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1、InvestmentDueDiligenceAssessment23December1999DisclaimerTheinvestmentopportunitydescribedbelowhasnotbeenrecommendedorapprovedbyBain&Company,Inc.oranyofitssubsidiaries.Norepresentationorwarrantyismadeastotheaccuracyorcompletenessoftheinformationcontainedinthismemorandu

2、m.OliverStrattonandJimHildebrandtaredistributingthismemorandumintheirindividualcapacitiesandnotasrepresentativesofBain&Company,Inc.oranyofitssubsidiaries.Anyinvestmentin51net.comwillnotbeguaranteedbyBain&Company,Inc.oranyofitssubsidiaries.2Z5112OSFAgendaExecutiveSummar

3、yDetailedBusinessAssessmentUSMarketBenchmarksChinaMarketDynamics51net.comFinancials3Z5112OSFAttractiveonlinerecruitmentmarketspaceinChinawithhighgrowthpotentialDifferentiatedclick-and-mortarbusinessmodel(onlineandnewspaper)witha16monthoperatinghistoryand~US$1Min1999rev

4、enueCurrent#1or#2positionin3keycitymarkets(0.7RMSinBeijing,5.5RMSinShanghaiand0.3RMSinGuangzhou)Nocompetitorhaslockedupexclusiverelationshipswithkeyportals-maintaining#1or#2positionappearstobearealisticgoalCapablemanagementincludingheadofBain’sChinapracticeand3formerBa

5、inconsultantsRealisticbusinessplantargets(inPrivatePlacementMemorandum)withadditionalupsideiftimingofadjacentbusinessroll-out(eBay,Buy.combusinessmodelsforChina)isaccelerated(businessplanfinancialsare99%drivenbycorerecruitingbusiness)Exposuretopotentiallysignificantsov

6、ereignriskgivenChina’sunclearregulationsonforeignownershipandoperationofinternetbusinessesExpectedinvestmentreturnsbasedonbusinessplanforecastsandcomparableUSonlinerecruitmentvaluationmultiplesareattractive(basecase:3.8Xreturnonmoney,57%IRR),butnotblockbuster(highcase:

7、7.9Xreturnonmoney,99%IRR)ProsConsSummaryInvestmentEvaluationExecutiveSummary4Z5112OSFExecutiveSummarySource:OneSource;SGCowenSecurities;AnalystReports;CompanyWebsites51net.comisaChina-basedstart-upcompanyestablishedin1998focusedontheonlinerecruitmentmarketItskeypartner

8、teamincludes1Bainpartner(RickYan)and3formerBainconsultants51net.comisseekingtoraiseUS$3Minexchangefora5%equitystakein