IP Protection - CVCA April 2004

Broadview International A division of Jefferies & Company, Inc. Intellectual Property Protection and Venture Capital Development The Wall Street Perspective 2005 年 4 月 8 日保密草稿

Jefferies Broadview 为客户提供全面性的服务 ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],投资银行股券资产管理债务现金管理资本合作伙伴高获利债券私募结构性融资交易销售研究分析资本市场专业知识合并与收购资金支持单位结构重组私人客户服务为高增长企业的成长周期配备全套的投资银行产品和服务 ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],2

高科技特许能力的全球性投资银行 ,[object Object],[object Object],[object Object],[object Object],(1) 华尔街日报 2004 年 3 月 . * Offices of Jefferies Group, Inc. subsidiaries Jefferies International Limited or Quarterdeck Investment Partners, LLC, or affiliate Broadview International LLC. ** Sydney and Melbourne Offices of Australian affiliate, Burdett Buckeridge Young Limited, Israel office affiliate, Axcess International, Inc. Austin Dallas New Orleans Chicago Nashville Richmond Stamford Jersey City 伦敦 * ** ** $0 $4 $8 $12 $16 $20 $24 $28 $32 $36 $40 $44 12/31/92 11/5/93 9/9/94 7/14/95 5/17/96 3/21/97 1/23/98 11/27/98 10/1/99 8/4/00 6/8/01 4/12/02 2/14/03 12/19/03 10/22/04 $0 $4 $8 $12 $16 $20 $24 $28 $32 $36 $40 $44 12/31/92 11/5/93 9/9/94 7/14/95 5/17/96 3/21/97 1/23/98 11/27/98 10/1/99 8/4/00 6/8/01 4/12/02 2/14/03 12/19/03 10/22/04 Austin Recent China Transactions 3 $0 $4 $8 $12 $16 $20 $24 $28 $32 $36 $40 $44 12/31/92 11/5/93 9/9/94 7/14/95 5/17/96 3/21/97 1/23/98 11/27/98 10/1/99 8/4/00 6/8/01 4/12/02 2/14/03 12/19/03 10/22/04 Jefferies 股价 ($ USD) 旧金山洛杉矶 Dallas 休斯敦 New Orleans 芝加哥 Nashville 亚特兰大 Richmond 波士顿 Stamford 纽约 Jersey City 华盛顿 * * 巴黎 * 苏黎世 * 东京 * 悉尼 ** 墨尔本 ** 硅谷香港 * $165,100,000 has divested its Handset Division to June 2004 $165,100,000 has divested its Handset Division to June 2004 Initial Public Offering Co - Manager $106,000,000 December 2004 Ninetowns Digital World Trade Initial Public Offering Co - Manager $106,000,000 December 2004 Ninetowns Digital World Trade Initial Public Offering Co-Lead Manager $100,000,000 Pending Watchdata Technologies Ltd. $66,000,000 August 2004 has been acquired by $66,000,000 August 2004 has been acquired by $66,000,000 August 2004 has been acquired by $66,000,000 August 2004 has been acquired by $80,600,000 October 2004 Initial Public Offering China Finance Online Co. Limited $80,600,000 October 2004 Initial Public Offering China Finance Online Co. Limited Manager Manager

第一流的股权分发平台扩大了我们客户与投资基金的接触 ,[object Object],[object Object],[object Object],[object Object],2004 年 1 月 1 日 – 2004 年 12 月 31 日投资银行成交额的评比排名 (1) 银行 ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],2027 749 410 298 1026 Goldman Sachs Jefferies Raymond James Merrill Lynch CS First Boston 4

最佳高科技企业并购顾问历史上最大的半导体企业并购交易 ,[object Object],5 $807,500,000 has completed a recapitalization and restructuring 2003 年美国中型市场企业并购将 $7,600,000,000 August 2000 has been acquired by 排名金融机构交易数 1 Jefferies Broadview 32 2 Morgan Stanley 31 3 CSFB 21 3 Deutsche Bank AG 21 5 Goldman Sachs 20 5 Citigroup Inc 20 7 UBS 18 8 JP Morgan 17 9 Needham & Company Inc 13 10 Lehman Brothers 12 10 PriceWaterhouseCoopers 12 10 Houlihan Lokey 12 10 Ernst & Young 12 2004 年成交额 < 10 亿美元的高科技交易 € 475,000,000 April 2004 has been acquired by 2004 年媒体及电讯企业并购将

Intellectual Property and Impact on Exit Strategies for Chinese Companies 6

Is Intellectual Property Protection Important? ,[object Object],Wall Street considers IP sustainability key to corporate value  protection and preservation are key Most valuable and fastest growing U.S. companies include many IP and Human Capital based businesses IP is Core Contributor to Corporate Value ,[object Object],7 Most Valuable U.S. Companies Banking HSBC Banking BofA Drugs Pfizer Drugs J&J Retail Wal Mart Energy BP Banking Citigroup Software Microsoft Energy Exxon Conglomerate GE Business Company Best Performing U.S. Stocks (10 years) 1 Banking Jefferies (16) EMS Jabil Banking W Holding Gaming Penn National PC Dell Clothing Chico’s FAS Drugs ImClone Education Apollo Banking NVR Drugs Biogen Business Company

U.S. Investor Perspective ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],8

Recent Chinese Technology U.S. Capital Markets Activity ($Millions) Of the last 13 Chinese IPOs in U.S. markets, 8 are now trading below IPO price Recent mixed performance of Chinese IPOs creates higher threshold for excellence and need for good corporate policies ,[object Object],9

Recent Chinese Technology Cross Border M&A/Minority Investment Activity M&A Is Still A Very Nascent Market But Strategic Investments Are Quite Common ($Millions) IP and control issues are key factors in promoting M&A activity Strategic investments are the “safer” means of accessing the China market for U.S. / European companies In North America and Europe Technology, there were 2,000+ M&A deals but only 60+ IPOs in 2004 M&A is preferred “exit” for North American and European Technology Companies As of November 24, 2004. Source: SDC. 10

IP Protection Methods ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Wall Street investors need comfort that Company’s core assets (IP) have strong protection for the foreseeable future 11

Conclusion ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],12

IP Protection - CVCA April 2004

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IP Protection - CVCA April 2004