EUROPEAN TECHNOLOGY INDUSTRY UPDATE NOVEMBER

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1 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 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, Frankfurt am Main, Germany. Permanent Representative (Ständiger Vertreter) of the Branch Niederlassung: Mr. Jeffery H. Perkins.

2 RECENT DEVELOPMENTS COMPANY SPECIFIC NEWS Publicis has agreed to acquire Sapient, a provider of strategic, marketing and technology services, valuing the business at $3.2bn NetScout Systems has agreed to merge with the communication unit of Danaher valuing the business at $2.6bn Micro Focus has completed the acquisition of Attachmate, a provider of advanced software for terminal emulation, legacy modernisation and managed file transfer, in a deal valued at $2.3bn Qualcomm has agreed to acquire CSR, a provider of wireless technology solutions for audio, visual, connectivity and location products, valuing the business at $2.1bn Vista Equity Partners has agreed to acquire Advanced Computer Software, a provider of business accounting and financial management software, valuing the business at 762m Apax Partners has agreed to acquire Exact, a Dutch business software provider, for 677m Penta Capital and Toscafund have made an offer to acquire the Daisy Group, a UK provider of telecommunication and managed services, valuing the company at 635m The Carlyle Group has agreed to acquire Dealogic, a provider of technology, content and support to investment banks and financial services businesses, for $700m Siris Capital has entered into a definitive agreement to take Digital River private, a provider of end-to-end cloud-commerce, payments and marketing solutions, for $578m Nordic Capital has agreed to acquire Vizrt, a provider of real-time 3D graphics, studio automation, sports analysis and asset management tools for the broadcast industry, for NOK 2.2bn Progress Software has agreed to acquire Telerik, a provider of an end-to-end platform which combines user interface tools with cloud services for the application development lifecycle, from Summit Partners for $263m Great Hill Partners has agreed to acquire a majority stake in the Momondo Group, a UK travel metasearch engine that enables users to find and compare prices on airplane tickets, hotels, cars and travel deals, for 80m, valuing the business at over 132m RNTS has agreed to acquire Fyber, a German monetisation platform for social games and applications, online games and other publishers in Europe, from Nokia Growth Partners for 150m HgCapital has made an offer to take private Allocate Software, a developer of workforce management solutions for healthcare, defence, government and commercial sectors, for an Enterprise Value of c. 97m Macromill has agreed to acquire MetrixLab, a Dutch online market research and analytics company, for c.jpy 17bn MedImmune has agreed to acquire Definiens, a German developer of intelligent software solutions for digital image analysis and knowledge management, from Gilde Healthcare Partners for an initial consideration of $150m Orbcomm has agreed to acquire SkyWave Mobile, a manufacturer of satellite communication equipment and airtime services for M2M applications, for $130m Next has agreed to acquire Trovit Search, an operator of a search engine for classified ads for real estate, jobs, cars and vacation rentals, from Cabiedes & Partners for 80m Nemetschek has agreed to acquire Bluebeam Software, a developer of PDF solutions for digitising project communications, from Juvo Capital for $100m CONTENTS RECENT DEVELOPMENTS PUBLIC MARKET TRADING SOFTWARE IT SERVICES COMMUNICATIONS INTERNET AND DIGITAL MEDIA TMT GROUP OVERVIEW Our Technology, Media & Telecom (TMT) Group is dedicated to providing superior merger & acquisition and capital markets advisory services to market leading companies. Our extensive industry knowledge and transaction leadership experience spans the software, digital media, IT services and communications sectors. Our professionals in London, Boston and San Francisco have global relationships with leading technology companies and financial investors. Thoughtful advice, deep experience and technology expertise, creativity and attention to detail from our senior technology bankers have resulted in a track record of consistently exceeding our clients' expectations. CONTACTS UNITED STATES Jeff Bistrong Managing Director jbistrong@harriswilliams.com +1 (617) Michael Wilkins Managing Director mwilkins@harriswilliams.com +1 (415) EUROPE Thierry Monjauze Managing Director tmonjauze@harriswilliams.com +44 (0) Jonathan Organ Vice President jorgan@harriswilliams.com +44 (0) PAGE 1

3 RECENT DEVELOPMENTS (CONT.) EUROPEAN TECHNOLOGY INDUSTRY TRENDS In September 2014, the IDC forecast that spending on Big Data technology and services in Western Europe would rise from $2.3bn to $2.9bn this year and reach $6.8bn by 2018 By 2020, more than 7bn people and businesses, and close to 35bn devices, will be connected to the internet, according to Gartner A new report from Juniper Research has found that just over 2bn mobile phone or tablet users will make some form of mobile commerce transaction by the end of 2017, up from 1.6bn this year In 2019, users will download more than 33bn apps in the EU-7 (France, Germany, Italy, the Netherlands, Spain, Sweden and the UK), representing more than 13% of all downloads worldwide. Driven predominantly by smartphone and tablet growth, mobile revenues will double to reach 10.5bn by 2019, up from 5.1bn in 2014, according to Forrester s Mobile Application Spending Forecast report Forrester estimates that 49% of online retail, travel and daily deals sales in the EU-7 will be from mobile and tablets by Online retail sales in 2014 have grown by 2 representing a 43bn increase Source: Various industry news outlets PUBLIC MARKET TRADING STATISTICS Stock Performance LAST 30 DAYS LAST TWELVE MONTHS 1 3 8% 6% 4% 7.3% 7.7% 4.6% 4.7% 3.5% (2.7%) 25% 2 15% 28.4% % 13.7% 0.8% 0. 2% 1 5% (2%) (4%) (6%) (5%) (8%) (1) Nov 2013 Feb 2014 May 2014 Aug 2014 Nov 2014 (1) 26 Oct 02 Nov 09 Nov 16 Nov 23 Nov Software IT Services Internet and Digital Media Communications Internet and Digital Media Communications Software IT Services Nasdaq Composite DJ Stoxx 600 Technology Nasdaq Composite DJ Stoxx 600 Technology PAGE 2

4 PUBLIC MARKET TRADING STATISTICS (CONT.) COMPARABLE TRADING SUMMARY CY2014E EV / Revenue EV / EBITDA P / E EBITDA Margin Rev. Growth CY2014E CY2015E CY2014E CY2015E CY2014E CY2015E Software European Large Cap. Software % 4.5x 3.9x 13.2x 11.5x 20.8x 18.5x Application Software 24.7% 15.5% 3.7x 3.4x 12.2x 11.8x 21.5x 21.1x Infrastructure Software 29.8% 10.5% 3.7x 3.3x 12.4x 10.9x 19.5x 18.5x Large Cap. SaaS 16.2% 64.5% 9.1x 7.1x NM NM 30.4x 25.3x Small Cap. SaaS 1.7% 29.1% 5.4x 4.3x NM NM 37.0x 38.2x HCM/WFM 5.6% 40.2% 6.5x 5.1x 14.5x 14.3x 20.6x 19.1x FinTech 27.4% 12.7% 4.7x 4.2x 14.1x 13.3x 21.5x 21.5x Healthcare IT 6.8% x 3.4x 12.8x 11.7x 22.5x 20.9x Data and Data Analytics 21.5% 22.8% 4.8x 4.1x 13.0x 11.4x 18.4x 18.5x Security Software 19.1% x 5.0x 16.6x 14.2x 20.2x 21.4x CAx/PLM 24.6% x 3.3x 14.2x 12.5x 20.6x 21.2x IT Services IT Services 12.3% 11.7% 0.9x 0.9x 7.6x 7.0x 16.2x 13.1x Offshore IT Services 24.5% 55.2% 3.5x 3.1x 14.0x 12.7x 20.2x 17.8x Managed Services, Colocation and Hosting 29.8% 18.4% 3.1x 2.8x 11.5x 9.7x 20.5x 25.1x Data Centers 52.5% 27.3% 7.3x 6.7x 13.8x 12.5x 23.4x 33.0x PaaS/IaaS 21.2% 18.1% 4.1x 3.4x 11.0x 9.9x 21.5x 20.0x Communications Digital Broadband 10.9% 11.6% 0.7x 0.7x 7.1x 6.3x 16.5x 13.4x Diversified Communication Equipment % 1.2x 1.2x 11.1x 9.1x 22.6x 17.1x Mobile Content/Solutions Providers 16.2% 31.8% 2.5x 1.8x 14.7x 8.4x 34.2x 18.9x Mobile Infrastructure Software 20.4% 16.4% 2.8x 2.6x 13.0x 8.6x 18.3x 19.5x Internet and Digital Media Global Internet Leaders 37.1% 32.6% 8.3x 6.5x 18.8x 17.5x 24.4x 26.3x Chinese Internet Leaders (4.2%) x 3.0x 25.5x 14.4x 27.2x 22.1x Online Classifieds 39.1% 24.1% 6.9x 6.1x 13.8x 14.7x 23.0x 19.8x Content Providers/Communities 20.4% 27.1% 6.3x 4.8x 11.2x 17.5x 30.3x 28.4x Ecommerce 15.6% 26.7% 4.7x 3.7x 20.2x 17.6x 25.6x 32.8x Interactive Entertainment 24.7% 3.2% 2.2x 2.1x 12.9x 9.1x 20.7x 17.1x Intermediation and Comparison 16.9% 22.6% 3.9x 3.2x 13.5x 17.9x 18.0x 16.1x Online Gambling 25.8% x 2.4x 9.6x 10.0x 17.5x 18.4x Digital Marketing 11.2% 20.3% 2.7x 2.2x 11.7x 10.7x 21.1x 19.7x Online Travel 25.6% 13.8% 3.9x 3.3x 11.5x 12.2x 22.6x 21.9x PAGE 3

5 SOFTWARE LAST 30 DAYS PERFORMANCE 25% 2 15% HCM/WFM 10.5% Fintech 8.3% Security Software 7.7% Infrastructure Software 7.2% CAx/PLM 6.8% Application Software 6. European Large Cap. Software 5.9% Large Cap. SaaS 4.6% Data and Data Analytics 3.7% Healthcare IT 3.1% Small Cap. SaaS 0.6% 1 5% (5%) (1) 26 Oct 02 Nov 09 Nov 16 Nov 23 Nov Data and Data Analytics Infrastructure Software Large Cap. SaaS Fintech Application Software Healthcare IT HCM/WFM Small Cap. SaaS European Large Cap. Software Security Software CAx/PLM LAST TWELVE MONTHS PERFORMANCE 5 4 Infrastructure Software 30.5% Fintech 18.6% Application Software 17.9% Healthcare IT 15.9% Security Software 15.5% HCM/WFM 11.2% Large Cap. SaaS 5.7% Data and Data Analytics (3.1%) Small Cap. SaaS (3.5%) CAx/PLM (4.4%) European Large Cap. Software (8.7%) (1) (2) (3) Nov 2013 Feb 2014 May 2014 Aug 2014 Nov 2014 Security Software Infrastructure Software HCM/WFM Healthcare IT Application Software Large Cap. SaaS Small Cap. SaaS European Large Cap. Software Fintech Data and Data Analytics CAx/PLM PAGE 4

6 SOFTWARE (CONT.) EUROPEAN TECHNOLOGY Market Enterprise CY2014E Cap ($m) Value ($m) EBITDA Margin Rev. Growth CY2014E CY2015E CY2014E CY2015E CY2014E CY2015E European Large Cap. Software SAP 84,850 86, % 3.9% 4.0x 3.7x 11.4x 10.5x 16.5x 15.4x Dassault Systemes 16,395 15, % 12.9% 5.3x 4.7x 16.0x 13.9x 29.2x 25.6x Sage 6,637 7, % (3.2%) 3.4x 3.3x 11.5x 10.8x 17.7x 16.2x Micro Focus 3,871 4, % x 3.3x 13.3x 8.3x 16.2x 13.9x Temenos 2,304 2, % x 4.5x 14.6x 13.1x 25.4x 21.3x Aveva 1,556 1, % (1.2%) 4.0x 3.9x 12.7x 12.2x 19.6x 18.7x Mean % 4.5x 3.9x 13.2x 11.5x 20.8x 18.5x Median 33.6% x 3.8x 13.0x 11.5x 18.7x 17.5x Application Software Microsoft 391, , % 19.8% 3.5x 3.3x 10.1x 9.2x 18.2x 16.1x Oracle 182, , % 4.2% 4.2x 4.1x 8.7x 8.1x 14.2x 13.0x SAP 84,850 86, % 3.9% 4.0x 3.7x 11.4x 10.5x 16.5x 15.4x Intuit 26,454 25, % 9.3% 5.6x 5.6x 15.7x 17.4x 28.1x 33.8x Sage 6,637 7, % (3.2%) 3.4x 3.3x 11.5x 10.8x 17.7x 16.2x Constellation Software 6,091 6, % 37.8% 3.8x 3.3x 17.9x 15.5x 23.1x 19.0x Tyler Technologies 3,601 3, % 18.3% 7.0x 6.1x NM 22.6x NM 44.8x Guidewire Software 3,483 3, % x 7.8x NM NM NM NM ACS 1,040 1, % 78.9% 3.2x 3.0x 13.9x 12.9x 19.4x 19.0x IFS % 10.7% 1.9x 1.8x 10.8x 9.4x 27.4x 21.7x Kofax % 12.4% 1.8x 1.5x 14.1x 9.9x 23.6x 18.9x SDL % 1.1% 1.2x 1.1x 15.1x 11.6x 28.6x 19.8x Cegid % 1.6% 1.2x 1.1x 4.2x 4.2x 12.1x 11.4x American Software % 5.1% 1.9x 1.7x 10.4x 8.4x 25.6x 20.5x (1) EV / Revenue EV / EBITDA P / E Mean 24.7% 15.5% 3.7x 3.4x 12.2x 11.8x 21.5x 21.1x Median 24.3% x 3.3x 11.4x 10.5x 21.3x 19.0x Infrastructure Software Hewlett-Packard 70,228 75, (1.1%) 0.7x 0.7x 5.7x 5.6x 10.0x 9.4x VMware 37,413 31, % 15.7% 5.3x 4.6x 14.7x 12.9x 24.3x 21.0x CA Technologies 13,730 12, % (5.5%) 2.9x 2.9x 7.1x 7.4x 12.3x 12.6x Red Hat 11,645 10, % 29.6% 6.3x 5.5x 23.8x 20.5x NM 35.5x Citrix Systems 10,602 11, % 7.5% 3.6x 3.3x 12.0x 11.2x 20.4x 17.8x F5 Networks 9,553 8, % x 4.4x 12.9x 11.4x 22.8x 19.7x Brocade 4,925 4, % (0.3%) 1.9x 1.9x 6.6x 6.5x 12.7x 12.3x Solarwinds 3,894 3, % 27.7% 8.6x 7.0x 18.2x 15.8x 28.7x 25.3x Riverbed Technology 3,150 3, % 5.1% 3.0x 2.9x 10.0x 9.0x 18.1x 16.5x Software AG 2,132 2, % (10.8%) 2.1x 2.1x 7.9x 7.6x 11.7x 11.0x Pegasystems 1,647 1, % 17.6% 2.4x 2.1x 17.2x 12.5x 29.7x 21.7x Netscout Systems 1,586 1, % 26.9% 3.2x 2.8x 10.2x 9.1x 22.1x 19.6x Progress Software 1,301 1, % (0.9%) 3.1x 3.0x 8.3x 8.3x 17.4x 17.1x Radware % 14.5% 3.5x 3.2x 18.4x 14.4x 24.0x 19.3x Mean 29.8% 10.5% 3.7x 3.3x 12.4x 10.9x 19.5x 18.5x Median 29.7% x 2.9x 11.1x 10.2x 20.4x 18.6x Large Cap. SaaS Salesforce 36,731 38, % 76.1% 7.1x 5.9x NM NM NM NM Workday 16,251 14, % 186.8% 19.0x 13.2x NM NM NM NM NetSuite 7,975 7, % 33.6% 14.1x 10.8x NM NM NM NM Athenahealth 4,541 4, % 25.5% 6.2x 5.0x NM NM NM NM The Ultimate Software Group 4,175 4, % 23.3% 8.1x 6.6x NM NM NM NM Veeva Systems 3,745 3, % 140.5% 10.9x 8.7x NM NM NM NM Guidewire Software 3,483 3, % x 7.8x NM NM NM NM Dealertrack Technologies 2,516 3, % 75.7% 3.7x 3.0x NM NM 30.4x 25.3x Medidata Solutions 2,314 2, % 21.7% 6.8x 5.6x NM NM NM NM Cornerstone OnDemand 1,670 1, x 4.9x NM NM NM NM Mean 16.2% 64.5% 9.1x 7.1x NM NM 30.4x 25.3x Median 18.6% 37.3% 7.6x 6.2x NM NM 30.4x 25.3x Note (1) Vista Equity Partners has entered into an agreement to acquire ACS PAGE 5

7 SOFTWARE (CONT.) EUROPEAN TECHNOLOGY Market Enterprise CY2014E EV / Revenue EV / EBITDA P / E Cap ($m) Value ($m) EBITDA Margin Rev. Growth CY2014E CY2015E CY2014E CY2015E CY2014E CY2015E Small Cap. SaaS Paylocity 1,454 1, % 65.5% 11.0x 8.6x NM NM NM NM Fleetmatics 1,333 1, % 30.6% 5.2x 4.2x NM NM 37.0x 28.8x LogMeIn 1,246 1, % 32.8% 4.8x 4.1x NM NM NM 39.7x Cvent 1, % 27.6% 6.9x 5.5x NM NM NM NM SPS Commerce % 21.8% 6.5x 5.3x NM NM NM NM Callidus % 19.6% 5.6x 4.6x NM NM NM NM Benefitfocus (36.2%) 29.5% 5.0x 3.9x NM NM NM NM Textura (10.2%) 30.6% 8.3x 5.8x NM NM NM NM Channel Advisors (21.3%) 27.9% 4.2x 3.3x NM NM NM NM JIVE (3.1%) 22.2% 1.9x 1.6x NM NM NM NM SciQuest % 14.4% 2.8x 2.6x NM NM NM 46.0x Marin Software (19.8%) 27.2% 2.3x 1.9x NM NM NM NM Mean 1.7% 29.1% 5.4x 4.3x NM NM 37.0x 38.2x Median 6.6% 27.7% 5.1x 4.1x NM NM 37.0x 39.7x HCM/WFM Workday 16,251 14, % 186.8% 19.0x 13.2x NM NM NM NM The Ultimate Software Group 4,175 4, % 23.3% 8.1x 6.6x NM NM NM NM Cornerstone OnDemand 1,670 1, x 4.9x NM NM NM NM Paylocity 1,454 1, % 65.5% 11.0x 8.6x NM NM NM NM Benefitfocus (36.2%) 29.5% 5.0x 3.9x NM NM NM NM ClickSoftware % 23.9% 1.6x 1.5x NM NM NM NM Halogen (15.8%) 17.6% 2.1x 1.7x NM NM NM NM (1) Allocate Software % 10.9% 2.2x 2.1x 13.2x 12.6x 19.5x 19.8x ATOSS Software % 7.9% 2.6x 2.4x 10.0x 8.8x 18.5x 16.4x Invision Software % (4.4%) 6.9x 6.5x 20.3x 21.4x 23.9x 21.0x Mean 5.6% 40.2% 6.5x 5.1x 14.5x 14.3x 20.6x 19.1x Median % 5.7x 4.4x 13.2x 12.6x 19.5x 19.8x Healthcare IT McKesson 48,449 56, % 40.6% 0.3x 0.3x 11.9x 10.8x 20.0x 17.2x Cerner 21,516 20, % x 4.7x 17.9x 14.8x 38.2x 31.2x Sysmex 8,893 8, % 42.2% 4.9x 4.3x 19.6x 17.0x NM 35.1x Allscripts Healthcare Solutions 2,169 2, % 1.9% 1.9x 1.8x 13.4x 11.1x 38.1x 25.5x CompuGroup 1,201 1, % 10.6% 2.5x 2.4x 12.6x 10.7x 16.1x 13.2x Castlight Health 1, (178.2%) 240.7% 21.2x 11.6x NM NM NM NM Emis % 28.9% 3.7x 3.5x 11.9x 11.0x 20.1x 18.7x Computer Programs & Systems % 4.7% 3.0x 2.9x 10.7x 10.2x 18.2x 17.5x Sectra Aktiebolag % x 3.3x 13.8x 13.9x 27.3x 25.9x Cegedim 480 1, % (0.1%) 0.9x 1.2x 5.5x 6.6x 11.2x 10.7x Merge Healthcare % (7.) 2.3x 2.3x 10.6x 9.8x 17.4x 16.3x Craneware % 3.8x 3.4x 12.6x 11.3x 21.6x 19.5x Allocate Software(1) % 10.9% 2.2x 2.1x 13.2x 12.6x 19.5x 19.8x Mean 6.8% x 3.4x 12.8x 11.7x 22.5x 20.9x Median 22.1% 11.7% 3.0x 2.9x 12.6x 11.0x 20.0x 19.1x Security Software Symantec 17,882 16, % (3.3%) 2.4x 2.4x 7.6x 7.0x 13.7x 13.0x Check Point 14,656 13, % 6.9% 9.0x 8.4x 15.6x 14.5x 20.8x 18.9x Palo Alto Networks 9,681 9, % 83.1% 12.9x 9.6x NM NM NM NM Gemalto 7,251 6, % 4.5% 2.2x 1.9x 11.9x 9.8x 19.6x 16.3x Verisign 7,250 7, % 4.8% 7.1x 6.7x 10.6x 10.1x 21.7x 19.1x FireEye 4,838 4,440 (56.2%) 162.6% 10.5x 7.1x NM NM NM NM Fortinet 4,505 3, % x 4.4x 27.3x 22.4x NM 46.3x Trend Micro 4,032 3, % x 3.0x 9.1x 8.9x 23.3x 22.4x Barracuda Networks 1,860 1, % 6.4x 5.6x 23.0x 19.1x NM NM Proofpoint 1,617 1, % 39.4% 8.0x 6.4x NM NM NM NM Vasco Data Security 1,156 1, % 5.4x 4.7x 23.3x 19.3x 32.3x 27.8x Qualys 1,152 1, % 7.8x 6.5x 37.1x 30.6x NM NM Imperva 1,148 1,047 (9.3%) 17.8% 6.4x 5.3x NM NM NM NM AVG Technologies 1, % (9.2%) 2.6x 2.3x 7.0x 6.5x 10.4x 10.2x F-Secure % 0.1% 1.9x 1.8x 10.0x 7.8x 19.6x 18.1x Intercede % 81.3% 5.6x 4.1x NM NM NM NM Mean 19.1% x 5.0x 16.6x 14.2x 20.2x 21.4x Median 19.8% 20.4% 6.0x 5.0x 11.9x 10.1x 20.2x 18.9x 1. HgCapital has agreed to acquire Allocate Software PAGE 6

8 SOFTWARE (CONT.) EUROPEAN TECHNOLOGY Market Enterprise CY2014E EV / Revenue EV / EBITDA P / E Cap ($m) Value ($m) EBITDA Margin Rev. Growth CY2014E CY2015E CY2014E CY2015E CY2014E CY2015E Fintech Intuit 26,454 25, % 9.3% 5.6x 5.6x 15.7x 17.4x 28.1x 33.8x Fiserv 17,197 20, % 4.9% 4.1x 3.9x 12.5x 11.7x 20.9x 18.7x Paychex 17,194 16, % 14.5% 6.4x 5.9x 14.9x 13.8x 26.7x 24.5x Fidelity Information Services 17,156 21, % x 3.1x 11.2x 10.4x 19.5x 17.3x MSCI 5,433 5, % (3.2%) 5.8x 5.3x 14.3x 13.5x 24.3x 22.6x Jack Henry 5,035 5, % 11.2% 4.0x 3.7x 11.6x 10.8x 25.0x 22.4x SS&C Technologies 4,233 4, % 7.1% 6.2x 5.8x 14.9x 13.8x 21.5x 19.8x Guidewire 3,483 3, % x 7.8x NM NM NM NM Temenos 2,304 2, % x 4.5x 14.6x 13.1x 25.4x 21.3x Fair Isaac 2,303 2, % 7.4% 3.4x 3.3x 13.2x 12.9x 18.5x 17.1x Envestnet 1,792 1, % 43.8% 4.9x 4.0x 31.1x 22.0x NM 46.5x Advent Software 1,633 1, % 3.7% 4.7x 4.4x 14.0x 13.1x 22.0x 20.5x Paycom 1,415 1, % 36.9% 9.7x 7.5x NM NM NM NM Fidessa 1,414 1, % (0.3%) 3.0x 2.9x 12.0x 11.4x 29.3x 27.4x Iress 1,340 1, % 31.5% 5.2x 4.9x 16.3x 14.6x 23.2x 21.4x Ellie Mae 1,181 1, % x 5.6x 27.3x 30.8x NM NM SimCorp 1,170 1, % 7.3% 3.8x 3.5x 14.7x 13.2x 21.7x 18.8x Bottomline Technologies % 30.8% 2.9x 2.8x 11.7x 13.3x 17.1x 17.0x Q2 Holdings (13.6%) 38.7% 7.1x 5.4x NM NM NM NM Ebix % 0.9% 3.0x 2.7x 7.0x 7.1x 10.2x 10.4x Linedata % (1.5%) 1.3x 1.2x 5.1x 4.9x 9.9x 9.0x Microgen % (2.1%) 2.4x 2.3x 8.9x 8.4x 19.8x 18.5x StatPro % (3.5%) 1.5x 1.4x 10.8x 9.6x 23.9x 20.7x Mean 27.4% 12.7% 4.7x 4.2x 14.1x 13.3x 21.5x 21.5x Median 27.4% 7.3% 4.7x 4.0x 13.6x 13.1x 21.8x 20.5x Data and Data Analytics Experian 15,693 19, % 3.5% 4.0x 3.8x 11.3x 11.0x 16.9x 16.1x Nielsen 15,685 22, % 10.9% 3.5x 3.4x 11.9x 11.2x 16.4x 14.9x Verisk 10,256 11, % x 5.7x 13.8x 12.4x 26.0x 23.0x Equifax 9,607 11, % 5.5% 4.6x 4.3x 13.1x 12.0x 20.6x 18.7x Splunk 7,870 7, % 121.5% 16.1x 12.2x NM NM NM NM Tableau Software 5,695 5, % 68.3% 12.9x 9.2x NM NM NM NM Informatica 3,958 3, % 9.8% 3.2x 2.9x 12.3x 11.2x 23.5x 21.2x Convergys 2,120 2, % 39.4% 0.8x 0.7x 6.6x 5.8x 13.9x 12.5x Microstrategy 1,933 1, % 3.9% 2.6x 2.5x NM 15.3x NM 34.3x Neustar 1,507 2, % 6.8% 2.1x 2.1x 4.6x 4.5x 6.5x 7.1x PROS % 30.7% 4.1x 3.4x 29.7x 20.9x NM NM Kofax % 12.4% 1.8x 1.5x 14.1x 9.9x 23.6x 18.9x Actuate % (25.9%) 1.1x 1.3x NM NM NM NM Mean 21.5% 22.8% 4.8x 4.1x 13.0x 11.4x 18.4x 18.5x Median 13.7% 9.8% 3.5x 3.4x 12.3x 11.2x 18.7x 18.7x CAx/PLM Siemens 99, , % (2.8%) 1.2x 1.2x 9.4x 8.1x 15.4x 13.1x Dassault Systems 16,395 15, % 12.9% 5.3x 4.7x 16.0x 13.9x 29.2x 25.6x Autodesk 13,868 12, % x 4.9x 27.9x 24.3x NM 45.6x Ansys 7,555 6, % 8.7% 7.2x 6.7x 14.4x 13.1x 24.8x 22.8x PTC 4,546 4, % 4.5% 3.6x 3.5x 13.4x 12.2x 17.8x 15.9x Aveva 1,556 1, % (1.2%) 4.0x 3.9x 12.7x 12.2x 19.6x 18.7x Nemetschek % 14.8% 3.2x 2.6x 12.5x 10.4x 24.3x 19.6x Mensch und Maschine % 11.1% 0.9x 0.8x 11.0x 9.1x 17.0x 13.6x Cimatron % 6.9% 1.5x 1.5x 10.1x 8.8x 16.5x 16.1x Mean 24.6% x 3.3x 14.2x 12.5x 20.6x 21.2x Median 25.3% x 3.5x 12.7x 12.2x 18.7x 18.7x PAGE 7

9 IT SERVICES LAST 30 DAYS PERFORMANCE 35% 3 Data Centres 30.6% Offshore IT Services 23.6% Managed Services, Colocation and Hosting 22.8% PaaS/IaaS 12.4% IT Services (0.6%) 25% 2 15% 1 5% (5%) 26 Oct 02 Nov 09 Nov 16 Nov 23 Nov Managed Services, Colocation and Hosting Data Centres PaaS/IaaS Offshore IT Services IT Services LAST TWELVE MONTHS PERFORMANCE Data Centres 38.1% Offshore IT Services 31.1% Managed Services, Colocation and Hosting 30.3% PaaS/IaaS 19.9% IT Services 6.9% (1) (2) Nov 2013 Feb 2014 May 2014 Aug 2014 Nov 2014 Managed Services, Colocation and Hosting Offshore IT Services Data Centres PaaS/IaaS IT Services PAGE 8

10 IT SERVICES (CONT.) Market Enterprise CY2014E EV / Revenue EV / EBITDA Cap ($m) Value ($m) EBITDA Margin Rev. Growth CY2014E CY2015E CY2014E CY2015E CY2014E CY2015E IT Services NTT Group 59, , % 16.1% 1.2x 1.2x 4.3x 4.1x 13.6x 11.8x KDDI 53,747 62, % 21.9% 1.6x 1.6x 6.1x 5.1x 15.8x 13.6x Accenture 53,539 49, % 6.3% 1.6x 1.6x 9.9x 9.4x 18.7x 17.3x Fujitsu 11,924 15, % 9.6% 0.4x 0.4x 5.0x 4.9x 12.9x 10.3x Capgemini 11,587 11, % 3.8% 0.9x 0.8x 8.2x 7.5x 16.4x 14.7x CGI 11,351 13, % 4.1% 1.4x 1.4x 8.1x 7.9x 14.1x 12.7x Capita 11,122 13, % 11.7% 2.0x 1.9x 13.3x 12.3x 16.6x 15.3x Computer Sciences 8,871 9, (9.6%) 0.8x 0.7x 4.5x 4.3x 14.3x 13.0x Atos Origin 8,214 8, % 4.9% 0.7x 0.7x 6.7x 5.8x 13.2x 11.4x NEC 8,106 11, % (2.4%) 0.5x 0.5x 6.6x 6.5x 13.6x 14.9x Tieto 1,902 1, % (8.8%) 1.0x 1.0x 8.2x 7.2x 38.0x 14.0x Indra Sistemas 1,735 2, % (1.8%) 0.7x 0.7x 7.9x 7.4x 13.3x 11.0x Bechtle 1,647 1, % 10.4% 0.5x 0.5x 9.8x 9.1x 17.2x 15.7x Sopra 1,526 1, % 104.8% 0.5x 0.4x 6.8x 4.5x 11.0x 8.7x GFI Informatique % 8.2% 0.5x 0.4x 6.0x 5.8x 12.0x 10.4x Mean 12.3% 11.7% 0.9x 0.9x 7.6x 7.0x 16.2x 13.1x Median 10.8% 5.6% 0.7x 0.7x 7.4x 6.9x 14.2x 13.3x Offshore IT Services Tata 83,420 81, % 46.2% 5.5x 4.7x 18.6x 16.6x 24.2x 21.6x Infosys 39,745 34, % 15.3% 4.0x 3.7x 14.7x 13.8x 20.4x 18.8x Cognizant 32,455 27, % 14.9% 2.7x 2.3x 13.2x 11.4x 20.8x 18.4x Wipro 23,027 20, % 25.3% 2.7x 2.5x 11.7x 11.3x 16.6x 15.4x HCL 18,757 17, % 18.8% 3.1x 2.9x 12.3x 11.8x 16.6x 15.7x Tech Mahindra 9,980 9, % 210.7% 2.7x 2.2x 13.6x 11.2x 22.4x 16.7x Mean 24.5% 55.2% 3.5x 3.1x 14.0x 12.7x 20.2x 17.8x Median 24.5% x 2.7x 13.4x 11.6x 20.6x 17.6x Managed Services, Colocation and Hosting Level 3 16,341 24, % 7.4% 3.7x 3.0x 12.4x 9.8x 36.9x 34.7x United Internet 9,011 9, % 13.2% 2.5x 2.1x 12.2x 10.1x 20.5x 19.0x Rackspace 6,591 6, % x 3.0x 10.6x 9.0x NM 49.6x Windstream 6,037 14, % (2.3%) 2.5x 2.5x 6.9x 7.1x NM 48.1x Endurance 2,217 3, % 21.9% 5.2x 4.5x 14.5x 11.9x 22.9x 13.6x Interxion 1,926 2, % x 5.2x 13.5x 11.9x NM 35.9x Internap % 18.4% 2.2x 2.1x 9.5x 8.4x NM NM iomart % 49.6% 4.0x 3.5x 9.1x 8.0x 17.5x 15.0x Redcentric % 41.6% 3.8x 3.7x 18.2x 16.0x 19.1x 15.0x Melbourne IT % 21.4% 0.9x 0.8x 8.3x 5.5x 14.4x 10.2x Proact % 3.1% 0.4x 0.3x 4.9x 4.5x 12.0x 9.3x Mean 27.7% 18.4% 3.1x 2.8x 10.9x 9.3x 20.5x 25.1x Median 29.6% x 3.0x 10.6x 9.0x 19.1x 17.0x Data Centres Equinix 12,444 15, % 13.2% 6.5x 5.9x 14.3x 12.6x NM 40.6x Digital Realty Trust 9,297 15, % 9.2% 9.3x 8.8x 16.3x 15.3x NM NM Telecity 2,614 3, % 6.7% 5.6x 5.1x 11.8x 10.7x 21.1x 18.9x DuPont Fabros 2,078 3, % 12.3% 9.2x 8.8x 14.2x 13.2x 25.7x 23.4x Coresite 808 1, % 95.3% 5.8x 5.1x 12.1x 10.7x NM 49.2x Mean 52.5% 27.3% 7.3x 6.7x 13.8x 12.5x 23.4x 33.0x Median 47.6% 12.3% 6.5x 5.9x 14.2x 12.6x 23.4x 32.0x PaaS/IaaS EMC 60,823 59, % 5.5% 2.4x 2.3x 8.1x 7.6x 15.7x 14.0x Netapp 13,754 9, % (0.6%) 1.6x 1.5x 7.0x 6.8x 14.8x 13.7x Akamai 11,395 11, % x 4.9x 13.3x 11.6x 26.5x 23.3x ServiceNow 9,340 9, % 59.7% 13.5x 9.6x NM NM NM NM Commvault Systems 2,193 1, % 23.8% 2.9x 2.7x 13.5x 13.1x 28.9x 29.1x Synchronoss 1,825 1, % 30.6% 3.9x 3.2x 11.8x 9.4x 25.8x 22.8x Progress Software 1,301 1, % (0.9%) 3.1x 3.0x 8.3x 8.3x 17.4x 17.1x Carbonite % 14.4% 2.0x 1.8x 15.1x 12.7x NM NM E2open (17.3%) 6.3% 2.0x 1.6x NM NM NM NM Mean 21.2% 18.1% 4.1x 3.4x 11.0x 9.9x 21.5x 20.0x Median 22.7% 14.4% 2.9x 2.7x 11.8x 9.4x 21.6x 19.9x P / E PAGE 9

11 COMMUNICATIONS (CONTD.) EUROPEAN TECHNOLOGY LAST 30 DAYS PERFORMANCE 8% Diversified Communication Equipment 6.1% Digital Broadband 1.5% Mobile Content / Solutions Providers (4.4%) Mobile Infrastructure Software (4.6%) 6% 4% 2% (2%) (4%) (6%) (8%) (1) (12%) 26 Oct 02 Nov 09 Nov 16 Nov 23 Nov Mobile Infrastructure Software Digital Broadband Mobile Content / Solutions Providers Diversified Communication Equipment LAST TWELVE MONTHS PERFORMANCE 35% 3 Digital Broadband 6.7% Mobile Infrastructure Software 0.6% Diversified Communication Equipment (1.2%) Mobile Content / Solutions Providers (10.4%) 25% 2 15% 1 5% (5%) (1) (15%) (2) Nov 2013 Feb 2014 May 2014 Aug 2014 Nov 2014 Digital Broadband Diversified Communication Equipment Mobile Content / Solutions Providers Mobile Infrastructure Software PAGE 10

12 COMMUNICATIONS (CONT.) Market Enterprise CY2014E EV / Revenue EV / EBITDA P / E Cap ($m) Value ($m) EBITDA Margin Rev. Growth CY2014E CY2015E CY2014E CY2015E CY2014E CY2015E Digital Broadband Logitech 2,328 1, % 1.7% 0.9x 0.9x 9.0x 9.0x 22.6x 17.9x Technicolor 1,994 2, % (4.2%) 0.7x 0.7x 4.0x 3.8x 9.7x 7.5x Pace 1,760 1, % 6.1% 0.7x 0.7x 7.3x 6.7x 10.8x 10.0x TomTom 1,546 1, % (2.1%) 1.2x 1.2x 8.3x 7.8x 19.5x 19.7x Kudelski % 7.8% 1.0x 1.0x 8.0x 7.5x 17.3x 12.5x Extreme Networks % 92.8% 0.6x 0.6x 7.4x 7.9x 24.9x 10.6x Parrot % 1.1% 0.6x 0.6x 11.4x 5.9x NM 19.8x Advanced Digital Broadcast % (10.) 0.1x 0.1x 1.6x 1.5x 11.0x 8.8x Mean 10.9% 11.6% 0.7x 0.7x 7.1x 6.3x 16.5x 13.4x Median 9.9% 1.4% 0.7x 0.7x 7.7x 7.1x 17.3x 11.6x Diversified Communication Equipment LM Ericsson Telephone 40,784 35, % 0.8% 1.1x 1.1x 9.6x 7.9x 18.9x 15.0x Nokia 29,939 23, % (0.2%) 1.5x 1.4x 10.4x 9.8x 25.6x 20.7x Alcatel-Lucent 9,748 10, % (8.2%) 0.7x 0.6x 7.1x 5.7x NM 16.6x CIENA 1,785 2, % 11.5% 1.1x 1.0x 12.1x 9.5x 22.0x 13.4x ADTRAN 1,125 1, % (2.2%) 1.7x 1.5x 16.1x 12.5x 23.9x 19.8x Mean % 1.2x 1.2x 11.1x 9.1x 22.6x 17.1x Median 10.3% (0.2%) 1.1x 1.1x 10.4x 9.5x 23.0x 16.6x Mobile Infrastructure Software QUALCOMM 120, , % 7.8% 3.8x 3.6x 9.8x 9.7x 13.7x 13.4x Amdocs 7,650 6, % 7.9% 1.8x 1.7x 8.8x 8.5x 15.0x 14.0x VeriSign 7,250 7, % 4.8% 7.1x 6.7x 10.6x 10.1x 21.7x 19.1x Synchronoss Technologies 1,825 1, % 30.6% 3.9x 3.2x 11.8x 9.4x 25.8x 22.8x Sonus Networks % 8.1% 2.7x 2.5x 24.4x NA NM 34.1x Redknee Solutions % 85.1% 1.2x 1.2x 18.1x 7.4x NM 20.5x TeleCommunication Systems % 0.9% 0.7x 0.7x 7.2x 6.6x 15.4x 12.6x Smith Micro Software (23.4%) (14.1%) 1.0x 0.9x NM NM NM NM Mean 20.4% 16.4% 2.8x 2.6x 13.0x 8.6x 18.3x 19.5x Median 15.7% 7.8% 2.3x 2.1x 10.6x 8.9x 15.4x 19.1x Mobile Content / Solutions Providers Opera Software 1,913 1, % 60.4% 3.8x 2.6x 15.7x 10.1x 34.2x 18.3x GameLoft % 3.2% 1.1x 1.0x 13.8x 6.8x NM 19.5x Mean 16.2% 31.8% 2.5x 1.8x 14.7x 8.4x 34.2x 18.9x Median 16.2% 31.8% 2.5x 1.8x 14.7x 8.4x 34.2x 18.9x PAGE 11

13 INTERNET AND DIGITAL MEDIA LAST 30 DAYS PERFORMANCE 3 25% 2 Chinese Internet Leaders 23.4% Ecommerce 14.2% Intermediation and Comparison 9.6% Global Internet Leaders 8.9% Interactive Entertainment 8.4% Online Gambling 5.4% Online Travel 1.8% Online Classifieds 1.1% Online Marketing (0.1%) Content Providers / Communities (5.2%) 15% 1 5% (5%) (1) 26 Oct 02 Nov 09 Nov 16 Nov 23 Nov Online Travel Online Classifieds Chinese Internet Leaders Global Internet Leaders Ecommerce Content Providers / Communities Online Marketing Interactive Entertainment Online Gambling Intermediation and Comparison LAST TWELVE MONTHS PERFORMANCE Online Classifieds 45.9% Chinese Internet Leaders 40.1% Global Internet Leaders 36.1% Intermediation and Comparison 11.2% Interactive Entertainment 9.1% Digital Marketing 7.3% Ecommerce 5.8% Online Travel 1.7% Content Providers / Communities (1.4%) Online Gambling (11.4%) 2 1 (1) (2) (3) (4) Nov 2013 Feb 2014 May 2014 Aug 2014 Nov 2014 Content Providers / Communities Interactive Entertainment Global Internet Leaders Chinese Internet Leaders Digital Marketing Online Classifieds Online Travel Intermediation and Comparison Ecommerce Online Gambling PAGE 12

14 INTERNET AND DIGITAL MEDIA (CONT.) EUROPEAN TECHNOLOGY Market Enterprise CY2014E Cap ($m) Value ($m) EBITDA Margin Rev. Growth CY2014E CY2015E CY2014E CY2015E CY2014E CY2015E Global Internet Leaders Apple 689, , % x 3.2x 11.0x 9.6x 17.1x 14.7x Microsoft 391, , % 19.8% 3.5x 3.3x 10.1x 9.2x 18.2x 16.1x Google 369, , % 11.1% 4.8x 4.1x 12.3x 10.3x 21.2x 18.0x Alibaba 282, , % 107.2% 23.6x 16.9x NM 32.8x NM 39.3x Facebook 210, , % 57.3% 15.9x 11.6x 24.2x 19.4x NM 39.6x Amazon 155, , % 20.1% 1.7x 1.4x 24.5x 19.0x NM NM Baidu 85,668 81, % 53.3% 10.2x 7.3x 29.6x 21.0x 37.4x 27.5x ebay 67,585 64, % 11.7% 3.6x 3.2x 11.2x 10.2x 18.5x 16.6x Yahoo! 48,997 39, % (5.9%) 8.9x 8.7x 30.0x 29.9x 32.7x 44.9x Yandex 8,289 8, % 39.3% 7.0x 5.5x 16.5x 13.0x 25.7x 20.0x Mean 37.1% 32.6% 8.3x 6.5x 18.8x 17.5x 24.4x 26.3x Median 34.6% 19.9% 5.9x 4.8x 16.5x 16.0x 21.2x 20.0x Ecommerce Alibaba 282, , % 107.2% 23.6x 16.9x NM 32.8x NM 39.3x Amazon 155, , % 20.1% 1.7x 1.4x 24.5x 19.0x NM NM ebay 67,585 64, % 11.7% 3.6x 3.2x 11.2x 10.2x 18.5x 16.6x Naspers 55,627 58, % 44.1% 8.9x 7.6x NM NM NM 36.7x Netflix 21,025 20, % 25.8% 3.7x 3.0x 36.4x 29.3x NM NM Mercadolibre 6,209 6, % 15.5% 11.2x 9.5x 33.6x 27.7x NM 43.2x IAC 5,508 5, % 1.9% 1.8x 1.7x 10.5x 9.5x 26.3x 19.7x Mail.ru 5,154 4, % 44.5% 5.8x 4.6x 11.1x 9.0x 18.1x 16.2x Groupon 5,062 4, % 23.4% 1.3x 1.2x 16.4x 12.3x NM 45.7x Asos 3,317 3, % 32.4% 2.0x 1.7x 32.1x 27.8x NM NM Ocado 2,934 3, % 20.1% 2.0x 1.7x 27.2x 21.4x NM NM Shutterfly 1,673 1, % 16.8% 1.8x 1.6x 9.9x 8.1x NM NM YOOX 1,280 1, % 16.3% 1.9x 1.6x 19.2x 15.0x NM 47.4x Digital River % (3.4%) 1.5x 1.4x 11.6x 10.5x NM 41.9x Overstock % 13.4% 0.3x 0.3x 13.9x 9.8x NM 29.4x Channel Advisor (21.3%) 27.9% 4.2x 3.3x NM NM NM NM Blue Nile % 6.7% 0.8x 0.7x 17.0x 14.7x 39.6x 33.3x (1) EV / Revenue EV / EBITDA Mean 15.5% x 3.6x 19.6x 17.1x 25.6x 33.6x Median 10.1% 20.1% 2.0x 1.7x 16.7x 14.7x 22.4x 36.7x Online Travel Priceline 61,737 59, % x 6.0x 17.5x 14.7x 22.4x 19.1x Amadeus 17,902 19, % 9.1% 4.7x 4.4x 12.1x 11.4x 20.9x 19.7x Expedia 10,859 10, % 20.9% 1.8x 1.6x 10.2x 8.8x 21.0x 18.3x Tripadvisor 10,271 10, % 31.6% 8.1x 6.4x 21.8x 17.0x 36.9x 28.6x Ctrip 8,320 8, % 37.6% 6.8x 5.0x NM 27.7x NM 31.7x Sabre Corporation 4,846 7, % (4.2%) 2.7x 2.6x 9.1x 8.2x 18.5x 16.3x Travelport 1,975 4, % 2.0x 1.9x 8.0x 8.1x 15.3x NM Orbitz 847 1, % 10.1% 1.1x 1.1x 6.7x 6.2x NM 19.0x Travelzoo % (8.4%) 0.9x 0.9x 6.9x 7.7x 19.2x 22.1x Mean 25.6% 13.8% 3.9x 3.3x 11.5x 12.2x 22.0x 21.9x Median % 2.7x 2.6x 9.7x 8.8x 20.9x 19.4x Digital Marketing HomeAway 2,934 2, % 51.4% 5.5x 4.6x 20.8x 18.0x NM NM Conversant 2,257 2, % 5.6% 3.7x 3.4x 11.1x 9.7x 21.5x 17.9x Marketo 1,301 1,190 (17.1%) 54.8% 8.0x 5.9x NM NM NM NM Constant Contact 1, % x 2.4x 15.2x 12.1x 32.2x 25.9x Callidus Software % 19.6% 5.6x 4.6x NM 37.7x NM NM Harte-Hanks % (0.1%) 0.7x 0.7x 6.9x 6.0x 16.1x 13.6x Matomy Media % 22.9% 1.6x 1.2x 19.3x 11.0x 22.3x 14.4x Marin Software (19.8%) 27.2% 2.3x 1.9x NM NM NM NM InternetQ % 29.7% 1.0x 0.8x 5.7x 4.6x 13.5x 8.5x 1000mercis % 7.5% 1.9x 1.7x 7.2x 6.1x 16.5x 14.5x Marchex % 17.6% 0.4x 0.5x 4.4x 5.7x 25.7x 25.9x Hi-Media (7.9%) 0.2x 0.2x 19.1x 4.2x NM 41.3x Dotdigital % 53.4% 3.9x 3.0x 13.1x 9.0x 21.3x 15.0x TradeDoubler % (13.1%) 0.1x 0.1x 6.3x 3.9x NM NA Mean 11.2% 20.3% 2.7x 2.2x 11.7x 10.7x 21.1x 19.7x Median 10.6% 18.6% 2.1x 1.8x 11.1x 7.6x 21.4x 15.0x P / E Note (1) : Entered into a definitive takeover agreement with Siris Capital PAGE 13

15 INTERNET AND DIGITAL MEDIA (CONT.) EUROPEAN TECHNOLOGY Market Enterprise CY2014E EV / Revenue EV / EBITDA Cap ($m) Value ($m) EBITDA Margin Rev. Growth CY2014E CY2015E CY2014E CY2015E CY2014E CY2015E Content Providers / Communities LinkedIn 27,859 25, % 43.4% 11.7x 8.7x NM 31.5x NM NM Twitter 24,857 22, % 107.4% 16.5x 10.0x NM NM NM NM Pandora Media 4,018 3, % 40.2% 4.0x 3.1x NM 26.7x NM 37.5x JustEat 3,068 2, % 53.9% 12.1x 9.5x NM 36.4x NM NM WebMD Health 1,335 1, % x 2.5x 10.2x 8.6x 30.1x 22.8x Perform Group (1) 1,080 1, % 20.7% 2.6x 2.4x 13.5x 11.6x 24.6x 20.8x XING % 18.7% 4.6x 4.1x 16.0x 12.4x 36.1x 27.2x XO Group % 5.2% 2.2x 2.2x 14.7x 10.1x NM 33.4x Demand Media % (57.5%) 0.4x 0.4x 1.8x 2.7x NM NM Mean 20.4% 27.1% 6.3x 4.8x 11.2x 17.5x 30.3x 28.4x Median 20.7% 20.7% 4.0x 3.1x 13.5x 12.0x 30.1x 27.2x Intermediation and Comparison Zillow 4,691 4, % 63.8% 13.4x 9.8x NM 48.5x NM NM Moneysupermarket 1,938 1, % 8.8% 5.1x 4.8x 13.8x 12.6x 19.1x 17.6x Bankrate 1,246 1, % 19.9% 2.5x 2.2x 9.9x 8.6x 17.6x 14.7x ehealth % 21.7% 2.2x 2.0x 25.8x 22.1x NM NM Angie's List % 27.9% 1.1x 0.9x NM 14.4x NM NM Liquidity Services % (9.5%) 0.6x 0.6x 4.8x 6.2x 12.2x 15.6x Gruppo MutuiOnline % 25.4% 2.6x 2.3x 13.0x 13.0x 23.2x 16.3x Mean 16.9% 22.6% 3.9x 3.2x 13.5x 17.9x 18.0x 16.1x Median 15.6% 21.7% 2.5x 2.2x 13.0x 13.0x 18.4x 16.0x Online Classifieds SEEK 5,084 5, % 49.5% 8.5x 7.3x 19.6x 16.2x 29.1x 25.0x Yelp 4,266 3, % 61.4% 10.4x 7.2x NM 32.2x NM NM SouFun 3,530 3, % 7.3% 4.7x 3.9x 11.3x 10.7x 15.6x 13.4x Rightmove 3,428 3, % 16.9% 13.3x 11.9x 18.0x 16.1x 23.8x 20.8x Carsales.au 2,149 2, % 22.9% 10.2x 8.7x 17.8x 15.4x 24.6x 21.4x 51job 2,137 1, % 15.6% 5.3x 4.6x 16.0x 13.6x 22.0x 19.3x Zoopla 1,158 1, % 28.3% 8.6x 7.7x 15.3x 14.7x 31.4x 25.7x Dice % 23.3% 2.5x 2.4x 7.9x 7.5x 21.3x 18.5x Monster % (3.9%) 0.7x 0.7x 5.8x 5.4x 16.5x 14.3x Mean % 7.1x 6.1x 14.0x 14.7x 23.0x 19.8x Median 41.7% 22.9% 8.5x 7.2x 15.7x 14.7x 22.9x 20.1x Chinese Internet Leaders Tencent 149, , % 31.1% 11.6x 9.5x 27.2x 21.5x 38.6x 29.2x Baidu 85,668 81, % 53.3% 10.2x 7.3x 29.6x 21.0x 37.4x 27.5x Netease 13,547 10, % 27.6% 5.4x 4.4x 12.6x 10.2x 17.1x 14.3x Youku Tudou 3,744 2,410 (2.5%) 30.9% 3.7x 2.7x NM NM NM NM SouFun 3,530 3, % 7.3% 4.7x 3.9x 11.3x 10.7x 15.6x 13.4x Sina 2,529 1, % 14.5% 1.7x 1.4x NM 15.7x NM 34.6x Sohu 1,897 1,689 (5.3%) 22.8% 1.0x 0.8x NM 17.1x NM NM Renren (200.9%) (42.7%) 1.8x 1.5x NM NM NM NM Dangdang % 35.6% 0.5x 0.4x 28.5x 12.1x NM 21.1x Jiayuan % 21.9% 0.6x 0.5x 44.0x 9.8x NM 13.3x Taomee (4.4%) (15.) 0.9x 0.8x NM 11.3x NM 23.1x Mean (4.2%) x 3.0x 25.5x 14.4x 27.2x 22.1x Median 1.7% 22.8% 1.8x 1.5x 27.8x 12.1x 27.3x 22.1x Online Gambling Playtech 2,883 2, % 22.9% 4.3x 4.1x 9.7x 9.4x 12.4x 13.0x Betfair 2,235 1, % 15.4% 2.7x 2.7x 12.5x 13.0x 25.4x 26.2x bwin.party digital entertainment 1,382 1, % 4.3% 1.5x 1.5x 9.2x 8.3x 20.1x 17.7x % 13.5% 1.4x 1.4x 7.0x 9.4x 12.3x 16.6x Mean 25.8% x 2.4x 9.6x 10.0x 17.5x 18.4x Median 21.1% 14.4% 2.1x 2.1x 9.4x 9.4x 16.2x 17.2x Interactive Entertainment Activision 15,625 16, % 5.5% 3.3x 3.4x 9.7x 9.3x 15.9x 15.2x Electronic Arts 13,684 11, % 10.5% 2.8x 2.7x 9.8x 10.5x 19.0x 19.3x Zynga 2,384 1, (21.) 2.3x 1.9x 32.1x 15.8x NM NM Take-Two Interactive Software 2,345 2, % 6.4% 1.6x 1.3x 9.9x 7.5x 25.7x 22.6x Ubisoft Entertainment 1,909 1, % 14.6% 1.1x 1.0x 2.9x 2.3x 22.1x 11.4x Mean 24.7% 3.2% 2.2x 2.1x 12.9x 9.1x 20.7x 17.1x Median 28.8% 6.4% 2.3x 1.9x 9.8x 9.3x 20.5x 17.3x P / E Note (1) : In takeover discussions with Access Industries PAGE 14

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