1

It’s a Long Climb to the Top

Source: Thomson Reuters of September 9, 2011.

Summary Trading Multiples

116 Public Internet Companies

6 Public Internet Companies

With CY2011 Rev Growth of 30%+

and CY2012 Rev Growth of 30%+

and CY2012 EBITDA Margin of 30%+

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%+

EV/Revenue EV/EBITDA Price / EarningsCompany CY2011 CY2012 CY2011 CY2012 CY2011 CY2012

Baidu 22.5x 14.7x 38.3x 25.2x 49.4x 32.7xMail.Ru 14.7 11.3 30.9 22.6 43.1 30.7Mercadolibre 9.7 7.4 27.9 20.6 41.8 30.3Qihoo 360 15.5 9.4 46.4 27.9 62.0 35.6Tencent 10.1 7.7 20.5 15.6 26.3 20.3Yandex 13.4 9.3 29.1 20.2 52.1 34.9

Mean: 14.3x 10.0x 32.2x 22.0x 45.8x 30.8xMedian: 14.1 9.4 30.0 21.6 46.3 31.7