Master Valuation Sheet 1004

Safa Rashtchy (650)838-1347 [email protected] Internet Media and Marketing Aaron Kessler (650) 838-1434 [email protected]

VALUATION ANALYSIS ESTIMATES Price Target '05 Price % of 52 Market Enterprise EV/Revs EV/EBITDA EV/EBITDA/G P/E (GAAP) P/E (PF) Revenue Pro-Forma EPS GAAP EPS EBITDA Company Name Ticker Rating Target EBITDA Mult. 10/1 Wk High Value Value CY04 CY05 CY04 CY05 CY04 CY05 CY04 CY05 CY04 CY05 CY03 CY04 CY05 CY03 CY04 CY05 CY03 CY04 CY05 CY03 CY04 CY05 Online Media Time Warner TWX $16.6 86% 78,236 95,257 2.3 2.2 10 9 1.2 1.1 26 23 39,565 41,948 43,409 0.47 0.64 0.74 9,500 10,011 10,500 Yahoo! YHOO OP $34 30x $35.0 96% 50,783 39,266 11.4 9.0 40 30 1.1 0.9 106 78 93 71 1,625 3,437 4,349 0.21 0.38 0.50 0.19 0.33 0.45 450 977 1,302 Monster Worldwide MNST OP $25.0 83% 3,024 2,877 3.4 3.0 19 14 1.0 0.7 42 30 680 849 972 0.40 0.59 0.82 0.05 0.56 0.88 90 150 211 CNET Networks CNET MP $11 27x $9.6 71% 1,374 1,350 4.7 3.9 39 23 1.3 0.8 172 39 42 24 246 289 344 0.02 0.23 0.39 (0.14) 0.06 0.24 3 34 60 RealNetworks RNWK $4.9 61% 826 562 2.1 1.8 na na nm 0.0 nm nm 202 264 320 (0.13) (0.12) 0.06 (12) (3) ne Homestore (1) HOMS MP $4 15x $2.5 41% 325 290 1.3 1.1 29 13 1.6 0.7 nm 30 nm 30 219 230 253 (0.40) (0.07) 0.08 (0.40) (0.07) 0.08 (17) 10 22 Autobytel ABTL $9.1 54% 410 350 2.8 2.3 18 11 0.7 0.4 38 22 89 123 153 0.20 0.24 0.41 10 19 33 iVillage IVIL $6.3 68% 385 369 5.4 4.5 48 25 1.9 1.0 nm 44 55 68 82 (0.49) 0.02 0.14 (7) 8 15 Jupitermedia JUPM OP $15 20x $17.3 95% 535 506 7.2 5.8 30 21 1.5 1.0 43 31 34 25 47 70 87 0.11 0.50 0.68 0.06 0.40 0.55 4 17 24 Marketwatch.com MKTW $13.1 88% 366 320 3.9 3.4 32 17 1.5 0.8 78 33 47 81 95 0.14 0.17 0.40 6 10 19 TheStreet.com TSCM $3.8 73% 94 67 1.9 1.5 nm 19 nm 1.3 nm 22 26 36 45 (0.17) (0.07) 0.18 (2) (2) 4 Mean 74% 4.2 3.5 30 18 1.3 0.8 51 32 eCommerce eBay EBAY OP $86 30x $92.4 96% 63,083 59,769 18.7 14.4 44 32 1.1 0.8 79 60 74 57 2,165 3,201 4,142 0.78 1.24 1.63 0.71 1.18 1.55 833 1,358 1,840 InterActiveCorp IACI OP $32 12x $22.2 57% 17,247 14,689 2.4 2.2 12 10 0.5 0.4 51 33 24 21 5,383 6,209 6,765 0.80 0.91 1.08 0.14 0.44 0.67 1,096 1,268 1,501 Amazon AMZN UP $38 22x $40.5 66% 17,187 17,800 2.6 2.2 32 24 1.2 0.9 47 34 42 29 5,264 6,728 8,197 0.61 0.96 1.39 0.08 0.86 1.18 438 565 742 Netflix (2) NFLX OP $42 25x $16.3 41% 1,061 908 1.7 1.1 23 9 0.6 0.2 61 16 30 13 272 520 854 0.28 0.54 1.27 0.10 0.27 1.01 23 39 96 Digital River DRIV OP $35 18x $30.1 86% 1,055 1,021 6.9 5.4 21 15 0.8 0.6 33 31 22 16 101 148 188 0.88 1.34 1.84 0.52 0.90 0.98 29 49 70 Overstock.com OSTK $38.9 92% 701 681 1.4 1.0 nm nm na na nm nm 239 477 709 (0.75) (0.22) 0.24 (10) 2 11 Blue Nile NILE $34.3 82% 604 584 0.52 0.69 Drugstore.com DSCM $3.5 39% 274 235 0.7 0.5 nm 24 na 0.9 nm nm 246 359 457 (0.27) (0.23) (0.11) (7) (3) 10 800 Flowers FLWS $8.4 69% 551 481 0.8 10 8 0.4 na 26 21 589 627 0.26 0.33 0.40 33 48 64 GSI Commerce GSIC MP $12 10x $9.3 69% 383 335 1.0 0.8 26 11 1.0 0.5 nm 26 nm 26 242 320 418 (0.30) 0.02 0.36 (0.30) 0.02 0.36 0 13 29 Provide Commerce PRVD $21.1 79% 241 229 1.6 ne ne na na 38 ne 140 0.56 0.73 8 11 0 Red Envelope REDE $8.7 51% 75 50 0.6 0.5 nm nm na na nm ne 91 109 (0.40) 0.13 (4) 0 0 Mean 69% 3.5 3.1 24 17 0.8 0.6 37 26

Search Yahoo! YHOO OP $34 30x $35.0 96% 50,783 39,266 11.4 9.0 40 30 1.1 0.9 172 39 93 71 1,625 3,437 4,349 0.21 0.38 0.50 0.19 0.33 0.45 450 977 1,302 Google GOOG $132.6 35,266 33,518 19.4 13.9 30 24 1.0 0.8 104 57 939 1,729 2,407 0.41 1.28 2.34 627 1,100 1,395 AskJeeves ASKJ OP $42 22x $33.5 75% 2,366 2,300 8.7 5.6 28 17 0.8 0.5 44 30 32 23 107 265 410 0.40 1.04 1.49 0.45 0.77 1.12 29 81 132 Infospace INSP OP $44 17x $49.1 101% 1,780 1,550 6.7 4.9 29 20 1.0 0.7 25 35 38 27 160 232 316 0.76 1.31 1.81 (0.09) 1.93 1.40 34 53 78 FindWhat FWHT $19.7 75% 669 614 3.5 2.2 18 11 0.6 0.4 33 24 72 175 280 0.53 0.60 0.81 20 35 56 LookSmart LOOK UP $1.5 1.5x rev + cash $1.5 46% 165 97 1.2 1.1 nm nm na na nm nm 156 83 88 0.08 (0.12) (0.03) 0.04 (0.12) (0.03) 18 (5) 7 Mean 79% 8.5 6.1 29 21 0.9 0.6 60 40

Advertising Services DoubleClick DCLK MP $7.5 8x $6.1 47% 837 430 1.5 1.3 9 6 0.5 0.4 39 26 39 26 271 297 332 0.12 0.15 0.23 0.12 0.15 0.23 61 50 68 ValueClick VCLK $9.9 78% 832 601 4.0 3.1 16 10 0.6 0.4 36 26 93 151 194 0.13 0.27 0.38 15 38 58 Aquantive AQNT $10.2 75% 773 636 4.1 2.5 18 10 0.7 0.4 38 31 64 153 257 0.17 0.27 0.33 14 36 65 Digitas DTAS $7.9 60% 608 528 2.2 2.0 13 11 0.7 0.6 19 17 312 238 263 0.30 0.41 0.47 34 40 48 24/7 Media TFSM $3.7 31% 121 82 1.0 0.8 41 7 2.0 0.4 62 20 49 81 102 (0.45) 0.06 0.19 (8) 2 11 Modem Media MMPT $5.5 62% 149 92 1.4 1.1 7 4 0.3 0.2 26 18 61 65 85 0.16 0.21 0.31 13 14 21 Digital Impact DIGI MP $2.15 10x $1.3 40% 48 22 0.5 0.5 11 5 1.1 0.5 nm nm nm nm 44 43 48 0.00 0.00 0.00 (0.06) (0.11) (0.02) 4 2 5 Mean 56% 2.1 1.6 16 8 0.9 0.4 . 37 23

Travel InterActiveCorp IACI OP $32 12x $22.2 57% 17,247 14,689 2.4 2.2 12 10 0.5 0.4 23 17 24 21 5,383 6,209 6,765 0.80 0.91 1.08 0.14 0.44 0.67 1096 1268 1501 Sabre Group TSG $25.2 87% 3,503 3,243 1.5 1.4 7 7 0.9 0.8 17 16 2,000 2,151 2,296 0.83 1.45 1.62 334 474 478 Priceline.com PCLN $22.8 67% 914 729 0.8 0.7 17 13 0.7 0.5 26 19 864 931 1,018 0.47 0.87 1.17 27 42 57 Orbitz ORBZ $27.3 89% 1,201 1,028 3.4 2.9 21 16 0.7 0.5 48 32 242 299 349 0.25 0.57 0.84 24 48 66 eBookers PLC EBKR $7.9 43% 255 192 1.4 1.1 13 8 0.4 0.3 nm 31 119 140 167 0.03 0.00 0.25 15 14 24 Mean 69% 1.9 1.7 14 11 0.6 0.5 29 24

Internet Services Getty Images GYI $55.4 92% 3,350 3,259 5.3 4.8 15 13 0.7 0.7 33 28 523 613 674 1.04 1.67 1.97 165 222 249 Earthlink ELNK $10.8 94% 1,692 1,274 0.9 0.9 6 5 0.4 0.4 13 11 1,402 1,406 1,457 0.36 0.82 0.97 134 218 243 United Online UNTD MP $17 8x $10.2 42% 678 475 1.1 1.0 4 4 0.2 0.2 14 12 11 10 339 445 496 0.74 0.97 1.06 0.96 0.74 0.87 74 111 126 Digital River DRIV OP $35 18x $30.1 86% 1,055 1,021 6.9 5.4 21 15 0.8 0.6 33 31 22 16 101 148 188 0.88 1.34 1.84 0.52 0.90 0.98 29 49 70 WebEx Communications WEBX $22.4 68% 1,042 898 3.6 2.9 12 10 0.8 0.7 25 22 189 249 307 0.63 0.89 1.02 67 77 91 J2 Global Communications JCOM $32.2 67% 825 772 7.2 5.4 15 11 0.8 0.6 27 21 72 107 143 1.04 1.19 1.54 31 51 68 NetRatings NTRT $17.9 100% 614 417 Mean 78% 4.2 3.4 12 10 0.6 0.5 22 18 China Sina.com SINA OP $32 15x $26.2 53% 1,514 1,373 7.6 5.8 17 13 0.6 0.4 23 17 22 17 114 180 237 0.76 1.18 1.55 0.57 1.13 1.51 46 79 105 NetEase NTES OP $46 15x $38.3 53% 1,248 1,114 10.3 7.1 19 12 0.6 0.4 24 17 24 17 65 108 157 1.18 1.57 2.25 1.18 1.57 2.25 42 58 90 Sohu.com SOHU OP $34 15x $17.3 43% 709 705 6.6 5.8 16 13 0.6 0.5 18 15 18 15 80 107 120 0.66 0.95 1.13 0.66 0.95 1.13 37 44 53 Tom Online TOMO OP $18 12x $11.6 67% 550 484 3.8 2.8 10 8 0.4 0.3 13 11 13 11 80 128 172 0.41 0.92 1.06 0.41 0.92 1.06 28 47 59 Ctrip.com CTRP OP $40 23x $34.0 79% 547 487 50.0 9.7 103 19 3.4 0.6 274 28 274 28 21 10 50 0.45 0.12 1.21 0.45 0.12 1.21 8 5 26 Linktone LTON OP $15 13x $8.4 43% 230 157 3.0 1.9 10 6 0.2 0.2 15 10 13 9 17 51 84 0.20 0.64 0.89 0.15 0.56 0.81 5 16 25 Mean 57% 14.8 5.5 32 12 1.1 0.4 68 16

Universe Mean 69% 4.9 3.3 22 13 0.9 0.6 57 29 40 24 Universe Median 69% 2.9 2.2 18 12 0.7 0.5 36 29 30 23 Bolded companies represent universe coverage Information last updated 10/1/04 (1) Based on 2006 EBITDA, discounted back 15%. (2) Reflect EBITDA adjusted for DVD depreciation Piper Jaffray & Co. does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decisions. This report should be read in conjunction with important disclosure information found at the following site: http://www.piperjaffray.com/researchdisclosures. Customers of Piper Jaffray in the United States can receive independent, third-party research on the company or companies covered in this report, at no cost to them, where such research is available. Customers can access this independent research by visiting piperjaffray.com or can call 800 747-5128 to request a copy of this research. Rating Definitions Investment Opinion: Investment opinions are based on each stock’s return potential relative to broader market indices*, not on an absolute return. • Outperform: Expected to outperform the relevant broader market index over the next 12 months. • Market Perform: Expected to perform in line with the relevant broader market index over the next 12 months. • Underperform: Expected to underperform the relevant broader market index over the next 12 months. • Suspended: No active analyst coverage, however coverage expected to resume.

* Russell 2000 and S&P 500

Risk Rating: Our focus on growth companies implies that the stocks we recommend are typically more volatile than the overall stock market. We are not recommending the “suitability” of a particular stock for an individual investor. Rather, it identifies the volatility of a particular stock. • Low: The stock price has moved up or down by more than 10% in a month in fewer than 8 of the past 24 months. • Medium: The stock price has moved up or down by more than 20% in a month in fewer than 8 of the past 24 months. • High: The stock price has moved up or down by more than 20% in a month in at least 8 of the past 24 months. All IPO stocks automatically get this volatility rating for the first 12 months of trading.

Disclaimer This material regarding the subject company is based on data obtained from sources we deem to be reliable; it is not guaranteed as to accuracy and does not purport to be complete. This information is not intended to be used as the primary basis of investment decisions. Because of individual client requirements, it should not be construed as advice designed to meet the particular investment needs of any investor. It is not a representation by us or an offer or the solicitation of an offer to sell or buy any security. Further, a security described in this release may not be eligible for solicitation in the states in which the client resides.

Notice to customers in the United Kingdom: Circulation of this report in the United Kingdom is restricted to investment professionals and high net worth individuals falling within Articles 19 and 49 of the Financial Services and Markets Act (Financial Promotion) Order 2001 as amended. No one else in the United Kingdom should read, rely on or act upon the information in the report. The investments and services to which the report relates will not be made available to others in the United Kingdom.Securities products and services offered through Piper Jaffray & Co., member SIPC and NYSE, Inc., a subsidiary of Piper Jaffray Companies. Additional information is available upon request. No part of this report may be reproduced, copied, redistributed or posted without the prior consent of Piper Jaffray & Co.