J.P.Morgan Investment Banking Pitch Book

VALUATION ANALYSIS Overview of key financials Key financials (non-GAAP) All figures in US$mm Total net revenue % growth Gross profit % net revenue EBIT % net revenue D&A EBITDA % net revenue Net income % net revenue Capex % net revenue Source: Company projections PROJECT FOXTROT Cumulative 1Q-3Q 2012 689 445 64.6% 275 39.9% 23 298 43.2% 238 34.6% 18 2.6% Estimated 4Q 2012 250 173 69.2% 109 43.8% 10 120 48.0% 95 37.9% 15 6.0% 2012E 938 618 65.8% 384 40.9% 33 417 44.5% 333 35.5% 33 3.5% 6 2013E 1,127 20.1% 744 66.0% 453 40.2% 38 491 43.6% 393 34.8% 51 4.5% 2014E 1,376 22.1% 913 66.3% 557 40.5% 49 606 44.0% 482 35.0% 62 4.5% 2015E 1,645 19.6% 1,099 66.8% 667 40.5% 70 737 44.8% 546 33.2% 105 6.4% 2016E 1,922 16.8% 1,282 66.7% 783 40.7% 95 878 45.7% 640 33.3% 131 6.8% 2017E 2,172 13.0% 1,450 66.8% 886 40.8% 104 990 45.6% 684 31.5% 174 8.0% J.P.Morgan

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