- The document describes a market-leading corporate finance advisory firm that was founded in 1991 and has a 40 person team with over 250 completed transactions. It has deep expertise in corporate finance, technology, and media/telecom sectors and a broad global network. The firm focuses on providing creative solutions for each transaction with senior-level involvement.

2. Deep domain expertise in three inter-related sectors… … and broad industry networks
A market-leading corporate finance advisory firm…
• Founded in 1991
• Entrepreneurial and owner-managed
• 40 person team; 250+ completed transactions
• Broad global network
• Creative solutions
• Senior level focus on every transaction
…with global reach
1
About Results International

3. Results International Global Cyber Security Indices
Note: Based on share prices as at 31st December 2014
Note: Indices weighted by market capitalisation
Sources: Capital IQ and Results analysis 2
+41.3%
+20.4%
+13.4%
+37.6%
+2.3%
-11.5%
+22.0%
Q4 2014 Performance
Broadline 3.3%
Endpoint 7.7%
Network 16.8%
Data 18.1%
Monitoring & Analysis 35.6%
Global Security 12.4%
60
80
100
120
140
160
180
200
220
Dec 13 Jan 14 Feb 14 Mar 14 Apr 14 May 14 Jun 14 Jul 14 Aug 14 Sep 14 Oct 14 Nov 14 Dec 14
Broadline Endpoint Network Data Monitoring & Analysis Global Security NASDAQ Comp

4. Cyber Security: Share Price Performance
Note: Share price performance as at 31st December 2014
Sources: Capital IQ and Results analysis
3
Broadline Endpoint Network Data
Monitoring &
Analysis
Q4-2014Last12Months
9.1%
-10.0%
19.1%
23.9%
-9.6% -10.6%
39.7%
13.5%
-26.2%
21.4%
9.9%
24.9% 24.7%
5.5% 3.3%
72.1%
29.9%
7.7%
41.9%
-40.0%
-20.0%
0.0%
20.0%
40.0%
60.0%
80.0%
8.8%
-9.2%
14.7%
n.a.
20.3%
n.a.
-9.7%
21.8%
-12.7%
60.3%
43.6%
113.3%
22.5%
-4.4%
-27.6%
2.7%
45.4%
-28.2%
63.3%
-40.0%
-20.0%
0.0%
20.0%
40.0%
60.0%
80.0%
100.0%
120.0%
140.0%

5. Company
IPO
Date
Description Raised
Indicative Price
Range ($)
IPO Price
($)
Increase vs.
range
Day 1
Increase
Current
Increase(1)
Current
EV
EV / Revenue
2014E
EV / EBITDA
2014E
Sep-14
Privileged account
security
86 13.00-15.00 16.00 14.3% 87.1% 147.8% 1,213 13.0 x n.m.
Jun-14
Mobile security and
management
100 8.00-10.00 9.00 0.0% 22.4% 10.7% 703 5.6 x n.m.
Nov-13
Network security and
data storage
64 18.00-21.00 18.00 -7.7% 19.7% 99.1% 1,820 6.7 x 40.8 x
Sep-13
Forensics and
malware protection
304 15.00-17.00 20.00 25.0% 80.0% 57.9% 5,059 11.9 x n.m.
Sep-12
Cloud security and
compliance
91 11.00-13.00 12.00 0.0% 18.0% 214.6% 1,360 10.2 x 48.6 x
Jul-12
Firewalls and network
security
260 38.00-40.00 42.00 7.7% 26.5% 191.8% 10,212 14.5 x n.m.
Apr-12
Communication
security
82 10.00-12.00 13.00 18.2% 8.3% 271.0% 2,056 10.7 x n.m.
Feb-12
Antivirus and anti-
spyware
128 16.00-18.00 16.00 -5.9% -18.8% 23.4% 978 2.6 x 7.1 x
Nov-11 Data centre security 90 14.00-16.00 18.00 20.0% 33.3% 174.6% 1,256 7.7 x n.m.
Cyber Security: Recent IPO Performances
4
Note: Calendarised to December year end; $ millions, except share price data; Multiples capped at 20x EV / Revenue and 50x EV / EBITDA
Note: (1) Current increase from IPO price; Market data as of 31st December 2014
Source: Capital IQ
Nasdaq
Nasdaq
Nasdaq
Nasdaq
NYSE
NYSE
NYSE
NYSE
Nasdaq

6. Cyber Security: Valuation Benchmarks
5
EBITDA Margin 2014E EV / EBITDA 2014E
Revenue Growth (2014-15E) EV / Revenue 2014E
Note: EV = Enterprise Value; Financials calendarised to December year end
Note: Median values reported; exclude negative multiples
Note: See Selected Publicly Traded Companies (Slide 11) for details of companies included in each category
Source: Capital IQ
2.5%
17.9%
14.4%
25.9%
12.3%
15.6%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
Broadline Endpoint Network Data Monitoring &
Analysis
Global
Security
33.3%
18.3% 17.6%
-9.3%
12.3%
17.1%
-15.0%
-10.0%
-5.0%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
40.0%
Broadline Endpoint Network Data Monitoring &
Analysis
Global
Security
2.6 x
4.1 x
5.6 x
10.7 x
6.0 x
5.6 x
0.0 x
2.0 x
4.0 x
6.0 x
8.0 x
10.0 x
12.0 x
Broadline Endpoint Network Data Monitoring &
Analysis
Global
Security
7.9 x 8.5 x
18.8 x
n.m.
49.2 x
15.8 x
0.0 x
10.0 x
20.0 x
30.0 x
40.0 x
50.0 x
60.0 x
Broadline Endpoint Network Data Monitoring &
Analysis
Global
Security

7. Cyber Security: Global M&A Activity
6
Sources: Press Releases, Capital IQ, Mergermarket and Results analysis
26 26 26
27
23 23
32
24
15
31
25
22
32
28 28
22
0
500
1,000
1,500
2,000
2,500
3,000
0
5
10
15
20
25
30
35
Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014
TotalDisclosedDealValue($m)
NumberofDeals
Number of deals Total Disclosed Deal Value

8. Cyber Security: Selected Deals in 2014
Date Buyer Target EV ($m)
EV /
Revenue
EV /
EBITDA
Company description
Target
Location
Dec-14 - - - Cloud, mobile and enterprise security solutions
Dec-14 710 - - Advanced cyberthreat detection and protection
Dec-14 55 - - Password and identity management
Nov-14 200 - - Cloud enterprise security startup
Nov-14 14 - - Adware, spyware, spam and virus protection
Oct-14 35 - - Cloud-based social media security and compliance
Oct-14 233 3.1x
(1)
- Network security software
Oct-14 - - - Enterprise mobility security solutions
Sep-14 81 0.7x 10.2x Data security solutions provider
Sep-14 140 4.2x - Mobile antivirus and parental controls
Sep-14 310 3.1x - Privileged account and vulnerability management
Aug-14 300 5.0x - User identity and access management
Aug-14 890 2.6x -
Encryption, anti-malware and DRM systems
Aug-14 - - - Data security and memory encryption
Jul-14 - - - Identity and access management
Jul-14 - - - Password encryption, sharing and storage solutions
Jul-14 250 1.8x - Network access control
7
Note: Enterprise value (EV) = transaction value scaled to 100% shareholding plus net debt (includes minority interest)
Note: (1) Multiple based on forecast 2014 revenues
Financials relate to the companies’ full fiscal year before the transaction took place
Sources: Press releases, Capital IQ, Mergermarket, 451 Research and Results analysis

9. Cyber Security: Selected Deals in 2014
Date Buyer Target EV ($m)
EV /
Revenue
EV /
EBITDA
Company description
Target
Location
Jun-14 - - - Virtual private network (VPN) services
Jun-14 - - - Firewall security management and monitoring
Jun-14 - - - Data encryption and operational diagnostics
May-14 - - - Cloud-based DDoS prevention software
May-14 - - - Dynamic malware analysis and threat detection
May-14 24 - - Automated security incident response solutions
May-14 70 - - Network forensics and big data security analytics
May-14 - - - Vulnerability management and endpoint security
Apr-14 12 - - Encryption-related security software
Mar-14 83 4.9x 14.0x
(1)
Data security and computer reuse management solutions
Mar-14 200 - - Threat prevention software for Microsoft-based server environments
Feb-14 - - - Website malware monitoring and artificial intelligence remediation
Feb-14 70 - - Global network security appliances and management solutions
Feb-14 60 - - Visibility and application control for cloud-based applications
Jan-14 1,540 - - Enterprise mobility management and security solutions
Jan-14 - - - Anti-virus, malware protection and account management
Jan-14 844 8.0x - Cyber security incident response platform and threat intelligence
8
Note: Enterprise value (EV) = transaction value scaled to 100% shareholding plus net debt (includes minority interest)
Note: (1) Multiple based on 2013 EBIT
Financials relate to the companies’ full fiscal year before the transaction took place
Sources: Press releases, Capital IQ, Mergermarket, 451 Research and Results analysis

10. Cyber Security: Selected Fundraisings in 2014
Date Company Type of round
Funds
raised ($m)
Investor participation Company description
Company
headquarters
Dec-14 Series D 30.0 Bain Capital, Technology Crossover Ventures Security data and analytics
Dec-14 Venture 8.0
KPCB, Allegis Capital, Cowboy Ventures, Data Collective Venture
Capital, First Round Capital
Threat intelligence software
Dec-14 Series B 22.0
General Catalyst Partners, Institutional Venture Partner, Google
Ventures, Paladin Capital Group
Threat intelligence platform
Nov-14 Series B 50.0
Transamerica Ventures, Delta Partners, Andreesen Horowitz, Deutsche
Telekom
Data encryption and protection
Nov-14 Venture 1.5 New York Angels, Harvard Business School Mobile endpoint security platform
Nov-14 Series B 15.0 New Enterprise Associates, Sequoia Capital E-Commerce fraud prevention
Oct-14 Series A 11.0
Javelin Venture Partners, Benhamou Global Ventures, Lakewood &
Company
Browser-borne malware isolation and
elimination
Oct-14 Series A 3.2
T-Venture, Shortcut Ventures GmbH, Project A Ventures, Holtzbrinck
Ventures
Internet connection encryption
Sep-14 Series G 35.0
KKR, Ten Eleven Ventures, DFJ, General Catalyst Partners, SAP Ventures,
W Capital, Volition Capital, Triangle Peak Partners, Appian Ventures
Secure cloud identity management
Sep-14 Series F 40.0 Wellington Management, Atlas Ventures, .406 Ventures
App intelligence and security
verification
Aug-14 Series C 21.0
Columbus Nova Technology Partners, Citi Ventures, Work-Bench
Ventures
Data centre security startup
Aug-14 Series B 25.0 New Enterprise Associates, SingTel Innov8, Norwest Venture Partners Cloud security gateway
Aug-14 Series C 25.0
Juniper Networks, Intel Capital, AME Cloud Ventures, IA Ventures, Accel
Partners, Khosla Ventures
Automated cyber attack detection
Aug-14 Series F 150.0
T. Rowe Price, Goldman Sachs, Morgan Stanley Investment
Management, Wellington Management Company, Bezos Expeditions
Mobile security applications
Jul-14 Series A 30.0 Highland Capital Partners Anti-malware and internet security
Jul-14 Series A 6.0 TVC Capital Email and web security
Jul-14 Series B 10.0 Poalim Capital Markets, Jerusalem Venture Partners, General Electric Malware detection and prevention
9
Sources: VentureSource, Capital IQ and Results analysis

11. Cyber Security: Selected Fundraisings in 2014
Date Company Type of round
Funds
raised ($m)
Investor participation Company description
Company
headquarters
Jun-14 Series A - Environmental Technologies Fund Penetration testing and platform
Jun-14 Venture 90.0 Andreessen Horowitz
Enterprise security and systems
management
Jun-14 Series A 7.0 C5 Capital
Advanced monitoring and log
management
Jun-14 Series E 75.0
Altimeter Capital, Janus Capital Group, Khosla Ventures, Greylock
Partners, Andreessen Horowitz, Sequoia Capital
Cloud-based identity management
May-14 Series B 22.0 Rho Ventures, FirstMark Capital, Bessemer Venture Partners Password security manager
May-14 Series E 42.0 Samsung Ventures, Fortinet, Docomo Capital Cloud-based identity management
May-14 Series B 25.0 Battery Ventures, Summit Partners
Online and mobile threat discovery
and software monitoring
Apr-14 Venture 13.0
InterWest Partners, Palomar Ventures, Sigma Partners, Paladin Capital
Group, Noro-Moseley Partners, Imlay Investments, Adam Street Partners
Advanced threat protection
Apr-14 Series A 12.0 Tiger Global Management, The Westly Group
Predictive endpoint protection
platform
Mar-14 Venture 12.0 Brookline Venture Partners, Fairhaven Capital Partners, GE Pension Trust
Advanced data loss prevention
platform
Mar-14 Series E 20.0
Adams Street Partners, August Capital, Tenaya Capital, U.S. Venture
Partners, CM Capital
Context-based security and fraud
prevention solutions
Feb-14 Series B 16.5 Lenovo Group, DCM, ONSET Ventures Online security and authentication
Feb-14 Series A 5.0 BRM Group, OPUS Capital
Cloud-based and on-premise cyber
security solutions
Feb-14 Series C 25.5 Tenaya Capital, Musea Ventures, Shasta Ventures, Meritech Security automation platform
Feb-14 Series C 40.0
Norwest Venture Partners, Sierra Ventures, Kleiner Perkins & Caulfield,
Venrock, Google Ventures, Tomorrow Ventures, Allegis Capital
Advanced malware and botnet
protection
Jan-14 Series B 18.0 Tenaya Capital, Andreessen Horowitz, Andreas Bechtolsheim, SV Angel
Cross-platform enterprise mobility
security
Jan-14 Series C 16.5 Bessemer Venture Partners, Ascent Venture Partners Cloud data security solutions
10
Sources: VentureSource, Capital IQ and Results analysis

12. Price % of 52 Market Total Net Enterprise Revenue Rev. Growth Gross Margin EBITDA Margin
Company (31-Dec-14) Week High Cap Cash Debt Value CY2014 CY14-15 Historical CY2014 CY2015 CY2014 CY2015 CY2014 CY2015
Broadline
Symantec 25.66 96.1% 17,736 3,793 (1,698) 16,038 6,664 0.5% 83.7% 32.0% 34.3% 2.4 x 2.4 x 7.5 x 7.0 x
Trend Micro 27.89 87.9% 3,747 1,044 (1,044) 2,703 951 4.4% 82.1% 34.6% 33.8% 2.8 x 2.7 x 8.2 x 8.1 x
Endpoint
AVG Technologies 19.74 92.5% 1,022 44 (44) 978 370 13.8% 83.1% 37.4% 35.3% 2.6 x 2.3 x 7.1 x 6.6 x
CyberArk 39.65 84.3% 1,382 169 (169) 1,213 94 22.1% 86.3% 17.1% 5.4% 13.0 x 10.6 x n.m. n.m.
F-Secure 2.72 77.6% 429 63 (63) 367 188 2.4% 95.5% 19.6% 22.6% 2.0 x 1.9 x 10.0 x 8.4 x
MobileIron 9.96 76.9% 851 147 (147) 703 125 33.7% 84.4% (39.9%) (30.8%) 5.6 x 4.2 x n.m. n.m.
Network
Barracuda Networks 35.84 80.7% 1,972 157 (152) 1,820 270 16.6% 77.0% 16.6% 20.3% 6.7 x 5.8 x 40.8 x 28.5 x
Check Point Software 78.57 97.2% 15,469 1,240 (1,240) 14,229 1,491 6.6% 88.4% 58.7% 59.0% 9.5 x 9.0 x 16.3 x 15.2 x
Corero Network Security 0.24 59.6% 28 5 (5) 23 9 81.8% 65.1% (77.3%) 0.6% 2.6 x 1.4 x n.m. n.m.
Fortinet 30.66 97.4% 5,326 661 (661) 4,665 757 15.6% 70.7% 18.6% 19.6% 6.2 x 5.3 x 33.2 x 27.1 x
F5 Networks 130.47 95.9% 9,635 645 (645) 8,989 1,790 13.1% 82.7% 32.8% 38.3% 5.0 x 4.4 x 15.3 x 11.6 x
Palo Alto Networks 122.57 95.6% 10,511 771 (300) 10,212 702 36.5% 72.8% 4.0% 18.7% 14.5 x 10.7 x n.m. n.m.
Radware 22.02 96.2% 1,064 138 (138) 927 221 11.9% 81.0% 19.6% 22.5% 4.2 x 3.7 x 21.4 x 16.7 x
Secunet 23.24 80.0% 150 19 (19) 132 92 8.0% 66.6% 10.3% 10.4% 1.4 x 1.3 x 13.9 x 12.8 x
Data
FireEye 31.58 32.4% 5,457 398 (398) 5,059 424 47.2% 70.4% (56.2%) (26.8%) 11.9 x 8.1 x n.m. n.m.
Imperva 49.43 73.6% 1,357 101 (101) 1,256 162 22.8% 78.4% (9.3%) (4.3%) 7.7 x 6.3 x n.m. n.m.
Proofpoint 48.23 95.1% 2,129 233 (72) 2,056 192 25.9% 69.9% 0.4% 0.5% 10.7 x 8.5 x n.m. n.m.
Monitoring & Analysis
Guidance Software 7.25 62.8% 214 16 (16) 198 109 3.9% 66.1% 3.6% 8.1% 1.8 x 1.7 x 49.8 x 21.6 x
Qualys 37.75 92.7% 1,473 113 (113) 1,360 133 20.6% 77.2% 21.0% 21.1% 10.2 x 8.5 x 48.6 x 40.1 x
25th percentile 77.2% 129 7.3% 70.6% 2.0% 3.0% 2.6 x 2.4 x 9.5 x 8.3 x
Median 87.9% 221 15.6% 78.4% 17.1% 19.6% 5.6 x 4.4 x 15.8 x 14.0 x
75th percentile 95.7% 730 24.4% 83.4% 26.5% 28.2% 9.9 x 8.3 x 35.1 x 23.0 x
Operating Metrics Valuation Metrics
Revenue EBITDA
Cyber Security: Selected Publicly Traded Companies
11
Note: Calendarised to December year end; $ millions, except share price data; Multiples capped at 20x EV / Revenue and 50x EV / EBITDA; Net debt includes minority interest
Source: Capital IQ

13. 27 Soho Square, London, W1D 3AY
t +44 20 7629 7575 | f +44 20 7629 2233
www.resultsig.com
Chris Lewis
Managing Director
Di: +44 (0) 20 7514 8236
E: clewis@resultsig.com
12
Mark Williams
Director
Di: +44 (0) 20 7514 8242
E: mwilliams@resultsig.com
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