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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

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UBSA Leading Global Financial Services Firm


Our strength is backed by industry accolades

Wall Street Powerhouse FORBES 2004

The UBS Way BLOOMBERG 2004

Worlds Best Investment Bank EUROMONEY 2004 Worlds Best Bank EUROMONEY 2003

Best Investment Bank THE ECONOMIST 2003

Worlds Best Investment Bank INVESTMENT DEALERS DIGEST 2002

UBS is a banking giant but, a Wall Street powerhouse? Oh Yes. This is a house thats grown out of its regional shell to assume premier proportions in world finance. But its the push into the rarified realm of Investment Banking that sets UBS apart.

UBS has achieved what once seemed impossible for any European investment bank: it has broken into the front rank in the US market, source of roughly half the global investment banking fee pool. In the 12 months ending in April 2004, it doubled its share in announced US M&A deals.
WORLDS BEST INVESTMENT BANK EUROMONEY 2004

BIG KID ON THE BLOCK FORBES

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UBSA Leading M&A Advisor with Rapid Improvement in[FOR REFERENCE ONLY] Market Share
20032004 # of Transactions / Market Share 1
14.8%

20032004 Market Share versus 20002002


+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 6.4% 8.6% 8.5% 8.1% 377

459

426 13.8% 403 13.0%

12.2%

10.8% 10.4%

Notes: Data represents all M&A deals worldwide greater than $100 million in transaction value. Full credit given to acquiror and target advisor(s). Excludes withdrawn deals, equity carveouts, exchange offers, and open market repurchases 1 Market share based on number of transactions. Market shares do not sum to 100% due to multiple advisors on each transaction (e.g., target advisor and acquiror advisor)

UBS has positioned itself as one of the leading M&A advisors worldwide and has unprecedented momentum, capturing more market share than any other bank since 2002
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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. of Deals

1 2 3 4 5 6 7 8 9 10

7,168.2 6,025.4 5,187.3 4,476.8 4,375.4 2,148.2 2,114.1 2,093.0 1,560.4 1,492.6

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.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

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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. of Deals

Tombstone of recent deals

1 2 3 4 5 6 7 8 9 10

7,168.2 6,025.4 5,187.3 4,476.8 4,375.4 2,148.2 2,114.1 2,093.0 1,560.4 1,492.6

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.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

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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

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2.2 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

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2.3 Positioning
Bank credentials Market overview

Positioning/Equity story
Why is the company attractive? Companys strength/weakness Market share

Company profiles Valuation summary Potential targets/buyers Summary/recommendation Appendix

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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

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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

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[FOR REFERENCE ONLY]

LinkedIn - overview
Business description Social networking website for people in professional occupations Operates a proprietary platform that allows members to create, manage, and share their professional identity online Also offers members with solutions to search, connect, and communicate with business contacts Provides hiring solutions comprising LinkedIn Corporate Solutions, 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, CA Recent news Jan 09, 2013: Announced that it has reached 200mm members Dec 4, 2012: Announced the launched of SUCEED: Small Business Group, an online forum for networking, 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)

$119.02 87.2mm 12.8bn 596.45x 795.27 $0.20


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Key management
Name Jeffrey Weiner Steven Sordello David Henke Designation CEO and Director CFO SVP Operations Past Experience

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LinkedIn - overview
Business description Social networking website for people in professional occupations Operates a proprietary platform that allows members to create, manage, and share their professional identity online Also offers members with solutions to search, connect, and communicate with business contacts Provides hiring solutions comprising LinkedIn Corporate Solutions, 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, CA Recent news Jan 09, 2013: Announced that it has reached 200mm members Dec 4, 2012: Announced the launched of SUCEED: Small Business Group, an online forum for networking, 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)

$119.02 87.2mm 12.8bn 596.45x 795.27 $0.20


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Key management
Name Jeffrey Weiner Steven Sordello David Henke Designation CEO and Director CFO SVP Operations Past Experience

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LinkedIn - overview
Business description Social networking website for people in professional occupations Operates a proprietary platform that allows members to create, manage, and share their professional identity online Also offers members with solutions to search, connect, and communicate with business contacts Provides hiring solutions comprising LinkedIn Corporate Solutions, 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, CA Recent news Jan 9, 2013: Announced that it has reached 200mm members Dec 4, 2012: Announced the launched of SUCEED: Small Business Group, an online forum for networking, 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)

$119.02 87.2mm 12.8bn 596.45x 795.27 $0.20


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Key management
Name Jeffrey Weiner Steven Sordello David Henke Designation CEO and Director CFO SVP Operations Past Experience

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[FOR REFERENCE ONLY]

LinkedIn - overview
Business description Social networking website for people in professional occupations Operates a proprietary platform that allows members to create, manage, and share their professional identity online Also offers members with solutions to search, connect, and communicate with business contacts Provides hiring solutions comprising LinkedIn Corporate Solutions, 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, CA Recent news Jan 9, 2013: Announced that it has reached 200mm members Dec 4, 2012: Announced the launched of SUCEED: Small Business Group, an online forum for networking, 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/ERatio Key personnel ForwardP/E(1y) CEO, CFO, CTO, Chairman Earnings Per Share (EPS)

$119.02 87.2mm 12.8bn 596.45x 795.27 $0.20


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Key management
Name Jeffrey Weiner Steven Sordello David Henke Designation CEO and Director CFO SVP Operations

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[FOR REFERENCE ONLY]

LinkedIn - overview
Business description Social networking website for people in professional occupations Operates a proprietary platform that allows members to create, manage, and share their professional identity online Share chart Also offersprice members with solutions to search, connect, and communicate with business Mention units contacts and currency Provides hiring solutions comprising LinkedIn Corporate Footnote last closing price date Solutions, 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, CA Recent news Jan 9, 2013: Announced that it has reached 200mm members Dec 4, 2012: Announced the launched of SUCEED: Small Business Group, an online forum for networking, 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)

$119.02 87.2mm 12.8bn 596.45x 795.27 $0.20


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Key management
Name Jeffrey Weiner Steven Sordello David Henke Designation CEO and Director CFO SVP Operations

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[FOR REFERENCE ONLY]

LinkedIn - overview
Business description Social networking website for people in professional occupations Operates a proprietary platform that allows members to create, manage, and share their professional identity online Also offers members with solutions to search, connect, and communicate with business contacts Provides hiring solutions comprising LinkedIn Corporate Solutions, 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, 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, 2013: Announced that it has reached 200mm members Share price Dec 4, 2012: Announced the launched of SUCEED: Small Group, Market Business an Cap online forum for networking, 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
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As of 23/1/2013 Share Price Shares outstanding Market cap P/E Ratio Forward P/E(1y) Earnings Per Share (EPS)

$119.02 87.2mm 12.8bn 596.45x 795.27 $0.20


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[FOR REFERENCE ONLY]

Share Price Performance


Share price performance (Rebased to 100)
130 LNKD S&P 100

120

114.5%
110

108.3%

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, as of Jan 22nd 2013

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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 32.5 78.8 120.1 243.1

US 2010 2011 2010

EBITDA Growth (in $) Millions


522.2

120 100 80 60 40 14.7 98.7

48.0

20
0 2009 2010 2011

3.5 2007

5.5 2008

2008

2009

2010

2011

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[FOR REFERENCE ONLY]

Products and solutions - overview


Company Pages
Centralized location where LinkedIn members can stay in the loop on your company news, products & services

LinkedIn Mobile
LinkedIn app for mobiles Available for iPhone, iPad, Android, BlackBerry and Windows

LinkedIn Marketing Solutions


Target audiences in a business context, 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

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2.5 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

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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

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Valuation summary
Football Field

Football Field
P/BV (x) Multiple

23.9

30.4

P/E (x) Multiple

30.4

67.6

EV/ EBITDA (x) Multiple

30.7

65.7

10.0

20.0

30.0

40.0

50.0

60.0

70.0

80.0

90.0

100.0

110.0

Share Price

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2.6 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

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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

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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

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3. Key sources for information


Company website Investor Relations section, look for investor presentations, annual filings etc.

Recent news and press releases


Product brochures Company history SEC filings Information about key customers, employees, competitors, products, strategy can be found in 10K, Annual Report Call Transcript Current challenges facing the company

Newsrun
Recent developments Perspective on the company from outside

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4. 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, create sub-bullets Dont have more than 2/3 sub bullets

Financials Check numbers such as Revenue, Market Cap to ensure consistency across slides Ensure that currency and units are mentioned. Exchange rate should be footnoted

Footnote Check that all relevant footnotes have been added. Sources should always be mentioned where numbers are used

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Thank you!

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