EUROPEAN TECHNOLOGY

INDUSTRY UPDATE │ JULY 2015

www.harriswilliams.com

Harris Williams & Co. Ltd is a private limited company incorporated under English law having its registered office at 5th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered with the Registrar of Companies for England and Wales under company number 7078852. Directors: Mr. Christopher Williams, Mr. Ned Valentine, Mr. Paul Poggi and Mr. Thierry Monjauze, authorised and regulated by the Financial Conduct Authority.

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 │ JULY 2015

RECENT DEVELOPMENTS CONTENTS COMPANY SPECIFIC NEWS . RECENT DEVELOPMENTS . 888 has agreed to acquire bwin.party digital entertainment, the UK-based provider of . PUBLIC MARKET TRADING gaming entertainment services, valuing the business at £787m . SOFTWARE . PayPal has agreed to acquire Xoom, the US-based provider of online money transfer . IT SERVICES services, valuing the business at $890m . COMMUNICATIONS . Amadeus IT Group has agreed to acquire Navitaire, the US-based provider of . INTERNET AND DIGITAL MEDIA technology solutions to the airline industry, from Accenture, valuing the business at $830m . Deutsche Boerse has agreed to acquire 360 Treasury Systems, the Germany-based TMT GROUP OVERVIEW provider of multi-bank and multi-product trading platforms for foreign exchange, Our Technology, Media & money market and interest rate derivative instruments, from Summit Partners, valuing Telecom (TMT) Group is the business at €725m dedicated to providing . Schneider Electric has agreed to acquire a 51% stake in Aveva, the UK-based provider superior merger & acquisition of engineering IT solutions and services to the process and power industries, for and capital markets advisory c.£550m services to market leading companies. Our extensive . Cisco Systems has agreed to acquire OpenDNS, the US-based provider of advanced industry knowledge and online threat protection solutions, valuing the business at $635m transaction leadership experience spans the software, . Tele Columbus has agreed to acquire PrimaCom, the Germany-based cable operator digital media, IT services and and provider of broadband services, from Avenue Capital Group, valuing the business communications sectors. Our at €711m professionals in London, Boston . Technicolor has agreed to acquire Customer Premises Equipment business of Cisco and San Francisco have global Systems, valuing the business at €550m relationships with leading technology companies and . The Match Group has agreed to acquire PlentyOfFish Media, the Canada-based financial investors. Thoughtful online dating website, from Markus Frind, valuing the business at $575m advice, deep experience and . Vivendi has acquired an 80% stake in Dailymotion, the France-based provider of web technology expertise, creativity video portal services, from Orange, valuing the business at €265m and attention to detail from our senior technology bankers . Allegion has agreed to acquire SimonsVoss Technologies, the Germany-based have resulted in a track record provider of wireless digital locking and access control systems, from HgCapital, valuing of consistently exceeding our the business at €210m clients' expectations. . Carlyle Europe Technology Partners along with the management team have agreed to acquire Cap Vert Finance, the provider of maintenance and repair services for CONTACTS networking equipment, IT storage and servers, from Eurazeo, valuing the business at €137m EUROPE . 1&1 Internet has agreed to acquire home.pl, the Poland-based provider of hosting and Thierry Monjauze internet services, from Value4Capital, valuing the business at €155m Managing Director [email protected] . Modern Times Group has agreed to acquire a 74% stake in Turtle Entertainment, the +44 (0) 20 7518 8901 Germany-based esports company operating under the ESL brand, from Omnes Capital, valuing the business at €105m Jonathan Organ . ITV has acquired a 75% stake in Twofour Group, the UK-based provider of broadcast Vice President programming and communications content for distribution on multimedia platforms, [email protected] from LDC, valuing the business at £73m +44 (0) 20 7518 8900 . TradeFX has agreed to acquire Ava Trade, the Ireland-based provider of an online UNITED STATES forex trading platform, valuing the business at $105m . UPC Communications has agreed to acquire Tv3 Television Network, an Ireland-based Jeff Bistrong provider of television broadcasting services, from Doughty Hanson, valuing the Managing Director business at €80m with an additional €7m contingent payment [email protected] +1 (617) 482-7501 . Tieto has acquired Software Innovation, the Norway-based provider of enterprise content management and information management software, from Atlantis Vest, valuing the business at NOK 623m Michael Wilkins Managing Director . Travelport Worldwide has acquired Mobile Travel Technologies, the Ireland-based [email protected] provider of mobile applications for the travel industry, from DFJ Esprit LLP, valuing the +1 (415) 288-4260 business at €55m Sam Hendler . Capita has agreed to acquire Vertex Mortgage Services, the UK-based provider of Managing Director mortgage software and servicing solutions, from Vertex Group, valuing the business at [email protected] £35m +1 (617) 654-2117 . MindTree has agreed to acquire Bluefin Solutions, the UK-based provider of SAP HANA consulting services and digital and real-time-analytics, valuing the business at c.£34m www.harriswilliams.com www.harriswilliams.de PAGE | 1 EUROPEAN TECHNOLOGY INDUSTRY UPDATE │ JULY 2015

RECENT DEVELOPMENTS

INDUSTRY TRENDS . New data from Juniper Research has shown that mobile and online messaging traffic will reach 160tr per annum by 2019, up from 94tr this year – equating to c.438bn messages sent and received by users on a daily basis by 2019

. Smartphone penetration is rising in Western Europe, with eMarketer estimating that 218m people in the region will have a smartphone this year, representing more than 65% of all mobile phone users. By 2019 this figure is expected to reach over 280m

. According to IDC, public cloud computing spend will reach almost $70 billion in 2015 worldwide, with the top 5 verticals (discrete manufacturing, banking, professional services, process manufacturing and retail) accounting for c.45% of the total market spend

. Global enterprise IT spending across all industry markets is forecast to decline 3.5% in 2015 to $2.7bn, but is forecast to reach $2.9bn in 2019, representing a CAGR of 1.7%, according to Gartner. Retail, banking and healthcare will be the fastest-growing industries for both the short-term and long-term

. According to IDC, vendors shipped 337.2m smartphones worldwide in Q2 2015, up 11.6% from the 302.1 million units in Q2 14. The Q2 15 shipment volume represents the second highest quarterly total on record

Source: Various industry news outlets PUBLIC MARKET TRADING STATISTICS Stock Performance

LAST 30 DAYS LAST TWELVE MONTHS

10% 25%

8% 20% 6%

15% 15.1% 4% 14.0% 9.2% 10% 9.1% 2% 1.8% 6.2% 1.3% (13.9%) 0.8% 0% (0.4%) 5% (2.4%) (3.3%) (2%) 0% (4%)

(5%) (6%)

(8%) (10%)

(10%) (15%) 25 Jun 02 Jul 09 Jul 16 Jul 23 Jul Jul 2014 Oct 2014 Jan 2015 Apr 2015 Jul 2015

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

PAGE | 2 EUROPEAN TECHNOLOGY INDUSTRY UPDATE │ JULY 2015

PUBLIC MARKET TRADING STATISTICS

COMPARABLE TRADING SUMMARY

CY2015E EV / Revenue EV / EBITDA P / E Rev. Growth EBITDA Margin CY2015E CY2016E CY2015E CY2016E CY2015E CY2016E

Software European Large Cap. Software 18.2% 34.2% 5.3x 4.9x 15.6x 14.1x 23.6x 21.3x Application Software 7.1% 25.7% 4.3x 3.9x 14.2x 14.8x 20.7x 21.7x Infrastructure Software 7.9% 29.7% 3.8x 3.4x 12.9x 11.7x 17.8x 17.6x Large Cap. SaaS 28.8% 13.9% 7.9x 6.3x 27.5x 24.9x 38.8x 38.0x Small Cap. SaaS 22.7% 4.6% 4.9x 4.0x 30.1x 28.3x NM 37.4x HCM/WFM 23.2% 7.6% 7.2x 5.7x 24.7x 18.4x 28.1x 20.7x FinTech 12.6% 26.7% 5.5x 4.8x 16.3x 16.8x 23.9x 21.7x Healthcare IT 12.0% 12.7% 3.8x 3.3x 15.6x 13.6x 24.4x 23.6x Data and Data Analytics 12.1% 24.4% 5.5x 4.7x 11.8x 10.8x 20.1x 18.4x Security Software 18.6% 21.1% 6.4x 5.4x 16.4x 16.6x 20.7x 18.4x CAx/PLM 7.8% 27.4% 4.8x 4.5x 18.0x 16.4x 27.9x 23.5x

IT Services IT Services 7.1% 13.6% 1.1x 1.0x 8.3x 7.6x 16.3x 14.6x Offshore IT Services 15.8% 24.0% 3.4x 3.0x 13.9x 12.4x 18.3x 18.2x Managed Services, Colocation and Hosting 14.6% 29.5% 2.8x 2.5x 10.1x 8.9x 22.0x 19.7x Data Centres 8.5% 53.0% 7.6x 7.0x 14.4x 13.1x 30.4x 32.9x PaaS/IaaS 15.2% 24.5% 4.0x 3.3x 10.5x 8.9x 22.5x 18.5x

Communications Digital Broadband 1.8% 10.3% 1.2x 1.1x 13.0x 9.1x 18.6x 17.6x Diversified Communication Equipment 6.2% 11.2% 1.2x 1.1x 11.4x 8.7x 21.7x 16.3x Mobile Content/Solutions Providers 27.2% 15.8% 1.6x 1.4x 10.4x 7.8x 25.0x 20.6x Mobile Infrastructure Software 2.3% 23.7% 2.5x 2.3x 13.6x 8.4x 19.1x 16.6x

Internet and Digital Media Global Internet Leaders 11.1% 35.1% 6.5x 5.4x 18.4x 15.1x 22.4x 20.7x Chinese Internet Leaders 36.6% 0.7% 6.0x 4.3x 26.6x 13.1x 29.6x 24.3x Online Classifieds 17.6% 33.4% 6.0x 5.0x 18.4x 12.2x 24.4x 20.1x Content Providers/Communities 23.6% 17.8% 5.1x 4.1x 26.7x 18.2x 31.0x 33.7x Ecommerce 17.5% 17.9% 4.2x 3.6x 19.0x 16.1x 25.7x 27.6x Interactive Entertainment 0.6% 28.3% 2.7x 2.4x 9.6x 9.8x 21.3x 18.5x Intermediation and Comparison 24.2% 17.5% 2.8x 2.5x 12.2x 11.9x 20.6x 20.4x Online Gambling 10.5% 23.9% 3.6x 3.1x 14.7x 13.0x 24.9x 22.6x Digital Marketing 21.1% 12.8% 2.8x 2.3x 14.3x 14.8x 18.2x 21.7x Online Travel 9.9% 21.7% 4.1x 3.4x 13.6x 15.4x 24.7x 26.9x Educational Technology (2.5%) 4.3% 2.6x 2.3x 9.9x 11.3x 26.2x 28.0x Internet Services 30.8% 15.5% 3.5x 3.0x 17.6x 17.2x 11.4x 20.1x

PAGE | 3 EUROPEAN TECHNOLOGY INDUSTRY UPDATE │ JULY 2015

SOFTWARE

LAST 30 DAYS PERFORMANCE

15% HCM/WFM 5.3% Healthcare IT 2.4% Fintech 1.3% Large Cap. SaaS 1.1% European Large Cap. Software 1.0% 10% Infrastructure Software 0.8% CAx/PLM 0.4% Security Software 0.4% Application Software (0.4%) 5% Small Cap. SaaS (1.1%) Data and Data Analytics (1.9%)

0%

(5%)

(10%)

(15%) 25 Jun 02 Jul 09 Jul 16 Jul 23 Jul

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

Fintech HCM/WFM Healthcare IT Infrastructure Software

Large Cap. SaaS Security Software Small Cap. SaaS

LAST TWELVE MONTHS PERFORMANCE

Fintech 29.9% Healthcare IT 26.9% Large Cap. SaaS 26.4% 40% HCM/WFM 23.2% Infrastructure Software 21.5% Security Software 18.6% 30% Small Cap. SaaS 9.6% Application Software 2.0% European Large Cap. Software (3.3%) Data and Data Analytics (10.6%) 20% CAx/PLM (11.0%)

10%

0%

(10%)

(20%)

(30%)

(40%) Jul 2014 Oct 2014 Jan 2015 Apr 2015 Jul 2015

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

PAGE | 4 EUROPEAN TECHNOLOGY INDUSTRY UPDATE │ JULY 2015

SOFTWARE

Market Enterprise CY2015E EV / Revenue EV / EBITDA P / E Cap ($m) Value ($m) EBITDA Margin Rev. Growth CY2015E CY2016E CY2015E CY2016E CY2015E CY2016E

European Large Cap. Software SAP 80,195 85,019 34.2% 16.4% 4.2x 4.0x 12.2x 11.5x 18.4x 16.7x Dassault Systemes 17,665 16,532 34.0% 21.1% 5.9x 5.4x 17.2x 15.6x 32.3x 28.6x Sage 8,246 8,967 29.8% 6.8% 4.5x 4.2x 14.9x 14.1x 21.4x 20.0x Micro Focus 4,315 5,608 41.1% 57.5% 5.4x 5.0x 13.1x 11.7x 17.3x 14.9x Temenos 2,211 2,586 35.3% 8.6% 5.4x 4.9x 15.3x 13.0x 22.4x 19.7x Aveva 2,038 1,891 30.6% (1.4%) 6.3x 6.0x 20.5x 18.9x 30.0x 28.0x

Mean 34.2% 18.2% 5.3x 4.9x 15.6x 14.1x 23.6x 21.3x Median 34.1% 12.5% 5.4x 4.9x 15.1x 13.5x 21.9x 19.8x Application Software Microsoft 337,202 281,567 27.2% (4.9%) 3.5x 3.3x 12.8x 8.7x 18.6x 16.8x Oracle 154,065 143,155 46.0% (1.6%) 4.1x 4.0x 9.0x 8.7x 14.8x 13.8x SAP 80,195 85,019 34.2% 16.4% 4.2x 4.0x 12.2x 11.5x 18.4x 16.7x Intuit 26,936 25,492 31.1% 1.7% 6.0x 5.3x 19.4x 13.7x 37.4x 25.3x Constellation Software 8,449 8,577 24.1% 10.3% 5.1x 4.3x 21.2x 18.1x 27.1x 22.7x Sage 8,246 8,967 29.8% 6.8% 4.5x 4.2x 14.9x 14.1x 21.4x 20.0x Tyler Technologies 4,289 4,103 27.0% 17.4% 7.8x 6.8x 28.8x 24.2x NM 46.0x Guidewire Software 3,862 3,360 16.4% 6.5% 9.5x 8.5x NM 44.6x NM NM IFS 714 681 17.0% 15.9% 1.9x 1.7x 11.0x 10.0x 27.3x 21.6x SDL 461 443 9.9% 5.7% 1.1x 1.1x 11.5x 9.6x 19.7x 16.3x Cegid 373 415 27.0% 3.6% 1.5x 1.4x 5.6x 5.3x 16.1x 14.7x American Software 245 188 18.3% 7.7% 1.9x 1.8x 10.3x 9.4x 27.2x 24.4x

Mean 25.7% 7.1% 4.3x 3.9x 14.2x 14.8x 20.7x 21.7x Median 27.0% 6.6% 4.1x 4.0x 12.2x 10.7x 19.7x 20.0x

Infrastructure Software Hewlett-Packard 51,396 57,490 12.3% (5.7%) 0.6x 0.6x 4.9x 4.9x 8.6x 8.2x VMware 33,637 28,636 35.9% 10.2% 4.7x 4.3x 13.2x 12.0x 21.8x 19.2x Red Hat 13,263 12,840 26.6% 13.5% 7.2x 6.3x 27.1x 23.8x NM 38.4x CA Technologies 12,065 10,646 38.2% (6.7%) 2.9x 2.9x 7.5x 7.3x 12.2x 12.1x Citrix Systems 10,172 10,548 30.4% 3.0% 3.6x 3.4x 11.8x 12.4x 19.6x 17.6x F5 Networks 8,259 7,533 39.7% 9.9% 4.2x 3.8x 10.6x 9.5x 19.0x 16.9x Brocade 3,856 3,328 28.7% 1.7% 1.6x 1.6x 5.6x 6.1x 10.7x 10.2x Netscout Systems 3,532 3,344 31.2% 7.5% 7.7x 6.6x 24.6x 20.0x 18.6x 15.6x Solarwinds 2,535 2,311 46.4% 18.5% 5.0x 4.2x 10.8x 9.9x 17.8x 15.6x Software AG 2,173 2,168 27.5% 1.2% 2.5x 2.4x 9.0x 8.5x 13.5x 12.9x Pegasystems 1,664 1,459 16.1% 10.0% 2.4x 2.2x 15.1x 12.9x 31.1x 25.4x Progress Software 1,352 1,303 31.1% 27.1% 3.4x 3.2x 10.9x 10.5x 20.3x 18.8x Radware 886 816 21.7% 12.0% 3.6x 3.2x 16.6x 14.5x 20.6x 17.7x

Mean 29.7% 7.9% 3.8x 3.4x 12.9x 11.7x 17.8x 17.6x Median 30.4% 9.9% 3.6x 3.2x 10.9x 10.5x 18.8x 16.9x Large Cap. SaaS Salesforce 43,127 44,056 19.6% 22.0% 7.4x 6.1x 37.8x 31.6x NM NM Workday 14,446 13,149 5.2% 45.9% 12.6x 9.1x NM NM NM NM NetSuite 6,597 6,493 7.1% 34.1% 9.6x 7.4x NM NM NM NM The Ultimate Software Group 4,527 4,424 24.2% 21.8% 7.9x 6.5x 32.6x 26.1x NM NM Athenahealth 4,314 4,483 18.2% 22.9% 5.4x 4.4x 29.4x 24.3x NM NM Guidewire Software 3,862 3,360 16.4% 6.5% 9.5x 8.5x NM 44.6x NM NM Veeva Systems 3,326 2,935 29.3% 27.4% 8.1x 6.6x 27.7x 22.2x NM NM (1) Dealertrack Technologies 3,121 3,852 20.5% 29.7% 3.9x 3.3x 18.8x 15.6x NM 33.8x Medidata Solutions 2,751 2,733 23.3% 19.8% 7.4x 6.2x 31.9x 24.9x NM 49.0x Cornerstone OnDemand 1,780 1,786 1.2% 30.6% 5.8x 4.5x NM NM NM NM Fleetmatics 1,736 1,601 30.4% 22.0% 6.2x 5.2x 20.5x 16.2x 38.8x 30.0x Paylocity 1,695 1,610 4.8% 35.3% 10.4x 8.3x NM NM NM NM LogMeIn 1,470 1,254 24.5% 20.4% 5.2x 4.4x 21.2x 18.7x NM 39.2x Benefitfocus 1,191 1,134 (22.2%) 28.7% 7.1x 5.7x NM NM NM NM

Mean 13.9% 28.8% 7.9x 6.3x 27.5x 24.9x 38.8x 38.0x Median 18.2% 27.4% 7.4x 6.2x 28.5x 24.3x 38.8x 36.5x

(1) COX Automotive has entered into an agreement to acquire Dealertrack Technologies

PAGE | 5 EUROPEAN TECHNOLOGY INDUSTRY UPDATE │ JULY 2015

SOFTWARE

Market Enterprise CY2015E EV / Revenue EV / EBITDA P / E Cap ($m) Value ($m) EBITDA Margin Rev. Growth CY2015E CY2016E CY2015E CY2016E CY2015E CY2016E

Small Cap. SaaS SPS Commerce 1,089 978 13.8% 24.3% 6.8x 5.7x 49.4x 38.5x NM NM Cvent 1,032 871 9.3% 28.7% 5.2x 4.3x NM 36.2x NM NM Callidus 757 675 13.0% 23.7% 4.5x 3.7x 34.3x 22.7x NM 40.5x Textura 690 629 9.3% 43.6% 7.7x 5.5x NM 32.7x NM NM SciQuest 340 224 20.5% 5.2% 2.3x 2.0x 11.0x 9.5x NM 34.5x JIVE 331 227 0.3% 10.8% 1.3x 1.1x NM 37.6x NM NM Channel Advisors 258 202 (15.0%) 12.5% 2.3x 2.0x NM NM NM NM Marin Software 195 150 (10.7%) 16.6% 1.4x 1.2x NM NM NM NM

Mean 4.6% 22.7% 4.9x 4.0x 30.1x 28.3x NM 37.4x Median 9.3% 24.3% 5.2x 4.3x 28.5x 28.8x NM 37.2x

HCM/WFM Workday 14,446 13,149 5.2% 45.9% 12.6x 9.1x NM NM NM NM The Ultimate Software Group 4,527 4,424 24.2% 21.8% 7.9x 6.5x 32.6x 26.1x NM NM Cornerstone OnDemand 1,780 1,786 1.2% 30.6% 5.8x 4.5x NM NM NM NM Paylocity 1,695 1,610 4.8% 35.3% 10.4x 8.3x NM NM NM NM Benefitfocus 1,191 1,134 (22.2%) 28.7% 7.1x 5.7x NM NM NM NM ATOSS Software 182 156 26.1% 15.9% 3.5x 3.2x 13.4x 11.9x 23.5x 20.9x Halogen 153 115 (8.2%) 16.8% 1.9x 1.6x NM NM NM NM Invision Software 103 100 29.3% (9.2%) 8.3x 6.7x 28.2x 17.1x 32.7x 20.4x

Mean 7.6% 23.2% 7.2x 5.7x 24.7x 18.4x 28.1x 20.7x Median 5.0% 25.2% 7.5x 6.1x 28.2x 17.1x 28.1x 20.7x Healthcare IT McKesson 48,571 54,013 2.7% 8.6% 0.3x 0.3x 11.6x 10.6x 18.7x 16.4x Cerner 21,943 21,890 31.9% 39.7% 5.1x 4.5x 16.0x 13.5x 33.0x 27.6x Sysmex 11,926 11,557 26.5% 16.8% 6.5x 5.7x 24.4x 21.5x NM 43.2x Allscripts Healthcare Solutions 2,535 2,977 16.9% 0.2% 2.3x 2.2x 13.8x 11.8x 33.5x 26.3x CompuGroup 1,731 2,055 22.0% 5.6% 3.7x 3.4x 17.0x 14.5x 22.2x 19.5x Emis 835 859 29.7% 16.5% 3.8x 3.6x 12.8x 11.8x 21.0x 19.4x Castlight Health 666 497 (90.8%) 71.9% 7.2x 4.6x NM NM NM NM Cegedim 592 1,119 18.8% (42.8%) 2.2x 2.1x 11.5x 10.7x 17.7x 14.6x Computer Programs & Systems 563 526 24.5% (6.1%) 2.9x 2.7x 11.9x 10.4x 20.9x 18.3x Merge Healthcare 485 712 20.4% 16.9% 3.1x 2.9x 15.2x 13.0x 24.4x 20.2x Sectra Aktiebolag 479 452 19.4% 6.7% 4.1x 3.7x 21.4x 17.3x 25.9x 29.9x Craneware 248 215 30.8% 9.6% 4.9x 4.5x 15.8x 14.4x 26.7x 24.5x

Mean 12.7% 12.0% 3.8x 3.3x 15.6x 13.6x 24.4x 23.6x Median 21.2% 9.1% 3.8x 3.5x 15.2x 13.0x 23.3x 20.2x

Security Software Palo Alto Networks 15,022 14,796 19.8% 45.5% 15.4x 11.7x NM 45.7x NM NM Symantec 14,401 12,765 32.9% (6.9%) 2.3x 2.2x 6.8x 6.3x 12.7x 11.7x Check Point 13,857 12,739 56.8% 9.2% 8.6x 8.0x 15.1x 14.0x 20.8x 18.7x Fortinet 7,234 6,439 16.5% 33.1% 7.0x 5.8x 42.5x 32.7x NM NM Gemalto 6,943 6,455 18.8% 25.8% 2.1x 1.9x 10.9x 9.6x 18.7x 16.5x FireEye 6,940 6,578 (33.1%) 49.0% 11.4x 8.3x NM NM NM NM Verisign 6,826 6,234 67.3% 4.2% 6.5x 6.2x 9.7x 9.0x 21.7x 19.1x Trend Micro 4,486 3,628 34.7% 8.3% 4.0x 3.9x 11.5x 11.1x 26.7x 25.0x Proofpoint 2,426 2,357 0.9% 34.4% 10.0x 8.0x NM NM NM NM Imperva 2,000 1,779 (7.1%) 27.4% 9.4x 7.8x NM NM NM NM Barracuda Networks 1,458 1,280 27.8% 17.4% 4.5x 3.8x 16.2x 13.6x NM NM AVG Technologies 1,358 1,454 35.5% 16.9% 3.7x 3.2x 10.4x 9.0x 15.4x 12.6x Qualys 1,207 1,077 27.1% 24.7% 7.1x 5.7x 26.3x 20.7x NM NM Vasco Data Security 961 825 23.1% 24.1% 3.8x 3.5x 16.4x 13.9x 22.2x 18.9x F-Secure 497 421 19.3% (5.7%) 2.9x 2.7x 14.9x 13.4x 27.1x 24.5x Intercede 75 66 (3.4%) (10.6%) 4.3x 3.3x NM NA NM NM

Mean 21.1% 18.6% 6.4x 5.4x 16.4x 16.6x 20.7x 18.4x Median 21.5% 20.8% 5.5x 4.8x 14.9x 13.5x 21.3x 18.8x

PAGE | 6 EUROPEAN TECHNOLOGY INDUSTRY UPDATE │ JULY 2015

SOFTWARE

Market Enterprise CY2015E EV / Revenue EV / EBITDA P / E Cap ($m) Value ($m) EBITDA Margin Rev. Growth CY2015E CY2016E CY2015E CY2016E CY2015E CY2016E

Fintech Intuit 26,936 25,492 31.1% 1.7% 6.0x 5.3x 19.4x 13.7x 37.4x 25.3x Fiserv 18,697 21,937 33.6% 4.9% 4.5x 4.3x 13.5x 12.6x 22.7x 20.2x Fidelity Information Services 16,161 20,432 30.7% 1.7% 3.4x 3.2x 11.2x 10.4x 19.0x 16.9x Paychex 15,351 14,863 42.3% 8.5% 5.7x 5.4x 13.6x 12.7x 25.6x 22.2x MSCI 6,816 7,055 42.0% 7.7% 7.2x 6.6x 17.1x 15.3x 30.3x 25.8x SS&C Technologies 5,953 6,414 45.4% 11.4% 8.2x 6.9x 18.1x 15.0x 25.3x 21.7x Jack Henry 5,119 5,142 34.8% 3.8% 4.3x 4.0x 12.5x 11.4x 25.8x 22.9x Guidewire 3,862 3,360 16.4% 6.5% 9.5x 8.5x NM 44.6x NM NM Fair Isaac 2,616 3,136 25.4% 6.3% 4.1x 3.8x 15.9x 14.3x 17.6x 14.3x Temenos 2,211 2,586 35.3% 8.6% 5.4x 4.9x 15.3x 13.0x 22.4x 19.7x Ellie Mae 1,999 1,933 22.5% 45.0% 9.3x 7.6x 41.6x 29.7x NM NM Paycom 1,912 1,903 17.6% 39.5% 10.2x 7.9x NM 42.4x NM NM SimCorp 1,580 1,555 27.2% 13.3% 5.7x 5.3x 21.0x 19.4x 30.8x 27.4x Envestnet 1,422 1,365 18.0% 20.0% 3.6x 3.0x 19.9x 14.6x NM 31.4x Fidessa 1,271 1,163 21.5% 5.8% 2.8x 2.6x 13.0x 12.1x 28.7x 26.5x Iress 1,097 1,176 31.2% 5.8% 5.0x 4.6x 16.0x 14.3x 23.6x 21.0x Q2 Holdings 994 885 (8.7%) 34.5% 9.2x 7.1x NM NM NM NM Bottomline Technologies 974 990 20.4% 7.8% 3.1x 2.8x 15.3x 13.0x 19.2x NM Ebix 948 1,048 36.7% 23.8% 4.5x 4.3x 12.3x 11.1x 15.6x 14.3x Linedata 213 254 24.5% 7.8% 1.5x 1.5x 6.1x 5.9x 12.0x 11.5x StatPro 76 72 13.6% 0.9% 1.6x 1.6x 11.8x 10.6x 28.7x 25.6x

Mean 26.7% 12.6% 5.5x 4.8x 16.3x 16.8x 24.0x 21.7x Median 27.2% 7.8% 5.0x 4.6x 15.3x 13.4x 24.4x 21.9x

Data and Data Analytics Nielsen 16,098 22,556 30.0% (1.5%) 4.0x 3.8x 13.3x 12.4x 17.3x 15.4x Experian 16,097 19,221 35.1% (0.9%) 4.4x 4.3x 12.6x 12.4x 19.9x 18.8x Verisk 11,420 12,467 47.6% 22.3% 6.4x 5.6x 13.5x 11.8x 25.9x 22.8x Equifax 10,783 12,091 34.7% 9.6% 5.0x 4.6x 14.3x 13.1x 22.6x 20.4x Splunk 8,569 7,781 6.3% 39.8% 13.9x 10.6x NM NM NM NM Tableau Software 8,250 7,598 9.9% 58.0% 13.5x 9.9x NM NM NM NM Informatica 4,627 4,172 23.8% 8.3% 4.1x 3.7x 17.1x 14.8x 29.6x 25.6x Convergys 2,280 2,419 12.8% 5.4% 0.9x 0.9x 6.9x 6.5x 14.7x 13.6x Microstrategy 1,855 1,499 25.4% (9.9%) 3.1x 2.9x 12.0x 10.8x 24.2x 22.7x Neustar 1,487 1,890 45.7% 7.0% 2.0x 2.2x 4.4x 4.8x 6.6x 7.8x PROS 553 515 (3.3%) (5.0%) 3.1x 3.2x NM NM NM NM

Mean 24.4% 12.1% 5.5x 4.7x 11.8x 10.8x 20.1x 18.4x Median 25.4% 7.0% 4.1x 3.8x 12.9x 12.1x 21.2x 19.6x

CAx/PLM Dassault Systems 17,665 16,532 34.0% 21.1% 5.9x 5.4x 17.2x 15.6x 32.3x 28.6x Autodesk 10,856 9,869 15.1% 3.7% 4.2x 4.3x 27.8x 28.9x NM NM Ansys 7,646 6,953 51.4% 2.7% 7.9x 7.3x 15.5x 14.2x 27.1x 24.5x PTC 4,047 4,286 28.0% (6.8%) 3.7x 3.0x 13.4x 9.5x 16.7x 14.7x Aveva (1) 2,038 1,891 30.6% (1.4%) 6.3x 6.0x 20.5x 18.9x 30.0x 28.0x Nemetschek 1,369 1,355 25.2% 24.8% 5.0x 4.5x 19.8x 17.5x 34.6x 30.1x Mensch und Maschine 110 139 7.4% 10.4% 0.9x 0.8x 12.1x 9.8x 26.7x 14.8x

Mean 27.4% 7.8% 4.8x 4.5x 18.0x 16.4x 27.9x 23.5x Median 28.0% 3.7% 5.0x 4.5x 17.2x 15.6x 28.5x 26.2x

(1) Schneider Electric has entered into an agreement to acquire a majority stake in Aveva

PAGE | 7 EUROPEAN TECHNOLOGY INDUSTRY UPDATE │ JULY 2015

IT SERVICES

LAST 30 DAYS PERFORMANCE

IT Services 3.3% Offshore IT Services 0.8% 4% Data Centres (0.0%) Managed Services, Colocation and Hosting (0.1%) PaaS/IaaS (2.7%)

2%

0%

(2%)

(4%)

(6%)

(8%) 25 Jun 02 Jul 09 Jul 16 Jul 23 Jul Data Centres IT Services Managed Services, Colocation and Hosting Offshore IT Services PaaS/IaaS

LAST TWELVE MONTHS PERFORMANCE

50%

IT Services 15.0% Offshore IT Services 11.2% 40% Data Centres 9.7% Managed Services, Colocation and Hosting (2.5%) PaaS/IaaS (2.9%)

30%

20%

10%

0%

(10%)

(20%) Jul 2014 Oct 2014 Jan 2015 Apr 2015 Jul 2015

Data Centres IT Services Managed Services, Colocation and Hosting Offshore IT Services PaaS/IaaS

PAGE | 8 EUROPEAN TECHNOLOGY INDUSTRY UPDATE │ JULY 2015

IT SERVICES

Market Enterprise CY2015E EV / Revenue EV / EBITDA P / E Cap ($m) Value ($m) EBITDA Margin Rev. Growth CY2015E CY2016E CY2015E CY2016E CY2015E CY2016E

IT Services NTT Group 11,633 13,659 16.3% 6.3% 1.2x 1.2x 7.4x 7.0x 36.5x 26.7x Accenture 58,238 55,098 16.5% 2.4% 1.9x 1.8x 11.8x 10.8x 21.2x 19.2x KDDI 57,200 63,850 28.8% 1.8% 1.9x 1.9x 6.6x 6.2x 13.1x 14.6x Capgemini 15,477 14,378 11.4% 11.3% 1.2x 1.1x 10.8x 9.3x 20.8x 17.7x Capita 12,188 14,599 15.1% 12.4% 2.1x 2.0x 14.0x 13.2x 18.4x 17.2x CGI 11,121 12,460 18.3% (0.5%) 1.7x 1.6x 9.3x 8.9x 15.8x 14.6x Fujitsu 10,405 13,057 7.7% 0.2% 0.4x 0.4x 4.8x 4.7x 10.9x 10.8x Computer Sciences 8,358 8,904 18.1% (10.0%) 0.8x 0.8x 4.7x 4.4x 13.9x 12.9x Atos Origin 7,400 6,620 11.2% 19.4% 0.6x 0.6x 5.5x 5.1x 13.2x 11.6x NEC 7,182 10,072 7.7% (0.4%) 0.5x 0.4x 6.0x 6.0x 17.5x 11.8x Indra Sistemas 1,869 2,624 7.2% 1.9% 0.9x 0.9x 12.3x 9.4x NM 17.2x Sopra 1,758 2,232 7.2% 55.8% 0.6x 0.6x 8.7x 7.3x 15.5x 12.1x Tieto 1,756 1,772 13.6% (4.0%) 1.2x 1.2x 8.9x 8.1x 20.1x 15.4x Bechtle 1,659 1,571 5.3% 7.9% 0.6x 0.5x 10.7x 9.9x 19.5x 17.6x GFI Informatique 330 398 7.8% 7.1% 0.5x 0.5x 5.9x 5.8x 11.9x 11.4x

Mean 12.8% 7.4% 1.1x 1.0x 8.5x 7.7x 17.7x 15.4x Median 11.4% 2.4% 0.9x 0.9x 8.7x 7.3x 16.6x 14.6x Offshore IT Services Tata 70,141 67,001 28.3% 27.4% 4.5x 4.0x 15.9x 14.3x 21.2x 18.8x Infosys 35,533 31,406 26.7% 9.6% 3.8x 3.5x 14.2x 12.6x NA NA Cognizant 34,630 32,557 19.9% 20.7% 2.9x 2.5x 14.6x 12.6x 21.0x 18.2x Wipro 19,875 17,590 22.2% 7.0% 2.5x 2.2x 11.1x 10.4x 15.6x 15.6x HCL 19,146 17,988 23.0% 14.3% 3.2x 2.8x 13.9x 12.1x NA 17.2x

Mean 24.0% 15.8% 3.4x 3.0x 13.9x 12.4x 19.3x 17.5x Median 23.0% 14.3% 3.2x 2.8x 14.2x 12.6x 21.0x 17.7x Managed Services, Colocation and Hosting Level 3 16,987 26,449 31.7% 22.7% 3.5x 3.3x 11.0x 9.9x 31.4x 22.0x United Internet 9,362 10,541 20.9% 21.1% 2.8x 2.7x 13.6x 12.2x 24.8x 20.7x Rackspace 4,644 4,536 33.6% 12.1% 2.5x 2.2x 7.4x 6.3x NM 31.3x Endurance 2,522 3,462 36.6% 19.6% 5.1x 4.4x 13.9x 11.7x 16.3x 13.0x Interxion 1,756 2,233 43.9% 11.3% 5.8x 5.3x 13.2x 11.7x NM 34.5x GoDaddy 1,592 2,703 20.2% 15.4% 1.9x 1.6x 9.2x 8.2x 23.2x 18.3x Internap 478 802 26.4% (0.8%) 2.6x 2.5x 10.0x 8.7x NM NM Windstream 446 8,491 32.2% (3.4%) 1.7x 1.7x 5.1x 5.7x NM NM iomart 368 390 43.4% 16.3% 3.7x 3.4x 8.6x 7.8x 17.3x 15.0x Redcentric 364 375 23.3% 25.4% 2.5x 2.3x 10.7x 9.6x 20.5x 17.5x Melbourne IT 119 107 12.3% 20.2% 1.0x 0.9x 8.4x 5.6x 29.5x 13.3x Proact 118 125 NA 15.8% 0.4x 0.4x NA NA 13.3x 11.3x

Mean 29.5% 14.6% 2.8x 2.5x 10.1x 8.9x 22.0x 19.7x Median 31.7% 16.0% 2.6x 2.4x 10.0x 8.7x 21.8x 17.9x Data Centres Equinix (1) 14,746 18,508 46.8% 9.2% 7.6x 6.9x 16.3x 14.6x NM 28.3x Digital Realty Trust 8,706 14,055 58.8% 3.2% 9.2x 8.6x 15.7x 14.7x 37.4x 47.2x (1) Telecity 3,090 3,542 46.6% 4.6% 6.9x 6.2x 14.7x 13.3x 27.3x 23.5x DuPont Fabros 1,788 3,559 62.4% 4.7% 9.0x 8.3x 14.4x 13.0x 26.6x 22.2x Coresite 968 1,631 50.2% 21.0% 5.5x 5.1x 10.9x 10.0x NM 43.1x

Mean 53.0% 8.5% 7.6x 7.0x 14.4x 13.1x 30.4x 32.9x Median 50.2% 4.7% 7.6x 6.9x 14.7x 13.3x 27.3x 28.3x PaaS/IaaS EMC 45,545 46,605 25.6% 3.2% 2.0x 1.9x 7.9x 7.2x 13.9x 12.4x Akamai 11,958 11,864 40.9% 14.9% 5.8x 5.0x 14.2x 12.1x 29.1x 24.3x ServiceNow 10,915 10,648 11.8% 46.0% 11.8x 8.7x NM NM NM NM Netapp 8,725 5,227 18.0% (8.6%) 1.0x 1.0x 5.5x 4.6x 15.7x 11.9x Synchronoss 1,839 1,872 33.5% 25.6% 3.6x 3.1x 10.7x 8.9x 21.9x 18.8x Commvault Systems 1,675 1,322 16.2% 0.9% 2.3x 2.1x 14.4x 10.3x 33.9x 25.0x Progress Software 1,352 1,303 31.1% 27.1% 3.4x 3.2x 10.9x 10.5x 20.3x 18.8x Carbonite 290 231 18.6% 12.4% 1.8x 1.7x 9.9x 8.6x NM NM

Mean 24.5% 15.2% 4.0x 3.3x 10.5x 8.9x 22.5x 18.5x Median 22.1% 13.6% 2.9x 2.6x 10.7x 8.9x 21.1x 18.8x

(1) Equinix has entered into an agreement to acquire Telecity

PAGE | 9 EUROPEAN TECHNOLOGY INDUSTRY UPDATE │ JULY 2015

COMMUNICATIONS

LAST 30 DAYS PERFORMANCE

10% Digital Broadband 2.9% Mobile Content / Solutions Providers 2.2% 8% Diversified Communication Equipment (3.1%) Mobile Infrastructure Software (3.9%)

6%

4%

2%

0%

(2%)

(4%)

(6%)

(8%)

(10%) 25 Jun 02 Jul 09 Jul 16 Jul 23 Jul

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

LAST TWELVE MONTHS PERFORMANCE

Digital Broadband 2.1% Diversified Communication Equipment (14.1%) 20% Mobile Infrastructure Software (14.6%) Mobile Content / Solutions Providers (29.6%)

10%

0%

(10%)

(20%)

(30%)

(40%)

(50%) Jul 2014 Oct 2014 Jan 2015 Apr 2015 Jul 2015

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

PAGE | 10 EUROPEAN TECHNOLOGY INDUSTRY UPDATE │ JULY 2015

COMMUNICATIONS

Market Enterprise CY2015E EV / Revenue EV / EBITDA P / E Cap ($m) Value ($m) EBITDA Margin Rev. Growth CY2015E CY2016E CY2015E CY2016E CY2015E CY2016E

Digital Broadband Technicolor 2,417 2,986 16.9% 5.0% 0.9x 0.8x 5.1x 5.6x 10.3x 13.2x TomTom 2,289 2,214 12.6% 5.8% 2.2x 2.1x 17.6x 13.2x NM 28.5x Logitech 2,220 1,782 8.9% (2.5%) 0.9x 1.0x 10.6x 10.0x 37.1x 18.7x Pace 1,652 1,736 10.7% 5.5% 0.7x 0.7x 6.4x 6.4x 9.2x 8.9x Kudelski 794 1,043 13.4% (2.2%) 1.2x 1.2x 9.2x 9.0x 17.9x 17.3x Parrot 583 505 7.0% 14.4% 1.8x 1.7x 26.0x 16.4x NM NM Extreme Networks 205 199 2.7% (13.4%) 0.4x 0.4x 16.0x 3.2x NM 19.3x Mean 10.3% 1.8% 1.2x 1.1x 13.0x 9.1x 18.6x 17.6x Median 10.7% 5.0% 0.9x 1.0x 10.6x 9.0x 14.1x 18.0x Diversified Communication Equipment LM Ericsson Telephone 31,924 29,075 12.7% 6.7% 1.1x 1.1x 8.8x 7.4x 16.9x 14.4x Nokia(1) 22,469 17,698 13.7% 8.7% 1.3x 1.2x 9.3x 8.4x 21.5x 18.7x (1) Alcatel-Lucent 9,409 10,244 11.5% 9.0% 0.7x 0.7x 6.2x 5.7x 19.3x 13.2x CIENA 2,765 3,283 12.3% 8.4% 1.4x 1.3x 11.6x 9.8x 19.1x 15.7x ADTRAN 789 686 5.7% (1.8%) 1.2x 1.2x 21.3x 12.4x 31.7x 19.4x Mean 11.2% 6.2% 1.2x 1.1x 11.4x 8.7x 21.7x 16.3x Median 12.3% 8.4% 1.2x 1.2x 9.3x 8.4x 19.3x 15.7x Mobile Infrastructure Software QUALCOMM 88,435 78,938 36.9% (11.0%) 3.6x 3.6x 9.9x 9.0x 14.1x 12.6x Amdocs 7,876 6,698 20.6% 1.6% 2.0x 1.9x 9.8x 9.2x 16.6x 15.4x VeriSign 6,826 6,234 67.3% 4.2% 6.5x 6.2x 9.7x 9.0x 21.7x 19.1x Synchronoss Technologies 1,839 1,872 33.5% 25.6% 3.6x 3.1x 10.7x 8.9x 21.9x 18.8x Redknee Solutions 391 340 18.9% (14.8%) 1.7x 1.6x 8.8x 6.7x 23.8x 15.8x Sonus Networks 280 204 0.1% (17.2%) 0.9x 0.8x NM 9.0x NM 18.9x TeleCommunication Systems 217 292 9.9% 6.9% 0.8x 0.8x 8.3x 7.0x 16.2x 11.8x Smith Micro Software 53 41 2.6% 22.9% 1.0x 0.9x 37.8x NA NM 20.2x

Mean 23.7% 2.3% 2.5x 2.3x 13.6x 8.4x 19.1x 16.6x Median 19.8% 2.9% 1.8x 1.7x 9.8x 9.0x 19.1x 17.3x Mobile Content / Solutions Providers Opera Software 1,170 1,185 20.2% 32.3% 2.1x 1.7x 10.6x 8.0x 25.0x 15.5x GameLoft 376 325 11.4% 22.0% 1.2x 1.1x 10.2x 7.6x NM 25.8x Mean 15.8% 27.2% 1.6x 1.4x 10.4x 7.8x 25.0x 20.6x Median 15.8% 27.2% 1.6x 1.4x 10.4x 7.8x 25.0x 20.6x

(1) Nokia has entered into an agreement to acquire Alcatel-Lucent

PAGE | 11 EUROPEAN TECHNOLOGY INDUSTRY UPDATE │ JULY 2015

INTERNET AND DIGITAL MEDIA

LAST 30 DAYS PERFORMANCE

20%

10%

0%

(10%)

Chinese Internet Leaders 9.8% Online Gambling 5.1% (20%) Online Travel 4.0% Content Providers / Communities 2.7% Global Internet Leaders 2.2% (30%) Digital Marketing (1.2%) Ecommerce (3.3%) Interactive Entertainment (4.6%) Intermediation and Comparison (6.7%) (40%) Internet Services (7.2%) Online Classifieds (8.4%) Educational Technology (39.3%) (50%) 25 Jun 02 Jul 09 Jul 16 Jul 23 Jul

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

LAST TWELVE MONTHS PERFORMANCE

Interactive Entertainment 62.9% Online Gambling 22.6% Chinese Internet Leaders 15.7% Global Internet Leaders 12.4% 70% Digital Marketing 9.0% Content Providers / Communities 8.8% 60% Educational Technology 8.3% Ecommerce 4.4% Online Travel 3.5% 50% Online Classifieds (18.6%) Internet Services (25.2%) Intermediation and Comparison (29.1%) 40%

30%

20%

10%

0%

(10%)

(20%)

(30%) Jul 2014 Oct 2014 Jan 2015 Apr 2015 Jul 2015

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

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

PAGE | 12 EUROPEAN TECHNOLOGY INDUSTRY UPDATE │ JULY 2015

INTERNET AND DIGITAL MEDIA

Market Enterprise CY2015E EV / Revenue EV / EBITDA P / E Cap ($m) Value ($m) EBITDA Margin Rev. Growth CY2015E CY2016E CY2015E CY2016E CY2015E CY2016E

Global Internet Leaders Apple 650,264 668,080 34.6% 21.7% 3.1x 2.9x 9.0x 8.8x 13.6x 12.5x Google 411,866 359,567 40.3% 11.8% 5.3x 4.6x 13.2x 11.3x 23.4x 20.1x Microsoft 337,202 281,567 27.2% (4.9%) 3.5x 3.3x 12.8x 8.7x 18.6x 16.8x Facebook 244,178 233,038 61.7% 38.1% 14.9x 11.2x 24.2x 18.1x NM 36.0x Amazon 204,569 199,330 9.4% 18.3% 2.1x 1.7x 22.0x 16.0x NM NM Alibaba 191,997 182,969 51.7% 31.0% 13.1x 10.2x 25.3x 20.2x 32.1x 24.9x Baidu 66,439 62,109 28.3% 38.1% 6.2x 4.7x 22.0x 16.1x 28.2x 21.0x Yahoo! 33,523 29,340 23.9% (4.7%) 7.7x 7.7x 32.2x 31.5x NM NM eBay 31,554 28,882 39.6% (51.7%) 3.7x 3.5x 9.2x 8.7x 16.0x 14.5x Yandex 4,494 4,483 34.4% 12.9% 5.0x 4.2x 14.4x 11.4x 24.7x 19.6x

Mean 35.1% 11.1% 6.5x 5.4x 18.4x 15.1x 22.4x 20.7x Median 34.5% 15.6% 5.1x 4.4x 18.2x 13.7x 23.4x 19.8x Ecommerce Amazon 204,569 199,330 9.4% 18.3% 2.1x 1.7x 22.0x 16.0x NM NM Alibaba 191,997 182,969 51.7% 31.0% 13.1x 10.2x 25.3x 20.2x 32.1x 24.9x Naspers 54,981 57,724 9.2% 15.9% 9.4x 8.0x NM NM NM 33.2x JD.com 43,231 39,357 0.5% 56.3% 1.5x 1.1x NM NM NM NM Netflix 42,731 42,370 7.6% 23.8% 6.8x 5.4x NM NM NM NM eBay 31,554 28,882 39.6% (51.7%) 3.7x 3.5x 9.2x 8.7x 16.0x 14.5x IAC 6,166 6,376 15.1% 5.6% 2.2x 2.0x 14.3x 10.6x 27.7x 19.8x Mercadolibre 5,355 5,282 31.0% 19.6% 8.9x 7.3x 28.7x 23.0x NM 36.3x Asos 4,308 4,216 5.9% 19.4% 2.4x 2.0x 41.4x 32.5x NM NM JUST EAT 4,187 3,956 24.2% 47.7% 12.4x 9.5x NM 32.0x NM 48.4x Mail.ru 3,697 3,949 46.5% 18.8% 6.4x 5.6x 13.8x 11.6x 22.2x 17.5x Ocado 3,525 3,673 7.3% 16.8% 2.3x 2.0x 31.7x 26.6x NM NM Groupon 3,175 2,321 10.0% 1.0% 0.8x 0.7x 8.0x 6.6x 29.7x 23.8x GrubHub 2,589 2,317 30.1% 43.5% 7.1x 5.5x 23.5x 17.5x NM 41.6x Cimpress 2,420 2,759 15.9% 12.5% 1.9x 1.7x 12.2x 10.4x 19.6x 16.9x YOOX 1,862 1,853 9.9% 19.9% 2.9x 2.5x 29.7x 23.4x NM NM Shutterstock 1,724 1,500 20.1% 34.2% 3.7x 3.0x 18.6x 13.2x NM 29.4x Shutterfly 1,631 1,677 18.3% 15.4% 1.7x 1.5x 9.5x 8.0x NM NM zulily 1,576 1,289 4.5% 10.2% 1.1x 0.9x 23.3x 15.7x NM 38.0x Coupons.com 861 684 13.8% 20.3% 2.8x 2.3x 20.1x 11.7x NM 25.4x RetailMeNot 807 624 33.3% 6.6% 2.4x 2.2x 7.3x 6.0x 16.5x 14.9x Overstock 504 393 2.8% 14.5% 0.3x NA 9.0x NA 32.0x NA Blue Nile 340 304 4.8% 2.7% 0.7x 0.6x 14.1x 12.8x 35.5x 29.1x

Mean 17.9% 17.5% 4.2x 3.6x 19.0x 16.1x 25.7x 27.6x Median 13.8% 18.3% 2.4x 2.2x 18.6x 13.2x 27.7x 25.4x Online Travel The Priceline Group 58,039 58,648 38.8% 10.4% 6.9x 5.9x 17.9x 14.8x 22.1x 18.4x Amadeus 17,225 18,829 38.2% 9.4% 5.1x 4.8x 13.3x 12.4x 23.3x 21.7x (1) Expedia 12,728 13,110 17.3% 12.3% 2.2x 1.9x 12.9x 10.5x 29.1x 21.0x Tripadvisor 12,256 11,871 31.7% 23.8% 8.5x 6.8x 26.7x 20.4x NM 33.7x Ctrip 9,750 9,910 6.4% 45.7% 6.3x 4.7x NM 31.9x NM 34.6x Sabre Corporation 6,319 8,715 32.2% 1.4% 3.4x 3.0x 10.5x 9.1x 24.2x 19.2x Travelport 1,466 3,602 23.8% 2.9% 1.8x 1.7x 7.5x 6.9x NM 31.3x Orbitz(1) 1,136 1,240 14.3% 3.7% 1.4x 1.3x 9.9x 7.9x NM 27.5x MakeMyTrip 753 624 8.0% (2.1%) 4.4x 3.7x NM 30.8x NM NM Travelzoo 122 71 5.9% (9.1%) 0.6x 0.6x 10.0x 9.6x NM 34.5x

Mean 21.7% 9.9% 4.1x 3.4x 13.6x 15.4x 24.7x 26.9x Median 20.5% 6.6% 3.9x 3.3x 11.7x 11.5x 23.7x 27.5x

(1) Orbitz has entered into an agreement to be acquired by Expedia

PAGE | 13 EUROPEAN TECHNOLOGY INDUSTRY UPDATE │ JULY 2015

INTERNET AND DIGITAL MEDIA

Market Enterprise CY2015E EV / Revenue EV / EBITDA P / E Cap ($m) Value ($m) EBITDA Margin Rev. Growth CY2015E CY2016E CY2015E CY2016E CY2015E CY2016E

Digital Marketing Criteo 3,083 2,812 26.1% 54.9% 6.1x 4.7x 23.3x 15.8x NM 32.7x HomeAway 2,703 2,229 24.3% 11.6% 4.9x 4.2x 20.2x 16.5x NM NM Cvent 1,032 871 9.3% 28.7% 5.2x 4.3x NM 36.2x NM NM Marketo 966 871 (10.0%) 41.4% 4.5x 3.4x NM NM NM NM Constant Contact 865 701 19.9% 12.2% 2.1x 1.8x 10.4x 8.3x 22.2x 17.3x Callidus Software 757 675 13.0% 23.7% 4.5x 3.7x 34.3x 22.7x NM 40.5x The Rubicon Project 635 525 12.7% 66.5% 2.8x 2.1x 22.2x 13.6x NM 41.3x Bazaarvoice 412 366 (2.0%) 8.2% 2.0x 1.8x NM 45.3x NM NM Harte-Hanks 286 327 9.6% (4.0%) 0.7x 0.6x 7.0x 5.5x 10.8x 11.4x TechTarget 277 257 22.7% 12.9% 2.4x 2.1x 10.5x 8.5x 24.7x 18.6x Marin Software 195 150 (10.7%) 16.6% 1.4x 1.2x NM NM NM NM Marchex 177 101 9.1% (19.3%) 0.8x 0.8x 8.4x 9.9x 26.3x 32.8x InternetQ 167 167 17.1% 27.5% 1.0x 0.8x 5.8x 4.8x 13.7x 10.6x Dotdigital 141 128 27.5% 30.6% 3.7x 2.9x 13.5x 8.1x 22.7x 14.3x 1000mercis 138 133 26.3% 9.1% 2.6x 2.3x 9.8x 7.9x 16.3x 13.3x Matomy Media 137 143 9.7% 17.7% 0.6x 0.5x 5.8x 4.0x 8.8x 6.2x Mean 12.8% 21.1% 2.8x 2.3x 14.3x 14.8x 18.2x 21.7x Median 12.8% 17.1% 2.5x 2.1x 10.5x 9.2x 19.3x 17.3x

Content Providers / Communities LinkedIn 25,718 23,502 21.1% 32.8% 8.9x 6.7x 42.0x 26.8x NM NM Twitter 22,143 20,361 24.2% 59.6% 10.2x 6.9x 42.0x 24.6x NM NM GoPro 7,741 7,270 20.5% 45.8% 4.1x 3.4x 19.9x 16.5x 34.7x 30.0x JustEat 4,187 3,956 24.2% 47.7% 12.4x 9.5x NM 32.0x NM 48.4x Pandora Media 2,674 2,334 6.9% 28.0% 2.2x 1.8x 31.6x 15.9x NM 33.8x WebMD Health 1,518 1,716 28.7% 8.0% 3.0x 2.8x 10.5x 9.2x 27.3x 25.6x XING 867 792 30.3% 21.5% 6.6x 5.7x 21.8x 17.0x NM 34.9x XO Group 366 291 16.2% (0.5%) 2.3x 2.1x 14.1x 9.8x NM 29.2x Brightcove 186 166 4.1% 8.6% 1.4x 1.2x 33.3x 21.5x NM NM Demand Media 108 65 2.0% (15.4%) 0.5x 0.4x 25.2x 8.7x NM NM

Mean 17.8% 23.6% 5.1x 4.1x 26.7x 18.2x 31.0x 33.7x Median 20.8% 24.7% 3.5x 3.1x 25.2x 16.8x 31.0x 31.9x

Intermediation and Comparison Zillow 4,296 3,933 11.6% 112.1% 6.3x 5.0x NM 21.9x NM NM Moneysupermarket 2,288 2,269 39.1% 10.6% 5.9x 5.5x 15.0x 14.0x 22.1x 20.5x Bankrate 886 1,016 27.7% (3.7%) 2.1x 2.0x 7.6x 7.2x 13.8x 12.7x Gruppo MutuiOnline 273 323 21.8% 55.4% 3.2x 2.7x 14.6x 12.5x 17.3x 15.1x Liquidity Services 262 184 8.7% (16.1%) 0.5x 0.4x 5.7x 7.3x 21.8x 22.0x eHealth 225 189 5.2% (0.8%) 1.2x 1.1x 22.4x 15.1x NM 38.1x Angie's List 223 214 8.2% 12.0% 0.7x 0.6x 8.2x 5.6x 27.9x 14.1x Mean 17.5% 24.2% 2.8x 2.5x 12.2x 11.9x 20.6x 20.4x Median 11.6% 10.6% 2.1x 2.0x 11.4x 12.5x 21.8x 17.8x Online Classifieds Rightmove 4,681 4,665 74.6% 14.6% 17.7x 16.0x 23.7x 21.3x 30.8x 27.1x SEEK 3,382 4,157 41.6% 14.8% 6.7x 5.9x 16.1x 14.1x 24.9x 20.9x SouFun 2,809 2,730 8.7% 21.1% 3.6x 2.8x 41.1x 13.3x 35.7x 17.7x Yelp 2,388 2,087 18.0% 52.0% 4.0x 3.0x 22.3x 14.2x NM 31.8x 51job 1,764 1,232 35.4% 11.7% 4.0x 3.3x 11.2x 8.7x 18.7x 15.2x Zoopla 1,403 1,348 43.3% 31.5% 8.6x 6.1x 19.8x 14.6x 25.7x 21.7x Monster 521 662 16.1% (5.7%) 1.0x 1.0x 6.2x 4.9x 16.1x 10.2x Dice 441 511 29.6% 0.7% 2.1x 2.0x 7.2x 6.7x 18.6x 16.0x

Mean 33.4% 17.6% 6.0x 5.0x 18.4x 12.2x 24.4x 20.1x Median 32.5% 14.7% 4.0x 3.2x 17.9x 13.7x 24.9x 19.3x

PAGE | 14 EUROPEAN TECHNOLOGY INDUSTRY UPDATE │ JULY 2015

INTERNET AND DIGITAL MEDIA

Market Enterprise CY2015E EV / Revenue EV / EBITDA P / E Cap ($m) Value ($m) EBITDA Margin Rev. Growth CY2015E CY2016E CY2015E CY2016E CY2015E CY2016E

Internet Services LendingClub 5,030 NM 11.5% 83.8% NA NA NA NA NM NM HomeAway 2,703 2,229 24.3% 11.6% 4.9x 4.2x 20.2x 16.5x NM NM Web.com 1,139 1,573 27.5% (2.3%) 3.1x 3.0x 11.3x 10.3x 10.2x 9.1x Wix.com 964 887 4.3% 44.9% 4.8x 3.6x NM 31.6x NM NM Xoom(1) 891 713 12.3% 23.5% 4.0x 3.4x 32.8x 23.0x NM 42.0x LifeLock 690 423 13.2% 23.4% 0.8x 0.7x 6.0x 4.3x 12.6x 9.4x Mean 15.5% 30.8% 3.5x 3.0x 17.6x 17.2x 11.4x 20.1x Median 12.7% 23.4% 4.0x 3.4x 15.8x 16.5x 11.4x 9.4x Educational Technology Graham 3,582 3,221 12.1% (23.4%) 1.3x 1.3x 10.7x 9.8x 26.4x 21.0x 2U 1,254 1,179 (6.5%) 34.1% 8.8x 6.8x NM NM NM NM Chegg 632 560 0.7% 1.3% 2.0x 2.2x NM 21.8x NM 31.6x K12 480 397 11.0% (2.3%) 0.5x 0.5x 4.3x 4.8x 26.1x 31.5x Cambium Learning Group 208 319 NA NA NA NA NA NA NA NA Rosetta Stone 152 113 4.1% (22.4%) 0.6x 0.6x 14.6x 8.7x NM NM

Mean 4.3% (2.5%) 2.6x 2.3x 9.9x 11.3x 26.2x 28.0x Median 4.1% (2.3%) 1.3x 1.3x 10.7x 9.3x 26.2x 31.5x Chinese Internet Leaders Tencent 165,287 162,527 43.7% 27.7% 11.1x 8.5x 25.3x 19.9x 35.7x 26.4x Baidu 66,439 62,109 28.3% 38.1% 6.2x 4.7x 22.0x 16.1x 28.2x 21.0x Netease 17,933 14,647 37.7% 48.1% 5.8x 4.8x 15.5x 12.5x 20.5x 17.0x 58.com 7,217 6,823 (31.3%) 105.8% 13.9x 8.9x NM NM NM NM Autohome 4,378 3,928 40.4% 65.4% 7.9x 5.8x 19.6x 14.2x 28.0x 20.7x Youku Tudou 3,713 2,823 (19.7%) 56.6% 3.1x 2.3x NM NM NM NM Weibo Corporation 2,809 2,398 11.4% 43.1% 5.5x 4.1x 48.5x 20.2x NM 26.4x SouFun 2,809 2,730 8.7% 21.1% 3.6x 2.8x 41.1x 13.3x 35.7x 17.7x Sina 2,348 1,462 6.0% 11.4% 1.9x 1.6x 31.2x 12.1x NM 29.9x Sohu 1,624 1,442 8.7% 20.3% 0.8x 0.7x 9.1x 5.0x NM 41.0x Renren 1,124 747 (124.3%) (22.6%) 11.7x 7.4x NM NM NM NM Dangdang 504 262 (1.0%) 23.7% 0.2x 0.1x NM 4.8x NM 18.3x

Mean 0.7% 36.6% 6.0x 4.3x 26.6x 13.1x 29.6x 24.3x Median 8.7% 32.9% 5.7x 4.4x 23.7x 13.3x 28.2x 21.0x Online Gambling Playtech 4,135 3,645 41.5% 37.4% 5.9x 4.5x 14.2x 10.8x 19.2x 15.4x Betfair 3,541 3,392 22.2% 11.9% 4.7x 4.3x 21.2x 19.1x 35.3x 30.7x (2) bwin.party digital entertainment 1,247 1,123 16.1% (5.1%) 1.9x 1.8x 11.6x 11.5x 23.5x 24.5x (2) 888 892 744 15.8% (2.1%) 1.8x 1.7x 11.6x 10.6x 21.5x 19.6x

Mean 23.9% 10.5% 3.6x 3.1x 14.7x 13.0x 24.9x 22.6x Median 19.2% 4.9% 3.3x 3.1x 12.9x 11.2x 22.5x 22.1x Interactive Entertainment Electronic Arts 20,418 18,242 30.3% 4.1% 4.6x 4.3x 15.1x 13.6x 26.9x 22.7x Activision 17,162 16,802 33.9% (7.9%) 4.1x 3.8x 12.2x 10.3x 21.0x 17.4x Take-Two Interactive Software 2,402 1,835 15.2% 18.8% 1.3x 1.2x 8.5x 7.9x 21.8x 20.5x Zynga 2,238 1,372 3.4% 8.5% 2.0x 1.9x NM 14.8x NM NM Ubisoft Entertainment 1,944 1,746 58.7% (20.5%) 1.5x 1.0x 2.5x 2.4x 15.5x 13.2x

Mean 28.3% 0.6% 2.7x 2.4x 9.6x 9.8x 21.3x 18.5x Median 30.3% 4.1% 2.0x 1.9x 10.3x 10.3x 21.4x 18.9x

(1) Zoom has entered into an agreement to be acquired by Paypal (2) bwin.party digital entertainment has entered into an agreement to be acquired by 888 PAGE | 15 EUROPEAN TECHNOLOGY INDUSTRY UPDATE │ JULY 2015

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