J.P.Morgan Investment Banking Pitch Book

FOCUS MEDIA TRADING AND VALUATION ANALYSIS Premium for precedent completed take-private transactions for US-listed Chinese companies Cayman Non - Cayman Premium for precedent completed transactions Company One day avg. CHEMSPEC FunTalk 乐语 SNDA IMARYS CRIC 国人通信 GRENTECH Gushan & Sinoenergy Corporation CFS CTFO CSST 中国安防投票與限公司 Focus Initial offer @ $27.00 Media Revised offer @ $27.50 Source: Company filings, FactSet PROJECT FOXTROT ! Median = 23.0% 19.0% 17.1% 28.2% 23.5% 22.5% 23.0% 20.2% 12.6% 15.5% 17.6% 34.1% Median 43,8% 48.4% 43.8% 58.5% 30 day VWAP 15 Median = 29.2% 22.3% 29.2% 34.2% 26.6% 34.3% 27.2% 38.7% 26.5% Median 39.1% 46.5% 36.3% 39.1% 34.1% 36.6% 52.4% 60 day VWAP › Median = 27.0% 21.9% 27.0% 30.6% 25.1% 23.6% 16.8% 28.7% 42.4% Median = 35.1% 35.1% 40.1% 38.8% 35.0% 31.5% 33.9% J.P.Morgan

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