23% internet users with a growth rate of 16.3% 384 million 1,500% Revenue growth of Sector growth 11/17/2015 FDI

 Provides solutions for restaurant reservations through proprietary Electronic Reservation Book (ERB) software  Three revenue streams – installation, subscription, reservation  Two business segments  North America – US, Mexico, and Canada  International – UK, Germany, Japan  Withdrew from Spain and France in 2007  Key success factors for expansion  High usage of internet  Greenfield entry in major markets What is OpenTable? 11/17/20152

Risks of Entry to China 11/17/20153 OpenTable Risks to China Entry Political Risk controls? corruption? Market Risk premature? competition? Capital Risk balance sheet? Currency Risk appreciation ?

INVEST! 11/17/20154 First Mover Advantage is Critical Low Risk Inputs – Capital and Infrastructure Strong Growth in North America to Subsidize Losses during Chinese Adoption Period China is too Large of a Market to Pass Up! Political “Encouraged” sector, low threat to intellectual property Currency Very stable, credible currency Capital Inputs largely variable, North America subsidizes early losses Market Tremendous growth, limited competition, too big to pass up!