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It’s a Long Climb to the Top Summary Trading Multiples EV/Revenue EV/EBITDA Price / Earnings Company CY2011 CY2012 CY2011 CY2012 CY2011 CY2012 6 Public Internet Companies Baidu 22.5x 14.7x 38.3x 25.2x 49.4x 32.7x Mail.Ru 14.7 11.3 30.9 22.6 43.1 30.7 With CY2011 Rev Growth of 30%+ Mercadolibre 9.7 7.4 27.9 20.6 41.8 30.3 Qihoo 360 15.5 9.4 46.4 27.9 62.0 35.6 and CY2012 Rev Growth of 30%+ Tencent 10.1 7.7 20.5 15.6 26.3 20.3 Yandex 13.4 9.3 29.1 20.2 52.1 34.9 and CY2012 EBITDA Margin of 30%+ Mean: 14.3x 10.0x 32.2x 22.0x 45.8x 30.8x Median: 14.1 9.4 30.0 21.6 46.3 31.7 18 Public Internet Companies With CY2011 Rev Growth of 30%+ and CY2012 Rev Growth of 30%+ 44 Public Internet Companies With CY2011 Rev Growth of 30%+ 71 Public Internet Companies With CY2011 Rev Growth of 15%+116 Public Internet Companies Source: Thomson Reuters of September 9, 2011. 1