1. Team D March 2013 Market overview & analysis

2. E-commerce is the biggest market with its players’ revenues driven mainly by customers’ spending Communication Social networks Commerce Reading Online gaming 515 Annual revenue (mln PLN) 60 13 000 360 Video and music 180 110 250 11 1 400 0.25 26 6 ARPU (PLN) Driven by customers’ spending Driven by companies’ advertising revenues Mix of spending & advertising revenues 27% 7%7% 18% 13% 28% 27% EBITDA margin

3. Multiple trends support growth in digital consumer market, with e-commerce leading the way ARPU Total users HighLow High COMMUNICATION (VoIP applications for mobile phones) GAMING (Online gambling) VIDEO (Smart TV) SOCIAL NETWORKS (collaborative platforms) E-COMMERCE (Distributed marketplaces) E-commerce: highly powerful and still growing, mainly due to increase of ARPU; consumers keen on marketplaces. Gaming: Strong increase of users accompanied by ARPU going up expected in the upcoming years; consumers turn to online gambling. Market trends 2010-2015 Communication: Rapid growth both in terms of users and ARPU predicted, mobileVoIP apps more and more popular.

4. Market will be increasingly competitive, but shifting age structure provides an opportunity for market entrance Key finding 20102015 Competitors Opportunity

5. Operating model and monetization ways (intro) STRATEGY After purchasing the portal, we recommend the PE fund a strategy based on two main pillars. MONETIZATION (examples) PORTAL Sustain the traditionally perceived portal to have the previous level of crowding. Build highly profitable start-ups bound to the core business. CROWD Chosen portal ??? Wide variety of on-line television channels (cartoon TV) Casino on-line Life style info sections, stress on beauty and clothing sector, market places and price comparisons Everyday info sections (health, your child) with tailored market places. Invest in payments opportunities ranging from bank transfer to paying with phone subscription.

6. E-commerce provide multiple monetization opportu Creating awareness & demand Price comparison Transaction Tu już są obecni offering positioning services