Safa Rashtchy (650)838-1347 [email protected] Aaron Kessler (650) 838-1434 [email protected] Valuation ESTIMATES Price Target/ Price % of 52 Market EnterpriseEV/Rev EV/EBITDA LTP/E (PF) P/E (full tax) Revenue Pro-Forma EPS EBITDA Company Name Ticker Rating EBITDA multiple 7/22 Wk High Value Value CY05 CY06 CY05 CY06 Growth CY05 CY06 CY05 CY06 CY04 CY05 CY06 CY04 CY05 CY06 CY04 CY05 CY06 Online/Digital Media Yahoo! YHOO OP $45 (27x '06) $33.53 84% $49,765 $35,544 6.8 5.3 23 18 27% 60 47 48 39 3,575 5,226 6,653 0.38 0.56 0.72 1,032 1,536 1,985 Monster Worldwide MNST OP $28.79 84% $3,484 $3,337 3.4 16 20% 34 25 34 25 853 986 1,141 0.60 0.85 1.16 150 210 CNET Networks CNET MP $11 (17x '06) $11.69 96% $1,867 $1,911 5.5 4.7 29 20 30% 41 26 66 42 291 350 406 0.07 0.28 0.44 35 67 97 RealNetworks RNWK MP $5.10 (12x '06) $5.01 68% $925 $556 1.7 1.4 24 14 20% nm nm nm nm 269 333 404 (0.09) 0.04 0.11 6 23 39 Jupitermedia JUPM OP $21 (15x '06) $21.63 89% $772 $772 6.0 5.0 20 15 20% 27 21 31 24 72 128 155 0.49 0.79 1.05 19 39 51 HouseValues SOLD OP $22 (16x '06) $18.00 89% $497 $419 4.9 3.5 19 13 30% 39 26 34 24 48 85 120 0.34 0.46 0.69 14 22 33 Homestore HOMS OP $4.50 (17x '06) $2.87 77% $421 $358 1.5 1.3 nm 13 30% nm 30 nm 37 217 243 281 (0.10) (0.05) 0.09 11 3 28 iVillage IVIL $6.06 84% $370 $353 4.3 24 25% 43 29 69 83 97 0.02 0.14 0.21 8 15 Zip Realty ZIPR $13.81 70% $352 $277 2.8 23 13 25% 46 28 62 100 135 0.12 0.30 0.50 4 12 21 Autobytel ABTLE $4.90 50% $221 $161 1.1 7 20% 12 9 123 153 181 0.24 0.41 0.55 16 22 Mean 79% 3.8 3.5 21 15 25% 38 27 43 32 eCommerce eBay EBAY MP $43 (23x '06) $41.02 69% $56,570 $52,695 11.9 9.3 28 22 30% 47 38 47 38 3,271 4,428 5,668 0.61 0.87 1.08 1,342 1,909 2,414 InterActiveCorp IACI OP $30 (10x '06) $26.79 93% $19,700 $15,129 2.0 1.8 10 9 15% 25 22 25 22 6,193 7,394 8,326 0.97 1.06 1.20 1,274 1,460 1,644 Amazon AMZN UP $30 (16x '06) $37.95 82% $16,053 $16,465 2.0 1.7 25 21 18% 54 42 49 41 6,921 8,434 9,835 1.50 0.71 0.91 565 669 774 Digital River DRIV OP $42 (15x '06) $36.48 82% $1,512 $1,197 5.7 4.8 16 13 25% 30 23 37 23 154 211 250 1.21 1.20 1.58 51 76 95 Getty Images GYI OP $87 (15x '06) $71.52 90% $4,555 $4,248 5.8 5.1 15 12 25% 33 25 30 24 622 728 827 1.72 2.20 2.84 225 284 345 Overstock OSTK OP $48 (30x '06) $40.95 53% $851 $727 0.9 0.7 nm 26 40% nm nm nm nm 495 819 1,072 (0.32) (0.24) 0.52 (1) 9 28 Netflix NFLX MP $11 (15x '06) $16.40 79% $866 $700 1.0 0.8 nm 25 20% nm 53 nm 85 506 669 860 0.58 0.03 0.31 43 nm 28 Blue Nile NILE MP $31 (17x '06) $33.85 94% $636 $583 2.8 2.3 25 20 25% 47 37 47 37 169 208 252 0.55 0.72 0.90 18 23 30 GSI Commerce GSIC MP $16 (15x '06) $19.54 98% $814 $739 1.7 1.4 26 16 25% 66 28 93 42 335 427 527 0.01 0.30 0.69 14 28 46 FTD.com FTD MP $14 (8.6x '06) $11.65 84% $355 $599 1.3 1.2 9 8 10% 18 14 18 14 417 457 504 0.00 0.66 0.81 58 63 71 800 Flowers FLWS $7.25 80% $493 $393 9 12% 24 24 626 673 0.29 0.31 36 42 Provide Commerce PRVD $24.89 64% $348 $279 1.5 1.2 14 10 30% 32 130 187 225 0.58 0.77 0.00 11 20 27 Drugstore.com DSCM $3.73 78% $294 $255 0.6 0.5 25 25% nm nm 354 407 471 (0.25) (0.23) (0.08) (6) 10 Red Envelope REDE $10.12 58% $87 $62 0.6 0.0 nm 0% ne ne ne ne 91 109 (0.40) 0.13 Mean 79% 2.9 2.4 18 17 21% 38 31 41 36 Search Yahoo! YHOO OP $45 (27x '06) $33.53 84% $49,765 $35,544 6.8 5.3 23 18 27% 60 47 48 39 3,575 5,226 6,653 0.38 0.56 0.72 1,032 1,536 1,985 Google GOOG OP $365 (50x '06 EPS) $302.40 95% $86,861 $83,913 14.5 10.3 35 25 30% 51 39 51 39 3,189 5,778 8,173 2.73 5.90 7.68 1,269 2,422 3,306 Infospace INSP OP $55 (14x '06) $34.50 60% $1,288 $904 2.4 1.9 10 8 30% 14 12 23 19 249 382 488 1.58 2.43 2.86 59 95 118 Marchex MCHX OP $28 (26x '06) $18.00 72% $707 $617 6.9 5.4 23 17 40% 45 32 45 32 44 89 115 0.16 0.40 0.56 6 27 37 Shopping.com SHOP MP $24 (18x '06) $20.91 59% $661 $518 4.0 3.2 21 15 20% 30 22 49 35 99 130 164 0.78 0.69 0.96 22 24 35 Miva MIVA $6.59 28% $217 $168 0.9 0.9 9 8 10% 26 21 170 187 193 0.66 0.25 0.31 38 18 20 LookSmart LOOK UP NA $0.71 31% $81 $28 0.6 0.5 nm nm nm nm nm nm nm 81 49 58 (0.09) (0.15) (0.12) (3) (9) (6) Mean 61% 5.2 3.9 20 15 26% 38 29 43 33 Advertising Services aQuantive AQNT OP $18 (15x '06) $18.13 91% $1,343 $1,287 4.7 3.9 20 16 27% 47 48 40 30 158 275 327 0.31 0.38 0.38 36 64 82 Digitas DTAS MP $12 (13x '06) $11.28 93% $1,103 $930 2.7 2.4 17 13 22% 23 17 36 27 252 339 394 0.44 0.49 0.66 41 53 72 ValueClick VCLK OP $17 (13x '06) $12.91 88% $1,101 $867 3.2 2.3 12 9 27% 27 19 27 19 169 273 380 0.41 0.49 0.68 45 71 102 24/7 Media TFSM OP $4.9 (15x '06) $4.44 95% $222 $192 1.5 1.2 26 14 30% nm 38 nm 61 85 125 157 (0.15) (0.02) 0.12 2 7 14 Aptimus APTM $19.51 70% $140 $139 5.2 25 17 30% 25 16 14 27 41 0.29 0.79 1.21 2 6 8 FastClick FSTC $8.25 32% $165 $85 0.9 0.7 7 4 25% 29 18 91 119 0.28 0.46 12 19 WebSideStory WSSI $15.53 91% $312 $283 7.2 5.0 33 19 30% 36 24 39 57 0.43 0.63 9 15 Mean 80% 3.6 2.6 20 13 27% 31 26 34 34 Travel InterActiveCorp IACI OP $30 (10x '06) $26.79 93% $19,700 $15,129 2.0 1.8 10 9 15% 25 22 25 22 6,193 7,394 8,326 0.97 1.06 1.20 1274 1460 1644 Sabre Group TSG $19.20 74% $2,670 $2,410 1.0 5 8% 12 12 2,151 2,296 2,007 1.45 1.61 1.61 388 443 0 Priceline.com PCLN MP $29 (13x '06) $24.25 90% $991 $949 1.0 0.9 15 13 20% 20 16 29 24 914 982 1,078 0.96 1.22 1.47 48 62 75 Mean 85% 1.4 1.3 10 11 14% 19 17 27 23 Internet Services Akamai AKAM OP $16 (16x '06) $14.57 88% $2,146 $2,084 8.1 6.8 23 17 28% 31 22 49 35 210 258 308 0.30 0.47 0.66 69 92 123 Earthlink ELNK $9.40 78% $1,479 $1,062 0.8 4 10% 10 10 10 10 1,391 1,391 1,316 0.86 0.97 0.99 217 240 Digital River DRIV OP $42 (15x '06) $36.48 82% $1,512 $1,197 5.7 4.8 16 13 25% 30 23 37 23 154 211 250 1.21 1.20 1.58 51 76 95 United Online UNTD OP $13 (5x '06) $11.50 72% $725 $522 1.0 0.9 4 4 10% 11 11 11 11 449 528 551 1.00 1.03 1.06 114 129 136 WebEx Communications WEBX $28.73 98% $1,345 $661 3.7 3.2 12 11 15% 25 22 248 307 361 0.94 1.15 1.33 68 92 J2 Global Communications JCOM $36.75 87% $941 $888 6.1 13 20% 23 19 106 145 188 1.21 1.59 1.95 51 68 Mean 84% 4.2 3.9 12 11 18% 22 18 27 20 China Shanda SNDA OP $59 (22x '06) $34.59 76% $2,544 $2,390 9.1 6.8 18 14 25% 22 17 23 19 157 261 351 1.13 1.60 2.05 69 133 167 Sina.com SINA MP $30 (22x '06) $27.45 69% $1,606 $1,322 6.8 5.9 23 19 25% 32 28 32 28 200 193 224 1.21 0.87 0.98 79 58 70 NetEase NTES OP $65 (14x '06) $57.06 93% $2,014 $1,714 9.4 6.6 17 12 35% 22 17 22 17 109 183 262 1.54 2.54 3.42 55 101 145 Sohu.com SOHU MP $20 (15x '06) $21.20 89% $847 $808 7.3 5.9 21 15 25% 25 19 29 22 103 110 136 0.87 0.84 1.13 40 39 52 Ctrip.com CTRP OP $57 (23x '06) $52.26 92% $847 $772 13.5 10.5 28 20 30% 38 29 40 28 40 57 74 1.00 1.38 1.81 18 27 38 Tom Online TOMO OP $17 (12x '05) $13.30 80% $632 $582 3.7 2.8 13 10 27% 16 12 24 17 123 158 207 0.76 0.82 1.10 41 43 59 51 Job JOBS MP $20 (18x '06) $14.00 25% $396 $294 4.3 3.5 28 17 30% 56 31 56 31 55 68 84 0.29 0.25 0.46 14 10 17 Linktone LTON OP $13 (15x '05) $8.05 66% $219 $156 2.4 1.8 10 8 25% 14 13 17 15 50 66 86 0.55 0.57 0.63 14 16 18 KongZhong KONG $10.00 79% $313 $223 3.2 2.4 9 7 25% 14 12 nm nm 48 70 92 nm 0.71 0.84 nm 26 34 Mean 75% 6.1 4.7 17 13 27% 25 18 29 21 Universe Mean 76% 4.0 3.3 18 14 24% 31 24 36 29 Universe Median 81% 3.2 2.4 18 14 25% 28 22 33 26 ” Please see reverse side for important disclosures * Source for not rated stocks is First Call estimates.