Pitchbook

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Key concept page
I. II. Pitchbook Parts of a pitchbook

III. Key sources of information IV. Best practices

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1. Introduction to Pitchbooks
Pitchbook is a marketing tool used by investment bankers  Contains detailed analysis of investment ideas for clients

 The content varies with the purpose of meeting with the clients
Types of Pitch

Industry overview/Bank Introduction

Deal consideration

Management Presentation

 Bank introduction  Initial sales pitch  Regular meeting

   

Buy- side M&A Sell-side M&A IPOs Debt issuance

 After mandate pitches

 There can be many other sub-types of these

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2 Key parts of a Pitchbook
 Bank credentials  Market overview

 Positioning/Equity story
 Company profiles  Valuation summary  Potential targets/buyers

 Summary/recommendation
 Appendix

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2.1 Bank Credentials  Bank credentials • Bank Organization • League Tables • “Tombstone” deal summary • Deal team credentials  Market overview  Positioning/Equity story  Company profiles  Valuation summary  Potential targets/buyers  Summary/recommendation  Apendix © Pristine For [Insert Text Here] (Confidential) 4 .

a Wall Street powerhouse? Oh Yes. In the 12 months ending in April 2004.[FOR REFERENCE ONLY] UBS—A Leading Global Financial Services Firm Our strength is backed by industry accolades ―Wall Street Powerhouse‖ FORBES 2004 The UBS Way BLOOMBERG 2004 World’s Best Investment Bank EUROMONEY 2004 World’s Best Bank EUROMONEY 2003 Best Investment Bank THE ECONOMIST 2003 World’s Best Investment Bank INVESTMENT DEALERS’ DIGEST 2002 “ UBS is a banking giant but. it doubled its share in announced US M&A deals. But it’s the push into the rarified realm of Investment Banking that sets UBS apart. WORLD’S BEST INVESTMENT BANK EUROMONEY 2004 ” “BIG KID ON THE BLOCK” FORBES 5 © Pristine For [Insert Text Here] (Confidential) . source of roughly half the global investment banking fee pool. This is a house… that’s grown out of its regional shell to assume premier proportions in world finance. “ ” UBS has achieved what once seemed impossible for any European investment bank: it has broken into the front rank in the US market.

5% 8.8% 10.1% 377 459 426 13.UBS—A Leading M&A Advisor with Rapid Improvement in[FOR REFERENCE ONLY] Market Share 2003–2004 # of Transactions / Market Share 1 14.0% 12. and open market repurchases 1 Market share based on number of transactions. target advisor and acquiror advisor) UBS has positioned itself as one of the leading M&A advisors worldwide and has unprecedented momentum.g.8% 2003–2004 Market Share versus 2000—2002 +23% Lehman Bros Deutsche Bank Lazard Goldman Sachs Citigroup JP Morgan Morgan Stanley Merrill Lynch CSFB (38% ) (23% ) (1% ) (2% ) (5% ) (11% ) +9% +6% +3% Goldman Sachs JP Morgan Citigroup Morgan Stanley CSFB 333 322 Deutsche Bank Merrill Lynch Lehman Bros Lazard 197 265 262 252 6.2% 10.. equity carveouts.8% 403 13.6% 8. Excludes withdrawn deals. capturing more market share than any other bank since 2002 6 © Pristine For [Insert Text Here] (Confidential) . Market shares do not sum to 100% due to multiple advisors on each transaction (e. Full credit given to acquiror and target advisor(s).4% 8. exchange offers.4% Notes: Data represents all M&A deals worldwide greater than $100 million in transaction value.

375.114. of Deals 1 2 3 4 5 6 7 8 9 10 7.8 4.4 1.560.492.1 2.476.com M ay 2004 US$663 million Acquisition of NPTest February 2005 US$415 million Sale to eBay February 2005 US$850 million Sale of Selected DynCorp Units to Veritas Capital M ay 2004 US$380 million Sale to Serena Software M arch 2004 US$463 million Sale to SafeNet January 2004 US$601 million Sale to Manpower January 2004 US$467 million Financial Restructuring November 2003 US$295 million Sale to NetScreen 7 © Pristine For [Insert Text Here] (Confidential) .168.187.2 6.148.2 2.0 1.4 2.4 5.[FOR REFERENCE ONLY] Overview of UBS Technology M&A Group Technology M&A Expertise  Strong technology-focused M&A presence with deep industry knowledge and company relationships  Experienced in a wide range of advisory assignments – Buyer advisory – Seller advisory – Cross-border transactions – Merger of equals – Shareholder value protection – Leveraged transactions 2004 Technology M&A Transactions Less Than $1 Billion Financial Advisor Goldman Sachs & Co Morgan Stanley Credit Suisse First Boston UBS JP Morgan Banc of America Securities LLC Citigroup Jefferies & Co Lehman Brothers Rothschild Source: SDC Rank Value ($mm) No.025.6 17 22 15 11 14 5 12 21 9 3 Selected Recent Transactions League Table November 2004 US$137million Sale to Cisco Systems July 2004 US$170 million Sale to FindWhat.093.3 4.

com M ay 2004 US$663 million Acquisition of NPTest M ay 2004 US$380 million Sale to Serena Software M arch 2004 US$463 million Sale to SafeNet January 2004 US$601 million Sale to Manpower January 2004 US$467 million Financial Restructuring November 2003 US$295 million Sale to NetScreen 8 © Pristine For [Insert Text Here] (Confidential) .3 4.187. of Deals “Tombstone” of recent deals 1 2 3 4 5 6 7 8 9 10 7.2 6.560.492.093.025.168.6 17 22 15 11 14 5 12 21 9 3 Selected Recent Transactions February 2005 US$415 million Sale to eBay February 2005 US$850 million Sale of Selected DynCorp Units to Veritas Capital November 2004 US$137million Sale to Cisco Systems July 2004 US$170 million Sale to FindWhat.4 2.375.[FOR REFERENCE ONLY] Overview of UBS Technology M&A Group Technology M&A Expertise  Strong technology-focused M&A presence with deep industry knowledge and company relationships  Experienced in a wide range of advisory assignments – Buyer advisory – Seller advisory – Cross-border transactions – Merger of equals – Shareholder value protection – Leveraged transactions 2004 Technology M&A Transactions Less Than $1 Billion Financial Advisor Goldman Sachs & Co Morgan Stanley Credit Suisse First Boston UBS JP Morgan Banc of America Securities LLC Citigroup Jefferies & Co Lehman Brothers Rothschild Source: SDC Rank Value ($mm) No.2 2.148.4 1.0 1.114.476.8 4.1 2.4 5.

2.2 Market/Industry Overview  Bank credentials  Market overview • Industry overview • Market growth • Recent trends • Key opportunities  Positioning/Equity story  Company profiles  Valuation summary  Potential targets/buyers  Summary/recommendation  Appendix © Pristine For [Insert Text Here] (Confidential) 9 .

2 Market/Industry Overview  Gives an overview of the industry/sector  Backed by numbers and charts • Total addressable market size • Market growth rate • Growth drivers   Key trends in the industry Major players in the industry • Value chain of industry © Pristine For [Insert Text Here] (Confidential) 10 .2.

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2.3 Positioning  Bank credentials  Market overview  Positioning/Equity story • Why is the company attractive? • Company’s strength/weakness • Market share  Company profiles  Valuation summary  Potential targets/buyers  Summary/recommendation  Appendix © Pristine For [Insert Text Here] (Confidential) 15 .

2.4 Company profiles  Bank credentials  Market overview  Positioning/Equity story  Company profiles • What does the company do? • Public market overview • Business segments • Geographical presence • Key competitors/customers • Recent News  Valuation summary  Potential targets/buyers  Summary/recommendation  Appendix © Pristine For [Insert Text Here] (Confidential) 16 .

2.4 Company profiles Profiles Strip Profile One-pager/Two Pager Detailed  Company name/logo  Summary financials  Short business description  Management  Detailed business description  Recent news  Key management  Geographical presence  Public market overview  Share price performance  Key customers  Key competitors  Detailed business description  Product overview  Management overview  Geographical presence  Public market overview  Share price performance  Historical financial performance © Pristine For [Insert Text Here] (Confidential) 17 .

8bn 596.02 87. 2013: Announced that it has reached 200mm members  Dec 4. connect. manage. and communicate with business contacts  Provides hiring solutions comprising LinkedIn Corporate Solutions.45x 795. 2012: Announced the launched of SUCEED: Small Business Group.27 $0. and share their professional identity online  Also offers members with solutions to search.2mm 12. CA Recent news  Jan 09. LinkedIn Jobs and Subscriptions  Used by 200mm members in 200 countries  Available in nineteen languages  Offices in 25 cities worldwide  Founded in 2003 and headquartered in Mountain View.[FOR REFERENCE ONLY] LinkedIn .20 18 Key management Name Jeffrey Weiner Steven Sordello David Henke Designation CEO and Director CFO SVP Operations Past Experience © Pristine For [Insert Text Here] (Confidential) . an online forum for networking.overview Business description  Social networking website for people in professional occupations  Operates a proprietary platform that allows members to create. advice and content for small business professionals in partnership with Staples Share Price Performance $140 $125 $110 $95 $80 7/23/2012 LNKD 9/21/2012 11/20/2012 1/19/2013 Public market overview As of 23/1/2013 Share Price Shares outstanding Market cap P/E Ratio Forward P/E(1y) Earnings Per Share (EPS) $119.

advice and content for small business professionals in partnership with Staples  What does the company do? LNKD  What are its business segments? $125  What products/solutions does it provide?  Where all does it operate? $110  What are its main sales channels? How many employees are there? $95   Any proprietary technologies? $80  When was it founded? 7/23/2012 9/21/2012 11/20/2012 1/19/2013  Where are its headquarters? $140 Share Price Performance Public market overview As of 23/1/2013 Share Price Shares outstanding Market cap P/E Ratio Forward P/E(1y) Earnings Per Share (EPS) $119.2mm 12. CA Recent news  Jan 09. manage.20 19 Key management Name Jeffrey Weiner Steven Sordello David Henke Designation CEO and Director CFO SVP Operations Past Experience © Pristine For [Insert Text Here] (Confidential) . 2013: Announced that it has reached 200mm members  Dec 4. connect.8bn 596. and share their professional identity online  Also offers members with solutions to search.45x 795. and communicate with business contacts  Provides hiring solutions comprising LinkedIn Corporate Solutions.overview Business description  Social networking website for people in professional occupations  Operates a proprietary platform that allows members to create.27 $0.02 87. an online forum for networking. LinkedIn Jobs and Subscriptions  Used by 200mm members in 200 countries  Available in nineteen languages  Offices in 25 cities worldwide  Founded in 2003 and headquartered in Mountain View.[FOR REFERENCE ONLY] LinkedIn . 2012: Announced the launched of SUCEED: Small Business Group.

LinkedIn Jobs and Subscriptions  Used by 200mm members in 200 countries  Available in nineteen languages  Offices in 25 cities worldwide  Founded in 2003 and headquartered in Mountain View. an online forum for networking.20 20 Key management Name Jeffrey Weiner Steven Sordello David Henke Designation CEO and Director CFO SVP Operations Past Experience © Pristine For [Insert Text Here] (Confidential) . CA Recent news  Jan 9. connect. manage.2mm 12. 2012: Announced the launched of SUCEED: Small Business Group.8bn 596.overview Business description  Social networking website for people in professional occupations  Operates a proprietary platform that allows members to create.02 87. and share their professional identity online  Also offers members with solutions to search. 2013: Announced that it has reached 200mm members  Dec 4.45x 795. advice and content for small business professionals in partnership with Staples Share Price Performance $140 $125 $110 $95 $80 7/23/2012 LNKD 9/21/2012 11/20/2012 1/19/2013 Public market overview As of  23/1/2013 Key recent news and events • Management changes Share Price • New product launches Shares outstanding • M&A activity Market cap P/E Ratio Forward P/E(1y) Earnings Per Share (EPS) $119.[FOR REFERENCE ONLY] LinkedIn . and communicate with business contacts  Provides hiring solutions comprising LinkedIn Corporate Solutions.27 $0.

manage.[FOR REFERENCE ONLY] LinkedIn . CTO.02 87.overview Business description  Social networking website for people in professional occupations  Operates a proprietary platform that allows members to create. connect. LinkedIn Jobs and Subscriptions  Used by 200mm members in 200 countries  Available in nineteen languages  Offices in 25 cities worldwide  Founded in 2003 and headquartered in Mountain View. and share their professional identity online  Also offers members with solutions to search. CFO. 2013: Announced that it has reached 200mm members  Dec 4. advice and content for small business professionals in partnership with Staples Share Price Performance $140 $125 $110 $95 $80 7/23/2012 LNKD 9/21/2012 11/20/2012 1/19/2013 Public market overview As of 23/1/2013 Share Price Shares outstanding Market cap P/ERatio Key personnel Forward•P/E(1y) CEO.8bn 596.27 $0. Chairman Earnings Per Share (EPS) $119. CA Recent news  Jan 9. 2012: Announced the launched of SUCEED: Small Business Group.45x 795. and communicate with business contacts  Provides hiring solutions comprising LinkedIn Corporate Solutions. an online forum for networking.2mm 12.20 21 Key management Name Jeffrey Weiner Steven Sordello David Henke Designation CEO and Director CFO SVP Operations © Pristine For [Insert Text Here] (Confidential) .

and share their professional identity online  Share chart  Also offersprice members with solutions to search.20 22 Key management Name Jeffrey Weiner Steven Sordello David Henke Designation CEO and Director CFO SVP Operations © Pristine For [Insert Text Here] (Confidential) . and communicate with business • Mention units contacts and currency  Provides hiring solutions comprising LinkedIn Corporate • Footnote last closing price date Solutions.45x 795.2mm 12.27 $0. CA Recent news  Jan 9.overview Business description  Social networking website for people in professional occupations  Operates a proprietary platform that allows members to create. LinkedIn Jobs and Subscriptions  Used by 200mm members in 200 countries  Available in nineteen languages  Offices in 25 cities worldwide  Founded in 2003 and headquartered in Mountain View. connect. advice and content for small business professionals in partnership with Staples Share Price Performance $140 $125 $110 $95 $80 7/23/2012 LNKD 9/21/2012 11/20/2012 1/19/2013 Public market overview As of 23/1/2013 Share Price Shares outstanding Market cap P/E Ratio Forward P/E(1y) Earnings Per Share (EPS) $119.8bn 596. 2013: Announced that it has reached 200mm members  Dec 4. an online forum for networking. 2012: Announced the launched of SUCEED: Small Business Group.[FOR REFERENCE ONLY] LinkedIn .02 87. manage.

20 23 . and communicate with business contacts  Provides hiring solutions comprising LinkedIn Corporate Solutions.8bn 596. connect.02 87. 2013: Announced that it has reached 200mm members • Share price  Dec 4.45x 795.[FOR REFERENCE ONLY] LinkedIn .2mm 12. and share their professional identity online  Also offers members with solutions to search.27 $0. Market Business an Cap online forum for networking.overview Business description  Social networking website for people in professional occupations  Operates a proprietary platform that allows members to create. manage. advice and content small business professionals in partnership with • for EV Staples • Debt Key management • Historical and projected sales EBIT or EBITDA Designation Name • • EV/EBITDA (Forward) Jeffrey Weiner CEO and Director • P/E Ratio Steven Sordello CFO • EPS David Henke SVP Operations © Pristine For [Insert Text Here] (Confidential) As of 23/1/2013 Share Price Shares outstanding Market cap P/E Ratio Forward P/E(1y) Earnings Per Share (EPS) $119. CA Recent news Share Price Performance $140 $125 $110 $95 $80 7/23/2012 LNKD 9/21/2012 11/20/2012 1/19/2013 Public market overview  Public Market overview  Jan 9. 2012: Announced the launched of SUCEED: Small • Group. LinkedIn Jobs and Subscriptions  Used by 200mm members in 200 countries  Available in nineteen languages  Offices in 25 cities worldwide  Founded in 2003 and headquartered in Mountain View.

as of Jan 22nd 2013 © Pristine For [Insert Text Here] (Confidential) 24 .[FOR REFERENCE ONLY] Share Price Performance Share price performance (Rebased to 100) 130 LNKD S&P 100 120 114.3% 100 90 80 7/23/2012 8/22/2012 9/21/2012 10/21/2012 11/20/2012 12/20/2012 1/19/2013 Source: NASDAQ.5% 110 108.

7 98.5 2008 2008 2009 2010 2011 © Pristine For [Insert Text Here] (Confidential) 25 .7 48.1 243.[FOR REFERENCE ONLY] Historical financial performance Revenue by geography International 32% 68% Revenue by segment International 27% 32% 73% 27% 68% 73% US 2011 Revenue growth (in $) Millions 600 500 400 300 200 100 0 2007 Source: Company filings 32.0 20 0 2009 2010 2011 3.5 2007 5.8 120.2 120 100 80 60 40 14.5 78.1 US 2010 2011 2010 EBITDA Growth (in $) Millions 522.

delivering high impact social media marketing solutions LinkedIn Today  Enables members to be informed on the job every day by showing them relevant news LinkedIn Job Seeker Platinum  Provides tools for members to land jobs faster LinkedIn Groups  Provide a forum for its members to discuss topics of interest and meet and interact with other professionals LinkedIn Talent Connect  Annual conference exclusively for corporate recruiting customers Resume Builder  Enables members to be informed on the job every day by showing them relevant news LinkedIn Jobs  Enables members to be informed on the job every day by showing them relevant news Recruitment Advertising  Enables members to be informed on the job every day by showing them relevant news LinkedIn Map  Enables members to be informed on the job every day by showing them relevant news Recruiter Professional Services  Empowers recruiting agencies and executive search firms to find. contact and place the talent © Pristine For [Insert Text Here] (Confidential) 26 .[FOR REFERENCE ONLY] Products and solutions . products & services LinkedIn Mobile  LinkedIn app for mobiles  Available for iPhone. BlackBerry and Windows LinkedIn Marketing Solutions  Target audiences in a business context. Android. iPad.overview Company Pages  Centralized location where LinkedIn members can stay in the loop on your company news.

5 Valuation summary  Bank credentials  Market overview  Positioning/Equity story  Company profiles  Valuation summary • Football Field analysis • Financial Models – DCF Model – LBO Analysis • Operating comparable • Trading comparable  Potential targets/buyers  Summary/recommendation  Appendix © Pristine For [Insert Text Here] (Confidential) 27 .2.

2.5 Valuation Summary  Used in all types of pitches with deal consideration  Show the a “range” of values for the asset using a football field • Mean or median value shown to suggest possible valuation  Supported by individual valuation models • DCF valuation • LBO model • Trading comparable valuation • Comparable transaction valuation © Pristine For [Insert Text Here] (Confidential) 28 .

0 70.7 - 10.6 EV/ EBITDA (x) Multiple 30.9 30.4 67.0 80.0 40.0 100.0 Share Price © Pristine For [Insert Text Here] (Confidential) 29 .7 65.0 20.4 P/E (x) Multiple 30.0 30.[FOR REFERENCE ONLY] Valuation summary Football Field Football Field P/BV (x) Multiple 23.0 90.0 60.0 110.0 50.

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6 Potential targets/buyers  Bank credentials  Market overview  Positioning/Equity story  Company profiles  Valuation summary  Potential targets/buyers • Summary page of targets/buyers • Company profiles of targets/buyers  Summary/recommendation  Appendix © Pristine For [Insert Text Here] (Confidential) 32 .2.

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2.7 Summary/Recommendation  Bank credentials  Market overview  Positioning/Equity story  Company profiles  Valuation summary  Potential targets/buyers  Summary/recommendation • Analysis of all possible actions that the client can take  Appendix © Pristine For [Insert Text Here] (Confidential) 36 .

2.8 Appendix  Bank credentials  Market overview  Positioning/Equity story  Company profiles  Valuation summary  Potential targets/buyers  Summary/recommendation  Appendix • Detailed models • Backup data • Detailed profile © Pristine For [Insert Text Here] (Confidential) 37 .

strategy can be found in 10K. competitors. • Recent news and press releases • Product brochures • Company history  SEC filings • Information about key customers. Key sources for information  Company website • Investor Relations section. look for investor presentations. annual filings etc. Annual Report  Call Transcript • Current challenges facing the company  Newsrun  Recent developments  Perspective on the company from outside © Pristine For [Insert Text Here] (Confidential) 38 . products. employees.3.

create sub-bullets Don’t have more than 2/3 sub bullets  Financials • • Check numbers such as Revenue. Sources should always be mentioned where numbers are used © Pristine For [Insert Text Here] (Confidential) 39 .4. Exchange rate should be footnoted  Footnote • • Check that all relevant footnotes have been added. Market Cap to ensure consistency across slides Ensure that currency and units are mentioned. Best practices  Text size and spacing • Use same font size across tables and text boxes • • Check for extra between words Ensure line spacing consistency  Bullet points • • • Keep bullets short and concise In case of a large amount of related information.

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