,227 1,950 14.1% 13.2% 1.0x 0.9x 7.2x 6.2x 14.1x 11.8x WebMD Health 1,900 1,924 31.3% 8.3% 2.8x 2.6x 9.0x 8.0x 27.1x 24.6x XING 979 966 33.3% 20.8% 6.1x 5.3x 18.3x 14.7x 37.4x 29.1x XO Group 392 339 21.5% 9.5% 2.2x 2.1x 10.3x 9.5x 31.8x 28.7x Brightcove 190 192 6.2% 8.0% 1.3x 1.2x 21.3x 16.4x NM 44.3x Demand Media 100 70 (8.1%) 10.4% 0.5x 0.4x NM NM NM NA

Mean 18.6% 19.6% 3.7x 3.1x 18.6x 13.8x 27.6x 30.6x Median 23.8% 17.0% 2.5x 2.4x 18.3x 13.8x 29.4x 29.1x

Intermediation and Comparison Zillow 4,229 3,922 18.0% 21.7% 4.9x 3.9x 27.4x 18.3x NM 42.1x Moneysupermarket 2,900 2,867 40.9% 7.5% 6.7x 6.2x 16.3x 15.1x 24.0x 22.1x Bankrate 1,192 1,345 33.6% (22.0%) 3.1x 2.9x 9.3x 8.6x 17.7x 15.8x Angie's List 531 532 10.8% 6.3% 1.4x 1.4x 13.4x 11.2x 29.4x 23.4x Gruppo MutuiOnline 313 336 19.7% 5.6% 2.6x 2.4x 13.0x 7.1x 15.1x 13.4x eHealth 183 121 7.7% 6.2% 0.6x 0.6x 8.2x 5.2x 20.4x 17.9x Liquidity Services 180 85 5.3% 36.4% 0.2x NA 3.4x NA 22.0x NA

Mean 19.4% 8.8% 2.8x 2.9x 13.0x 10.9x 21.4x 22.5x Median 18.0% 6.3% 2.6x 2.6x 13.0x 9.9x 21.2x 20.0x Online Classifieds Rightmove 5,647 5,630 74.7% 11.4% 18.4x 16.6x 24.7x 22.2x 31.4x 27.8x SEEK 3,338 4,177 37.8% 10.5% 5.8x 5.2x 15.3x 13.2x 22.9x 19.9x SouFun 3,005 3,057 2.8% 39.1% 2.5x 1.9x NM 16.7x NM 24.1x Yelp 1,885 1,516 15.6% 25.4% 2.2x 1.8x 14.1x 9.8x 39.9x 27.9x 51job 1,610 1,038 33.2% 12.2% 2.9x 2.5x 8.8x 7.0x 15.7x 13.2x Zoopla 1,383 1,518 39.0% 63.5% 6.0x 5.3x 15.3x 12.9x 20.1x 16.9x Dice 462 530 29.9% 1.5% 2.0x 2.0x 6.8x 6.5x 17.2x 14.5x Monster 460 617 19.3% 1.7% 0.9x 0.9x 4.6x 4.2x 8.7x 7.3x Mean 31.5% 20.7% 5.1x 4.5x 12.8x 11.6x 22.3x 18.9x Median 31.5% 11.8% 2.7x 2.2x 14.1x 11.3x 20.1x 18.4x

(1) Endurance has agreed to acquire Constant Contact

PAGE | 14 EUROPEAN TECHNOLOGY INDUSTRY UPDATE │ JANUARY 2016

INTERNET AND DIGITAL MEDIA

Market Enterprise CY2016E EV / Revenue EV / EBITDA P / E Cap ($m) Value ($m) EBITDA Margin Rev. Growth CY2016E CY2017E CY2016E CY2017E CY2016E CY2017E

Internet Services LendingClub 3,586 3,661 18.0% 69.2% 5.1x 3.5x 28.4x 15.4x NM 25.3x LifeLock 1,258 1,033 13.9% 15.3% 1.5x 1.3x 11.0x 8.9x 19.0x 16.2x Web.com 943 1,589 28.9% 3.6% 2.8x 2.6x 9.5x 8.7x 8.5x 6.6x Wix.com 868 826 12.9% 33.0% 3.1x 2.4x 23.9x 12.0x NM NM

Mean 18.4% 30.3% 3.1x 2.5x 18.2x 11.2x 9.1x 16.0x Median 15.9% 24.2% 2.9x 2.5x 17.4x 10.4x 8.5x 16.2x Educational Technology Graham 2,652 2,039 11.9% 5.2% 0.8x NA 6.5x NA 20.5x NA 2U 1,108 1,104 (1.3%) 31.5% 5.6x 4.3x NM NM NM NM Chegg 550 545 7.9% (7.0%) 1.9x 1.9x 24.2x 10.6x NM 13.8x K12 316 252 10.9% (4.9%) 0.3x NA 2.7x NA 25.7x NA Cambium Learning Group 214 338 NA NA NA NA NA NA NA NA Rosetta Stone 148 120 (1.8%) (2.3%) 0.6x NA NM NA NM NA

Mean 5.5% 4.5% 1.8x 3.1x 11.1x 10.6x 23.1x 13.8x Median 7.9% (2.3%) 0.8x 3.1x 6.5x 10.6x 23.1x 13.8x Chinese Internet Leaders Tencent 170,989 179,733 43.1% 27.1% 9.1x 7.3x 21.2x 17.0x 29.2x 23.1x Baidu 59,220 64,239 23.5% 26.3% 4.9x 4.0x 20.8x 15.4x 27.5x 20.0x Netease 21,368 20,656 29.4% 41.4% 4.2x 3.5x 14.4x 12.3x 18.1x 15.5x 58.com 8,703 9,447 (10.6%) 69.4% 7.9x 5.4x NM NM NM 42.9x Youku Tudou 5,291 4,376 (10.3%) 41.2% 3.1x 2.4x NM NM NM NM Weibo Corporation 3,600 3,560 20.2% 33.2% 5.6x 4.2x 27.8x 15.7x 35.0x 21.4x Autohome 3,420 3,333 34.1% 30.1% 4.8x 4.0x 14.2x 10.8x 21.1x 16.6x Sina 3,285 2,616 15.6% 18.9% 2.5x 2.2x 16.3x 10.0x 33.7x 25.3x SouFun 3,005 3,266 4.4% 38.4% 2.7x 2.1x NM 16.7x NM 27.6x Sohu 2,077 1,450 13.9% 11.5% 0.7x 0.6x 4.9x 4.6x NM 38.8x Renren 1,169 1,055 (11.0%) 107.0% 7.2x NA NM NA NM NA Dangdang 540 315 2.2% 25.1% 0.2x 0.1x 7.1x NA NM 21.5x

Mean 12.9% 39.1% 4.4x 3.2x 15.8x 12.8x 27.4x 25.3x Median 14.7% 31.6% 4.5x 3.5x 15.3x 13.8x 28.4x 22.3x Online Gambling Betfair 5,243 5,034 24.6% 15.6% 5.7x 5.4x 23.4x 21.2x 36.5x 32.8x Playtech 3,691 3,301 40.3% 17.5% 4.1x 3.8x 10.2x 9.3x 15.3x 14.4x (1) bwin.party digital entertainment(1) 1,552 1,384 16.8% (0.6%) 2.1x 2.1x 12.8x 12.3x 27.8x 26.8x 888 949 829 17.3% 6.7% 1.7x 1.6x 9.9x 8.9x 18.1x 15.9x Mean 24.7% 9.8% 3.4x 3.2x 14.1x 13.0x 24.4x 22.5x Median 21.0% 11.2% 3.1x 3.0x 11.5x 10.8x 23.0x 21.3x Interactive Entertainment (2) Activision 23,348 28,229 37.1% 10.6% 5.4x 5.1x 14.6x 13.4x 23.7x 20.7x (2) Electronic Arts 19,621 20,238 34.4% 4.9% 4.2x 3.9x 12.3x 10.8x 21.5x 17.4x Ubisoft Entertainment 2,940 3,372 52.7% 15.1% 2.6x 1.9x 5.0x 4.5x 11.4x 18.0x Take-Two Interactive Software 2,737 2,489 18.0% 3.9% 1.5x 1.5x 8.4x 8.8x 25.1x 21.9x Zynga 2,248 1,347 12.5% 3.6% 1.7x 1.6x 13.9x 9.9x NM 27.0x Mean 30.9% 7.6% 3.1x 2.8x 10.9x 9.5x 20.4x 21.0x Median 34.4% 4.9% 2.6x 1.9x 12.3x 9.9x 22.6x 20.7x

(1) bwin.party digital entertainment is in takeover talks to be acquired by GVC Holdings (2) Activision has entered into an agreement to acquire King Digital Media; share price as at 30 October 2015 PAGE | 15 EUROPEAN TECHNOLOGY INDUSTRY UPDATE │ JANUARY 2016

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