Err:502

Company Name: Yahoo! Inc. Effective Tax Rate: 40%

Ticker: YHOO
Last Historical Year: 12/31/2007 Blue indicates hard-coded numbers.
Valuation Date: 1/30/2008 Black indicates formulas.
Green indicates links from other worksheets.
Operating Case: 1 Base
1 Base Labels for Comparables:
2 Conservative
3 Management Trailing Twelve Months TTM
Forward Year 1 12/31/2008
Days in Year: 365 Forward Year 2 12/31/2009
Unit for Employee Salaries: 1000000 Forward Year 3 12/31/2010

Lookup Cells for Public Company Comparables: Lookup Cells for Precedent Transactions:

Company Name 2 Acquirer Name 4

Share Price 42 Target Name 2
Equity Value 59 Acquisition Date 34
Enterprise Value 60 Equity Value 54
TTM Revenue 5 Enterprise Value 55
Forward Year 1 Revenue 72 TTM Revenue 7
Forward Year 2 Revenue 77 TTM EBITDA 16
TTM EBITDA 23 Forward Year 1 Revenue 65
Forward Year 1 EBITDA 73 Forward Year 1 EBITDA 66
Forward Year 2 EBITDA 78 TTM Revenue Multiple 73
TTM EPS 21 TTM EBITDA Multiple 74
Forward Year 1 EPS 75 Forward Year 1 Revenue Multiple 77
Forward Year 2 EPS 80 Forward Year 1 EBITDA Multiple 78
TTM Revenue Multiple 87
Forward Year 1 Revenue Multiple 92
Forward Year 2 Revenue Multiple 97
TTM EBITDA Multiple 88
Forward Year 1 EBITDA Multiple 93
Forward Year 2 EBITDA Multiple 98
TTM P/E Multiple 90
Forward Year 1 P/E Multiple 95
Forward Year 2 P/E Multiple 100
Levered Beta 61
Debt 28
Tax Rate 18
Total Net Revenue (Ex-TAC) ($MM) - Yahoo! Inc.
Historical Projected
FY 2005 FY 2006 FY 2007 FY 2008E FY 2009E FY 2010E FY 2011E FY 2012E
Search Advertising: $977 $1,181 $1,384 $1,597 $1,815 $2,126 $2,346
Display Advertising: $1,730 $2,052 $2,415 $2,791 $3,195 $3,624 $4,071
Affiliate Site Revenue: $728 $625 $656 $683 $703 $724 $746
Premium Fees: $798 $881 $934 $981 $1,020 $1,050 $1,071
Other Revenue: $326 $374 $412 $449 $485 $519 $550
Total Net Revenue (Ex-TAC): $3,696 $4,560 $5,113 $5,801 $6,500 $7,217 $8,043 $8,784
Net Revenue Growth %: N/A 23.4% 12.1% 13.5% 12.1% 11.0% 11.4% 9.2%

Search Advertising - Yahoo! Inc.

Historical Projected
FY 2006 FY 2007 FY 2008E FY 2009E FY 2010E FY 2011E FY 2012E
Total # Searches - Global (MM): 726,000 813,120 902,563 992,820 1,082,173 1,168,747
Search Market Share - Yahoo! Inc.: 12.5% 12.0% 11.5% 11.0% 11.0% 10.5%
Total # Search Queries - Yahoo! Inc. (MM): 90,750 97,574 103,795 109,210 119,039 122,718
Revenue Per Search (RPS) - Yahoo! Inc.: $0.013 $0.014 $0.015 $0.017 $0.018 $0.019
Total Search Revenue - Yahoo! Inc. ($MM): $977 $1,181 $1,384 $1,597 $1,815 $2,126 $2,346

Total # Global Searches (MM) - Growth:

Base 12.5% 0.12 0.11 0.1 0.09 0.08
Conservative 12.5% 0.1 0.09 0.08 0.07 0.06
Management 12.5% 0.14 0.135 0.13 0.125 0.12
Selected Global Search Growth: Base 0.12 0.11 0.1 0.09 0.08

Yahoo! Inc. - Global Search Market Share:

Base 12.5% 0.12 0.115 0.11 0.11 0.105
Conservative 12.5% 0.11 0.1 0.1 0.09 0.09
Management 12.5% 0.125 0.13 0.135 0.14 0.14
Selected Global Search Market Share: Base 0.12 0.115 0.11 0.11 0.105
Yahoo! Inc. - RPS Growth:
Base 10.0% 0.09 0.085 0.08 0.075 0.07
Conservative 10.0% 0.07 0.07 0.06 0.05 0.04
Management 10.0% 0.11 0.11 0.11 0.105 0.1
Selected RPS Growth: Base 0.09 0.085 0.08 0.075 0.07

Display Advertising - Yahoo! Inc.

Historical Projected
FY 2006 FY 2007 FY 2008E FY 2009E FY 2010E FY 2011E FY 2012E
Daily Avg. Pageviews (MM) - Yahoo! Inc.: 3,933 4,546 4,955 5,351 5,779 6,184 6,616
Total Pageviews (MM) - Yahoo! Inc.: 1,435,454 1,659,108 1,808,427 1,953,101 2,109,349 2,257,004 2,414,994
Revenue Per Pageview - Yahoo! Inc.: $0.0012 $0.0012 $0.0013 $0.0014 $0.0015 $0.0016 $0.0017
Total Display Revenue - Yahoo! Inc. ($MM): $1,730 $2,052 $2,415 $2,791 $3,195 $3,624 $4,071

Pageviews (MM) - Yahoo! Inc. - Growth:

Base 15.0% 11.0% 0.09 0.08 0.08 0.07 0.07
Conservative 15.0% 11.0% 0.08 0.07 0.06 0.05 0.05
Management 15.0% 11.0% 0.11 0.1 0.1 0.09 0.09
Selected Pageviews Growth: Base 0.09 0.08 0.08 0.07 0.07

Yahoo! Inc. - Revenue Per Pageview Growth:

Base 10.0% 7.0% 0.08 0.07 0.06 0.06 0.05
Conservative 10.0% 7.0% 0.06 0.06 0.05 0.05 0.04
Management 10.0% 7.0% 0.12 0.11 0.11 0.1 0.1
Selected Revenue Per Pageview Growth: Base 0.08 0.07 0.06 0.06 0.05

Subscription Fees - Yahoo! Inc.

Historical Projected
FY 2005 FY 2006 FY 2007 FY 2008E FY 2009E FY 2010E FY 2011E FY 2012E
Total Subscribers (MM): 12.60 16.30 19.00 20.14 21.15 21.99 22.65 23.11
Fees Per Subscriber: $52.67 $48.99 $46.37 $46.37 $46.37 $46.37 $46.37 $46.37
Fee Revenue ($MM): $664 $798 $881 $934 $981 $1,020 $1,050 $1,071
Subscribers (MM) - Yahoo! Inc. - Growth:
Base 29.4% 0.165644 0.06 0.05 0.04 0.03 0.02
Conservative 29.4% 0.165644 0.05 0.04 0.03 0.02 0.02
Management 29.4% 0.165644 0.08 0.07 0.06 0.05 0.04
Selected Subscriber Growth: Base 0.06 0.05 0.04 0.03 0.02

Yahoo! Inc. - Fees Per Subscriber Growth:

Base -0.070022 -0.053398 0 0 0 0 0
Conservative -0.070022 -0.053398 -0.02 -0.02 -0.01 -0.01 0
Management -0.070022 -0.053398 0.02 0.01 0 0 0
Selected Fees Per Subscriber Growth: Base 0 0 0 0 0

Miscellaneous Revenue - Yahoo! Inc.

Historical Projected
FY 2006 FY 2007 FY 2008E FY 2009E FY 2010E FY 2011E FY 2012E
Affiliate Site Net Revenue ($MM): $728 $625 $656 $683 $703 $724 $746
Other Revenue ($MM): $326 $374 $412 $449 $485 $519 $550

Affiliate Site Net Revenue ($MM) - Yahoo! Inc. - Growth:

Base 5.0% 4.0% 3.0% 3.0% 3.0%
Conservative 4.0% 3.0% 2.0% 1.0% 0.0%
Management 7.0% 7.0% 6.0% 6.0% 5.0%
Selected Affiliate Site Net Revenue Growth: Base 5.0% 4.0% 3.0% 3.0% 3.0%

Other Revenue ($MM) - Yahoo! Inc. - Growth:

Base 10.0% 9.0% 8.0% 7.0% 6.0%
Conservative 8.0% 7.0% 6.0% 5.0% 4.0%
Management 12.0% 12.0% 11.0% 11.0% 10.0%
Selected Other Revenue Growth: Base 10.0% 9.0% 8.0% 7.0% 6.0%
Cost of Revenue & Operating Expenses ($MM) - Yahoo! Inc.
Historical Projected
FY 2005 FY 2006 FY 2007 FY 2008E FY 2009E FY 2010E FY 2011E FY 2012E
Cost of Revenue (Ex-TAC): $534 $810 $982 $1,122 $1,284 $1,457 $1,642 $1,814
Product Development: $570 $833 $1,084 $1,265 $1,443 $1,630 $1,830 $2,013
Sales & Marketing: $1,034 $1,322 $1,610 $1,785 $2,031 $2,289 $2,564 $2,813
General & Administrative: $341 $529 $633 $708 $809 $915 $1,029 $1,133
Total COGS and Operating Expenses: $2,479 $3,494 $4,310 $4,880 $5,566 $6,290 $7,065 $7,774
% Revenue (Ex-TAC): 67.1% 76.6% 84.3% 84.1% 85.6% 87.2% 87.8% 88.5%

Assumptions - Average Total Expenses Per Employee by Division - Yahoo! Inc.

Historical Projected
FY 2005 FY 2006 FY 2007 FY 2008E FY 2009E FY 2010E FY 2011E FY 2012E
Cost of Revenue (Ex-TAC): $215,500 $265,850 $250,000 $251,657 $257,108 $262,659 $265,707 $268,772
Product Development: $260,000 $310,000 $315,000 $323,942 $329,656 $335,421 $337,923 $340,391
Sales & Marketing: $360,000 $420,000 $428,000 $418,172 $424,564 $430,963 $433,118 $435,186
General & Administrative: $150,000 $210,000 $200,000 $197,089 $200,846 $204,651 $206,479 $208,299

Assumptions - # Employees by Division - Yahoo! Inc.

Historical Projected
FY 2005 FY 2006 FY 2007 FY 2008E FY 2009E FY 2010E FY 2011E FY 2012E
Cost of Revenue (Ex-TAC): 2,480 3,046 3,928 4,457 4,994 5,545 6,180 6,749
Product Development: 2,190 2,688 3,442 3,905 4,376 4,859 5,415 5,914
Sales & Marketing: 2,872 3,148 3,763 4,269 4,783 5,311 5,919 6,464
General & Administrative: 2,274 2,518 3,167 3,593 4,027 4,471 4,983 5,441
Total # Employees: 9,816 11,400 14,300 16,225 18,180 20,187 22,497 24,569
% Growth: N/A 16.1% 25.4% 13.5% 12.1% 11.0% 11.4% 9.2%

Cost of Revenue - Employee Expense Breakout - Yahoo! Inc.

Historical Projected
FY 2005 FY 2006 FY 2007 FY 2008E FY 2009E FY 2010E FY 2011E FY 2012E
Cost of Revenue Employees: 2,480 3,046 3,928 4,457 4,994 5,545 6,180 6,749
Total Expenses Per Employee: $215,500 $265,850 $250,000 $251,657 $257,108 $262,659 $265,707 $268,772
Cost of Revenue SBC ($MM): $0.000 $6.621 $10.628 $9.082 $10.482 $11.988 $13.627 $15.180
Stock-Based Compensation Per Employee: $0 $2,174 $2,706 $2,038 $2,099 $2,162 $2,205 $2,249
Expenses to be Allocated: $215,500 $263,676 $247,294

Salary % Compensation: 40.0% 40.0% 40.0%

Benefits % Compensation: 15.0% 15.0% 15.0%
Overhead % Compensation: 30.0% 30.0% 30.0%
Bonus % Compensation: 15.0% 15.0% 15.0%

Salary Per Employee: $86,200 $105,471 $98,918 $101,885 $104,942 $108,090 $110,252 $112,457
Benefits Per Employee: $32,325 $39,551 $37,094 $35,660 $36,730 $37,832 $38,588 $39,360
Overhead Per Employee: $64,650 $79,103 $74,188 $76,414 $77,657 $78,906 $79,381 $79,844
Bonus Per Employee: $32,325 $39,551 $37,094 $35,660 $35,680 $35,670 $35,281 $34,862
SBC Per Employee: $0 $2,174 $2,706 $2,038 $2,099 $2,162 $2,205 $2,249

Salary Per Employee % Growth: N/A 0.223556 -0.062129 3.0% 3.0% 3.0% 2.0% 2.0%
Benefits % Salary: 0.375 0.375 0.375 35.0% 35.0% 35.0% 35.0% 35.0%
Overhead % Salary: 0.75 0.75 0.75 75.0% 74.0% 73.0% 72.0% 71.0%
Bonus % Salary: 0.375 0.375 0.375 35.0% 34.0% 33.0% 32.0% 31.0%
SBC % Salary: 0 0.020609 0.027351 2.0% 2.0% 2.0% 2.0% 2.0%

Product Development - Employee Expense Breakout - Yahoo! Inc.

Historical Projected
FY 2005 FY 2006 FY 2007 FY 2008E FY 2009E FY 2010E FY 2011E FY 2012E
Product Development Employees: 2,190 2,688 3,442 3,905 4,376 4,859 5,415 5,914
Total Expenses Per Employee: $260,000 $310,000 $315,000 $323,942 $329,656 $335,421 $337,923 $340,391
Product Development SBC ($MM): $22.390 $144.807 $218.207 $253.017 $286.176 $320.618 $356.868 $389.062
Stock-Based Compensation Per Employee: $10,221 $53,880 $63,395 $64,788 $65,397 $65,985 $65,902 $65,790
Expenses to be Allocated: $249,779 $256,120 $251,605

Salary % Compensation: 50.0% 50.0% 50.0%

Benefits % Compensation: 15.0% 15.0% 15.0%
Overhead % Compensation: 25.0% 25.0% 25.0%
Bonus % Compensation: 10.0% 10.0% 10.0%

Salary Per Employee: $124,889 $128,060 $125,803 $129,577 $133,464 $137,468 $140,217 $143,022
Benefits Per Employee: $37,467 $38,418 $37,741 $38,873 $38,705 $38,491 $37,859 $37,186
Overhead Per Employee: $62,445 $64,030 $62,901 $64,788 $66,732 $68,734 $70,109 $71,511
Bonus Per Employee: $24,978 $25,612 $25,161 $25,915 $25,358 $24,744 $23,837 $22,883
SBC Per Employee: $10,221 $53,880 $63,395 $64,788 $65,397 $65,985 $65,902 $65,790

Salary Per Employee % Growth: N/A 0.025387 -0.017627 3.0% 3.0% 3.0% 2.0% 2.0%
Benefits % Salary: 0.3 0.3 0.3 30.0% 29.0% 28.0% 27.0% 26.0%
Overhead % Salary: 0.5 0.5 0.5 50.0% 50.0% 50.0% 50.0% 50.0%
Bonus % Salary: 0.2 0.2 0.2 20.0% 19.0% 18.0% 17.0% 16.0%
SBC % Salary: 0.0818442 0.420743 0.503924 50.0% 49.0% 48.0% 47.0% 46.0%

Sales & Marketing - Employee Expense Breakout - Yahoo! Inc.

Historical Projected
FY 2005 FY 2006 FY 2007 FY 2008E FY 2009E FY 2010E FY 2011E FY 2012E
Sales & Marketing Employees: 2,872 3,148 3,763 4,269 4,783 5,311 5,919 6,464
Total Expenses Per Employee: $360,000 $420,000 $428,000 $418,172 $424,564 $430,963 $433,118 $435,186
Sales & Marketing SBC ($MM): $8.698 $155.084 $246.472 $255.020 $286.970 $319.790 $353.953 $383.617
Stock-Based Compensation Per Employee: $3,028 $49,261 $65,507 $59,739 $59,993 $60,208 $59,796 $59,344
Expenses to be Allocated: $356,972 $370,739 $362,493

Salary % Compensation: 40.0% 40.0% 40.0%

Benefits % Compensation: 10.0% 10.0% 10.0%
Overhead % Compensation: 10.0% 10.0% 10.0%
Bonus % Compensation: 40.0% 40.0% 40.0%

Salary Per Employee: $142,789 $148,296 $144,997 $149,347 $153,827 $158,442 $161,611 $164,843
Benefits Per Employee: $35,697 $37,074 $36,249 $37,337 $36,919 $36,442 $35,554 $34,617
Overhead Per Employee: $35,697 $37,074 $36,249 $37,337 $36,919 $36,442 $35,554 $34,617
Bonus Per Employee: $142,789 $148,296 $144,997 $134,412 $136,906 $139,429 $140,602 $141,765
SBC Per Employee: $3,028 $49,261 $65,507 $59,739 $59,993 $60,208 $59,796 $59,344

Salary Per Employee % Growth: N/A 0.038569 -0.022244 3.0% 3.0% 3.0% 2.0% 2.0%
Benefits % Salary: 0.25 0.25 0.25 25.0% 24.0% 23.0% 22.0% 21.0%
Overhead % Salary: 0.25 0.25 0.25 25.0% 24.0% 23.0% 22.0% 21.0%
Bonus % Salary: 1 1 1 90.0% 89.0% 88.0% 87.0% 86.0%
SBC % Salary: 0.0212095 0.332178 0.451783 40.0% 39.0% 38.0% 37.0% 36.0%

General & Administrative - Employee Expense Breakout - Yahoo! Inc.

Historical Projected
FY 2005 FY 2006 FY 2007 FY 2008E FY 2009E FY 2010E FY 2011E FY 2012E
General & Administrative Employees: 2,274 2,518 3,167 3,593 4,027 4,471 4,983 5,441
Total Expenses Per Employee: $150,000 $210,000 $200,000 $197,089 $200,846 $204,651 $206,479 $208,299
General & Administrative SBC ($MM): $21.383 $118.418 $97.120 $112.815 $127.310 $142.295 $157.991 $171.798
Stock-Based Compensation Per Employee: $9,404 $47,027 $30,665 $31,395 $31,618 $31,826 $31,708 $31,572
Expenses to be Allocated: $140,596 $162,973 $169,335

Salary % Compensation: 40.0% 40.0% 40.0%

Benefits % Compensation: 15.0% 15.0% 15.0%
Overhead % Compensation: 40.0% 40.0% 40.0%
Bonus % Compensation: 5.0% 5.0% 5.0%

Salary Per Employee: $56,238 $65,189 $67,734 $69,766 $71,859 $74,015 $75,495 $77,005
Benefits Per Employee: $21,089 $24,446 $25,400 $24,418 $24,432 $24,425 $24,158 $23,872
Overhead Per Employee: $56,238 $65,189 $67,734 $62,790 $63,955 $65,133 $65,681 $66,224
Bonus Per Employee: $7,030 $8,149 $8,467 $8,721 $8,982 $9,252 $9,437 $9,626
SBC Per Employee: $9,404 $47,027 $30,665 $31,395 $31,618 $31,826 $31,708 $31,572

Salary Per Employee % Growth: N/A 0.159158 0.039039 3.0% 3.0% 3.0% 2.0% 2.0%
Benefits % Salary: 0.375 0.375 0.375 35.0% 34.0% 33.0% 32.0% 31.0%
Overhead % Salary: 1 1 1 90.0% 89.0% 88.0% 87.0% 86.0%
Bonus % Salary: 0.125 0.125 0.125 12.5% 12.5% 12.5% 12.5% 12.5%
SBC % Salary: 0.1672167 0.721392 0.452722 45.0% 44.0% 43.0% 42.0% 41.0%
Income Statement ($MM) - Yahoo! Inc.
Historical Projected
FY 2006 FY 2007 FY 2008E FY 2009E FY 2010E FY 2011E FY 2012E

Revenue (Ex-TAC): $4,560 $5,113 $5,801 $6,500 $7,217 $8,043 $8,784

Cost of Revenue (Ex-TAC): $810 $982 $1,122 $1,284 $1,457 $1,642 $1,814
Gross Profit: $3,750 $4,131 $4,679 $5,216 $5,761 $6,401 $6,970
Operating Expenses:
Product Development: $833 $1,084 $1,265 $1,443 $1,630 $1,830 $2,013
Sales & Marketing: $1,322 $1,610 $1,785 $2,031 $2,289 $2,564 $2,813
General & Administrative: $529 $633 $708 $809 $915 $1,029 $1,133
Amortization of Intangibles: $125 $107 $118 $66 $51 $29 $16
Total Operating Expenses: $2,809 $3,435 $3,876 $4,348 $4,884 $5,451 $5,976

Operating Income: $941 $695 $803 $867 $876 $950 $994

Interest / Investment Income: $143 $130 Err:522 Err:522 Err:522 Err:522 Err:522
Net Investment Gains / Losses & Other: $14 $24 $0 $0 $0 $0 $0
Pre-Tax Income: $1,098 $849 Err:522 Err:522 Err:522 Err:522 Err:522
Income Tax Provision: ($458) ($337) Err:522 Err:522 Err:522 Err:522 Err:522
Effective Income Tax Rate: 41.7% 39.7% 40.0% 40.0% 40.0% 40.0% 40.0%
Earnings in Equity Interests: $112 $151 $151 $151 $151 $151 $151
Minority Interest Earnings: ($1) ($3) ($3) ($3) ($3) ($3) ($3)
Net Income (GAAP): $751 $660 Err:522 Err:522 Err:522 Err:522 Err:522
Weighted Avg. Diluted Shares Outstanding: 1,458 1,405 1,405 1,405 1,405 1,405 1,405
Diluted EPS (GAAP): $0.52 $0.47 Err:522 Err:522 Err:522 Err:522 Err:522

Stock-Based Compensation: $425 $572 $630 $711 $795 $882 $960

Depreciation: $302 $409 $365 $477 $602 $742 $897
Amortization: $238 $250 $247 $139 $106 $60 $34
EBITDA: $1,906 $1,927 $2,045 $2,194 $2,380 $2,634 $2,885
EBIT: $1,366 $1,268 $1,433 $1,578 $1,671 $1,833 $1,954
Balance Sheet ($MM) - Yahoo! Inc.
Historical Projected
FY 2006 FY 2007 FY 2008E FY 2009E FY 2010E FY 2011E FY 2012E
Assets
Current Assets:
Cash and Cash Equivalents: $1,570 $1,514 Err:522 Err:522 Err:522 Err:522 Err:522
Short-Term Debt Investments: $1,032 $488 $488 $488 $488 $488 $488
Accounts Receivable, Net: $931 $1,056 $1,191 $1,334 $1,482 $1,651 $1,803
Prepaid Expenses & Other Current Assets: $218 $181 $241 $270 $300 $334 $365
Total Current Assets: $3,750 $3,238 Err:522 Err:522 Err:522 Err:522 Err:522
Long-Term Debt Investments: $936 $362 $362 $362 $362 $362 $362
Net PP&E: $1,101 $1,332 $1,663 $1,966 $2,229 $2,453 $2,610
Goodwill: $2,969 $4,002 $4,002 $4,002 $4,002 $4,002 $4,002
Net Intangible Assets: $406 $611 $364 $225 $119 $59 $25
Other Long-Term Assets: $460 $504 $504 $504 $504 $504 $504
Investments in Equity Interests: $1,892 $2,181 $2,181 $2,181 $2,181 $2,181 $2,181
Total Assets: $11,514 $12,230 Err:522 Err:522 Err:522 Err:522 Err:522

Liabilities & Shareholders' Equity

Current Liabilities:
Accounts Payable: $109 $176 $175 $196 $220 $246 $269
Accrued Expenses & Other Current Liabilities: $1,047 $1,006 $1,290 $1,447 $1,626 $1,814 $1,989
Short-Term Deferred Revenue: $318 $368 $411 $461 $512 $570 $623
Short-Term Debt: $0 $750 $0 $0 $0 $0 $0
Total Current Liabilities: $1,474 $2,300 $1,876 $2,104 $2,357 $2,630 $2,881
Long-Term Deferred Revenue: $65 $95 $95 $107 $119 $132 $144
Long-Term Debt: $750 $0 $0 $0 $0 $0 $0
Other Long-Term Liabilities: $37 $28 $28 $28 $28 $28 $28
Deferred and Other Long-Term Tax Liabilities, Net: $19 $261 $261 $261 $261 $261 $261
Commitments and Contingincies: $0 $0 $0 $0 $0 $0 $0
Minority Interests: $8 $12 $12 $12 $12 $12 $12
Shareholders' Equity:
Common Stock: $1.493 $1.527 $1.527 $1.527 $1.527 $1.527 $1.527
 Additional Paid-In Capital: $8,616 $9,937 $10,942 $12,028 $13,198 $14,455 $15,790
Treasury Stock: ($3,325) ($5,161) ($6,747) ($8,333) ($9,918) ($11,504) ($13,090)
Retained Earnings: $3,718 $4,424 Err:522 Err:522 Err:522 Err:522 Err:522
Accumulated Other Comprehensive Income: $151 $331 $371 $411 $450 $490 $530
Total Shareholders' Equity: $9,161 $9,533 Err:522 Err:522 Err:522 Err:522 Err:522
Total Liabilities & Shareholders' Equity: $11,514 $12,230 Err:522 Err:522 Err:522 Err:522 Err:522

BALANCE CHECK ($0) ($0) Err:522 Err:522 Err:522 Err:522 Err:522

Cash Flow Statement ($MM) - Yahoo! Inc.

Historical Projected
FY 2006 FY 2007 FY 2008E FY 2009E FY 2010E FY 2011E FY 2012E
Cash Flow from Operations:
Net Income: $751 $660 Err:522 Err:522 Err:522 Err:522 Err:522
Adjustments to Reconcile Net Income:
Depreciation: $302 $409 $365 $477 $602 $742 $897
Amortization of Intangibles: $238 $250 $247 $139 $106 $60 $34
Stock-Based Compensation: $425 $572 $630 $711 $795 $882 $960
Tax-Benefits from SBC: $626 $76 $0 $0 $0 $0 $0
Excess Tax Benefits from SBC: ($597) ($35) $0 $0 $0 $0 $0
Deferred Income Taxes: ($274) ($213) $0 $0 $0 $0 $0
Earnings in Equity Interests: ($112) ($151) ($151) ($151) ($151) ($151) ($151)
Dividends Received: $13 $15 $15 $15 $15 $15 $15
Minority Interest Earnings: $1 $3 $3 $3 $3 $3 $3
Gains from Sale of Investments & Assets: ($15) ($28) $0 $0 $0 $0 $0
Changes in Operating Assets/Liabilities:
Accounts Receivable, Net: ($185) ($89) ($135) ($144) ($147) ($170) ($152)
Prepaid Expenses & Other Current Assets: ($10) $133 ($60) ($29) ($30) ($34) ($31)
Accounts Payable: $30 $45 ($1) $21 $24 $26 $24
Accrued Expenses & Other Liabilities: $175 $185 $284 $157 $178 $189 $175
Deferred Revenue: $4 $86 $43 $61 $63 $72 $65
Net Cash Provided by Operating Activities: $1,372 $1,919 Err:522 Err:522 Err:522 Err:522 Err:522
Cash Flow from Investing:
Capital Expenditures, Net: ($689) ($602) ($696) ($780) ($866) ($965) ($1,054)
Purchases of Debt Securities: ($1,329) ($1,105) $0 $0 $0 $0 $0
Proceeds from Sale & Maturities of Debt: $1,951 $2,244 $0 $0 $0 $0 $0
Acquisitions, Net of Cash Acquired ($142) ($974) $0 $0 $0 $0 $0
Proceeds from Sale of Equity Securities: $0 $0 $0 $0 $0 $0 $0
Purchases of Intangible Assets: ($6) ($110) $0 $0 $0 $0 $0
Other Investing Activities, Net: $21 ($25) $0 $0 $0 $0 $0
Net Cash Used in Investing Activities: ($194) ($573) ($696) ($780) ($866) ($965) ($1,054)

Cash Flow from Financing:

Proceeds from Issuance of Common Stock, Net: $318 $375 $375 $375 $375 $375 $375
Repurchases of Common Stock: ($1,782) ($1,586) ($1,586) ($1,586) ($1,586) ($1,586) ($1,586)
Structured Stock Repurchases, Net: ($228) ($250) $0 $0 $0 $0 $0
Excess Tax Benefits from SBC: $597 $35 $0 $0 $0 $0 $0
Repayment of Short-Term Debt: $0 $0 ($750) $0 $0 $0 $0
Other Financing Activities, Net: $0 ($17) $0 $0 $0 $0 $0
Net Cash Used in Financing Activities: ($1,095) ($1,442) ($1,960) ($1,211) ($1,211) ($1,211) ($1,211)
Effect of Exchange Rate Changes on Cash: $57 $40 $40 $40 $40 $40 $40
Net Change in Cash & Cash Equivalents: $140 ($56) Err:522 Err:522 Err:522 Err:522 Err:522
Beginning Cash Balance: $1,430 $1,570 $1,514 Err:522 Err:522 Err:522 Err:522
Ending Cash Balance: $1,570 $1,514 Err:522 Err:522 Err:522 Err:522 Err:522

Operating Model Assumptions - Yahoo! Inc.

Historical Projected
FY 2006 FY 2007 FY 2008E FY 2009E FY 2010E FY 2011E FY 2012E

Accounts Receivable % Sales: 20.4% 20.6% 20.5% 20.5% 20.5% 20.5% 20.5%
Accounts Receivable Days: 74.5 75.4 74.9 74.9 74.9 74.9 74.9
Prepaid Expenses & Other Current Assets % Sales: 4.8% 3.5% 4.2% 4.2% 4.2% 4.2% 4.2%

Accounts Payable % OpEx: 3.9% 5.1% 4.5% 4.5% 4.5% 4.5% 4.5%
Accounts Payable Days: 14.2 18.7 16.4 16.4 16.4 16.4 16.4
Accrued Expenses & Other Current Liabilities % OpEx: 37.3% 29.3% 33.3% 33.3% 33.3% 33.3% 33.3%
Short-Term Deferred Revenue % Sales: 7.0% 7.2% 7.1% 7.1% 7.1% 7.1% 7.1%
Long-Term Deferred Revenue % Sales: 1.4% 1.9% 1.6% 1.6% 1.6% 1.6% 1.6%

Amortization of Net Intangible Assets: $238 $250 $247 $139 $106 $60 $34
% Amortization in OpEx: 52.5% 42.9% 47.7% 47.7% 47.7% 47.7% 47.7%

Short-Term Securities Interest Rate: 4.5% 4.3% 4.4% 4.4% 4.4% 4.4% 4.4%
Long-Term Securities Interest Rate: 5.0% 4.6% 4.8% 4.8% 4.8% 4.8% 4.8%
Effective Cash Interest Rate: 4.3% 3.9% 4.1% 4.1% 4.1% 4.1% 4.1%

PP&E Schedule - Yahoo! Inc.

Historical Projected
FY 2006 FY 2007 FY 2008E FY 2009E FY 2010E FY 2011E FY 2012E
Gross PP&E:
Land: $162 $163 $163 $163 $163 $163 $163
Buildings: $196 $253 $369 $499 $644 $804 $980
Leasehold Improvements: $150 $195 $282 $380 $488 $609 $741
Computers & Equipment: $1,208 $1,578 $2,042 $2,562 $3,139 $3,783 $4,485
Furniture & Fixtures: $93 $99 $128 $161 $197 $237 $281
Assets Not Yet In Use: $146 $120 $120 $120 $120 $120 $120
Total Gross PP&E: $1,955 $2,408 $3,104 $3,884 $4,750 $5,716 $6,770

Useful Lives, In Years:

Buildings: 25
Leasehold Improvements: 10
Computers & Equipment: 5
Furniture & Fixtures: 5

Depreciation Waterfall Schedule:

Original Balance: N/A N/A $365 $365 $365 $365 $365
Year 1 Additions: N/A N/A $0 $112 $112 $112 $112
Year 2 Additions: N/A N/A $0 $0 $125 $125 $125
 Year 3 Additions: N/A N/A $0 $0 $0 $139 $139
Year 4 Additions: N/A N/A $0 $0 $0 $0 $155
Total Depreciation: $302 $409 $365 $477 $602 $742 $897

CapEx % Revenue by Segment:

Buildings: N/A 0.011128 0.02 0.02 0.02 0.02 0.02
Leasehold Improvements: N/A 0.008917 0.015 0.015 0.015 0.015 0.015
Computers & Equipment: N/A 0.0723 0.08 0.08 0.08 0.08 0.08
Furniture & Fixtures: N/A 0.00131 0.005 0.005 0.005 0.005 0.005
Total CapEx % Revenue: N/A 0.093654 0.12 0.12 0.12 0.12 0.12

Capital Expenditures Schedule:

Buildings: N/A N/A $116 $130 $144 $161 $176
Leasehold Improvements: N/A N/A $87 $97 $108 $121 $132
Computers & Equipment: N/A N/A $464 $520 $577 $643 $703
Furniture & Fixtures: N/A N/A $29 $32 $36 $40 $44
Total CapEx: $689 $602 $696 $780 $866 $965 $1,054

Net PP&E: $1,101 $1,332 $1,663 $1,966 $2,229 $2,453 $2,610

Depreciation % Revenue: 6.6% 8.0% 6.3% 7.3% 8.3% 9.2% 10.2%

Depreciation % CapEx: 43.8% 68.0% 52.4% 61.2% 69.6% 76.8% 85.1%
CapEx % Revenue: 15.1% 11.8% 12.0% 12.0% 12.0% 12.0% 12.0%
CapEx % Net PP&E: 62.6% 45.2% 41.9% 39.7% 38.9% 39.4% 40.4%
 Err:502
($ in millions, except per share amounts)
Comparable Companies - Diversified Internet Companies with Over $1 Billion TTM Revenue
($ in millions, except per share amounts)
 GOOG
Google Inc.
Calendarization Calendarization
Old Partial New Partial FY TTM Old Partial New Partial
Revenue: $11,660 $11,660
COGS: $1,715 $1,715
Gross Profit: $0 $0 $9,945 $9,945 $0 $0
Operating Expenses: $4,861 $4,861
Other Income / (Expense): $590 $590
Pre-Tax Income: $0 $0 $5,674 $5,674 $0 $0
Taxes: $1,470 $1,470
Minority Interest Earnings: $0 $0
Net Income: $0 $0 $4,204 $4,204 $0 $0
Amortization: $160 $160
Depreciation: $808 $808
Stock-Based Compensation: $869 $869
Non-Recurring Charges: $0 $0
Tax Rate: 35%

Pro Forma Net Income: $0 $0 $4,357 $4,357 $0 $0

Pro Forma EPS: $13.68

EBITDA: $0 $0 $6,921 $6,921 $0 $0

EBIT: $0 $0 $5,953 $5,953 $0 $0

Balance Sheet Data Balance Sheet Data

Cash & Cash-Equivalents: $15,278
Debt: $0
Preferred Stock: $0
Minority Interest: $0

Equity Research Projections Equity Research Projections

 12/31/2008 12/31/2009 12/31/2010 12/31/2008 12/31/2009
Bank: CS
Date: 3.26.08
Revenue: $17,212 $23,583 N/A $8,674 $9,978
EBITDA: $10,118 $13,567 N/A $3,135 $3,646
EBIT: $8,674 $11,422 N/A $2,735 $3,140
Pro-Forma EPS: $21.16 $26.93 N/A $1.65 $1.94

Diluted Shares Calculation Diluted Shares Calculation

Current Share Price: $548.27
Common Shares: 313.38
Options:
Total Strike Dilution Total
2.28 $18.07 2.20 117.86
1.68 $176.42 1.14
1.39 $274.52 0.69
1.79 $329.55 0.71
1.47 $449.90 0.26
3.72 $556.92 0.00
0.15 $663.13 0.00
0.05 $718.16 0.00
0.00
Total Diluted Shares: 318.39

Valuation Metrics Valuation Metrics

Equity Value: $174,565

Enterprise Value: $159,287
Beta: 1.29

Valuation Multiples Valuation Multiples

TTM 12/31/2008 12/31/2009 12/31/2010 TTM 12/31/2008
TEV / Revenue: 13.7 x 9.3 x 6.8 x N/A 3.9 x 3.4 x
TEV / EBITDA: 23.0 x 15.7 x 11.7 x N/A 10.3 x 9.5 x
TEV / EBIT: 26.8 x 18.4 x 13.9 x N/A 13.0 x 10.9 x
Pro-Forma P/E: 40.1 x 25.9 x 20.4 x N/A 20.3 x 15.9 x

Lookup Variables Lookup Variables

12/31/2008 Revenue: $17,212

12/31/2008 EBITDA: $10,118
12/31/2008 EBIT: $8,674
12/31/2008 Pro-Forma EPS: $21.16

12/31/2009 Revenue: $23,583

12/31/2009 EBITDA: $13,567
12/31/2009 EBIT: $11,422
12/31/2009 Pro-Forma EPS: $26.93

12/31/2010 Revenue: N/A

12/31/2010 EBITDA: N/A
12/31/2010 EBIT: N/A
12/31/2010 Pro-Forma EPS: N/A

TTM TEV / Revenue: 13.7 x

TTM TEV / EBITDA: 23.0 x
TTM TEV / EBIT: 26.8 x
TTM Pro-Forma P/E: 40.1 x

12/31/2008 TEV / Revenue: 9.3 x

12/31/2008 TEV / EBITDA: 15.7 x
12/31/2008 TEV / EBIT: 18.4 x
12/31/2008 Pro-Forma P/E: 25.9 x

12/31/2009 TEV / Revenue: 6.8 x

12/31/2009 TEV / EBITDA: 11.7 x
12/31/2009 TEV / EBIT: 13.9 x
12/31/2009 Pro-Forma P/E: 20.4 x

12/31/2010 TEV / Revenue: N/A

12/31/2010 TEV / EBITDA: N/A
12/31/2010 TEV / EBIT: N/A
12/31/2010 Pro-Forma P/E: N/A
 EBAY AMZN
eBay Inc. Amazon.com, Inc. IAC/InterActiveCorp
Calendarization Calendarization Calendarization
FY TTM Old Partial New Partial FY TTM Old Partial New Partial FY
$7,672 $7,672 $14,835 $14,835 $6,373
$1,763 $1,763 $11,482 $11,482 $3,374
$5,909 $5,909 $0 $0 $3,353 $3,353 $0 $0 $2,999
$5,296 $5,296 $2,698 $2,698 $3,159
$138 $138 $5 $5 $87
$751 $751 $0 $0 $660 $660 $0 $0 ($72)
$403 $403 $184 $184 $138
$0 $0 $0 $0 $5
$348 $348 $0 $0 $476 $476 $0 $0 ($206)
$204 $204 $129 $129 $206
$398 $398 $117 $117 $156
$302 $302 $185 $185 $106
$1,391 $1,391 $9 $9 $508
35% 35%

$1,721 $1,721 $0 $0 $639 $639 $0 $0 $491

$1.30 $1.48

$2,908 $2,908 $0 $0 $1,095 $1,095 $0 $0 $817

$2,306 $2,306 $0 $0 $849 $849 $0 $0 $454

Balance Sheet Data Balance Sheet Data Balance Sheet Data

$5,036 $3,112
$0 $1,299
$0 $0
$0 $0

uity Research Projections Equity Research Projections Equity Research Projections

 12/31/2010 12/31/2008 12/31/2009 12/31/2010 12/31/2008 12/31/2009 12/31/2010
CS Canaccord
3.11.08 3.17.08
N/A $19,258 $23,102 N/A $6,817 $7,463 N/A
N/A $1,407 $1,783 N/A $890 $1,048 N/A
N/A $1,148 $1,497 N/A $443 $579 N/A
N/A $1.86 $2.40 N/A $1.61 $1.97 N/A

iluted Shares Calculation Diluted Shares Calculation Diluted Shares Calculation

$26.30 $74.21
1,327.95 416.82

Strike Dilution Total Strike Dilution Total Strike

$32.45 0.00 18.18 $17.46 13.90 0.91 $6.05
0.00 0.00 1.68 $14.64
0.00 0.00 3.46 $25.18
0.00 0.00 4.03 $34.28
0.00 0.00 1.87 $47.39
0.00 0.00 0.06 $51.23
0.00 0.00 0.01 $68.18
0.00 0.00 0.00 $71.91
0.00 0.00 0.02 $102.12
1,327.95 430.72

Valuation Metrics Valuation Metrics Valuation Metrics

$34,925 $31,964
$29,889 $30,151
1.96 1.28

Valuation Multiples Valuation Multiples Valuation Multiples

12/31/2009 12/31/2010 TTM 12/31/2008 12/31/2009 12/31/2010 TTM 12/31/2008 12/31/2009
3.0 x N/A 2.0 x 1.6 x 1.3 x N/A 2.0 x 1.9 x 1.7 x
 8.2 x N/A 27.5 x 21.4 x 16.9 x N/A 15.9 x 14.6 x 12.4 x
9.5 x N/A 35.5 x 26.3 x 20.1 x N/A 28.7 x 29.4 x 22.5 x
13.6 x N/A 50.0 x 39.9 x 30.9 x N/A 29.4 x 31.6 x 25.8 x

Lookup Variables Lookup Variables Lookup Variables

$8,674 $19,258
$3,135 $1,407
$2,735 $1,148
$1.65 $1.86

$9,978 $23,102
$3,646 $1,783
$3,140 $1,497
$1.94 $2.40

N/A N/A
N/A N/A
N/A N/A
N/A N/A

3.9 x 2.0 x
10.3 x 27.5 x
13.0 x 35.5 x
20.3 x 50.0 x

3.4 x 1.6 x
9.5 x 21.4 x
10.9 x 26.3 x
15.9 x 39.9 x

3.0 x 1.3 x
8.2 x 16.9 x
 9.5 x 20.1 x
13.6 x 30.9 x

N/A N/A
N/A N/A
N/A N/A
N/A N/A
 IACI YHOO
IAC/InterActiveCorp Yahoo! Inc.
zation Calendarization
TTM Old Partial New Partial FY TTM
$6,373 $5,113 $5,113
$3,374 $982 $982
$2,999 $0 $0 $4,131 $4,131
$3,159 $3,435 $3,435
$87 $154 $154
($72) $0 $0 $849 $849
$138 $337 $337
$5 ($3) ($3)
($206) $660 $660
$206 $250 $250
$156 $409 $409
$106 $572 $572
$508 $0 $0
35% 40%

$491 $0 $0 $1,151 $1,151

$1.73 $0.86

$817 $0 $0 $1,927 $1,927

$454 $0 $0 $1,268 $1,268

eet Data
$2,386 $2,363
$946 $750
$0 $0
$40 $12

h Projections Projections
 12/31/2008 12/31/2009 12/31/2010
Oppenh. N/A
3.4.08 N/A
$5,801 $6,500 $7,217
$2,045 $2,194 $2,380
$1,433 $1,578 $1,671
Err:522 Err:522 Err:522

Calculation
$50.88 $19.05 $23.72
277.99 1,337.17

Dilution Total Strike Dilution

0.80 180.40 $29.36 0.00
1.20 36.57 $22.55 0.00
1.75 0.00
1.31 0.00
0.13 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
283.18 1,337.17

Metrics

$14,408 $25,473
$13,009 $18,509
0.80 1.39

Multiples Valuation Multiples

12/31/2010 TTM 12/31/2008 12/31/2009 12/31/2010
N/A 3.6 x 3.2 x 2.8 x 2.6 x
 N/A 9.6 x 9.1 x 8.4 x 7.8 x
N/A 14.6 x 12.9 x 11.7 x 11.1 x
N/A 22.1 x N/A N/A N/A

riables

$6,817 $5,801
$890 $2,045
$443 $1,433
$1.61 Err:522

$7,463 $6,500
$1,048 $2,194
$579 $1,578
$1.97 Err:522

N/A $7,217
N/A $2,380
N/A $1,671
N/A Err:522

2.0 x 3.6 x
15.9 x 9.6 x
28.7 x 14.6 x
29.4 x 22.1 x

1.9 x 3.2 x
14.6 x 9.1 x
29.4 x 12.9 x
31.6 x N/A

1.7 x 2.8 x
12.4 x 8.4 x
 22.5 x 11.7 x
25.8 x N/A

N/A 2.6 x
N/A 7.8 x
N/A 11.1 x
N/A N/A
Err:502 Err:502

Market Cap (B Yen): ¥2,267,000.0 Market Cap (HKD):

Yen Exchange Rate: 106.9 HKD Exchange Rate:
Market Cap (USD): $21,206.7 Market Cap (USD):
Ownership Stake: 33% Ownership Stake:
Value of Yahoo's Stake: $6,998.2 Value of Yahoo's Stake:
Lack of Control Discount: 20% Lack of Control Discount:
Sale Value: $5,598.6 Sale Value:
Taxes: $2,239.4 Taxes:
Proceeds to Yahoo: $3,359.1 Proceeds to Yahoo:

Err:502 Err:502

Market Cap (USD): $1,047.0 Book Value of Alibaba Assets:

Ownership Stake: 10% % in Non-Public Assets:
Value of Yahoo's Stake: $104.7 Value of Yahoo's Stake:
Lack of Control Discount: 20% Sale Value:
Sale Value: $83.8 Taxes:
Taxes: $33.5 Proceeds to Yahoo:
Proceeds to Yahoo: $50.3

Total Value of Non-Core Assets: $5,362.3

 et Cap (HKD): HKD 100,800.0
Exchange Rate: 7.8
et Cap (USD): $12,923.1
ership Stake: 28%
e of Yahoo's Stake: $3,618.5
of Control Discount: 20%
$2,894.8
$1,157.9
oceeds to Yahoo: $1,736.9

Value of Alibaba Assets: $1,440.3

Non-Public Assets: 25%
e of Yahoo's Stake: $360.1
$360.1
$144.0
oceeds to Yahoo: $216.0
Err:502

Discount Rate: 10%

Federal NOLs: $808.0
State NOLs: $354.0
Total NOLs: $1,162.0

Historical Projected
FY 2006 FY 2007 FY 2008E FY 2009E
Pre-Tax Income: $1,098 $849 Err:522 Err:522
Normal Taxes: $458 $337 Err:522 Err:522

NOL-Adjusted Pre-Tax Income: Err:522 Err:522

Post-NOL Taxes: Err:522 Err:522
Remaining NOLs: Err:522 Err:522
Tax Savings: Err:522 Err:522

NPV of Tax Savings: Err:522

Err:502

Yahoo! Purchase Price: $10,000.0

Adjusted Long-Term Rate: 4.48%
Discount Rate: 10%
Federal NOLs: $808.0
State NOLs: $354.0
Total NOLs: $1,162.0
Allowed NOL Usage Per Year: $448.0

Historical Projected
FY 2006 FY 2007 FY 2008E FY 2009E
Pre-Tax Income: $1,098 $849 Err:522 Err:522
Normal Taxes: $458 $337 Err:522 Err:522

Potential NOL Usage: Err:522 Err:522

Allowed NOL Usage: Err:522 Err:522
NOL-Adjusted Pre-Tax Income: Err:522 Err:522
Post-NOL Taxes: Err:522 Err:522
Remaining NOLs: Err:522 Err:522
Tax Savings: Err:522 Err:522

NPV of Tax Savings: Err:522

Projected
FY 2010E FY 2011E FY 2012E
Err:522 Err:522 Err:522
Err:522 Err:522 Err:522

Err:522 Err:522 Err:522

Err:522 Err:522 Err:522
Err:522 Err:522 Err:522
Err:522 Err:522 Err:522

Projected
FY 2010E FY 2011E FY 2012E
Err:522 Err:522 Err:522
Err:522 Err:522 Err:522

Err:522 Err:522 Err:522

Err:522 Err:522 Err:522
Err:522 Err:522 Err:522
Err:522 Err:522 Err:522
Err:522 Err:522 Err:522
Err:522 Err:522 Err:522
Precedent Transactions - Internet M&A Deals Worth Over $500MM with US-Based Sellers Since 1/1/2006
($ in millions, except per share amounts)
llers Since 1/1/2006
 Calendarization Calendarization
Old Partial New Partial FY TTM Old Partial New Partial
Revenue: $0
COGS: $0
Gross Profit: $0 $0 $0 $0 $0 $0
Operating Expenses: $0
Amortization: $0
Depreciation: $0
Stock-Based Compensation: $0
Non-Recurring Charges: $0

EBITDA: $0 $0 $0 $0
EBIT: $0 $0 $0 $0

Balance Sheet Data Balance Sheet Data

Cash & Cash-Equivalents:
Debt:
Preferred Stock:
Minority Interest:

Equity Research Projections Equity Research Projections

Bank:
Date:
Revenue:
EBITDA:
EBIT:
 Diluted Shares Calculation Diluted Shares Calculation
Announcement Date:
Offer Price:
Common Shares:
Options:
Total Strike Dilution Total
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Total Diluted Shares: 0.00

Valuation Metrics Valuation Metrics

Equity Value: $0
Enterprise Value: $0

Valuation Multiples Valuation Multiples

TEV / Revenue: N/A N/A N/A N/A N/A

TEV / EBITDA: N/A N/A N/A N/A N/A
TEV / EBIT: N/A N/A N/A N/A N/A

Lookup Variables Lookup Variables

Forward Year 1 Revenue: $0

Forward Year 1 EBITDA: $0
Forward Year 1 EBIT: $0

Forward Year 2 Revenue: $0

Forward Year 2 EBITDA: $0
Forward Year 2 EBIT: $0

12/30/1899 TEV / Revenue: N/A

12/30/1899 TEV / EBITDA: N/A
12/30/1899 TEV / EBIT: N/A

Forward Year 1 TEV / Revenue: N/A

Forward Year 1 TEV / EBITDA: N/A
Forward Year 1 TEV / EBIT: N/A

Forward Year 2 TEV / Revenue: N/A

Forward Year 2 TEV / EBITDA: N/A
Forward Year 2 TEV / EBIT: N/A
 Calendarization Calendarization Calendarization
FY TTM Old Partial New Partial FY TTM Old Partial New Partial FY
$0 $0
$0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0

$0 $0 $0 $0 $0
$0 $0 $0 $0

Balance Sheet Data Balance Sheet Data Balance Sheet Data

uity Research Projections Equity Research Projections Equity Research Projections

iluted Shares Calculation Diluted Shares Calculation Diluted Shares Calculation

Strike Dilution Total Strike Dilution Total Strike

0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

Valuation Metrics Valuation Metrics Valuation Metrics

$3,100 $0
$3,100 $0

Valuation Multiples Valuation Multiples Valuation Multiples

N/A N/A N/A N/A N/A N/A N/A

N/A N/A N/A N/A N/A N/A N/A
N/A N/A N/A N/A N/A N/A N/A

Lookup Variables Lookup Variables Lookup Variables

$0 $0
 $0 $0
$0 $0

$0 $0
$0 $0
$0 $0

N/A N/A
N/A N/A
N/A N/A

N/A N/A
N/A N/A
N/A N/A

N/A N/A
N/A N/A
N/A N/A
zation Calendarization Calendarization
TTM Old Partial New Partial FY TTM Old Partial New Partial FY TTM
$0 $0 $0
$0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0

eet Data Balance Sheet Data

h Projections Equity Research Projections

 Calculation Diluted Shares Calculation

Dilution Total Strike Dilution Total Strike Dilution

0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00

Metrics Valuation Metrics

$0 $0
$0 $0

Multiples Valuation Multiples Valuation Multiples

N/A N/A N/A N/A N/A N/A

N/A N/A N/A N/A N/A N/A
N/A N/A N/A N/A N/A N/A

riables Lookup Variables

$0 $0 $0
 $0 $0 $0
$0 $0 $0

$0 $0 $0
$0 $0 $0
$0 $0 $0

N/A N/A N/A

N/A N/A N/A
N/A N/A N/A

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N/A N/A N/A
N/A N/A N/A

N/A N/A N/A

N/A N/A N/A
N/A N/A N/A
 Calendarization
Old Partial New Partial FY TTM
$0
$0
$0 $0 $0 $0
$0
$0
$0
$0
$0

$0 $0 $0 $0
$0 $0 $0 $0

Balance Sheet Data

Equity Research Projections

 Diluted Shares Calculation

Total Strike Dilution

0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

Valuation Metrics

$0
$0

Valuation Multiples

N/A N/A N/A

N/A N/A N/A
N/A N/A N/A

Lookup Variables

$0
 $0
$0

$0
$0
$0

N/A
N/A
N/A

N/A
N/A
N/A

N/A
N/A
N/A
Premiums Analysis - Internet M&A Deals Worth Over $100MM with Public, US-Based Sellers Since 1/1/2006
($ in millions, except per share amounts)
ed Sellers Since 1/1/2006