Sector Update January 2011
Technology / Media / Telecoms



Investors Ready to Open Pockets to Innovative Technologies In 2011
For the fourth year running, GP Bullhound is publishing its Technology Predictions for the upcoming year. As the global economy emerges from the financial crisis, we anticipate businesses and investors alike will capitalize their resources to invest in the next wave of innovation in 2011. Accordingly, many of our predictions seek to streamline the way we approach everyday tasks. In 2011, we anticipate consumers will take another step towards wireless by adopting shopping, dating, gambling, payments and even household management on mobile. The rise in augmented reality adoption will complement this, as we continue to merge the information on the web with our mobile lifestyles. Moreover, as mobile applications continue to proliferate we expect developer-friendly open platform benefits will extend Google’s Android lead over Apple’s iOS. In the wake of the explosion of mobile applications, we expect vendors to step up to provide real-time analysis and predictions of consumer behaviours. Additionally, we expect increasing mobility and pace of life will drive users to abridge communication messaging, favouring short messaging formats over blogs and long format emails. In another move towards increased mobility, we anticipate games will move








into the cloud, reducing development and porting costs for developers and enabling gamers to access games and content real-time. As capital markets and investor appetite continues to grow, we also anticipate a comeback for solar thin films. Supported by increasing c-Si pricing and meaningful commercialization, we believe 2011 yields a turn of fortunes for the sector. All in all, as markets renew back to 2007 levels, we anticipate 2011 will yield a strong year of technological development.



Christian Lagerling christian.lagerling@gpbullhound.com San Francisco: +1 415 986 0196 Per Roman per.roman@gpbullhound.com London: +44 (0) 207 101 7568 Julien Oussadon Justine Chan Florent Roulet


*Note that GP Bullhound acts or has acted as an advisor to some of the companies mentioned in this report. Please refer to disclaimer at the back for full disclosure

Important disclosures appear at the back of this report. GP Bullhound LLP is authorised and regulated by the Financial Services Authority in the United Kingdom

Deezer and Rdio as the main combatants. Large PV manufacturers are also acquiring successful developers and their pipelines (e. the number of mobile applications exploded – “Cloud computing drives green IT initiatives” “Mobile applications become a mainstay” “Virtual currencies & micro-transactions expand beyond games” during the year with Android gaining a significant market share and Apple’s iPhone repeating its past successes with its 4 th version. Google/YouTube. Strategic and Asian players are driving this consolidation (e. advertising / subscription / purchase.). However. Micro-Vett and Ashwoods Automotive in Europe are expected to continue expanding their production in 2011. we anticipate the same to happen on mobile in 2011. Even if several channels and devices have adopted ebooks. with Apple. As micro-payments exploded.g. we will wait to see in 2011 if Apple and its numerous followers using Google’s Android platform are able to capitalise on this successful early adoption to reach the broader market. “The return of the tablet PC” – – The tablet market did stage a comeback with the success of Apple’s iPad leading the way. Ebook applications will rely on tablets to explode in 2011. With the confirmation of smartphones growing penetration in the consumer market. the battle has begun between the different business “ebook applications will explode across a multitude of devices and channels” “Affordable electric and hybrid vehicles reach the broad demographics” “Consolidation within the solar photovoltaics supply chain” models (download / streaming. 2 “Industry shakeout in online music distribution as the winners are defined” – GP Bullhound LLP January 2011 . Several players in the electric and hybrid vehicles space have demonstrated that innovation and quality could be combined to produce affordable and reliable cars.. Sharp / Recurrent Energy). Consolidation within the solar PV value chain has been one of the key Cleantech themes of the year.” adopted by online retailers was confirmed with the market. while a few showed early signs but still with some ways to go. reaching critical mass in 2010 especially in the US. Perhaps most obvious. Cognitive Match) while others were acquired by established Internet giants (e.g. We noticed particular opportunity for augmented reality in gaming applications due to the high user interaction. Several leading innovators received more venture funding during the year (e.. Criteo. LDK / Solar Power). augmented reality applications started to gain momentum. Our first prediction that behavioural re-targeting will increasingly be “Augmented reality is becoming a reality. Mass adoption is still to come however. In the online music. Micro-transactions and virtual currencies moved in 2010 beyond the original gaming sphere with customers increasingly conceiving to buy certain goods online rather than at their local stores. MyThings. First Solar / NextLight and Edison Mission.g.g. However. etc.TMT PREDICTIONS 2011 A RECAP OF GP BULLHOUND 2010 PREDICTIONS 2010 Predictions: Looking back at our “GP Bullhound Technology Predictions 2010” we are pleased to note that several of our projections gained strong momentum “The year of Behavioral re-targeting” during the year. Dapper / Yahoo! or FetchBack / GSI Commerce). winners are not quite defined yet. Tesla Motors in the US (listed since June 2010). Spotify. tablets could prove to offer the best user experience and provide significant opportunities for an upcoming mass adoption of ebook applications.

aged 13+ Mountain View. Android has already been for months the leading operating system among recent acquirers. GP Bullhound estimates for projections Toulouse.9% 9. Another competitive advantage for Android lies in its wide range of potential mobile operators when Apple has signed exclusivity agreements in several countries. France After having competed on mobile devices only. Amazon has recently announced it will launch its own apps store for Android. Apple Google’s long time strategy to open up its technology to a variety of manufacturers and application developers will be paying off as multiple devices will hit the market (especially from Asian players such as Samsung. Source: Google.5m smartphone subscribers. Symbian (Nokia-led rival open-source OS) has seen its market share consistently shrinking mainly due to smartphones manufacturers preferring Android for their best brand and user interface. As an example.TMT PREDICTIONS 2011 GOOGLE’S ANDROID DISTANCING APPLE’S iOS Start-ups to lookout for: We expect that Android will increase its lead over Apple’s operating systems (iOS) in 2011 due to its open platform benefits and increasing mindshare amongst end users as well as developers.0% Mountain View.0% 27.0% London. Android Honeycomb).5% 30. Google has opted for an open approach by allowing other web merchants to enter the game.0% 3.2% 20% 19.0% 37.8% 3. For the first time in November. UK End of 2011 Microsoft End of 2014 Palm RIM / Blackberry Source: ComScore for 2010 data. Samsung. LG or Acer keen to create fierce competition to US-based Apple) with a plethora of quality apps being made available.g. 3 GP Bullhound LLP January 2011 .0% 25.6% 33.6% 10. Motorola. In the meantime.0% 45. 2010. UK installed base of 61. Even in terms of apps store. rival operating systems have now added the tablets market as a new battleground with specifically designed versions (e.0% 33. US 4. US 33.0% 25. Exhibit 2 – Tablets and Mobile Handsets using Android and iOS vs.0% 80% 60% 40% 24. Android surpassed the iPhone in the US in a total London.6% 0% August 10 Google / Android November 10 Apple 26. Exhibit 1 – Top Smartphone Platforms in the US 100% 3-month average US smartphone subs.

The mobile payments landscape is currently taking shape. Firstly. Exhibit 3 – Mobile Finance Taxonomy San Francisco. There are however a number of more established players such as allopass. As a result. Luup. 4 GP Bullhound LLP January 2011 . Italy Remote Mobile Payments P2P Mobile Payments Munich. ZONG. US Mobile Finance Providers Mobile Banking Handset Contact Mobile Payments / Zetawire Source: GP Bullhound There are a number of technology trends which have surfaced and resulted in a more favorable environment for the development of mobile payments services. France increase their reputational profile as trusted payment specialists. iPhones and other smartphones have enabled mass consumption of diverse mobile content and services. payment processors. resulting in a fragmented position today where there around 5-10 key players. with recent market rumors that Google and Apple have been bidding at five times revenue for US mobile payments specialist Boku. Obopay who are actively looking to partner with tier 1 merchants to Paris. Internet players. banking and shopping. Mi-Pay. Germany Palo Alto.TMT PREDICTIONS 2011 MOBILE PAYMENTS SET TO SURGE IN 2011 – GET READY FOR THE RACE Start-ups to lookout for: The mobile landscape continues to grow strongly including a continued slew of new payments providers emerging along with established players increasingly diversifying their offerings. Neomobile. the rise of smartphones has resulted in users having access to Internet on the go and through high quality usable interfaces thus reducing friction in the buying process. We expect consolidation to accelerate and come from various angles including handset manufacturers. games. Boku. to more established players such as Allopass. US Rome. social networks. such as music. Tyfone and Bling Nation which have recently entered the market. banks and telco carriers. M&A naturally follows. The mobile payments market can be mapped out in various subsectors incorporating pure play startups such as Square.

mobile dating will finally become a reality.g. Australia features in smartphones. mobile smartphones will offer a very strong medium for dating communities. Groupon acquired Petah Tikva. UK As social shopping will continue to grow on the Internet in 2011. UK + Source: GP Bullhound + London.TMT PREDICTIONS 2011 SOCIAL SHOPPING. have recently launched mobile applications to allow real-time betting via smartphones. Palo Alto. the move to mobile will be based on the same success factors: bringing together shopping communities and sharing recommendations. after having successfully transitioned to online gambling. Android. retailers can initially only integrate popular sites to their platforms to make sure shopping recommendations can easily be shares among friends’ networks via feeds page. US Dating Gambling Social Shopping Richmond.g. DATING AND APPLICATIONS WILL THRIVE ON MOBILE Start-ups to lookout for: GAMBLING Three Internet services that revolutionise everyday life of millions of users in the last few years are expected to massively hit the mobile space in 2011: Social Shopping. iPhone). UK . several mobile apps are based on in-store barcode scanning. US Zappli. indicating in real-time who is single around you (e. In a more advanced move to mobile.ly in May 2010 and has since successfully developed applications for iPhone and Android. UK (e. Exhibit 4 – Three Key Options on Mobile in 2011 Los Angeles. As an example. US More than just providing a mobile version of their online equivalents. UK bookmakers. Stockholm. San Francisco. Winning suppliers will provide seamless interaction between the three main mobile platforms (Blackberry. in an airport or even simply in the street). After several years of uncertain results. Thanks to 24/7 access and 3G-enabled video chat. Israel New York. New Jersey and California) while several additional European markets will be deregulated (following France and Italy). successful companies will create a different experience entirely dedicated to mobile users. Group shopping will also find its mobile equivalent. Sweden Following the explosion of social networks usage on smartphones in 2010. Dating and Gambling. Location-based mobile data applications are flourishing at a fast pace. The move to mobile will allow punters to place bets or play ‘in casinos’ anytime and anywhere. Online gambling is expected to experience significant geographic expansion as it potentially becomes legal in several key US states in 2011 London. 5 GP Bullhound LLP January 2011 London. They all share inherent potential around location-based functionalities – tailored for the mobile. We can easily imagine group shopping websites suggesting local deals thanks to location-based Melbourne. US mobile development firm Mob. thus significantly increasing user options.

We hereby repeat our 2010 prediction with the added San Francisco. Netherlands 100.000 200. especially for improving workflows and security. DRIVEN BY A LOCATION BASED SERVICES FOOTPRINT Start-ups to lookout for: Since 2008.000 0 2007 2008 2009 2010 Europe 2011 2012 Asia 2013 Boston. “Everyone will be on the AR bandwagon in 2011. mobile augmented reality applications garnered significant buzz and from bloggers. With the anticipated relase of the next-generation iPad and other tablets and growing smartphone adoption.” 6 GP Bullhound LLP January 2011 . Exhibit 6 – Yell Employs AR Application for Listings Boston.000 250.000 Amsterdam.TMT PREDICTIONS 2011 AUGMENTED REALITY APPLICATIONS TAKE OFF. CA. Even industrial companies and the military will use mobile AR applications.000 50. UK use AR applications by 2014. media and early adopters in 2010. USA momentum of these LBS. as today’s consumers exhibit increasing reliance on mobile access to information for everyday life. LBS applications have grown exponentially to the current level of approximately 6.000 300.000 applications. USA 350.000 150. Exhibit 5 – LBS Subscriber Forecast Denver. GP Bullhound Gartner Research expects that over one-third of the mobile workforce will London. Leveraging the groundwork laid by LBS applications and enabled devices. MA.com According to a recent quote by metaio. USA Source: Yell. MA. driving widespread popularity of augmented reality (AR) applications. we expect LBS devices to reach critical mass in 2011. CO. USA Americas Source: Gartner.

United Kingdom access and control their light. companies including Cisco.TMT PREDICTIONS 2011 MOBILE AND SMART GRID APPLICATIONS OPEN THE DIGITAL HOME Start-ups to lookout for: Today’s smart phones and tablets have captivated consumers for their personal communication and entertainment capabilities. suppliers of home control systems are leveraging these next-generation devices to help consumers control and manage the equipment in their homes. heating. USA Germantown. CA. Exhibit 7 – Intel Home Dashboard Laguna Beach. homeowners are finally being given the proper tools to Cambridge. GE. and Microsoft are creating consumer energy management solutions that integrate with the smart grid infrastructure. USA Source: Intel Furthermore. Intel. Many of these suppliers have enabled their solutions for use on everyday consumer devices. as AMI deployment continues to fuel smart grid growth. and now. leveraging the new mobile devices and platforms. Exhibit 8 – GE Nucleus Software Source: GE 7 GP Bullhound LLP January 2011 . irrespective of their physical location. the GE Nucleus software is enabled for access from any browser-enabled phone or PC. air conditioning and more via the Internet. After years of sluggish developments. MD. As shown below.

Exhibit 9 – Facebook Social Graph Bellevue. we anticipate the need for privacy will drive users to separate their social networks into core life functions. 8 GP Bullhound LLP January 2011 .TMT PREDICTIONS 2011 PRIVACY BECOMES NETWORK USERS Start-ups to lookout for: A PRIORITY FOR SOCIAL Social networks have undoubtedly become an integral part of the Internet experience. Eventually. As shown below. WA. social network “cleaning” services have recently gained momentum. USA Morristown. Switched. family. USA Ottawa. overtaking search engines as the primary site through which people access the Internet in 2010. Canada Evanston. such as friends. As social networks quickly become the primary channel for personal communication. etc. colleagues. 63 percent use social networking sites and 59 percent turn to photo and video sharing sites like YouTube or Flickr. our actual networks are significantly more complex than those currently reflected on Facebook. many corporations have established dedicated groups to monitor employees’ Facebook presence. NJ.” Further. thereby rerestricting messages and status updates to each applicable groups. According to the AOL Technology Blog. privacy amongst our relationship pools will play an increasingly important role in the social web. Accordingly.com. In today’s competitive job market. a growing number of employers and recruiters are employing searches on social networks and search engines to research potential candidates.. USA Source: Forrester As our digital relationships continue to grow in depth and reach. “78 percent of recruiters and HR professionals use search engines to research applicants. IL. it is increasingly important for users to have full clarity surrounding the access given and content present on their social profiles.

San Jose. thin film companies have largely disappointed the market by not being able to Loveland. CdTe and a-Si. the solar sector has natural efficiency ceilings and cost floors and as such improvements are in steps rather than bounds. In the last few years. SaintGobain. Having been around since the mid-eighties. Unlike the chip sector which provided VC style returns supported by Moore’s Law. US companies who understand the potential and have much to offer in terms of manufacturing expertise and deep pockets. Germany BIPV segment. CIGS and a-Si are lighter.. However. thin film PV technologies only Start-ups to lookout for: had their first significant breakthrough about a decade ago as the industry was looking for next-gen technologies to replace the maturing c-Si. still represents a meaningful portion of the total manufacturing cost. risk capital is more suited from strategic players that can take a longer view on returns. we have recently observed several critical trends suggesting that thin film might be staging a late comeback. Companies such as GE. US improve conversion efficiency and to scale down its cost structure as quickly as originally anticipated. Hence. VCs will use renewed momentum to get out of these investments as they will not be able to continue to support the capital intensive nature of this industry. silicon prices which have Bitterfeld-Wolfen. We believe VCs will need to realign their expectations as returns are likely to disappoint. Firstly. flexible and more aesthetic than c-Si and as such are appealing solutions for the Frankfurt. US Many of the inherent thin film advantages remain intact and have proven their value as the market has matured. Polysilicon.TMT PREDICTIONS 2011 THIN FILM MAKES A COMEBACK AND VCS START TO EXIT TO STRATEGICS IN DROVES. the raw material in c-Si cells. Large amounts of venture capital investment went into the promising new technologies such as CIGS. We are also detecting increased interest recently in thin film by industrial Santa Clara. Hyundai. TSMC and Walsin have all recently announced strategic alliances. 9 GP Bullhound LLP January 2011 . Germany been steadily falling are on their way up again. Exhibit 10 – Historic and Projected Polysilicon Prices 100 80 94 70 59 40 20 0 2006A 2007A 2008A 2009A 2010E 60 70 US$ per kg 60 Source: GP Bullhound With more than 150 individual thin film companies in thin film.. driven by increasing supply constraints. investments and/or acquisitions into the thin film sector. we predict massive consolidation driven by the entry of industrial players with their capital and manufacturing might.

SFR recently launched a commercial IPTV games-on-demand service using their existing set-top box for playing games. Palo Alto. the interactive entertainment industry continues to move into the cloud. as part of their triple-play offering. 3rd Party Publishers Digital Distribution Independent self-published developers etc. a gaming-on-demand service powered by Playcast Media. Subscriptionbased Per-game download Time-based Los Angeles. or game-as-a-service. we expect console gaming as we know it to disapeear either with this current console cycle or the next. Pressured by gaming publishers and developers (keen to reduce development and porting costs). US Console Gaming Environment Cloud Gaming Environment Platform Vendors Gaming Content 1st Party Publishers Distribution Retail Distribution Providers Gaming Content Distribution San Francisco. US All Digital Source: GP Bullhound Using powerful compression technology. we expect this new delivery method to gain significant traction in 2011. cloud gaming enables gamers to Paris. US Wii / DS Xbox 360 PS3 / PSP iPhone / iPad 3rd Party Publishers etc. Portugal Telecom launched Meo Jogos.TMT PREDICTIONS 2011 GAMING MOVES INTO THE CLOUD Start-ups to lookout for: Following the massive and sudden upsurge of casual and social gaming over the last two years. Companies like Onlive. 25 million subscribers) a cloud platform which distributes digitally both proprietary and third-party content. In November 2010. France stream content in real-time from centralised servers while providing access to extended libraries of premium gaming content across a variety of genres on both a PC or a Mac through either a Web-browser or a micro-TV adapter. We believe the focus will continue to shift away from the actual hardware to the network. game-on-demand. platform vendors like Nintendo. The service is only available on PCs running Microsoft Windows. Exhibit 11 – Cloud Gaming vs. Microsoft and Sony face unprecedent challenges and will likely have to reinvent their business models. Traditional Gaming Ecosystem Bellevue. Although there is still some sceptism about whether these systems can deliver a high-quality gaming experience in massive demand situations. Certain independent developers like Valve Software launched Steam (c. US Steam or Gaikai have successfully launched their service and pose a serious threat to the long-lasting console vendors’ oligopoly. Whether it is called cloud gaming. Non-traditional gaming players such as carriers see in cloud gaming the potential to drive additional revenues while reducing subscribers churn. As opposed to the platform-led gaming environment. US Aliso Viejo. cloud gaming companies provide a pervasive single entry-point to interactive entertainment combined with both flexible and attractive pricing models. 10 GP Bullhound LLP January 2011 . server-based gaming.

Internet and mobile users will increasingly rely on short messaging format to easily New York. will predominantly be expert views based on a detailed analysis.g. details of Prince William’s wedding have been made public on Twitter instead of a traditional press release via traditional media). videos and invites… Twitter and live news feeds in other social networks such as Facebook or LinkedIn are today the most popular platforms. London. Bloggerbuster.com In professional environments. UK This trend will have a negative impact on the number of blogs and personal websites as well as on the press and public relations sectors. articles. US in 2011 you will use your smartphone to tweet and start a discussion with the same friends but also with a list of followers you often merely know. companies will be encouraged to implement policies favouring getting faster at responding such as short messaging. information and communication overflow. Exhibit 13 – Twitter can also easily be integrated within Blogs via Widgets Source: GP Bullhound. 11 GP Bullhound LLP January 2011 . US New York. This way. US share their thoughts.TMT PREDICTIONS 2011 SHORT MESSAGING FORMAT SUPPORT AND MOMENTUM Start-ups to lookout for: WILL GAIN WIDER If Facebook confirmed its immense potential in 2010. San Francisco. at the expense of blogs and long format emails.sentenc. To share personal opinion or important news to a large audience. A new approach to handle emails detailed on http://two. Twitter and San Francisco. Twitter Driven by a data. technology and policy will enforce people’s choice of shorter format messaging in internal communications. Like in the past you used to call a friend. US Blog articles. As e-mail tends to take too long to respond to and can suffer inbox overflow. shorter messages will be preferred. emails become faster to write and more likely to be read with the recipient feeling less intimidated than in front of a long and well-structured email. US Source: GP Bullhound.es/ suggests treating email responses just like SMS by using a limited number of letters and sentences per email. New York. Exhibit 12 –Twitter’s Follow-Buttons and Tweet-Buttons Flourish on the Web San Francisco. For less formal and straight-to-the-point ideas. longer to write. 2011 might well be the year of Twitter in the context of an increased use of short messaging format on the Internet. US equivalent platforms such as Yammer or Tumblr will increasingly be a viable alternative (e. locations.

Sprout Social integrates seamlessly with social networks such as Facebook. Germany Crowdcast is a social business intelligence vendor that provides an ondemand / SaaS platform which enables decision-makers to forecast industry trends. Exhibit 14 – Next-Gen Business Intelligence Solution Structure Data Layer Profile / Identity Information Social Network Information Location-Based Information Behaviour Information Analytics Layer Real-Time Monitoring Predictive Analysis Data Processing Capabilities (Speed & Volume) SaaS Benefits Discover and Map New Market Segments Quantify Results Increase Reach Increase Conversion Rates Lower Acquisition Costs Increase Loyalty / Repeatability Source: GP Bullhound 12 GP Bullhound LLP January 2011 . a number of social BI vendors such as Crowdcast. provide crisis managament support. further VC-backed companies to emerge in the sector during the course of 2011. Sprout Social. While increasing data volumes account for a significant part of the focus. US Over the last 12 months. US next-generation data analytics applications. London. ListenLogic and Trampoline Systems have gained significant traction in the market. Twitter and provides lead generation. We expect. LinkedIn. Fort Washington. ListenLogic is a social market research and analytics company that leverages online consumers’ opinion to help businesses identify new opportunities. Large volumes of data generated by technology users create a fundamental Chicago. promotion distribution services. develop marketing strategies. sales and regulatory factors. Such solutions should provide C-level executives with real-time support and analysis which will in turn help them predict consumer behaviours more accurately. Overwhelmed by the amount of information available to them. the complexity of data relationships and the rate at which it is being updated have also driven demand for real-time processing analytics. UK Sprout Social provides a social relationship management platform that allows businesses to connect to customers and monitor key performance indicators. business managers acknowledge the urgent need for Redwood City. etc. BI. US need for advanced business intelligence and analytics. The company has announced partnerships with SAP BOBJ. better understand consumer behaviours. Brightidea and Peer Insight. Berlin. brand monitoring analytics.TMT PREDICTIONS 2011 A NEW GENERATION OF BUSINESS INTELLIGENCE AND DATA ANALYTICS CONSUMER APPS WILL EMERGE Start-ups to lookout for: The proliferation of mobile and converged consumer applications generates terabytes of new data a day.

London. This report does not constitute a specific investment recommendation or advice upon which you should rely based upon. This report contains forward-looking statements. completeness and currency.TMT PREDICTIONS 2011 THE GP BULLHOUND TEAM GP Bullhound is a research-centric investment bank headquartered in London. is made by GP Bullhound LLP as to its accuracy. your personal circumstances. Mobcast and Neomobile. Volpe Brown W. Prosieben Nielsen. +44 20 7101 7560 GP Bullhound LLP is or has been engaged as an advisor in the past twelve months to the following companies mentioned in this report: Calyxo. Société Générale Sasha Afanasieva Associate Merrill Lynch Amanjit Dhami Associate UBS Justine Chan Associate Harris Williams Florent Roulet Analyst BofA Merrill Lynch. Lehman Brothers Hugh Campbell Founder / Partner Citibank. Actual results may differ significantly from the results described in the forward-looking statements. Manish Madhvani Founder / Partner Barclays PE Christian Lagerling Founder / Partner Barclays Capital. Although all reasonable care has been taken to ensure that the information contained in this document is accurate and current. but without limiting the preceding sentences. Bryan Garnier Rakhdeep Dhaliwal Financial Controller Sevacare Malcolm Ferguson Analyst BofA Merrill Lynch Cecilia Roman Director of Marketing Arthur Andersen. In particular. SW1Y 6LX http://www. This document and any of the products and information contained herein are not intended for the use of retail investors in the UK or any other territory. BZW Guillaume Bonneton Partner Jefferies International. 52 Jermyn Street. Martin Smith Non-exec Chairman CSFB/DLJ. In particular. may not be up-to-date or may not represent the current opinion (whether public or confidential) of GP Bullhound LLP. New Star Per Roman Founder / Partner AutoDesk.com. Goldman Sachs Alec Dafferner Partner / Head of US UBS. which involve risks and uncertainties. Past performance of securities is not necessarily a guide to future performance and the value of securities may fall as well as rise. or irrespective of. express or implied. Arma Partners Carl Bergholtz Vice President Jefferies International Remy Valette Associate Société Générale Claudio Alvarez Vice President Edison Investment Execution Ltd Julien Oussadon Vice President Arma Partners.com. no representation or warranty. Touchstone André Shortell Partner Citibank Lord Clive Hollick Partner KKR. OC352636 Registered office: GP Bullhound LLP. Deutsche Bank Antony Northrop Senior Advisor Lazard. 13 GP Bullhound LLP January 2011 . info@gpbullhound. Morgan Stanley Sofie Emtesjo Assistant Lansdowne Partners. opinions and estimates are subject to change without notice. In addition. Accenture Lina Einarsson Events Manager Indigofera Kempinski Helene Jonsson Assistant Kaplan Financial Sofia Sturesson Assistant Ofcom Eve Lim Assistant NEA Nataly Bean Receptionist Super Yacht Cup Disclaimer: Information contained in the document does not constitute an offer to buy or sell or the solicitation of any offer to buy or sell any securities. investments in the technology sector can involve a high degree of risk and investors may not get back the full amount invested. Potential retail investors are urged to consult their own authorized investment professional before entering into any investment agreement. This document is made available for general information purposes only and is intended for professional investors who have a high degree of financial sophistication and knowledge. Diageo Mats Johansson Senior Advisor Futuremedia plc. Use of this document is not a substitute for obtaining proper investment advice from an authorized investment professional. Thursley Group Graeme Bayley Partner / CFO & COO HSBC Frank Schmitt Director UBS. with offices in San Francisco. GP Bullhound LLP is authorised and regulated by the Financial Services Authority in the United Kingdom and is registered in England No.gpbullhound. you should be aware that statements of fact or opinion made.

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