SINA Corporation (L) Lower Weibo value, target price on revised methodology; still Neutral COMPANY UPDATE. Neutral. Equity Research.

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1 COMPANY UPDATE Neutral Equity Research Lower Weibo value, target price on revised methodology; still Neutral What's changed Following Weibo s recent monetization effort amid a challenging online advertising environment, we are lowering our 12-month SOTP-based TP to US$64 from US$70 on a lower/higher valuation for Weibo/portal. We are also cutting 2012E-14E EPS by 43%/18%/15% on weaker revenues and tighter margins, including higher Weibo costs. Maintain Neutral. Implications 1. Sina organized a Weibo marketing event focused on enterprise accounts in Xiamen on April Sina released an upgraded Enterprise Weibo 2.0 in mid-april offering more customization and data analytics, with potential monetization via display ads, sponsored events/apps, and analytical tools. 2. We believe advertiser take-up of Enterprise Weibo is conditional upon volume/quality of user traffic generated through these accounts in turn dependent on level of resources invested to manage such owned media. Activating this ecosystem to drive social commerce is key to monetization, in our view. Our discussions with agencies yielded mixed feedback. 3. Sina has rolled out Weibo display ads mainly targeted at large (existing Sina) advertisers for 2Q12, which we think could be bundled into portal display ad revenues and offer limited revenue boost initially. Targeted ads for SMEs planned for 2H12 could require even more time to ramp, given the novelty of the ad formats and a less prepared advertiser pool. Valuation Despite an expected 2H ad recovery, rising Weibo-related costs weigh on Sina s profitability. We believe upside to Sina s valuation is increasingly dependent on its Weibo monetization strategy; Weibo is 23% of our SOTPbased TP for Sina (we now value portal at 15X 2012E ex-sbc NOPAT). Key risks Downside: Social media regulations; weaker-than-expected 2H12 ad growth recovery. Upside: better Weibo monetization; cost control. INVESTMENT LIST MEMBERSHIP Neutral Investment Profile Low Growth Returns * Multiple Volatility Percentile 20th 40th 60th 80th 100th Asia Pacific Media and Entertainment Peer Group Average High Growth Returns * Multiple Volatility * Returns = Return on Capital For a complete description of the investment profile measures please refer to the disclosure section of this document. Key data Current Price ($) month price target ($) Market cap ($ mn / US$ mn) 3,643.2 / 3,643.2 Foreign ownership (%) -- 12/11 12/12E 12/13E 12/14E EPS ($) New EPS revision (%) 0.0 (43.2) (17.5) (15.3) EPS growth (%) (46.8) (62.9) EPS (dil) ($) New (4.64) P/E (X) P/B (X) EV/EBITDA (X) Dividend yield (%) ROE (%) (26.3) CROCI (%) Price performance chart May-11 Aug-11 Nov-11 Feb-12 SINA Corporation (L) NASDAQ Composite (R) 3,200 3,100 3,000 2,900 2,800 2,700 2,600 2,500 2,400 2,300 Share price performance (%) 3 month 6 month 12 month Absolute (16.2) (36.6) (56.0) Rel. to NASDAQ Composite (17.0) (41.4) (57.8) Source: Company data, Goldman Sachs Research estimates, FactSet. Price as of 5/08/2012 close. Coverage View: Neutral Catherine Leung Goldman Sachs does and seeks to do business with companies catherine.leung@gs.com Goldman Sachs (Asia) L.L.C. Fei Fang fei.fang@gs.com Goldman Sachs (Asia) L.L.C. covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to Analysts employed by non- US affiliates are not registered/qualified as research analysts with FINRA in the U.S. The Goldman Sachs Group, Inc. Global Investment Research

2 SINA Corporation: Summary Financials Profit model ($ mn) 12/11 12/12E 12/13E 12/14E Balance sheet ($ mn) 12/11 12/12E 12/13E 12/14E Total revenue Cash & equivalents Cost of goods sold (208.7) (265.6) (317.5) (367.6) Accounts receivable SG&A (180.3) (189.9) (194.5) (211.7) Inventory R&D (59.4) (91.5) (113.9) (127.8) Other current assets Other operating profit/(expense) (0.7) Total current assets ,151.1 EBITDA Net PP&E Depreciation & amortization (21.7) (40.6) (50.9) (60.4) Net intangibles EBIT 33.8 (2.9) Total investments Interest income Other long-term assets Interest expense Total assets 1, , , ,719.0 Income/(loss) from uncons. subs. (280.1) Others (67.9) Accounts payable Pretax profits Short-term debt Income tax (5.0) (7.3) (4.5) (9.3) Other current liabilities Minorities Total current liabilities Long-term debt Net income pre-preferred dividends Other long-term liabilities Preferred dividends Total long-term liabilities Net income (pre-exceptionals) Total liabilities Post-tax exceptionals (363.7) 61.6 (28.1) (30.9) Net income (302.1) Preferred shares Total common equity 1, , , ,361.4 EPS (basic, pre-except) ($) Minority interest EPS (basic, post-except) ($) (4.64) EPS (diluted, post-except) ($) (4.64) Total liabilities & equity 1, , , ,719.0 DPS ($) Dividend payout ratio (%) BVPS ($) Free cash flow yield (%) Growth & margins (%) 12/11 12/12E 12/13E 12/14E Ratios 12/11 12/12E 12/13E 12/14E Sales growth CROCI (%) EBITDA growth (50.0) (32.2) ROE (%) (26.3) EBIT growth (64.0) (108.7) NM ROA (%) (20.0) Net income growth NM (44.3) 88.1 ROACE (%) EPS growth (1,387.3) (44.8) 86.2 Inventory days NM NM NM NM Gross margin Receivables days EBITDA margin Payable days EBIT margin 7.0 (0.5) Net debt/equity (%) (63.4) (64.0) (64.7) (68.3) Interest cover - EBIT (X) NM 0.2 NM NM Cash flow statement ($ mn) 12/11 12/12E 12/13E 12/14E Valuation 12/11 12/12E 12/13E 12/14E Net income pre-preferred dividends D&A add-back P/E (analyst) (X) Minorities interests add-back (0.3) (1.1) (1.1) 0.0 P/B (X) Net (inc)/dec working capital (19.7) (3.9) (26.7) (29.8) EV/EBITDA (X) Other operating cash flow EV/GCI (X) Cash flow from operations Dividend yield (%) Capital expenditures (54.9) (59.9) (52.9) (43.6) Acquisitions Divestitures Others (163.3) Cash flow from investments (218.2) (59.9) (52.9) (43.6) Dividends paid (common & pref) Inc/(dec) in debt Common stock issuance (repurchase) Other financing cash flows Cash flow from financing Total cash flow (209.4) Note: Last actual year may include reported and estimated data. Source: Company data, Goldman Sachs Research estimates. Analyst Contributors Catherine Leung catherine.leung@gs.com Fei Fang fei.fang@gs.com Goldman Sachs Global Investment Research 2

3 Weibo marketing update: Focus on enterprise pages Focus on enterprise accounts Sina organized a Weibo marketing forum on April in Xiamen. At the event, Sina announced the official launch of Weibo s advertising platform, with particular focus on Weibo enterprise accounts, including the release of version 2.0 and an enterprise application open platform. Since April, when Weibo officially began offering paid advertising solutions, nearly 100 companies have purchased ad inventory on Weibo. Over 130,000 enterprise accounts have been created on Weibo. Enterprise accounts version 2.0 released in April Sina released the upgraded version 2.0 of enterprise accounts in mid-april, concurrently with the official start of monetization. The new version aims to provide a richer interface and more analytical tools to enterprise users, to encourage them to create more engaging content and drive more traffic through these pages. Highlighted features of the new version include the following: New enterprise page interface. The new interface shows key social metrics on the landing page: 1) net number of fans acquired in the previous day; 2) active fans as a percentage of total fans; and 3) exposure index, or visit frequency of the enterprise account. Content analysis. An analytical tool that tracks the popularity of content types, including text, video, music, votes, etc. Hyperlink analysis. An analytical tool that tracks the frequency of user-embedded links being clicked, forwarded, and commented on by other Weibo users. Fan behavioral analysis. More data provided about the enterprise s Weibo fan base, including activity rate by day/hour, and device usage (mobile or PC). Account analysis. Traffic statistics to the enterprise Weibo page, such as unique visitors, page views, user time spent, etc. Open API. Enterprise-specific apps developed by both Sina and third-party developers are available through the open platform, such as coupon management and customer service. Exhibit 1: Sina Weibo enterprise account version 2.0 data analytics overview Data center Marketing analysis Fans analysis Page analysis Enterprise Weibo index Weibo interaction Statistical managemen t Hyperlink analysis Quality of fans Traits of fans Habits / behavior Page traffic Visitor analysis Net adds of fans # of posts # of selfcreated posts Number of fans Gender Active hours Page views New visitors Percentage of active fans # forwarded # of forwards Quality of fans Age Active days Unique visitors Repeat visitors Weibo exposure index # commented # of comments Tag Terminal technology Average user time spent Weibo exposure index Private messages Location Source: Compiled by Goldman Sachs Research. Goldman Sachs Global Investment Research 3

4 Quality of enterprise pages can vary widely The value that companies derive from Sina Weibo enterprise pages depends on how much resources they devote to engaging users, by managing both the content on the enterprise pages as well as on microblog posts. Management can involve both nonpaid owned media (e.g., conversation-provoking posts) and paid media (e.g., premium placement of posts). On the nonpaid side, companies can opt to manage their enterprise accounts in-house, or outsource to advertising agencies (typically PR departments) or other third-party consulting firms; Sina does not currently provide owned media management. Sina can provide paid solutions to supplement owned media. The creation of a virtuous cycle whereby companies generating value through their enterprise pages are likely to continuously invest more resources in improving the quality of these pages, which in turn should attract more user traffic is important to the success of the Weibo enterprise pages, in our view. Sina provided some examples of companies they believe are successfully operating enterprise pages, such as Wrigley s, e-tailer Mougujie, and auto dealerships. While we view these case studies as incrementally encouraging, our conversations with advertising agencies suggest successes represent the minority and advertiser uptake has been slow. This could be partially explained by some agencies yet to recommend their advertiser clients to upgrade to the new version 2.0, as they observe the progress and gather feedback from their peers, before expending resources. Monetization: Social commerce could require stronger social connections We believe the key factors along which companies are likely to evaluate the value of enterprise pages are reach, relevancy and engagement which together will determine the monetization potential of enterprise pages, whether through advertising or other value-added services such as applications or data analysis. Reach refers to the amount of user traffic driven by the enterprise account. Relevancy refers to the quality of users, which for example for e-commerce companies could be measured by conversion rates from visitors to purchasers. Engagement refers to the ability of the brand to establish a dialogue with potential customers, and could include less quantifiable factors such as brand image perception. Weibo enterprise pages appear mainly targeted at e-commerce companies or companies with online platforms that enable tracking of eventual transactions (for example, a bank that can track the number of sign-ups for credit cards). Within this social commerce context leveraging the ability of friends to influence each other in stimulating shopping interest and purchasing decisions we believe Weibo s incomplete evolution into a fullfledged social network could hinder the platform s ability to realize social commerce. We continue to believe the ability of Weibo to strengthen social connections beyond serving primarily as a social media platform should be important to improve its effectiveness for advertisers, based on the factors above. Advertiser education could take time Sina continues to pursue advertising on two tracks: Display ads. Weibo has rolled out display advertising inventory for 2Q12, mainly targeting large branded advertisers (many of them already advertisers on Sina s portal, which enables cross-selling or bundling opportunities). Please see our April 16, 2012 note, Publication of Weibo 2Q12 ad rates marks official monetization start. Targeted ads, through a self-serve advertising platform to be released in 2H12 and which will target more small-medium advertisers. Despite being self-serve, Goldman Sachs Global Investment Research 4

5 advertisers will require some handholding, in our view, considering the novelty of Weibo s advertising formats. While display ads are a familiar format, targeted ads (particularly on social platforms) are less so within China s online advertising industry. This results from a combination of issues: previously low penetration rates of online advertising budgets plus rapid growth of the internet population directing online budgets to chasing reach rather than efficiency; a dearth of sophisticated paid social advertising solutions available in the market, for example with China s largest social network Tencent only recently more aggressively promoting its targeted advertising system; and lack of a reliable measurement standard. Moreover, Sina Weibo s advertising formats are relatively new (even compared to Tencent s targeted advertising system, which appeal to performance-based advertising budgets and a more ready pool of potential advertisers, such as its open platform thirdparty app developers). We expect Sina to rely on third-parties, including advertising agencies and consulting firms revenue ramp could be slow given that the education process will take time. 20-F disclosures Sina filed its 20-F on April 27, with new information disclosed. Impact of CRIC privatization. CRIC was privatized by its majority shareholder E- House on April 20; CRIC shareholders will receive 0.6 E-House shares plus cash consideration of US$1.75 for every CRIC share; Sina s prior 34% stake in CRIC will thus translate into a 24.9% stake in E-House. We expect Sina to account for its E- House stake under the equity method (similar to CRIC, with one quarter in arrears) starting from 3Q12. Based on Bloomberg consensus, E-House is expected to generate a non-gaap net profit of US$46.8mn in 2012E and US$68.6mn. Sina stated in the 20-F that its earnings from equity investments may decline as a result. Weibo shareholding. Sina s subsidiary T.CN has granted options equivalent to another 1.1% of shares (fully diluted) in 2011, bringing total options equivalent to about 17.0% of T.CN. The fair value options at grant date were US$1.0mn and US$4.2mn, respectively. Valuation Weibo valuation lowered to US$1.0bn We are lowering our Weibo valuation to US$1.0bn from US$3.2bn in our SOTP valuation. Our Weibo valuation comprises 23% of our Sina total valuation of US$4.3bn. We revise our valuation methodology from previously using probability weighting valuations for base-case and bull-case scenarios based on Sina being primarily a social media-plus platform versus evolving into a full-fledged social network. Our previous base-case valued Weibo at US$2.4bn and our bull-case valued it at US$5.4bn. We had assumed 75%/25% probability weightings. We change our valuation methodology as we believe Weibo can now be evaluated based on its financial performance, following rapid user growth over the past two years and given the official start of monetization in 2Q12. We now value Weibo on a DCF valuation, based on 15.5% discount rate and terminal growth of 8% using 2020E as the terminal year. We have not applied a Goldman Sachs Global Investment Research 5

6 discount to the DCF valuation despite the inherent unpredictability of the profitability path, as Weibo is in early stages of monetization, even though comparable companies trade at substantial discounts to their DCF values (see Exhibit 2). We compile our comparables companies list based on these criteria, considering there is no listed similar business model as Weibo: less proven revenue/profit generation but rapid growth in a social platform s user base. We assume Weibo will primarily generate revenues through advertising rather than user fees (for apps). We forecast Weibo advertising revenues of US$8.3mn in 2012E and US$44.6mn in 2013E, which are effectively unchanged. For reference, we estimate that Tencent will generate revenues of Rmb37.4mn (US$5.9mn) in 2012E and Rmb232.2mn (US$36.9mn) in 2013E from its targeted advertising platform, which the company began more heavily promoting earlier this year. Assuming about 30% of Sina Weibo and Tencent s registered user bases are active on a monthly basis, this equates to Rmb0.05 revenue per monthly active user for Sina and Rmb0.01 for Tencent in 2012E. Although we assume similar activity rates, we believe that user engagement could be an equally, if not more, important metric. In our April 21, 2011 report, Weibo social network potential priced in; downgrade to Sell, we discuss the monetization implications between a social media platform (such as Sina Weibo) versus a social network (Tencent). We can rationalize higher revenue per user for Sina based on its portal brand influence and cross-selling opportunities. Goldman Sachs Global Investment Research 6

7 Exhibit 2: Sina Weibo DCF valuation at US$1.0bn or US$15.0 per share Weibo DCF Analysis 2012E 2013E 2014E 2015E 2016E 2017E 2018E 2019E 2020E Advertising revenues % yoy growth NA 436% 110% 77% 56% 37% 31% 31% 31% No. advertisers % yoy growth NA 215% 40% 18% 10% 5% 5% 5% 5% as % of Sina's total 10% 30% 40% 45% 48% 51% 54% 57% 60% Average spend per advertiser (US$ mn) % yoy growth NA 70% 50% 50% 42% 30% 25% 25% 25% as % of overall average 20% 30% 42% 58% NA NA NA NA NA Applications revenues, net Weibo registered users % yoy growth 55% 10% 3% 2% 2% 2% 2% 2% 2% % buying apps 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% Price per app (Rmb) Gross apps revenue Sina's revenue share 0% 20% 30% 30% 30% 30% 30% 30% 30% Total Weibo revenues Bandwidth costs % yoy growth 58% 40% 20% 20% 18% 16% 15% 15% 15% Other cost of revenues - server/network eqpt depreciation Total cost of revenues Gross profit (38.1) (24.7) Gross margin NM NM 9.8% 38.4% 53.0% 60.1% 65.0% 69.3% 73.1% Total Weibo expenses % yoy change 47% 19% 9% 15% 13% 11% 11% 11% 11% Operating profit (155.3) (149.8) (118.4) (78.0) (16.5) Operating margin NM NM NM NM NM 13.4% 26.9% 38.2% 47.8% NOPAT (155.3) (149.8) (118.4) (78.0) (16.5) Depreciation and amortization Gross cash flow (142.7) (138.5) (108.2) (68.8) (8.2) Capex (42.0) (37.8) (34.0) (30.6) (27.6) (24.8) (22.3) (20.1) (18.1) % yoy change 20% -10% -10% -10% -10% -10% -10% -10% -10% Free cash flow (184.7) (176.3) (142.2) (99.4) (35.8) Terminal value 4,645.0 Total free cash flow (184.7) (176.3) (142.2) (99.4) (35.8) ,967.5 WACC calculation DCF summary results Equity component Valuation (US$ mn) 1,006 Equity market premium 6.5% Value per share (US$) Risk free rate 4.5% Beta 2.0 Cost of equity 15.5% Debt component Cost of debt 6.5% Tax rate 25.0% After-tax cost of debt 4.9% Long-run debt-to-capital ratio 0.0% WACC 15.5% Terminal growth rate 8.0% Exit FCF multiple 13 Source: Goldman Sachs Research estimates. Sina portal valuation increased to US$2.4bn from removing Weibo costs We are raising our portal valuation to US$2.4bn from US$0.6bn in our SOTP valuation. Our portal valuation comprises 56% of our Sina total valuation of US$4.3bn. The higher valuation is primarily due to removal of Weibo costs, as we now separately value Weibo based on its financial forecasts. We now apply a target 15X to the portal s 2012E ex-sbc NOPAT of US$162mn, lowered from 25X previously because we had previously assigned a substantial valuation premium to its investments in Weibo, which we believe also benefited the portal s performance though depressing profits. Our portal profit estimate now excludes Weiborelated costs of US$164mn, although we recognize there could be some shared costs. We base our target multiple on 1.25X PEG, off 12% earnings CAGR in 2012E-2015E, assuming that portal revenues grow at a CAGR of about 13%, mainly driven by pricing increases and incrementally better monetization of less-prime inventory as advertising budgets Goldman Sachs Global Investment Research 7

8 continue to shift online, but offset by gradually falling margins due to more costly and bandwidth-intensive content, as well as higher tax rates. We had previously estimated a NOPAT CAGR of 17%. Lowering target price to US$64 from US$70 As shown by Exhibit 3, our revised 12-month SOTP-based target price of US$64, down from US$70, incorporates a lower valuation for Weibo (US$1.0 bn, down from US$3.2bn) but a higher valuation for Sina s portal (US$2.4bn, up from US$0.6bn). Exhibit 3: Sina sum-of-parts valuation yields a US$64 target price 2012E pre- NOPAT SBC NOPAT per share (US$mn) (US$) Multiple (X) Value (US$ mn) Value GS comments (US$/share) Advertising , X PEG off 12% E advertising pre-sbc NOPAT CAGR MVAS Other operations E-House stake % holding company discount on market value of E-House Net cash % discount to 2012E net cash (including ST investments) Sina Weibo (155.3) 1, Total , Source: Goldman Sachs Research estimates. Sensitivity analysis Recognizing the difficulty of forecasting revenues given that Weibo is in the early stages of monetization, we also provide a sensitivity analysis. Bull case: Our bull case assumes Sina Weibo can double 2013E revenues to US$89mn (relative to our base case of US$45mn), with an accelerated CAGR of 90% in 2013E-2016E (relative to our base case CAGR of 80%). Assuming Weibo turns profitable in 2015E with a 34% operating margin and that its operating margin stabilizes at 45% in the long term, our DCF valuation would increase to US$3.4bn or US$50 per share. This would result in a SOTP-based implied value for Sina of US$100, US$36 higher than our target price. Bear case: Our bear case assumes Sina Weibo generates only half of our 2013E revenues, or US$23mn (relative to our base case of US$45mn), with a decelerated CAGR of 70% in 2013E-2016E (relative to our base case CAGR of 80%). Assuming the company shrinks its cost structure in this circumstance to turn Weibo profitable in 2015E and improve operating margins to 30% by 2020E, our DCF valuation would decrease to US$100mn or US$1.5 per share. This would result in a SOTP-based implied value for Sina of US$50, US$14 lower than our target price. Although our bull-bear case scenarios suggest more upside rather than downside from our target price, we note this analysis does not fully take into account the probability of either scenario. Goldman Sachs Global Investment Research 8

9 Disclosure Appendix Reg AC I, Catherine Leung, hereby certify that all of the views expressed in this report accurately reflect my personal views about the subject company or companies and its or their securities. I also certify that no part of my compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in this report. Investment Profile The Goldman Sachs Investment Profile provides investment context for a security by comparing key attributes of that security to its peer group and market. The four key attributes depicted are: growth, returns, multiple and volatility. Growth, returns and multiple are indexed based on composites of several methodologies to determine the stocks percentile ranking within the region's coverage universe. The precise calculation of each metric may vary depending on the fiscal year, industry and region but the standard approach is as follows: Growth is a composite of next year's estimate over current year's estimate, e.g. EPS, EBITDA, Revenue. Return is a year one prospective aggregate of various return on capital measures, e.g. CROCI, ROACE, and ROE. Multiple is a composite of one-year forward valuation ratios, e.g. P/E, dividend yield, EV/FCF, EV/EBITDA, EV/DACF, Price/Book. Volatility is measured as trailing twelve-month volatility adjusted for dividends. Quantum Quantum is Goldman Sachs' proprietary database providing access to detailed financial statement histories, forecasts and ratios. It can be used for in-depth analysis of a single company, or to make comparisons between companies in different sectors and markets. GS SUSTAIN GS SUSTAIN is a global investment strategy aimed at long-term, long-only performance with a low turnover of ideas. The GS SUSTAIN focus list includes leaders our analysis shows to be well positioned to deliver long term outperformance through sustained competitive advantage and superior returns on capital relative to their global industry peers. Leaders are identified based on quantifiable analysis of three aspects of corporate performance: cash return on cash invested, industry positioning and management quality (the effectiveness of companies' management of the environmental, social and governance issues facing their industry). Disclosures Coverage group(s) of stocks by primary analyst(s) Catherine Leung: Asia Pacific Media. Asia Pacific Media: Ambow Education Holding Ltd., Baidu.com, Inc., Changyou.com, Ctrip.com International, Dangdang, Daum Communications, Dish TV India, Focus Media, NCsoft, New Oriental Education & Technology Group Inc. (ADR), NHN, S.M.Entertainment, Shanda Games Limited, SINA Corporation, Sohu.com, SouFun Holdings Limited, Sun TV Network, Television Broadcasts, Tencent Holdings, Vipshop Holdings Limited, Xueda Education Group, Youku.com Inc., Zee Entertainment Enterprises. Company-specific regulatory disclosures The following disclosures relate to relationships between The Goldman Sachs Group, Inc. (with its affiliates, "Goldman Sachs") and companies covered by the Global Investment Research Division of Goldman Sachs and referred to in this research. Goldman Sachs beneficially owned 1% or more of common equity (excluding positions managed by affiliates and business units not required to be aggregated under US securities law) as of the second most recent month end: SINA Corporation ($55.08) Goldman Sachs has received compensation for investment banking services in the past 12 months: SINA Corporation ($55.08) Goldman Sachs expects to receive or intends to seek compensation for investment banking services in the next 3 months: SINA Corporation ($55.08) Goldman Sachs has received compensation for non-investment banking services during the past 12 months: SINA Corporation ($55.08) Goldman Sachs had an investment banking services client relationship during the past 12 months with: SINA Corporation ($55.08) Goldman Sachs had a non-investment banking securities-related services client relationship during the past 12 months with: SINA Corporation ($55.08) Goldman Sachs Global Investment Research 9

10 Goldman Sachs had a non-securities services client relationship during the past 12 months with: SINA Corporation ($55.08) Goldman Sachs makes a market in the securities or derivatives thereof: SINA Corporation ($55.08) Distribution of ratings/investment banking relationships Goldman Sachs Investment Research global coverage universe Rating Distribution Investment Banking Relationships Buy Hold Sell Buy Hold Sell Global 31% 54% 15% 48% 41% 36% As of April 1, 2012, Goldman Sachs Global Investment Research had investment ratings on 3,507 equity securities. Goldman Sachs assigns stocks as Buys and Sells on various regional Investment Lists; stocks not so assigned are deemed Neutral. Such assignments equate to Buy, Hold and Sell for the purposes of the above disclosure required by NASD/NYSE rules. See 'Ratings, Coverage groups and views and related definitions' below. Price target and rating history chart(s) Stock Price Currency : U.S. Dollar Goldman Sachs rating and stock price target history ,500 3,000 2,500 2,000 Stock Price 0 1,500 Jun 24 B N M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M Source: Goldman Sachs Investment Research for ratings and price targets; FactSet closing prices as of 3/31/2012. Rating Feb 16, 2011 to N from B Covered by Catherine Leung, Apr 20, 2011 to S from N Price target as of Nov 17, 2010 Index Price Price target at removal Not covered by current analyst NASDAQ Composite The price targets show n should be considered in the context of all prior published Goldman Sachs research, w hich may or may not have included price targets, as w ell as developments relating to the company, its industry and financial markets. 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11 Services Authority, should read this research in conjunction with prior Goldman Sachs research on the covered companies referred to herein and should refer to the risk warnings that have been sent to them by Goldman Sachs International. A copy of these risks warnings, and a glossary of certain financial terms used in this report, are available from Goldman Sachs International on request. European Union: Disclosure information in relation to Article 4 (1) (d) and Article 6 (2) of the European Commission Directive 2003/126/EC is available at which states the European Policy for Managing Conflicts of Interest in Connection with Investment Research. Japan: Goldman Sachs Japan Co., Ltd. is a Financial Instrument Dealer under the Financial Instrument and Exchange Law, registered with the Kanto Financial Bureau (Registration No. 69), and is a member of Japan Securities Dealers Association (JSDA) and Financial Futures Association of Japan (FFAJ). 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