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MOBILE

M&A AND VALUATION UPDATE

Q2 2017

CONTENTS

1

Section Page

Introduction Research Coverage: Mobile 3 Key Takeaways 4-5

M&A Activity & Multiples M&A Dollar Volume 7 M&A Transaction Volume 8-10 LTM Revenue Multiples 11-12 Revenue Multiples by Segment 13 Highest Revenue Multiple Transaction for LTM 14 Notable M&A Transactions 15 Most Active Buyers 16

Public Company Valuation & Operating Metrics Mobile 115 Public Company Universe 18-20 Recent IPOs 21 Stock Price Performance 24 LTM Revenue, EBITDA & P/E Multiples 25-27 Revenue, EBITDA & EPS Growth 28-30 Margin Analysis 31-32 Best / Worst Performers 33-34

Notable Transaction Profiles 35-40

Public Company Trading & Operating Metrics 41-46

Technology & Telecom Team 47

INTRODUCTION

RESEARCH COVERAGE: MOBILE

Capstone’s Technology & Telecom Group focuses its research efforts on the follow market segments:

3

• App Stores & Content Aggregators• Carrier Back Office• Games / Virtual Goods• M-Commerce Enablement• Messaging & VoIP• Mobile / Local Marketing• Mobile Devices• Mobile OS & Utility SW• Mobility & Monitoring• Portals & Social Networks• Search & Referral - Diversified• Travel & Entertainment• Vertical Market• Video, Music & eBooks

SAAS & CLOUD

E-COMMERCE

CONSUMER INTERNET

CONSUMER IT & TELECOM HARDWARE

MOBILE & WIRELESS

KEY TAKEAWAYS – M&A ACTIVITY & MULTIPLES

LTM M&A dollar volume decreased to $52.5B, just shy of the five-year high of $54.2B» Q1’17 saw a lack of deals above $500M with the largest transaction at just $366M » LTM M&A dollar volume will likely drop significantly in Q2’17 absent additional large transactions

LTM M&A transaction volume of 421 deals down slightly from 2016 LTM transaction volume for private targets decreased to 413 deals, slightly trailing 2016

» LTM transaction volume saw 7 deals with values greater than $500M, 6 of which were transacted during Q2’16 and Q3’16

LTM public transaction volume remained consistent with 2016 at 8 deals Median LTM revenue multiple paid for private companies decreased slightly to 2.8x Notable M&A transactions in Q1’17:

The most active buyers included Alphabet, Microsoft, Apple, Snap, and Pinterest (sorted by most active) Capstone expects M&A activity and exit valuations to remain strong in 2017, though likely not reaching the levels we saw at

the end of 2015 as the market remains relatively flat with concerns over volatility» In the longer term, there is increasing risk that a market correction could negatively impact activity levels and

valuation multiples

4

Tsinghua Tongfong / NQMobile (FL Mobile Jiutan Tech) ($366M)

TakeTwo Interactive / Socialpoint ($250M)

Undisclosed / Baidu Mobile Games Business ($174M)

Afterpay / Touchcorp ($140M)

Fingerprint Cards / DeltaID ($120M)

KEY TAKEAWAYS – PUBLIC COMPANY METRICS

3 companies went public during Q1’17, 2 of which were added to the Mobile 115 Q1’17 stock performance was strong as the Mobile 115 performed slightly better at 10.3% compared to the NASDAQ with

a gain of 9.8%» Fueled by fresh IPOs, Q1’17 was a strong quarter for the technology sector, with the NASDAQ nearing record highs

Median LTM revenue multiples increased to 3.4x, recovering from a near five-year low Median LTM EBITDA multiples increased to 13.7x, recovering from a three-year decline Strong stock performance in Q1’17 increased the median LTM P/E multiple to 25.4x, recovering from a three-year decline

» Public markets demonstrate a strong preference for companies growing quickly and investing to solidify market leadership status, confident that future profits will come with scale

Median revenue growth decreased to 10.1% versus 14.0% in 2016 Median EBITDA growth rates increased significantly in LTM 3/31/17 to 5.3% recovering from the five-year low of 1.1% in

2016 Median EPS growth has fluctuated significantly over the past five years with LTM 3/31/17 slipping to a 5 year low of 5.5% Median gross margins have remained consistent at 59.8% in LTM 3/31/17 and remain near the five-year low of 59.7%

» Vertical Market Apps segment commanded the highest median gross margin of 81.1% The Median EBITDA margin increased in Q1’17, recovering from a five-year low to 19.3%

5

M&A ACTIVITY & MULTIPLES

$8,369

$21,500

$40,439

$9,256

$21,708 $19,976$2,871

$2,726

$5,537

$34,465

$32,467$32,475

$0

$10,000

$20,000

$30,000

$40,000

$50,000

$60,000

2012 2013 2014 2015 2016 LTM

Tota

l Tra

nsac

tion

Valu

e

Total Private $ Total Public $

LTM M&A DOLLAR VOLUME

LTM M&A dollar volume decreased to $52.5B, just shy of the five-year high of $54.2B» Q1’17 saw a lack of deals above $500M with the largest transaction at just $366M » 6 $1B+ deals totaling $45.2B during Q2 and Q3 2016 buoyed M&A dollar volume, with the largest deal being the

Microsoft / Linkedin deal with a value of $29.3B» LTM M&A dollar volume will likely drop significantly in Q2’17 absent additional large transactions

7

12 11 10 3 14 2422 36 20 24 16 1245 31

30 46 35 37

40 41 5466

48 5918 26 29

2828

314257 83

100

67586

159

6

4860

7099

105

66 5738

63

66

56

53 4038

42

32

50

33 2517

3120

26

2417

7

139

16

149

5

48

18

2131

10

1210

18

1413

0

100

200

300

400

500

600

2012 2013 2014 2015 2016 LTM

Tran

sact

ions

Apps Stores & Content Aggregators Carrier Back Office Mobile Games / Virtual Goods m-Commerce EnablementMessaging & VoIP Mobile / Local Marketing Mobile Devices Mobile OS & Utility SoftwareMobility & Monitoring Portals & Social Networks Search & Referral - Diversified Travel & EntertainmentVertical Market Apps Video, Music & eBooks

LTM M&A TRANSACTION VOLUME BY SEGMENT

LTM M&A transaction volume of 421 deals down slightly from 2016» The Mobile OS & Utility Software, Mobile / Local Marketing, and m-Commerce Enablement are the largest segments

by deal count, representing 42% of total LTM M&A transaction volume» Q1’17 transaction volume increased to 118 deals, representing a 33% increase from Q4’16

8

28 42 4044

44 32

16 2429

199 10

10 15 2015 7 7

911 13

1510 6

5 14 1914

9 8

6 4 45

7 5

36 7

14 3

1 6 5 1 4 4

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2012 2013 2014 2015 2016 LTM

$0-10M $10-25M $25-50M $50-100M $100-250M $250-500M $500M-1B $1B+

444 472 544Total Deals

Median ($M) $20 $24 $19

356

$20

413

$21

429

$13Deals w/ Value 122 137 11478 7594

LTM M&A TRANSACTION VOLUME BY DEAL SIZE – PRIVATE TARGETS

LTM transaction volume for private targets decreased to 413 deals, slightly trailing 2016» LTM transaction volume saw 7 deals with values greater than $500M, 6 of which were transacted during Q2’16 and

Q3’16 Median deal value increased to $21M as there were fewer small deals in the last twelve months than in 2016

9

111 1 1

1

1

1

2

1

1

1

1

13

1

11

11

3

111

11

11

1

3

15

12

32 2

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2012 2013 2014 2015 2016 LTM

$0-10M $10-25M $25-50M $50-100M $100-250M $250-500M $500M-1B $1B+

8 7 18Total DealsMedian ($M) $265 $178 $370

5$396

8$104

8$100

LTM M&A TRANSACTION VOLUME BY DEAL SIZE – PUBLIC TARGETS

LTM public transaction volume remained consistent with 2016 at 8 deals» Q1’17 public transaction volume only saw 1 deal, with the bulk of LTM transactions occurring in Q3 and Q4 2016

LTM public transactions were spread across a wide range of deal values, resulting In a median deal value of $104M

10

2.5x

1.6x

3.4x

2.3x

3.2x

2.8x

0.0x

0.5x

1.0x

1.5x

2.0x

2.5x

3.0x

3.5x

4.0x

2012 2013 2014 2015 2016 LTM

Med

ian

Reve

nue

Mul

tiple

25th % 0.8x 1.4x 1.1x1.7x 0.8x75th % 5.9x 8.5x 3.8x4.7x 4.2x

1.1x4.1x

MEDIAN LTM REVENUE MULTIPLES – PRIVATE TARGETS

Median LTM revenue multiple paid for private companies decreased to 2.8x» Q1’17 saw the lowest median revenue multiple during the last twelve months at 2.0x compared to 2.3x and 3.0x in

Q4’16 and Q3’16, respectively

11

1.4x

2.0x

2.7x

2.0x

1.0x 1.1x

0.0x

0.5x

1.0x

1.5x

2.0x

2.5x

3.0x

2012 2013 2014 2015 2016 LTM

Med

ian

Reve

nue

Mul

tiple

25th %75th %

1.6x 1.9x 1.1x1.0x 1.0x2.5x 5.7x 3.5x2.7x 5.6x

1.0x4.1x

Median LTM revenue multiple paid for public companies increased slightly to 1.1x» Q1’17 posted a median revenue multiple of 4.1x compared to 1.1x in Q4’16, however with only one deal in each

quarter, the median is not very meaningful» Median LTM revenue multiples ranged from 1.0x to 8.1x, with Q2’16 posting the highest multiple at 8.1x

With just 8 public deals in LTM it is difficult to draw broad conclusions on valuation implications given the small sample set

12

MEDIAN LTM REVENUE MULTIPLES – PUBLIC TARGETS

4.9x 4.8x

4.1x 3.8x

3.1x2.7x 2.7x 2.5x 2.5x

2.0x1.7x

1.1x 1.0x 0.7x

0.0x

1.0x

2.0x

3.0x

4.0x

5.0x

6.0x

Med

ian

Reve

nue

Mul

tiple

MEDIAN LTM REVENUE MULTIPLES BY SEGMENT – LAST 5 YEARS

Median LTM revenue multiples for Mobile segments ranged from 0.7x to 4.9x» Travel & Entertainment garners the highest multiple as their customers represent high dollar purchase opportunities» Mobile OS & Utility Software has also seen high multiples as enterprises increasing their mobile focus represent

large dollar opportunities with lower churn relative to consumer apps

13

HIGHEST REVENUE MULTIPLE TRANSACTIONS FOR LTM

14

Ann. Date Buyer Target Segment Target Description Enterprise Value

LTM Revenue Multiple

Multiple on $

Invested

Premium to 1 Mo

Prior

5/23/16 Mobile OS & Utility SW A mobile Internet company, develops search systems for mobile devices. $381M 21.9x 7.7x NA

6/30/16 Vertical Market Apps

Provides a tele-health patient engagement and healthcare management mobile application. $156M 15.6x 5.2x NA

11/14/16 Mobility & Monitoring

Develops cloud-based field service software solutions that help companies to manage contracts, scheduling, and parts. $915M 10.2x 4.5x NA

6/13/16 Portals & Social Networks

Provides a social networking website for professionals and businesses globally through www.linkedin.com. $26.2B 8.1x NA 54.3%

9/14/16 Carrier Back Office Provides customer billing, analytics, and reporting software and SaaS for the mobile and fixed telecommunications sector globally. $95M 7.3x 25.8x NA

3/7/17Beijing Smart

Space Technology

Mobile Games / Virtual Goods Smart Space develops online mobile game. The company is based in China. $55M 7.2x NA NA


SaaS mobile workforce solution for small and medium-sized businesses worldwide. $2.2B 7.0x NA 38.6%

6/21/16 Mobility &Monitoring

Provides enterprise GPS-based fleet tracking, dispatch management, driver monitoring, mobile workforce management, route mapping and mobile navigation SaaS for auto manufacturers and the transportation sectors.

$900M 6.9x 7.1x NA

4/24/16 Mobile Games / Virtual Goods

Offers betting on various sports events, including football matches; and operates a digital multichannel offering with online and mobile portals, as well as betting shops.

$2.8B 5.0x NA NA

10/3/16 Mobile Games / Virtual Goods Develops, publishes, and markets mobile and social games. $30M 4.1x 5.0x NA

Excludes deals with Target company revenue less than $2M

NOTABLE M&A TRANSACTIONS FOR Q1’17

15

Ann. Date Buyer Target Segment Target Description Enterprise Value

LTM Revenue Multiple

Multiple on $

Invested

Premium to 1 Mo

Prior


FL Mobile Jiutian Tech, is a subsidiary of NQ Mobile and is a developer of mobile games and applications for interest-based online communities. $366M 2.1x NA NA


Provides iOS and Android-based mobile video games, as well as social-based online video games for consumers globally. $250M 2.8x 4.8x NA

3/31/17 Undisclosed Mobile Games / Virtual Goods

Baidu, Inc., Mobile Game Business comprises a mobile game platform on which registered users can access games provided by third-party game developers.

$174M NA NA NA

2/23/17 m-CommerceEnablement

Develops, operates, maintains, and commercializes Touch System Platform, a cloud based software platform that enables the secure electronic delivery of non-physical products, services, and entitlements to their end-users.

$140M 4.3x NA 45.8%


Designs and develops a biometric identity and authentication solution based on iris recognition technology. $120M NA 8.0x NA

Mobile Game Business

FL Mobile Jiutian Tech

MOST ACTIVE MOBILE BUYERS – LAST 2 YEARS

16

# of Deals Mobile TransactionsCompany Mobile Total Date Company Value Date Company Value

16 46

1/18/1712/12/169/12/167/27/167/12/167/7/167/6/16

2/19/16

Twitter (Fabric assets)CronologicsUrban EnginesCluster LabsFortyTwoAnvato Inc.MoodstocksJoyride

NANANANANANANANA

2/18/161/6/16

11/6/159/30/157/21/156/18/155/28/155/4/15

Pie.coCircus PoniesFly LabsJibe MobilePixateAgawiPulse.ioTimeful

NANANANANANANANA

13 29

8/22/166/16/166/13/162/24/162/9/162/3/16

GeneeWand LabsLinkedInXamarinZikeraTouchType

NANA

$26.2B$400M

NA$250M

12/21/1511/5/159/12/157/16/156/2/15

4/14/15

TalkoMobile Data LabsDouble LabsFieldOne Systems6WunderkinderDatazen Software

NANANANA

$150MNA

7 17

3/23/171/29/161/29/1610/5/15

DeskConnectFlyBy MediaFlyByMediaPerceptio

NANANANA

9/17/155/29/155/17/15

MapsenseMetaioCoherent Navigation

NANANA

5 512/25/168/15/166/3/16

CimagineVerbifyObvious Engineering

NANANA

3/28/169/15/15

BitstripsLooksery

$100MNA

5 77/14/166/15/165/3/16

Math CampFleksyAdLast

NANANA

12/8/1512/8/15

OMG LabsShopTAP

NANA

PUBLIC COMPANY VALUATION & OPERATING MULTIPLES

MOBILE 115 PUBLIC COMPANY UNIVERSE – PT. 1

18

Apps Stores & Content Aggregation

Games / Virtual Goods

Carrier Back Office

M-Commerce Enablement

Messaging & VoIP

Mobile Devices

Portals & Social Networks

Mobile OS & Utility SW

Mobile / Local Marketing


19

Mobility & Monitoring

Search & Referral -Diversified

Video, Music & eBooks

Vertical Market Apps

Travel & Entertainment


20

$10.00

$12.00

$14.00

$16.00

$18.00

$20.00

$22.00

$24.00

$26.00

$28.00

$30.00

IPOO

pen3/2/173/3/173/6/173/7/173/8/173/9/173/10/173/13/173/14/173/15/173/16/173/17/173/20/173/21/173/22/173/23/173/24/173/27/173/28/173/29/173/30/173/31/17

Offer Range Price-Open Gap $/Share

RECENT IPOS – SNAP INC.

21

IPO DetailsOffering Date: 3/1/17Offering Price: $17.00Original Range: $14.00 - $16.00

Business DescriptionSnap Inc. operates as a camera company. It offers Snapchat, a camera application that helps people to communicate through short videos and images.

InvestorsAccess Industries, Aeon Funds, Alibaba Group, Benchmark Capital, Binary Capital, Brookside Equity Partners, CapitalG, CoatueManagement, Comcast Ventures, Dragoneer Investment Group, DST Gobal, Entrée Capital, Fidelity Investments, General Atlantic, General Catalyst Partners, Geodesic Capital, GIC, …

Stock Performance thru End of Q1’17

IPO PerformanceOpen: $24.00

% Change to Offer: 41.2%Close: $24.48

% Change to Offer: 44.0%% Change to Open: 2.0%

Market Cap: $19.7BOffering Size: $3.4B% of Company: 17.3%

Financial & Valuation MetricsLTM Revenue: $515MLTM EBITDA: $(2.6B)LTM Net Income: $(2.6B)Mkt Cap at 3/31: $26.1BMkt Cap / $ Invested: 7.5x

LTM Rev Growth: 589.5%Gross Margin: (4.6)%EBITDA Margin: N/MEV at 3/31: $25.1BRev Multiple: 62.1x

3/31 $/share: $22.53% Change to Offer: 32.5%% Change to Open: (6.1)%

HQ: Venice, California Ticker: NYSE: SNAP

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

$40.00

$45.00

$50.00

$55.00

$60.00

IPO1/6/171/11/171/14/171/19/171/24/172/5/172/11/172/14/172/17/172/24/172/27/173/4/173/8/173/13/173/18/173/21/173/26/173/31/17


RECENT IPOS – G-BITS NETWORK TECHNOLOGY

22

IPO DetailsOffering Date: 1/3/17Offering Price: $7.76Original Range: N/A

Business DescriptionEngages in the planning, research and development, production, and commercial operation of games. It offers client, Web, and mobile games.

InvestorsN/A





Market Cap: $552MOffering Size: $138M% of Company: 25.0%

Financial & Valuation MetricsLTM Revenue: $231MLTM EBITDA: $141MLTM Net Income: $101MMkt Cap at 3/31: $3.3BMkt Cap / $ Invested: 22.8x

LTM Rev Growth: 335.1%Gross Margin: 95.2%EBITDA Margin: 60.8%EV at 3/31: $3.0BRev Multiple: 16.0x

3/31 $/share: $35.22% Change to Offer: 353.8%% Change to Open: 183.6%

HQ: Xiamen, China Ticker: SHSE: 603444

$1.00

$3.00

$5.00

$7.00

$9.00

$11.00

$13.00

IPO1/12/171/17/171/20/171/25/172/6/172/9/172/14/172/17/172/22/172/27/173/2/173/7/173/10/173/15/173/20/173/23/173/28/173/31/17


RECENT IPOS – QUECLINK WIRELESS SOLUTIONS

23

IPO DetailsOffering Date: 1/10/17Offering Price: $4.11Original Range: N/A

Business DescriptionQueclink Wireless Solutions Co., Ltd. supplies wireless machine-to-machine devices and solutions worldwide. Products include asset trackers, personal trackers, and vehicle trackers.

InvestorsN/A





Market Cap: $329MOffering Size: $82M% of Company: 25.0%

Financial & Valuation MetricsLTM Revenue: $39MLTM EBITDA: $14MLTM Net Income: $14MMkt Cap at 3/31: $806MMkt Cap / $ Invested: N/A

LTM Rev Growth: (7.3)%Gross Margin: 61.7%EBITDA Margin: 36.5%EV at 3/31: $791MRev Multiple: 20.2x

3/31 $/share: $10.07% Change to Offer: 144.8%% Change to Open: 104.4%

HQ: Shanghai, China Ticker: SZSE: 300590

(4.5)(3.0)

3.97.28.38.9

10.312.513.114.214.4

16.516.517.6

19.0

(15.0)% 5.0% 25.0%


Carrier Back Office


Mobile Devices

Mobile OS & Utility Software

Search & Referral - Diversified

Mobile 115




Messaging & VoIP





Stock Performance - 12/31-3/31

46.1

0.88.2 10.3

91.2

40.8

21.4

9.8

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Last 5 Years Last 3 Years LTM 12/31-3/31

Stock Performance

Mobile 115 NASDAQ

Q1’17 stock performance was strong as the Mobile 115 performed slightly better at 10.3% compared to the NASDAQ with a gain of 9.8%

» Fueled by fresh IPOs, Q1’17 was a strong quarter for the technology sector, with the NASDAQ nearing record highs Only two segments posted losses while the majority gained more than 5%

MEDIAN STOCK PERFORMANCE – MOBILE 115

24

1.51.92.0

2.62.7

3.43.43.53.6

4.24.44.5

5.15.6

6.5

0x 2x 4x 6x 8x



Carrier Back Office


Mobile Devices


Mobile 115




Search & Referral - Diversified




Messaging & VoIP

LTM Enterprise Value / Revenue

Based on dat a available as of 3/31/17

2.9

3.8 4.0

3.6

3.0

3.4

0.0x

0.5x

1.0x

1.5x

2.0x

2.5x

3.0x

3.5x

4.0x

4.5x

2012 2013 2014 2015 2016 3/31/17

LTM Enterprise Value / Revenue


Median LTM revenue multiples increased to 3.4x, recovering from a near five-year low Highest trading LTM revenue multiple segments include Messaging & VoIP, Portals & Social Networks, and Travel &

Entertainment» The high LTM revenue multiple in the Messaging & VoIP segment is driven by Tencent and Twilio with multiples of

12.2x and 8.0x, respectively» Snap, Inc. posted the highest revenue multiple of 62.1x in the Portals & Social Networks segment

MEDIAN LTM REVENUE MULTIPLES – MOBILE 115

25

7.110.911.411.812.913.713.713.915.215.516.117.1

18.725.2

30.1

0x 10x 20x 30x 40x

Carrier Back OfficeM-Commerce EnablementMobile OS & Utility Software

Mobile DevicesVideo, Music & eBooks

Mobile 115Games / Virtual Goods

Mobile / Local MarketingApps Stores & Content Aggregation

Vertical Market AppsTravel & Entertainment

Search & Referral - DiversifiedMobility & Monitoring

Portals & Social NetworksMessaging & VoIP

LTM Enterprise Value / EBITDA

Based on dat a available as of 3/31/17Com panies wit h EBITDA Mar gin <7.5% and EBITDA m ult iple above 20x deem ed NA

10.5

16.7

15.0

13.212.4

13.7

0x

2x

4x

6x

8x

10x

12x

14x

16x

18x

2012 2013 2014 2015 2016 3/31/17

LTM Enterprise Value / EBITDA


Median LTM EBITDA multiples increased to 13.7x, recovering from a three-year decline

Messaging & VoIP segment trades at a premium LTM EBITDA multiple of 30.1x

Only one out of the fourteen segments trade at medians below 10x LTM EBITDA

MEDIAN LTM EBITDA MULTIPLES – MOBILE 115

26

13.617.220.920.922.222.522.623.724.525.427.731.133.845.4

472.0

0x 100x 200x 300x 400x 500x

Carrier Back OfficeVideo, Music & eBooks

M-Commerce EnablementApps Stores & Content Aggregation

Games / Virtual GoodsVertical Market Apps

Mobile DevicesMobile OS & Utility Software

Mobile / Local MarketingMobile 115

Portals & Social NetworksTravel & Entertainment

Search & Referral - DiversifiedMessaging & VoIP


LTM P/E

Based on dat a available as of 3/31/17Com panies wit h Net Mar gin <5.0% and P/E above 40x deem ed NA

18.0

26.824.4

23.0 22.7

25.4

0x

5x

10x

15x

20x

25x

30x

2012 2013 2014 2015 2016 3/31/17

LTM P/E


Strong stock performance in Q1’17 increased the median LTM P/E multiple to 25.4x, recovering from a three-year decline

Only one company in the Mobility & Monitoring segment meet the required P/E measurement parameters so the segment multiple is not very meaningful

Public markets demonstrate a strong preference for companies growing quickly and investing to solidify market leadership status, confident that future profits will come with scale

MEDIAN LTM P/E MULTIPLES – MOBILE 115

27

(0.0)4.04.5

9.010.611.2

14.114.516.017.5

21.022.2

24.434.734.8

(10)% 0% 10% 20% 30% 40%

Mobile DevicesCarrier Back Office

Vertical Market AppsGames / Virtual Goods

M-Commerce EnablementMobility & Monitoring

Travel & EntertainmentMobile OS & Utility Software

Mobile 115Apps Stores & Content Aggregation

Mobile / Local MarketingSearch & Referral - Diversified

Video, Music & eBooksMessaging & VoIP


NTM / LTM Revenue Growth Projection


24.2

17.0 17.4

11.714.0

10.1

16.0

0%

5%

10%

15%

20%

25%

30%

Revenue Growth vs Prior 12 Mos


Median revenue growth decreased to 10.1% versus 14.0% in 2016 Revenue growth is expected to significantly increase to 16.0% over the next twelve months, fueled by high-growth

companies such as Snap and Meitu

MEDIAN REVENUE GROWTH – MOBILE 115

28

1.94.04.9

13.915.217.518.920.5

25.328.931.431.4

37.253.3

86.0

0% 25% 50% 75% 100%

Mobile OS & Utility SoftwareGames / Virtual Goods

Mobile DevicesCarrier Back Office

Vertical Market AppsM-Commerce Enablement

Mobile 115Travel & Entertainment

Mobile / Local MarketingMobility & Monitoring

Apps Stores & Content AggregationSearch & Referral - Diversified

Video, Music & eBooksPortals & Social Networks

Messaging & VoIP

NTM / LTM EBITDA Growth Projection

Based on dat a available as of 3/31/17Com panies wit h EBITDA Mar gin bet ween -5.0% and 5.0% deem ed NA

23.0

16.0

13.3

9.2

1.1

5.3

18.9

0%

5%

10%

15%

20%

25%

EBITDA Growth vs Prior 12 Mos


Median EBITDA growth rates increased significantly in LTM 3/31/17 to 5.3% recovering from the five-year low of 1.1% in 2016

Median EBITDA growth rates are forecasted to significantly improve in the next twelve months, increasing to 18.9%

MEDIAN EBITDA GROWTH – MOBILE 115

29

3.25.67.7

10.412.013.0

15.416.0

18.619.9

26.728.130.231.9

46.7

0% 30% 60%

Games / Virtual GoodsMobile OS & Utility Software

Carrier Back OfficeMobile Devices

Vertical Market AppsM-Commerce Enablement

Mobile 115Apps Stores & Content Aggregation

Video, Music & eBooksMobile / Local Marketing

Search & Referral - DiversifiedPortals & Social Networks

Travel & EntertainmentMobility & Monitoring

Messaging & VoIP

NTM / LTM EPS Growth Projection

Based on dat a available as of 3/31/17Com panies wit h Net Mar gin bet ween -5.0% and 5.0% deem ed NA

18.6

10.1

15.5

8.77.3

5.5

15.4

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%EPS Growth vs Prior 12 Mos


Median EPS growth has fluctuated significantly over the past five years with LTM 3/31/17 slipping to a 5 year low of 5.5%

Improved median EPS growth is expected in the next twelve months, reaching 15.4%

MEDIAN EPS GROWTH – MOBILE 115

30

36.037.7

41.944.746.8

50.753.9

59.860.360.761.1

70.272.575.4

81.1

0% 20% 40% 60% 80% 100%

Carrier Back OfficeVideo, Music & eBooks

Apps Stores & Content AggregationMobile Devices

Mobility & MonitoringMobile / Local Marketing

Messaging & VoIPMobile 115

Portals & Social NetworksMobile OS & Utility Software

Games / Virtual GoodsSearch & Referral - Diversified

M-Commerce EnablementTravel & EntertainmentVertical Market Apps

Gross Margins by Segment


67.4 65.963.0 62.5

59.7 59.8

0%

10%

20%

30%

40%

50%

60%

70%

80%

2012 2013 2014 2015 2016 3/31/17

Gross Margins


Median gross margins have remained consistent at 59.8% in LTM 3/31/17 and remain near the five-year low of 59.7%» Vertical Market Apps segment commanded the highest median gross margin of 81.1%

More commoditized segments such as Carrier Back Office and Video, Music & eBooks lag behind with gross margins below 40% as vendors face pricing pressure

MEDIAN GROSS MARGIN TRENDS – MOBILE 115

31

5.712.212.7

14.314.3

17.019.319.820.320.7

22.023.1

24.624.826.0

0% 10% 20% 30%

Mobility & MonitoringMessaging & VoIP

Video, Music & eBooksVertical Market Apps

Travel & EntertainmentMobile / Local Marketing

Mobile 115Carrier Back Office

Portals & Social NetworksMobile Devices

Apps Stores & Content AggregationM-Commerce Enablement

Games / Virtual GoodsSearch & Referral - Diversified


EBITDA Margins by Segment


23.1

20.519.6 20.3

17.0

19.3

0%

5%

10%

15%

20%

25%

2012 2013 2014 2015 2016 3/31/17

EBITDA Margins


The Median EBITDA margin increased in Q1’17, recovering from a five-year low to 19.3% The majority of companies in the bottom 3 segments continue to invest heavily in sales and marketing, delaying

profitability in an effort to increase market share

MEDIAN EBITDA MARGIN TRENDS – MOBILE 115

32

1,104.2

478.7287.5 240.7 188.8

18.9

(62.5) (69.8) (70.1) (71.5)(139.6)(400)%(150)%

100%350%600%850%

1,100%1,350%

High/Low EBITDA Growth


98.5 95.973.3

57.6 54.9

13.73.9 3.7 2.1 2.0 0.9

0.0x25.0x50.0x75.0x

100.0x125.0x

High/Low LTM EV/EBITDA Multiples


155.2 148.7

100.270.9 56.3

16.0

(27.3) (32.6) (39.7) (41.7) (48.1)(100)%

(50)%

0%

50%

100%

150%

200%

High/Low Revenue Growth

Based on dat a available as of 3/31/17Based on dat a available as of 3/31/17

62.1

41.5 41.336.3

25.7

3.4 0.7 0.7 0.5 0.3 0.20x

10x20x30x40x50x60x70x

High/Low LTM EV/Rev Multiples


BEST & WORST PERFORMERS – MOBILE 115

33

68.2 55.7 53.0 51.0 48.619.3

(23.3) (34.6) (48.3)(93.8)

(194.2)(240)%(200)%(160)%(120)%

(80)%(40)%

0%40%80%

120%

High/Low EBITDA Margin129.1

85.463.1 55.9 44.7

10.3

(31.2) (31.6) (35.5) (36.3) (36.8)(50)%(25)%

0%25%50%75%

100%125%150%

Stock Performance - 12/31-3/31

518.8 455.6209.2 121.2 106.4 5.5

(105.6)(114.4)(266.2)(316.6)(390.6)

(700)%

(200)%

300%

800%

High/Low EPS Growth


472.0

159.0 130.4 119.8 113.325.4 10.4 10.2 9.8 9.5 5.6

0x100x200x300x400x500x

High/Low LTM P/E Multiples


BEST & WORST PERFORMERS – MOBILE 115 (CONTINUED)

34

NOTABLE TRANSACTION PROFILES

M&A TRANSACTION SPOTLIGHT

Deal Rationale/CommentaryAcquiror Target

Deal SummaryDate: 3/30/2017Transaction Value: $366 million Enterprise Value: $366 million% Sought: 63%Consideration: Cash

Valuation MetricsLTM Revenue Multiple: 2.1 xLTM EBITDA Multiple: N/AMultiple on $ Invested: N/A

InvestorsBison Capital Asset Management, NQ Mobile

Headquartered in Beijing, China, NQ Mobile – FL Mobile Jiutian Tech, is asubsidiary of NQ Mobile (NYSE: NQ) and is a developer of mobile gamesand applications for interest-based online communities such as, mobiletechnology, automotive, healthcare, entertainment, books, games, andothers.

Founded in 1997, Tsinghua Tongfang operates as an information,security, and energy-saving technology company. The company’sproducts are tailored made to the customers’ specific needs while alsoproviding research, production, and other service of peripheral systems.Tsinghua Tongfang’s investment arm, Tongfang Investment Series SPC,made the 63% investment in FL Mobile as NQ Mobile divests its stake inFL Mobile Jiutian Tech.

Tsinghua Tongfang will pay approximately $21.7 million in cash as thenon-refundable earnest money which will be counted towards thepayment of the purchase price. The remaining amount of the totalconsideration will be paid on or before May 31, 2017 after the NQ mobiledelivers all its equity interests in FL Mobile.

36

FL Mobile Jiutian Tech



Deal SummaryDate: 2/1/2017Transaction Value: $250 millionEnterprise Value: $ 250 million% Sought: 100%Consideration: Cash / Stock

Valuation MetricsLTM Revenue Multiple: 2.8 xLTM EBITDA Multiple: N/AMultiple on $ Invested: 4.8 x

Investors83North, Banco Bilbao Vizcaya Argentaria, GreylockPartners, Highland Capital Partners Europe, IdInvestPartners, Nauta Capital, Propel Venture Partners

Headquartered in Barcelona, Spain, Social Point is a developer of socialmobile games on iOS and Android platforms. The company offers mobilegames such as World Chef, Social Empires, and Social Wars. Their gamesoffer social interaction by enabling their users to connect their gamesthrough social media and through the company’s own mobile socialmedia network.

Founded in 1993, Take-Two Interactive is a major developer of videogames for numerous platforms such as, the Playstation and Xbox. Thecompany offers its products under the Rockstar Games and 2K labels,which include blockbuster titles such as, Grand Theft Auto and NBA 2Kseries. With the acquisition of Social Point, Take-Two will further diversifyits business and expand it’s portfolio of intellectual property, as well asenhance its position in the free-to-play mobile gaming space. StraussZelnick, Chairman and CEO of Take-Two commented, “The experiencedteam at Social Point shares our commitment to delighting consumerswith high-quality entertainment, and we believe that Social Point’sdeeply-engaging mobile offerings will be a perfect complement to ourbusiness. Social Point is one of the few mobile game developers that hasa proven track record of growing revenues and delivering multiple hits,and we expect this growth to continue given the company’s excitingdevelopment pipeline.”

The transaction consideration will be comprised of $175 million in cashand 1,480,168 unregistered shares of Take-Two common stock, pluspotential earn-out consideration of up to an aggregate of $25.9 million incash and shares of Take-Two common stock.

37



Deal SummaryDate: 3/31/17Transaction Value: $174 millionEnterprise Value: $174 million% Sought: 100%Consideration: Cash

Valuation MetricsLTM Revenue Multiple: N/ALTM EBITDA Multiple: N/AMultiple on $ Invested: N/A

InvestorsBaidu

Founded in 2000, Baidu’s mobile game business, formerly known as 91Wireless, comprises of a mobile game platform on which users canaccess games provided by third-party game developers. Baidu’s corebusiness is as an operator of an internet search engine which comprisesthree major segments: Search Services, Transaction Services, and IQiyi.

Baidu’s sale of is mobile game business of $174 million represents asignificant write down as they originally acquired the business for $1.8billion in 2013. Baidu released a statement saying, “The business of BaiduMobile Game will be disposed in 2017 as we entered into an equitytransfer agreement with a third-party purchaser in January 2017.” Thethird-party purchaser was not disclosed.

38

Mobile Game Business

Undisclosed


Deal Rationale/Commentary

Headquartered in Melbourne, Australia, Touchcorp owns andoperates a software platform that gives businesses instant accessto scalable services, such as identification and activation,transaction integrity, data collection & analysis, compliancesystems, and payments. Some of their notable customers include7-Eleven, ChangeUp, and Optus.

Founded in 2014, Afterpay Holdings operates as a paymentscompany and offers a retail-centric omni-channel platform thatallow retail merchants to offer end customers with the ability tobuy products on a “buy now, pay later” basis. Additionally, thecompany also provides post-payment services such as processing,transaction management, and invoicing. By merging withTouchcorp, Afterpay will be able to accelerate growth, whilepenetrating new markets, verticals, and enhance their intellectualproperty profile. Anthony Eisen, Executive chair of Afterpay,commented, “This proposed strategic merger would enableNewCo to be fully integrated from a technology perspective,boost the earnings potential of each component company withaccess to new industries and benefits of scale.”

As the transaction is a merger of equals, Afterpay and Touchcorpwill form a joint holding company, NewCo, though a sharetransfer. One share of Afterpay will be transferred into one shareof Newco and 0.64 share of Touchcorp will be transferred into oneshare of Newco.

Deal SummaryDate: 2/23/2017Transaction Value: $142 millionEnterprise Value: $140 million% Sought: 100%Consideration: Stock merger

Valuation MetricsLTM Revenue Multiple: 4.3 xLTM EBITDA Multiple: 9.7 xLTM P/E Multiple: 6.9 xPremium versus:

1 day prior: 49.9%1 week prior: 47.1%1 month prior: 45.8%

Note: LTM and Premiums as of quarter prior to transaction announcement date.

Acquiror Target

39



Deal SummaryDate: 2/1/2017Transaction Value: $120 millionEnterprise Value: $120 million% Sought: 100%Consideration: Cash, earnout/contingent payments

Valuation MetricsLTM Revenue Multiple: N/ALTM EBITDA Multiple: N/AMultiple on $ Invested: 8.0 x

InvestorsIntel Capital

Founded in 2011, Delta ID designs and develops biometric identity andauthentication solutions based on iris recognition technology. Thecompany’s ActiveIRIS system uses advanced computer patternrecognition techniques to create mathematical representations, whichthen enables mobile device users to do quick and reliable iris recognition.

Headquartered in Sweden, Fingerprint Cards AB, is a developer ofbiometric technology products. Their biometric systems include sensors,algorithms, software, and packaging technologies. With the acquisition ofDelta ID, Fingerprint Cards will be able to expand their product offeringsto include Delta ID”s iris recognition technology. Christian Fredrikson,CEO of Fingerprint Cards, commented, “Through the acquisition we willbe able to provide multi-modal solutions to the market, combining irisrecognition with our fingerprint sensors. Hence, the products will be bothmore secure and user-friendly. The acquisition is consistent with ourstrategy to expand and maintain our leadership position within biometry,from our leading position within fingerprint sensors for smartphones.”

The cash consideration is subject to certain deferred payments based onthe management’s future commitment over the next two years with anadditional earn out of up to $14 million, dependent on if Delta IDexceeds its revenue forecast for 2017.

40

PUBLIC COMPANY TRADING & OPERATING METRICS

($ in millions, except per share data)$/Share Market Enterprise % Change Ent. Value/Rev. Ent. Value/EBITDA Price/EPS NTM / LTM Growth LTM Margin

Company Name 3/31/17 Cap Value Cash Debt LTM LQ LTM NTM LTM NTM LTM NTM Revenue EBITDA EPS Gross EBITDA Net

Mobile 115 Mean 36,253 34,541 4,734 2,753 14.6 % 9.4 % 6.1 x 3.9 x 19.1 x 13.8 x 37.6 x 24.9 x 18.5% 46.4% 18.6% 59.5 % 15.4 % (7.4)%Mobile 115 Median 2,209 2,168 298 66 8.2 % 10.3 % 3.4 x 3.1 x 13.7 x 12.0 x 25.4 x 21.4 x 16.0% 18.9% 15.4% 59.8 % 19.3 % 11.1 %

Carrier Back OfficeAmdocs 60.99 8,947 8,006 940 0 0.9 % 4.7 % 2.1 x 2.1 x 10.8 x 10.3 x 16.9 x 15.7 x 4.0% 5.0% 7.7% 35.1 % 19.8 % 14.3 %Convergys 21.15 2,000 2,148 151 299 (23.8)% (13.9)% 0.7 x 0.7 x 5.7 x 5.9 x 11.5 x 11.6 x (0.9)% (4.0)% (0.6)% 36.0 % 13.0 % 6.5 %CSG Systems 37.81 1,242 1,381 276 416 (16.3)% (21.9)% 1.8 x 1.8 x 7.1 x 7.8 x 13.6 x 15.8 x 2.7% (8.9)% (14.3)% 50.7 % 25.5 % 12.1 %NeuStar 33.15 1,828 2,591 46 808 34.8 % (0.7)% 2.1 x 2.0 x 5.4 x 4.3 x 5.6 x 6.2 x 5.2% 25.4% (9.0)% 69.5 % 39.8 % 27.0 %Synchronoss 24.40 1,106 1,180 194 267 (24.6)% (36.3)% 2.5 x 1.4 x 5.1 x 4.2 x 12.3 x 9.6 x 70.9% 22.3% 28.1% 59.3 % 48.6 % 18.1 %Teleperformance 108.27 6,130 7,889 298 2,057 23.0 % 7.6 % 2.0 x 1.7 x 15.2 x 10.2 x 26.8 x 17.6 x 18.4% 49.0% 52.3% 32.7 % 13.5 % 6.1 %TeleTech 29.60 1,358 1,521 55 217 6.6 % (3.0)% 1.2 x 1.1 x 9.6 x 8.4 x 22.1 x 18.2 x 3.8% 13.9% 21.5% 26.2 % 12.4 % 5.0 %

Mean 3,230 3,531 280 581 0.1 % (9.1)% 1.8 x 1.6 x 8.4 x 7.3 x 15.5 x 13.5 x 14.9% 14.7% 12.2% 44.2 % 24.6 % 12.7 %Median 1,828 2,148 194 299 0.9 % (3.0)% 2.0 x 1.7 x 7.1 x 7.8 x 13.6 x 15.7 x 4.0% 13.9% 7.7% 36.0 % 19.8 % 12.1 %

Mobile OS & Utility SoftwareAlphabet 847.80 579,858 497,460 86,333 3,935 11.1 % 7.0 % 5.5 x 4.7 x 15.2 x 11.6 x 24.7 x 20.3 x 17.5% 31.4% 21.5% 61.1 % 36.3 % 26.6 %Apple 143.66 753,718 780,960 60,638 87,880 31.8 % 24.0 % 3.6 x 3.4 x 10.6 x 10.7 x 17.2 x 15.6 x 6.7% (1.0)% 10.4% 38.5 % 33.9 % 20.8 %BlackBerry 7.73 4,104 3,317 1,378 591 (4.9)% 12.4 % 2.5 x 3.2 x 8.9 x 23.6 x NA NA (21.0)% (62.5)% NA 49.0 % 28.6 % 2.4 %Cheetah Mobile 10.74 1,530 1,347 255 72 (34.2)% 12.3 % 2.0 x 1.8 x 14.5 x 16.6 x NA 26.4 x 15.8% (12.8)% NA 69.2 % 14.1 % 5.0 %Enea 9.94 174 166 25 17 (12.5)% (6.0)% 3.0 x 2.3 x 11.6 x 10.2 x 14.3 x 14.9 x 31.2% 13.5% (4.0)% 70.4 % 26.0 % 20.0 %G-treeBNT 14.04 310 307 18 14 (26.3)% 1.5 % 20.2 x NA NA NA NA NA NA NA NA 25.4 % (16.4)% (36.1)%Microsoft 65.86 508,935 475,536 121,205 87,806 19.2 % 6.0 % 5.5 x 4.7 x 13.7 x 12.5 x 22.6 x 21.7 x 17.1% 9.9% 4.4% 61.0 % 40.5 % 26.8 %MobileIron 4.35 388 298 90 0 (3.8)% 16.0 % 1.8 x 1.6 x NA NA NA NA 11.2% 68.0% 46.4% 81.5 % (23.3)% (19.4)%Monotype Imaging 20.10 792 806 91 105 (16.0)% 1.3 % 4.0 x 3.5 x 11.2 x 16.1 x 24.8 x 36.6 x 14.5% (30.7)% (32.1)% 83.8 % 35.5 % 15.8 %Myriad Group 1.64 184 182 10 8 (49.3)% (31.2)% 3.2 x NA NA NA NA NA NA NA NA 34.1 % (22.5)% (72.7)%NQ Mobile 4.17 401 253 327 179 (9.0)% 29.5 % 0.7 x NA NA NA 31.4 x NA NA NA NA 24.4 % 0.8 % 3.4 %Nuance 17.31 5,047 6,890 1,095 2,939 (7.4)% 16.2 % 3.5 x 3.3 x 11.0 x 10.5 x 11.4 x 10.7 x 5.5% 4.8% 6.8% 60.3 % 32.2 % 22.4 %Opera Softw are 4.70 686 567 220 101 (41.1)% 8.3 % 1.1 x 1.0 x 6.2 x 9.5 x 18.9 x NA 9.9% (34.8)% (91.9)% 19.8 % 17.0 % 6.8 %OPTiM 26.31 351 334 17 0 10.3 % 14.4 % 12.7 x 8.5 x 57.6 x NA 130.4 x NA 48.3% NA NA 82.8 % 22.0 % 10.6 %Seamless Distribution 4.34 958 NA 41 NA NA (17.2)% NA NA NA NA 159.0 x NA NA NA NA NA 39.8 % 14.2 %

Mean 123,829 126,316 18,116 13,118 (9.4)% 6.3 % 5.0 x 3.5 x 16.0 x 13.5 x 45.5 x 20.9 x 14.2% (1.4)% (4.8)% 54.4 % 17.6 % 3.1 %Median 792 686 220 103 (8.2)% 8.3 % 3.4 x 3.3 x 11.4 x 11.6 x 23.7 x 20.3 x 14.5% 1.9% 5.6% 60.7 % 26.0 % 10.6 %

Messaging & VoIPLINE 38.34 8,388 7,373 1,203 188 NA 11.6 % 6.1 x 4.8 x 50.6 x 21.9 x 119.8 x NA 26.7% 130.9% NA 35.0 % 12.1 % 5.7 %Mail.Ru Group 22.10 4,610 4,520 92 2 1.8 % 20.4 % 6.9 x 5.1 x 23.5 x 12.6 x 15.3 x 18.5 x 34.9% 86.0% (17.4)% 52.2 % 29.5 % 46.8 %Myriad Group 1.64 184 182 10 8 (49.3)% (31.2)% 3.2 x NA NA NA NA NA NA NA NA 34.1 % (22.5)% (72.7)%SINA 72.12 5,112 3,521 1,797 206 52.2 % 18.6 % 3.4 x 2.5 x 27.7 x 9.6 x 50.8 x 30.7 x 34.7% 188.8% 65.6% 65.6 % 12.3 % 10.7 %Tencent 28.67 268,984 267,151 17,603 15,770 40.4 % 17.2 % 12.2 x 8.8 x 32.4 x 22.5 x 40.0 x 31.2 x 38.9% 43.8% 28.5% 55.6 % 37.7 % 31.1 %Tw ilio 28.87 2,527 2,221 306 0 NA 0.1 % 8.0 x 6.0 x NA NA NA NA 33.3% 58.0% 64.9% 56.5 % (8.4)% (9.4)%

Mean 48,301 47,495 3,502 2,696 11.3 % 6.1 % 6.7 x 5.5 x 33.5 x 16.7 x 56.5 x 26.8 x 33.7% 101.5% 35.4% 49.9 % 10.1 % 2.0 %Median 4,861 4,021 754 98 21.1 % 14.4 % 6.5 x 5.1 x 30.1 x 17.3 x 45.4 x 30.7 x 34.7% 86.0% 46.7% 53.9 % 12.2 % 8.2 %

TRADING & OPERATING METRICS

42



Portals & Social NetworksFacebook 142.05 410,522 381,073 29,449 0 24.5 % 23.5 % 13.8 x 10.1 x 27.0 x 16.1 x 33.5 x 26.2 x 37.1% 68.2% 28.1% 86.3 % 51.0 % 44.9 %Gree 6.29 1,477 773 704 0 14.3 % 19.0 % 1.4 x 1.4 x 5.3 x 10.0 x 9.5 x NA 1.5% (47.4)% NA 70.4 % 27.4 % 29.1 %Kakao 74.33 5,030 5,128 730 827 (14.8)% 16.2 % 4.2 x 3.1 x 33.6 x 17.2 x 74.1 x 45.8 x 35.5% 95.4% 62.0% 95.9 % 12.5 % 5.6 %Mail.Ru Group 22.10 4,610 4,520 92 2 1.8 % 20.4 % 6.9 x 5.1 x 23.5 x 12.6 x 15.3 x 18.5 x 34.9% 86.0% (17.4)% 52.2 % 29.5 % 46.8 %MeetMe 5.89 394 373 22 0 107.4 % 19.5 % 4.9 x 3.2 x 15.5 x 9.3 x 13.1 x 10.9 x 54.3% 67.3% 20.0% 100.0 % 31.5 % 34.1 %Meitu 1.57 6,639 5,845 794 0 NA 44.7 % 25.7 x 10.3 x NA NA NA NA 148.7% 19.9% 99.3% 15.2 % (48.3)% (1683.4)%Mono Technology 0.10 364 403 5 45 70.1 % 27.0 % 6.3 x 5.3 x 30.8 x 12.0 x NA 74.6 x 19.3% 155.8% NA 24.1 % 20.5 % (2.9)%Shutterf ly 48.29 1,625 1,710 316 400 4.1 % (3.8)% 1.5 x 1.5 x 8.9 x 7.8 x NA NA 1.9% 14.0% NA 50.1 % 17.0 % 1.3 %SINA 72.12 5,112 3,521 1,797 206 52.2 % 18.6 % 3.4 x 2.5 x 27.7 x 9.6 x 50.8 x 30.7 x 34.7% 188.8% 65.6% 65.6 % 12.3 % 10.7 %Snap 22.53 26,072 25,100 987 15 NA NA 62.1 x 24.3 x NA NA NA NA 155.2% (69.8)% 16.5% (11.7)% (93.8)% (128.9)%Tencent 28.67 268,984 267,151 17,603 15,770 40.4 % 17.2 % 12.2 x 8.8 x 32.4 x 22.5 x 40.0 x 31.2 x 38.9% 43.8% 28.5% 55.6 % 37.7 % 31.1 %Tian Ge Interactive 0.79 1,014 772 242 0 23.4 % 27.4 % 6.4 x 5.0 x 41.8 x NA 29.2 x 20.0 x 27.4% NA 46.5% 77.5 % 15.4 % 29.9 %Tw itter 14.95 10,791 8,703 3,775 1,687 (9.7)% (8.3)% 3.4 x 3.7 x 12.6 x 14.6 x 26.2 x 51.4 x (6.5)% (13.5)% (49.0)% 65.1 % 27.2 % 15.8 %YY 46.11 2,558 2,189 768 399 (25.1)% 17.0 % 1.9 x 1.4 x 9.2 x 6.0 x 11.2 x 9.8 x 30.7% 53.3% 14.0% 38.3 % 20.1 % 21.2 %

Mean 53,228 50,519 4,092 1,382 24.1 % 18.3 % 11.0 x 6.1 x 22.4 x 12.5 x 30.3 x 31.9 x 43.8% 50.9% 28.6% 56.0 % 11.4 % (110.3)%Median 4,820 4,021 749 30 18.8 % 19.0 % 5.6 x 4.4 x 25.2 x 12.0 x 27.7 x 28.4 x 34.8% 53.3% 28.1% 60.3 % 20.3 % 18.5 %

Search & Referral - DiversifiedAlphabet 847.80 579,858 497,460 86,333 3,935 11.1 % 7.0 % 5.5 x 4.7 x 15.2 x 11.6 x 24.7 x 20.3 x 17.5% 31.4% 21.5% 61.1 % 36.3 % 26.6 %Angie's List 5.70 339 357 39 58 (29.4)% (30.7)% 1.1 x 1.2 x 8.7 x 12.3 x 35.3 x 21.4 x (7.4)% (29.4)% NA 70.2 % 12.7 % 2.9 %Baidu 172.52 59,949 54,324 12,973 7,349 (9.6)% 4.9 % 5.3 x 4.4 x 21.6 x 22.2 x 30.5 x 30.7 x 22.2% (2.9)% (0.6)% 56.7 % 24.7 % 19.4 %DigitalGlobe 32.75 2,022 3,202 109 1,289 89.3 % 14.3 % 4.4 x 3.8 x 8.3 x 8.2 x 43.0 x NA 17.0% 1.7% (139.4)% 77.3 % 53.0 % 6.7 %Info Edge 12.34 1,496 1,305 191 0 6.3 % (6.8)% 9.2 x 5.9 x NA NA NA 66.2 x 56.3% 129.0% NA 8.1 % (34.6)% (26.8)%Just Dial 8.14 566 455 111 0 (29.6)% 63.1 % 4.4 x 3.7 x 17.1 x 24.4 x 30.3 x 30.3 x 19.4% (29.7)% 0.2% 43.6 % 25.5 % 18.3 %Kakao 74.33 5,030 5,128 730 827 (14.8)% 16.2 % 4.2 x 3.1 x 33.6 x 17.2 x 74.1 x 45.8 x 35.5% 95.4% 62.0% 95.9 % 12.5 % 5.6 %Naver 764.79 22,031 19,560 2,785 313 36.5 % 18.8 % 5.9 x 4.7 x 20.4 x 14.1 x 39.7 x 27.9 x 24.2% 45.1% 42.2% 100.0 % 28.7 % 16.9 %Yahoo Japan 4.61 26,241 22,889 3,866 513 8.1 % 19.9 % 3.2 x 2.8 x 12.8 x 9.9 x 22.9 x NA 13.8% 29.5% NA 55.8 % 24.8 % 15.9 %Yandex 21.93 7,092 6,368 1,030 306 43.1 % 8.9 % 5.1 x 3.9 x 17.0 x 12.0 x 32.3 x 24.5 x 30.2% 41.2% 31.9% 74.0 % 30.2 % 17.9 %Yelp 32.75 2,607 2,127 480 0 64.7 % (14.1)% 3.0 x 2.4 x 29.9 x 13.2 x 44.9 x 31.8 x 24.8% 125.8% 41.3% 91.5 % 10.0 % 7.9 %


Travel & EntertainmentCtrip.com 49.15 24,477 25,772 4,688 5,982 11.0 % 22.9 % 9.3 x 6.5 x NA 33.6 x 81.9 x 49.2 x 43.0% 478.7% 66.6% 75.4 % (7.3)% 10.3 %Expedia 126.17 18,936 20,226 1,869 3,159 17.0 % 11.4 % 2.3 x 2.0 x 16.1 x 11.0 x 28.0 x 23.2 x 14.1% 46.5% 20.8% 81.8 % 14.3 % 7.9 %GrubHub 32.89 2,825 2,502 324 0 30.9 % (12.6)% 5.1 x 3.9 x 21.2 x 13.9 x 41.8 x 30.0 x 30.7% 52.7% 39.6% 56.6 % 24.0 % 13.7 %Live Nation 30.37 6,219 7,005 1,527 2,313 36.1 % 14.2 % 0.8 x 0.8 x 11.3 x 9.9 x NA NA 7.0% 13.4% NA 27.2 % 7.4 % (0.5)%MakeMyTrip 34.60 3,141 3,008 134 1 91.3 % 55.9 % 7.2 x 7.9 x NA NA NA NA (8.5)% (35.4)% 47.3% 44.3 % (15.7)% (24.0)%Priceline 1,779.97 87,522 90,391 4,300 7,169 38.1 % 21.4 % 8.4 x 7.2 x 23.0 x 19.1 x 25.5 x 24.0 x 16.1% 20.5% 6.3% 96.0 % 36.6 % 32.6 %TripAdvisor 43.16 6,222 5,747 730 255 (35.1)% (6.9)% 3.9 x 3.5 x 14.5 x 17.0 x 31.1 x 35.3 x 11.4% (15.0)% (12.0)% 95.2 % 26.8 % 13.8 %

Mean 21,334 22,093 1,939 2,697 27.0 % 15.2 % 5.3 x 4.5 x 17.2 x 17.4 x 41.7 x 32.3 x 16.3% 80.2% 28.1% 68.1 % 12.3 % 7.7 %Median 6,222 7,005 1,527 2,313 30.9 % 14.2 % 5.1 x 3.9 x 16.1 x 15.4 x 31.1 x 30.0 x 14.1% 20.5% 30.2% 75.4 % 14.3 % 10.3 %


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Vertical Market Apps51job 36.66 2,204 1,509 876 181 18.2 % 8.5 % 4.5 x 3.7 x 15.5 x 10.8 x 20.3 x 19.2 x 19.5% 43.8% 5.6% 71.6 % 28.9 % 31.4 %Auto Trader Group 4.91 4,789 5,246 24 481 (12.5)% (2.7)% 13.6 x 13.0 x 20.0 x NA 24.8 x 23.8 x 4.5% 5.7% 4.4% 99.9 % 68.2 % 51.4 %Autohome 31.77 3,621 2,796 824 0 13.7 % 25.7 % 3.3 x 3.3 x 12.5 x 10.8 x 17.4 x 15.5 x (2.4)% 15.0% 12.0% 65.7 % 26.1 % 24.7 %Bitauto 25.61 1,764 3,284 296 1,816 3.3 % 35.2 % 4.0 x 3.1 x NA 21.3 x NA 19.3 x 26.8% NA NA 64.0 % 4.0 % 3.5 %DHI Group 3.95 199 261 23 85 (51.1)% (36.8)% 1.1 x 1.2 x 3.9 x 5.1 x 10.4 x 13.4 x (3.4)% (23.4)% (22.4)% 85.8 % 29.4 % 8.1 %Everyday Netw ork 3.55 682 584 98 0 (40.8)% (14.6)% 5.9 x NA 46.8 x NA 44.3 x 19.8 x NA NA 124.2% 93.3 % 12.7 % 15.6 %Fang 3.26 1,440 1,634 379 573 (45.6)% (0.6)% 1.8 x 3.1 x NA 13.9 x NA NA (41.7)% 164.7% 103.2% 25.0 % (19.8)% (18.9)%IAC/InterActiveCorp 73.72 5,731 5,915 1,419 1,602 56.6 % 13.8 % 1.9 x 1.9 x 11.8 x 10.3 x 25.0 x 22.0 x (1.1)% 15.2% 13.7% 76.3 % 15.9 % 7.5 %TrueCar 15.47 1,341 1,262 108 29 176.7 % 23.8 % 4.5 x 4.0 x NA NA NA NA 14.7% NA NA 90.9 % 2.3 % (4.3)%Zillow 33.81 6,036 5,897 506 367 32.3 % (7.2)% 7.0 x 5.6 x 73.3 x 28.2 x NA 75.6 x 23.4% 159.5% NA 91.5 % 9.5 % 4.0 %

Mean 2,781 2,839 455 514 15.1 % 4.5 % 4.8 x 4.3 x 26.3 x 14.4 x 23.7 x 26.1 x 4.5% 54.4% 34.4% 76.4 % 17.7 % 12.3 %Median 1,984 2,215 338 274 8.5 % 3.9 % 4.2 x 3.3 x 15.5 x 10.8 x 22.5 x 19.5 x 4.5% 15.2% 12.0% 81.1 % 14.3 % 7.8 %

Mobile / Local MarketingAmdocs 60.99 8,947 8,006 940 0 0.9 % 4.7 % 2.1 x 2.1 x 10.8 x 10.3 x 16.9 x 15.7 x 4.0% 5.0% 7.7% 35.1 % 19.8 % 14.3 %comScore 21.59 1,237 1,123 147 33 (28.1)% (31.6)% 3.0 x 2.2 x 10.6 x 9.4 x 11.2 x 13.3 x 40.8% 13.3% (15.8)% 68.5 % 28.6 % 19.7 %Criteo 49.99 3,199 3,014 270 86 20.7 % 21.7 % 1.7 x 3.2 x 17.0 x 10.6 x 24.5 x 20.4 x (48.1)% 60.5% 19.9% 35.8 % 9.8 % 7.5 %CyberAgent 29.55 3,715 3,432 292 9 27.0 % 19.5 % 1.2 x 1.1 x 8.7 x 8.9 x NA NA 18.1% (2.8)% NA 35.2 % 14.3 % 3.0 %Nasmedia 34.93 306 285 26 5 (18.6)% 6.5 % 4.9 x 4.0 x 20.4 x 14.8 x 37.6 x 20.0 x 23.9% 37.4% 87.3% 100.0 % 24.1 % 13.4 %SINA 72.12 5,112 3,521 1,797 206 52.2 % 18.6 % 3.4 x 2.5 x 27.7 x 9.6 x 50.8 x 30.7 x 34.7% 188.8% 65.6% 65.6 % 12.3 % 10.7 %

Mean 3,753 3,230 579 56 9.0 % 6.6 % 2.7 x 2.5 x 15.9 x 10.6 x 28.2 x 20.0 x 12.2% 50.4% 32.9% 56.7 % 18.2 % 11.4 %Median 3,457 3,223 281 21 10.8 % 12.5 % 2.6 x 2.3 x 13.9 x 9.9 x 24.5 x 20.0 x 21.0% 25.3% 19.9% 50.7 % 17.0 % 12.0 %

Mobility & MonitoringiPass 1.17 77 61 16 0 6.4 % (29.1)% 1.0 x 0.9 x NA NA NA NA 11.2% 36.5% (9.5)% 35.8 % (8.5)% (10.2)%Mobile Create 3.37 78 79 13 14 (17.6)% 6.1 % 1.1 x 1.0 x NA NA NA NA 18.8% NA NA 27.8 % 4.4 % 0.9 %Numerex 4.77 93 101 9 17 (21.8)% (35.5)% 1.4 x 1.4 x 19.9 x 13.1 x NA NA 2.5% 51.8% 55.3% 49.1 % 7.2 % (9.9)%ORBCOMM 9.55 682 806 25 149 (5.7)% 15.5 % 4.3 x 3.8 x 17.6 x 14.5 x NA NA 14.4% 21.4% 31.9% 50.2 % 24.5 % (5.9)%Silver Spring Netw orks 11.29 599 481 118 0 (23.5)% (15.2)% 1.5 x 1.5 x NA NA NA NA 3.4% (26.4)% NA 44.5 % 7.0 % 3.8 %Tianze Information 4.04 1,180 1,084 97 0 (10.1)% 12.8 % 41.3 x NA NA NA 472.0 x NA NA NA NA 58.3 % 3.5 % 8.6 %

Mean 452 435 46 30 (12.1)% (7.6)% 8.5 x 1.7 x 18.7 x 13.8 x 472.0 x NM 10.0% 20.8% 25.9% 44.3 % 6.4 % (2.1)%Median 346 291 21 7 (13.9)% (4.5)% 1.5 x 1.4 x 18.7 x 13.8 x 472.0 x NM 11.2% 28.9% 31.9% 46.8 % 5.7 % (2.5)%


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M-Commerce EnablementAlibaba Group 107.83 269,575 262,234 20,422 13,081 36.4 % 22.8 % 12.7 x 9.3 x 30.2 x 20.2 x 32.7 x 26.2 x 35.4% 49.8% 24.8% 62.8 % 41.9 % 40.8 %Amdocs 60.99 8,947 8,006 940 0 0.9 % 4.7 % 2.1 x 2.1 x 10.8 x 10.3 x 16.9 x 15.7 x 4.0% 5.0% 7.7% 35.1 % 19.8 % 14.3 %Bango 1.91 124 118 7 0 208.4 % 129.1 % 36.3 x 25.4 x NA NA NA NA 43.0% 60.2% 16.3% 99.7 % (194.2)% (183.2)%Bankrate 9.65 868 987 177 296 5.2 % (12.7)% 2.3 x 2.0 x 9.8 x 7.9 x 15.8 x 13.9 x 16.3% 24.4% 13.4% 47.6 % 23.2 % 12.5 %Danal 4.91 223 219 77 72 12.1 % 10.3 % 2.4 x NA NA NA NA NA NA NA NA 99.9 % (0.5)% 1.8 %E*TRADE 34.89 9,582 7,593 4,349 2,360 42.5 % 0.7 % 3.6 x 3.5 x NA NA 18.6 x 18.8 x 5.0% NA (1.3)% 90.8 % NA 25.1 %eBay 33.57 36,492 38,303 7,149 8,960 40.7 % 13.1 % 4.3 x 4.1 x 11.1 x 10.9 x 17.8 x 16.7 x 4.8% 1.3% 6.3% 77.6 % 38.6 % 24.1 %Groupon 3.93 2,209 1,545 892 228 (1.5)% 18.4 % 0.5 x 0.5 x 8.2 x 6.9 x NA 34.8 x (0.2)% 18.0% NA 43.2 % 6.0 % 0.7 %LendingTree 125.35 1,484 1,393 91 0 28.2 % 23.7 % 3.6 x 2.7 x 25.1 x 14.6 x 37.4 x 31.4 x 33.9% 72.5% 19.3% 96.4 % 14.4 % 11.1 %Mercadolibre 211.47 9,338 9,164 487 314 79.4 % 35.4 % 10.9 x 7.8 x 54.9 x 30.2 x 60.9 x 46.0 x 38.7% 81.8% 32.5% 72.5 % 19.8 % 18.1 %Moneysupermarket.co 4.14 2,258 2,203 55 0 (9.6)% 13.9 % 5.6 x 5.1 x 14.6 x 13.2 x 23.2 x 19.5 x 10.4% 10.2% 19.3% 74.8 % 38.6 % 25.0 %PayPal 43.02 51,950 42,134 9,816 0 11.5 % 9.0 % 3.9 x 3.3 x 16.1 x 13.3 x 28.7 x 24.9 x 16.3% 21.5% 15.4% 47.4 % 24.1 % 16.9 %Qiw i 17.15 1,039 720 339 20 18.4 % 34.3 % 2.5 x 3.7 x 8.5 x 7.6 x 14.5 x 15.4 x (32.6)% 11.4% (6.0)% 52.5 % 29.0 % 24.6 %Rakuten 10.00 14,237 14,149 6,179 6,091 3.5 % 1.9 % 2.1 x 1.8 x 11.0 x 9.4 x 38.6 x NA 19.2% 17.5% NA 13.3 % 19.1 % 5.6 %RetailMeNot 8.10 391 235 217 61 1.1 % (12.9)% 0.8 x 0.8 x 3.7 x 4.1 x 11.6 x 14.2 x 10.9% (11.6)% (18.6)% 78.1 % 23.0 % 12.4 %TD Ameritrade 38.86 20,500 11,137 11,132 1,769 23.2 % (10.9)% 3.4 x 3.1 x 7.1 x 6.5 x 25.4 x 22.6 x 8.4% 9.1% 12.6% 91.5 % 47.4 % 24.5 %Touchcorp 0.98 125 105 20 0 (39.4)% 23.5 % 3.9 x 3.7 x 7.1 x 23.6 x 13.2 x NA 7.7% (70.1)% (86.3)% 70.6 % 55.7 % 33.6 %


Apps Stores & Content AggregationAlphabet 847.80 579,858 497,460 86,333 3,935 11.1 % 7.0 % 5.5 x 4.7 x 15.2 x 11.6 x 24.7 x 20.3 x 17.5% 31.4% 21.5% 61.1 % 36.3 % 26.6 %Amazon.com 886.54 423,031 417,463 25,981 20,413 49.3 % 18.2 % 3.1 x 2.5 x 30.7 x 21.5 x NA NA 21.5% 43.0% NA 35.1 % 10.0 % 1.7 %Apple 143.66 753,718 780,960 60,638 87,880 31.8 % 24.0 % 3.6 x 3.4 x 10.6 x 10.7 x 17.2 x 15.6 x 6.7% (1.0)% 10.4% 38.5 % 33.9 % 20.8 %Bew inner 1.43 812 753 60 0 25.0 % 14.8 % 23.9 x NA NA NA NA NA NA NA NA 45.4 % (8.2)% (11.4)%

Mean 439,355 424,159 43,253 28,057 29.3 % 16.0 % 9.0 x 3.5 x 18.8 x 14.6 x 20.9 x 17.9 x 15.2% 24.5% 16.0% 45.0 % 18.0 % 9.4 %Median 501,444 457,461 43,310 12,174 28.4 % 16.5 % 4.5 x 3.4 x 15.2 x 11.6 x 20.9 x 17.9 x 17.5% 31.4% 16.0% 41.9 % 22.0 % 11.3 %

Games / Virtual GoodsAteam 23.87 451 428 31 8 44.4 % 20.9 % 1.7 x 1.2 x 18.8 x NA 29.1 x NA 38.1% NA NA 84.6 % 9.1 % 6.2 %Changyou.com 28.04 1,430 978 831 379 49.3 % 32.1 % 1.9 x 1.7 x 4.6 x 5.2 x 9.8 x 8.3 x 11.5% (11.6)% 17.4% 68.4 % 40.9 % 28.9 %Colopl 9.26 1,162 643 519 0 (56.7)% 8.9 % 0.8 x 1.3 x 2.0 x 4.5 x NA NA (39.7)% (55.3)% NA 55.8 % 38.5 % 24.4 %CyberAgent 29.55 3,715 3,432 292 9 27.0 % 19.5 % 1.2 x 1.1 x 8.7 x 8.9 x NA NA 18.1% (2.8)% NA 35.2 % 14.3 % 3.0 %DeNA 20.26 2,939 2,231 709 0 17.4 % (7.4)% 1.8 x 1.7 x 7.4 x 5.6 x 10.2 x NA 4.0% 30.6% NA 60.4 % 24.6 % 23.4 %GAMEVIL 49.20 324 342 30 47 (38.7)% 21.6 % 2.5 x 2.1 x NA NA 10.6 x 10.3 x 19.7% 10.7% 3.1% 61.1 % 7.4 % 22.4 %G-bits 46.40 3,302 3,022 281 0 NA NA 16.1 x 15.3 x 40.4 x 24.3 x 32.1 x 32.6 x 5.3% 66.1% (1.4)% 96.0 % 39.8 % 41.0 %Glu 2.27 306 204 102 0 (19.5)% 17.0 % 1.0 x 0.9 x NA NA NA NA 9.0% NA 48.2% 47.5 % 2.1 % (21.0)%Mail.Ru Group 22.10 4,610 4,520 92 2 1.8 % 20.4 % 6.9 x 5.1 x 23.5 x 12.6 x 15.3 x 18.5 x 34.9% 86.0% (17.4)% 52.2 % 29.5 % 46.8 %MobileFactory 26.84 127 114 12 0 200.0 % 9.5 % 6.4 x NA 20.4 x NA 33.3 x NA NA NA NA 64.9 % 31.7 % 21.5 %Shengxunda 16.48 1,538 1,431 114 7 NA 0.8 % 41.5 x NA 95.9 x NA 113.3 x NA NA NA NA 84.9 % 43.3 % 31.9 %Sohu.com 39.33 1,527 256 1,299 29 (20.6)% 16.1 % 0.2 x 0.1 x 0.9 x 3.2 x NA NA 5.5% (71.5)% 3.4% 47.9 % 17.2 % (13.3)%Zynga 2.85 2,474 1,622 852 0 25.0 % 10.9 % 2.2 x 2.0 x NA 17.8 x NA 40.9 x 8.0% NA NA 67.8 % 4.9 % 3.2 %

Mean 1,839 1,479 397 37 20.8 % 14.2 % 6.5 x 3.0 x 22.2 x 10.3 x 31.7 x 22.1 x 10.4% 6.5% 8.9% 63.6 % 23.3 % 16.8 %Median 1,527 978 281 2 17.4 % 16.5 % 1.9 x 1.7 x 13.7 x 7.3 x 22.2 x 18.5 x 9.0% 4.0% 3.2% 61.1 % 24.6 % 22.4 %


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Video, Music & eBooksAlphabet 847.80 579,858 497,460 86,333 3,935 11.1 % 7.0 % 5.5 x 4.7 x 15.2 x 11.6 x 24.7 x 20.3 x 17.5% 31.4% 21.5% 61.1 % 36.3 % 26.6 %Amazon.com 886.54 423,031 417,463 25,981 20,413 49.3 % 18.2 % 3.1 x 2.5 x 30.7 x 21.5 x NA NA 21.5% 43.0% NA 35.1 % 10.0 % 1.7 %Apple 143.66 753,718 780,960 60,638 87,880 31.8 % 24.0 % 3.6 x 3.4 x 10.6 x 10.7 x 17.2 x 15.6 x 6.7% (1.0)% 10.4% 38.5 % 33.9 % 20.8 %Leshi 4.93 9,827 10,497 618 1,289 (45.9)% (4.5)% 3.3 x 2.2 x NA 16.5 x NA NA 54.2% 287.5% NA 16.8 % 5.2 % 2.5 %Meitu 1.57 6,639 5,845 794 0 NA 44.7 % 25.7 x 10.3 x NA NA NA NA 148.7% 19.9% 99.3% 15.2 % (48.3)% (1683.4)%MTI 6.05 330 253 76 0 (13.0)% (2.6)% 0.9 x 0.9 x 4.2 x 4.8 x 10.9 x NA 4.0% (12.1)% NA 83.5 % 21.8 % 11.3 %Netflix 147.81 63,619 65,249 1,734 3,364 44.6 % 19.4 % 7.4 x 5.8 x NA 60.6 x NA NA 27.2% 129.4% NA 31.7 % 5.3 % 2.1 %Pandora Media 11.81 2,779 2,884 237 342 32.0 % (9.4)% 2.1 x 1.8 x NA NA NA NA 17.1% NA 15.7% 37.2 % (1.8)% (8.7)%Tian Ge Interactive 0.79 1,014 772 242 0 23.4 % 27.4 % 6.4 x 5.0 x 41.8 x NA 29.2 x 20.0 x 27.4% NA 46.5% 77.5 % 15.4 % 29.9 %YY 46.11 2,558 2,189 768 399 (25.1)% 17.0 % 1.9 x 1.4 x 9.2 x 6.0 x 11.2 x 9.8 x 30.7% 53.3% 14.0% 38.3 % 20.1 % 21.2 %

Mean 184,337 178,357 17,742 11,762 12.0 % 14.1 % 6.0 x 3.8 x 18.6 x 18.8 x 18.6 x 16.4 x 35.5% 68.9% 34.6% 43.5 % 9.8 % (157.6)%Median 8,233 8,171 781 844 23.4 % 17.6 % 3.5 x 2.9 x 12.9 x 11.6 x 17.2 x 17.8 x 24.4% 37.2% 18.6% 37.7 % 12.7 % 6.9 %

Mobile DevicesApple 143.66 753,718 780,960 60,638 87,880 31.8 % 24.0 % 3.6 x 3.4 x 10.6 x 10.7 x 17.2 x 15.6 x 6.7% (1.0)% 10.4% 38.5 % 33.9 % 20.8 %BDStar Navigation 4.61 2,364 2,320 76 32 8.3 % 0.4 % 13.6 x NA 98.5 x NA 45.2 x NA NA NA NA 30.7 % 13.8 % 23.3 %BlackBerry 7.73 4,104 3,317 1,378 591 (4.9)% 12.4 % 2.5 x 3.2 x 8.9 x 23.6 x NA NA (21.0)% (62.5)% NA 49.0 % 28.6 % 2.4 %Fitbit 5.92 1,344 638 706 0 (60.9)% (19.1)% 0.3 x 0.4 x 2.1 x NA NA NA (27.3)% (139.6)% NA 39.9 % 14.0 % (1.5)%Garmin 51.11 9,638 8,524 1,114 0 27.9 % 5.4 % 2.8 x 2.8 x 13.0 x 12.1 x 18.0 x 19.2 x (0.0)% 7.1% (6.5)% 55.6 % 21.8 % 17.8 %Samsung 1,842.64 255,831 195,295 73,230 12,694 59.6 % 23.1 % 1.2 x 1.0 x 4.6 x 3.3 x 13.9 x 8.9 x 19.2% 40.8% 56.4% 40.4 % 25.4 % 11.2 %TomTom 9.76 2,268 2,127 150 10 (0.1)% 8.2 % 2.0 x 2.1 x 13.3 x 12.7 x 38.4 x 37.3 x (2.7)% 4.9% 2.9% 57.3 % 15.3 % 5.7 %Trimble Navigation 32.01 8,091 8,383 327 620 29.1 % 6.2 % 3.5 x 3.4 x 18.2 x 16.4 x 27.1 x 23.8 x 5.3% 10.6% 14.0% 56.2 % 19.5 % 12.7 %

Mean 129,670 125,196 17,202 12,728 11.3 % 7.6 % 3.7 x 2.3 x 21.1 x 13.1 x 26.6 x 21.0 x (2.8)% (19.9)% 15.5% 46.0 % 21.5 % 11.6 %Median 6,097 5,850 910 311 18.1 % 7.2 % 2.7 x 2.8 x 11.8 x 12.4 x 22.6 x 19.2 x (0.0)% 4.9% 10.4% 44.7 % 20.7 % 12.0 %


46

TECHNOLOGY & TELECOM TEAM

JOHN SNEADPartner, Managing DirectorHead of International M&ATechnology & Telecom

London

DAVID MICHAELSPartner, Managing DirectorHead of Technology & Telecom

Los Angeles,San Diego & Silicon Valley

TECHNOLOGY & TELECOM TEAM

Capstone is built from the top and our clients receive hands-on, senior-level attention on every transaction. With a long track record of success, we are dedicated to delivering results that maximize value for our clients.

48

DAVID DESIMONEDirectorTechnology & Telecom

Boston

TEAK MURPHYDirectorTechnology & Telecom

Los Angeles

BRANDON OVERMYERVice PresidentTechnology & Telecom

Los Angeles

JOHN FERRARAFounder & PresidentHead of Investment Banking

Boston, New York

JAY WONGWATANA-ANANAnalystTechnology & Telecom

Los Angeles

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