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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.



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  • 1. 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