Vujàdé’s facebook series Startup insights from a truly exciting case BUSINESS MODEL CANVAS What does the market expect from facebook when valued at USD100B? Based on a benchmark with Apple and Google. For this presentation Vujàdé Ltd. has used the below listed forms filed to the United states Securities and Exchange Commission. Each form form provides insights in the 2011 revenues.

1. VUJÀDÉ’S FACEBOOK SERIES
Startup insights from a truly exciting case!
#1
BUSINESS MODEL CANVAS
Photo by: Vujàdé Ltd. – Jasper Bouwsma
What does the market expect from facebook when valued at USD100B?
Based on a benchmark with Apple and Google.!
Vujàdé Ltd. – Supporting Forward Thinking www.vujade.com Slide |

2. Dear viewer!
Vujàdé Ltd. is strongly involved in supporting startups. As a consequence we
have been following the incredible development of facebook in terms of number
of users and according valuations. On February 2nd 2012 facebook filed its Form
S-1 for its long anticipated IPO at the US Securities and Exchange Commission.
The SEC documentation provides us with better insights in facebook and
provides some facts after a long period of rumors and interpretations of the
insane growth of an 8-year company valued at a USD100B. With a series of
presentations Vujàdé Ltd will look into a number of different startup related
topics to explain and illustrate the exciting world of startups and growth
companies.
In this presentation we will compare facebook’s business model, financials and
valuation with the market cap and financials of Apple (“a molecule-based
business”) and Google (another “bits and bytes company”). The question being:
What does the market expect from facebook when valued at USD100B?
Happy sharing!
Jasper Bouwsma
Founder Vujàdé Ltd.
Vujàdé Ltd. – Supporting Forward Thinking Slide | 2

3. FOR THIS PRESENTATION VUJÀDÉ LTD. HAS USED THE BELOW LISTED FORMS
FILED TO THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION.
EACH FORM FORM PROVIDES INSIGHTS IN THE 2011 REVENUES.
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4. THE BASIC FINANCIALS
Revenues 2011
108’249 3’711 37’950
(US$ Milion)
+% 2010 +66% +88% +29%
Earnings 25’922 1’000 11’632
Gross Margin 23.9% 26.9% 30.7%
THE CONSEQUENTIAL DRY FACTS:
1. APPLE, FACEBOOK AND GOOGLE ARE ALL HIGHLY PROFITABLE.
2. FACEBOOK HAS THE STRONGEST YEAR OVER YEAR GROWTH, CLOSELY FOLLOWED
BY APPLE
3. FACEBOOK REVENUE MULTIPLES:
1. APPLE = 29X FACEBOOK REVENUE
2. Vujàdé Ltd. – Supporting Forward Thinking
GOOGLE = 10X FACEBOOK REVENUE Slide | 4

5. SOME MORE FACTS & FIGURES
Market Cap /
US$507’8B US$102.6B US$201,9B
Valuation
Incorporation April 1st 1976 February 4th 2004 September 4th 1998
Date of IPO December 12th 1982 May 1st 2012 August 19th 2004
Time 2446 Days 3009 Days 2210 Days
Incorporation - IPO (6Y and 8 M) (8Y and 3M) (6 Years)
Revenue @ IPO 583M 3’711M 3’189M
Earnings @ IPO 61M 1’000M 640M
Market Cap post
IPO
US$1.8B US$100B! US$23B
VUJÀDÉ’S INTERPRETATION:
IF IS ABOUT TIME THAT FACEBOOK DOES ITS IPO
1. IN TERMS OF TIME SINCE INCORPORATION
2. IN TERMS IF PROFITABILITY
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6. SOME SIMPLE RATIOS
Price to Sales 3x (4.7x) 27x! 7x (5.5x)
Price to Earnings (19.7x) 100x! (17.3x)
VUJÀDÉ’S INTERPRETATION:
IF THE MARKET THINKS THAT FACEBOOK IS WORTH A 27X REVENUE,
IT MUST BE BASED ON FUTURE REVENUE AND PROFIT EXPECTATIONS.
SO LETS LOOK AT FACEBOOK’S BUSINESS MODEL
Vujàdé Ltd. – Supporting Forward Thinking Slide | 6

7. FACEBOOK
BUSINESS MODEL
CANVAS
Vujàdé Ltd. – Supporting Forward Thinking Slide | 7

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10. STATEMENT #2!
fb makes as much
advertising revenue as
Google at their IPO.!
QUESTION STATEMENT #1!
To what extent is fb able 12% of total revenues and
to establish and scale 80% of payment revenues
their advertising business? ! come from Zynga.!
QUESTION
Is that part of the
business model indeed
STATEMENT #3! scalable?!
fb is still young.!
QUESTION
What does fb have up
their sleeve and what is it
able to do with the cash
generated from the IPO?!
Vujàdé Ltd. – Supporting Forward Thinking Slide | 10

11. STATEMENT #4!
currently, 3500 employees
each generate appr. !
US$1.0M revenue.!
QUESTION
A) How can that ratio be
improved!
B) How to attract > talent?!
Vujàdé Ltd. – Supporting Forward Thinking Slide | 11

12. CONCLUSION
IN THE END IT IS ALL ABOUT ATTRACTING TALENT WHO WILL BE ABLE TO
SCALE FACEBOOK’S ADVERTISING BUSINESS AND USE THE FACEBOOK’S KEY
RESOURCE (I.E. 845M USERS, FACEBOOK.COM) TO LAUNCH NEW PRODUCTS
AND EXTENT THE BUSINESS MODEL.
#employees 3’500 32’500
Revenue/Employee 1’060’286 1’167’493
VUJÀDÉ’S INTERPRETATION:
FOR FACEBOOK IT WILL ALL BE ABOUT HIRING THOUSANDS UPON THOUSANDS
OF EMPLOYEES TO GENERATE THE REVENUE AND PROFIT THE MARKET SEEMS
TO EXPECT.
Just imagine hiring 60’000 people in a couple of years… !
Vujàdé Ltd. – Supporting Forward Thinking Slide | 12

13. Vujàdé Ltd. – Supporting Forward Thinking Slide | 13
Vujàdé Ltd. – Supporting Forward Thinking

14. Vujàdé’s facebook series
Billionaires vs. Millionaires
#2 See
Slide our
Sha
re !
www
.slid
Stay Tuned! And
esha
re.ne
t/vu
Enjo jade!
y !
:)!
Vujàdé Ltd. – Supporting Forward Thinking www.vujade.com Slide | 14

15. Vujàdé Ltd.
Postal Address
P.O. Box 4
CH-3257 Grossaffolterm
Visiting Address
Photo by: Vujàdé Ltd – Jasper Bouwsma
Elfenaustrasse 3
CH-2502 Biel/Bienne
+41 (0)31 32 32 300
Online
www.vujade.com
contact@vujade.com
VujadeLtd
Vujàdé Ltd. – Supporting Forward Thinking Slide |

16. Vu-jà-dé
Photo: Vujàdé Ltd. – Supporting Forward Thinking
Vujàdé is the opposite of déjà-vu and refers to something that
has not yet taken place or has not yet existed.
Looking for new solutions.
Critically questioning existing structures and behavior.
Looking at something from a different or an unusual point of view.
In other words: Vujàdé stands for innovation.
Photo by: VujàdéLtd. – – Jasper Bouwsma
Vujàdé Ltd Supporting Forward Thinking Slide | 16