Tech transfer and research - EPFL

Tech transfer and research - EPFL

© Service des relations industrielles©(SRI) EPFL Equity in start-ups Historical data Hervé Lebret September 2012 List of company equity tables Com...

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© Service des relations industrielles©(SRI) EPFL

Equity in start-ups Historical data

Hervé Lebret September 2012

List of company equity tables Company

Slide

Slide

Slide

Company

Slide

Company

© Service des relations industrielles©(SRI) EPFL Slide Company Slide

3Com

8

Centillium

28

Groupon *

48

Microsoft

68

Skype **

88

A123

9

Checkpoint

29

Homeaway

49

MIPS

69

Snaketech **

89

AcelRX

10

Chiron

30

Ilog

50

mysql **

70

Soitec

90

Actelion

11

Cisco

31

Infovista

51

Netsuite

71

Solazyme

91

Active Network

12

Compaq

32

Intel

52

Numerical Tech

72

Sun Microsystems

92

Adobe

13

CSR

33

Intuitive

53

ONI

73

Swissquote

93

Alibaba

14

Cypress Semicon.

34

Invensense *

54

OpenTable

74

Synopsys

94

Amazon

15

DoubleClick

35

Ironwood

55

Oracle

75

Tandem

95

AMD

16

eBay

36

Isilon

56

Pandora

76

Tesla

96

Amgen

17

Electronic Arts

37

iVillage

57

Paypal

77

Tessera

97

Apache Design *

18

Envivio

38

Juniper Networks

58

Rambus

78

Tivo

98

Apple Computer

19

Equinix

39

Kayak

58

Red Hat

79

Transmode

99

Arm Holding

20

Excite

40

Linkedin

60

Rediff

80

Twitter *

100

Atheros

21

Facebook *

41

Logitech

61

Responsys

81

Virata

101

Baidu

22

Foundry Networks

42

Lotus

62

Riverbed

82

VistaPrint

102

Blue Arc

23

Fusion-io

43

Lycos

63

RPX

83

Wavecom

103

Broadcom

24

Gemplus

44

Magma

64

Salesforce.com

84

Yahoo

104

Broadvision

25

Genentech

45

Marimba

65

Selectica

85

Zillow

105

Business Objects

26

Genzyme

46

Maxlinear

66

Sequans

86

Zipcar

106

Carbonite *

27

Google

47

Mentor Graphics

67

Siebel Software

87

Zynga *

107

List of new company equity tables Company

Slide

Slide

Slide

Company

Slide

MobiTV

109

Enphase Energy

129

Renren

149

Fluidigm

110

Instagram

130

Parrot

150

Jive Software

111

Palo Alto Networks

131

Accuray

151

Infoblox

112

Splunk

132

Genomatica

152

Millennial Media

113

Rib-X Pharma

133

Peregrine

153

AVG technologies

114

Merrimack

134

Hansen Medical

154

Audience

115

Cempra

135

Adnexus

155

Guidewire

116

Versatem

136

Infinera

156

ChemoCentryx

117

Horizon Pharma

137

Starent Networks

157

Intelepeer

118

Hyperion

138

Regulus Therap.

158

Tria Beauty

119

Supernus

139

Lifelock

159

Synacor, Inc.

120

Stemline

140

OvaScience

160

Argos Therapeutics

121

Tesaro

141

Nanosys

161

E2open

122

Durata

142

Anacor

162

Yelp

123

INSIDE Secure

143

Qualys

163

NewSummit Bio.

124

Oncomed Pharma.

144

F-secure

164

VIPShop Holding

125

iWall

145

Elevance

165

Demandware

126

Kythera

146

Gevo

166

BrightCove

127

LaShou Group

147

Kior

167

Yandex

128

GlobeImmune

148

Amyris

168

Company Mascoma

Slide Slide © ServiceCompany des relations industrielles ©(SRI) EPFL 169

Summary © Service des relations industrielles©(SRI) EPFL

Field

Start-ups Years to IPO Biotech 29 Energy/Env. 8 HW/Comp./Tel 32 Internet 40 Medtech 4 Other 3 Semiconductor 27 Software 18 Total général 161

Period 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 Total général

VC Amount Sales Founders' ($M) ($M) age 8 92 10 43 6 196 44 41 7 74 69 36 6 146 239 33 8 68 26 41 7 207 104 42 8 53 71 37 8 22 51 31 7 95 97 36

Start-ups Years to VC Amount Sales Founders' IPO ($M) ($M) age 2 3 4 4 37 1 3 6 7 32 6 6 7 60 29 12 4 22 61 36 5 10 9 171 33 21 9 50 55 33 43 7 72 82 35 45 8 132 144 37 22 5 196 107 42 4 2 72 0 40 161 7 95 97 36

NB: Period indicates in which 5-year period the company was founded.

Location

Start-ups Years to VC Amount Sales Founders' IPO ($M) ($M) age Boston Area 13 6 97 48 40 California 8 10 69 60 37 China 6 7 124 88 33 Czech Rep. 1 20 48 166 28 East Coast 15 8 89 25 39 Finland 1 11 0 12 23 France 12 10 36 115 34 India 2 4 30 2 46 Israel 1 3 0 31 28 Other US States 14 6 211 100 35 Russia 1 14 5 439 33 Silicon Valley 77 6 98 120 36 Sweden 3 8 34 78 31 Switzerland 3 4 13 151 36 United Kingdom 4 8 76 60 35 Total général 161 7 95 97 36

Summary Field

Founders Employee Investors IPO % % % Shares Biotech 7% 16% 53% 24% Energy/Env. 7% 18% 60% 16% HW/Comp./Tel 10% 31% 46% 15% Internet 19% 23% 46% 13% Medtech 6% 22% 51% 21% Other 10% 23% 56% 15% Semiconductor 14% 27% 43% 17% Software 25% 27% 38% 15% Overall 14% 24% 47% 17%

Period 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 Overall

Founders Employee Investors IPO % % % Shares 25% 23% 36% 16% 8% 22% 52% 18% 29% 32% 26% 13% 16% 29% 38% 18% 18% 32% 44% 18% 18% 26% 42% 16% 13% 25% 48% 15% 10% 23% 52% 16% 10% 18% 53% 20% 20% 11% 45% 32% 14% 24% 47% 17%

NB: Period indicates in which 5-year period the company was founded.

Location

© Service des relations industrielles©(SRI) EPFL

Founders Employee Investors IPO % % % Shares Boston Area 11% 19% 51% 22% California 11% 30% 49% 12% China 17% 20% 47% 16% Czech Rep. 13% 76% 11% East Coast 8% 19% 52% 20% Finland 45% 34% 22% France 20% 19% 47% 19% India 23% 15% 45% 17% Israel 37% 15% 37% 11% Other US States 13% 23% 49% 15% Russia 14% 10% 61% 15% Silicon Valley 14% 27% 45% 15% Sweden 25% 22% 54% 25% Switzerland 23% 33% 25% 19% United Kingdom 4% 32% 46% 20% Overall 14% 24% 47% 17%

More in appendix

Overall data (1/2) Start-up

Field

Geography

3Com A123 AcelRX Actelion Active Network Adobe Alibaba Amazon AMD Amgen Apache Design * Apple Computer Arm Holding Atheros Baidu Blue Arc Broadcom Broadvision Business Objects Carbonite * Centillium Checkpoint Chiron Cisco Compaq CSR Cypress Semicon. DoubleClick eBay Electronic Arts Envivio Equinix Excite Facebook * Foundry Networks Fusion-io Gemplus Genentech Genzyme Google Groupon * Homeaway Ilog Infovista Intel Intuitive Invensense * Ironwood Isilon iVillage Juniper Networks Kayak Linkedin Logitech Lotus Lycos Magma Marimba Maxlinear

HW/Comp./Tel Energy/Env. Biotech Biotech Internet Software Internet Internet HW/Comp./Tel Biotech Semiconductor HW/Comp./Tel Semiconductor Semiconductor Internet HW/Comp./Tel Semiconductor Internet Software HW/Comp./Tel Semiconductor Software Biotech HW/Comp./Tel HW/Comp./Tel Semiconductor Semiconductor Internet Internet Software HW/Comp./Tel HW/Comp./Tel Internet Internet HW/Comp./Tel HW/Comp./Tel Semiconductor Biotech Biotech Internet Internet Internet Software Software Semiconductor Medtech Semiconductor Biotech HW/Comp./Tel Internet HW/Comp./Tel Internet Internet HW/Comp./Tel Software Internet Semiconductor Software Semiconductor

Silicon Valley Boston Area Silicon Valley Switzerland California Silicon Valley China Washington Silicon Valley California Silicon Valley Silicon Valley United Kingdom Silicon Valley China United Kingdom California Silicon Valley France Boston Area Silicon Valley Israel Silicon Valley Silicon Valley Texas United Kingdom Silicon Valley East Coast Silicon Valley Silicon Valley France Silicon Valley Silicon Valley Silicon Valley Silicon Valley Utah France Silicon Valley Boston Area Silicon Valley Illinois Texas France France Silicon Valley Silicon Valley Silicon Valley Boston Area Washington East Coast Silicon Valley East Coast Silicon Valley Switzerland Boston Area Boston Area Silicon Valley Silicon Valley California

Founded

IPO

Jun-79 Oct-01 Jul-05 Dec-97 Oct-98 Dec-82 Jun-99 Jul-94 May-69 Apr-80 Jan-01 Jan-77 Oct-90 May-98 Jan-00 1998 Aug-91 May-93 Nov-90 Feb-05 Feb-97 Jul-93 May-81 Jan-84 Feb-82 Apr-99 Dec-82 Jan-96 May-96 May-78 Jan-00 Jun-98 Jun-94 Jul-04 May-96 Dec-05 Mar-89 Apr-76 Oct-81 Sep-98 Jan-08 Apr-04 Mar-87 Oct-85 Jul-68 Nov-95 Jun-03 Jan-98 Jan-01 Jun-95 Feb-96 Jan-04 Mar-03 Jan-81 Apr-82 Jun-95 Apr-97 Feb-96 Sep-03

Mar-84 Sep-09 Feb-11 Apr-00 May-11 Aug-86 Nov-07 May-97 Sep-72 Jun-83 Jun-11 Dec-80 Apr-98 Feb-04 Aug-05 2011 Apr-98 Jun-96 Sep-94 Aug-11 May-00 Jun-96 Aug-83 Feb-90 Dec-83 Mar-04 May-86 Feb-98 Sep-98 May-82 May-11 Aug-00 Apr-96

Years to IPO 4.8 7.9 5.6 2.3 12.6 3.7 8.4 2.9 3.3 3.2 10.5 3.9 7.5 5.8 5.6 13 6.7 3.1 3.9 6.5 3.3 3.0 2.2 6.1 1.8 4.9 3.5 2.0 2.4 4.0 11.4 2.2 1.8

Sep-99 Jun-11 Dec-00 Oct-80 Jun-86 Aug-04 Jun-11 Jul-11 Feb-97 Jul-00 Oct-71 Jun-00 Aug-11 Feb-10 Dec-06 Mar-99 Jun-99 May-11 May-11 Jul-88 Oct-83 Apr-96 Nov-01 Apr-99 Dec-09

3.4 5.5 11.8 4.5 4.7 5.9 3.4 7.3 9.9 14.7 3.2 4.6 8.1 12.1 5.9 3.8 3.4 7.4 8.2 7.5 1.4 0.8 4.7 3.2 6.3

Found. Emp.

Emp. shares

ESOPgranted

ESOPreserved

14.1% 4.0% 4.4% 17.1% 0.2% 14.0% 6.8% 28.2% 20.2%

32.7% 13.3% 9.2% 4.9% 29.1% 24.1% 4.9% 51.4% 24.3%

25.1%

5.5%

2.1%

2.2%

8.3%

2.8%

0.7%

8.5%

24.5% 18.4% 1.7% 6.7% 21.8%

34.8% 59.0% 18.7% 38.3% 19.4% 19.5% 43.7% 19.6% 18.7% 18.3% 19.8% 14.6% 30.4% 37.2% 15.9% 59.3% 16.7% 19.5% 23.5% 20.8% 5.4% 16.7% 9.1% 32.9% 34.3% 30.6% 20.6% 15.0% 17.7% 44.7% 7.9% 18.7% 23.3% 40.5% 21.8% 11.4% 27.0% 14.4% 22.4% 29.4% 61.7% 23.1% 33.5% 74.8% 15.4% 7.4% 24.8% 24.8% 44.8%

35.1% 26.1% 20.8% 11.8% 22.4% 37.3% 24.9% 21.8% 8.0% 7.1% 6.7% 22.0% 50.1% 13.2% 3.2% 12.1% 14.6% 35.9% 21.3% 10.8% 17.4% 24.8% 24.9% 26.1% 30.7% 3.1% 8.3% 30.5% 10.2% 11.3% 5.2% 4.3% 5.8% 6.9% 14.5% 18.5% 17.5% 22.5% 14.0% 13.6% 38.5% 12.8%

1.5%

3.4%

20.7%

8.4%

15.9%

5.4%

Dir.

0.3% 2.8%

1.5%

0.8%

20.6%

10.1%

20.7%

2.6% 0.01%

15.2%

3.7%

5.4%

14.2%

9.6%

11.0%

45.5%

9.0%

4.5%

0.7%

8.5%

7.3%

2.9%

21.0%

12.6%

4.7%

12.3%

3.6%

3.5%

8.3%

9.7%

1.5%

17.5%

13.6%

12.6%

1.6%

7.9%

4.1%

7.6%

0.8%

5.2%

6.5%

7.0%

5.4%

6.2%

6.7%

6.5%

9.5%

3.8%

1.0%

11.9%

1.7%

16.2%

0.8%

13.4%

16.3%

16.8%

4.1%

5.1%

5.0%

5.8%

47.6%

11.7%

6.2%

6.3%

4.2%

0.8%

2.5%

10.3%

6.7%

10.8%

2.8%

9.9%

6.7%

10.1%

4.0%

4.0%

1.0%

0.4%

5.4%

10.0%

1.3%

7.9%

0.7%

1.2%

4.0%

28.9%

19.9%

7.8%

6.6%

4.6%

20.5%

5.5%

5.1%

6.9%

8.6%

11.6%

0.7%

2.7%

14.2%

1.5%

2.0%

37.7%

5.7%

1.3%

3.7%

3.6%

0.6%

5.2%

12.4%

1.1% 0.03%

7.1%

11.7%

4.5%

22.2%

11.9%

6.4%

14.4%

5.6%

1.8%

5.9%

5.5%

7.2%

9.5%

10.3%

2.2%

11.0%

1.2%

9.6%

8.8%

4.0%

24.5%

2.0%

2.9%

29.2%

7.3%

25.2%

4.9%

16.1%

2.1%

23.5%

8.6%

1.4%

51.1%

8.5%

15.2%

11.0%

2.1%

2.3%

3.7%

3.7%

9.5%

13.1%

2.2%

11.7%

8.4%

4.7%

11.9%

11.4%

21.5%

0.1%

0.5%

Investors IPO

Total

35.9% 55.0% 45.0% 58.9% 51.1% 51.4% 83.8% 10.7% 36.1%

17.2% 27.2% 41.4% 19.1% 19.2% 10.6% 4.4% 9.8% 19.4%

100% 100% 100% 100% 100% 100% 100% 100% 100%

21.7% 16.2% 55.5% 41.0% 47.1% 68.4% 13.3% 39.2% 37.4% 44.0% 43.3% 37.0% 26.8% 23.3% 52.8% 16.1% 55.6% 45.4% 18.5% 47.0% 67.4% 40.9% 57.3% 31.2% 33.4% 49.4% 59.8% 46.8% 28.3% 22.5% 50.4% 69.3% 45.6% 30.9% 35.1% 61.3% 51.1% 62.9% 60.6% 57.6% 23.4% 54.6% 39.9% 0.0% 44.5% 56.8% 45.5% 22.2% 30.6%

18.3% 6.4% 24.2% 14.1% 11.7% 12.0% 6.3% 14.2% 23.1% 25.1% 14.6% 11.1% 17.8% 17.6% 23.5% 16.6% 21.3% 13.1% 7.9% 19.0% 23.9% 30.4% 18.9%

100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%

11.0% 9.1% 2.2% 13.4% 29.0% 6.7% 11.4% 8.7% 22.8% 28.6% 12.6% 17.2% 10.7% 17.5% 12.6% 7.1% 8.1% 7.6% 7.9% 7.6% 17.5% 21.9% 15.8% 14.4% 11.8%

Dir %

Nb of Dir.

1

0.3%

4

0.001%

2

0.4%

3 1

0.5%

1

0.7%

1

0.8%

2

0.03%

3

0.01%

1

0.8%

0.5%

Nb of Found. Found. F1 F2 F3 F4 F5 F6 found. % age 2 7.1% 32 32 3 1.3% 36 25 37 45 2 2.2% 50 53 47 5 3.4% 41 38 38 45 44 2 0.1% 31 31 30 2 7.0% 42 41 42 4 1.7% 31 35 35 23 29 1 28.2% 30 30 8 2.5% 34 35 40 33 28 35 42 42 37 50 39 4 6.1% 42 50 37 39 2 9.2% 24 21 26 3 0.6% 31 32 31 31 2 3.4% 41 36 45 2 10.9% 33 31 35 3 31 31 2 17.6% 34 31 36 1 26.1% 35 35 2 10.4% 27 27 27 2 5.9% 55 63 47 5 4.5% 37 35 36 39 3 12.4% 28 25 31 27 3 8.3% 45 41 54 40 2 10.9% 29 29 29 3 2.7% 36 36 37 36 3 2.4% 38 40 35 6 1.1% 34 34 2 11.0% 31 27 35 2 25.1% 29 28 30 3 4.4% 31 27 32 33 1 3.2% 30 30 3 4.0% 41 27 42 54 6 2.4% 23 23 23 22 4 9.0% 21 20 22 2 10.7% 49 39 58 2 5.4% 35 35 35 6 2.9% 43 37 49 44 2 12.4% 35 40 29 2 12.5% 41 45 37 2 13.1% 25 25 25 3 10.2% 39 39 38 2 1.6% 47 43 51 3 2.8% 33 33 33 34

© Service des relations industrielles©(SRI) EPFL

2 4 1 5 1 3 1 3 3 2 2 2 3 4 3

15.3% 2.6% 11.3% 1.0% 4.3% 1.9% 6.9% 4.8% 6.2% 8.8% 11.3% 7.0% 4.5% 9.6% 4.3%

39 48 44 38 27 40 46 39 34 30 32 37 35 32 39

41 48 44 34 26 42 46 35 35 30 30 36 31 34 34

37 48 55 27 44 42 34 30 34 38 41 32 46

31

31

34

35

31

32 31 38

32

Overall data (2/2) Start-up

Field

Geography

Mentor Graphics Microsoft MIPS mysql ** Netsuite Numerical Tech ONI OpenTable Oracle Pandora Paypal Rambus Red Hat Rediff Responsys Riverbed RPX Salesforce.com Selectica Sequans Siebel Software Skype ** Snaketech ** Soitec Solazyme Sun Microsystems Swissquote Synopsys Tandem Tesla Tessera Tivo Transmode Twitter * Virata VistaPrint Wavecom Yahoo Zillow Zipcar Zynga * Average

Semiconductor Software HW/Comp./Tel Software Software Semiconductor HW/Comp./Tel Internet Software Internet Internet Semiconductor Software Internet Internet HW/Comp./Tel Other Internet Software Semiconductor Software Internet Semiconductor Semiconductor Energy/Env. HW/Comp./Tel Internet Semiconductor HW/Comp./Tel Other Semiconductor HW/Comp./Tel HW/Comp./Tel Internet Semiconductor HW/Comp./Tel Semiconductor Internet Internet Other Internet

Oregon Washington Silicon Valley Sweden Silicon Valley Silicon Valley Silicon Valley Silicon Valley Silicon Valley Silicon Valley Silicon Valley Silicon Valley East Coast India Silicon Valley Silicon Valley Silicon Valley Silicon Valley India France Silicon Valley Sweden France France Silicon Valley Silicon Valley Switzerland Silicon Valley Silicon Valley Silicon Valley Silicon Valley Silicon Valley Sweden Silicon Valley United Kingdom Boston Area France Silicon Valley Silicon Valley Boston Area Silicon Valley

Founded

IPO

Apr-81 Jan-84 Jan-75 Mar-86 Aug-84 Dec-89 Jul-91 Dec-03 Sep-98 Dec-07 Nov-95 Apr-00 Oct-97 Jun-00 Oct-98 Mar-09 Jun-77 Mar-86 Jan-00 Jun-11 Dec-98 Feb-02 Mar-90 May-97 Mar-93 Jul-99 Jan-96 Jun-00 Feb-98 Apr-11 May-02 Sep-06 Jul-08 May-11 Feb-99 Jun-04 Jun-96 Mar-00 Oct-03 Apr-11 Sep-93 Jul-96 Nov-03 Sep-05 Jan-96 Mar-00 Mar-92 Feb-99 Mar-03 May-11 Feb-82 Mar-86 Aug-99 May-00 Dec-86 Feb-92 Nov-74 Nov-77 Jul-03 Jun-10 May-90 Nov-03 Aug-97 Sep-99 Apr-00 May-11 Jun-06 Jun-93 Nov-99 Jan-95 Sep-05 Jun-93 Jun-99 Mar-95 Apr-96 Dec-04 Jul-11 Jan-00 Apr-11 Oct-07 Aug-11

Years to IPO 2.8 11.2 5.3 12.4 9.3 4.4 2.6 10.4 8.7 11.5 3.2 7.2 6.4 4.4 13.2 4.4 2.8 5.4 3.8 7.5 2.8 1.9 4.2 6.9 8.2 4.0 0.8 5.1 3.0 7.0 13.5 2.2 11.2 6.5 10.8 6.0 1.1 6.6 11.3 3.8 5.9

Found. Emp. 12.8% 62.0% 5.7% 11.9% 5.8% 14.5% 0.6% 0.7% 42.8% 3.6% 5.0% 10.3% 21.6% 33.6% 2.2% 16.3% 17.3% 35.2% 12.9% 12.5% 32.3% 37.7% 28.7% 22.9% 15.3% 16.0% 34.4% 3.1% 8.2% 2.4% 2.1% 12.2% 23.9% 2.2% 7.4% 57.5% 21.6% 32.7% 9.9% 17.3%

36.5% 23.9% 24.6% 29.7% 28.5% 27.8% 68.2% 14.2% 38.5% 20.7% 12.1% 32.5% 31.1% 2.3% 38.6% 16.9% 18.9% 38.5% 27.2% 12.2% 40.2% 16.4% 10.4% 23.4% 15.8% 28.3% 19.1% 44.3% 21.5% 23.7% 30.6% 20.4% 18.4% 10.8% 29.5% 32.2% 10.8% 29.1% 27.0% 25.0% 43.8% 25.9%

Emp. shares 26.8%

ESOPgranted

ESOPreserved

Dir.

6.8%

2.9%

13.5%

8.5%

1.9%

4.7%

17.3%

2.6%

5.4%

19.2%

5.1%

8.7%

19.8%

15.7%

2.2%

9.9%

53.6%

13.2%

1.4%

6.7%

6.9%

0.6%

12.6%

18.1%

7.8%

8.4%

9.2%

3.1%

0.8%

6.0%

6.1%

20.3%

9.5%

2.7%

0.3%

16.1%

8.8%

6.2%

11.5%

10.0%

17.1%

6.3%

3.8%

6.8% 2.8%

0.8%

2.3%

3.7%

12.4%

21.4%

15.7%

1.4%

6.5%

10.2%

10.5%

1.0%

2.5%

2.8%

7.9%

1.5%

0.6%

11.6%

21.7%

6.9%

5.7%

9.2%

4.7%

2.5%

10.4% 21.2%

2.2%

7.2%

6.8%

1.8%

19.5%

6.6%

2.2%

15.7%

0.3%

3.1%

23.7%

16.6%

4.0%

6.7%

3.0%

11.8%

1.5%

10.6%

11.6%

11.4%

18.4%

0.8%

10.3%

8.6%

1.5%

9.9%

8.5%

1.2%

2.4%

16.7%

12.8%

16.0%

15.5%

2.8%

8.0%

0.1% 7.2% 0.7%

6.1%

13.1%

14.3%

12.7%

9.9%

14.4%

7.1%

3.5%

0.6%

15.2%

27.4%

1.2%

0.1%

12.6%

9.1%

2.2%

5.3% 1.0%

Investors IPO 33.6% 3.9% 49.8% 58.4% 55.7% 37.6% 23.9% 72.4% 5.6% 68.0% 79.9% 44.5% 39.0% 43.9% 46.2% 53.4% 50.2% 11.7% 45.3% 54.9% 12.2% 46.0% 60.8% 27.3% 57.3% 51.4% 17.2% 40.2% 52.1% 65.4% 51.5% 50.7% 56.1% 65.3% 42.4% 48.6% 12.6% 41.3% 26.7% 53.7% 35.6% 42.9%

17.0% 10.0% 19.8% 9.5% 20.1% 7.3% 12.3% 13.0% 6.8% 3.0% 12.5% 8.3% 20.2% 12.0% 13.4% 13.7% 12.1% 14.5% 19.8% 9.5%

26.5% 11.6% 14.3% 29.3% 12.4% 18.2% 8.7% 15.8% 16.7% 25.4% 26.0% 11.8% 19.1% 8.1% 11.5% 21.1% 10.8% 15.3%

Total 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 110% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%

Dir %

Nb of Dir.

4

0.2%

2

0.4%

1

0.3%

1

1.0%

5

0.5%

1 3

0.6%

1

0.1%

3 4 1 2.1

0.7%

1.9%

0.2% 0.1%

0.5%

Nb of Found. Found. F1 F2 F3 F4 F5 F6 found. % age 4 3.2% 33 34 30 29 39 2 31.0% 21 20 22 4 1.4% 36 31 38 38 3 4.0% 29 29 29 1 5.8% 31 31 2 7.3% 29 30 31 26 1 0.6% 30 30 1 0.7% 26 26 3 14.3% 33 33 36 31 3 1.2% 34 34 34 35 2 2.5% 27 30 23 27 2 5.2% 34 35 32 2 10.8% 32 39 24 2 16.8% 49 46 51 2 1.1% 47 47 2 8.2% 42 51 33 3 5.8% 44 42 49 42 4 8.8% 31 29 32 2 6.5% 44 44 43 7 1.8% 34 42 37 32 31 31 28 2 16.2% 40 40 39 2 18.9% 32 37 27 6 4.8% 29 32 26 2 11.5% 38 31 44 2 7.7% 40 40 39 4 4.0% 27 27 28 26 27 2 17.2% 36 35 36 1 3.1% 31 31 4 2.1% 32 34 31 28 36 2 1.2% 41 42 39 1 2.1% 38 35 36 42 2 6.1% 43 47 39 7 3 8.0% 33 35 31 33 2 1.1% 41 44 38 1 7.4% 32 32 3 19.2% 39 38 39 2 10.8% 28 29 27 2 16.4% 38 36 39 2 42 41 43 1 9.9% 41 41 2.7 7.6% 35.5

© Service des relations industrielles©(SRI) EPFL

* not public yet ** M&A, not IPO

NB: all this is best effort! The cap. tables are subject to mistakes and comparisons are tough to make. For example: - Founders do not always share equally the initial stake. -There is not real definition of founders but the group of people who recognize themselves as such. - ESOP reserved for future grants is a quite artificial part of the overall picture. - When age was not available, a indirect measure was to consider a BS is obtained at age 22. - Directors include independant directors only, not the investors. - Finally not all companies went public, some were acquired and some filed but did not go public (yet)

Activity Town, St f= founder D= director Title fD Ex-C EO & C hair f founder VP OPS D President & C EO

f

VP Engineering founder

Networking eqpt Mountain View, C A Price per share $6.0 Symbol C OMS

Company IPO date Market cap. URL

3com Mar-84 $85'412'928 www.3com.com

Incorporation State C A, MA Date Jun-79 years to IPO 4.8

8

© Service des relations industrielles©(SRI) EPFL

Name

Founder's Employee PreIPO Post IPO Founder's Employee PreIPO Post IPO Value Ownership Ownership Ownership Ownership Shares Shares Shares Shares Robert Metcalfe 81.0% 28.3% 13.9% 11.4% 1'530'000 2'070'000 1'658'051 1'616'551 $9'699'306 Greg Shaw 19.0% 6.8% 3.4% 2.8% 360'000 495'000 404'000 394'000 $2'364'000 Howard C harney 8.7% 5.3% 4.3% 635'000 635'000 618'500 $3'711'000 Bill Krause 12.6% 7.7% 6.4% 918'200 918'200 905'600 $5'433'600 Ronald C rane 6.3% 3.9% 3.1% 458'900 458'900 447'400 $2'684'400 Lazar Birenbaum 3.1% 1.9% 1.5% 225'200 225'200 220'200 $1'321'200 Bruce Borden

Officers & executives Other common Total common before options Options - Outstanding Options- Available Options-Total Total - company Investors (Series A) Investors (Series B) Investors (Series C ) Total- Investors Total - PreIPO IPO Option (underwriters) Total outstanding Board D Dick Kramlich D Gibson Myers D Jack Melchor

NEA Mayfield Portola and MVM

D Paul Baran D Stephen Johnson

C ableData Komag

100.0% 30.4%

25.9%

65.8% 19.4% 85.1% 10.8% 4.1% 14.9% 100.0%

15.9%

36.1% 11.9% 47.9% 6.6% 2.5% 9.1% 57.1% 21.3% 13.6% 8.0% 42.9% 100.0%

13.3%

29.5% 9.7% 39.2% 5.5% 2.1% 7.6% 46.9% 17.8% 11.4% 6.7% 35.9% 82.8% 15.0% 2.2% 100.0%

Total cash before fees Paid to underwriters Others Net sold by company sold by shareholders Total shares sold Option to underwriters VCs

$12'780'000

$12'780'000 2'000'000 130'000 2'130'000 319'500

Round

Date

Amount

A NEA Mayfield Melchor B C Total

Feb-81

$1'100'000 $300'001 $300'001 $450'000 $2'112'240 $3'654'424 $6'866'664

Jan-82 Jun-83

1'890'000

# Shares 2'538'462 692'310 692'310 1'038'462 1'624'800 953'328 5'116'590

4'802'300 1'413'272 6'215'572 786'775 300'000 1'086'775 7'302'347

4'299'351 1'413'272 5'712'623 786'775 300'000 1'086'775 6'799'398 2'538'462 1'624'800 953'328 5'116'590 11'915'988

4'202'251 1'380'372 5'582'623 786'775 300'000 1'086'775 6'669'398 2'538'462 1'624'800 953'328 5'116'590 11'785'988 2'130'000 319'500 14'235'488

Revenues 1984 Amount $16'700'000 Growth 255% Number of employees Avg. val. of stock per emp

Price per Valuation share $0.43 $2'211'500 $0.43 $0.43 $0.43 $1.30 $8'746'741 $3.83 $43'439'954

$25'213'506 $8'282'232 $33'495'738 $4'720'650 $1'800'000 $6'520'650 $40'016'388 $15'230'772 $9'748'800 $5'719'968 $30'699'540 $70'715'928 $12'780'000 $1'917'000 $85'412'928 1983 $4'700'000 97 $134'050

Activity Town, St f= founder D= director

Batteries C ambridge, MA Price per share Symbol

Company IPO date Market cap. URL

$13.5 AONE

A123 Systems Sep-09 $1'561'338'261 www.a123systems.com

Incorporation State DE Date Oct-01 years to IPO 7.9

9

© Service des relations EPFL Founder's Employee PreIPO Post IPO Founder's Employee PreIPO Post IPO Valueindustrielles©(SRI) Ownership Ownership Ownership Ownership Shares Shares Shares Shares f MIT Professor Yet-Ming C hiang 45.3% 9.7% 2.4% 1.7% 1'813'143 1'978'381 1'978'381 1'978'381 $26'708'144 fD VP R&D - C TO Gilbert N. Riley, Jr. 34.0% 8.3% 2.0% 1.5% 1'359'857 1'688'145 1'688'145 1'688'145 $22'789'958 f VP Bus.Dev. Mark. Ric Fulop 15.7% 4.9% 1.2% 0.9% 627'000 986'750 986'750 986'750 $13'321'125 D C EO David P. Vieau 7.9% 1.9% 1.2% 1'611'725 1'611'725 1'425'240 $19'240'740 Founding school MIT * 5.0% 1.0% 0.2% 0.2% 200'000 200'000 200'000 200'000 $2'700'000 Title

D D D D

Name

Officers & executives Other Total common before options Options-outstanding Options-available Options-Total Total - company Investors (North Bridge) Investors (General Electric) Investors (Desh Deshpande) Investors (Qualcomm) Investors (Motorola) Investors (others) Total- Investors (wo Deshpande) Total - PreIPO IPO Option (underwriters) Total outstanding *: does not include series A shares

100.0% 54.2%

19.7%

31.8% 4.5% 36.3% 47.5% 16.2% 63.7% 100.0%

4.8%

7.7% 1.1% 8.8% 11.5% 3.9% 15.5% 24.3% 10.6% 9.9% 8.4% 6.4% 5.8% 34.6% 75.7% 100.0%

3.5%

5.6% 0.8% 6.4% 8.3% 2.8% 11.2% 17.6% 7.7% 10.1% 8.4% 6.4% 5.8% 25.0% 55.0% 72.6% 23.8%

Total cash before fees Paid to underwriters Others Net sold by company sold by shareholders Total shares sold Option to underwriters

6'465'001 912'877 7'377'878 9'640'422 3'285'324 12'925'746 20'303'624 8'859'619 8'280'622 7'017'629 5'351'864 4'844'914 28'947'994 63'302'642 83'606'266

6'465'001 912'877 7'377'878 9'640'422 3'285'324 12'925'746 20'303'624 8'951'826 8'482'098 7'017'629 5'379'526 4'844'914 28'947'994 63'623'987 83'927'611 27'500'000 4'227'075 115'654'686

$87'277'514 $12'323'840 $99'601'353 $130'145'697 $44'351'874 $174'497'571 $274'098'924 $120'849'651 $114'508'323 $94'737'992 $72'623'601 $65'406'339 $390'797'919 $858'923'825 $1'133'022'749 $371'250'000 $57'065'513 $1'561'338'261

$428'315'513

$428'315'513 31'727'075 680'501 32'407'576 4'227'075

Round

Date

MIT, Sequoia, Northbridge

A A-1 B C D C ommon E F Total

2001 $8'312'087 2002 $4'387'500 2005 $20'017'400 Jan-Feb06 $30'290'871 2007 $69'993'284 Jan-Feb08 $16'501'454 May-Jun08 $102'070'854 Apr-May09 $99'932'479 $351'505'930

GE Deshpande, North Bridge, QC , GE,

6'465'001 912'877 7'377'878 9'640'422 3'285'324 12'925'746 20'303'624

100.0%

Investors

YankeeTek, OnPoint, Motorola Deshpande, North Bridge, QC , GE, Mot. Deshpande, North Bridge, QC , GE, Mot.

4'000'000

Amount

# Shares 8'312'087 2'925'000 9'623'750 8'988'389 10'669'708 2'285'520 6'152'553 10'862'226 59'819'233

Revenues 2008 Amount $68'525'000 Growth 66% Number of employees Avg. val. of stock per emp

Price per Valuation share $1.00 $1.50 $2.08 $3.37 $6.56 $7.22 $16.59 $9.20

Conversion id. id. id. id. id. id. 8'714'937 11'783'251 63'302'642

2007 $41'349'000 1672 $85'209

Activity Town, St f= founder D= director Title fD C hairman fD C hief Medical Off. D President & C EO C FO C hief Dev. Off. C hief Eng. Off.

Biotech Redwood C ity, C A Price per share $5.0 Symbol AC RX Name Thomas Schreck Pamela Palmer Richard King James H. Welch Lawrence Hamel Badri Dasu

AcelRx Pharmaceuticals, Inc. Feb-11 $100'130'650

www.acelrx.com

Incorporation State DE Date Jul-05 years to IPO 5.6

10

© Service des relations industrielles©(SRI) EPFL

Founder's Employee PreIPO Post IPO Founder's Employee PreIPO Post IPO Value Ownership Ownership Ownership Ownership Shares Shares Shares Shares 52.6% 16.8% 4.6% 2.5% 509'941 509'941 509'941 509'941 $2'549'705 47.4% 15.1% 4.2% 2.3% 460'415 460'415 460'415 460'415 $2'302'075 0.9% 0.3% 0.1% 28'538 28'538 28'538 $142'690

Officers & executives Other common Total common before options Options-outstanding Options-Available Options-Total Total - company Investors (Three Arch) Investors (Skyline) Investors (Alta) Investors (others) Total- Investors Total - PreIPO IPO Option (underwriters) Total outstanding VCs D Skyline Ventures D Alta Partners D Three Arch Part. D

Company IPO date Market cap. URL

Stephen J. Hoffman Guy P. Nohra Mark Wan Howard B. Rosen

3.1% 1.9%

0.8% 0.5%

0.5% 0.3%

100.0%

37.8%

10.4%

5.7%

84.3%

37.8% 62.2%

10.4% 17.1%

62.2% 100.0%

17.1% 27.5% 35.9% 18.7% 16.5% 1.4% 72.5% 100.0%

31.9%

8.8%

4.8%

92'967 58'957

92'967 58'957

92'967 58'957

$464'835 $294'785

1'150'818

1'150'818

1'150'818

$5'754'090

5.7% 9.5%

1'150'818 1'892'860

1'150'818 1'892'860

1'150'818 1'892'860

$5'754'090 $9'464'300

9.5% 15.2% 22.5% 11.7% 10.3% 5.5% 50.0% 65.2% 28.8% 6.0% 100.0%

1'892'860 3'043'678

1'892'860 3'043'678 3'965'752 2'067'366 1'821'097 158'237 8'012'452 11'056'130

1'892'860 3'043'678 4'503'730 2'347'825 2'068'162 1'092'735 10'012'452 13'056'130 5'770'000 1'200'000 20'026'130

$9'464'300 $15'218'390 $22'518'650 $11'739'125 $10'340'810 $5'463'675 $50'062'260 $65'280'650 $28'850'000 $6'000'000 $100'130'650

Total cash before fees Paid to underwriters Others Net sold by company sold by shareholders Total shares sold Option to underwriters

970'356

$34'850'000 $4'400'000 $30'450'000 6'970'000

Revenues 2009 Amount $0 Growth Number of employees Avg. val. of stock per emp

6'970'000 1'200'000

Round

Date

Amount

A B C C Bridge loan Total

2006 2008 2009 2010 2010

$21'116'390 $20'218'160 $14'879'520 $3'390'961 $8'000'000 $67'605'031

# Shares 2'111'639 1'263'635 3'776'528 860'650 2'000'000 10'012'452

Price per Valuation share $10.00 $16.00 $3.94 $3.94 $4.00

2010 $0 19 $498'121

Activity Town, St f= founder D= director

Biopharma Allschwill, CH Price per share Symbol

Title

Name

f f f f f

CEO Research Corp Ops Clinical Dev. CFO

Jean Paul Clozel Walter Fischli Thomas Widmann Isaac Kobrin Andre Mueller Martine Clozel

D

Founding team* Chairman

Robert Cawthorn

Officers & executives Other common Total common before options Options-outstanding Options-founders Options-Total Total - company Investors (VCs, not management) Investors (others) Total- Investors Total - PreIPO IPO Option (underwriters) Total outstanding VCs Atlas Sofinnova 3i * there is uncertainty on the numbers these are options to founders only common shares specifics not known

SFr. 260.0 SWX: ATLN

Company IPO date Market cap. URL

Founder's Ownership

Employee Ownership

PreIPO Ownership

Actelion 6-avr-00 SFr. 1'363'403'600 www.actelion.com

Incorporation State CH Date déc-97 years to IPO 2.3

Post IPO Ownership

Employee Shares

Founder's Shares

PreIPO Shares

11

© Service ©(SRI) EPFL Postdes IPOrelations industrielles Value Shares

100.0% 0.0%

51.9% 2.6%

14.1% 0.7%

11.4% 0.6%

600'000

600'000 30'000

600'000 30'000

600'000 30'000

SFr. 156'000'000 SFr. 7'800'000

100.0%

54.5%

14.8%

12.0%

600'000

630'000

630'000

630'000

SFr. 163'800'000

88.7%

4.0% 58.5%

1.1% 15.9%

0.9% 12.9%

46'200 676'200

46'200 676'200

46'200 676'200

SFr. 12'012'000 SFr. 175'812'000

51.9%

15.6% 25.9% 41.5% 100.0%

4.2% 7.1% 11.3% 27.2%

3.4% 5.7% 9.2% 22.0%

180'000 300'000 480'000 1'156'200

180'000 300'000 480'000 1'156'200

180'000 300'000 480'000 1'156'200

SFr. 46'800'000 SFr. 78'000'000 SFr. 124'800'000 SFr. 300'612'000

72.8% 0.0% 72.8% 100.0%

58.9% 0.0% 58.9% 80.9%

3'087'660

3'087'660

SFr. 802'791'600

3'087'660 4'243'860

3'087'660 4'243'860

SFr. 802'791'600 SFr. 1'103'403'600

19.1%

1'000'000

SFr. 260'000'000

100.0%

5'243'860

SFr. 1'363'403'600

14.1%

11.4% Total cash before fees Paid to underwriters Others Net sold by company sold by shareholders Total shares sold Option to underwriters

VCs

Round A B Total

SFr. 260'000'000

SFr. 246'600'000 1'000'000

Revenues 2000 1999 Amount SFr. 31'523'000 SFr. 2'800'000 Growth 1026% Number of employees 146 Avg. val. of stock per emp SFr. 402'822

1'000'000 -

Date 1998 1999

Price per Amount # Shares share SFr. 18'000'000 1818000 SFr. 9.9 SFr. 38'000'000 1503060 SFr. 25.3 SFr. 56'000'000 3321060

Ownership Valuation (approx.) SFr. 23'940'594 SFr. 99'131'292

75% 38%

Activity Town, St f= founder D= director

Internet San Diego, C A Price per share Symbol

Title

Name

f f D C EO D President C hief Media O. C hief Strategy O. C FO D Director

Scott Kyle Mitch Thrower David Alberga Matthew Landa Jon Belmonte Matt Ehrlichman Scott Mendel Thomas C lancy

Officers & executives Other common Total common before options Options-outstanding Options-Available Options-Total Total - company Investors (ESPN) Investors (C anaan) Investors (Elicia Acquisition) Investors (ABS) Investors (Others) Total- Investors Total - PreIPO IPO Option (underwriters) Total outstanding Board Enterprise Part. C anaan Mindspark USTA ABS

Thomas C lancy Stephen Green Joseph Levin Scott Schultz Bruns H. Grayson

Series Designation

Issue Date

Series A-1 Series A-2 Series A-3 Series B-1 Series B-3 Series B-2 Series A-4 Series A-5 Series B-4 Series A-6 Series B-5 Series B-6 Series B-7 Subtotal

Apr-1999 Jun-99 Jun-99 Jul-99 Dec-1999 Dec-1999 Dec-1999 Apr-2000 Apr-2000 Dec-2000 Dec-2000 Nov-01 Nov-01

(B) (C ) (D1) (D2) € (F) (G) (H) (I) (J)

$12.0 ? Founder's Ownership

Company IPO date Market cap. URL

The Active Network, Inc. filed in 2011…. $813'572'700 www.activenetwork.com

Employee PreIPO Ownership Ownership ? 0.4% ? ? 11.5% 9.3% 7.4% 11.4% 1.9% 0.9% 42.7% 29.1% 71.8% 28.2% 0.0% 28.2% 100.0%

Total cash before fees Paid to underwriters Others Net sold by company sold by shareholders Total shares sold Option to underwriters

0.2% ? 4.2% 3.4% 2.7% 4.2% 0.7% 0.3%

15.7% 10.7% 26.4% 10.4% 0.0% 10.4% 36.8% 17.6% 12.7% 8.4% 7.6% 16.9% 63.2% 100.0%

Incorporation State CA Date Oct-98 years to IPO would be 13 years

12

Post IPO Founder's Employee PreIPO Post IPO Value Included © Service des relationsstock industrielles EPFL Ownership Shares Shares Shares Shares options ©(SRI) 0.1% 88'526 88'526 88'526 88'526 $1'062'312 ? ? ? ? ? ? 3.4% 2'317'967 2'317'967 2'317'967 $27'815'604 2'247'608 2.8% 1'865'007 1'865'007 1'865'007 $22'380'084 1'515'007 2.2% 1'491'787 1'491'787 1'491'787 $17'901'444 1'341'787 3.4% 2'288'743 2'288'743 2'288'743 $27'464'916 472'444 0.6% 375'000 375'000 375'000 $4'500'000 375'000 0.3% 186'926 186'926 186'926 $2'243'112 37'813 12.7% 8.6% 21.4% 8.4% 0.0% 8.4% 29.7% 14.2% 10.2% 6.8% 6.1% 13.7% 51.1% 80.8% 19.2% 0.0% 100.0%

?

8'613'956 5'862'844 14'476'800 5'685'047 5'685'047 20'161'847

8'613'956 5'862'844 14'476'800 5'685'047 5'685'047 20'161'847 9'646'735 6'933'372 4'604'037 4'164'570 9'287'164 34'635'878 54'797'725

8'613'956 5'862'844 14'476'800 5'685'047 5'685'047 20'161'847 9'646'735 6'933'372 4'604'037 4'164'570 9'287'164 34'635'878 54'797'725 13'000'000 67'797'725

$156'000'000

$156'000'000 13'000'000

Year 2010 (9 m) Revenues $217'977'000 Profit -$18'180'000 Growth 16% Number of employees Avg. val. of stock per emp

13'000'000 -

Post recapitalization Post 2004 Filing Issued and Liquidation Shares as If Shares Shares Aggregate Shares as If Outstanding Preference C onverted Authorized Issued and Liquidation C onverted Shares Outstanding Preference 641'500 $16'000 641'500 641'500 641'500 16'000 $40'735 750'000 $38'000 750'000 750'000 750'000 $38'000 47'625 405'882 $30'000 444'642 405'882 405'882 $30'000 28'247 5'050'000 $1'111'000 5'050'000 5'050'000 5'050'000 $1'111'000 320'674 5'838'813 $3'301'000 7'098'827 5'838'813 5'838'813 $3'301'000 463'085 2'729'012 $714'000 2'729'012 2'729'012 2'729'012 $714'000 173'291 1'167'315 $150'000 1'419'221 1'167'315 1'167'315 $150'000 90'116 1'082'150 $20'000 1'082'150 1'082'150 1'082'150 $20'000 68'710 2'973'115 $582'000 2'973'115 2'973'115 2'973'115 $582'000 188'788 8'864'254 $650'000 14'578'112 8'864'254 8'660'779 $635'000 904'149 21'861'225 $6'888'000 21'861'225 21'861'225 21'861'225 $6'888'000 1'388'178 84'378'637 $11'248'000 84'378'637 84'378'637 76'878'314 $10'248'000 4'881'764 11'114'479 $1'500'000 11'114'479 11'114'479 3'334'343 $450'000 211'730 146'856'382 $26'248'000 154'120'920 146'856'382 131'372'448 $24'183'000 8'807'092

Ratio 6.3% 6.4% 6.4% 6.3% 6.5% 6.3% 6.3% 6.3% 6.3% 6.2% 6.3% 5.8% 1.9% 5.7%

$103'367'472 $70'354'128 $173'721'600 $68'220'564 $0 $68'220'564 $241'942'164 $115'760'820 $83'200'464 $55'248'444 $49'974'840 $111'445'968 $415'630'536 $657'572'700 $156'000'000 $0 $813'572'700 2009 (9m) $188'512'000 -$23'782'000 2'281 $60'752

5'989'659

Activity Town, St f= founder D= director Title fD President, C EO fD EVP, Secretary VP VP, C FO

Software Palo Alto, C A Price per share Symbol

$11.0 ADBE

Adobe Systems Aug-86 $57'366'034 www.adobe.com

Incorporation State CA Date Dec-82 years to IPO 3.7

13

© Service des relations industrielles©(SRI) EPFL

Name

Founder's Employee PreIPO Post IPO Founder's Employee PreIPO Post IPO Value Ownership Ownership Ownership Ownership Shares Shares Shares Shares John Warnock 50.0% 18.4% 7.8% 7.0% 364'530 364'530 364'530 364'530 $4'009'830 C harles Geschke 50.0% 18.4% 7.8% 7.0% 364'530 364'530 364'530 364'530 $4'009'830 Stephen A. MacDonald 13.6% 5.8% 5.2% 270'390 270'390 270'390 $2'974'290 Bruce Nakao 1.5% 0.6% 0.6% 30'000 30'000 30'000 $330'000

Officers & executives Other common Total common before options Options-outstanding Options-Available Options-Total Total - company Investors (H&Q, Wiles, Evans) Investors (Apple) Total- Investors Total - PreIPO IPO Option (underwriters) Total outstanding

D D D D

Company IPO date Market cap. URL

Board Bill Hambrecht David Evans (Evans & Sutherland) Albert Eisenstat (Apple C omputer) T. Q. Wiles (H&Q) C hairman

100.0%

51.9% 26.5% 78.4% 14.3% 7.3% 21.6% 100.0%

46.9%

36.8%

15.6%

22.1% 11.3% 33.3% 6.1% 3.1% 9.2% 42.5% 39.1% 18.3% 57.5% 100.0%

14.0%

19.7% 10.1% 29.8% 5.4% 2.8% 8.2% 38.0% 35.0% 16.4% 51.4% 89.5% 9.6% 1.0% 100.0%

Total cash before fees Paid to underwriters Others Net sold by company sold by shareholders Total shares sold Option to underwriters

729'060

1'029'450 525'978 1'555'428 282'660 145'050 427'710 1'983'138

$5'500'000 $244'500

500'000 50'000

Round

Date

Amount

H&Q Venture Partners

A B

Apple C omputer

C

Dec-82 Dec-82 Oct-83 Nov-84

$450'002 $299'916 $1'749'514 $2'499'368

# Shares 380'712 211'506 1'233'790 855'948

1'029'450 525'978 1'555'428 282'660 145'050 427'710 1'983'138 1'826'008 855'948 2'681'956 4'665'094 500'000 50'000 5'215'094

Revenues 2005 Amount $4'604'000 Growth 108% Number of employees Avg. val. of stock per emp

$5'255'500 500'000

VCs

1'029'450 525'978 1'555'428 282'660 145'050 427'710 1'983'138 1'826'008 855'948 2'681'956 4'665'094

Price per share $1.182 $1.418 $1.418 $2.920

$11'323'950 $5'785'758 $17'109'708 $3'109'260 $1'595'550 $4'704'810 $21'814'518 $20'086'088 $9'415'428 $29'501'516 $51'316'034 $5'500'000 $550'000 $57'366'034 2004 $2'209'000 49 $181'531

Activity Town, St f= founder D= director Title fD f fD f

D D D D

Internet Hangzhou, C hina Price per share Symbol

HK$13.5 1688.HK

Company IPO date Market cap. URL

Alibaba Nov-07 HK$70'027'958'835 www.alibaba.com

Name

Founder's Employee PreIPO Post IPO Ownership Ownership Ownership Ownership C haiman MA Yun, Jack 64.0% 37.1% 4.6% C FO Alibaba Group TSAI C hung, Joseph 26.0% 15.1% 1.9% VP Sales DAI Shan, Trudy 5.4% 3.1% 0.4% Head of Prod Dev XIE Shi Huang, Simon 4.6% 2.6% 0.3% C EO WEI Zhe, David 8.4% 1.0% C FO WU Wei, Maggie 1.7% 0.2% Web and IT dev. PENG Yi Jie, Sabrina 0.6% 0.1% Director TSUEI, Andrew Tien Y. 0.4% 0.1% Director LONG Yong Tu 0.02% 0.002% Director NIU Gen Sheng 0.02% 0.002% Director KWAUK Teh Ming, Walter 0.02% 0.002% Officers & executives 100.0% 69.2% 8.5% Other common to employees 1.8% 0.2% Total common before options 81.6% 71.0% 8.8% Options-outstanding 6.9% 0.9% Other entities 22.1% 2.7% Options-Total 29.0% 3.6% Total - company 58.0% 100.0% 12.3% Investors (Yahoo) 37.9% Investors (Softbank) 28.5% Other investors 21.2% Total- Investors 87.7% Total - PreIPO 7.1% 100.0% IPO (New shares) IPO (Sold by existing) Total outstanding 6.8%

There were 16 founders of Alibaba only 4 are mentioned in the filing

Total cash before fees Paid to underwriters & other fees Net sold by company sold by shareholders Total shares sold Option to underwriters (exercised)

4.4% 1.8% 0.4% 0.3% 1.0% 0.2% 0.1% 0.05% 0.002% 0.002% 0.002% 8.2% 0.2% 8.4% 0.8% 2.6% 3.4% 11.8% 36.3% 27.3% 20.3% 83.8% 95.6% 4.4% 12.2% 100.0%

Incorporation State Date years to IPO

14

C ayman Islands Jun-99 8.4

Founder's Employee PreIPO Post IPO Value Including ©Shares Service des relations industrielles ©(SRI) EPFL Shares Shares Shares Options 226'952'428 226'952'428 226'952'428 226'952'428 HK$3'063'857'778 19'534'028 92'172'496 92'172'496 92'172'496 92'172'496 HK$1'244'328'696 2'420'000 19'085'260 19'085'260 19'085'260 19'085'260 HK$257'651'010 1'302'160 16'171'284 16'171'284 16'171'284 16'171'284 HK$218'312'334 1'474'200 51'650'000 51'650'000 51'650'000 HK$697'275'000 3'400'000 10'250'000 10'250'000 10'250'000 HK$138'375'000 600'000 3'850'000 3'850'000 3'850'000 HK$51'975'000 475'000 2'620'000 2'620'000 2'620'000 HK$35'370'000 800'000 100'000 100'000 100'000 HK$1'350'000 100'000 100'000 100'000 HK$1'350'000 100'000 100'000 100'000 HK$1'350'000 354'381'468 423'051'468 423'051'468 423'051'468 HK$5'711'194'818 30'005'388 11'022'231 11'022'231 11'022'231 HK$148'800'119 434'073'699 434'073'699 434'073'699 HK$5'859'994'937 42'169'612 42'169'612 42'169'612 HK$569'289'762 135'000'000 135'000'000 135'000'000 HK$1'822'500'000 177'169'612 177'169'612 177'169'612 HK$2'391'789'762 611'243'311 611'243'311 611'243'311 HK$8'251'784'699 1'881'711'000 1'881'711'000 HK$25'403'098'500 1'413'695'700 1'413'695'700 HK$19'084'891'950 1'053'249'699 1'053'249'699 HK$14'218'870'937 4'348'656'399 4'348'656'399 HK$58'706'861'387 4'959'899'710 4'959'899'710 HK$66'958'646'085 227'356'500 HK$3'069'312'750 631'544'500 HK$8'525'850'750 5'187'256'210 HK$70'027'958'835 HK$3'069'312'750 HK$130'312'750 HK$2'939'000'000 227'356'500 631'544'500 858'901'000 113'678'000

Investors Softbank, Goldman Sachs, Fidelity, and other institutions

Date Amount Sep-99 $1'000'000 Jun-00 $11'000'000 Feb-04 $13'000'000 Total $25'000'000.00 then Yahoo made a strategic investment of $1B for 40% of Alibabab in 2005. 1 Hong Kong Dollar (HK$) is 0.1285 US$ so a ratio of about 1 to 8. 1 C hinese Yuan is 0.1346 US$ NB: % ownership in founders column are ownership at creation (always 100%), then dilution with common, options, investors and post IPO More info on filing at http://www.hkexnews.hk/listedco/listconews/sehk/20071023/LTN20071023003.HTM Rounds are in Appendix VII page 5

Year 2006 Revenues ¥1'363'000'000 Profit ¥291'000'000 Growth 85% Number of employees Avg. val. of stock per emp

2005 ¥738'000'000 ¥103'000'000 4900 HK$518'488

Activity Town, St f= founder D= director Title fD C hair. Pdt & C EO VP, exec editor VP marketing C FO D Director D Director D Director

Internet Seattle, Washington Price per share $18.0 Symbol AMZN Name Jeff Bezos Rick Ayre Mark Breier Joy C ovey Tom Alberg Scott C ook Patricia Stonesifer

Officers & executives Other common Total common Options - outstanding Options - available Options - total Total - company Investors (Kleiner Perkins) Investors (others) Total- Investors Total - PreIPO IPO Option (underwriters) Total outstanding

D D D D

Board Tom Alberg Scott C ook John Doerr Patricia Stonesifer

Madrona Intuit Kleiner Perkins ex-Microsoft

Company IPO date Market cap. URL

Amazon May-97 $493'278'318 www.amazon.com

Incorporation State WA Date Jul-94 years to IPO 2.9

15

© Service des relations industrielles©(SRI) EPFL

Founder's Employee PreIPO Post IPO Founder's Employee PreIPO Post IPO Value Ownership Ownership Ownership Ownership Shares Shares Shares Shares 100.0% 47.2% 40.5% 36.1% 10'200'000 9'885'000 9'885'000 9'885'000 $177'930'000

0.7% 0.4% 0.4%

0.6% 0.3% 0.3%

0.5% 0.3% 0.3%

48.6% 34.5% 83.1% 16.9%

41.7% 29.6% 71.3% 14.5%

37.2% 26.4% 63.5% 12.9%

16.9% 100.0%

14.5% 85.9% 14.0% 0.1% 14.1% 100.0%

12.9% 76.5% 12.5% 0.1% 12.6% 89.1% 10.9%

100.0% 58.6%

48.7%

41.8%

37.2%

10'200'000

100.0% Total cash before fees Paid to underwriters Others Net sold by company sold by shareholders Total shares sold Option to underwriters Round

Date

A A Total

Jun-96 Jul-97

$54'000'000 $4'900'000 $49'100'000 3'000'000

150'000 75'000 75'000

150'000 75'000 75'000

150'000 75'000 75'000

$2'700'000 $1'350'000 $1'350'000

10'185'000 7'227'326 17'412'326 3'543'849

10'185'000 7'227'326 17'412'326 3'543'849

10'185'000 7'227'326 17'412'326 3'543'849

$183'330'000 $130'091'868 $313'421'868 $63'789'282

3'543'849 20'956'175

3'543'849 20'956'175 3'418'176 30'000 3'448'176 24'404'351

3'543'849 20'956'175 3'418'176 30'000 3'448'176 24'404'351 3'000'000

$63'789'282 $377'211'150 $61'527'168 $540'000 $62'067'168 $439'278'318 $54'000'000

27'404'351

$493'278'318

Year 1996 Revenues $15'746'000 Profit -$5'777'000 Growth 2981% Number of employees Avg. val. of stock per emp

3'000'000 Amount $8'004'229 $200'000 $8'204'229

# Shares

Price per Conversion New share shares 569'696 $14.05 6x 3'418'176 5'000 $40.00 6x 30'000 574'696 3'448'176

1995 $511'000 -$303'000 256 $757'348

Activity Town, St f= founder D= director Title

Semiconductor Sunnyvale, C A Price per share Symbol Name

fD f f f f f f f

Pres. & C EO, chair Jerry Sanders VP Sales Ed Turney VP C omp. Ops John C arey Dir. Eng. Sven Simonsen (left) * Jack Gifford VP Lin. Ops Larry Stenger (left) * Frank Botte Dir. Eng. Jim Giles Treasurer Richard Previte D Secretary Thomas Skornia Officers & executives Other common Total common before options Options-outstanding Options-Available Options-Total Total - company Investors (C apital management) Investors (others) Total- Investors Total - PreIPO IPO Option (underwriters) Total outstanding VCs D C apital Mgmt D Syntex/Stanford

Michael Shanahan Gene Brown

$17.0 AMD

Company IPO date Market cap. URL

Incorporation State DE Date May-69 years to IPO 3.3

16

© Service des relations industrielles ©(SRI) EPFL Founder's Employee PreIPO Post IPO Founder's Employee PreIPO Post IPO Value Sold Ownership Ownership Ownership Ownership Shares Shares Shares Shares at IPO 16.0% 8.7% 4.6% 3.9% 102'000 102'000 102'000 99'500 $1'691'500 2'500 12.0% 6.5% 3.2% 2.6% 76'500 76'500 70'625 68'125 $1'158'125 2'500 12.0% 6.5% 3.5% 2.9% 76'500 76'500 76'500 74'000 $1'258'000 2'500 12.0% 6.5% 3.5% 2.9% 76'500 76'500 76'500 74'000 $1'258'000 2'500 12.0% 2.2% 1.2% 1.0% 76'500 25'500 25'500 25'500 $433'500 12.0% 6.5% 3.5% 2.9% 76'500 76'500 76'500 74'000 $1'258'000 2'500 12.0% 2.7% 1.4% 1.2% 76'500 31'875 31'875 31'875 $541'875 12.0% 6.5% 3.5% 2.9% 76'500 76'500 76'500 74'000 $1'258'000 2'500 1.3% 0.7% 0.6% 15'000 15'000 15'000 $255'000 0.4% 0.2% 0.2% 4'500 4'500 4'500 $76'500 100.0% 47.9% 25.2% 20.9% 637'500 561'375 555'500 540'500 $9'188'500 15'000 32.2% 17.2% 14.6% 377'680 377'680 377'680 $6'420'560 67.9% 80.1% 42.4% 35.6% 939'055 933'180 918'180 $15'609'060 8.1% 4.3% 3.7% 94'377 94'377 94'377 $1'604'409 11.8% 6.3% 5.4% 138'250 138'250 138'250 $2'350'250 19.9% 10.6% 9.0% 232'627 232'627 232'627 $3'954'659 54.4% 100.0% 52.9% 44.6% 1'171'682 1'165'807 1'150'807 $19'563'719 4.4% 3.4% 96'500 86'500 $1'470'500 10'000 42.7% 32.7% 939'691 844'691 $14'359'747 95'000 47.1% 36.1% 1'036'191 931'191 $15'830'247 105'000 29.0% 100.0% 80.6% 2'201'998 2'081'998 $35'393'966 120'000 16.8% 432'580 $7'353'860 2.6% 67'420 $1'146'140 24.7% 100.0% 2'581'998 $43'893'966 Total cash before fees Paid to underwriters Others Net sold by company sold by shareholders Total shares sold Option to underwriters Round

Date

1st 2nd Misc

Jul-Sep 69 Feb. 71 1972 1972

Total *

Advanced Micro Devices, Inc. Sep-72 $43'893'966 www.amd.com

$7'353'860

$7'353'860 500'000 120'000 620'000 67'420 Amount $1'700'000 $612'819 $25'000 $46'550 $2'384'369

# Shares 850'000 175'091 5000 6'100 1'036'191

Revenues 1972 Amount $4'638'875 Growth 247% Number of employees Avg. val. of stock per emp

Price per Valuation share $2.00 $3.50 $5.00 $7.63

Advanced Micro Devices was founded on May 1, 1969, by a group of former executives from Fairchild Semiconductor, including Jerry Sanders, III, Ed Turney, John C arey, Sven Simonsen, Jack Gifford and three members from Gifford's team, Frank Botte, Jim Giles, and Larry Stenger. Gifford and Botte left and did not keep all their founders shares Furthermore all sharesholders sold shares at IPO. Founders sold 2'500 each and total was 120'000

1971 $1'337'031 302 $34'355

Amgen is not available

17

© Service des relations industrielles©(SRI) EPFL

Activity Town, St f= founder D= director Title

EDA San Jose, C A Price per share Symbol Name

fD f f f f

$10 APAD Founder's Ownership 50.4% 16.8% 15.7% 17.1%

C hairman & C EO Andrew Young ex-C EO & C TO Shen Lin VP Norman C hang founding R&D teamYu Liu founding R&D teamWeize Yie C FO Emily C hang SVP Prod & GM AsiaDian Yang VP Worldwide SalesSteven (C raig) Shirley VP Prod. Eng. Aveek Sarkar D Director Ping Yang D Director Lori Holland Officers & executives 100.0% Other common Options exercised Total common before options 60.3% Options-outstanding Options-Available Options-Total Total - company 40.8% Investors (Intel) Investors (Bechtolsheim) Investors (others) Total- Investors Total - PreIPO 30.0% IPO Option (underwriters) Total outstanding 24.5%

Company IPO date Market cap. URL

Apache Design Solutions 1-juin-11 ? $273'268'900 www.apache-da.com

1.2% 1.7% 0.9% 1.3% 0.9% 0.2% 47.0% 18.7% 67.7% 14.0% 18.3% 32.3% 100.0%

0.9% 1.2% 0.6% 0.9% 0.7% 0.2% 34.5% 13.7% 49.7% 10.3% 13.4% 23.7% 73.4% 4.9% 6.7% 14.9% 26.6% 100.0%

0.7% 1.0% 0.5% 0.8% 0.6% 0.1% 28.2% 11.2% 40.6% 8.4% 11.0% 19.4% 60.0% 4.0% 5.5% 12.2% 21.7% 81.7% 18.3%

6'692'794

191'538 277'692 140'000 211'000 151'875 37'500 7'702'399 3'066'273 11'099'815 2'293'410 3'000'000 5'293'410 16'393'225

191'538 277'692 140'000 211'000 151'875 37'500 7'702'399 3'066'273 11'099'815 2'293'410 3'000'000 5'293'410 16'393'225 1'104'995 1'496'705 3'331'965 5'933'665 22'326'890

100.0%

TSMC

Intel, Yang, Bechtolsheim

18

© Service des relationsIncluded industrielles©(SRI) EPFL Employee PreIPO Post IPO Founder's Employee PreIPO Post IPO Value Ownership Ownership Ownership Shares Shares Shares Shares Options 20.6% 15.1% 12.3% 3'371'448 3'371'448 3'371'448 3'371'448 $33'714'480 6.9% 5.0% 4.1% 1'127'348 1'127'348 1'127'348 1'127'348 $11'273'480 11'538 6.4% 4.7% 3.8% 1'050'598 1'050'598 1'050'598 1'050'598 $10'505'980 121'538 7.0% 5.1% 4.2% 1'143'400 1'143'400 1'143'400 1'143'400 $11'434'000 87'692

IPO Board Ping Yang Lori Holland

Incorporation State DE, C A Date janv-01 years to IPO 10.4

Series A Series B Total

27'326'890

Total cash before fees $50'000'000 Paid to underwriters Others Net $50'000'000 Shares sold by company 5'000'000 Shares sold by shareholders Total shares sold 5'000'000 Option to underwriters -

Aug-01 ?

3'633'665 2'300'000 5'933'665

Intel

191'538 277'692 140'000 211'000 151'875 37'500 7'702'399 3'066'273 11'099'815 2'293'410 3'000'000 5'293'410 16'393'225 1'104'995 1'496'705 3'331'965 5'933'665 22'326'890 5'000'000

$1'741'252 $4'255'000

Year Amount Profit Growth Employees

$1'915'380 $2'776'920 $1'400'000 $2'110'000 $1'518'750 $375'000 $77'023'990 $30'662'730 $110'998'150 $22'934'100 $30'000'000 $52'934'100 $163'932'250 $11'049'950 $14'967'050 $33'319'650 $59'336'650 $223'268'900 $50'000'000 $0 $273'268'900

20'000 31'000 21'875 37'500

331'143 1.2%

$44'047'000 $34'601'000 $3'304'000 $3'269'000 27% 257 $208'548

$0.48 $1.85

Series A Series B 834'725 270'270

As of February 28, 2011, there were 116 holders of our common stock, 16 holders of our Series A preferred stock, and 22 holders of our Series B preferred stock. Apache Design Solutions, Inc. was founded in March 2001 by Andrew Yang, Shen Lin, Norman C hang Apache's founding R&D team (Shen Lin, Norman C hang, Weize Xie, and Yu Liu)

Activity Town, St f= founder D= director

fD f D D

C omputers C upertino, C A Price per share Symbol

Title

Name

V. C hairman, VP VP C hairman, EVP Pres, C EO EVP Others

Steve Jobs Steve Wozniak Mike Markkula Mike Scott Thomas Whitney

Founders and managers Other common Total common before options Options-Granted Options-Available Options-Total Sub-total Investors (VC s) Investors (others) Total- Investors Total - PreIPO IPO Option (underwriters) Total outstanding VCs D Venrock (Peter C risp) Sequoia (Don Valentine) D A. Rock

$22 AAPL

Company IPO date Market cap. URL

Apple Computers 12-Dec-80 $1'379'851'704 www.apple.com

Incorporation State CA Date Jan-77 years to IPO 3.9

19

© Service des relations industrielles ©(SRI) EPFL Value

Ownership Shares Founders Employees PreIPO Post IPO Founders Employees PreIPO Post IPO 65.4% 16.5% 13.5% 12.0% 7'542'448 7'542'448 7'542'448 7'542'448 34.6% 8.7% 7.1% 6.4% 3'989'231 3'989'231 3'989'231 3'989'231 15.4% 12.6% 11.2% 7'029'448 7'029'448 7'029'448 6.1% 5.0% 4.5% 2'810'232 2'810'232 2'810'232 2.4% 2.0% 1.8% 1'120'000 1'120'000 1'120'000 10.3% 8.5% 7.5% 4'733'312 4'733'312 4'733'312 100.0%

59.5% 28.1% 87.6% 12.4%

48.7% 23.0% 71.8% 10.1%

12.4% 100.0%

10.1% 81.9% 7.8% 10.3% 18.1% 100.0%

20.6%

18.4%

43.4% 20.5% 63.9% 9.0% 4.5% 13.6% 77.5% 7.0% 9.2% 16.2% 93.6% 6.4%

11'531'679

27'224'671 12'860'963 40'085'634 5'652'600 5'652'600 45'738'234

27'224'671 12'860'963 40'085'634 5'652'600 5'652'600 45'738'234 4'375'816 5'753'882 10'129'698 55'867'932

100.0%

IPO

Total cash before fees Paid to underwriters Other expenses Net sold by company sold by shareholders Total shares sold Option to underwriters

VCs

Round Date C ommon Jan-78 Venrock

$88'000'000 $5'980'000 $661'600 $81'358'400 4'000'000 600'000 4'600'000 Amount # Shares Price $517'500 5'520'000 $288'000 3'200'000

Revenues 1980 1979 Amount $117'125'000 $47'867'000 Growth 145% Number of employees 1'015 Avg. val. of stock per emp. $401'279

$0.09 $0.09

$150'000

1'666'667

$0.09

Rock

$57'600 $703'998 $2'331'086 $4'048'600

640'000 2'514'286 2'400'000 16'179'601

$0.09 $0.28 $0.97

Sep-78 Aug-79

* including shares from managers

27'224'671 $598'942'762 12'860'963 $282'941'186 40'085'634 $881'883'948 5'652'600 $124'357'200 2'852'600 $62'757'200 8'505'200 $187'114'400 48'590'834 $1'068'998'348 4'375'816 $96'267'952 5'753'882 $126'585'404 10'129'698 $222'853'356 58'720'532 $1'291'851'704 4'000'000 $88'000'000 62'720'532 $1'379'851'704

Sequoia A C ommon Total *

$165'933'856 $87'763'082 $154'647'856 $61'825'104 $24'640'000 $104'132'864

Valuation % $3'000'000

$9'664'000 $35'806'857

17%

7% 7%

Activity Town, St f= founder D= director

D fD f f

Microprocessors C ambridge, UK Price per share Symbol

Title

Name

C hairman, C EO C OO VP Bus. Dev. C TO

Robin Saxby Jamie Urquhart Mike Muller Tudor Brown

Founders and managers Other common Total common before options Options-Granted Options-Available Options-Total Sub-total fD Acorn fD Apple Investors (others) Total- Investors Total - PreIPO IPO Shares sold by existing * Total ARM was authorized to create an ESOP equivalent to 10% of common; 1.5M has been fixed. * Apple, Acorn and others sold some shares at IPO explaining the pre and post differences.

Company IPO date Market cap. URL

£5.75 ARMH

Arm Holdings 17-Apr-98 £302'021'729 www.arm.com

Incorporation State UK Date Oct-90 years to IPO 7.5

20

©(SRI) EPFL Ownership Shares© Service des relations industrielles Value Founders Employees PreIPO Post IPO Founders Employees PreIPO Post IPO 15.3% 3.6% 3.1% 1'632'000 1'632'000 1'632'000 £9'384'000 33.3% 2.8% 0.6% 0.6% 295'200 295'200 295'200 295'200 £1'697'400 33.3% 2.8% 0.6% 0.6% 295'100 295'100 295'100 295'100 £1'696'825 33.3% 2.8% 0.6% 0.6% 295'330 295'330 295'330 295'330 £1'698'148 100.0%

1.9%

23.6% 26.5% 50.2% 35.8% 14.1% 49.8% 100.0%

5.5% 6.2% 11.7% 8.3% 3.3% 11.6% 23.3% 32.9% 32.9% 11.0% 76.7% 100.0%

1.7% IPO

Total cash before fees Paid to underwriters Net sold by company sold by shareholders Total shares sold Option to underwriters

4.8% 5.4% 10.2% 7.3% 2.9% 10.1% 20.3% 23.8% 23.8% 7.9% 55.5% 75.8% 13.1% 11.1% 100.0%

885'630

£39'487'602 £5'145'602 £34'342'000 6'867'409 5'845'000 12'712'409 5'845'000

2'517'630 2'828'590 5'346'220 3'811'889 1'500'000 5'311'889 10'658'109

2'517'630 2'828'590 5'346'220 3'811'889 1'500'000 5'311'889 10'658'109 15'000'000 15'000'000 5'000'000 35'000'000 45'658'109

2'517'630 2'828'590 5'346'220 3'811'889 1'500'000 5'311'889 10'658'109 12'495'000 12'495'000 4'165'000 29'155'000 39'813'109 6'867'409 5'845'000 52'525'518

£14'476'373 £16'264'393 £30'740'765 £21'918'362 £8'625'000 £30'543'362 £61'284'127 £71'846'250 £71'846'250 £23'948'750 £167'641'250 £228'925'377 £39'487'602 £33'608'750 £302'021'729

Revenues 1998 1997 Amount £42'268'000 £26'580'000 Growth 59% Number of employees 300 Avg. val. of stock per emp.£127'276

Activity Town, St f= founder D= director Title

Semiconductor Sunnyvale, C A Price per share Symbol Name

fD ex-C EO, consultantTheresa Meng fD C hair John Hennessy C EO C raig Barratt VP Eng. Richard Bahr VP Ops Ranendu Das VP Sales Tom Foster Former C EO Richard Redelfs Founders and managers Other common Total common before options Options-Granted Options-Available Options-Total Sub-total Total- Investors Total - PreIPO IPO Total VCs D NEA D Foundation D August

Company IPO date Market cap. URL

$14.0 ATHR

Atheros 18-Feb-04 $1'026'721'598 www.atheros.com

Incorporation State DE Date May-98 years to IPO 5.8

21

©(SRI) EPFL Ownership Shares© Service des relations industrielles Value Founders Employees PreIPO Post IPO Founders Employees PreIPO Post IPO 83.6% 12.4% 6.5% 5.6% 4'085'000 4'085'000 4'085'000 4'085'000 $57'190'000 16.4% 2.4% 1.3% 1.1% 800'000 800'000 800'000 800'000 $11'200'000 7.0% 3.7% 3.1% 2'300'000 2'300'000 2'300'000 $32'200'000 3.1% 1.6% 1.4% 1'035'000 1'035'000 1'035'000 $14'490'000 1.7% 0.9% 0.8% 570'960 570'960 570'960 $7'993'440 1.4% 0.7% 0.6% 445'000 445'000 445'000 $6'230'000 6.9% 3.6% 3.1% 2'283'000 2'283'000 2'283'000 $31'962'000 100.0%

7.8%

35.0% 26.7% 61.6% 0.0% 0.0% 38.4% 100.0%

18.3% 13.9% 32.2% 14.6% 5.4% 20.1% 52.3% 47.7% 100.0%

6.7% IPO

Total cash before fees Net sold by company Total shares sold Option to underwriters

VCs

Round A B C Total

Date May-99 Mar-00 Apr-01

15.7% 12.0% 27.7% 12.6% 4.7% 17.2% 44.9% 41.0% 85.9% 14.1% 100.0%

4'885'000

11'518'960 8'782'961 20'301'921 9'222'244 3'416'512 12'638'756 32'940'677

$144'900'000 $134'757'000 10'350'000 10'350'000 Amount # Shares Price $6'025'000 12'050'000 $25'300'000 7'676'014 $66'670'856 10'320'566 $97'995'586 30'046'580

Series A Series B Series C Total Foundation 5'000'000 1'327'506 1'547'988 7'875'494 August 5'000'000 1'327'506 464'396 6'791'902 NEA 4'329'292 464'683 4'793'975 Fidelity Mt. Vernon Trust 3'095'975 3'095'975

11'518'960 8'782'961 20'301'921 9'222'244 3'416'512 12'638'756 32'940'677 30'046'580 62'987'257

11'518'960 8'782'961 20'301'921 9'222'244 3'416'512 12'638'756 32'940'677 30'046'580 62'987'257 10'350'000 73'337'257

$161'265'440 $122'961'454 $284'226'894 $129'111'416 $47'831'168 $176'942'584 $461'169'478 $420'652'120 $881'821'598 $144'900'000 $1'026'721'598

Revenues 2003 2002 Amount $87'400'000 $22'200'000 Growth 294% Number of employees 171 Avg. val. of stock per emp. $1'474'110 Valuation % $0.50 $8'467'500 $3.30 $81'117'446 $6.46 $225'658'007

71% 31% 30%

% final 19.1% 12.2% 16.4% 47.7%

Activity Town, St f= founder D= director Title fD C hairman & C EO f co-founder C FO C OO VP Engineering VP Marketing

Internet Beijing, C hina Price per share Symbol Name Robin Yanhong Li Eric Yong Xu Shawn Wang David Hongbo Zhu Jerry Jianguo Liu Dong Liang

Officers & executives Other common Total common before options Options-outstanding Options-Available Options-Total Total - company Investors (DFJ ePlanet) Investors (Integrity) Investors (Peninsula C apital) Investors (IDG) Investors (others) Total- Investors Total - PreIPO IPO (New shares) IPO (Sold by existing) Total outstanding Board Jixun Foo Asad Jamal Scott Walchek (i) James Ding (i) Greg Penner

$27.0 BIDU

Baidu Aug-05 $933'801'345 www.baidu.com

Incorporation State C ayman Islands Date Jan-00 years to IPO 5.6

22

Founder's Employee PreIPO Post IPO Founder's Employee PreIPO Post IPO © Service Value des relations Including Sold©(SRI) atEPFL IPO industrielles Ownership Ownership Ownership Ownership Shares Shares Shares Shares Options 69.8% 37.8% 17.8% 15.4% 5'490'000 5'573'333 5'573'333 5'323'333 $143'729'991 83'333 250'000 30.2% 16.2% 7.6% 6.4% 2'380'000 2'380'000 2'380'000 2'220'000 $59'940'000 160'000 2.2% 1.0% 0.9% 322'488 322'488 322'488 $8'707'176 322'488 2.1% 1.0% 0.9% 310'000 310'000 310'000 $8'370'000 138'751 2.2% 1.0% 0.9% 328'000 328'000 298'000 $8'046'000 52'584 30'000 0.8% 0.4% 0.3% 120'000 120'000 120'000 $3'240'000 120'000 100.0% 64.2%

53.4%

61.3% 21.9% 83.3% 8.5% 8.2% 16.7% 100.0%

25.1%

28.8% 10.3% 39.1% 4.0% 3.9% 7.8% 46.9% 26.1% 10.2% 9.4% 4.6% 2.8% 53.1% 100.0%

22.8%

DFJ ePlanet DFJ ePlanet Integrity Partners AsiaInfo Madrone C apital(ex-Walmart)

(i) independant director

Company IPO date Market cap. URL

24.8% 9.3% 34.1% 3.6% 3.5% 7.1% 41.3% 23.7% 8.9% 8.5% 3.9% 2.0% 47.1% 88.3% 9.3% 2.4% 100.0%

Total cash before fees Paid to underwriters Others Net sold by company sold by shareholders Total shares sold Option to underwriters Round

Date

A B C Total VC Integrity Peninsula Draper IDG Google Others Total

Feb-00 Sep-00 Jun-04

$86'634'792

$86'634'792 3'208'696 831'706 4'040'402 831'706 Amount

$1'200'000 $9'998'400 $15'000'010 $26'198'410 Series A Series B 2'400'000 600'000 2'400'000 360'000 7'200'000 1'440'000

4'800'000

7'870'000

9'600'000

# Shares

9'033'821 3'232'017 12'265'838 1'246'840 1'214'984 2'461'824 14'727'662

9'033'821 3'232'017 12'265'838 1'246'840 1'214'984 2'461'824 14'727'662 8'186'591 3'202'399 2'953'403 1'440'000 866'484 16'648'877 31'376'539

8'593'821 3'213'321 11'807'142 1'246'840 1'214'984 2'461'824 14'268'966 8'186'591 3'094'307 2'953'403 1'340'000 701'566 16'275'867 30'544'833 3'208'696 831'706 34'585'235

Year 2004 Revenues $14'191'000 Profit $1'330'000 Growth 189% Number of employees Avg. val. of stock per emp

Price per Valuation share 4'800'000 $0.25 $3'167'500 9'600'000 $1.04 $23'194'205 2'248'877 $6.67 $163'540'910 16'648'877 Series C Amount 202'399 $2'574'901 193'403 $2'264'938 749'625 $12'498'799 $1'499'760 749'625 $4'999'999 353'825 $2'360'013 2'248'877 $26'198'410

$232'033'167 $86'759'667 $318'792'834 $33'664'680 $32'804'568 $66'469'248 $385'262'082 $221'037'957 $83'546'289 $79'741'881 $36'180'000 $18'942'282 $439'448'409 $824'710'491 $86'634'792 $22'456'062 $933'801'345 2003 $4'901'985 -$1'123'441 750 $204'305

717'156

440'000 18'696 458'696

108'092 100'000 164'918 831'706

Activity Town, St f= founder D= director Title f f f D

Electronic storage San Jose, C A Price per share Symbol Name

$10.0 BLRC

Founder & ex-C TO Geoff Barrall Foundner & ex-C EO Jeff Pinkham Foundner & ex-C EO Jon Meyer President and C EO Michael Gustafson C FO Rick Martig C TO Shmuel Shottan SVP C ustomer Ops C hristopher McBride SVP Prod. & Tech. OpsDavid de Simone SVP Marketing & BD Bridget Warwick VP Gbl C hl Sales C hristopher White

Board Paul Madera David Martin Gary Morgenthaler Michael Stark José Suarez Duston Williams

Bluearc Corp Jun-11 $582'444'300 www.bluearc.com

Founder's Employee PreIPO Post IPO Ownership Ownership Ownership Ownership

Officers & executives Other common Total common before options Options-Outstanding Options-Available Options-Total Total - company Investors (Meritech) Investors (C rosslink) Investors (Investor Growth C apital) Investors (Morgenthaler) Investors (others) Total- Investors Total - PreIPO IPO Option (underwriters) Total outstanding

D D D D D D

Company IPO date Filing Market cap. URL

Meritech C rosslink Investor Growth C apital Morgenthaler Rod C anion Peter Johnson Others Total Pre-recapitalization

Founder's Shares

Employee Shares

PreIPO Shares

Value

Including Options

© Service des relations industrielles©(SRI) EPFL

2.8% 0.3% 0.7% 0.5%

2.5% 0.3% 0.6% 0.4%

1'453'370 177'762 378'245 244'666

1'453'370 177'762 378'245 244'666

1'453'370 177'762 378'245 244'666

$14'533'700 $1'777'620 $3'782'450 $2'446'660

688'590 177'762 146'995 194'666

1.2%

0.3%

0.2%

142'517

142'517

142'517

$1'425'170

142'517

21.0% 21.6% 42.6% 49.6% 7.8% 57.4% 100.0%

4.7% 4.8% 9.5% 11.1% 1.7% 12.8% 22.3% 19.8% 12.5% 9.3% 8.0% 28.0% 77.7% 100.0%

4.1% 4.2% 8.3% 9.7% 1.5% 11.3% 19.6% 17.5% 11.0% 8.1% 7.1% 24.7% 68.4% 88.0% 12.0%

2'396'560 2'465'474 4'862'034 5'668'832 894'327 6'563'159 11'425'193

2'396'560 2'465'474 4'862'034 5'668'832 894'327 6'563'159 11'425'193 10'165'446 6'429'420 4'745'146 4'119'292 14'359'933 39'819'237 51'244'430

2'396'560 2'465'474 4'862'034 5'668'832 894'327 6'563'159 11'425'193 10'165'446 6'429'420 4'745'146 4'119'292 14'359'933 39'819'237 51'244'430 7'000'000

$23'965'600 $24'654'740 $48'620'340 $56'688'320 $8'943'270 $65'631'590 $114'251'930 $101'654'460 $64'294'200 $47'451'460 $41'192'920 $143'599'330 $398'192'370 $512'444'300 $70'000'000

1'350'530

58'244'430

$582'444'300

2009 $65'875'000 -$15'753'000 -11%

2008 $74'230'000 -$19'578'000

-

100.0% Total cash before fees Paid to underwriters 33'926 Others Net sold by company sold by shareholders 41'280 Total shares sold Option to underwriters

$70'000'000 Year 2010 Revenues $85'589'000 Profit -$9'425'000 $70'000'000 Growth 30% 7'000'000 Number of employees Avg. val. of stock per emp 7'000'000 -

Round

Date

Amount

AA BB CC DD EE FF GG Total

May-05 $19'174'248 idem + recap idem + recap May-06 $28'999'980 Nov-06 $4'099'996 May-08 $23'287'887 Jul-10 $21'106'166 $96'668'277

1'797'705 9'297'699

Round A B Weston Presidio, C eltic House, Apax C Meritech, C rosslink D Total

285'021 310'019 Date 1998 2000 May-01 May-03

3'381'642 143'211 143'211 1'655'249 7'004'826 Amount $10'000'000 $28'000'000 $72'000'000 $47'000'000 $157'000'000

296 $305'021

# Shares

Price per After Valuation share conversion 6'391'416 $3.00 5'886'769 9'297'699 9'251'864 310'019 3'660'345 $47'997'402 7'004'826 $4.14 6'782'151 $95'236'394 789'980 $5.19 807'897 $123'490'549 5'140'814 $4.53 5'087'792 $131'074'436 8'342'358 $2.53 8'342'358 $94'311'093 37'277'112 39'819'175

Series AA Series BB Series C C Series DD Series EE 2'516'955 4'500'000 24'998 1'081'374 1'677'964 2'999'994 600'139

333'333 333'333 1'529'831 6'391'416

Post IPO Shares

23

12.7% 1.6% 3.3% 2.1%

Shares Meritech 280 C apital Partners Morgenthaler C rosslink Investor Growth C apital (SandForce)

Incorporation State England, then C A & DE Year 1998 years to IPO 13

Series FF Series GG Total Amount 641'449 957'680 9'722'456 $17'356'448 416'776 622'249 6'317'122 $10'980'753 4'745'146 4'745'146 $12'005'219 267'028 398'670 4'047'340 $16'218'270 476'544 $1'592'893 476'544 $1'592'893 789'980 3'815'561 1'618'613 11'491'960 $32'821'806 789'980 5'140'814 8'342'358 37'277'112 $96'668'277

$320'000'000

Activity Town, St f= founder D= director Title fD Pdt & C EO fD VP R&D & C TO Director Director Director VP & C FO VP Marketing VP & GM VP Manuf. Ops VP WW Sales

Semiconductor Irvine, C A Price per share Symbol Name Henry T. Nicholas, III Henry Samueli Werner F. Wolfen Myron S. Eichen Alan E. Ross William J. Ruehle Tim M. Lindenfelser Martin J. C olombatto Vahid Manian Aurelio E. Fernandez

Officers & executives Other common Options exercised Total common before options Options-outstanding Options-Available Options-Total Total - company Investors (General Instrument) Investors (Intel) Investors (Scientific-Atlanta) Investors (Others) Total- Investors Total - PreIPO IPO Sold to C isco Sold by existing Total outstanding Board D Myron S. Eichen entrepreneur D Alan E. Ross semicon expert D Werner F. Wolfen lawyer

Investor

Scientific Atlanta 22 investors General Instrument

$24 BRC M

Company IPO date Market cap. URL

Broadcom Corp Apr-98 $1'527'510'288 www.broadcom.com

Incorporation State CA Date Aug-91 years to IPO 6.7

24

Founder's Employee PreIPO Post IPO Founder's Employee PreIPO IPOdes relations Value industrielles Sold at IPO © Post Service ©(SRI) EPFL Ownership Ownership Ownership Ownership Shares Shares Shares Shares 50.0% 22.1% 19.0% 17.6% 11'475'000 11'475'000 11'475'000 11'185'000 $268'440'000 290'000 50.0% 22.1% 19.0% 17.6% 11'475'000 11'475'000 11'475'000 11'185'000 $268'440'000 290'000 1.1% 0.9% 0.9% 550'632 550'632 550'632 $13'215'168 0.7% 0.6% 0.5% 345'351 345'351 345'351 $8'288'424 0.2% 0.2% 0.2% 105'000 105'000 105'000 $2'520'000

100.0%

46.1% 21.8% 67.9% 16.6% 15.5% 32.1% 100.0%

65.1%

44.2%

39.7% 18.7% 58.4% 14.3% 13.3% 27.6% 86.0% 3.7% 2.6% 2.5% 5.2% 14.0% 100.0%

38.0%

36.1% IPO

36.7% 17.5% 54.3% 13.6% 12.6% 26.2% 80.4% 3.5% 2.5% 2.5% 5.2% 13.3% 93.7% 4.3% 0.8% 1.2% 100.0%

Total cash before fees Paid to underwriters Net Shares sold by company Sold to C isco Shares sold by shareholders New shares sold

Round Series A Series B Series C Series D Series E Total

Date

Mar-95 Feb-96 Sep-97

22'950'000

23'950'983 11'313'449 35'264'432 8'624'653 8'038'660 16'663'313 51'927'745

$78'360'000 Year $1'628'000 Revenues Profit $76'732'000 Growth 2'765'000 Employees 500'000 735'000 3'265'000

23'950'983 11'313'449 35'264'432 8'624'653 8'038'660 16'663'313 51'927'745 2'250'000 1'576'800 1'500'000 3'126'717 8'453'517 60'381'262

23'370'983 11'158'449 34'529'432 8'624'653 8'038'660 16'663'313 51'192'745 2'250'000 1'576'800 1'500'000 3'126'717 8'453'517 59'646'262 2'765'000 500'000 735'000 63'646'262

1997 $36'955'000 -$1'173'000 73%

1996 $21'370'000 $3'016'000 250% 353

Shares Amount Price / share Conversion Shares at IPO 500'000 $1'000'000 $2.00 3x 1'500'000 600'000 $1'200'000 $2.00 3x 1'800'000 500'000 $1'000'000 $2.00 3x 1'500'000 467'839 $2'807'034 $6.00 3x 1'403'517 1'500'000 $22'725'000 $15.15 1.5x 2'250'000 3'567'839 8'453'517

$560'903'592 $267'802'776 $828'706'368 $206'991'672 $192'927'840 $399'919'512 $1'228'625'880 $54'000'000 $37'843'200 $36'000'000 $75'041'208 $202'884'408 $1'431'510'288 $66'360'000 $12'000'000 $17'640'000 $1'527'510'288 1995 $6'107'000 $4'000 $586'379

580'000 155'000 735'000

Activity Town, St f= founder D= director Title fD C hairman & C EO VP Bus. dev. ex-VP Engineering D Director C FO VP Engineering GM C ons. Services VP, GM Asian Ops VP Marketing VP, GM Eur. Ops Secretary

Ecommerce Los Altos, C A Price per share Symbol Name Pehong C hen Mark D. Goros C arl N. Dellar Koh Boon Hwee Randall C . Bolten C lark W. C atelain Rani M. Hublou Giuseppe Kobayashi Robert A. Runge Francois Stieger Kenneth L. Guernsey

Officers & executives Other common Total common Options - outstanding Options - available Options - total Total - company Investors (Mayfield) Investors (Sutter Hill) Investors (Itochu) Investors (Others) Total- Investors

$7.0 BVSN

Broadvision Inc Jun-96 $165'104'625 www.broadvision.com

68.9%

51.5%

62.4% 12.3% 74.7% 8.9% 16.4% 25.3% 100.0%

28.0%

33.9% 6.7% 40.6% 4.8% 8.9% 13.7% 54.3% 12.4% 12.0% 7.7% 13.6% 45.7%

29.1% 5.7% 34.8% 4.1% 7.6% 11.8% 46.6% 10.6% 10.3% 6.6% 11.7% 39.2%

100.0%

85.8%

IPO Total outstanding

24.0%

Board D Yogen K. Dalal Mayfield D David L. Anderson Sutter Hill D Gregory Smitherman Ameritech Dev. C orp

Mayfield Sutter Hill Itochu Ameritech Koh Boon Hwee Subtotal

Incorporation State DE Date May-93 years to IPO 3.1

25

Founder's Employee PreIPO Post IPO Founder's Employee PreIPO Post © IPOService Value Including des relations industrielles ©(SRI) EPFL Ownership Ownership Ownership Ownership Shares Shares Shares Shares Options 100.0% 56.1% 30.5% 26.1% 5'660'000 6'160'000 6'160'000 6'160'000 $43'120'000 500'000 2.7% 1.5% 1.3% 300'100 300'100 300'100 $2'100'700 300'000 1.9% 1.0% 0.9% 204'800 204'800 204'800 $1'433'600 1.7% 0.9% 0.8% 191'608 191'608 191'608 $1'341'256 50'000

100.0%

Total - PreIPO

Company IPO date Market cap. URL

$47'995'556 $9'485'007 $57'480'563 $6'842'906 $12'595'331 $19'438'237 $76'918'800 $17'500'000 $16'992'276 $10'850'000 $19'323'549 $64'665'825

20'226'375

$141'584'625 $23'520'000

100.0%

23'586'375

$165'104'625

$23'520'000 $2'765'000 $20'755'000 3'360'000

Year 1997 1996 Revenues $27'105'000 $10'822'000 Profit -$7'373'000 -$10'145'000 Growth 150% 1904% Number of employees 3'360'000 Avg. val. of stock per emp

Amount

A B C E Total

Nov-93 Nov-94 Aug-95 Apr-96

$2'560'000 $1'666'666 $6'007'200 $5'075'000 $15'308'866

6'608 1'299'355

6'856'508 1'355'001 8'211'509 977'558 1'799'333 2'776'891 10'988'400 2'500'000 2'427'468 1'550'000 2'760'507 9'237'975 3'360'000

Date

52'900 3'994'874

6'856'508 1'355'001 8'211'509 977'558 1'799'333 2'776'891 10'988'400 2'500'000 2'427'468 1'550'000 2'760'507 9'237'975

20'226'375

Round

SERIES B 250'000 242'747 800'000

6'856'508 1'355'001 8'211'509 977'558 1'799'333 2'776'891 10'988'400

14.2%

Total cash before fees Paid to underwriters Net sold by company sold by shareholders Total shares sold

SERIES A 2'000'000 1'941'974

5'660'000

SERIES C 250'000 242'747 750'000 750'000 19'600 2'012'347

# Shares 4'266'667 1'333'333 3'003'600 634'375 9'237'975 SERIES E

62'500 62'500

Price per Valuation share $0.60 $5'956'000 $1.25 $14'075'000 $2.00 $28'527'200 $8.00 $119'183'800

Total 2'500'000 2'427'468 1'550'000

6'477'468

Invested $2'012'500 $1'954'112 $2'500'000 $1'500'000 $579'200 $8'545'812

1995 $540'000 -$4'318'000 73 $396'209

850'000

Activity Town, St f= founder D= director Title fD C EO, chairman f C OO C FO VP R&D

Database Software Levallois, France Price per share $8.8 Symbol BOBJ Name B. Liautaud D. Payre R. Verheecke JM Pugin-Marien

Founders and managers Other common Total common before options Options-Granted Options-Available Options-Total Sub-total Investors (VC s) Investors (others) Total- Investors Total - PreIPO IPO Sold by existing shareholders Total outstanding VCs D Partech D Innovacom D Atlas Don Lucas

Company IPO date Market cap. URL

Business Objects SA 23-Sep-94 $151'578'210 www.businessobjects.com

Incorporation State Date years to IPO

26

France Nov-90 3.9

©(SRI) EPFL Ownership Shares© Service des relations industrielles Value Founders Employees PreIPO Post IPO Founders Employees PreIPO Post IPO 48.8% 26.4% 13.3% 10.3% 1'928'777 1'928'777 1'928'777 1'778'777 $15'564'299 51.2% 27.7% 14.0% 10.5% 2'021'400 2'021'400 2'021'400 1'819'260 $15'918'525

100.0% 79.6%

54.1%

54.1% 13.8% 67.9% 15.5% 16.6% 32.1% 100.0%

27.3%

27.3% 7.0% 34.3% 7.8% 8.4% 16.2% 50.5% 42.0% 7.6% 49.5% 100.0%

22.8% IPO

Total cash before fees Paid to underwriters Other expenses Net sold by company sold by shareholders Total shares sold Option to underwriters

VCs

Round 1er 2ème 3ème Total including

Date 1991 1992 1993

20.8% 5.2% 26.0% 6.5% 7.0% 13.5% 39.5% 31.6% 5.8% 37.4% 76.9% 16.5% 6.6% 100.0%

3'950'177

3'950'177 1'010'021 4'960'198 1'129'086 1'210'914 2'340'000 7'300'198

$35'000'000 $2'450'000 $850'000 $31'700'000 2'856'712 1'143'288 4'000'000 450'000

Amount # Shares Price $1'000'000 2'813'400 $2'000'000 3'168'000 $2'000'000 1'552'800 $5'000'000 7'534'200 Partech 2'138'393 Innovacom 1'889'373 Atlas 2'046'144 Don Lucas 480'717

3'950'177 1'010'021 4'960'198 1'129'086 1'210'914 2'340'000 7'300'198 6'073'910 1'092'404 7'166'314 14'466'512

3'598'037 906'953 4'504'990 1'129'086 1'210'914 2'340'000 6'844'990 5'469'278 1'008'956 6'478'234 13'323'224 2'856'712 1'143'288 17'323'224

$31'482'824 $7'935'839 $39'418'663 $9'879'503 $10'595'498 $20'475'000 $59'893'663 $47'856'183 $8'828'365 $56'684'548 $116'578'210 $24'996'230 $10'003'770 $151'578'210

Revenues 1993 1992 Amount $14'103'000 $5'681'000 Growth 148% Number of employees 181 Avg. val. of stock per emp. $98'427

$0.36 $0.63 $1.29

Valuation % $2'404'058 $6'269'935 $14'791'830

42% 32% 14%

Activity Town, St f= founder D= director

Storage and backup solutions Boston, MA Price per share $16.0 Symbol C ARB

Company IPO date Market cap. URL

Carbonite Inc Aug-11 $458'493'840 www.carbonite.com

Incorporation State Date years to IPO

27

DE Feb-05 6.5

©Post Service industrielles ©(SRI) EPFL Founder's Employee PreIPO Post IPO Founder's Employee PreIPO IPO des relations Value Including Ownership Ownership Ownership Ownership Shares Shares Shares Shares Options fD C hairman & C EO David Friend 54.3% 20.7% 8.2% 6.4% 1'838'649 1'838'649 1'838'649 1'838'649 $29'418'384 30'681 fD C hief Architect Jeffry Flowers 45.7% 17.5% 6.9% 5.4% 1'548'316 1'548'316 1'548'316 1'548'316 $24'773'056 52'391 C FO Andrew Keenan 1.4% 0.6% 0.4% 127'032 127'032 127'032 $2'032'512 22'969 SVP & GM Swami Kumaresan 1.8% 0.7% 0.6% 157'662 157'662 157'662 $2'522'592 48'085 ex-VP Engineering Robert Rubin 1.3% 0.5% 0.4% 112'672 112'672 112'672 $1'802'752 93'292 D Director Todd Krasnow 2.3% 0.9% 0.7% 207'771 207'771 207'771 $3'324'336 Title

Name

Officers & executives 100.0% Other common Total common 65.8% Options - outstanding Options - available Options - total Total - company 38.2% Investors (Menlo) Investors (C rosslink) Investors (Performance Direct Investments) Investors (First Plaza Group) Investors (others) Total- Investors Total - PreIPO 15.2% IPO Selling shareholders Option (underwriters) Total outstanding 11.8%

D D D D D

Board Gary Hromadko Pravin Vazirani C harles Kane Todd Krasnow William G. Nelson

C rosslink Menlo independent independent independent

45.0% 13.1% 58.1% 20.2% 21.7% 41.9% 100.0%

17.9% 5.2% 23.0% 8.0% 8.6% 16.6% 39.7% 26.4% 4.7% 4.8% 4.5% 19.9% 60.3% 100.0%

13.9% 4.0% 18.0% 6.2% 6.7% 13.0% 30.9% 20.6% 3.7% 3.8% 3.5% 12.4% 44.0% 74.9% 18.7% 3.1% 3.3% 100.0%

Total cash before fees Paid to underwriters Others Net sold by company sold by shareholders Total shares sold Option to underwriters

3'386'965

3'992'102 1'158'057 5'150'159 1'789'992 1'928'268 3'718'260 8'868'419

3'992'102 1'158'057 5'150'159 1'789'992 1'928'268 3'718'260 8'868'419 5'893'935 1'054'482 1'083'828 1'001'646 4'449'582 13'483'473 22'351'892

$100'863'568 Year 2010 Revenues $38'600'000 Profit -$25'800'000 $100'863'568 Growth 102% 6'303'973 Number of employees 883'527 Avg. val. of stock per emp 7'187'500 937'500

Round

Date

Amount

A A-1 A-2 B B-2 C D Total

2005 Jan-06 Sep-06 Apr-07 Dec-07 Aug-08 Dec-09

$1'844'900 $851'117 $3'500'003 $15'199'980 $5'400'744 $21'193'815 $19'998'871 $67'989'430

# Shares 421'210 194'319 502'874 1'259'319 368'400 1'162'579 585'790 4'494'491

Price per Valuation share $4.38 $6'789'869 $4.38 $7'640'986 $6.96 $15'641'844 $12.07 $42'325'994 $14.66 $56'809'117 $18.23 $91'837'077 $34.14 $191'985'584

3'992'102 1'158'057 5'150'159 1'789'992 1'928'268 3'718'260 8'868'419 5'893'935 1'054'482 1'083'828 1'001'646 3'566'055 12'599'946 21'468'365 5'366'473 883'527 937'500 28'655'865

$63'873'632 $18'528'912 $82'402'544 $28'639'872 $30'852'288 $59'492'160 $141'894'704 $94'302'960 $16'871'712 $17'341'248 $16'026'336 $57'056'880 $201'599'136 $343'493'840 $85'863'568 $14'136'432 $15'000'000 $458'493'840

2009 $19'100'000 -$19'200'000 133%

2008 $8'200'000 -$17'400'000 206 $378'743

Conversion 3x 3x 3x 3x 3x 3x 3x 13'483'473

247'418

Activity Town, St f= founder D= director Title

C ommunications Fremont, C A Price per share Symbol

$19.0 C NTM

Company IPO date Market cap. URL

Centillium Communications May-00 $678'546'734

Incorporation State C A, DE Date Feb-97 years to IPO 3.3

28

© Service des relations industrielles©(SRI) EPFL

Name

Founder's Employee PreIPO Post IPO Founder's Employee PreIPO Post IPO Value Ownership Ownership Ownership Ownership Shares Shares Shares Shares fD C hairman Kamran Elahian 19.7% 10.4% 5.2% 4.4% 1'573'187 1'573'187 1'573'187 1'573'187 $29'890'553 fD C EO Faraj Aalaei 16.3% 8.7% 4.3% 3.7% 1'305'440 1'305'440 1'305'440 1'305'440 $24'803'360 fD President Shahin Hedayat 31.4% 16.7% 8.2% 7.0% 2'510'493 2'510'493 2'510'493 2'510'493 $47'699'367 f VP Eng. Surendra Mandava 16.3% 8.7% 4.3% 3.7% 1'305'440 1'305'440 1'305'440 1'305'440 $24'803'360 f Employee Anthony O'Toole 16.3% 8.7% 4.3% 3.7% 1'305'440 1'305'440 1'305'440 1'305'440 $24'803'360 VP World. Sales Jon Sherburne 1.4% 0.7% 0.6% 215'000 215'000 215'000 $4'085'000 VP Ops and Man. W. Mackenzie 1.4% 0.7% 0.6% 205'000 205'000 205'000 $3'895'000 C FO John W. Luhtala 1.2% 0.6% 0.5% 175'000 175'000 175'000 $3'325'000 Officers & executives Other common Total common before options Options-outstanding Options-Available Options-Total Total - company Investors (USVP) Investors (Walden) Investors (Vertex) Investors (others) Total- Investors Total - PreIPO IPO Option (underwriters) Total outstanding VCs & Board D USVP D Walden Vertex

Irwin Federman Lip-Bu Tan

D US West

Robert C . Hawk

100.0% 77.5%

53.1%

57.1% 11.4% 68.5% 22.5% 9.0% 31.5% 100.0%

28.2% 5.6% 33.8% 11.1% 4.4% 15.5% 49.4% 7.5% 7.8% 5.5% 29.8% 50.6% 100.0%

26.2%

22.4%

24.1% 4.8% 28.9% 9.5% 3.8% 13.3% 42.2% 6.4% 6.7% 4.7% 25.5% 43.3% 85.4% 12.9% 1.7% 100.0%

Total cash before fees Paid to underwriters Others Net sold by company sold by shareholders Total shares sold Option to underwriters

$98'800'000

$91'600'000 5'200'000

8'595'000 1'723'941 10'318'941 3'390'257 1'353'652 4'743'909 15'062'850

8'595'000 1'723'941 10'318'941 3'390'257 1'353'652 4'743'909 15'062'850 2'300'000 2'375'000 1'680'000 9'095'136 15'450'136 30'512'986

Date

Amount

A B1 B2 B3 C Total

Apr97 Sep97-Jun98

$840'000 $4'000'000 $2'000'000 $13'437'928 $38'053'270 $20'277'928

# Shares 1'680'000 2'000'000 800'000 3'359'482 7'610'654 15'450'136

8'595'000 1'723'941 10'318'941 3'390'257 1'353'652 4'743'909 15'062'850 2'300'000 2'375'000 1'680'000 9'095'136 15'450'136 30'512'986 4'600'000 600'000 35'712'986

Revenues 2000 Amount $56'474'000 Growth 1408% Number of employees Avg. val. of stock per emp

5'200'000 600'000

Round

Jul97-Oct98 Apr99

8'000'000

Price per Valuation share $0.50 $4'840'000 $2.00 $23'360'000 $2.50 $31'200'000 $4.00 $63'357'928 $5.00 $117'250'680

$163'305'000 $32'754'879 $196'059'879 $64'414'883 $25'719'388 $90'134'271 $286'194'150 $43'700'000 $45'125'000 $31'920'000 $172'807'584 $293'552'584 $579'746'734 $87'400'000 $11'400'000 $678'546'734 1999 $3'744'000 127 $765'116

Activity Town, St f= founder D= director Title fD President & C EO fD VP Intl Ops fD VP Bus Dev C EO US Subs VP Woldw. Sales C FO

Security Software Tel Aviv, Israel Price per share $14.0 Symbol C HKP

Check Point Software Jun-96 $529'590'880 www.checkpoint.com

Incorporation State Date years to IPO

Israel Jul-93 3.0

29

© Service des relations industrielles©(SRI) EPFL

Name

Founder's Employee PreIPO Post IPO Founder's Employee PreIPO Post IPO Value Ownership Ownership Ownership Ownership Shares Shares Shares Shares Gil Shwed 33.3% 24.3% 14.2% 12.4% 4'950'000 4'950'000 4'950'000 4'700'000 $65'800'000 Marius Nacht 33.3% 24.3% 14.2% 12.4% 4'950'000 4'950'000 4'950'000 4'700'000 $65'800'000 Shlomo Kramer 33.3% 24.3% 14.2% 12.4% 4'950'000 4'950'000 4'950'000 4'700'000 $65'800'000 Deborah Triant <1% John C unningham <1% Hagi Schwartz <1%

Officers & executives Other common Total common before options Options-outstanding Options-Available Options-Total Total - company Investors (BRM) Investors (Venrock) Investors (USVP) Total- Investors Total - PreIPO IPO IPO (sold by existing) Total outstanding Board BRM USVP BRM Venrock

Company IPO date Market cap. URL

100.0%

72.9% 1.9% 74.8% 22.1% 3.1% 25.2% 100.0%

97.5%

72.9%

42.6%

42.6% 1.1% 43.7% 12.9% 1.8% 14.7% 58.5% 25.6% 8.3% 7.7% 41.5% 100.0%

37.3%

37.3% 1.0% 38.3% 11.9% 1.7% 13.6% 51.9% 22.4% 7.6% 7.1% 37.0% 88.9% 7.9% 3.2% 100.0%

Total cash before fees Paid to underwriters Others Net sold by company sold by shareholders Total shares sold

Nir Barkat Irwin Federman Yuval Rakavy Ray Rothrock

VCs

Date

BRM USVP; Venrock

1993 Dec. 1995

14'850'000

$42'000'000 $1'700'000 $40'300'000 3'000'000 1'200'000 4'200'000

Amount $300'000 Secondary

# Shares

14'850'000 386'100 15'236'100 4'497'420 630'500 5'127'920 20'364'020

14'850'000 386'100 15'236'100 4'497'420 630'500 5'127'920 20'364'020 8'910'000 2'880'900 2'673'000 14'463'900 34'827'920

14'100'000 386'100 14'486'100 4'497'420 630'500 5'127'920 19'614'020 8'460'000 2'880'900 2'673'000 14'013'900 33'627'920 3'000'000 1'200'000 37'827'920

1996 Revenues $31'869'000 Profit $15'237'000 Growth 234% Number of employees Avg. val. of stock per emp

Price per Valuation share 14'463'900 $0.02 $608'008 5'553'900 ? ?

$197'400'000 $5'405'400 $202'805'400 $62'963'880 $8'827'000 $71'790'880 $274'596'280 $118'440'000 $40'332'600 $37'422'000 $196'194'600 $470'790'880 $42'000'000 $16'800'000 $529'590'880 1995 $9'546'000 $4'847'000 49 $1'575'434

Activity Town, St f= founder D= director Title fD fD f

Biotechnology Emeryville Price per share Symbol

$12.0 C HIR

Company IPO date Market cap. URL

Chiron Corp. Aug-83 $101'010'960 www.chiron.com

Incorporation State Date years to IPO

30

CA May-81 2.2

Name

Founder's Employee PreIPO Post IPO Founder's Employee PreIPO Post IPO Value © Service des relations Ownership Ownership Ownership Ownership Shares Shares Shares Shares President & C EO Edward Penhoet 21.4% 9.0% 6.5% 5.3% 450'000 450'000 450'000 450'000 $5'400'000 C hairman William Rutter 57.1% 24.0% 17.3% 14.3% 1'200'000 1'200'000 1'200'000 1'200'000 $14'400'000 VP Research Pablo Valenzuela 21.4% 9.0% 6.5% 5.3% 450'000 450'000 450'000 450'000 $5'400'000 VP Dir Diagnostics Lacy Overby 2.0% 1.4% 1.2% 100'000 100'000 100'000 $1'200'000 Secretary William C reek Officers & executives Other common Total common before options Options-outstanding Options-Available Martin Marietta Option Options-Total Total - company Investors (Series A) Investors (Hana Biologics) Investors (Martin Marietta) Total- Investors Total - PreIPO IPO Total outstanding

Board C harles C rocker Jean Deleage Kenneth Jannolow

100.0% 60.6%

42.0%

44.0% 25.3% 69.3% 1.4% 22.6% 6.7% 30.7% 100.0%

30.4%

31.8% 18.3% 50.1% 1.0% 16.4% 4.9% 22.2% 72.3% 10.1% 4.2% 13.4% 27.7% 100.0%

24.9%

C rocker C apital (Hana Bio.) Burr, Egan, Deleage Martin Marietta

C hiron was acquired by Novartis in 2006 (Novartis paid $4.5B for the 57% it did not own yet)

B A* A A A AA** AA** Preferred

26.1% 15.0% 41.1% 0.8% 13.4% 4.0% 18.3% 59.4% 8.3% 3.4% 11.0% 22.8% 82.2% 17.8%

2'100'000

2'200'000 1'262'500 3'462'500 68'750 1'131'250 336'460 1'536'460 4'998'960

2'200'000 1'262'500 3'462'500 68'750 1'131'250 336'460 1'536'460 4'998'960 700'000 290'000 928'620 1'918'620 6'917'580

100.0% Total cash before fees Paid to underwriters Others Net sold by company sold by shareholders Total shares sold Option to underwriters Round

Date

B A AA Total

Aug-81 1981-82 Apr-82

Date Aug-81 Jul-81 Sep-81 Dec-81 Apr-82 Aug-82 Apr-83 Total

Series A *

$18'000'000 ? ? ? 1'500'000 ? ? ? Amount

$26'400'000 $15'150'000 $41'550'000 $825'000 $13'575'000 $4'037'520 $18'437'520 $59'987'520 $8'400'000 $3'480'000 $11'143'440 $23'023'440 $83'010'960 $18'000'000

8'417'580

$101'010'960

Year 1983 Revenues $1'579'000 Profit -$2'229'000 Growth 90% Number of employees Avg. val. of stock per emp

1982 $833'000 -$886'000 38 $777'632

# Shares

$100'050 $900'000 $4'909'966 $5'910'016

Price per Valuation share 29'000 $3.45 $824'550 70'000 $12.86 $3'972'857 92'862 $52.87 $21'247'967 191'862

Hana Biologics Martin Marietta 29'000

25'000 25'000 10'000 10'000

70'000

2'200'000 1'262'500 3'462'500 68'750 1'131'250 336'460 1'536'460 4'998'960 700'000 290'000 928'620 1'918'620 6'917'580 1'500'000

29'000

59'216 33'646 92'862

Preferred shares converted in 10 common shares * Series A included Alta, Soffinova, Venbed and Elf Technologies with a respective ratio of 40%, 20%, 10% and 30%. The price of $12.86 is an average of the 4 prices paid by Series A ** Martin Marietta had an option to buy 336'460 shares at $5.94 until August 83

Preferred 29'000 25'000 25'000 10'000 10'000 59'216 33'646 191'862

$3.45 $6.00 $12.00 $22.50 $22.50 $50.66 $56.77

Amount $100'050 $150'000 $300'000 $225'000 $225'000 $2'999'883 $1'910'083 $5'910'016

industrielles©(SRI) EPFL

Activity Town, St f= founder D= director Title

Networking Eqpt San Jose, C A Price per share Symbol Name

fD Principal Scientist Len Bosack f VP C ust. Service Sandy Lerner D Pres, C EO John Morgridge VP NorthAm. Sales Terry Eger ex- C EO William Graves ex-VP Finance Lloyd Embry ex-VP Marketing Robert Peters Founders and managers Other common Total common before options Options-Granted Options-Available Options-Total Sub-total Investors (VC s) Investors (others) Total- Investors Total - PreIPO IPO Sold by existing shareholders Total outstanding VCs D Sequoia (Valentine) Suez managed by Sequoia

It should be noticed that preferred were converted to common in a 3 to 2 ratio It is also interesting to notice that Stanford was not a shareholder. There was a near-litigation that was solved without a trial.

$18 C SC O

Company IPO date Market cap. URL

Cisco Systems 16-Feb-90 $285'551'028 www.cisco.com

Incorporation State CA Date Jan-84 years to IPO 6.1

31

©(SRI) EPFL Ownership Shares© Service des relations industrielles Value Founders EmployeesPreIPO Post IPO Founders Employees PreIPO Post IPO 50.0% 18.3% 13.3% 10.9% 1'781'786 1'781'786 1'781'786 1'731'786 $31'172'148 50.0% 18.3% 13.3% 10.9% 1'781'786 1'781'786 1'781'786 1'731'786 $31'172'148 6.4% 4.6% 3.9% 619'812 619'812 619'812 $11'156'616 5.5% 4.0% 3.4% 535'715 535'715 535'715 $9'642'870 3.1% 2.3% 1.6% 303'572 303'572 253'572 $4'564'296 2.6% 1.9% 1.5% 256'161 256'161 243'500 $4'383'000 1.5% 1.1% 0.8% 141'521 141'521 121'521 $2'187'378 100.0%

36.6%

55.7% 10.3% 66.0% 27.3% 6.7% 34.0% 100.0%

26.5%

40.3% 7.5% 47.8% 19.8% 4.9% 24.7% 72.5% 21.9% 5.6% 27.5% 100.0%

22.5% IPO

Total cash before fees Paid to underwriters Net sold by company sold by shareholders Total shares sold

VCs

Round

Date

33.0% 5.1% 38.1% 16.8% 4.1% 20.9% 59.0% 18.6% 4.7% 23.3% 82.3% 15.3% 2.3% 100.0%

3'563'572

5'420'353 1'001'624 6'421'977 2'660'690 653'779 3'314'469 9'736'446

$43'740'000 $3'360'000 $40'380'000 2'430'000 370'000 2'800'000 Amount

Series A Dec-87 $2'365'000 Series A Nov-88 $100'000 Total $2'465'000 C onverted to common

# Shares 2'365'000 100'000 2'465'000 3'697'500

5'420'353 1'001'624 6'421'977 2'660'690 653'779 3'314'469 9'736'446 2'947'500 750'000 3'697'500 13'433'946

5'237'692 814'285 6'051'977 2'660'690 653'779 3'314'469 9'366'446 2'947'500 750'000 3'697'500 13'063'946 2'430'000 370'000 15'863'946

$94'278'456 $14'657'130 $108'935'586 $47'892'420 $11'768'022 $59'660'442 $168'596'028 $53'055'000 $13'500'000 $66'555'000 $235'151'028 $43'740'000 $6'660'000 $285'551'028

Revenues 1989 1988 Amount $27'664'000 $5'450'000 Growth 408% Number of employees 174 Avg. val. of stock per emp. $359'480

Price

Valuation $1.00 $1.00

%

$5'928'572 40% for J. Morgridge 3 to 2 ratio

Activity Town, St f= founder D= director Title fD President & C EO f VP Engineering f VP marketing SVP Operations VP Quality Insur. VP SW Dev. VP Finance VP Europe

C omputers Houston, TX Price per share Symbol Name Joseph C anion James Harris William Murto James Eckhart John Walker Stevn Flanagan John Gribi Ekhard Pfeiffer

Officers & executives Other common (20 officers) Total common before options Options-outstanding Options-Available Options-Total Total - company Investors (Sevin Rosen) Investors (KP) Investors (others) Total- Investors Total - PreIPO IPO Option (underwriters) Total outstanding VCs D Benjamin Rosen D L. Sevin D John Doerr

Company IPO date Market cap. URL

$11.0 C MPQ

Incorporation State DE Date Feb-82 years to IPO 1.8

32

Service des relations industrielles©(SRI) EPFL Founder's Employee PreIPO Post IPO Founder's Employee PreIPO Post © IPO Value Ownership Ownership Ownership Ownership Shares Shares Shares Shares 33.3% 11.2% 3.5% 2.7% 781'247 781'247 781'247 781'247 $8'593'717 33.3% 11.2% 3.5% 2.7% 781'247 781'247 781'247 781'247 $8'593'717 33.3% 11.2% 3.5% 2.7% 781'247 781'247 781'247 781'247 $8'593'717 0.5% 0.2% 0.1% 36'750 36'750 36'750 $404'250 2.7% 0.8% 0.6% 187'500 187'500 187'500 $2'062'500 1.3% 0.4% 0.3% 93'750 93'750 93'750 $1'031'250 1.3% 0.4% 0.3% 93'750 93'750 93'750 $1'031'250 1.1% 0.3% 0.3% 75'000 75'000 75'000 $825'000 100.0%

40.4% 14.5% 54.9% 20.9% 24.2% 45.1% 100.0%

61.0%

33.5%

10.4%

12.6% 4.5% 17.1% 6.5% 7.5% 14.0% 31.1% 16.2% 11.7% 41.0% 68.9% 100.0%

8.0%

Sevin Rosen Sevin Rosen KP

* Series A and B converted into 9.375 common and Series C in 3.75 common NB: the S1 document announces $18 as price per share, the link to the final, real price of $11 is unclear.

Compaq Computer Dec-83 $323'734'418 www.compaq.com

9.6% 3.4% 13.1% 5.0% 5.8% 10.7% 23.8% 12.4% 9.0% 31.4% 52.8% 76.6% 20.4% 3.1% 100.0%

Total cash before fees Paid to underwriters Others Net sold by company sold by shareholders Total shares sold Option to underwriters

2'343'741

$66'000'000

6'900'000

2'830'491 1'013'676 3'844'167 1'463'420 1'695'964 3'159'384 7'003'551

2'830'491 1'013'676 3'844'167 1'463'420 1'695'964 3'159'384 7'003'551 3'658'923 2'636'154 9'231'774 15'526'851 22'530'402

2'830'491 1'013'676 3'844'167 1'463'420 1'695'964 3'159'384 7'003'551 3'658'923 2'636'154 9'231'774 15'526'851 22'530'402 6'000'000 900'000 29'430'402

Revenues Q3-83 Amount $36'032'000 Growth 100% Number of employees Avg. val. of stock per emp

6'900'000 900'000

Round

Date

Amount

# Shares

Price per Valuation share 550'000 $2.73 $2'183'997 782'965 $10.92 $17'722'767 808'081 $24.75 $120'420'905

A B C

Mar-82 Sep-82 Mar-83

Total

$1'501'500 $8'549'978 $20'000'005 $0 $30'051'483

Sevin Rosen Funds Kleiner Perkins Humboldt Trust Rotschild Unterberg T. Subtotal

Series A Series B Series C Total * 266'120 114'468 24'243 3'658'923 183'150 91'575 16'162 2'636'154 45'787 202'021 1'186'832 91'575 13'737 10'102 1'025'183 540'845 265'567 252'528 8'507'092

2'141'046

$31'135'401 $11'150'436 $42'285'837 $16'097'620 $18'655'604 $34'753'224 $77'039'061 $40'248'153 $28'997'694 $101'549'510 $170'795'357 $247'834'418 $66'000'000 $9'900'000 $323'734'418 Q2-83 $18'051'000 500 $91'807

Activity Town, St f= founder D= director Title fD fD fD D D f f

Semiconductors C ambridge, UK Price per share Symbol Name

C TO James C ollier EVP Glenn C ollinson C ommercial Director Phil O'Donovan C EO J. Hodgson ex-chairman M. Shone C ambridge C onsultants (C C L) Other employee founders Founders and managers Other common Total common before options Options-Granted Options-Available Options-Total Sub-total Investors (VC s) Investors (others) Total- Investors Total - PreIPO IPO Option (underwriters) Total outstanding

VCs D 3i D Amadeus D Gilde * C C L shares as well as those of other employee founders had to be imagined. I hope the order of magnitude is accurate.

Company IPO date Market cap. URL

$3.64 C SR

Cambridge Silicon Radio 2-Mar-04 $426'125'160 www.csr.com

Incorporation State Date years to IPO

UK Apr-99 4.9

33

©(SRI) EPFL Ownership Shares © Service des relations industrielles Value Founders Employees PreIPO Post IPO Founders Employees PreIPO Post IPO 22.0% 4.2% 3.4% 2.8% 2'119'898 3'335'798 3'335'798 3'335'798 $12'130'175 28.0% 5.3% 4.3% 3.6% 2'696'840 4'206'740 4'206'740 4'206'740 $15'297'236 8.4% 1.0% 0.8% 0.7% 808'000 808'000 808'000 808'000 $2'938'182 1.8% 1.4% 1.2% 1'392'082 1'392'082 1'392'082 $5'062'116 1.2% 1.0% 0.8% 947'100 947'100 947'100 $3'444'000 20.8% 2.5% 2.0% 1.7% 2'000'000 2'000'000 2'000'000 2'000'000 $7'272'727 20.8% 2.5% 2.0% 1.7% 2'000'000 2'000'000 2'000'000 2'000'000 $7'272'727 100.0%

18.6% 63.9% 82.5% 17.5%

15.0% 51.5% 66.6% 14.1%

12.5% 43.0% 55.5% 11.7%

17.5% 100.0%

14.1% 80.7% 19.3%

11.7% 67.3% 16.1%

19.3% 100.0%

16.1% 83.4% 16.6%

9.8%

8.2%

9'624'738

14'689'720 50'370'444 65'060'164 13'767'865

14'689'720 50'370'444 65'060'164 13'767'865

14'689'720 50'370'444 65'060'164 13'767'865

$53'417'164 $183'165'251 $236'582'415 $50'064'964

13'767'865 78'828'029

13'767'865 78'828'029 18'912'543

13'767'865 78'828'029 18'912'543

$50'064'964 $286'647'378 $68'772'884

18'912'543 97'740'572

18'912'543 97'740'572 19'443'847

$68'772'884 $355'420'262 $70'704'898

117'184'419

$426'125'160

100.0%

IPO

Total cash before fees Expenses Net sold by company sold by shareholders Total shares sold Option to underwriters

VCs

Round A B C Antidilution Total

Date 1999 2000 2002 B

$132'074'316 $10'055'602 $122'018'715 19'443'847 16'876'590 36'320'437 Amount # Shares Price $10'000'000 3'817'140 $48'000'000 7'338'137 $20'000'000 6'028'157 1'729'109 $78'000'000 18'912'543

Revenues 2003 2002 Amount $67'620'000 $27'680'000 Growth 144% Number of employees 200 Avg. val. of stock per emp. $1'166'151

$2.62 $6.54 $3.32 $4.12

Valuation $16'666'667 $236'363'636 ?

Activity Town, St f= founder D= director Title f f f f f f

Semicon San Jose, C a Price per share Symbol Name

Pres, C EO VP S&M VP Manuf. VP Fab. VP R&D VP Eng. C FO Others Officers & executives Other common Total common before options Options-outstanding Options-Available Options-Total Total - company Investors (VC s, not management) Monolithic Memories Investors (others) Total- Investors Total - PreIPO IPO Option (underwriters) Total outstanding Investors Sequoia Kleiner Perkins J. H. Whitney L. J. Sevin 1st round $13.5M $48M followed

Company IPO date Market cap. URL

$9 CY

Cypress Semicon 29-mai-86 $317'528'334

Incorporation State Date déc-82 years to IPO 3.5

34

© Service des relations industrielles©(SRI) EPFL

Founder's Employee PreIPO Post IPO Founder's Employee PreIPO Post IPO Value Ownership Ownership Ownership Ownership Shares Shares Shares Shares 33.5% 11.3% 2.9% 2.1% 754'666 754'666 754'666 754'666 $6'791'994 13.3% 4.5% 1.1% 0.9% 300'000 300'000 300'000 300'000 $2'700'000 13.3% 4.5% 1.1% 0.9% 300'000 300'000 300'000 300'000 $2'700'000 13.3% 4.5% 1.1% 0.9% 300'000 300'000 300'000 300'000 $2'700'000 13.3% 4.5% 1.1% 0.9% 300'000 300'000 300'000 300'000 $2'700'000 13.3% 4.5% 1.1% 0.9% 300'000 300'000 300'000 300'000 $2'700'000 2.3% 0.6% 0.4% 155'625 155'625 155'625 $1'400'625 4.3% 1.1% 0.8% 290'132 290'132 290'132 $2'611'188 100.0% 50.4%

33.6%

8.6%

6.4% IPO

40.3% 26.5% 66.8% 33.2%

10.3% 6.7% 17.0% 8.5%

33.2% 100.0%

8.5% 25.5% 54.2% 2.9% 17.4% 74.5% 100.0%

7.7% 5.0% 12.7% 6.3% 4.2% 10.5% 23.2% 40.4% 2.1% 13.0% 55.6% 78.7% 21.3%

2'254'666

2'225'415 6'700'830

100.0% Total cash before fees Paid to underwriters Others Net Shares sold by company Shares sold by shareholders Total shares sold Option to underwriters

2'700'423 1'774'992 4'475'415 2'225'415

$67'500'000 $4'200'000 $500'000 $62'800'000 7'500'000 7'500'000 -

2'700'423 1'774'992 4'475'415 2'225'415 2'225'415 6'700'830 14'265'444 750'000 4'590'067 19'605'511 26'306'341

2'700'423 1'774'992 4'475'415 2'225'415 1'474'585 3'700'000 8'175'415 14'265'444 750'000 4'590'067 19'605'511 27'780'926 7'500'000 35'280'926

Revenues LTM Amount $16'600'000 Growth 412% Number of employees Avg. val. of stock per emp

$24'303'807 $15'974'928 $40'278'735 $20'028'735 $13'271'265 $33'300'000 $73'578'735 $128'388'996 $6'750'000 $41'310'603 $176'449'599 $250'028'334 $67'500'000 $317'528'334

LQ $8'900'000 218% 340 $105'893

Activity Town, St f= founder D= director Title

Internet New York, NY Price per share Symbol

$27.0

Company IPO date Market cap. URL

DoubleClick Inc. Feb-98 $475'371'261

Incorporation State DE Date Jan-96 years to IPO 2.0

35

© Service des relations industrielles©(SRI) EPFL

Name

Founder's Employee PreIPO Post IPO Founder's Employee PreIPO Post IPO Value Ownership Ownership Ownership Ownership Shares Shares Shares Shares fD C hairman & C EO Kevin O'C onnor 50.0% 36.3% 17.3% 15.1% 366'912 2'654'248 2'654'248 2'654'248 $71'664'696 fD C TO Dwight Merriman 50.0% 16.7% 8.0% 6.9% 366'912 1'219'692 1'219'692 1'219'692 $32'931'684 Officers & executives 100.0% 52.9% 25.3% 22.0% 733'824 3'873'940 3'873'940 3'873'940 $104'596'380 Other common 6.1% 2.9% 2.5% 444'295 444'295 444'295 $11'995'965 Total common 17.0% 59.0% 28.2% 24.5% 4'318'235 4'318'235 4'318'235 $116'592'345 Options - outstanding 24.8% 11.8% 10.3% 1'813'155 1'813'155 1'813'155 $48'955'185 Options - available 16.2% 7.8% 6.7% 1'186'845 1'186'845 1'186'845 $32'044'815 Options - total 41.0% 19.6% 17.0% 3'000'000 3'000'000 3'000'000 $81'000'000 Total - company 10.0% 100.0% 47.8% 41.6% 7'318'235 7'318'235 7'318'235 $197'592'345 Investors (Bain C apital) 14.3% 12.4% 2'182'060 2'182'060 $58'915'620 Investors (Others) 37.9% 33.0% 5'806'048 5'806'048 $156'763'296 Total- Investors 52.2% 45.4% 7'988'108 7'988'108 $215'678'916 Total - PreIPO 4.8% 100.0% 86.9% 15'306'343 15'306'343 $413'271'261 IPO 13.1% 2'300'000 $62'100'000 Option (underwriters) Total outstanding 4.2% 100.0% 17'606'343 $475'371'261 In June 1997, the C ompany completed a private placement of equity securities to new investors and received $39.8 million in net proceeds, of which $25.0 million was used to redeem shares of C ommon Stock from certain stockholders. Total cash before fees Paid to underwriters Others Net sold by company sold by shareholders Total shares sold Option to underwriters

$62'100'000

$62'100'000 2'300'000 2'300'000 -

Round

Date

Amount

A Total

Jun-97

$40'000'000 $40'000'000

# Shares

Price per share 6'234'400 $6.42 6'234'400

Year 9m - 1997 Revenues $19'657'000 Profit -$4'612'000 Growth 638% Number of employees Avg. val. of stock per emp

9m - 1996 $2'665'000 -$1'491'000 171 $543'836

Activity Town, St f= founder D= director Title

Internet auction site San Jose, C A Price per share $18 Symbol EBAY Name

fD C hairman Omidyar f VP Strat Planning Skoll D Pres, C EO Whitman SVP Mark. Swette VP Prod Dev Wilson VP Mark & Bus DevWestly C FO Bengler VP Legal Jacobson Officers & executives Total common before options Options-outstanding Options-Available Options-Total Total - company Investors (VC s, not management) Investors (others) Total- Investors Total - PreIPO IPO Option (underwriters) Total outstanding

eBay 23-sept-98 $914'667'318 www.ebay.com

Founder's Employee PreIPO Post IPO OwnershipOwnershipOwnershipOwnership 59.9% 40.7% 32.5% 30.0% 40.1% 27.3% 21.8% 20.1% 6.4% 5.1% 4.7% 1.6% 1.3% 1.2% 2.4% 1.9% 1.8% 2.3% 1.8% 1.7% 1.4% 1.1% 1.0% 0.7% 0.5% 0.5% 100.0%

82.8%

66.2%

82.1%

82.8% 3.8% 13.4% 17.2% 100.0%

66.2% 3.0% 10.7% 13.7% 79.9% 18.8% 1.3% 20.1% 100.0%

68.0%

54.3%

50.0% IPO

VC s Benchmark

Company IPO date Market cap. URL

Kagle

VCs

Incorporation State C A, DE Date mai-96 years to IPO 2.4

36

© Service des relations EPFL Founder's Employee PreIPO Post IPO industrielles Value ©(SRI) Shares Shares Shares Shares 15'229'425 15'229'425 15'229'425 15'229'425 $274'129'650 10'200'000 10'200'000 10'200'000 10'200'000 $183'600'000 2'400'000 2'400'000 2'400'000 $43'200'000 600'000 600'000 600'000 $10'800'000 900'000 900'000 900'000 $16'200'000 864'000 864'000 864'000 $15'552'000 525'000 525'000 525'000 $9'450'000 250'002 250'002 250'002 $4'500'036

60.9% 25'429'425 60.9% 2.8% 9.9% 12.6% 73.6% 17.3% 1.2% 18.5% 92.1% 6.9% 1.0% 100.0%

Total cash before fees Paid to underwriters Others Net Shares sold by company Shares sold by shareholders Total shares sold Option to underwriters

$63'000'000 $4'410'000 $975'000 $57'615'000 3'489'275 10'725 3'500'000 525'000

Round

Date

Amount

Seed / A B B extension Total

Dec96 June97 May98

$15'000 $3'000'000 $1'992'000 $5'007'000

30'968'427

30'968'427

30'968'427

$557'431'686

30'968'427 1'410'315 5'007'748 6'418'063 37'386'490

30'968'427 1'410'315 5'007'748 6'418'063 37'386'490 8'791'836 622'250 9'414'086 46'800'576

30'968'427 1'410'315 5'007'748 6'418'063 37'386'490 8'791'836 622'250 9'414'086 46'800'576 3'489'275 525'000 50'814'851

$557'431'686 $25'385'670 $90'139'464 $115'525'134 $672'956'820 $158'253'048 $11'200'500 $169'453'548 $842'410'368 $62'806'950 $9'450'000 $914'667'318

Revenues 6m-98 6m-97 Amount $14'900'000 $1'700'000 Growth 776% Number of employees 76 Avg. val. of stock per emp $334'022

# Shares

Price per Valuation Ownership share (approx.) 4'500'000 $0.00 $15'000 3'000'000 $1.00 $28'429'425 11% 1'200'000 $1.66 $49'184'846 4% 8'700'000

Activity Town, St f= founder D= director Title fD President & C EO f VP f SVP SVP Ex-VP

C omputer games San Mateo, C A Price per share $9.0 Symbol ERTS

Electronic Arts Sep-89 $105'580'404 www.ea.com

Incorporation State CA Date May-82 years to IPO 7.3

37

© Service des relations industrielles©(SRI) EPFL

Name

Founder's Employee PreIPO Post IPO Founder's Employee PreIPO Post IPO Value Ownership Ownership Ownership Ownership Shares Shares Shares Shares W. (Trip) Hawkins 60.1% 24.6% 10.4% 8.7% 1'041'500 1'041'500 1'041'500 1'016'000 $9'144'000 W. (Bing) Gordon 11.8% 4.8% 1.6% 1.3% 203'534 203'534 158'334 147'668 $1'329'012 Timothy Mott 28.1% 11.5% 4.3% 3.3% 487'132 487'132 429'332 389'332 $3'503'988 Lawrence Probst 3.5% 1.1% 0.8% 147'601 113'601 96'935 $872'415 Eric Walter 2.8% 1.2% 0.9% 119'332 119'332 109'332 $983'988

Officers & executives Other common Total common before options Options-outstanding Options-Available Options-Total Total - company Investors (Sequoia) Investors (KPC B) Investors (Sevin Rosen) Investors (others) Total- Investors Total - PreIPO IPO Option (underwriters) Sold by existing shareholders Total outstanding VCs D Brook Byers D Don Valentine

KPC B Sequoia

D D D D

Warner C MA Sales Software Pub. Quantum Media

Richard Asher William Byron Fred Gibbons Robert Pittman

Company IPO date Market cap. URL

100.0% 67.4%

40.9%

47.2% 13.5% 60.8% 28.1% 11.1% 39.2% 100.0%

17.3%

14.8%

15.0% 4.9% 19.9% 10.1% 4.0% 14.2% 34.0% 13.3% 9.7% 6.3% 17.6% 47.0% 81.0% 11.9% 2.5% 4.6% 100.0%

Total cash before fees Paid to underwriters Others Net sold by company sold by shareholders Total shares sold Option to underwriters Round

* Management had additional options: Trip Hawkins 66'667 Tom Mott 77'800 Bing Gordon 65'200 Lawrence Probst 54'000

18.5% 5.7% 24.2% 11.9% 4.7% 16.5% 40.8% 15.6% 11.3% 8.0% 24.3% 59.2% 100.0%

Date

Seed May-82 A Dec-82 B C Oct-88 Additional antidilution C Total

1'732'166

$12'600'000 $1'382'000 $11'218'000 1'151'000 540'000 1'691'000 291'000 Amount $200'000 $2'073'360 $3'135'300 $3'000'000 $8'208'660

# Shares

1'999'099 572'357 2'571'456 1'190'321 470'379 1'660'700 4'232'156

1'862'099 572'357 2'434'456 1'190'321 470'379 1'660'700 4'095'156 1'565'763 1'134'346 807'144 2'437'747 5'945'000 10'040'156

1'759'267 572'357 2'331'624 1'190'321 470'379 1'660'700 3'992'324 1'565'763 1'134'346 740'477 2'067'246 5'507'832 9'500'156 1'400'000 291'000 540'000 11'731'156

Revenues 1989 Amount $63'471'000 Growth 27% Number of employees Avg. val. of stock per emp

Price per Valuation share by Trip Hawkins 3'912'000 $0.53 1'493'000 $2.10 500'000 $6.00 40'000 5'945'000

$15'833'403 $5'151'213 $20'984'616 $10'712'889 $4'233'411 $14'946'300 $35'930'916 $14'091'867 $10'209'114 $6'664'293 $18'605'214 $49'570'488 $85'501'404 $12'600'000 $2'619'000 $4'860'000 $105'580'404 1988 $50'046'000 268 $74'991

Activity Town, St f= founder D= director Title f

President & C EO Exec. C hairman C FO C OO VP HR

IP Video South San Francisco, C A Price per share $1.0 Symbol ENVI

Company IPO date FILING Market cap. URL

Envivio Inc. May-11 $213'280'746 www.envivio.com

Incorporation State DE Date Jan-00 years to IPO 11.4

38

Name

Founder's Employee PreIPO Post IPO Founder's Employee PreIPO Post IPO Value Including Ownership Ownership Ownership Ownership Shares Shares Shares Shares Options Julien Signès 100.0% 42.3% 5.2% 4.7% 10'124'739 10'124'739 10'124'739 10'124'739 $10'124'739 8'037'679 Gianluca Rattazzi 21.0% 2.6% 2.4% 5'036'712 5'036'712 5'036'712 $5'036'712 5'036'712 Erik E. Miller 8.4% 1.0% 0.9% 2'014'685 2'014'685 2'014'685 $2'014'685 2'014'685 Kevin P. O’Keefe 9.8% 1.2% 1.1% 2'357'181 2'357'181 2'357'181 $2'357'181 2'357'181 Anne M. Lynch 2.1% 0.3% 0.2% 500'000 500'000 500'000 $500'000 500'000

© Service des relations industrielles©(SRI) EPFL

Officers & executives Other common Total common before options Options-outstanding Options-Available Options-Total Total - company Investors (Atlantic Bridge) Investors (C redit Agricole) Investors (C rescendo) Investors (HarbourVest) Investors (others) Total- Investors Total - PreIPO IPO

100.0%

Total outstanding

49.9%

42.3%

83.7% 1.1% 84.7% 10.9% 4.4% 15.3% 100.0%

10.4% 0.1% 10.5% 1.3% 0.5% 1.9% 12.4% 7.3% 10.5% 17.7% 18.8% 33.2% 87.6% 100.0%

5.2%

4.7%

Board Kevin E. Dillon (Atlantic Bridge) C orentin du Roy de Blicquy (Harbourvest) C lifford B. Meltzer (C A Technologies) R. David Spreng (C rescendo)

10'124'739

20'033'317 255'612 20'288'929 2'600'632 1'054'079 3'654'711 23'943'640

20'033'317 255'612 20'288'929 2'600'632 1'054'079 3'654'711 23'943'640 14'172'014 20'267'009 34'288'528 36'399'415 64'210'140 169'337'106 193'280'746

100.0% Total cash before fees Paid to underwriters Others Net sold by company sold by shareholders Total shares sold Option to underwriters Round B C1 C2 D1 D2 E1 E2 F1 F2 G1 G2 H1* H2* Total * 7'775'801

Purchasers Atlantic Bridge C rédit Agricole C rescendo Fonds Québec HarbourVest Saints C apital Others Total

9.4% 0.1% 9.5% 1.2% 0.5% 1.7% 11.2% 6.6% 9.5% 16.1% 17.1% 30.1% 79.4% 90.6% 9.4%

Series G1 — 2'000'000 — — — — 2'000'000

Date

Sep-08 Sep-08 Jun-10 Jun-10 series 1

$20'000'000

20'033'317 255'612 20'288'929 2'600'632 1'054'079 3'654'711 23'943'640 14'172'014 20'267'009 34'288'528 36'399'415 64'210'140 169'337'106 193'280'746 20'000'000

$20'033'317 $255'612 $20'288'929 $2'600'632 $1'054'079 $3'654'711 $23'943'640 $14'172'014 $20'267'009 $34'288'528 $36'399'415 $64'210'140 $169'337'106 $193'280'746 $20'000'000

213'280'746

$213'280'746

Year 2010 Revenues $30'004'000 Profit -$1'987'000 Growth 84% Number of employees Avg. val. of stock per emp

$20'000'000 20'000'000

2009 $16'288'000 -$8'391'000 117 $33'422

20'000'000 -

Price per After share conversion $2'164'824 2'164'824 $1.00 30'067 $1'045'564 1'045'564 $1.00 20'107 $8'716'864 8'716'864 $1.00 167'632 $352'000 352'000 $1.00 352'000 $3'446'882 3'446'882 $1.00 3'446'882 $420'219 336'175 $1.25 336'175 $12'213'148 9'770'518 $1.25 9'770'518 $661'855 321'289 $2.06 321'289 $12'061'100 5'854'903 $2.06 5'854'903 $2'500'000 2'000'000 $1.25 2'000'000 $22'500'000 18'000'000 $1.25 18'000'000 $300'083 895'502 $0.34 895'502 $7'199'915 21'485'869 $0.34 21'485'869 $73'582'453 74'390'390 62'680'944 and 87'170'915 series 2 were issued as incentive shares

Series G2 4'000'000 467'601 3'035'383 273'732 6'978'768 600'976 2'643'540 18'000'000

Amount

Series H1 — 895'502 — — — — 895'502

# Shares

Series H2 2'711'554 895'501 5'952'586 2'543'491 3'795'829 1'100'029 4'486'879 21'485'869

Series 1 — 7'775'801 — — — — 7'775'801

Series 2 7'460'460 4'241'571 18'487'330 6'537'684 22'207'482 9'086'910 19'149'478 87'170'915

Total 14'172'014 16'275'976 27'475'299 9'354'907 32'982'079 10'787'915 26'279'897 137'328'087

$5'908'642 $3'684'666 $5'788'940 $1'194'489 $9'995'442 $1'119'840 $4'807'978 $32'499'997

17'946'257

Activity Town, St f= founder D= director Title f C TO fD President & C OO f C EO C FO

Networking/internet Redwood C ity, C A Price per share $12.0 Symbol EQIX Name Jay Aldeson Albert Avery Peter Van Kamp Philip Koen

Equinix Aug-00 $897'059'568 www.equinix.com

Incorporation State DE Date Jun-98 years to IPO 2.2

39

© Service des relations industrielles©(SRI) EPFL

Founder's Employee PreIPO Post IPO Founder's Employee PreIPO Post IPO Value Ownership Ownership Ownership Ownership Shares Shares Shares Shares 50.0% 14.1% 5.8% 4.1% 3'030'000 3'030'000 3'030'000 3'030'000 $36'360'000 50.0% 14.1% 5.8% 4.1% 3'030'000 3'030'000 3'030'000 3'030'000 $36'360'000 14.0% 5.8% 4.0% 3'015'000 3'015'000 3'015'000 $36'180'000 3.4% 1.4% 1.0% 740'000 740'000 740'000 $8'880'000

Officers & executives Other common Total common before options Options-outstanding Options-Available Options-Total Total - company Investors (Benchmark) Investors (C isco) Investors (Microsoft) Investors (others) Total- Investors Total - PreIPO IPO Option (underwriters) Total outstanding VCs & Board D Benchmark D Reuters D C isco

Company IPO date Market cap. URL

Andrew S. Rachleff. John G. Taysom Michelangelo Volpi

100.0%

45.7% 15.2% 60.9% 34.7% 4.4% 39.1% 100.0%

46.4%

28.2%

11.6%

18.9% 6.3% 25.1% 14.3% 1.8% 16.2% 41.3% 16.7% 13.0% 6.4% 42.1% 58.7% 100.0%

8.1%

13.1% 4.4% 17.5% 10.0% 1.3% 11.2% 28.7% 11.6% 9.1% 4.5% 29.3% 40.9% 69.6% 26.8% 3.6% 100.0%

Total cash before fees Paid to underwriters Others Net sold by company sold by shareholders Total shares sold Option to underwriters

6'060'000

9'815'000 3'253'709 13'068'709 7'452'425 954'389 8'406'814 21'475'523

$272'455'152 $19'071'860 $1'673'140 $251'710'152 22'704'596

9'815'000 3'253'709 13'068'709 7'452'425 954'389 8'406'814 21'475'523 8'667'625 6'790'939 3'356'250 21'907'220 30'574'845 52'050'368

9'815'000 3'253'709 13'068'709 7'452'425 954'389 8'406'814 21'475'523 8'667'625 6'790'939 3'356'250 21'907'220 30'574'845 52'050'368 20'000'000 2'704'596 74'754'964

Revenues 2000 Amount $13'016'000 Growth 35078% Number of employees Avg. val. of stock per emp

22'704'596 2'704'596

VCs

Round

Date

Amount

# Shares

Benchmark, C isco

A

Sep-98

$10'517'325

15'697'500

Price per share $0.67

id. & Microsoft

A

Jan-99

$2'010'000

3'000'000

$0.67

B C Total

Nov-99 May-00

$84'013'448 $94'433'388 $190'974'161

15'762'373 6'262'161 40'722'034

$5.33 $15.08

Valuation $14'577'525.00 $215'970'923.09 $811'164'404.44

$117'780'000 $39'044'508 $156'824'508 $89'429'100 $11'452'668 $100'881'768 $257'706'276 $104'011'500 $81'491'268 $40'275'000 $262'886'640 $366'898'140 $624'604'416 $240'000'000 $32'455'152 $897'059'568 1999 $37'000 136 $944'659

Activity Town, St f= founder D= director Title fD SVP f C TO f f f f D C EO EVP

Internet Search Mountain View, C A Price per share $17 Symbol XC IT Name

Founder's Ownership Joe Krauss 22.2% Graham Spencer 33.3% Benjamin Lutch 11.1% Ryan McIntyre 11.1% Martin Reinfried 11.1% Mark Van Haren 11.1% George Bell Brett Bullington

Officers & executives Other common Options exercised Total common before options Options-outstanding Options-Available Options-Total Total - company D Investors (KP, IVP) Investors (others) Total- Investors Total - PreIPO IPO Total outstanding VCs D KPC B D IVP IDG C RV Corp. D AOL D Tribune

Company IPO date Market cap. URL Employee Ownership 18.1% 27.1% 9.0% 9.0% 9.0% 9.0% 6.1% 5.5%

PreIPO Ownership 5.4% 8.1% 2.7% 2.7% 2.7% 2.7% 1.8% 1.6%

93.0% 0.0% 93.0% 0.1% 6.9% 7.0% 100.0%

27.7% 0.0% 27.7% 0.0% 2.0% 2.1% 29.8% 42.6% 27.6% 70.2% 100.0%

100.0% 66.4%

61.7%

18.4%

11.1%

Steve C ase

Rounds Series A Series B B-warrant Series C Series D D-warrant Total

Incorporation State CA Date Jun-94 years to IPO 1.8

40

© Service des relations industrielles©(SRI) EPFL

Post IPO Founder's Employee PreIPO Post IPO Value Ownership Shares Shares Shares Shares 3.2% 300'000 395'560 395'560 395'560 $6'724'520 4.9% 450'000 593'340 593'340 593'340 $10'086'780 1.6% 150'000 197'780 197'780 197'780 $3'362'260 1.6% 150'000 197'780 197'780 197'780 $3'362'260 1.6% 150'000 197'780 197'780 197'780 $3'362'260 1.6% 150'000 197'780 197'780 197'780 $3'362'260 1.1% 133'634 133'634 133'634 $2'271'778 1.0% 119'949 119'949 119'949 $2'039'133 16.7% 5.8% 22.5% 0.0% 1.2% 1.3% 23.8% 25.6% 16.6% 57.3% 81.1% 18.9%

1'350'000

2'033'603 2'033'603 3'000 150'000 153'000 2'186'603

2'033'603 2'033'603 3'000 150'000 153'000 2'186'603 3'123'624 2'022'966 5'146'590 7'333'193

100.0% IPO

Vinod Khosla Geoffrey Yang

Excite Apr-96 $207'140'699 www.excite.com

Total cash before fees $39'100'000 Paid to underwriters $3'175'000 Others $525'000 Net $35'400'000 Shares sold by company 2'300'000 Shares sold by shareholders Total shares sold 2'300'000 Option to underwriters -

Date Shares Amount Price / share Value Jul-95 2'250'000 $1'500'000 $0.67 $2'400'000 Nov-95 1'220'000 $1'500'000 $1.23 $5'926'230 1'191'176 $0.13 Dec-95 309'278 $900'000 $2.91 $16'915'503 Mar-96 1'367'312 $11'000'000 $8.00 $58'879'744 650'000 $8.00 5'146'590 $14'900'000

2'033'603 710'378 2'743'981 3'000 150'000 153'000 2'896'981 3'123'624 2'022'966 6'987'766 9'884'747 2'300'000

$34'571'251 $12'076'426 $46'647'677 $51'000 $2'550'000 $2'601'000 $49'248'677 $53'101'608 $34'390'422 $118'792'022 $168'040'699 $39'100'000

12'184'747

$207'140'699

Revenues

1996 1995 $14'757'000 $953'000 Growth 1448% Emp 65 Avg. val. of stock per emp $257'498.70

Investors KP 900'000, IVP 900'000, IDG and C RV 225'000 IVP and KP 600'000 exercised at IPO KP and IVP 61'812 each

Activity Town, St f= founder D= director Title fD f f f

Founder & C EO C o-founder C o-founder C o-founder

Internet Palo Alto, C A Price per share Symbol

Facebook not yet! $33'007'500'000 www.facebook.com

Incorporation State Date years to IPO

41

DE, MA; C A Jul-04

Name

Initial * Angel round and reorg Series B C urrent Initial* Angel round and reorg Series B C urrent Value Ownership Ownership** Ownership Ownership Ownership Shares** Shares Shares Mark Zuckerberg 65.0% 42.1% 31.3% 25.6% 24.0% 6'500'000 9'800'000 105'600'000 105'600'000 105'600'000 $7'920'000'000 Dustin Moskovitz 5.0% 10.7% 7.8% 6.4% 6.0% 500'000 2'500'000 26'400'000 26'400'000 26'400'000 $1'980'000'000 Eduardo Saverin 30.0% 12.9% 6.5% 5.3% 5.0% 3'000'000 3'000'000 22'000'000 22'000'000 22'000'000 $1'650'000'000 C hris Hughes 0.0% 1.2% 1.0% 0.9% 4'000'000 4'000'000 4'000'000 $300'000'000

© Service des relations industrielles©(SRI) EPFL

Founders Sean Parker Total common before options Options-Total Total - company Investors (Angels) Investors (A - Accel) Investors (B - Greylcok, Meritech, FF) Investors (Series C ) Total- Investors Total VCs & board D Accel Greylock Meritech D D Washington Post

Company IPO date $75.00 Market cap. not yet! URL

70.0%

20.0% 10.0%

65.7% 8.6% 74.3% 15.7% 90.0% 10.0%

46.9% 5.2% 52.1% 37.7% 89.8% 10.2%

38.2% 4.3% 42.5% 30.7% 73.3% 8.4% 13.0% 5.4%

100.0%

10.2% 100.0%

26.7% 100.0%

35.9% 4.0% 39.9% 28.9% 68.8% 7.8% 12.2% 5.1% 6.1% 31.2% 100.0%

10'000'000 10'000'000 2'857'143 12'857'143 1'428'571

15'300'000 2'000'000 17'300'000 3'657'143 20'957'143 2'328'571

158'000'000 17'600'000 175'600'000 127'000'000 302'600'000 34'500'000

158'000'000 17'600'000 175'600'000 127'000'000 302'600'000 34'500'000 53'500'000 22'500'000

1'428'571 14'285'714

2'328'571 23'285'714

34'500'000 337'100'000

110'500'000 413'100'000

158'000'000 17'600'000 175'600'000 127'000'000 302'600'000 34'500'000 53'500'000 22'500'000 27'000'000 137'500'000 440'100'000

$11'850'000'000 $1'320'000'000 $13'170'000'000 $9'525'000'000 $22'695'000'000 $2'587'500'000 $4'012'500'000 $1'687'500'000 $2'025'000'000 $10'312'500'000 $33'007'500'000

Revenues 2009 2008 Amount $800'000'000 $280'000'000 Growth 186% Number of employees 1700 Avg. val. of stock per emp $776'471

Jim Breyer

Peter Thiel Marc Andreessen Donald E. Graham

* The difficulty with facebook is that probably they were internal sales of stock in addition to the fact that founders' shares number evolved. A lot of ESOP might be owned by investors and/or other type of shareholders ** On September 27, 2004, Peter Thiel formally acquired 9% of the new company with a convertible note worth $500,000. Before the transaction, Facebook ownership was divided between Zuckerberg, with 65%, Saverin, with 30%, and Moskovitz, with 5%. After the transaction, the new company was divided between Zuckerberg, with 40%, Saverin, with 24%, Moskovitz, with 16%, and Thiel with 9%. The rest, about 20%, went to an options pool for future employees. From there, a good chunk of equity went to Eduardo's replacement, TheFacebook.com's new C OO, Sean Parker. On October 31, 2004, Eduardo signed a shareholder agreement that alloted him 3 million shares of common stock in the new company. In the agreement, he handed over all relevant intellectual property and turned over his voting rights to Mark Zuckerberg. Mark became Facebook's sole director. On January 7, 2005, Mark caused Facebook to issue 9 million shares of common stock in the new company. He took 3.3. million shares for himself and gave 2 million to Sean Parker and 2 million to Dustin Moskovitz. This share issuance instantly diluted Eduardo's stake in the company from ~24% to below 10%. The only way to reconcile all numbers is to imagine some stock split around 10 new shares for 1 old which explians the huge new number issuance Investors

Round

Date

Peter Thiel and others Accel Greylock, Meritech, Founders Fund Microsoft Li Ka-shing Others

Angel A B C C D Total Facebook also raised $100M in debt with TriplePoint in Facebook numbers ($M or '000s) Year Revenue Income 2004 2005 10 2006 52 2007 150 2008 280 50 2009 1'080 180 2010 Total

sept.04 may. 05 apr. 06 oct.07 2007-08 2008-09

Amount $500'000 $12'700'000 $27'500'000 $240'000'000 $120'000'000 $335'000'000 $735'700'000

38%

34'500'000 50'568'097 22'710'665 7'058'824 5'280'000 14'740'000 134'857'585

Price per share

Valuation ($M) Ownership at time of round

$0.01 $5'000'000 $0.25 $98'000'000 $1.21 $500'000'000 $34.00 $15'000'000'000 $22.73 $10'000'000'000 $22.73 $10'000'000'000

10.0% 13.0% 5.5% 1.6%

2008

Employees

450 1'000 1'410 1'700

# Shares C urrent After C After B After A Angel ESOP

# Shares

440'000'000 440'000'000 412'921'176 390'210'512 339'642'415 129'064'118

Financing 0.5 12.7 27.5 300 75 200 120 735.7

Cash Flow

Debt

-150

Price per Valuation share $75.00 $33'000'000'000 $34.09 $15'000'000'000 $1.21 $500'000'000 $0.25 $98'000'000 $0.01 $5'000'000

100

Activity Town, St f= founder D= director Title

Networking Sunnyvale, C A Price per share Symbol

$12.5 FDRY

Company IPO date Market cap. URL

Foundry Networks Inc. Sep-99 $565'864'525

Incorporation State Date May-96 years to IPO 3.4

42

© Service des relations industrielles©(SRI) EPFL

Name

Founder's Employee PreIPO Post IPO Founder's Employee PreIPO Post IPO Value Ownership Ownership Ownership Ownership Shares Shares Shares Shares fD C hairman & C EO Bobby R. Johnson 83.5% 32.0% 20.0% 17.8% 8'050'000 8'050'000 8'050'000 8'050'000 $100'625'000 f VP HW Eng. H. Earl Ferguson 16.5% 6.3% 4.0% 3.5% 1'595'000 1'595'000 1'595'000 1'595'000 $19'937'500 Officers & executives 100.0% 38.3% 24.0% 21.3% 9'645'000 9'645'000 9'645'000 9'645'000 $120'562'500 Other common 35.8% 22.3% 19.9% 8'995'597 8'995'597 8'995'597 $112'444'963 Total common 51.7% 74.1% 46.3% 41.2% 18'640'597 18'640'597 18'640'597 $233'007'463 Options - outstanding 14.0% 8.7% 7.8% 3'508'969 3'508'969 3'508'969 $43'862'113 Options - available 11.9% 7.5% 6.6% 3'003'000 3'003'000 3'003'000 $37'537'500 Options - total 25.9% 16.2% 14.4% 6'511'969 6'511'969 6'511'969 $81'399'613 Total - company 38.3% 100.0% 62.5% 55.6% 25'152'566 25'152'566 25'152'566 $314'407'075 Investors (C rosspoint) 13.5% 12.0% 5'419'870 5'419'870 $67'748'375 Investors (IVP) 7.6% 6.7% 3'045'206 3'045'206 $38'065'075 Investors (Accel) 5.8% 5.2% 2'340'505 2'340'505 $29'256'313 Investors (Vantage) 5.6% 5.0% 2'274'914 2'274'914 $28'436'425 Investors (Others) 5.1% 4.5% 2'036'101 2'036'101 $25'451'263 Total- Investors 37.5% 33.4% 15'116'596 15'116'596 $188'957'450 Total - PreIPO 24.0% 100.0% 89.0% 40'269'162 40'269'162 $503'364'525 IPO 11.0% 5'000'000 $62'500'000 Total outstanding 21.3% 100.0% 45'269'162 $565'864'525 Board Seth D. Neiman C rosspoint Andrew K. Ludwick ex-Bay Networks

Total cash before fees Paid to underwriters Others Net sold by company sold by shareholders Total shares sold Option to underwriters

$62'500'000

$62'500'000 5'000'000

Year 1997 Revenues $17'039'000 Profit -$9'332'000 Growth 404% Number of employees Avg. val. of stock per emp

5'000'000 -

Round

Date

Amount

A B C C Total

Jun-96 Jun-97 Mar-98 Jun-99

$5'750'000 $9'399'994 $15'000'008 $1'000'000 $31'150'002

# Shares 5'750'000 4'086'954 5'154'642 125'000 15'116'596

Price per Valuation share $1.00 $2.30 $2.91 $8.00

1998 $3'381'000 -$9'007'000 131 $1'479'730

Activity Town, St f= founder D= director Title

Storage Salt Lake C ity, UT Price per share $14.0 Symbol FIO Name

fD President & C EO David Flynn fD C hief Marketing Rick White Former C EO David Bradford EVP C OO Lance Smith EVP. World Sales James Dawson C FO Dennis Wolf D Director Ray Bingham D Director Dana Evan Chief Scientist Steve Wozniak Officers & executives Other common Total common before options Options-outstanding Options-Available Options-Total Total - company Investors (NEA) Investors (Lightspeed) Investors (others) Total- Investors Total - PreIPO IPO Option (underwriters) Total outstanding Board Forrest Basket NEA Scott Sandell NEA C hristopher Schaepe LightSpeed

Company IPO date Market cap. URL

Fusion-io Inc. Jun-11 $1'531'386'276 www.fusionio.com

Incorporation State NV Date Dec-05 years to IPO 5.4

43

© Service desValue relations industrielles ©(SRI) EPFL Founder's Employee PreIPO Post IPO Founder's Employee PreIPO Post IPO Including Ownership Ownership Ownership Ownership Shares Shares Shares Shares Options 55.6% 14.6% 6.7% 6.1% 5'000'000 6'619'836 6'619'836 6'619'836 $92'677'704 1'459'442 44.4% 11.4% 5.2% 4.7% 4'000'000 5'151'174 5'151'174 5'151'174 $72'116'436 950'781 1.4% 0.6% 0.6% 636'606 636'606 636'606 $8'912'484 601'106 1.3% 0.6% 0.5% 585'832 585'832 585'832 $8'201'648 585'832 1.2% 0.5% 0.5% 528'525 528'525 528'525 $7'399'350 503'125 0.6% 0.3% 0.3% 293'124 293'124 293'124 $4'103'736 273'124 0.08% 0.04% 0.03% 35'000 35'000 35'000 $490'000 5'000 0.07% 0.03% 0.03% 30'000 30'000 30'000 $420'000 100.0% 53.4%

19.8%

30.6% 6.6% 37.2% 49.5% 13.3% 62.8% 100.0%

9.1%

14.0% 3.0% 17.0% 22.6% 6.1% 28.7% 45.7% 26.1% 8.9% 19.4% 54.3% 100.0%

8.2%

12.7% 2.7% 15.4% 20.5% 5.5% 26.1% 41.5% 23.7% 8.1% 17.6% 49.4% 90.9% 9.1%

9'000'000

13'880'097 2'986'490 16'866'587 22'458'926 6'050'466 28'509'392 45'375'979

13'880'097 2'986'490 16'866'587 22'458'926 6'050'466 28'509'392 45'375'979 25'935'930 8'823'741 19'249'084 54'008'755 99'384'734

100.0% Total cash before fees Paid to underwriters Others Net sold by company sold by shareholders Total shares sold Option to underwriters

$140'000'000

$140'000'000 10'000'000

Date

Amount

A B C Total

Mar-08 Apr-09 Apr-10

$11'999'992 $48'019'804 $44'790'179 $104'809'975

# Shares

Price per Valuation share 10'978'950 $1.09 24'009'902 $2.00 11'576'681 $3.87 46'565'533

Series A Series B Series C Amount 8'647'755 9'000'000 2'843'112 $38'451'997 7'500'000 1'292'324 $20'000'002 Bridge A Bridge B Bridge C NEA 12 3'812'219 2'328'766 911'566 7'052'551 Lightspeed 390'671 390'671 Total 3'812'219 2'328'766 1'302'237 7'443'222 NEA 12 Lightspeed

$194'321'358 $41'810'860 $236'132'218 $314'424'964 $84'706'524 $399'131'488 $635'263'706 $363'103'020 $123'532'374 $269'487'176 $756'122'570 $1'391'386'276 $140'000'000

109'384'734

$1'531'386'276

Year 2010 Revenues $36'216'000 Profit -$31'716'000 Growth 257% Number of employees Avg. val. of stock per emp

10'000'000 -

Round

13'880'097 2'986'490 16'866'587 22'458'926 6'050'466 28'509'392 45'375'979 25'935'930 8'823'741 19'249'084 54'008'755 99'384'734 10'000'000

2009 $10'150'000 -$25'573'000 348 $1'023'666

4'378'410

Activity Town, St f= founder D= director Title fD C hairman D C EO f SVP C EO Gemp. USA f ex-C EO f f

Smart cards Marseille, France Price per share Symbol Name Marc Lassus Antonio Perez Gilles Lisimaque D. Trempont Daniel Le Gal Philippe Maes J.-Pierre Gloton

Founders and managers * Other common Total common before options Options-Granted Options-Available Options-Total Sub-total Investors (TPG) Investors (others) Total- Investors Total - PreIPO IPO Option (underwriters) Total outstanding VCs D TPG D Vertex GE C apital * The founders amount is biased by Lassus' shares which he got during Gemplus growth. It may be imagined that Lassus owned a similar amount of shares initially as other founders

$6.0 GEMP

Company IPO date Market cap. URL

Gemplus (Gemalto) 8-Dec-00 $4'091'614'302 www.gemplus.com

Incorporation State Date years to IPO

Luxembourg Mar-89 12

44

Ownership Shares © Service des relations industrielles Value ©(SRI) EPFL Founders Employees PreIPO Post IPO Founders Employees PreIPO Post IPO 88.3% 40.3% 15.7% 15.3% 104'513'019 104'513'019 104'513'019 104'513'019 € 627'078'114 11.9% 4.6% 4.5% 30'743'679 30'743'679 30'743'679 € 184'462'074 5.4% 2.5% 1.0% 0.9% 6'438'500 6'438'500 6'438'500 6'438'500 € 38'631'000 1.6% 0.6% 0.6% 4'250'000 4'250'000 4'250'000 € 25'500'000 3.0% 1.3% 0.5% 0.5% 3'499'950 3'499'950 3'499'950 3'499'950 € 20'999'700 1.8% 0.8% 0.3% 0.3% 2'190'000 2'190'000 2'190'000 2'190'000 € 13'140'000 1.5% 0.7% 0.3% 0.3% 1'781'400 1'781'400 1'781'400 1'781'400 € 10'688'400 100.0% 59.2% 23.0% 22.5% 118'422'869 153'416'548 153'416'548 153'416'548 € 920'499'288 59.2% 23.0% 22.5% 153'416'548 153'416'548 153'416'548 € 920'499'288 18.2% 7.1% 6.9% 47'137'500 47'137'500 47'137'500 € 282'825'000 22.7% 8.8% 8.6% 58'813'169 58'813'169 58'813'169 € 352'879'014 40.8% 15.9% 15.5% 105'950'669 105'950'669 105'950'669 € 635'704'014 100.0% 38.9% 38.0% 259'367'217 259'367'217 259'367'217 € 1'556'203'302 23.9% 23.4% 159'305'600 159'305'600 € 955'833'600 37.2% 36.4% 248'262'900 248'262'900 € 1'489'577'400 61.1% 59.8% 407'568'500 407'568'500 € 2'445'411'000 17.8% 100.0% 97.8% 666'935'717 666'935'717 € 4'001'614'302 2.2% 15'000'000 € 90'000'000 17.4%

100.0%

IPO

Total cash before fees Paid to underwriters Net sold by company sold by shareholders Total shares sold

Round TPG

Date 2000

681'935'717 $488'408'670 $37'068'000 $451'340'670 15'000'000 66'401'445 81'401'445

Amount # Shares Price € 559'162'656 159'305'600

€ 3.51

€ 4'091'614'302

Revenues 1999 1998 Amount € 767'000'000 € 583'000'000 Growth 32% Number of employees 7'000 Avg. val. of stock per emp. € 40'404

Activity Town, St f= founder D= director Title fD C EO fD VP VP Finance VP Marketing VP, Gen. C ounsel

Biotechnology South San Francisco. C A Price per share $35.0 Symbol GENE/DNA Name Robert Swanson Herbert Boyer Fred Middleton Robert Byrnes Thomas Kiley

Officers & executives Other common Total common before options Options-outstanding (Series B *) Options-Available Options-Total Total - company Investors (KP) Investors (Lubriziol) Investors (Others) Total- Investors Total - PreIPO IPO

Genentech Inc. Oct-80 $261'523'570 www.genentech.com

Incorporation State CA Date Apr-76 years to IPO 4.5

45

© Service des relations industrielles©(SRI) EPFL

Founder's Employee PreIPO Post IPO Founder's Employee PreIPO Post IPO Value Ownership Ownership Ownership Ownership Shares Shares Shares Shares 50.0% 31.1% 14.3% 12.4% 925'000 925'000 925'000 925'000 $32'375'000 50.0% 31.1% 14.3% 12.4% 925'000 925'000 925'000 925'000 $32'375'000

100.0% 68.0%

62.2%

2.0%

0.9%

0.8%

64.3% 27.3% 91.5% 1.7% 6.8% 8.5% 100.0%

29.5% 12.5% 42.0% 0.8% 3.1% 3.9% 45.9% 14.5% 24.0% 15.5% 54.1% 100.0%

25.6% 10.8% 36.4% 0.7% 2.7% 3.4% 39.8% 12.6% 20.8% 13.5% 46.8% 86.6% 13.4%

28.6%

Total outstanding VCs D Tom Perkins D Donald Murflin

Company IPO date Market cap. URL

24.8%

100.0% Total cash before fees Paid to underwriters Others Net sold by company sold by shareholders Total shares sold Option to underwriters

KP (C hairman) Lubrizol

* ESOP was a Series B preferred stock mechanism

VCs

1'850'000

Round

KP Seed (KP) Wilmington A Lubriziol A

Date

$35'000'000 $2'250'000 $32'750'000 1'000'000

60'000

60'000

60'000

$2'100'000

1'910'000 810'602 2'720'602 49'750 201'750 251'500 2'972'102

1'910'000 810'602 2'720'602 49'750 201'750 251'500 2'972'102 938'800 1'555'200 1'006'000 3'500'000 6'472'102

1'910'000 810'602 2'720'602 49'750 201'750 251'500 2'972'102 938'800 1'555'200 1'006'000 3'500'000 6'472'102 1'000'000

$66'850'000 $28'371'070 $95'221'070 $1'741'250 $7'061'250 $8'802'500 $104'023'570 $32'858'000 $54'432'000 $35'210'000 $122'500'000 $226'523'570 $35'000'000

7'472'102

$261'523'570

Revenues 1979 1978 Amount $3'405'804 $856'335 Growth 298% Number of employees 112 Avg. val. of stock per emp $268'860

1'000'000 Amount

$200'000 Apr-78 $500'000 Sep-79 $10'000'000

# Shares

Price per Valuation Ownership share 938'000 $0.21 $594'456 34% 250'000 $2.00 $6'076'000 8% 1'000'000 $10.00 $40'380'000 25%

Activity Town, St f= founder D= director

Biotechnology C ambridge, MA Price per share Symbol

$12.0 GENZ

Company IPO date Market cap. URL

Genzyme Jun-86 $93'175'092 www.genzyme.com

Incorporation State MA Date Oct-81 years to IPO 4.7

46

© Service relations industrielles ©(SRI) EPFL Founder's Employee PreIPO Post IPO Founder's Employee PreIPO Post IPO des Value Includes Ownership Ownership Ownership Ownership Shares Shares Shares Shares Stock Options fD C hairman Sheridan Snyder 72.5% 41.6% 26.4% 18.5% 1'750'000 1'589'500 1'589'500 1'439'500 $17'274'000 fD VP Manuf., R&D Henry Blair 27.5% 15.6% 9.9% 6.4% 663'500 596'300 596'300 496'300 $5'955'600 D President & C EO Henri Termeer 5.1% 3.2% 2.5% 195'500 195'500 195'500 $2'346'000 101'500 SVP Bio & Pharma C harles C asamento 0.8% 0.5% 0.4% 30'000 30'000 30'000 $360'000 30'000 C FO James Sherblom 0.3% 0.2% 0.1% 10'000 10'000 10'000 $120'000 10'000 Title

Name

Officers & executives Other common Total common before options Options-outstanding Options-Available Options-Total Total - company Investors (Oak) Investors (Advent) Investors (Rothschild) Investors (others) Total- Investors Total - PreIPO IPO (new shares) IPO (sold by existing shareholders) Total outstanding Board C harles C ooney John Littlechild Eileen More

MIT Advent Oak

100.0% 68.0%

63.1%

63.3% 29.5% 92.8% 3.1% 4.1% 7.2% 100.0%

40.1%

40.2% 18.7% 58.9% 2.0% 2.6% 4.6% 63.5% 18.7% 5.2% 5.9% 6.7% 36.5% 100.0%

31.1%

28.0% 11.2% 39.1% 1.5% 2.0% 3.5% 42.7% 14.5% 4.1% 4.6% 5.2% 28.3% 71.0% 22.4% 6.6% 100.0%

Total cash before fees Paid to underwriters Others Net sold by company sold by shareholders Total shares sold Option to underwriters Round

Date

A B C D E Total

1981 Dec-82 Jul-83 May-84 Aug-85

2'413'500

2'421'300 1'127'200 3'548'500 119'850 155'150 275'000 3'823'500

$20'880'000

$475'600 $799'452 $3'351'102 $2'549'994 $2'150'001 $9'326'148

# Shares 237'800 341'646 918'110 423'587 279'948 2'201'091

On August 30, 2010, Sanofi-Aventis announced a bid to acquire Genzyme for $18.5B. As on February 16,2011 Sanofi-Aventis declares the full aquisition of Genzyme for $20.1 billion

2'171'300 867'200 3'038'500 119'850 155'150 275'000 3'313'500 1'126'061 315'000 357'000 403'030 2'201'091 5'514'591 1'740'000 510'000 7'764'591

Year 1985 Revenues $9'767'000 Profit -$106'000 Growth 22% Number of employees Avg. val. of stock per emp

$20'880'000 1'740'000 510'000 2'250'000 510'000 Amount

2'421'300 1'127'200 3'548'500 119'850 155'150 275'000 3'823'500 1'126'061 315'000 357'000 403'030 2'201'091 6'024'591

Price per share $2.00 $2.34 $3.65 $6.02 $7.68

Valuation $5'302'600 $7'003'494 $14'275'354 $26'094'551 $35'440'059

$26'055'600 $10'406'400 $36'462'000 $1'438'200 $1'861'800 $3'300'000 $39'762'000 $13'512'732 $3'780'000 $4'284'000 $4'836'360 $26'413'092 $66'175'092 $20'880'000 $6'120'000 $93'175'092 1984 $8'035'000 -$2'840'000 169 $81'103

Activity Town, St f= founder D= director Title fD Pres. Prod. fD Pres. Tech. D C EO SVP Sales VP Eng.

Internet Moutain View, C A Price per share $85 Symbol GOOG Name Larry Page Sergey Brin Eric Schmidt Omid Kordestani Wayne Rosing

Founders and managers Other common Total common before options Options-Granted Options-Available Options-Total Sub-total Investors (VC s) Stanford Investors (others) Total- Investors Total - PreIPO IPO Sold by existing shareholders Total VCs D Kleiner Perkins (Doerr) D Sequoia (Moritz)

Company IPO date Market cap. URL

Google 1-Aug-04 $24'800'532'620 www.google.com

Incorporation State C A, DE Date Sep-98 years to IPO 5.9

47

Ownership Shares © Service des relations industrielles Value ©(SRI) EPFL Founders Employees PreIPO Post IPO Founders Employees PreIPO Post IPO 50.0% 18.5% 13.9% 13.1% 38'490'304 38'593'200 38'593'200 38'110'785 $3'239'416'725 50.0% 18.5% 13.9% 13.0% 38'490'304 38'489'048 38'489'048 38'007'935 $3'230'674'475 7.1% 5.3% 4.9% 14'758'600 14'758'600 14'389'635 $1'223'118'975 2.3% 1.7% 1.6% 4'810'520 4'810'520 4'569'994 $388'449'490 0.7% 0.5% 0.5% 1'468'000 1'468'000 1'397'851 $118'817'335 100.0% 41.0%

27.7%

47.1% 43.0% 90.1% 8.0% 1.9% 9.9% 100.0%

35.3% 32.2% 67.5% 6.0% 1.4% 7.4% 74.9% 17.2% 0.7% 7.2% 25.1% 100.0%

26.1% IPO

Total cash before fees Paid to underwriters Net sold by company sold by shareholders Total shares sold Option to underwriters

VCs

Round A B C Total

Date Oct-98 May-99 May-01

33.1% 30.7% 63.7% 5.7% 1.3% 7.1% 70.8% 16.4% 0.6% 6.8% 22.5% 93.3% 4.8% 1.9% 100.0%

76'980'608

98'119'368 89'433'180 187'552'548 16'732'657 3'891'192 20'623'849 208'176'397

$1'666'429'420 $46'786'783 $1'619'642'637 14'142'135 5'462'917 19'605'052 2'940'757 Amount # Shares Price $960'000 15'360'000 $25'000'000 47'787'600 $15'000'000 6'479'000 $40'960'000 69'626'600

98'119'368 89'433'180 187'552'548 16'732'657 3'891'192 20'623'849 208'176'397 47'787'600 1'842'000 19'997'000 69'626'600 277'802'997

96'476'200 89'433'180 185'909'380 16'732'657 3'891'192 20'623'849 206'533'229 47'787'600 1'842'000 19'730'767 65'632'691 272'165'920 14'142'135 5'462'917 291'770'972

$8'200'477'000 $7'601'820'300 $15'802'297'300 $1'422'275'845 $1'753'027'165 $17'555'324'465 $4'061'946'000 $156'570'000 $1'677'115'195 $5'578'778'735 $23'134'103'200 $1'202'081'475 $464'347'945 $24'800'532'620

Revenues 2003 2002 Amount $1'465'000'000 $439'000'000 Growth 234% Number of employees 2'500 Avg. val. of stock per emp. $3'609'638

Valuation % $0.06 $5'771'288 $0.52 $73'307'829 $2.32 $339'420'917

16.6% 34.1% 4.4%

Activity Town, St f= founder D= director Title fD C EO fD Executive chairman f co-founder President SVP Engineering C TO C FO C OO SVP Sales SVP C ust. Marketing VP Product

Internet C hicago, IL Price per share Symbol

Groupon Jun-11 $20'995'283'580 www.groupon.com

Incorporation State Date years to IPO

48

IL, DE Jan-08 3.4

Name

Founder's Employee PreIPO Post IPO Founder's Employee PreIPO Post IPO Value C lass B Including industrielles ©(SRI) EPFL Ownership Ownership Ownership Ownership Shares Shares Shares Shares © Service des relations Shares options Andrew Mason 21.4% 14.0% 7.4% 6.6% 22'967'252 22'967'252 22'967'252 22'967'252 $1'378'035'120 499'992 Eric P. Lefkofsky 59.6% 39.0% 20.7% 18.3% 64'113'046 64'113'046 64'113'046 64'113'046 $3'846'782'760 499'992 Bradley A. Keywell 19.0% 12.4% 6.6% 5.8% 20'415'848 20'415'848 20'415'848 20'415'848 $1'224'950'880 200'004 Rob Solomon 1.0% 0.5% 0.5% 1'610'944 1'610'944 1'610'944 $96'656'640 1'610'944 Brian Totty 0.2% 0.1% 0.1% 285'308 285'308 285'308 $17'118'480 38'360 Ken Pelletier 0.7% 0.4% 0.3% 1'096'972 1'096'972 1'096'972 $65'818'320 Jason C hild 0.4% 0.2% 0.2% 600'000 600'000 600'000 $36'000'000 600'000 Margaret Georgiadis 0.2% 0.1% 0.1% 300'000 300'000 300'000 $18'000'000 300'000 Darren Schwartz Aaron C ooper David Jesse

Officers & executives C ommon stockholder (C ityDeal) Other common Total common before options Options-outstanding Options-Available Options-Total Total - company Investors (NEA) Investors (Accel) Investors (others) Total- Investors Total - PreIPO IPO Option (underwriters) Total outstanding Board D Peter Barris Kevin Efrusy Theodore Leonsis Theodore J. Leonsis Howard Schultz

$60.0 GRPN

Company IPO date FILING Market cap. URL

NEA Accel

Starbucks founder

100.0%

71.2%

65.5%

67.8% 5.5% 92.0% 6.8% 1.2% 8.0% 100.0%

34.7%

35.9% 9.9% 2.9% 48.7% 3.6% 0.6% 4.3% 53.0% 14.1% 5.4% 27.5% 47.0% 100.0%

31.8% 8.8% 2.6% 43.2% 3.2% 0.6% 3.8% 46.9% 12.5% 4.7% 24.4% 41.6% 88.6% 11.4% 0.0% 100.0%

30.7% Total cash before fees Paid to underwriters Others Net sold by company sold by shareholders Total shares sold Option to underwriters

111'389'370 30'621'280 9'039'419 151'050'069 11'183'548 1'997'700 13'181'248 164'231'317

111'389'370 30'621'280 9'039'419 151'050'069 11'183'548 1'997'700 13'181'248 164'231'317 43'726'536 16'601'964 85'361'576 145'690'076 309'921'393

Year 2010 Revenue $713'365'000 Profit -$413'386'000 Growth 2241% Number of employees Avg. val. of stock per emp

$2'400'000'000 40'000'000 40'000'000 -

Date

Amount

Seed D E F G G Total

Jan-07 Jan-08 Dec-09 Apr-10 Dec-10 Jan-11

$1'000'000 $4'800'000 $30'000'000 $135'000'000 $450'000'000 $496'000'000 $1'116'800'000

# Shares

Price per Valuation share raised by thepoint.com LLC 6'560'174 $0.73 4'406'160 $6.81 4'202'658 $32.12 $1'350'000'000 14'245'018 $31.59 15'827'796 $31.34 $4'750'000'000 45'241'806

Series D Series E Series F Series G Amount 6'560'174 1'466'276 $14'800'000 2'932'552 $20'000'000 7'332 $50'000 3'113'080 $100'000'000 1'089'578 728'079 $58'000'000

KPC B

2'057'614

Greylock

2'057'614

$65'000'000

25'229'507

$797'000'000

30'072'814

$1'115'800'000

Others Total

6'560'174

111'389'370 30'621'280 9'039'419 151'050'069 11'183'548 1'997'700 13'181'248 164'231'317 43'726'536 16'601'964 85'361'576 145'690'076 309'921'393 40'000'000 349'921'393

$2'400'000'000

Round

NEA Accel Stanford Digital Sky Battery

107'496'146

4'406'160

4'202'658

$65'000'000

Conversion ratio 6x 6x 6x 2x 2x

$6'683'362'200 $1'837'276'800 $542'365'140 $9'063'004'140 $671'012'880 $119'862'000 $790'874'880 $9'853'879'020 $2'623'592'160 $996'117'840 $5'121'694'560 $8'741'404'560 $18'595'283'580 $2'400'000'000 $0 $20'995'283'580 2009 $30'471'000 -$1'341'000 7107 $187'595

1'199'988

2'549'304

Activity Town, St f= founder D= director Title fD C hief Executive fD C hief Strategy C FO C OO C TO C hief Product D Director D Director D Director

Vacation rental Austin, Texas Price per share Symbol Name Brian Sharples C arl Shepherd Lynn Atchison Brent Bellm Ross Buhrdorf Thomas Hale Lanny Baker Robert Solomon Susan Wojcicki

Officers & executives Other common Total common before options Options-Outstanding Warrant Options-Available Options-Total Total - company Investors (Austin Ventures) Investors (Redpoint) Investors (TC V) Investors (IVP) Investors (others) Total- Investors Total - PreIPO IPO Sold by existing Total outstanding Board Lanny Baker Jeffrey Brody Todd C haffee Woody Marshall Philip Siegel Robert Solomon Susan Wojcicki

(ZipRealty, Inc.) Redpoint IVP TC V Austin Ventures (Groupon) (Google)

Company IPO date Market cap. URL

$27.0 AWAY

Homeaway Inc Jul-11 $2'496'872'304 www.homeaway.com

Incorporation State Date years to IPO

49

DE Apr-04 7.3

Founder's Employee PreIPO Post IPO Founder's Employee PreIPO Post IPO © Service Value des relations Including Selling at IPO industrielles ©(SRI) EPFL Ownership Ownership Ownership Ownership Shares Shares Shares Shares Options 75.1% 10.5% 2.7% 2.4% 1'789'720 2'366'982 2'366'982 2'240'406 $60'490'962 577'262 126'576 24.9% 3.1% 0.8% 0.7% 592'524 703'462 703'462 649'667 $17'541'009 110'938 53'795 1.5% 0.4% 0.4% 345'886 345'886 326'900 $8'826'300 235'886 18'986 1.1% 0.3% 0.3% 242'916 242'916 242'916 $6'558'732 142'916 2.1% 0.6% 0.5% 477'355 477'355 477'355 $12'888'585 0.7% 0.2% 0.2% 163'333 163'333 163'333 $4'409'991 113'333 0.013% 0.003% 0.003% 2'904 2'904 2'904 $78'408 2'904 0.083% 0.022% 0.020% 18'750 18'750 18'750 $506'250 18'750 0.013% 0.003% 0.003% 2'904 2'904 2'904 $78'408 2'904 100.0% 24.3%

10.6%

19.3% 24.4% 43.7% 51.0% 0.7% 4.7% 56.3% 100.0%

2.8%

5.0% 6.3% 11.3% 13.2% 0.2% 1.2% 14.6% 25.9% 20.8% 16.6% 13.1% 7.6% 16.0% 74.1% 100.0%

4.5% 3.9% 8.4% 12.4% 0.2% 1.1% 13.7% 22.0% 19.5% 15.5% 12.2% 7.1% 15.0% 69.3% 91.3% 6.4% 2.2% 100.0%

2.6% Total cash before fees Paid to underwriters Others Net sold by company sold by shareholders Total shares sold Option to underwriters Round

Date

A B C D Total

Feb-05 2006 Nov-06 Oct-08

2'382'244

4'324'492 5'485'718 9'810'210 11'442'494 148'215 1'056'239 12'646'948 22'457'158

4'324'492 5'485'718 9'810'210 11'442'494 148'215 1'056'239 12'646'948 22'457'158 17'987'628 14'334'711 11'320'563 6'558'910 13'886'447 64'088'259 86'545'417

4'125'135 3'616'410 7'741'545 11'442'494 148'215 1'056'239 12'646'948 20'388'493 17'987'628 14'334'711 11'320'563 6'558'910 13'886'447 64'088'259 84'476'752 5'931'335 2'068'665 92'476'752

$160'146'045 Year 2010 2009 Revenues $167'884'000 $120'230'000 Profit -$25'111'000 -$25'844'000 $160'146'045 Growth 40% 46% 5'931'335 Number of employees 2'068'665 Avg. val. of stock per emp 8'000'000

Amount $40'293'295 $7'100'000 $106'000'000 $250'000'006 $403'393'301

# Shares 28'780'925 3'550'000 21'200'000 15'305'217 68'836'142

Price per share $1.40 $2.00 $5.00 $16.33

Outstanding Dividends after repurc. paid 26'389'604 3'252'805 19'140'633 15'305'217 64'088'259

$1,439,000 $195,000 $2,431,000

$111'378'645 $97'643'070 $209'021'715 $308'947'338 $4'001'805 $28'518'453 $341'467'596 $550'489'311 $485'665'956 $387'037'197 $305'655'201 $177'090'570 $374'934'069 $1'730'382'993 $2'280'872'304 $160'146'045 $55'853'955 $2'496'872'304 2008 $82'326'000 -$18'290'000 842 $521'509

1'204'893

199'357 1'869'308 2'068'665

2'068'665

Activity C ity, State f= founder D=board Title

SW tools and apps Gentilly, FR Prix par action $11.0 Symbole ILOG

Company Date IPO C apitalisation URL

Name

Percentage Shares Employees PreIPO Post IPO Founders Employees PreIPO Post IPO 39.0% 26.2% 20.2% 2'212'250 2'212'250 2'212'250 2'212'250 5.3% 3.6% 2.8% 303'394 303'394 303'394 303'394 5.3% 3.6% 2.8% 303'394 303'394 303'394 303'394 5.3% 3.6% 2.8% 303'394 303'394 303'394 303'394

Total VCs D Oak D Atlas

Incorporation C ountry France Date Mar-87 years to IPO 9.9

50

© Service des relations industrielles©(SRI) EPFL

Founders fD Institution INRIA 70.9% fD C hairman, C EO Pierre Haren 9.7% fD Marc Fourrier 9.7% f Jerôme C hailloux 9.7% C TO P. Albert R. Friedberger C FO Other Management Main common shares Other common shares Total before ESOP Options - outstanding Options - available Options - Total Sub-total Oak Atlas Investors (others) Total- Investors Total - PreIPO IPO

ILOG Feb-97 $120'555'842 www.ilog.com

100.0% 80.0%

55.0%

2.7%

1.8%

1.4%

57.7% 11.0% 68.7% 22.6% 8.6% 31.3% 100.0%

38.7% 7.4% 46.1% 15.2% 5.8% 21.0% 67.1% 16.3% 13.8% 2.8% 32.9% 100.0%

29.9% 5.7% 35.6% 11.7% 4.5% 16.2% 51.8% 12.6% 10.6% 2.2% 25.4% 77.2% 22.8% 0.0%

36.9%

28.5%

Fredric Harman Philippe C laude

D Inria Jean-Francois Abramatic D Marc Fourrier D Eurocontinental V. Albert Gabizon

3'122'433

VCs

$24'334'750 $3'337'337 $3'337'337 $3'337'337

152'239

152'239

152'239

$1'674'631

3'274'672 626'352 3'901'024 1'284'000 490'000 1'774'000 5'675'024

3'274'672 626'352 3'901'024 1'284'000 490'000 1'774'000 5'675'024 1'379'107 1'165'881 239'610 2'784'598 8'459'622

3'274'672 626'352 3'901'024 1'284'000 490'000 1'774'000 5'675'024 1'379'107 1'165'881 239'610 2'784'598 8'459'622 2'500'000

$36'021'392 $6'889'872 $42'911'264 $14'124'000 $5'390'000 $19'514'000 $62'425'264 $15'170'177 $12'824'691 $2'635'710 $30'630'578 $93'055'842 $27'500'000

10'959'622

$120'555'842

100.0% IPO Total cash before fees Fees Net sold by company sold by shareholders Total shares sold Option to underwriters

Value

$27'500'000 $2'600'000 $24'900'000 2'500'000

Revenues 1997 Amount $26'000'000 Growth 46% Nb of employees Value / employee

2'500'000 -

Rounds Date Amount Shares Shares Nov-94 $936'000 293'958 C onv. bond Dec-94 $739'000 400'000 Shares Jun-96 $3'299'000 631'577 C onv. bond Jun-96 $4'288'000 1'329'986 Warrant Jun-96 129'077 $9'262'000 2'784'598

Price $3.18 $1.85 $5.22 $3.22 $3.33

1996 $17'756'000 250 $84'055

Activity Town, St f= founder D= director Title

IT software C ourtaboeuf, France Price per share € 12.8 Symbol IFV.PA

InfoVista SA 7-juil-00 € 268'482'637 www.infovista.com

France oct-85 14.7

51 *

Founder's Employee PreIPO Post IPO Founder's Employee PreIPO Post IPO Value Ownership Ownership Ownership Ownership Shares Shares Shares Shares 63.2% 12.7% 8.4% 6.0% 1'200'000 1'200'000 1'257'000 1'257'000 € 16'089'600 36.8% 7.4% 5.6% 4.0% 700'000 700'000 844'000 844'000 € 10'803'200 1.4% 0.9% 0.6% 128'000 128'000 128'000 € 1'638'400

Officers & executives Other common Warrants Total common before options Options-outstanding Options-Available Options-Total Total - company Investors (Preferred) Investors (C ommon) Total- Investors Total - PreIPO IPO

100.0%

34.1%

20.2%

21.5% 25.7% 11.9% 59.2% 26.5% 14.3% 40.8% 100.0%

12.7%

Total outstanding

14.9% 16.2% 7.5% 38.6% 16.7% 9.0% 25.7% 64.3% 26.4% 9.3% 35.7% 100.0%

9.1%

Jean-Paul Bernardini Frankie Tan

* At the time, 1$ = 1.1€ Date varies from 1985 to 1995 depending on entity considered VCs

Incorporation State Date years to IPO

© Service des relations industrielles©(SRI) EPFL

Name

D C hairman, C EO Alain Tingaud D President, C FO Alain Ries EVP Product & TechManuel Stopnicki

VCs D Paribas D Vertex Innovacom Sofinnova

Company IPO date Market cap. URL

Round

10.6% 11.6% 5.4% 27.5% 11.9% 6.4% 18.3% 45.9% 18.8% 6.7% 25.5% 71.4% 28.6%

1'900'000

2'028'000 2'423'620 1'126'039 5'577'659 2'497'083 1'348'857 3'845'940 9'423'599

2'229'000 2'423'620 1'126'039 5'778'659 2'497'083 1'348'857 3'845'940 9'624'599 3'950'607 1'400'000 5'350'607 14'975'206

100.0% IPO Total cash before fees Fees Net sold by company sold by shareholders Total shares sold Option to underwriters

Date

P June 98 Warrant April 99 Private Placement Dec. 99

Amount € 1'594'187 € 1'840'515 € 6'860'000 € 10'294'702

$76'800'000 $8'150'000 $68'650'000 6'000'000

€ 28'531'200 € 31'022'336 € 14'413'299 € 73'966'835 € 31'962'662 € 17'265'370 € 49'228'032 € 123'194'867 € 50'567'770 € 17'920'000 € 68'487'770 € 191'682'637 € 76'800'000

20'975'206

€ 268'482'637

Revenues 2000 1999 Amount € 10'341'000 € 2'805'000 Growth 269% Number of employees 243 Avg. val. of stock per emp € 259'198

6'000'000 -

# Shares

2'229'000 2'423'620 1'126'039 5'778'659 2'497'083 1'348'857 3'845'940 9'624'599 3'950'607 1'400'000 5'350'607 14'975'206 6'000'000

Price per Valuation Ownership share (approx.) 2'904'860 € 0.55 € 2'636'907 60% 1'045'747 € 1.76 € 9'389'075 1'400'000 € 4.90 € 19'126'345 5'350'607

Activity Town, St f= founder D= director Title fD President, C EO fD EVP VP VP VP

Semiconductor Santa C lara, C A Price per share Symbol Name Robert Noyce Gordon Moore Andy Grove Edward Gelbach John C obb

Founders and managers Other common Total common before options Options-Granted Options-Available Options-Total Sub-total Investors (VC s) Investors (others) Total- Investors Total - PreIPO IPO Sold by existing shareholders Total outstanding VCs D Arthur Rock D Venrock

$23.5 INTC

Company IPO date Market cap. URL

Intel Corporation 13-Oct-71 $64'923'262 www.intel.com

Incorporation State C A, DE Date Jul-68 years to IPO 3.2

52

© Service des relations industrielles ©(SRI) EPFL Ownership Shares Value Founders Employees PreIPO Post IPO Founders Employees PreIPO Post IPO 50.0% 29.0% 17.1% 15.2% 428'750 419'000 419'000 419'000 $9'846'500 50.0% 29.3% 17.2% 15.3% 428'750 422'500 422'500 422'500 $9'928'750

100.0%

58.3% 27.5% 85.8% 10.6% 3.5% 14.2% 100.0%

34.3% 16.2% 50.5% 6.2% 2.1% 8.3% 58.8% 5.0% 36.2% 41.2% 100.0%

34.9%

31.0%

30.5% 14.4% 44.8% 5.6% 1.8% 7.4% 52.2% 4.4% 30.7% 35.1% 87.3% 11.1% 1.5% 100.0%

IPO

Total cash before fees Paid to underwriters Other expenses Net sold by company sold by shareholders Total shares sold

VCs

Round

Date

Seed 1st 2nd-3rd

Aug-68 $500'000 Oct.Nov-69 $2'500'000 Dec-69.Nov-70 $2'161'390

A. Rock invested $10k at creation then $300k in the 1st round

857'500

841'500 397'376 1'238'876 153'356 51'103 204'459 1'443'335

$8'225'000 $525'000 $102'000 $7'598'000 307'472 42'528 350'000 Amount

# Shares 875'000 875'000 154'385

841'500 397'376 1'238'876 153'356 51'103 204'459 1'443'335 122'500 889'385 1'011'885 2'455'220

841'500 397'376 1'238'876 153'356 51'103 204'459 1'443'335 122'500 846'857 969'357 2'412'692 307'472 42'528 2'762'692

$19'775'250 $9'338'336 $29'113'586 $3'603'866 $1'200'921 $4'804'787 $33'918'373 $2'878'750 $19'901'140 $22'779'890 $56'698'262 $7'225'592 $999'408 $64'923'262

Revenues 1970 1969 Amount $3'932'517 $369'698 Growth 964% Number of employees 382 Avg. val. of stock per emp.$37'024

Price

Valuation $0.57 $500'000 $2.86 $5'000'000 $14.00 $26'661'390

% 100% 50% 8%

Activity Town, St f= founder D= director

Medical technologies Mountain View, C A Price per share $9.0 Symbol ISRG

Company IPO date Market cap. URL

Intuitive Surgical Jun-00 $300'633'507 www.intuitivesurgical.com

Incorporation State Date years to IPO

53

DE Nov-95 4.6

©Post Service industrielles©(SRI) EPFL Founder's Employee PreIPO Post IPO Founder's Employee PreIPO IPO des relations Value Ownership Ownership Ownership Ownership Shares Shares Shares Shares f C TO Robert G. Younge 32.5% 15.3% 4.0% 3.3% 1'100'000 1'100'000 1'100'000 1'100'000 $9'900'000 fD Vice-president Frederic H. Moll 31.0% 14.6% 3.8% 3.1% 1'050'000 1'050'000 1'050'000 1'050'000 $9'450'000 f Founder John G. Freund All other founders shares 19.2% 9.1% 2.4% 1.9% 650'000 650'000 650'000 650'000 $5'850'000 D C EO Lonnie M. Smith 9.8% 2.5% 2.1% 700'000 700'000 700'000 $6'300'000 C FO Susan Barnes 3.1% 0.8% 0.7% 225'000 225'000 225'000 $2'025'000 f Licensee 1995 SRI International 17.3% 8.2% 2.1% 1.8% 585'000 585'000 585'000 585'000 $5'265'000 Licensee 1999 MIT 0.5% 0.1% 0.1% 35'834 35'834 35'834 $322'506 Title

Name

Officers & executives Other common Total common before options Options-outstanding Options-Available Options-Total Total - company Investors (Mayfield) Investors (Sierra) Investors (Others) Total- Investors Total - PreIPO IPO Option (underwriters) Total outstanding

100.0% 63.4%

47.2%

60.6% 13.8% 74.4% 25.6% 0.0% 25.6% 100.0%

12.2%

15.7% 3.6% 19.3% 6.6% 0.0% 6.6% 26.0% 15.4% 11.4% 47.2% 74.0% 100.0%

10.1%

VCs Mayfield Sierra Morgan Stanley * Apparently Intuitive's IPO was not a great event but in 2009, revenues were $1B and in 2010, market cap was more than $10B

13.0% 3.0% 16.0% 5.5% 0.0% 5.5% 21.5% 12.8% 9.4% 39.1% 61.3% 82.8% 15.0% 2.2% 100.0%

Total cash before fees Paid to underwriters & Other fees Net sold by company sold by shareholders Total shares sold Option to underwriters Round

Date

A C D E Total

Dec-95 Jan-97 Nov-97 Jul98-May99

Series Series Series Series Series Total

A C D E F

3'385'000

4'345'834 993'514 5'339'348 1'837'500 1'837'500 7'176'848

$51'750'000 $4'650'000 $47'100'000 5'750'000

4'345'834 993'514 5'339'348 1'837'500 1'837'500 7'176'848 4'265'400 3'150'000 13'061'475 20'476'875 27'653'723

4'345'834 993'514 5'339'348 1'837'500 1'837'500 7'176'848 4'265'400 3'150'000 13'061'475 20'476'875 27'653'723 5'000'000 750'000 33'403'723

Revenues * 2000 Amount $26'624'000 Growth 161% Number of employees Avg. val. of stock per emp

5'750'000 750'000 Amount $5'442'500 $30'000'000 $17'000'000 $40'775'000 $93'217'500

# Shares 5'442'500 6'000'000 2'125'000 5'096'875 18'664'375

Price per Valuation % share $1.00 $8'827'500.00 $5.00 $74'137'500.00 $8.00 $135'620'000.00 $8.00 $176'395'000.00

62% 40% 13% 23% 85%

Mayfield Sierra Morgan Stanley Founders Others Total 2'700'000 2'300'000 250'000 192'500 5'442'500 960'000 600'000 1'500'000 2'940'000 6'000'000 355'400 125'000 1'644'600 2'125'000 125'000 125'000 125'000 4'721'875 5'096'875 125'000 125'000 1'562'500 1'812'500 4'265'400 3'150'000 1'750'000 250'000 11'061'475 20'476'875

$39'112'506 $8'941'626 $48'054'132 $16'537'500 $0 $16'537'500 $64'591'632 $38'388'600 $28'350'000 $117'553'275 $184'291'875 $248'883'507 $45'000'000 $6'750'000 $300'633'507 1999 $10'192'000 113 $225'479

Activity Town, St f= founder D= director Title

Semiconductor Sunnyvale,C A Price per share Symbol Name

fD C hairman & C EO Steven Nasiri Officers & executives Other common Total common Options - outstanding Options - available Options - total Total - company Investors (VC s, not management) Total- Investors Total - PreIPO IPO Option (from selling shareholders) Total outstanding Board

$10.5 INVN

Company IPO date FILING Market cap. URL

Invensense Jul-11 $1'033'925'130 www.iinvensense,com

Incorporation State CA Date Jun-03 years to IPO 8.1

54

© Service des relations industrielles©(SRI) EPFL

Founder's Employee PreIPO Post IPO Founder's Employee PreIPO Post IPO Value Ownership Ownership Ownership Ownership Shares Shares Shares Shares 100.0% 29.6% 12.7% 11.3% 11'141'307 11'141'307 11'141'307 11'141'307 $116'983'724 100.0% 29.6% 12.7% 11.3% 11'141'307 11'141'307 11'141'307 11'141'307 $116'983'724 18.7% 8.0% 7.2% 7'048'138 7'048'138 7'048'138 $74'005'449 61.3% 48.3% 20.7% 18.5% 18'189'445 18'189'445 18'189'445 $190'989'173 24.8% 10.6% 9.5% 9'347'535 9'347'535 9'347'535 $98'149'118 26.9% 11.5% 10.3% 10'121'027 10'121'027 10'121'027 $106'270'784 51.7% 22.1% 19.8% 19'468'562 19'468'562 19'468'562 $204'419'901 29.6% 100.0% 42.8% 38.2% 37'658'007 37'658'007 37'658'007 $395'409'074 57.2% 51.1% 50'311'053 50'311'053 $528'266'057 57.2% 100.0%

12.7%

11.3%

51.1% 89.3% 10.7% 0.0% 100.0%

Total cash before fees Paid to underwriters Others Net sold by company sold by shareholders Total shares sold Option to underwriters

50'311'053 87'969'060

98'469'060 $110'250'000

Year 2010 Revenues $79'556'000 Profit $2'992'000 Growth 174% Number of employees Avg. val. of stock per emp

$110'250'000 10'500'000 1'575'000 12'075'000 -

Round

Date

Amount

A B C Total

Apr-04 Dec-06 Mar-09

$8'000'000 $10'999'994 $18'999'996 $37'999'990

50'311'053 87'969'060 10'500'000

# Shares

8'000'000 5'920'341 15'510'201 29'430'542

Price per share

Conversion After conversion

$1.00 2.5x $1.86 2.5x $1.23 1x

19'999'999 14'800'853 15'510'201 50'311'053

$528'266'057 $923'675'130 $110'250'000 $0 $1'033'925'130 2009 $29'025'000 $0 230 $1'210'545

Activity Town, St f= founder D= director Title fD fD f f f

Biotech C ambridge, MA Price per share Symbol Name

C EO Peter Hecht C hairman Joseph C ook ex VP Dev. Brian C ali ex VP Biology Todd Milne ex Senior Principal Eric Summers Other initial shares * SVP, C OO, C FO Michael Higgins SVP R&D, C SO Mark C urrie SVP S&M Thomas McC ourt

$11.25 IRWD

Ironwood Pharmaceuticals Feb-10 $1'237'692'938 www.ironwoodpharma.com

55

16.8%

3.8% 3.1% 3.7%

0.9% 0.7% 0.9%

0.7% 0.6% 0.7%

822'019

822'019 669'206 792'624

822'019 669'206 792'624

822'019 669'206 792'624

$9'247'714 $7'528'568 $8'917'020

100.0%

33.3% 4.6% 37.9% 56.1% 6.0% 62.1% 100.0%

7.9% 1.1% 9.0% 13.4% 1.4% 14.8% 23.8% 9.6% 6.9% 11.4% 5.9% 42.3% 76.2% 100.0%

6.6% 0.9% 7.5% 11.0% 1.2% 12.2% 19.7% 7.9% 5.7% 9.4% 4.9% 35.0% 62.9% 82.6% 15.2% 2.3% 100.0%

4'883'942

7'208'290 991'894 8'200'184 12'130'122 1'293'820 13'423'942 21'624'126

7'208'290 991'894 8'200'184 12'130'122 1'293'820 13'423'942 21'624'126 8'731'321 6'303'980 10'389'262 5'343'335 38'455'126 69'223'024 90'847'150

7'208'290 991'894 8'200'184 12'130'122 1'293'820 13'423'942 21'624'126 8'731'321 6'303'980 10'389'262 5'343'335 38'455'126 69'223'024 90'847'150 16'670'000 2'500'000 110'017'150

$81'093'263 $11'158'808 $92'252'070 $136'463'873 $14'555'475 $151'019'348 $243'271'418 $98'227'361 $70'919'775 $116'879'198 $60'112'519 $432'620'168 $778'759'020 $1'022'030'438 $187'537'500 $28'125'000 $1'237'692'938

59.6%

22.6%

5.4%

4.4%

* not clear Hecht did not get new shares after foundation so founders ratios doubtful

Total cash before fees Paid to underwriters & other fees Net sold by company sold by shareholders Total shares sold Option to underwriters

Investors

Round

Date

Amount

Venrock, Polaris, Aberdare Essex, BancBoston Ventures and existing Fidelity and existing Paperboy, Invus, Bio*One & existig Sigma C apital, Jennison Ridgeback, Morgan Stanley, & existing

A B C D E F G H Total

2000 2002 2004 Feb-06 Feb-07 Sep-09 Sep-08

$9'795'024 $23'000'001 $24'453'818 $39'999'998 $75'000'088 $50'000'000 $24'999'996 $49'949'028 $297'197'953

(Tony Evnin) Bryan Roberts Terry McGuire

was incorporated as Microbia Inc.

Morgan Stanley

Incorporation State DE Date Jan-98 years to IPO 12.1

Service des relations industrielles©(SRI) EPFL Founder's Employee PreIPO Post IPO Founder's Employee PreIPO Post©IPO Value Ownership Ownership Ownership Ownership Shares Shares Shares Shares 71.7% 20.0% 4.8% 3.9% 3'499'751 4'317'269 4'317'269 4'317'269 $48'569'276 11.5% 2.8% 0.7% 0.6% 562'172 607'172 607'172 607'172 $6'830'685

Officers & executives Other common Total common before options Options-outstanding Options-Available Options-Total Total - company Venrock Polaris Ridgeback Morgan Stanley Others Total- Investors Total - PreIPO IPO Option (underwriters) Total outstanding VCs Venrock Polaris

Company IPO date Market cap. URL

$215'662'500 $12'662'500 $203'000'000 19'170'000

Revenues 2008 Amount $18'300'000 Growth 298% Number of employees Avg. val. of stock per emp

19'170'000 2'500'000 # Shares 8'904'567 7'419'355 6'401'523 12'618'296 19'633'531 8'000'000 2'083'333 4'162'419 69'223'024

Price per Valuation share $1.10 $3.10 $3.82 $3.17 $3.82 $6.25 $12.00 $12.00

2007 $4'600'000 167 $971'127

Activity Town, St f= founder D= director Title

Storage Seattle, Washington Price per share $13.0 Symbol ISLN

Company IPO date Market cap. URL

Isilon Systems Dec-06 $918'963'682 www.isilon.com

Incorporation State Date years to IPO

56

WA, DE Jan-01 5.9

Name

Founder's Employee PreIPO Post IPO Founder's Employee PreIPO Post IPO Value © Service des relations industrielles©(SRI) EPFL Ownership Ownership Ownership Ownership Shares Shares Shares Shares fD C TO Sujal Patel 100.0% 16.0% 4.8% 4.3% 3'017'873 3'025'164 3'025'164 3'025'164 $39'327'132 f ex-dir. Engineer. Paul Mikesell ? 0.0% 0.0% 0.0% ? ? D President & C EO Steven Goldman 10.1% 3.1% 2.7% 1'913'493 1'913'493 1'913'493 $24'875'409 VP Engineering Mark L. Schrandt 3.6% 1.1% 1.0% 672'942 672'942 672'942 $8'748'246 VP Global Sales Thomas Pettigrew 1.8% 0.6% 0.5% 346'265 346'265 346'265 $4'501'445 VP HR Gwen Weld 0.8% 0.3% 0.2% 160'416 160'416 160'416 $2'085'408 VP Sales Eric Scollard 1.9% 0.6% 0.5% 362'194 362'194 362'194 $4'708'522 VP Ops John Briant 1.6% 0.5% 0.4% 308'155 308'155 308'155 $4'006'015 VP Marketing Brett Goodwin 1.0% 0.3% 0.3% 197'916 197'916 197'916 $2'572'908 Officers & executives 100.0% 36.9% 11.2% 9.9% 3'017'873 6'986'545 6'986'545 6'986'545 $90'825'085 Other common 15.0% 4.6% 4.0% 2'840'509 2'840'509 2'840'509 $36'926'617 Total common before options 30.7% 52.0% 15.7% 13.9% 9'827'054 9'827'054 9'827'054 $127'751'702 Options-outstanding 33.0% 10.0% 8.8% 6'247'326 6'247'326 6'247'326 $81'215'238 Options-Available 15.0% 4.6% 4.0% 2'839'847 2'839'847 2'839'847 $36'918'011 Options-Total 48.0% 14.6% 12.9% 9'087'173 9'087'173 9'087'173 $118'133'249 Total - company 16.0% 100.0% 30.3% 26.8% 18'914'227 18'914'227 18'914'227 $245'884'951 Investors (Atlas) 23.7% 20.9% 14'778'164 14'778'164 $192'116'132 Investors (Madrona) 16.0% 14.2% 10'009'138 10'009'138 $130'118'794 Investors (Sequoia) 18.7% 16.5% 11'651'603 11'651'603 $151'470'839 Investors (Lehman Brothers) 6.4% 5.7% 4'008'149 4'008'149 $52'105'937 Investors (others) 4.9% 3.4% 3'049'299 2'387'516 $31'037'708 Total- Investors 69.7% 60.6% 43'496'353 42'834'570 $556'849'410 Total - PreIPO 4.8% 100.0% 87.4% 62'410'580 61'748'797 $802'734'361 IPO 11.8% 8'350'000 $108'550'000 Option (underwriters) 0.8% 590'717 $7'679'321 Total outstanding 4.3% 100.0% 70'689'514 $918'963'682 VCs Atlas Madrona Sequoia * All shares of officers include options: S. Patel 7'291 S. Goldman 319'156 M. Schrandt 121'526 E. Scollard 39'214 J. Briant 31'250 ** Valuation is based on founders shares plus preferred for A & B and includes officers and ESOP thereafter ? Founder Paul Mikesell is not mentioned in the IPO prospectus so his shareholding is unknown. One could assume his has the major part of "Other common".

Total cash before fees Paid to underwriters Others Net sold by company sold by shareholders Total shares sold Option to underwriters Round A B C D E Total Atlas Madrona Sequoia Lehman Others Total

Date May 01 Jul-02 Mar-04 May 05 Jul-06 A &B 8'818'853 5'687'687 6'853'069 304'890 21'664'499

$116'229'321 $8'100'000 $2'400'000 $105'729'321 8'940'717 661'783 9'602'500 590'717

Revenues 2006 Amount $62'279'000 Growth 195% Number of employees Avg. val. of stock per emp

Amount # Shares $/share Valuation ** $8'300'000 7'958'367 $1.04 $14'409'868 $15'000'000 13'706'132 $1.09 $30'121'059 $16'500'286 11'458'532 $1.44 $58'899'164 $19'999'972 8'666'100 $2.31 $133'539'725 $9'999'950 1'707'222 $5.86 $348'931'994 $69'800'209 43'496'353 C D E Total 3'056'094 2'466'802 436'415 14'778'164 2'352'654 1'670'154 298'643 10'009'138 2'485'829 1'965'056 347'649 11'651'603 2'777'776 1'110'784 119'589 4'008'149 786'179 1'453'304 504'926 3'049'299 11'458'532 8'666'100 1'707'222 43'496'353

2005 $21'083'000 258 $457'881

Activity Town, St f= founder D= director Title

Internet services New York, NY Price per share $24.0 Symbol IVIL

Company IPO date Market cap. URL

iVillage 18-mars-99 $1'418'850'408

www.ivillage.com

Incorporation State DE Date juin-95 years to IPO 3.8

57

© Service des relations industrielles©(SRI) EPFL

Name

Founder's Employee PreIPO Post IPO Founder's Employee PreIPO Post IPO Value Ownership Ownership Ownership Ownership Shares Shares Shares Shares fD C EO C andice C arpenter 61.5% 9.9% 3.8% 3.5% 2'000'005 2'070'005 2'070'005 2'070'005 $49'680'120 fD Editor in C hief Nancy Evans 30.8% 4.8% 1.8% 1.7% 1'000'000 1'000'000 1'000'000 1'000'000 $24'000'000 f Pdt, Health C han. Robert Levitan 7.7% 1.7% 0.7% 0.6% 250'000 362'500 362'500 362'500 $8'700'000 VP Bus Dev Stephen Lake 0.8% 0.3% 0.3% 175'000 175'000 175'000 $4'200'000 VP Bus. Affairs Steven Elkes 0.4% 0.2% 0.1% 85'000 85'000 85'000 $2'040'000 C FO C raig Monaghan C OO Allison Abraham Officers & executives Other common Total common before options Options-outstanding Options-Available Options-Total Total - company Investors (VC s, not management)

D D D D D D

100.0% 18.1%

15.6%

Total- Investors Total - PreIPO IPO

5.9%

Total outstanding

5.5%

Ross C IBC Lennart Leader Michael Levy Habib Kairouz William Killen

17.7% 68.3% 86.0% 5.7% 8.3% 14.0% 100.0%

Philip Schlein Lori Koffman AOL Sportsline Rho Management C ox

6.7% 26.0% 32.7% 2.2% 3.2% 5.3% 38.0% 62.0%

6.2% 24.1% 30.4% 2.0% 2.9% 4.9% 35.3% 57.6%

62.0% 100.0%

57.6% 92.9% 7.1%

3'692'505 14'258'196 17'950'701 1'187'000 1'731'354 2'918'354 20'869'055

3'692'505 14'258'196 17'950'701 1'187'000 1'731'354 2'918'354 20'869'055 34'052'212

3'692'505 14'258'196 17'950'701 1'187'000 1'731'354 2'918'354 20'869'055 34'052'212

$88'620'120 $342'196'704 $430'816'824 $28'488'000 $41'552'496 $70'040'496 $500'857'320 $817'253'088

34'052'212 54'921'267

34'052'212 54'921'267 4'197'500

$817'253'088 $1'318'110'408 $100'740'000

59'118'767

$1'418'850'408

100.0% Total cash before fees Paid to underwriters Others Net sold by company sold by shareholders Total shares sold Option to underwriters

VCs

Round

Date

AOL AOL C ox, Rho, C IBC

A B C C (extension) D E C ommon Total

Sep-95 May-96 May-97 Dec-97 Feb-98 Nov-98 Feb-98

NBC (In kind)

3'250'005

$1'418'850'408 $7'000'000 $2'100'000 $1'409'750'408 59'118'767

Revenues 1997 Amount $6'019'000 Growth 722% Number of employees Avg. val. of stock per emp

59'118'767 Amount $500'000 $11'944'000 $20'055'000 $4'280'000 $31'500'000 $3'500'000 $1'700'000 $69'979'000

# Shares 1'000'000 4'777'746 11'003'067 2'190'378 13'000'000 1'228'070 852'951 34'052'212

Price per Valuation share $0.50 $2'125'003 $2.50 $22'568'688 $1.82 $36'509'644 $1.95 $43'420'231 $2.42 $85'343'667 $2.85 $103'880'423 $1.99

1996 $732'000 193 $1'920'646

Activity Town, St f= founder D= director Title

Networking Mountain View, C A Price per share $34.0 Symbol JNPR Name

fD Vice-chair & C TO Pradeep Sindhu Officers & executives Other common Total common Options - outstanding Options - available Options - total Total - company Investors (VC s, not management) Total- Investors Total - PreIPO IPO Total outstanding

Company IPO date Market cap. URL

Juniper Jun-99 $2'007'726'894 www.juniper.com

Incorporation State C A then DE Date Feb-96 years to IPO 3.4

58

© Service des relations industrielles©(SRI) EPFL

Founder's Employee PreIPO Post IPO Founder's Employee PreIPO Post IPO Value Ownership Ownership Ownership Ownership Shares Shares Shares Shares 55.6% 5.6% 4.2% 3.8% 2'251'785 2'251'785 2'251'785 2'251'785 $76'560'690 100.0% 10.0% 7.5% 6.9% 4'050'000 4'050'000 4'050'000 4'050'000 $137'700'000 42.6% 31.7% 29.2% 17'215'387 17'215'387 17'215'387 $585'323'158 19.0% 52.6% 39.2% 36.0% 21'265'387 21'265'387 21'265'387 $723'023'158 10.6% 7.9% 7.3% 4'291'564 4'291'564 4'291'564 $145'913'176 36.8% 27.5% 25.2% 14'895'936 14'895'936 14'895'936 $506'461'824 47.4% 35.4% 32.5% 19'187'500 19'187'500 19'187'500 $652'375'000 10.0% 100.0% 74.6% 68.5% 40'452'887 40'452'887 40'452'887 $1'375'398'158 25.4% 23.4% 13'797'904 13'797'904 $469'128'736 25.4% 23.4% 13'797'904 13'797'904 $469'128'736 7.5% 100.0% 91.9% 54'250'791 54'250'791 $1'844'526'894 8.1% 4'800'000 $163'200'000 6.9%

100.0% Total cash before fees

59'050'791 $163'200'000

sold by company sold by shareholders Total shares sold Option to underwriters

Year Revenues Profit

4'800'000 4'800'000 -

Round

Date

Amount

A B A B C D Total

Jun-96 Aug-96 Sep-97 Nov-96 Jul-97 Mar-99

$1'578'418 $8'000'002 $165'333 $1'172'738 $46'008'950 $33'972'400 $90'897'841

# Shares 1'578'418 3'333'334 165'333 488'641 5'152'178 3'080'000 13'797'904

Price per share $1.00 $2.40 $1.00 $2.40 $8.93 $11.03

$2'007'726'894

1998 $3'807'000 -$30'971'000

1997 $0 -$10'363'000

Number of employees Avg. val. of stock per emp

190 $3'848'612

Activity Town, St f= founder D= director Title

Internet Norwalk, C T Price per share Symbol Name

fD C EO Daniel Hafner fD C TO Paul English fD C hairman Terry Jones co-founder Greg Slyngstad VP Finance Melissa Reiter C . Marketing Robert Birge General C ounsel Karen Klein D Director Terrell Jones Officers & executives Other common Total common before options Options-outstanding Warrant Options-Available Options-Total Total - company Investors (General C atalyst) Investors (Sequoia) Investors (Accel) Investors (Oak) Investors (Others) Total- Investors Total - PreIPO IPO Option (underwriters) Total outstanding Board Joel E. C utler Michael Moritz Hendrik W. Nelis

General C atalyst Sequoia Accel

Company IPO date FILING Market cap. URL

$14.0 KYAK

Kayak Software Corp May-11 $647'462'130 www.kayak.com

Incorporation State DE Date Jan-04 years to IPO 7.4

59

Founder's Employee PreIPO Post IPO Founder's Employee PreIPO Post IPO Value © ServiceIncluding des relations Ownership Ownership Ownership Ownership Shares Shares Shares Shares Options 37.9% 17.7% 7.2% 6.7% 1'422'182 3'096'198 3'096'198 3'096'198 $43'346'772 66'666 44.5% 19.1% 7.8% 7.2% 1'670'396 3'344'412 3'344'412 3'344'412 $46'821'768 66'666 6.5% 1.4% 0.6% 0.5% 242'718 242'718 242'718 242'718 $3'398'052 240'238 11.2% 2.4% 1.0% 0.9% 418'925 418'925 418'925 418'925 $5'864'950 221'440 0.3% 0.1% 0.1% 49'582 49'582 49'582 $694'148 49'582 0.7% 0.3% 0.3% 121'884 121'884 121'884 $1'706'376 94'988 0.6% 0.2% 0.2% 105'300 105'300 105'300 $1'474'200 101'666 1.4% 0.6% 0.5% 242'718 242'718 242'718 $3'398'052 240'238 100.0% 43.5% 17.8% 16.5% 3'754'221 7'621'737 7'621'737 7'621'737 $106'704'318 1'081'484 7.6% 3.1% 2.9% 1'336'240 1'336'240 1'336'240 $18'707'360 41.9% 51.2% 21.0% 19.4% 8'957'977 8'957'977 8'957'977 $125'411'678 42.6% 17.4% 16.1% 7'455'324 7'455'324 7'455'324 $104'374'536 0.6% 0.2% 0.2% 103'904 103'904 103'904 $1'454'656 5.6% 2.3% 2.1% 984'500 984'500 984'500 $13'783'000 48.8% 20.0% 18.5% 8'543'728 8'543'728 8'543'728 $119'612'192 21.5% 100.0% 40.9% 37.8% 17'501'705 17'501'705 17'501'705 $245'023'870 23.7% 21.9% 10'146'960 10'146'960 $142'057'440 14.0% 13.0% 6'000'797 6'000'797 $84'011'158 10.3% 9.5% 4'397'286 4'397'286 $61'562'004 7.0% 6.5% 2'985'272 2'985'272 $41'793'808 4.0% 3.7% 1'715'275 1'715'275 $24'013'850 59.1% 54.6% 25'245'590 25'245'590 $353'438'260 8.8% 100.0% 92.4% 42'747'295 42'747'295 $598'462'130 7.6% 3'500'000 $49'000'000 8.1%

100.0% Total cash before fees Paid to underwriters Others Net sold by company sold by shareholders Total shares sold Option to underwriters

46'247'295 $49'000'000

Year 2010 Revenues $170'698'000 Profit $8'032'000 Growth 51% Number of employees Avg. val. of stock per emp

$49'000'000 3'500'000 3'500'000 -

Round

Date

Amount

A A-1 B B-1 C D Total

Mar-04 Nov-04 Feb-05 Apr-06 May-06 Dec-07

$6'600'000 $1'650'000 $6'999'999 $3'000'000 $11'500'002 $165'999'268 $195'749'269

# Shares 6'600'000 825'000 4'989'308 2'138'275 3'855'180 8'008'842 26'416'605

Price per share $1.00 $2.00 $1.40 $1.40 $2.98 $20.73

Investor Series A Series A1 Series B Series B1 Series C Series D Common Total General C atalyst 5'000'000 624'445 1'229'508 705'309 167'617 1'929'850 490'231 10'146'960 Sequoia 243'281 3'047'042 333'539 167'617 1'929'848 279'470 6'000'797 Accel 177'747 3'519'946 482'457 217'136 4'397'286 Oak 96'417 2'171'058 717'797 2'985'272 Daniel Hafner 750'000 322'781 534'569 1'422'182 3'029'532 Paul English 750'000 334'781 534'569 1'658'396 3'277'746 Others 100'000 34'161 55'196 30'289 1'495'629 1'715'275 Total 6'600'000 1'176'051 4'989'308 2'138'275 3'855'180 8'008'842 4'785'212 31'552'868

$647'462'130 2009 $112'698'000 $6'912'000 133 $1'039'997

industrielles©(SRI) EPFL

Activity Town, St f= founder D= director Title fD C hairman f VP Product

Internet Mountain View, C A Price per share Symbol Name Reid Hoffman Allen Blue

f f f

$32.0 LNKD

2.3% 1.5% 6.4% 1.7% 1.4% 1.6% 0.7% 47.4% 33.6% 81.0% 16.3% 2.7% 19.0% 100.0%

1.3% 0.9% 3.6% 1.0% 0.8% 0.9% 0.4% 26.9% 19.1% 46.0% 9.3% 1.5% 10.8% 56.8% 16.0% 13.3% 4.3% 9.6% 43.2% 100.0%

1.1% 0.8% 3.3% 0.9% 0.7% 0.8% 0.3% 24.5% 17.7% 42.2% 8.6% 1.4% 10.0% 52.2% 14.8% 12.3% 4.0% 8.9% 39.9% 92.1% 4.2% 2.6% 1.0% 100.0%

Total cash before fees Paid to underwriters Others Net sold by company sold by shareholders Total shares sold Option to underwriters Round

Founders shares are probably included in "other common"

LinkedIn Corp May-11 $3'651'538'208 www.linkedin.com

Incorporation State Date years to IPO

60

DE, C A Mar-03 8.2

Founder's Employee PreIPO Post IPO Founder's Employee PreIPO Post IPO Value Sold at IPO © Service des relationsIncluding industrielles ©(SRI) EPFL Ownership Ownership Ownership Ownership Shares Shares Shares Shares options 89.4% 31.8% 18.1% 16.6% 19'066'032 19'066'032 19'066'032 18'950'697 $606'422'304 115'335 ? ?

VP Eng Jean-Luc Vaillant ? Eric Ly C TO 6.4% VP Marketing Konstantin Guericke 4.2% C EO Jeff Weiner SVP, C FO Steven Sordello SVP, Ops and Eng. David Henke SVP, Prods & Usrs Deep Nishar SVP, Gnl C ouncel Eric Rottenberg Officers & executives 100.0% Other common Total common before options 43.9% Options-outstanding (inc. Series A warrant) Options-Available Options-Total Total - company 35.6% D Investors (Sequoia) D Investors (Greylock) Investors (Bessemer) Investors (others) Total- Investors Total - PreIPO 20.2% IPO (new shares) IPO (sold by existing) Option (underwriters) Total outstanding 18.7% VCs Sequoia Michael Moritz Greylock David Sze Bessemer European Founders Fund Board “Skip” Battle (AskJeeves) Leslie Kilgore (NetFlix) Stanley J. Meresman

Company IPO date Market cap. URL

Series Series Series Series Total

Date A B C D

Oct-03 Oct-04 Jan-07 2008

? 1'365'750 901'000

21'332'782

$154'489'728 $4'000'000 $3'800'000 $146'689'728 6'003'804 3'012'196 9'016'000 1'176'000 Amount $5'493'828 $9'947'065 $12'811'473 $75'701'851 $103'954'218

# Shares 17'168'214 17'450'991 4357644 6'599'987 45'576'836

1'365'750 901'000 3'844'512 1'007'327 850'000 970'000 425'000 28'429'621 20'187'173 48'616'794 9'787'191 1'597'668 11'384'859 60'001'653

1'365'750 901'000 3'844'512 1'007'327 850'000 970'000 425'000 28'429'621 20'187'173 48'616'794 9'787'191 1'597'668 11'384'859 60'001'653 16'840'309 14'047'978 4'578'253 10'110'296 45'576'836 105'578'489

Revenues 2010 Amount $243'000'000 Profit $15'385'000 Growth 102% Number of employees Avg. val. of stock per emp

Price per share $0.32 $0.57 $2.94 $11.47

New VCs in round Sequoia Greylock Bessemer, EFF Bain

1'300'000 870'000 3'729'177 982'327 773'500 945'000 395'000 27'945'701 20'187'173 48'132'874 9'787'191 1'597'668 11'384'859 59'517'733 16'840'309 14'047'978 4'578'253 10'110'296 45'576'836 105'094'569 4'827'804 3'012'196 1'176'000 114'110'569 2009 $120'100'000 -$3'973'000 52%

$41'600'000 $27'840'000 $119'333'664 $31'434'464 $24'752'000 $30'240'000 $12'640'000 $894'262'432 $645'989'536 $1'540'251'968 $313'190'112 $51'125'376 $364'315'488 $1'904'567'456 $538'889'888 $449'535'296 $146'504'096 $323'529'472 $1'458'458'752 $3'363'026'208 $154'489'728 $96'390'272 $37'632'000 $3'651'538'208 2008 $78'773'000 -$4'522'000 990 $1'020'510

3'521'237 100'000 850'000 664'725 101'725 5'237'687

65'750 31'000 115'335 25'000 76'500 25'000 30'000 483'920 2'528'276

Activity Town, St f= founder D= director

C omputer devices Apples, C H Price per share Symbol

$160.0 LOGI

Company IPO date Market cap. URL

Logitech 27-Mar-97 $419'801'280 www.logitech.com

Incorporation State Switzerland Date Jan-81 years to IPO 16.2

61

©(SRI) EPFL Ownership Shares© Service des relations industrielles Value Founders Employees PreIPO Post IPO Founders Employees PreIPO Post IPO fD C EO, chairman Daniel Borel 52.9% 10.0% 10.0% 9.3% 243'205 243'205 243'205 243'205 $38'912'800 fD Vice chairman Pierluigi Zappacosta 47.1% 8.9% 8.9% 8.3% 216'500 216'500 216'500 216'500 $34'640'000 VP finance Barry Zwarenstein GM Far East Erh-Hsun C hang GM Europe Marc M. C hatel SVP Bus Divs Rory Dooley VP Info Patrick Brubeck VP Sales Vladimir Langer VP Scanner Div. Dominique Pitteloud Shares owned by company 6.1% 6.1% 5.6% 147'537 147'537 147'537 $23'605'920 Founders and managers 100.0% 25.1% 25.1% 23.1% 459'705 607'242 607'242 607'242 $97'158'720 Other common 49.3% 49.3% 45.5% 1'194'446 1'194'446 1'194'446 $191'111'360 Total common before options 74.3% 74.3% 68.7% 1'801'688 1'801'688 1'801'688 $288'270'080 Options-Granted 9.2% 9.2% 8.5% 222'070 222'070 222'070 $35'531'200 Options-Available 16.5% 16.5% 15.2% 400'000 400'000 400'000 $64'000'000 Options-Total 25.7% 25.7% 23.7% 622'070 622'070 622'070 $99'531'200 Sub-total 100.0% 100.0% 92.4% 2'423'758 2'423'758 2'423'758 $387'801'280 Investors (VC s) Investors (others) Total- Investors Total - PreIPO 100.0% 92.4% 2'423'758 2'423'758 $387'801'280 IPO 7.6% 200'000 $32'000'000 Title

Name

Total outstanding Logitech had it Swiss IPO in 1988. G. Marini and J.L. Mazzone are founders according to the 1988 prospectus. The American shares were equal to 10 Swiss shares or $16.

17.5% IPO

100.0% Total cash before fees Paid to underwriters Net sold by company Total shares sold

2'623'758 $32'000'000 $5'400'000 $26'600'000 200'000 200'000

$419'801'280

Revenues 1997 (mar) 1996 Amount $413'000'000 $355'000'000 Growth 16% Number of employees 2'995 Avg. val. of stock per emp. $75'674

Activity Town, St f= founder D= director Title

Software C ambridge, MA Price per share Symbol Name

fD President f VP R&D

Mitch Kapor Jonathn Sachs Robert Ramsdell ex - Gen. Manager Vern Raburn VP Huamn Res. Janet Axelrod VP Finance Mead Wyman Officers & executives Other common Total common before options Options-outstanding Options-Available Options-Total Total - company Investors (Sevin Rosen) Investors (KP) Investors (others) Total- Investors Total - PreIPO IPO Option (underwriters) Sold by existing shareholders Total outstanding

$18.0 LOTS

Company IPO date Market cap. URL

Lotus Development Corp. Oct-83 $293'768'604

Incorporation State DE Date Apr-82 years to IPO 1.4

www.lotus.com

62

© Service des relations industrielles©(SRI) EPFL

Founder's Employee PreIPO Post IPO Founder's Employee PreIPO Post IPO Value Sold at IPO Ownership Ownership Ownership Ownership Shares Shares Shares Shares 75.0% 49.2% 23.6% 18.4% 3'307'500 3'307'500 3'307'500 3'007'500 $54'135'000 300'000 16.7% 10.9% 5.3% 4.1% 735'000 735'000 735'000 665'000 $11'970'000 70'000 8.3% 5.5% 2.6% 1.8% 367'500 367'500 367'500 297'500 $5'355'000 70'000 5.2% 2.5% 1.6% 350'000 350'000 262'500 $4'725'000 87'500 4.2% 2.0% 1.7% 280'000 280'000 280'000 $5'040'000 2.1% 1.0% 0.9% 140'000 140'000 140'000 $2'520'000 100.0%

VCs D Benjamin Rosen (Sevin Rosen) D C hester Sinda (C rown Partners) D Alexander d'Arbeloff (Teradyne) Vern Raburn initially had 1'225'000 shares 875'000 of which were repurchased for $70'000

Each series A & B shares were converted into 3.5 common shares

73.5%

65.6%

77.1% 12.3% 89.3% 5.0% 5.7% 10.7% 100.0%

37.0% 5.9% 42.9% 2.4% 2.7% 5.1% 48.0% 25.2% 14.6% 12.1% 52.0% 100.0%

31.5%

27.0%

28.5% 5.0% 33.6% 2.1% 2.3% 4.4% 37.9% 21.6% 12.6% 10.4% 44.5% 82.5% 12.7% 1.6% 3.2% 100.0%

Total cash before fees Paid to underwriters Others Net sold by company sold by shareholders Total shares sold Option to underwriters Round

Date

A B Total

Apr-82 Dec-83

Sevin Rosen KPBC II C rown Partners d'Aberloff

4'410'000

$41'985'000

$41'985'000 2'332'500 527'500 2'860'000 260'000 Amount $1'050'000 $3'705'001 $4'755'001 Series A 590'000 350'000 50'000

5'180'000 823'375 6'003'375 336'350 381'150 717'500 6'720'875

5'180'000 823'375 6'003'375 336'350 381'150 717'500 6'720'875 3'519'295 2'049'099 1'698'709 7'267'103 13'987'978

Revenues Q2-83 Amount $7'850'743 Growth 64% Number of employees Avg. val. of stock per emp

# Shares

Price per Common share eq. 1'050'000 $1.00 3'675'000 1'026'316 $3.61 3'592'103 2'076'316 7'267'103 Series B 415'513 235'457 235'457 41'551

4'652'500 823'375 5'475'875 336'350 381'150 717'500 6'193'375 3'519'295 2'049'099 1'698'709 7'267'103 13'460'478 2'072'500 260'000 527'500 16'320'478

C ommon eq. 3'519'296 2'049'100 824'100 320'429

$83'745'000 $14'820'750 $98'565'750 $6'054'300 $6'860'700 $12'915'000 $111'480'750 $63'347'310 $36'883'782 $30'576'762 $130'807'854 $242'288'604 $37'305'000 $4'680'000 $9'495'000 $293'768'604 Q1-83 $4'787'112 134 $206'983

527'500

Activity Town, St f= founder D= director Title fD f f fD

Internet search Marlboro, MA Price per share Symbol Name

Founding VC C MGI University C MU Professor Michael Mauldin C EO Bob Davis C FO Edward Philip VP Bus. Dev. Benjamin Bassi VP Advertising William Townsend VP Engineering Sangam Pant VP Online Publish. Mark Simmer VP Marketing Jan Horsfall Officers & executives Acquisition of point communications Total common before options Options-outstanding C ertain preemptive rights Options-Total Total - company Investors (C MGI - see above) Total - PreIPO IPO Option (underwriters) Total outstanding

VCs C MGI

$16.0 LC OS

Company IPO date Market cap. URL

Lycos Apr-96 $229'062'416

Incorporation State DE Date Jun-95 years to IPO 0.8

63

© Service des relations industrielles©(SRI) EPFL

Founder's Employee PreIPO Post IPO Founder's Employee PreIPO Post IPO Value Ownership Ownership Ownership Ownership Shares Shares Shares Shares 80.0% 71.5% 71.5% 55.9% 8'000'000 8'000'000 8'000'000 8'000'000 $128'000'000 10.0% 8.9% 8.9% 7.0% 1'000'000 1'000'000 1'000'000 1'000'000 $16'000'000 10.0% 8.9% 8.9% 7.0% 1'000'000 1'000'000 1'000'000 1'000'000 $16'000'000

100.0% 95.0%

89.4%

89.4% 4.7% 94.1% 4.7% 1.2% 5.9% 100.0%

89.4%

89.4% 4.7% 94.1% 4.7% 1.2% 5.9% 100.0%

69.8% 3.7% 73.5% 3.7% 0.9% 4.6% 78.1%

100.0%

78.1% 21.0% 0.9% 100.0%

69.8% Total cash before fees Paid to underwriters Others Net sold by company sold by shareholders Total shares sold Option to underwriters

Round

Date

10'000'000

10'000'000 526'316 10'526'316 523'505 131'580 655'085 11'181'401

10'000'000 526'316 10'526'316 523'505 131'580 655'085 11'181'401

10'000'000 526'316 10'526'316 523'505 131'580 655'085 11'181'401

$160'000'000 $8'421'056 $168'421'056 $8'376'080 $2'105'280 $10'481'360 $178'902'416

11'181'401

11'181'401 3'000'000 135'000 14'316'401

$178'902'416 $48'000'000 $2'160'000 $229'062'416

$229'062'416

$46'000'000 14'316'401

Revenues FY 1997 FY 1996 Amount $22'273'000 $5'257'000 Growth 324% Number of employees 60 Avg. val. of stock per emp $279'952

14'316'401 135'000

Amount

Seed June 95 $1'250'000 C MGI paid $500k plus $725k to C MU

# Shares

Price per Valuation Ownership share (approx.) 8'000'000 $0.16 $1'562'500 80%

Activity Town, St f= founder D= director Title

EDA C upertino, C A Price per share Symbol

Company IPO date Market cap. URL

$13.0 LAVA

Magma Design Automation 26-Nov-01 $459'589'200 www.magma-da.com

Incorporation State DE Date Apr-97 years to IPO 4.7

Name

Ownership Shares Founders Employees PreIPO Post IPO Founders Employees PreIPO Post IPO fD C EO Rajeev Madhavan 35.1% 19.5% 11.0% 9.3% 871'773 3'273'211 3'273'211 3'273'211 fD VP Prod. Dev. Hamid Savoj f C SO Lucas v. Ginneken Founders except Madhavan 64.9% 9.6% 5.4% 4.6% 1'613'939 1'613'939 1'613'939 1'613'939 D Director Andy Bechtolsheim 18.4% 10.4% 8.7% 3'084'401 3'084'401 3'084'401 D President, C OO Roy Jewell 3.1% 1.7% 1.5% 514'284 514'284 514'284 C FO Robert Sheffield 0.8% 0.5% 0.4% 136'284 136'284 136'284 VP Marketing Robert Smith 1.8% 1.0% 0.8% 294'137 294'137 294'137 VP Europe Ken Roberts 0.8% 0.4% 0.4% 127'470 127'470 127'470 Founders and managers Other common Total common before options Options-Granted Options-Available Options-Total Sub-total Investors (VC s) Investors (others) Total- Investors Total - PreIPO IPO Option (underwriters) Total outstanding VCs D Redwood D NEA D Raza C rosslink

Date

Main investors

Series A

1997-2000 1997-1999 May-98 Mar-99 Dec-99 2000 1998-2000 2001 2001

$636'342 $994'285 $49'714 -$49'714 --$1'730'056

53.9% 13.7% 67.6% 27.7% 4.7% 32.4% 100.0%

30.4% 7.7% 38.1% 15.6% 2.6% 18.2% 56.3% 13.5% 30.2% 43.7% 100.0%

7.0% IPO

Round Seed A B C D D (warrant) E F (and common) C onvertible note Total

R. Madhavan A. Bechtolsheim Redwood NEA Raza Venture C rosslink Seligman Total

100.0%

25.6% 6.5% 32.1% 13.1% 2.2% 15.4% 47.4% 11.4% 25.4% 36.8% 84.2% 13.7% 2.1% 100.0%

Total cash before fees Paid to underwriters Other expenses Net sold by company sold by shareholders Total shares sold Option to underwriters

$99'884 $998'848 $399'537 $998'842 $149'823 --$2'646'934

Series C

Series D **

$1'099'988 $919'867 $3'294'994 $7'449'830 $658'990 $5'749'159 $4'999'995 $13'798'167 $980'419 $6'014'614 ----$11'034'385 $33'931'636

9'043'726 2'289'980 11'333'706 4'644'920 785'800 5'430'720 16'764'426

$72'507'500 $5'100'000 $3'400'000 $64'007'500 5'577'500

9'043'726 2'289'980 11'333'706 4'644'920 785'800 5'430'720 16'764'426 4'025'209 8'985'880 13'011'089 29'775'515

9'043'726 2'289'980 11'333'706 4'644'920 785'800 5'430'720 16'764'426 4'025'209 8'985'880 13'011'089 29'775'515 4'850'000 727'500 35'353'015

Value

© Service des relations industrielles©(SRI) EPFL $42'551'743

$20'981'207 $40'097'213 $6'685'692 $1'771'692 $3'823'781 $1'657'110 $117'568'438 $29'769'740 $147'338'178 $60'383'960 $10'215'400 $70'599'360 $217'937'538 $52'327'717 $116'816'445 $169'144'162 $387'081'700 $63'050'000 $9'457'500 $459'589'200

Revenues 2001 2000 Amount $11'270'000 $1'257'000 Growth 797% Number of employees 200 Avg. val. of stock per emp.$450'769

5'577'500 727'500

Amount Nb shares Price $248'200 1'487'137 $0.17 $2'137'714 3'685'714 $0.58 $3'995'359 1'382'477 $2.89 $16'999'857 2'284'620 $7.44 $68'245'252 4'460'474 $15.30 $2'906'954 189'997 $15.30 $2'790'595 1'061'784 $2.63 $13'013'627 1'237'721 $10.50 $25'000'000 3'242'542 $7.71 $135'337'558 19'032'466 * Series B

2'485'712

64

* includes some common shares Series A were converted to common before IPO Series E ** $2'790'595 ------$2'790'595

Convertible Total (inc. note common)

$1'925'403 $9'727'792 $9'728'350 $21'381'545

$5'546'676 $12'737'957 $6'857'399 $21'722'407 $7'194'570 $9'727'792 $9'728'350 $73'515'151

** Each series E and D was converted into 1.15 common

Activity Town, St f= founder D= director Title fD fD f f

C EO C TO Senior Engineer Senior Engineer VP Bus. Dev. VP Engineering C FO VP WW Sales

Software Mountain View, C A Price per share $20.0 Symbol MRBA

Marimba 30-Apr-99 $519'620'680 www.marimba.com

Incorporation State Delaware Date 21-Feb-96 years to IPO 3.2

65

© Service des relations industrielles©(SRI) EPFL

Name

Founder's Employee PreIPO Post IPO Founder's Employee PreIPO Post IPO Value Ownership Ownership Ownership Ownership Shares Shares Shares Shares Kim Polese 25.0% 15.2% 11.2% 9.6% 2'500'000 2'500'000 2'500'000 2'500'000 $50'000'000 Arthur van Hoff 25.0% 15.2% 11.2% 9.6% 2'500'000 2'500'000 2'500'000 2'500'000 $50'000'000 Jonathan Payne 25.0% 15.2% 11.2% 9.6% 2'500'000 2'500'000 2'500'000 2'500'000 $50'000'000 Sami Shaio 25.0% 15.2% 11.2% 9.6% 2'500'000 2'500'000 2'500'000 2'500'000 $50'000'000 Thomas Banahan 1.9% 1.4% 1.2% 315'000 315'000 315'000 $6'300'000 Robert C urrie 1.8% 1.3% 1.2% 300'000 300'000 300'000 $6'000'000 Fred Gerson 1.8% 1.3% 1.2% 300'000 300'000 300'000 $6'000'000 Steven Williams 1.9% 1.4% 1.2% 315'000 315'000 315'000 $6'300'000

Officers & executives Other common Total common before options Options-outstanding Options-Available Options-Total Total - company Investors (KP) Investors (others) Total- Investors Total - PreIPO IPO Option (underwriters) Total outstanding VCs KP

Company IPO date Market cap. URL

Ray Lane

Marimba was acquired in 2004 by BMC for $239M

Rounds Series A Series B

100.0% 76.6%

60.7%

45.0%

68.2% 11.1% 79.2% 13.3% 7.5% 20.8% 100.0%

50.5% 8.2% 58.7% 9.9% 5.5% 15.4% 74.1% 13.0% 12.9% 25.9% 100.0%

38.5% Total cash before fees Paid to underwriters Others Net sold by company sold by shareholders Total shares sold Option to underwriters

43.2% 7.0% 50.2% 8.4% 4.7% 13.2% 63.4% 11.2% 11.1% 22.2% 85.6% 13.7% 0.7% 100.0%

10'000'000

$74'720'000 $5'200'000 $1'100'000 $68'420'000 3'736'000

11'230'000 1'822'262 13'052'262 2'192'568 1'229'773 3'422'341 16'474'603

11'230'000 1'822'262 13'052'262 2'192'568 1'229'773 3'422'341 16'474'603 2'898'124 2'872'307 5'770'431 22'245'034

11'230'000 1'822'262 13'052'262 2'192'568 1'229'773 3'422'341 16'474'603 2'898'124 2'872'307 5'770'431 22'245'034 3'548'000 188'000 25'981'034

$224'600'000 $36'445'240 $261'045'240 $43'851'360 $24'595'460 $68'446'820 $329'492'060 $57'962'480 $57'446'140 $115'408'620 $444'900'680 $70'960'000 $3'760'000 $519'620'680

Revenues 1998 1997 Amount $17'085'000 $5'563'000 Growth 207% Number of employees 145 Avg. val. of stock per emp $553'770

3'736'000 188'000

Date Shares Amount Price / shareValue Investors Aug96-Feb97 2'782'735 $4'125'126 $1.48 $18'949'126.36 KP Aug97 2'987'696 $14'959'991 $5.01 $78'965'699.93 C ompaq, PeopleSoft, Lehman, KP

Activity Town, St f= founder D= director Title fD C hair, Pdt, C EO fD C TO f VP Ops VP Bus. Dev. VP IC and RF C FO

Semiconductor C arlsbad, C A Price per share Symbol

$14.0 MXL

Company IPO date Market cap. URL

Maxlinear Dec-09 $625'318'414 www.maxlinear.com

Incorporation State DE Date Sep-03 years to IPO 6.3

66

© Service des relations industrielles©(SRI) EPFL

Name

Founder's Employee PreIPO Post IPO Founder's Employee PreIPO Post IPO Value Ownership Ownership Ownership Ownership Shares Shares Shares Shares Kishore Seendripu 77.6% 17.2% 10.9% 9.7% 4'313'268 4'313'268 4'313'268 4'313'268 $60'385'752 C urtis Ling 12.9% 2.9% 1.8% 1.6% 719'603 719'603 719'603 719'603 $10'074'442 Kimihiko Imura 9.5% 2.1% 1.3% 1.2% 525'270 525'270 525'270 525'270 $7'353'780 Brendan Walsh 1.6% 1.0% 0.9% 404'717 404'717 404'717 $5'666'038 Madhukar Reddy 1.1% 0.7% 0.6% 269'786 269'786 269'786 $3'777'004 Joe D. C ampa 0.4% 0.3% 0.2% 109'520 109'520 109'520 $1'533'280

Officers & executives Other common Total common before options Options-outstanding Options-Available Options-Total Total - company Investors (VC s)

100.0% 51.8%

22.2%

Total- Investors Total - PreIPO

25.4% 17.6% 42.9% 19.8% 37.3% 57.1% 100.0%

14.1%

IPO Sold by existing Total outstanding

16.0% 11.1% 27.2% 12.5% 23.6% 36.1% 63.3% 36.7%

14.2% 9.8% 24.0% 11.1% 20.9% 31.9% 56.0% 29.7%

36.7% 100.0%

29.7% 85.7%

5'558'141

11.5% 12.4%

VCs D Battery Ventures D Mission Ventures D U.S. Venture Partners UMC C apital C orporation

VCs

100.0% Total cash before fees Paid to underwriters Others Net sold by company sold by shareholders Total shares sold Option to underwriters

Round Series A Series B

Mission Ventures U.S. Venture Partners UMC Battery Ventures Others Total

Date nov.04 nov.06

Amount $15'351'000 $20'011'055

6'342'164 4'394'816 10'736'980 4'951'385 9'319'269 14'270'654 25'007'634

6'342'164 4'394'816 10'736'980 4'951'385 9'319'269 14'270'654 25'007'634 14'526'083

6'342'164 4'394'816 10'736'980 4'951'385 9'319'269 14'270'654 25'007'634 13'257'967

$88'790'296 $61'527'424 $150'317'720 $69'319'390 $130'469'766 $199'789'156 $350'106'876 $185'611'538

14'526'083 39'533'717

13'257'967 38'265'601

$185'611'538 $535'718'414

5'131'884 1'268'116 44'665'601

$71'846'376 $17'753'624 $625'318'414

$71'846'376

5'131'884 1'268'116 6'400'000 1'268'116 # Shares

Price per share 7'553'590 $2.03 6'972'493 $2.87

Series A Series B Total Total after IPO 1'968'235 1'306'796 3'275'031 2'977'314 3'739'650 1'695'508 5'435'158 4'941'074 1'269'511 513'262 1'782'773 1'620'710 3'456'927 3'456'927 3'142'675 576'194 576'194 576'194 7'553'590 6'972'493 14'526'083 13'257'967

Revenues 2008 2007 Amount $31'331'000 $9'696'000 Growth 223% Number of employees 114 Avg. val. of stock per emp $1'147'779 NB: 2009 revs are $51M

Activity Town, St f= founder D= director Title fD f f f D

Pres. C EO, chair VP Marketing VP Engineering VP Finance EVP, vice-chair VP Engineering

Electronic Design Portland, OR Price per share $18.5 Symbol MENT

Company IPO date Market cap. URL

Mentor Graphics Corp. Jan-84 $249'561'263 www.mentor.com

Incorporation State OR Date Apr-81 years to IPO 2.8

67

Name

© Service des relations Founder's Employee PreIPO Post IPO Founder's Employee PreIPO Post IPO Value Ownership Ownership Ownership Ownership Shares Shares Shares Shares Thomas Bruggere 34.0% 9.8% 5.8% 4.8% 46'667 653'333 653'333 653'333 $12'086'661 Gerard Langeler 27.2% 7.0% 4.2% 3.5% 37'333 466'666 466'666 466'666 $8'633'321 Stephen Swerling 19.4% 4.9% 2.9% 2.4% 26'667 326'667 326'667 326'667 $6'043'340 David Moffenbeier 19.4% 4.2% 2.5% 2.1% 26'667 280'000 280'000 280'000 $5'180'000 Ning Nan * 7.9% 4.7% 3.9% 528'513 528'513 528'513 $9'777'491 Michael Feuer * 3.6% 2.2% 1.8% 241'606 241'606 241'606 $4'469'711

Officers & executives Other common Total common before options Options-outstanding Options-Available Options-Total Total - company Investors (Worldwide Inv.) Investors (Venrock, Greylock, Sutter) Investors (others) Total- Investors Total - PreIPO IPO Option (underwriters) Total outstanding VCs D David Hathaway (Venrock) D David Strohm (Greylock) D Fontaine Richarson (ex-Applicon) D Robert Schroeder (Ex-Qume)

100.0% 32.3%

26.0%

37.5% 42.9% 80.4% 13.7% 5.9% 19.6% 100.0%

22.3% 25.5% 47.8% 8.2% 3.5% 11.7% 59.5% 16.2% 18.5% 5.9% 40.5% 100.0%

15.4%

12.8%

18.5% 21.1% 39.6% 6.8% 2.9% 9.7% 49.3% 13.4% 15.3% 4.9% 33.6% 83.0% 14.8% 2.2% 100.0%

Total cash before fees Paid to underwriters Others Net sold by company sold by shareholders Total shares sold Option to underwriters

$37'000'000

$37'000'000 2'300'000

2'496'785 2'851'075 5'347'860 914'841 390'904 1'305'745 6'653'605

2'496'785 2'851'075 5'347'860 914'841 390'904 1'305'745 6'653'605 1'812'044 2'069'433 654'716 4'536'193 11'189'798

2'496'785 2'851'075 5'347'860 914'841 390'904 1'305'745 6'653'605 1'812'044 2'069'433 654'716 4'536'193 11'189'798 2'000'000 300'000 13'489'798

Revenues Q3-83 Amount $7'917'000 Growth 97% Number of employees Avg. val. of stock per emp

2'300'000 300'000

Round

Date

Amount

A B C Total

Aug81-Apr82 Jul-82 Feb-83

$1'013'740 $1'850'007 $7'200'000 $10'063'748

Venrock Greylock Sutter Hill Robert Schroeder Fontaine Richarson

137'334

# Shares

Price per Valuation share 67'002 $15.13 1'057'147 $1.75 1'600'000 $4.50 2'724'149

Series A Series B Series C C ommon Eq. 19'834 128'572 111'111 689'811 19'834 128'572 111'111 689'811 19'834 128'572 111'111 689'811 6'600 85'715 22'222 265'248 1'000 14'286 37'714

Each share of Series A Preferred Stock will be converted into approximately 18.66 shares of C ommon Stock, and each share of Series B and Series C Preferred Stock will be converted into approx.1.33 shares of C ommon Stock.

$46'190'523 $52'744'888 $98'935'410 $16'924'559 $7'231'724 $24'156'283 $123'091'693 $33'522'814 $38'284'511 $12'112'246 $83'919'571 $207'011'263 $37'000'000 $5'550'000 $249'561'263 Q2-83 $4'023'000 167 $460'486

industrielles©(SRI) EPFL

Activity Town, St f= founder D= director Title

Software Redmond, WA Price per share Symbol Name

fD C EO Bill Gates f ex-EVP Paul Allen VP Sys. SW Steve Ballmer D C OO Jon Shirley Word/excel creator C harles Simonyi Early Employee Gordon Letwin VP Aps SW Ida C ole VP C D ROM Thomas Lopez VP Intl Scott Oki VP C orp. C om. Jean Richardson VP OEM Sales James Harris C FO Francis Gaudette All officers options and shares Founders and managers Other common Total common before options Options-Granted Options-Available Options-Total Sub-total Investors (TVI)

$21.0 MSFT

100.0%

68.7%

85.2% 3.9% 89.2% 9.8% 1.0% 10.8% 100.0%

1.4% 80.6% 3.7% 84.4% 9.3% 0.9% 10.2% 94.6% 5.4%

1.2% 72.7% 2.9% 75.7% 8.5% 1.9% 10.4% 86.1% 3.9%

5.4% 100.0%

3.9% 90.0% 7.2% 2.8% 100.0%

62.0% IPO

TVI

Microsoft 13-Mar-86 $586'665'765 www.microsoft.com

Incorporation State WA Date Jan-75 years to IPO 11.2

68

© Service des relations industrielles ©(SRI) EPFL Ownership Shares Value Founders Employees PreIPO Post IPO Founders Employees PreIPO Post IPO 63.7% 46.3% 43.8% 39.9% 11'222'000 11'222'000 11'222'000 11'142'000 $233'982'000 36.3% 26.3% 24.9% 22.2% 6'390'000 6'390'000 6'390'000 6'190'000 $129'990'000 7.0% 6.7% 6.0% 1'710'001 1'710'001 1'680'001 $35'280'021 1.6% 1.6% 1.4% 400'000 400'000 400'000 $8'400'000 1.2% 1.1% 305'667 305'667 295'667 $6'209'007 1.1% 0.9% 293'850 293'850 253'850 $5'330'850

Total- Investors Total - PreIPO IPO sold by existing shareholders Total Board D David Marquardt D Portia Isaacson

Company IPO date Market cap. URL

Total cash before fees Paid to underwriters Other expenses Net sold by company sold by shareholders Total shares sold

17'612'000

$58'695'000 $3'661'450 $541'000 $54'492'550 2'000'000 795'000 2'795'000

347'811 20'669'329 948'282 21'638'710 2'378'958 239'896 2'618'854 24'257'564

347'811 20'669'329 948'282 21'638'710 2'378'958 239'896 2'618'854 24'257'564 1'378'901

347'811 20'309'329 808'175 21'138'603 2'378'958 539'896 2'918'854 24'057'457 1'084'008

$7'304'031 $426'495'909 $16'971'675 $443'910'663 $49'958'118 $11'337'816 $61'295'934 $505'206'597 $22'764'168

1'378'901 25'636'465

1'084'008 25'141'465 2'000'000 795'000 27'936'465

$22'764'168 $527'970'765 $42'000'000 $16'695'000 $586'665'765

1985 Revenues $140'417'000 Profit $24'101'000 Growth 44% Number of employees Avg. val. of stock per emp.

1984 $97'479'000 $15'880'000 95% 998 $67'064

1983 $50'065'000 $6'487'000

Activity Town, St f= founder D= director

Microprocessors Sunnyvale, C A Price per share Symbol

Title

Name

C hair, Pres, C EO C hief Scientist VP Dev. Prog. VP VLSI (ex-) First C EO EVP Field Ops. SVP Eng. Manuf.

Robert Miller John Hennessy Ed Stritter

Company IPO date Market cap. URL

$17.5 MIPS Founders

D f f f fD

Robert Wall William Jobe Jacob Vigil

Founders and managers * Other common Total common before options Options-Granted Options-Available Options-Total Sub-total Investors (VC s) Investors (others) Total- Investors Total - PreIPO IPO Sold by existing shareholders Total VCs D Mayfield D Mohr Davidow (MDV) Institutional Venture Partners (IVP) Merrill Pickard Anderson & Eyre (MPAE)

* the IPO prospectus is less detailed than usual and data are more subject to uncertainty

29.1% 29.1% 29.1% 12.8%

Incorporation State CA Date Aug-84 years to IPO 5.3

69

©(SRI) EPFL Ownership Shares© Service des relations industrielles Value Employees PreIPO Post IPO Founders Employees PreIPO Post IPO 3.9% 1.3% 1.1% 257'991 257'991 257'991 $4'514'843 6.0% 2.0% 1.7% 400'000 400'000 400'000 400'000 $7'000'000 6.0% 2.0% 1.7% 400'000 400'000 400'000 400'000 $7'000'000 6.0% 2.0% 1.7% 400'000 400'000 400'000 400'000 $7'000'000 2.6% 0.9% 0.7% 175'964 175'964 175'964 175'964 $3'079'370 1.9% 0.6% 0.5% 127'000 127'000 127'000 $2'222'500 1.4% 0.5% 0.4% 94'000 94'000 94'000 $1'645'000

100.0%

6.9%

MIPS Computer 21-Dec-89 $420'891'958 www.mips.com

27.7% 10.2% 37.9% 62.1%

9.3% 3.4% 12.7% 20.9%

7.7% 2.8% 10.6% 17.3%

62.1% 100.0%

20.9% 33.6% 45.3% 21.1% 66.4% 100.0%

19.9% 30.5% 32.3% 17.5% 49.8% 80.3% 14.6% 5.2% 100.0%

5.7% IPO Paid to underwriters Other expenses Net sold by company sold by shareholders Total shares sold VCs

Round A B C D E Total

1'375'964

$80'500'000 $5'198'000 $900'000 $74'402'000 3'500'000 1'250'000 4'750'000 Date 1984 1985 1986-87 Oct-87 Nov-88

1'854'955 682'939 2'537'894 4'163'147

1'854'955 682'939 2'537'894 4'163'147

4'163'147 6'701'041

4'163'147 6'701'041 9'022'401 4'198'962 13'221'363 19'922'404

1'854'955 682'939 2'537'894 4'163'147 628'565 4'791'712 7'329'606 7'772'401 4'198'962 11'971'363 19'300'969 3'500'000 1'250'000 24'050'969

$32'461'713 $11'951'433 $44'413'145 $72'855'073 $10'999'888 $83'854'960 $128'268'105 $136'017'018 $73'481'835 $209'498'853 $337'766'958 $61'250'000 $21'875'000 $420'891'958

Revenues 1988 1987 Amount $39'383'000 $13'900'000 Growth 183% Number of employees 548 Avg. val. of stock per emp. $154'756

Amount # Shares Price $1'600'000 1'280'000 $1.250 $9'142'757 2'659'711 $3.438 $28'590'131 5'082'690 $5.625 $23'440'238 3'034'335 $7.725 $11'646'270 1'164'627 $10 $74'419'396 13'221'363

Activity Town, St f= founder D= director Title

Database software Uppsala, Sweden Price per share $38.4

Name

f* C TO Monty Widenius f* VP C ommunity Rel.David Axmark f* General Manager Allan Larsson C EO Mårten Mickos Officers & executives Other common Total common before options Options-outstanding Options-Available Options-Total Total - company Benchmark Index Ventures Investors (others) Total- Investors Total outstanding

Company M&A Date Market cap. URL

mysql AB Dec-03 $1'056'993'920 www.mysql.com

Founder's Employee Total Ownership Ownership Ownership 33.1% 9.4% 3.9% 33.4% 9.5% 4.0% 33.6% 9.6% 4.0%

100.0% 68.8%

28.6%

11.9%

28.6% 13.0% 41.5% 46.3% 12.2% 58.5% 100.0%

Founder's Employee Total Value Shares Shares Shares 1'082'123 1'082'123 1'082'123 $41'502'629 1'092'873 1'092'873 1'092'873 $41'914'923 1'098'845 1'098'845 1'098'845 $42'143'967

11.9% 3'273'841 5.4% 17.3% 19.2% 5.1% 24.3% 41.6% 27.0% 10.3% 21.2% 58.4%

© Hervé Lebret

VCs Round ABN Amro A Benchmark, Index B IVP, Intel, Red Hat, SAP C

3'273'841 1'484'635 4'758'476 5'303'621 1'397'136 6'700'757 11'459'233 7'428'453 2'838'194 5'833'758 16'100'405

$125'561'520 $56'940'159 $182'501'679 $203'409'608 $53'584'313 $256'993'920 $439'495'599 $284'903'222 $108'853'164 $223'741'935 $617'498'321

27'559'638

$1'056'993'920

Revenues 2007 Amount $75'000'000 Growth 50% Number of employees Avg. val. of stock per emp

(Kevin Harvey)

Bus. Objects Verisign

3'273'841 1'484'635 4'758'476 5'303'621 1'397'136 6'700'757 11'459'233

100.0%

* founders through open ocean sarl, a company based in Luxembourg numbers changed over time and are subject to inaccuracies VCs D Benchmark Index IVP D Bernard Liautaud D Dana Evan D Tim O'Reilly

Incorporation 70 State Sweden Date Jul-91 years to M&A 12.4 © Service des relations industrielles©(SRI) EPFL

Date July 2001 June 2003 Feb. 2006 Total

Amount $1'000'000 $19'500'000 $18'500'000 $39'000'000

Revenues 2002 2003 2004 2005 2006 2007

2006 $50'000'000 360 $723'194

$6'500'000 $12'600'000 $20'000'000 $34'000'000 $50'000'000 $75'000'000

Activity Town, St f= founder D= director Title fD C hairman & C TO D C EO C FO EVP, Services Pdt, WW Sales

Software San Mateo, C A Price per share Symbol

Company IPO date Market cap. URL

$26.0 N

NetSuite Dec-07 $1'959'897'992 www.netsuite.com

Incorporation State C A, DE Date Sep-98 years to IPO 9.3

71

© Service des relations industrielles©(SRI) EPFL

Name

Founder's Employee PreIPO Post IPO Founder's Employee PreIPO Post IPO Value Ownership Ownership Ownership Ownership Shares Shares Shares Shares Evan Goldberg 100.0% 17.1% 6.6% 5.8% 2'000'000 4'488'561 4'488'561 4'388'561 $114'102'586 Zachary Nelson 7.9% 3.0% 2.5% 2'061'913 2'061'913 1'861'913 $48'409'738 James Mc Geever 1.6% 0.6% 0.5% 418'904 418'904 388'904 $10'111'504 Timothy Dilley 0.6% 0.2% 0.2% 162'500 162'500 162'500 $4'225'000 Dean Mansfield 2.2% 0.9% 0.8% 582'000 582'000 582'000 $15'132'000 David Lipscomb 3.6% 1.4% 1.2% 942'438 942'438 907'438 $23'593'388

Officers & executives Other common Total common before options Options-outstanding

100.0%

12.7% 3.9% 16.6% 21.8%

11.5% 3.5% 15.0% 19.8%

56.8% 100.0%

21.8% 38.4% 57.6% 4.0% 61.6% 100.0%

19.8% 34.8% 52.2% 3.6% 55.7% 90.5%

17.7%

Options-Total Total - company 7.6% Investors (Larry Ellison and family, inc. common) Investors (StarVest) Total- Investors Total - PreIPO 2.9% IPO Selling shareholders Total outstanding

33.0% 10.2% 43.2% 56.8%

2'000'000

8'656'316 2'664'543 11'320'859 14'906'613

8'656'316 2'664'543 11'320'859 14'906'613

8'656'316 2'664'543 11'320'859 14'906'613

$225'064'216 $69'278'118 $294'342'334 $387'571'938

14'906'613 26'227'472

14'906'613 26'227'472 39'327'252 2'695'968 42'023'220 68'250'692

14'906'613 26'227'472 39'327'252 2'695'968 42'023'220 68'250'692

$387'571'938 $681'914'272 $1'022'508'552 $70'095'168 $1'092'603'720 $1'774'517'992

6'765'000 365'000 75'380'692

$175'890'000 $9'490'000 $1'959'897'992

9.0% 0.5% 100.0%

2.7% Total cash before fees Paid to underwriters Others Net sold by company sold by shareholders Total shares sold Option to underwriters Round A B C D E F G H Total

Date

Jun-00 Apr-01

$175'890'000 $10'100'000 $3'900'000 $161'890'000 6'765'000 365'000 7'130'000 365'000 Amount $1'000'000 $4'000'000 $20'000'000 $30'000'000 $20'000'000 $15'000'000 $20'000'000 $15'000'000 $125'000'000

# Shares 900'000 120'000 436'223 1'434'444 4'832'423 7'919'853 10'922'571 7'281'547 33'847'061

Revenues 2007 Amount $108'541'000 Growth 62% Number of employees Avg. val. of stock per emp

Price per share $1.11 $33.33 $45.85 $20.91 $4.14 $1.89 $1.83 $2.06 $3.69

2006 $67'202'000 495 $922'929

Activity Town, St f= founder D= director Title fD Pres, C EO fD C TO C FO VP Marketing D D Professor D Professor VP Eng.

Semiconductor San Jose, C A Price per share Symbol

$14.0 NMTC

Name Y. Pati Y.-T. Wang R. Mora A. Sharan N. Gupta T. Kailath A. El Gamal Lars Herlitz

Founders and managers Other common Total common before options Options-Granted Options-Available Options-Total Sub-total Investors (VC s) Transcription Series E Total- Investors Total - PreIPO IPO Total VCs D Mohr Davidow Index Ventures Goldman Sachs

NMTC is an example where founders are not easy to define: I consider Pati and Wang as such but Kailath, El Gamal, Grant may also be considered as such

Founders 42.1% 33.4%

3.6% 17.3% 3.6%

100.0%

18.2%

Company IPO date Market cap. URL

Numerical Technologies 6-Apr-00 $443'675'890 www.numeritech.com

Incorporation State C A, DE Date Nov-95 years to IPO 4.4

72

©(SRI) EPFL Ownership Shares© Service des relations industrielles Value Employees PreIPO Post IPO Founders Employees PreIPO Post IPO 18.8% 9.9% 7.9% 1'755'000 2'518'500 2'518'500 2'518'500 $35'259'000 15.6% 8.3% 6.6% 1'395'000 2'092'500 2'092'500 2'092'500 $29'295'000 3.1% 1.6% 1.3% 412'500 412'500 412'500 $5'775'000 3.1% 1.6% 1.3% 412'500 412'500 412'500 $5'775'000 7.1% 3.7% 3.0% 150'000 948'414 948'414 948'414 $13'277'796 8.0% 4.2% 3.4% 722'220 1'066'914 1'066'914 1'066'914 $14'936'796 4.8% 2.5% 2.0% 150'000 641'667 641'667 641'667 $8'983'338 1.9% 1.0% 0.8% 255'000 255'000 255'000 $3'570'000 62.2% 9.2% 71.5% 5.2% 23.4% 28.5% 100.0%

33.0% 4.9% 37.8% 2.7% 12.4% 15.1% 53.0% 32.0% 15.0% 47.0% 100.0%

14.5% IPO

Total cash before fees Net sold by company Total shares sold Option to underwriters

VCs

Round A B C D Total

Date Dec-96 Aug-97 Aug-98 Aug-99

26.3% 3.9% 30.2% 2.2% 9.9% 12.1% 42.3% 25.6% 12.0% 37.6% 79.9% 20.1% 100.0%

4'172'220

8'347'995 1'237'635 9'585'630 694'500 3'133'916 3'828'416 13'414'046

$89'097'400 $81'300'000 6'364'100 6'364'100 Amount # Shares Price $540'000 2'250'000 $703'500 1'050'000 $7'970'990 2'445'089 $14'123'857 2'357'906 $23'338'347 8'102'995

8'347'995 1'237'635 9'585'630 694'500 3'133'916 3'828'416 13'414'046 8'102'995 3'809'994 11'912'989 25'327'035

8'347'995 1'237'635 9'585'630 694'500 3'133'916 3'828'416 13'414'046 8'102'995 3'809'994 11'912'989 25'327'035 6'364'100 31'691'135

$116'871'930 $17'326'890 $134'198'820 $9'723'000 $43'874'824 $53'597'824 $187'796'644 $113'441'930 $53'339'916 $166'781'846 $354'578'490 $89'097'400 $443'675'890

Revenues 1999 1998 Amount $5'492'000 $736'000 Growth 646% Number of employees 105 Avg. val. of stock per emp. $257'618

$0.24 $0.67 $3.26 $5.99

Valuation % $1'541'333 $5'006'387 $32'330'427 $73'528'538

35% 14% 25% 19%

Activity Town, St f= founder D= director Title D C EO f VP Optical HW C FO C TO SVP Engineering EVP Sales Mark. General C ounsel VP C orp. Dev.

Telecommunications San Jose, C A Price per share $25.0 Symbol ONIS

ONI Systems 6-Jun-00 $3'333'113'950 www.oni.com

Incorporation State DE Date Oct-97 years to IPO 2.6

73

Name

©(SRI) EPFL Ownership Shares © Service des relations industrielles Value Founders Employees PreIPO Post IPO Founders Employees PreIPO Post IPO Hugh Martin 70.0% 6.5% 4.9% 4.5% 4'784'164 5'999'998 5'999'998 5'999'998 $149'999'950 Rohit Sharma 12.3% 0.9% 0.7% 0.6% 840'668 840'668 840'668 840'668 $21'016'700 Terrence Schmid 7.8% 0.9% 0.7% 0.6% 533'332 853'332 853'332 853'332 $21'333'300 Hon Wah Shin 9.9% 1.0% 0.7% 0.7% 674'000 874'000 874'000 874'000 $21'850'000 William C umpston 1.4% 1.1% 1.0% 1'300'000 1'300'000 1'300'000 $32'500'000 Robert Jandro 1.0% 0.7% 0.7% 900'000 900'000 900'000 $22'500'000 Michael Dillon 0.3% 0.2% 0.2% 300'000 300'000 300'000 $7'500'000 Andrew Page 0.3% 0.2% 0.2% 300'000 300'000 300'000 $7'500'000

Founders and managers Other common Total common before options Options-Granted Options-Available Options-Total Sub-total Investor (KPBC ) Investor (MDV) Investors (others) Total- Investors Total - PreIPO IPO Option (underwriters) Total outstanding VCs D Kleiner Perkins D Mohr Davidow

Company IPO date Market cap. URL

12.4% 66.4% 78.8% 19.1% 2.0% 21.2% 100.0%

9.2% 49.3% 58.5% 14.2% 1.5% 15.7% 74.2% 11.1% 12.1% 2.7% 25.8% 100.0%

IPO

Total cash before fees Net sold by company Total shares sold Option to underwriters

VCs

Round B C E F G Total

Date Jan-98 Mar-98 Dec-98 Sep-99 Dec-99

8.5% 45.7% 54.2% 13.2% 1.4% 14.5% 68.8% 10.3% 11.2% 2.5% 23.9% 92.7% 6.4% 0.9% 100.0%

6'832'164

11'367'998 60'909'526 72'277'524 17'548'724 1'842'646 19'391'370 91'668'894

$244'000'000 $226'000'000 8'560'000 9'760'000 1'200'000 Amount # Shares Price $4'715'846 19'649'360 $2'000'000 2'666'666 $3'530'451 3'879'616 $4'634'332 2'546'336 $19'931'296 3'153'686 $34'811'924 31'895'664

11'367'998 60'909'526 72'277'524 17'548'724 1'842'646 19'391'370 91'668'894 13'665'822 14'932'144 3'297'698 31'895'664 123'564'558

11'367'998 60'909'526 72'277'524 17'548'724 1'842'646 19'391'370 91'668'894 13'665'822 14'932'144 3'297'698 31'895'664 123'564'558 8'560'000 1'200'000 133'324'558

$284'199'950 $1'522'738'150 $1'806'938'100 $438'718'100 $46'066'150 $484'784'250 $2'291'722'350 $341'645'550 $373'303'600 $82'442'450 $797'391'600 $3'089'113'950 $214'000'000 $30'000'000 $3'333'113'950

Revenues 1999 1998 Amount $3'034'000 $1'733'000 Growth 75% Number of employees 424 Avg. val. of stock per emp. $1'034'713

$0.24 $0.75 $0.91 $1.82 $6.32

Activity Town, St f= founder D= director Title

Internet Services San Francisco, C A Price per share Symbol

$20.0 OPEN

Name

Ask Jeeves Impact Venture Benchmark C apital C itySearch Union Square Hospitality Travelocity Gap, Inc.

Filing

Open Table Mar-09 $560'741'065 www.opentable.com

Employee PreIPO Post IPO Ownership Ownership Ownership 100.0% 4.5% 0.83% 0.74% 20.4% 3.8% 3.4% 4.5% 0.8% 0.7% 5.7% 1.1% 0.8% 6.0% 1.1% 0.9% 5.5% 1.0% 0.9% 1.9% 0.4% 0.3% 2.7% 0.5% 0.2% 0.8% 0.1% 0.1% 0.8% 0.1% 0.1% 52.8% 9.8% 7.8%

f founder C huck Templeton D C EO Jeffrey Jordan C FO Matthew Roberts SVP Ops Joel Brown SVP Sales Michael Dodson SVP Engineering C harlie McC ullough D Director "Skip" Battle D Director Danny Meyer D Director Michelle Peluso D Director Paul Pressler Officers & executives Other common Total common before options 8.5% Options-outstanding Warrant Options-Available Options-Total Total - company 4.5% Investors (Benchmark) Investors (Impact venture) Investors (Thomas Layton) Investors (others possibly inc. C ommon shares) Total- Investors Total - PreIPO 0.83% IPO Sold by existing Option (underwriters) Total outstanding 0.74% VCs "Skip" Battle Adam R. Dell J. William Gurley Thomas H. Layton Danny Meyer Michelle Peluso Paul Pressler

Company IPO date Market cap. URL

52.8% 41.8% 1.9% 3.4% 47.2% 100.0%

9.8% 7.7% 0.4% 0.6% 8.4% 18.2% 21.2% 14.0% 9.0% 37.7% 81.8% 100.0%

Round

Impact Venture Partners and Benchmark C apital. Benchmark, Impact, Integral, Epochs, C omdisco and Upstart.

2'444'565 1'934'621 88'691 159'336 2'182'648 4'627'213

$31'453'680 $4'200'000

Prior rounds Jan-00 Oct-00 A 7-Feb-03 B 28-Oct-04 Total

Amount

2'444'565 1'934'621 88'691 159'336 2'093'957 4'538'522 5'290'211 3'503'853 2'239'299 9'407'502 20'440'865 24'979'387

2'191'251 1'934'621 88'691 159'336 2'093'957 4'285'208 5'290'211 3'503'853 2'100'279 9'407'502 20'301'845 24'587'053 1'572'684 1'427'316 450'000 28'037'053

Revenues 2008 Amount $55'844'000 Growth 36% Number of employees Avg. val. of stock per emp

$27'253'680 2'022'684 1'427'316 3'450'000 450'000 Date

74

Employee PreIPO Post IPO © Service Value des relations Including Selling industrielles ©(SRI) EPFL Shares Shares Shares Options at IPO 207'684 207'684 207'684 107'684 $2'153'680 100'000 945'906 945'906 945'906 $18'918'120 178'213 207'597 207'597 207'597 $4'151'940 74'266 263'598 263'598 227'598 $4'551'960 41'999 36'000 279'598 279'598 247'598 $4'951'960 49'998 32'000 255'199 255'199 239'199 $4'783'980 19'999 16'000 87'770 87'770 87'770 $1'755'400 124'463 124'463 55'149 $1'102'980 32'000 69'314 35'750 35'750 35'750 $715'000 32'000 37'000 37'000 37'000 $740'000 32'000 207'684 2'444'565 2'444'565 2'191'251 $43'825'020 460'475 253'314

7.8% 6.9% 0.3% 0.6% 7.5% 15.3% 18.9% 12.5% 7.5% 33.6% 72.4% 87.7% 5.6% 5.1% 1.6% 100.0%

Total cash before fees Paid to underwriters Others Net sold by company sold by shareholders Total shares sold Option to underwriters

Incorporation State CA Date Oct-98 years to IPO 10.4

# Shares

$10'000'000 $42'000'000 $7'000'000 86'227'422 $15'000'000 27'219'377 $22'000'000 113'446'799

Price per share

After conversion ? ?

$0.08 $0.55

6'898'194 2'177'550 9'075'744

$43'825'020 $38'692'420 $1'773'820 $3'186'725 $41'879'145 $85'704'165 $105'804'220 $70'077'060 $42'005'580 $188'150'040 $406'036'900 $491'741'065 $31'453'680 $28'546'320 $9'000'000 $560'741'065 2007 $41'148'000 297 $146'980

139'020 1'034'982 1'427'316

Activity Town, St f= founder D= director Title fD co-founder, C EO fD co-founder, SVP f co-founder Sales & Marketing Employee #5

Software Redwood Shores, C A Price per share $15.0 Symbol ORC L Name Larry Ellison Bob Miner Ed Oates Bob Preger Stuart Feigin

Founders and managers Other common Total common before options Options-Granted Options-Available Options-Total Sub-total Investors (T. R. Berkeley, Sequoia) Investors (Don Lucas) Total- Investors * Total - PreIPO IPO Sold by existing shareholders Total VCs D Don Lucas Sequoia T. R. Berkeley Development * Ellison claims there were no investment in Oracle but founder's shares sold to new shareholders

Company IPO date Market cap. URL

Oracle Corporation 12-Mar-86 $242'357'985

Incorporation State CA Date Jun-77 years to IPO 8.7

www.oracle.com

75

© Service des relations industrielles ©(SRI) EPFL Value

Ownership Shares Founders Employees PreIPO Post IPO Founders Employees PreIPO Post IPO 65.1% 31.4% 28.5% 27.9% 4'608'750 4'608'750 4'608'750 4'506'658 31.7% 15.3% 13.9% 13.6% 2'246'668 2'246'668 2'246'668 2'196'668 3.2% 1.5% 1.4% 1.3% 227'222 227'222 227'222 217'222 2.2% 2.0% 1.4% 326'000 326'000 226'000 1.5% 1.4% 1.2% 220'000 220'000 200'000 100.0%

51.9% 19.5% 71.5% 20.0% 8.6% 28.5% 100.0%

43.8%

47.2% 17.8% 65.0% 18.1% 7.8% 26.0% 90.9% 7.7% 1.4% 9.1% 100.0%

43.8% IPO

Total cash before fees Paid to underwriters Other expenses Net sold by company sold by shareholders Total shares sold Option to underwriters

VCs Round * A Sequoia Berkeley Development

Date Oct-84 ? 1981 ? Oct-84

45.5% 10.0% 55.5% 18.1% 7.8% 26.0% 81.4% 4.3% 1.3% 5.6% 87.0% 6.2% 6.8% 100.0%

7'082'640

7'628'640 2'870'828 10'499'468 2'931'525 1'263'174 4'194'699 14'694'167

$31'500'000 $2'205'000 $345'000 $28'950'000 1'000'000 1'100'000 2'100'000 315'000 Amount # Shares Price $3'000'000 666'666 ? 580'000 666'666

7'628'640 2'870'828 10'499'468 2'931'525 1'263'174 4'194'699 14'694'167 1'246'666 219'976 1'466'642 16'160'809

7'346'548 1'615'976 8'962'524 2'931'525 1'263'174 4'194'699 13'157'223 695'000 204'976 899'976 14'057'199 1'000'000 1'100'000 16'157'199

$67'599'870 $32'950'020 $3'258'330 $3'390'000 $3'000'000 $110'198'220 $24'239'640 $134'437'860 $43'972'875 $18'947'610 $62'920'485 $197'358'345 $10'425'000 $3'074'640 $13'499'640 $210'857'985 $15'000'000 $16'500'000 $242'357'985

Revenues 1985 1984 Amount $23'159'000 $12'715'000 Growth 82% Number of employees 425 Avg. val. of stock per emp.$160'500

$4.50

Activity Town, St f= founder D= director

fD f f D

D D

Internet music Oakland, C A Price per share Symbol

Title

Name

Board Peter C hernin James Feuille Peter Gotcher Robert Kavner Larry Marcus Barry McC arthy David Sze

Fox C rosslink C apital Redpoint Ondemand Walden Netflix Greylock

$16.0 P

Company IPO date Market cap. URL

Pandora Media Jun-11 $3'225'252'960 www.pandora.com

Incorporation State Date years to IPO

76

CA Jan-00 11.5

Founder's Employee PreIPO Post IPO Founder's Employee PreIPO Post IPO Value des relations Including Selling © Service industrielles ©(SRI) EPFL Ownership Ownership Ownership Ownership Shares Shares Shares Shares options at IPO Founder & ex-ceo Tim Westergren 65.8% 7.2% 2.1% 1.8% 2'894'991 3'644'991 3'644'991 3'644'991 $58'319'856 750'000 co-founder Will Glaser 18.6% 5.9% 1.7% 1.5% 820'266 2'994'071 2'994'071 2'994'071 $47'905'136 2'173'805 300'000 co-founder Jon Kraft 15.6% 1.4% 0.4% 0.3% 687'500 687'500 687'500 687'500 $11'000'000 340'000 C EO Joe Kennedy 8.3% 2.5% 2.1% 4'229'267 4'229'267 4'229'267 $67'668'272 4'048'284 C TO Thomas C onrad 5.1% 1.5% 1.3% 2'566'686 2'566'686 2'566'686 $41'066'976 2'566'686 247'236 C hief Revenue O. John Trimble 1.5% 0.5% 0.4% 779'270 779'270 779'270 $12'468'320 779'270 74'937 Director Robert Kavner 2.2% 0.6% 0.5% 1'091'054 1'091'054 1'091'054 $17'456'864 200'000 Director Barry McC arthy 1.0% 0.3% 0.3% 504'777 504'777 504'777 $8'076'432 C FO Steven C akebread 1.2% 0.4% 0.3% 625'000 625'000 625'000 $10'000'000 625'000 Officers & executives (exc. options) 100.0% 33.8% 0.7% 8.5% 4'402'757 17'122'616 1'129'777 17'122'616 $273'961'856 11'143'045 962'173 Other common 17.1% 5.0% 4.3% 8'655'553 8'655'553 8'655'553 $138'488'848 2'510'574 Total common before options 17.1% 50.8% 5.7% 12.8% 4'402'757 25'778'169 9'785'330 25'778'169 $412'450'704 Options-outstanding 36.7% 10.8% 9.2% 18'619'744 18'619'744 18'619'744 $297'915'904 Options-Available 12.4% 3.7% 3.1% 6'310'291 6'310'291 6'310'291 $100'964'656 Options-Total 49.2% 14.5% 12.4% 24'930'035 24'930'035 24'930'035 $398'880'560 Total - company 8.7% 100.0% 20.2% 25.2% 50'708'204 34'715'365 50'708'204 $811'331'264 Investors (C rosslink) 20.3% 17.3% 34'964'928 34'964'928 $559'438'848 Investors (Walden) 16.4% 14.0% 28'218'309 28'218'309 $451'492'944 Investors (Greylock) 12.5% 10.6% 21'450'675 21'450'675 $343'210'800 Investors (Labrador) 7.5% 6.4% 12'905'162 12'905'162 $206'482'592 Investors (The Hearst C orp) 5.1% 4.3% 8'734'506 8'734'506 $139'752'096 4'367'253 Investors (GGV C apital) 4.6% 3.9% 7'853'341 7'853'341 $125'653'456 Investors (others) 13.4% 11.4% 23'043'185 23'043'185 $368'690'960 1'500'000 Total- Investors 79.8% 68.0% 137'170'106 137'170'106 $2'194'721'696 Total - PreIPO 2.6% 100.0% 93.2% 171'885'471 187'878'310 $3'006'052'960 8'700'000 IPO (new shares) 2.5% 5'000'000 $80'000'000 IPO (sold by existing) 4.3% 8'700'000 $139'200'000 Total outstanding 2.2% 100.0% 201'578'310 $3'225'252'960

Investors

Labrador, Selby, Walden, Gotcher, Kavner C rossling, Hearst & existing

Greylock & existing GGV, Allen & Existing

Total cash before fees Paid to underwriters Others Net sold by company sold by shareholders Total shares sold Option to underwriters

$80'000'000

$80'000'000 5'000'000 8'700'000 13'700'000 8'700'000

Round

Date

Amount

A B C D* E* F G Total

Mar-00 Jan-04 Oct-05

$1'500'000 $9'315'363 $12'181'001 $25'050'013 $14'693'574 $35'497'722 $22'249'998 $98'237'672

Jan-09 Oct-09 May-10

# Shares 375'000 24'735'429 23'884'315 24'011'055 10'201'887 45'833'082 8'129'338 137'170'106

2010 Revenues $51'189'000 Income (Loss) -$16'753'000 Growth 165% Number of employees Avg. val. of stock per emp

Price per share $4.00 $0.38 $0.51 $1.04 * include shares created $1.44 by antidilution after round F $0.77 $2.74

2009 $19'333'000 -$28'228'000 295 $1'821'591

Activity Town, St f= founder D= director Title fD C hairman & C EO fD C TO EVP Bus. Dev. D ex-C EO Ex-C EO X.com

Internet payments Palo Alto, C A Price per share $13 Symbol PYPL Name Peter Thiel * Max Levchin * Reid Hoffmann Elon Musk * Bill Harris

Founder's Ownership 21.1% 42.1%

Officers & executives Other common Options exercised Total common before options Options-PayPal Options-X.com Options-Total Total - company Investors (C onfinity) Investors (X.com) Investors (post merger) Total- Investors Total - PreIPO IPO Option (underwriters) Total outstanding

36.8% 0.0%

PayPal Feb-02 $2'681'022'045 www.paypal.com

Employee Ownership 9.8% 19.5% 4.0% 17.1% 8.0%

PreIPO Ownership 1.7% 3.4% 0.7% 3.0% 1.4%

58.4% 5.7% 64.1% 16.3% 19.6% 35.9% 100.0%

10.3% 1.0% 11.3% 2.9% 3.4% 6.3% 17.6% 14.6% 33.0% 34.8% 82.4% 100.0%

100.0% 72.3%

46.4%

8.2%

7.9%

VCs Sequoia Nokia Ventures C learStone Individuals Peter Thiel Egon Musk *

Company IPO date Market cap. URL

IPO

Incorporation State De Date Dec-98 years to IPO 3.2

des relationsValue industrielles©(SRI) EPFL Post IPO Founder's Employee PreIPO © Service Post IPO Ownership Shares Shares Shares Shares 1.7% 3'435'112 3'435'112 3'435'112 3'435'112 $44'656'456 3.3% 6'870'225 6'870'225 6'870'225 6'870'225 $89'312'925 0.7% 1'414'458 1'414'458 1'414'458 $18'387'954 2.9% 6'000'000 6'000'000 6'000'000 6'000'000 $78'000'000 1.4% 2'812'500 2'812'500 2'812'500 $36'562'500 10.0% 1.0% 10.9% 2.8% 3.3% 6.1% 17.0% 14.2% 32.0% 33.8% 79.9% 97.0% 2.6% 0.4% 100.0%

Total cash before fees Paid to underwriters Others Net Shares sold by company Option to underwriters Total shares sold

16'305'337

20'532'295 2'015'223 22'547'518 5'726'520 6'882'769 12'609'289 35'156'807

$80'730'000 $5'700'000 $5'130'000 $69'900'000 5'400'000 810'000 6'210'000

20'532'295 2'015'223 22'547'518 5'726'520 6'882'769 12'609'289 35'156'807 29'299'493 65'954'970 69'611'195 164'865'658 200'022'465

Confinity Series AA Series BB Series C C Total X.com Series A Series B Total PayPal Series C Series D Series A (more) Total

Date Feb-99 Jun-99 Jan-00

Shares Amount Price / share Value 5'051'637 $500'000 $0.10 $1'520'000 24'247'856 $4'500'000 $0.19 $7'350'000 18'522'653 $11'000'000 $0.59 $34'520'018 29'299'493 $16'000'000

20'532'295 2'015'223 22'547'518 5'726'520 6'882'769 12'609'289 35'156'807 29'299'493 65'954'970 69'611'195 164'865'658 200'022'465 5'400'000 810'000 206'232'465

Revenues Q2 2001 Amount $19'912'000 Growth 56791% Emp 591 Avg. val. of stock per emp

PayPal is the merger of C onfinity (Levchin, Thiel) and X.com (Musk); both Thiel and Musk also had investor shares Rounds

77

Investors Thiel C apital Nokia Ventures C learSTone and Nokia

May-99 Dec-99

38'850'000 27'104'970

$12'500'000 $12'900'000 $25'400'000

$0.32 $0.48

Elon Musk Sequoia, Bill Harris

Mar-00 Aug-00 Aug-01

36'363'367 28'747'828 4'500'000

$100'000'000 $86'200'000 $1'350'000 $228'950'000

$2.75 $3.00 $0.30

Dearbron, Nokia, C learstone Providian

$266'919'835 $26'197'899 $293'117'734 $74'444'760 $89'475'997 $163'920'757 $457'038'491 $380'893'409 $857'414'610 $904'945'535 $2'143'253'554 $2'600'292'045 $70'200'000 $10'530'000 $2'681'022'045 Q2 2000 $35'000

$13'160'636

Activity Town, St f= founder D= director

Semicon. IP Los Altos, C A Price per share Symbol

$12.0 RMBS

Company IPO date Market cap. URL

Rambus Inc. 13-May-97 $304'347'060 www.rambus.com

Incorporation State C A, DE Date Mar-90 years to IPO 7.2

78

©(SRI) EPFL Ownership Shares© Service des relations industrielles Value Founders Employees PreIPO Post IPO Founders Employees PreIPO Post IPO D President, C EO Geoff Tate 11.1% 5.4% 4.8% 1'209'789 1'209'789 1'209'789 $14'517'468 fD C h. Scientist & VP Michael Farmwald 56.4% 15.0% 7.4% 6.5% 1'639'548 1'639'548 1'639'548 1'639'548 $19'674'576 fD Vice-President Mark Horowitz 33.3% 8.9% 4.4% 3.8% 968'365 968'365 968'365 968'365 $11'620'380 C FO Gary Harmon 1.5% 0.7% 0.6% 160'250 160'250 160'250 $1'923'000 VP Bus. Dev. David Mooring 2.8% 1.4% 1.2% 306'500 306'500 306'500 $3'678'000 VP Eng. Allen Roberts 4.2% 2.1% 1.8% 460'500 460'500 460'500 $5'526'000 VP Marketing Subodh Toprani 1.8% 0.9% 0.8% 195'500 195'500 195'500 $2'346'000 f Other founders 10.3% 2.8% 1.4% 1.2% 300'000 300'000 300'000 300'000 $3'600'000 Founders and managers 100.0% 48.1% 23.6% 20.7% 2'907'913 5'240'452 5'240'452 5'240'452 $62'885'424 Other common 23.7% 11.6% 10.2% 2'583'478 2'583'478 2'583'478 $31'001'736 Total common before options 71.8% 35.2% 30.8% 7'823'930 7'823'930 7'823'930 $93'887'160 Options-Granted 22.1% 10.8% 9.5% 2'404'372 2'404'372 2'404'372 $28'852'464 Options-Available 6.2% 3.0% 2.7% 674'102 674'102 674'102 $8'089'224 Options-Total 28.2% 13.9% 12.1% 3'078'474 3'078'474 3'078'474 $36'941'688 Sub-total 13.1% 100.0% 49.1% 43.0% 10'902'404 10'902'404 10'902'404 $130'828'848 Total- Investors 50.9% 44.5% 11'297'351 11'297'351 $135'568'212 Total - PreIPO 100.0% 87.5% 22'199'755 22'199'755 $266'397'060 IPO 12.5% 3'162'500 $37'950'000 Option (underwriters) Total outstanding 11.5% 100.0% 25'362'255 $304'347'060 Title

Name

VCs IPO D Mohr Davidow (MDV) Kleiner Perkins (KP) D Merrill Pickard Anderson Eyre - MPAE (Dunlevie, Benchmark since 1995) VCs

Total cash before fees Net sold by company

Round A B C D Total

Date 1990 Feb-93 Dec-95

$37'950'000 $34'177'000 $3'162'500

Amount # Shares $3'678'000 5'361'000 $5'977'000 2'804'000 $3'749'994 1'249'998 $8'000'000 1'882'353 $21'404'994 11'297'351

Revenues 1997 1996 Amount $26'015'000 $11'270'000 Growth 131% Number of employees 139 Avg. val. of stock per emp.$430'606 Price $0.69 $2.13 $3.00 $4.25

Activity Town, St f= founder D= director Title fD C hairman & C EO EVP, C TO D President D Director

Software Durham, N.C . Price per share Symbol Name Robert Young Mark Ewing Matthew Szulik Eric Hahn

$14.0 RHAT

Red Hat Inc Aug-99 $945'618'968 www.redhat.com

Incorporation State CT Date Mar-93 years to IPO 6.4

79

© Service des relations industrielles©(SRI) EPFL

Founder's Employee PreIPO Post IPO Founder's Employee PreIPO Post IPO Value Including Ownership Ownership Ownership Ownership Shares Shares Shares Shares Options 50.0% 21.8% 12.0% 13.4% 9'081'826 9'081'826 9'081'826 9'081'826 $127'145'564 50.0% 21.8% 12.0% 13.5% 9'088'476 9'088'476 9'088'476 9'088'476 $127'238'664 6.6% 3.6% 4.1% 2'736'248 2'736'248 2'736'248 $38'307'472 1'672'570 0.4% 0.2% 0.3% 171'552 171'552 171'552 $2'401'728

Officers & executives Other common Total common Options - outstanding Warrant Options - available Options - total Total - company Investors (Batten) Investors (Greylock) Investors (Benchmark) Investors (Intel) Investors (Others) Total- Investors Total - PreIPO IPO Option (underwriters) Total outstanding Board Frank Batten, Jr. William S. Kaiser Eric Hahn

Company IPO date Market cap. URL

Landmark Greylock Netscape

Frank Batten, Jr. Greylock, Benchmark, Intel, F. Batten

100.0% 71.2%

43.6%

50.5% 10.7% 61.2% 9.0% 7.7% 22.1% 38.8% 100.0%

24.0%

27.9% 5.9% 33.7% 5.0% 4.2% 12.2% 21.4% 55.1% 19.8% 11.5% 7.7% 4.0% 1.8% 44.9% 100.0%

26.9%

31.2% 6.6% 37.8% 5.5% 4.7% 13.7% 24.0% 61.7% 22.2% 12.9% 8.6% 4.4% 2.1% 28.0% 89.8% 8.9% 1.3% 100.0%

Total cash before fees Paid to underwriters Others Net sold by company sold by shareholders Total shares sold Option to underwriters

18'170'302

21'078'102 4'448'418 25'526'520 3'745'518 3'197'450 9'235'160 16'178'128 41'704'648

$96'600'000 $7'900'000 $88'700'000 6'900'000

21'078'102 4'448'418 25'526'520 3'745'518 3'197'450 9'235'160 16'178'128 41'704'648 15'005'888 8'723'866 5'815'910 3'005'058 1'394'730 33'945'452 75'650'100

Year 1999 Revenues $10'790'000 Profit -$91'000 Growth 109% Number of employees Avg. val. of stock per emp

6'900'000 900'000

Round

Date

Amount

A B C Total

Aug-97 Sep-98 Feb-99

$1'999'999 $6'955'883 $3'227'026 $12'182'908

# Shares

Price per share 6'801'400 $0.29 8'116'550 $0.86 1'027'388 $3.14 15'945'338

21'078'102 4'448'418 25'526'520 3'745'518 3'197'450 9'235'160 16'178'128 41'704'648 15'005'888 8'723'866 5'815'910 3'005'058 1'394'730 18'939'564 60'644'212 6'000'000 900'000 67'544'212

Converted about 2x about 2x about 2x

$295'093'428 $62'277'852 $357'371'280 $52'437'252 $44'764'300 $129'292'240 $226'493'792 $583'865'072 $210'082'432 $122'134'124 $81'422'740 $42'070'812 $19'526'220 $265'153'896 $849'018'968 $84'000'000 $12'600'000 $945'618'968 1998 $5'156'000 $8'000 127 $2'273'792

1'672'570

Activity Town, St f= founder D= director Title fD C hairman & Manag. Dir. fD C o-founder & Director fD Founding firm President & C OO C FO C TO

Internet services Mumbai, India Price per share ** Symbol

$24.0 REDF

rediff.com India Ltd Jun-00 $314'188'608

Incorporation State India Date Jan-96 years to IPO 4.4

www.rediff.com

80

EPFL Founder's Employee PreIPO Post IPO Founder's Employee © Service PreIPO des relations Post IPOindustrielles Value ©(SRI) Ownership Ownership Ownership Ownership Shares Shares Shares Shares Ajit Balakrishnan * 25.0% 23.4% 10.5% 8.4% 1'100'190 1'100'190 1'100'190 1'100'190 $26'404'560 Arun Nanda * 25.0% 23.4% 10.5% 8.4% 1'100'300 1'100'300 1'100'300 1'100'300 $26'407'200 Rediffusion Advertising * 50.0% 46.8% 21.1% 16.8% 2'200'002 2'200'002 2'200'002 2'200'002 $52'800'048 Nitin Gupta Rajiv Warrier Venki Nishtala Name

Officers & executives Other common Total common before options Options-outstanding Options-Available Options-Total Total - company Investors (Draper India) Investors (Queenswood Inv. - Warbug Pincus) Investors (Intel) Investors (others) Total- Investors Total - PreIPO IPO Option (underwriters) Total outstanding Board Sunil N. Phatarphekar Abhay Havaldar C harles Robert Kaye Richard T.K. Li

Company IPO date Market cap. URL

Independant (lawyer) Draper International Warburg Pincus Pacific C entury C yberWorks

100.0%

93.7%

42.1%

33.6%

100.0%

93.7% 6.3%

42.1% 2.8%

6.3% 100.0%

2.8% 45.0% 21.1% 13.0% 6.2% 14.8% 55.0% 100.0%

93.7%

42.1%

33.6%

4'400'492

4'400'492

4'400'492

4'400'492

$105'611'808

33.6% 2.3%

4'400'492 295'900

4'400'492 295'900

4'400'492 295'900

$105'611'808 $7'101'600

2.3% 35.9% 16.8% 10.4% 4.9% 11.8% 43.9% 79.8% 17.6% 2.6% 100.0%

295'900 4'696'392

295'900 4'696'392 2'200'000 1'363'000 645'000 1'541'800 5'749'800 10'446'192

295'900 4'696'392 2'200'000 1'363'000 645'000 1'541'800 5'749'800 10'446'192 2'300'000 345'000 13'091'192

$7'101'600 $112'713'408 $52'800'000 $32'712'000 $15'480'000 $37'003'200 $137'995'200 $250'708'608 $55'200'000 $8'280'000 $314'188'608

Total cash before fees Net (after fees and expenses) Total shares sold Option to underwriters

Financing rounds

Date

Draper International Intel C orporation Warbug Pincus GE, Pacific C entury, C iticorp

Apr-98 Feb-99 Jun-99 Dec-99 Total

Amount $965'154 $528'986 $3'593'311 $15'977'377 $21'064'828

# Shares 2'200'000 645'000 1'363'000 1'541'800 5'749'800

$63'480'000 $56'800'000 2'645'000 345'000

Year 2000 Revenues $1'906'000 Profit -$6'666'666 Growth 123% Number of employees Avg. val. of stock per emp

Price per Valuation share $0.44 $2'895'678 $0.82 $5'942'270 $2.64 $22'694'783 $10.36 $105'185'525

* Includes 2,200,002 shares held by Rediffusion Advertising Private Limited, of which Ajit Balakrishnan is a 50% shareholder and Managing Director and Arun Nanda is a 50% shareholder and director. ** The Nasdaq ADR shares are worthhald of the Indian shares and the price per share was $12 on Nasdaq. Bill Draper in his autobiography is convinced of the potential of the company (which is not public in India, because not profitable for 3 consecutive years). In 2008, 2009 and 2010, its revenues were $32M, $25M and $18M and still not profitable; uncertain future.

1999 $855'000 -$985'000 163 $43'568

Activity Town, St f= founder D= director Title f co-founder f co-founder D C hairman & C EO Sales & Marketing C FO SVP Prof. Serv. Gen. C ouncel D Director C . C ustomer C IO C TO & VP Eng.

Online marketing San Bruno, C A Price per share Symbol

BofA

$12.0 MKTG

Responsys Apr-11 $760'002'132 www.responsys.com

Incorporation State CA Date Feb-98 years to IPO 13.2

81

© Service des relations industrielles EPFL Founder's Employee PreIPO Post IPO Founder's Employee PreIPO Post IPO Value Including©(SRI) Ownership Ownership Ownership Ownership Shares Shares Shares Shares Options Raghu Raghavan 49.6% 2.9% 1.4% 1.1% 787'500 787'500 787'500 712'500 $8'550'000 Anand Jagannathan 50.4% 2.9% 1.4% 1.1% 801'086 801'086 801'086 726'086 $8'713'032 Daniel Springer 14.7% 7.0% 6.4% 4'061'401 4'061'401 4'061'401 $48'736'812 2'078'565 Scott Olrich 5.2% 2.5% 2.3% 1'437'500 1'437'500 1'437'500 $17'250'000 1'437'500 C hristian Paul 2.7% 1.3% 1.2% 737'500 737'500 737'500 $8'850'000 737'500 Edward Henrich 0.9% 0.4% 0.4% 247'499 247'499 247'499 $2'969'988 247'499 Julian Ong 0.6% 0.3% 0.3% 162'500 162'500 162'500 $1'950'000 93'749 Robert Frick 2.6% 1.2% 1.0% 716'608 716'608 641'608 $7'699'296 14'063 Andrew Priest Donald Smith A. C asacuberta Name

Officers & executives Other common Total common before options Options-outstanding Options-Available Options-Total Total - company Investors (Foundation) Investors (Sigma) Investors (Accel) Investors (Redpoint) Investors (Entrepreneurs fund) Investors (others) Total- Investors Total - PreIPO IPO Sold by existing Option (underwriters) Total outstanding Board Accel Foundation Sigma

Company IPO date Market cap. URL

Bruce Golden Michael N. Schuh Gregory C . Gretsch Robert Frick Edwin J. Gillis

100.0% 15.2%

5.8%

32.4% 5.5% 37.9% 22.9% 39.2% 62.1% 100.0%

15.5% 2.6% 18.1% 11.0% 18.7% 29.7% 47.8% 13.7% 12.9% 11.7% 7.4% 5.7% 0.9% 52.2% 100.0%

2.8%

2.5%

13.8% 1.0% 14.8% 10.0% 17.1% 27.1% 41.8% 12.5% 11.7% 10.6% 6.7% 3.8% 0.8% 46.2% 88.0% 8.7% 1.8% 1.5% 100.0%

Total cash before fees Paid to underwriters Others Net sold by company sold by shareholders Total shares sold Option to underwriters

1'588'586

8'951'594 1'510'718 10'462'312 6'328'340 10'810'565 17'138'905 27'601'217

$77'615'376 $5'433'076 $2'000'000 $70'182'300 6'467'948 1'120'000 7'587'948 967'948

Round

Date

Amount

A B C D E Total

Dec98-Mar99 $6'357'970 Jan-00 $19'992'000 Mar/Apr-01 $25'936'080 Jan-02 $4'407'480 Jan/Feb-03 $5'522'750 $62'216'280

# Shares 2'071'000 1'225'000 4'078'000 693'000 22'091'000 30'158'000

8'951'594 1'510'718 10'462'312 6'328'340 10'810'565 17'138'905 27'601'217 7'925'557 7'435'348 6'738'707 4'266'034 3'273'259 520'095 30'159'000 57'760'217

8'726'594 615'718 9'342'312 6'328'340 10'810'565 17'138'905 26'481'217 7'925'557 7'435'348 6'738'707 4'266'034 2'378'605 520'095 29'264'346 55'745'563 5'500'000 1'120'000 967'948 63'333'511

Year 2010 Revenues $69'234'000 Profit $8'598'000 Growth 31% Number of employees Avg. val. of stock per emp

Price per share $3.07 $16.32 $6.36 $6.36 $0.25

$104'719'128 $7'388'616 $112'107'744 $75'940'080 $129'726'780 $205'666'860 $317'774'604 $95'106'684 $89'224'176 $80'864'484 $51'192'408 $28'543'260 $6'241'140 $351'172'152 $668'946'756 $66'000'000 $13'440'000 $11'615'376 $760'002'132 2009 $53'044'000 $5'886'000 488 $436'589

4'608'876

Activity Town, St f= founder D= director Title

Enterprise data mgmt San Francisco, C A Price per share $9.75 Symbol RVBD

Company IPO date Market cap. URL

Riverbed 26-Sep-06 $720'049'571 www.riverbed.com

Incorporation State DE Date May-02 years to IPO 4.4

82

Name

©(SRI) EPFL Ownership Shares © Service des relations industrielles Value Founders Employees PreIPO Post IPO Founders Employees PreIPO Post IPO fD Pres., C EO, C hair Jerry M. Kennelly 50.0% 30.7% 10.2% 8.1% 5'000'000 6'000'000 6'000'000 6'000'000 $58'500'000 fD C TO Steven McC anne 50.0% 30.8% 10.2% 8.2% 5'000'000 6'019'808 6'019'808 6'019'808 $58'693'128 C FO Randy Gottfried 2.8% 0.9% 0.7% 550'000 550'000 550'000 $5'362'500 VP Marketing Eric Wolford 3.2% 1.1% 0.8% 621'978 621'978 621'978 $6'064'286 VP Eng. Gordon C haffee VP Tech. Ops. Stephen Smoot C IO Harold Irvine II Gen. C ouncel Brett Nissenberg Founders and managers Other common Total common before options Options-Granted Options-Available Options-Total Sub-total Investors (VC s) Investors (others) Total- Investors Total - PreIPO IPO Option (underwriters) Total outstanding VCs D Accel D Lightspeed D UV partners

100.0%

20.4%

67.6% 18.1% 85.7% 14.3%

22.4% 6.0% 28.4% 4.7%

14.3% 100.0%

4.7% 33.1% 60.7% 6.2% 66.9% 100.0%

16.3%

17.9% 4.8% 22.6% 3.8% 6.8% 10.6% 33.2% 48.5% 4.9% 53.4% 86.6% 11.6% 1.7% 100.0%

IPO

Total cash before fees Net sold by company sold by shareholders Total shares sold Option to underwriters

VCs

Round

Date

Amount

A B C D Total

Jan-03 Dec-03 Dec-04 Feb-06

$6'550'000 $9'900'000 $19'900'000 $19'900'000 $56'250'000

10'000'000

13'191'786 3'529'546 16'721'332 2'798'146

13'191'786 3'529'546 16'721'332 2'798'146

2'798'146 19'519'478

2'798'146 19'519'478 35'795'393 3'646'046 39'441'439 58'960'917

$96'430'630 $96'430'630 9'890'321 100'000 9'990'321 1'290'321 # Shares 14'395'604 11'961'721 9'345'796 3'738'318 39'441'439

13'191'786 3'529'546 16'721'332 2'798'146 5'000'000 7'798'146 24'519'478 35'795'393 3'646'046 39'441'439 63'960'917 8'600'000 1'290'321 73'851'238

$128'619'914 $34'413'074 $163'032'987 $27'281'924 $48'750'000 $76'031'924 $239'064'911 $349'005'082 $35'548'949 $384'554'030 $623'618'941 $83'850'000 $12'580'630 $720'049'571

Revenues 2005 2004 Amount $22'900'000 $2'500'000 Growth 816% Number of employees 174 Avg. val. of stock per emp. $354'569 Price per share

Valuation

$0.455 $11'100'000 $0.836 $30'394'724 $2.140 $97'804'679 $5.350 $264'511'699

% 59% 33% 26% 8%

Activity Town, St f= founder D= director Title

Intellectual Property San Francisco, C A Price per share $14.0 Symbol RPXC Name

fD C EO

John A. Amster

fD C OO fD President C FO SVP, Gen. Manag.

Geoffrey T. Barker Eran Zur Adam C . Spiegel Henri Linde

Officers & executives Other common Total common before options Options-outstanding Options-Available Options-Total Total - company D Investors (KPC B) D Investors (C RV) D Investors (Index) Investors (Others) Total- Investors Total - PreIPO IPO Option (underwriters) Total outstanding VCs KPC B C RV Index

Randy Komisar Izhar Armony Giuseppe Zocco

Company IPO date Market cap. URL

Incorporation State Date years to IPO

83

DE Jul-08 2.6

© Service des relations EPFL Founder's Employee PreIPO Post IPO Founder's Employee PreIPO Post IPO Value industrielles©(SRI) Ownership Ownership Ownership Ownership Shares Shares Shares Shares 33.3% 15.6% 6.5% 5.6% 3'166'666 2'931'010 2'931'010 2'931'010 $41'034'140 33.3% 33.3%

16.2% 16.2% 2.2% 1.4%

6.8% 6.8% 0.9% 0.6%

5.8% 5.8% 0.8% 0.5%

3'166'666 3'166'666

3'053'131 3'053'131 405'607 258'612

3'053'131 3'053'131 405'607 258'612

3'053'131 3'053'131 405'607 258'612

$42'743'834 $42'743'834 $5'678'498 $3'620'568

100.0%

51.5% 6.6% 58.1% 34.3% 7.7% 41.9% 100.0%

21.5% 2.8% 24.3% 14.3% 3.2% 17.5% 41.8% 19.1% 19.1% 19.1% 0.9% 58.2% 100.0%

18.6% 2.4% 21.0% 12.4% 2.8% 15.1% 36.1% 16.5% 16.5% 16.5% 0.8% 50.2% 86.3% 13.7% 0.0% 100.0%

9'499'998

9'701'491 1'242'510 10'944'001 6'455'646 1'442'116 7'897'762 18'841'763

9'701'491 1'242'510 10'944'001 6'455'646 1'442'116 7'897'762 18'841'763 8'597'979 8'597'979 8'620'531 413'233 26'229'722 45'071'485

9'701'491 1'242'510 10'944'001 6'455'646 1'442'116 7'897'762 18'841'763 8'597'979 8'597'979 8'620'531 413'233 26'229'722 45'071'485 7'142'857

$135'820'874 $17'395'140 $153'216'014 $90'379'044 $20'189'624 $110'568'668 $263'784'682 $120'371'706 $120'371'706 $120'687'434 $5'785'262 $367'216'108 $631'000'790 $100'000'000 $0 $731'000'790

86.8%

50.4%

21.1%

18.2% Total cash before fees Paid to underwriters Others Net sold by company sold by shareholders Total shares sold Option to underwriters Round

* Series C were not new shares but shares bought from founders

RPX Corp Mar-11 $731'000'790 www.rpxcorp.com

Series Series Series Series Total

KPC B C RV Index Others

A A-1 B C *

52'214'342 $100'000'000

$100'000'000 7'142'857

Revenues 2009 Amount $32'800'000 Profit $1'934'000 Growth 4000% Number of employees Avg. val. of stock per emp

7'142'857 -

Date

Amount

Aug-08 Dec-08 Jul-09 Nov-10

$10'120'001 $15'180'002 $35'259'996 $3'800'009 $64'360'007

# Shares 6'979'311 7'016'085 11'745'893 488'433 26'229'722

Price per Valuation share (approx) $1.45 $24'000'000 $2.16 $50'000'000 $3.00 $100'000'000 $7.78

Series A Series A1 Series B Series C Invested 3'489'656 3'508'043 1'437'470 162'811 $18'231'812 3'489'656 3'508'043 1'437'470 162'811 $18'231'812 8'457'720 162'811 $26'655'899 413'233 $1'240'484

In January 2011, there were granted options to purchase 537,692, 358,462 and 358,462 shares of our common stock to Messrs. Amster, Barker and Zur.

2008 $800'000 -$5'150'000 66 $1'938'846

Activity Town, St f= founder D= director Title fD f f f

D D D D D

D D D D D D

Internet C RM San Francisco, C A Price per share $11.0 Symbol C RM

Company IPO date Market cap. URL

Salesforce Com Inc Jun-04 $1'255'955'195 www.salesforce.com

Incorporation State Date years to IPO

84

DE, C A Feb-99 5.4

Name

Founder's Employee PreIPO Post IPO Founder's Employee PreIPO Post IPO Value Including © Service des relations Ownership Ownership Ownership Ownership Shares Shares Shares Shares Options C hairman & C EO Marc Benioff 73.7% 40.4% 27.4% 24.7% 10'500'000 28'179'071 28'179'071 28'179'071 $309'969'781 C TO David Moellenhoff 8.8% 2.4% 1.6% 1.4% 1'250'000 1'642'005 1'642'005 1'642'005 $18'062'055 SVP R&D Parker Harris 8.8% 3.4% 2.3% 2.1% 1'250'000 2'370'507 2'370'507 2'370'507 $26'075'577 Founder (1) Frank Dominguez 8.8% 1.8% 1.2% 1.1% 1'250'000 1'250'000 1'250'000 1'250'000 $13'750'000 Pdt, World Ops Jim Steele 1.9% 1.3% 1.2% 1'350'000 1'350'000 1'350'000 $14'850'000 1'012'500 C FO Steve C akebread 1.4% 1.0% 0.9% 1'000'000 1'000'000 1'000'000 $11'000'000 750'000 C IO Jim C avalieri 1.1% 0.7% 0.7% 750'000 750'000 750'000 $8'250'000 300'000 VP, Gl C ounsel David Schellhase 0.4% 0.2% 0.2% 250'000 250'000 250'000 $2'750'000 250'000 Director C raig Ramsey 1.9% 1.3% 1.1% 1'300'000 1'300'000 1'300'000 $14'300'000 300'000 Director Sanford Robertson 0.4% 0.3% 0.3% 300'000 300'000 300'000 $3'300'000 300'000 Director Larry Tomlinson 0.4% 0.3% 0.3% 300'000 300'000 300'000 $3'300'000 300'000 Director Stratton Sclavos 0.4% 0.3% 0.2% 275'707 275'707 275'707 $3'032'777 250'000 Director Alan Hassenfeld 0.3% 0.2% 0.2% 200'000 200'000 200'000 $2'200'000 200'000 Officers & executives 100.0% 56.1% 38.1% 34.3% 14'250'000 39'167'290 39'167'290 39'167'290 $430'840'190 Other common 24.4% 16.6% 14.9% 17'034'140 17'034'140 17'034'140 $187'375'540 Total common before options 25.4% 80.5% 54.7% 49.2% 56'201'430 56'201'430 56'201'430 $618'215'730 Options-outstanding * 21.3% 14.5% 13.0% 14'876'392 14'876'392 14'876'392 $163'640'312 Options-available * 3.4% 2.3% 2.1% 2'400'334 2'400'334 2'400'334 $26'403'674 Options-Total 19.5% 16.8% 15.1% 13'614'226 17'276'726 17'276'726 $190'043'986 Total - company 20.4% 100.0% 71.6% 64.4% 69'815'656 73'478'156 73'478'156 $808'259'716 Investors (H. Minor) 8.9% 8.0% 9'099'044 9'099'044 $100'089'484 Investors (M. Yesil) 2.0% 1.8% 2'066'665 2'066'665 $22'733'315 Investors (Attractor) 5.2% 4.7% 5'351'113 5'351'113 $58'862'243 Investors (others) 12.4% 11.1% 12'682'767 12'682'767 $139'510'437 Total- Investors 28.4% 25.6% 29'199'589 29'199'589 $321'195'479 Total - PreIPO 13.9% 100.0% 89.9% 102'677'745 102'677'745 $1'129'455'195 IPO 8.8% 10'000'000 $110'000'000 Option (underwriters) 1.3% 1'500'000 $16'500'000 Total outstanding 12.5% 100.0% 114'177'745 $1'255'955'195 Board Alan Hassenfeld Hasbro, Inc. C raig Ramsey Siebel Systems Sanford Robertson Robertson, Stephens Stratton Sclavos VeriSign Larry Tomlinson Hewlett-Packard Magdalena Yesil USVP / Presidio

Total cash before fees Paid to underwriters Others Net sold by company sold by shareholders Total shares sold Option to underwriters Round

*: includes officers options (1): no info on his shareholding assumed to be equal to co-founders

Series Series Series Series Total

A B C D

$126'500'000 $8'855'000 $3'877'000 $113'768'000 11'500'000

Year 2003 2002 Revenues $50'991'000 $22'409'000 Profit -$9'339'000 -$29'238'000 Growth 128% 312% Number of employees Avg. val. of stock per emp

2001 $5'435'000 -$31'671'000 518 $728'609

11'500'000 1'500'000

Date

Amount

Apr-99 Jun-99 Nov-99 Mar-00

$517'000 $3'776'504 $13'171'620 $46'910'910 $64'376'034

# Shares 25'850'000 12'588'345 7'526'640 12'059'360 58'024'345

Price per Valuation share $0.02 $802'000 $0.30 $15'806'504 $1.75 $105'376'224 $3.89 $281'147'202

Bienoff Moellenhoff Harris H. Minor M. Yesil Attractor Others Total C ommon 10'500'000 1'250'000 1'250'000 500'000 500'000 Series A 22'000'000 1'250'000 1'250'000 1'350'000 25'850'000 Series B 1'375'000 83'335 83'335 5'000'000 6'046'675 12'588'345 Series C 571'429 2'857'142 1'666'665 1'428'572 1'002'832 7'526'640 Series D 1'092'296 3'341'902 3'341'902 4'283'260 12'059'360 Warrant D 580'639 Preferred 25'038'725 1'333'335 1'333'335 11'199'044 1'666'665 4'770'474 12'682'767 58'024'345 Total ** 28'179'071 1'642'005 2'370'507 9'099'044 2'066'665 5'351'113 **: Total is not the sum of C ommon & Preferred, most likely because shareholders also sold some of their shares

industrielles©(SRI) EPFL

Activity Town, St f= founder D= director Title

Software San Jose, C A & India Price per share $30.0 Symbol SLTC

Company IPO date Market cap. URL

Selectica Inc Mar-00 $1'324'460'520 www.selectica.com

Incorporation State CA Date Jun-96 years to IPO 3.8

85

Name

Founder's Employee PreIPO Post IPO Founder's Employee PreIPO Post IPO Valuedes relations Including © Service industrielles©(SRI) EPFL Ownership Ownership Ownership Ownership Shares Shares Shares Shares Options fD C hairman, Pdt & C EO Rajen Jaswa 50.0% 14.6% 6.9% 5.8% 1'250'000 2'551'250 2'551'250 2'551'250 $76'537'500 10'000 fD C TO, VP Engineering Sanjay Mittal 50.0% 17.5% 8.2% 6.9% 1'250'000 3'053'050 3'053'050 3'053'050 $91'591'500 10'000 VP Indian Operations S.S. Sundarajan 0.7% 0.3% 0.3% 125'000 125'000 125'000 $3'750'000 75'000 VP W. Prof. Services Ashish Mathur 3.2% 1.5% 1.2% 550'000 550'000 550'000 $16'500'000 100'000 C FO, VP Finance Stephen Bennion 2.1% 1.0% 0.8% 372'820 372'820 372'820 $11'184'600 50'000 VP Marketing Daniel A. C armel 2.6% 1.2% 1.0% 457'051 457'051 457'051 $13'711'530 VP Sales America C harles Pendell 2.4% 1.1% 1.0% 425'000 425'000 425'000 $12'750'000 50'000 VP Internat. Sales Mario C avalli 0.4% 0.2% 0.2% 75'000 75'000 75'000 $2'250'000 75'000 Officers & executives Other common Total common before options Options-Outstanding Options-Available Options-Total Total - company Investors (Draper International) Investors (DFJ) Investors (others) Total- Investors Total - PreIPO IPO Private Placement Option to underwiter Total outstanding Board Betsy Atkins John Fisher Michael Lyons Robin Richards Donohoe Thomas Neustaetter

100.0% 90.1%

43.6%

43.6% 4.8% 48.4% 25.4% 26.2% 51.6% 100.0%

20.5%

20.5% 2.3% 22.7% 11.9% 12.3% 24.2% 46.9% 10.7% 9.4% 32.9% 53.1% 100.0%

17.2%

Baja C orporation DFJ Zilkha VP Draper International JK&B C apital

Round

Date

A B C D E Total

Jul-96 Jan-97 Oct-97 Jun-98 Jun-99

Rajen Jaswa Draper International DFJ Zhilka C hatterjee JK&B

Total cash before fees Paid to underwriters Others Net sold by company sold by shareholders Total shares sold Option to underwriters Amount

# Shares

$155'834 1'700'000 $1'000'125 3'750'000 $2'999'382 3'253'126 $7'149'984 4'863'935 $26'922'552 6'143'896 $38'227'878 19'710'957

17.2% 1.9% 19.1% 10.0% 10.4% 20.4% 39.5% 9.0% 7.9% 27.7% 44.6% 84.1% 9.1% 5.4% 1.4% 100.0%

2'500'000

$138'000'000 $11'300'000 $4'500'000 $122'200'000 6'400'000 600'000 7'000'000 600'000

7'609'171 836'206 8'445'377 4'421'273 4'571'077 8'992'350 17'437'727

7'609'171 836'206 8'445'377 4'421'273 4'571'077 8'992'350 17'437'727 3'981'995 3'496'437 12'232'525 19'710'957 37'148'684

7'609'171 836'206 8'445'377 4'421'273 4'571'077 8'992'350 17'437'727 3'981'995 3'496'437 12'232'525 19'710'957 37'148'684 4'000'000 2'400'000 600'000 44'148'684

Year 1999 Revenues $3'444'000 Profit -$7'537'000 Growth 1926% Number of employees Avg. val. of stock per emp

Price per Valuation share $0.09 $385'001 $0.27 $2'120'265 $0.92 $10'329'282 $1.47 $23'618'580 $4.38 $97'328'414

Series A Series B Series C Series D Series E Total Amount 740'000 281'250 1'021'250 $142'843 2'812'500 542'188 510'204 117'103 3'981'995 $2'513'136 2'439'844 714'285 342'308 3'496'437 $4'799'529 2'448'979 228'206 2'677'185 $4'599'998 1'020'407 433'592 1'453'999 $3'399'998 1'141'030 1'141'030 $4'999'993

Revenues in the last 3 years were in the $15M range and Selectica currently has a $15M Market. C ap…

$228'275'130 $25'086'180 $253'361'310 $132'638'190 $137'132'310 $269'770'500 $523'131'810 $119'459'850 $104'893'110 $366'975'750 $591'328'710 $1'114'460'520 $120'000'000 $72'000'000 $18'000'000 $1'324'460'520 1998 $170'000 -$3'101'000 220 $1'340'258

370'000

Activity Town, St f= founder D= director Title

Wireless semicon. Paris, France Price per share $10.0 Symbol SQNS

Company IPO date Market cap. URL

Sequans Communications SA Apr-11 $388'525'290 www.sequans.com

Incorporation State France Date Oct-03 years to IPO 7.5

86

Name

Founder's Employee PreIPO Post IPO Founder's Employee PreIPO Post IPO © Service Value des relations Including Selling at IPO industrielles ©(SRI) EPFL Ownership Ownership Ownership Ownership Shares Shares Shares Shares Options fD C hairman & C EO Georges Karam 66.2% 32.1% 10.0% 8.0% 3'225'000 3'225'000 3'225'000 3'107'426 $31'074'260 117'574 f VP Eng. Bertrand Debray 18.5% 9.0% 2.8% 2.2% 900'000 900'000 900'000 867'189 $8'671'890 32'811 f ? Fabien Buda 3.1% 2.0% 0.6% 0.5% 150'000 200'000 200'000 188'000 $1'880'000 50'000 12'000 f System Architect Jérôme Bertorelle 3.1% 2.0% 0.6% 0.5% 150'000 200'000 200'000 188'000 $1'880'000 50'000 12'000 f Asic design manager Laurent Sibony 3.1% 2.0% 0.6% 0.5% 150'000 200'000 200'000 188'000 $1'880'000 50'000 12'000 f Platform integration Emmanuel Lemois 3.1% 1.8% 0.6% 0.4% 150'000 180'000 180'000 168'000 $1'680'000 30'000 12'000 f Dir. Strategic Marketing Ambroise Popper 3.1% 1.8% 0.6% 0.4% 150'000 180'000 180'000 168'000 $1'680'000 30'000 12'000 C FO Deborah C hoate 1.3% 0.4% 0.3% 127'708 127'708 127'708 $1'277'080 122'708 VP Manuf. Ops Eddy Tang 0.8% 0.2% 0.2% 79'000 79'000 73'470 $734'700 25'000 5'530 VP Prod. Line Manag. Hugues Waldburger 0.6% 0.2% 0.1% 56'583 56'583 56'583 $565'830 49'583 VP Mark. Bus. Dev. C raig Miller 0.4% 0.1% 0.1% 38'333 38'333 38'333 $383'330 38'333 VP World Sales Sylvie Deschamps 0.3% 0.1% 0.1% 26'250 26'250 26'250 $262'500 26'250 Director Zvi Slonimsky 2.2% 0.7% 0.6% 225'000 225'000 216'798 $2'167'980 225'000 8'202 Officers & executives Other common Total common before options Options-outstanding Options-Available Options-Total Total - company Investors (Add Partners) Investors (I-source) Investors (Kennet) Investors (Vision) Investors (others) Total- Investors Total - PreIPO IPO Option (underwriters) * Sold at IPO Total outstanding Board Michael Elias David Ong James Patterson Hubert de Pesquidoux Dominique Pitteloud Alok Sharma Zvi Slonimsky

100.0% 76.0%

48.5%

15.1%

ex-Alcatel EndeavourVision (2005)

An option of an additional 1M shares was available 30 days after IPO

17.5% 2.4% 19.9% 9.5% 1.8% 11.3% 31.2% 14.1% 10.7% 10.4% 5.7% 27.9% 68.8% 100.0%

13.9% 2.0% 15.9% 7.9% 1.5% 9.4% 25.3% 11.3% 8.5% 8.3% 4.5% 22.3% 54.9% 80.2% 17.2%

4'875'000

5'637'874 774'887 6'412'761 3'069'526 564'500 3'634'026 10'046'787

5'637'874 774'887 6'412'761 3'069'526 564'500 3'634'026 10'046'787 4'537'415 3'439'623 3'341'588 1'827'516 8'992'934 22'139'076 32'185'863

2.7% 100.0%

12.5%

Kennet (2006) Add Partners (2005)

ex-Alvarion (2006)

56.1% 7.7% 63.8% 30.6% 5.6% 36.2% 100.0%

Total cash before fees Paid to underwriters Others Net sold by company sold by shareholders Total shares sold Option to underwriters

$66'666'660

$66'666'660 6'666'666 1'033'334 7'700'000 -

Round

Date

Amount

1st - B 2nd - C 3rd - D 4th - E Total

Jun-04 Feb. 05 Jul-06 Sep-09

€ 1'500'000 € 7'000'000 € 21'500'006 € 22'600'000 € 52'600'006

# Shares 1'875'000 5'833'333 8'847'739 5'583'004 22'139'076

5'413'757 768'381 6'182'138 3'069'526 564'500 3'634'026 9'816'164 4'371'996 3'314'227 3'219'766 1'760'892 8'669'484 21'336'365 31'152'529 6'666'666

$54'137'570 $7'683'810 $61'821'380 $30'695'260 $5'645'000 $36'340'260 $98'161'640 $43'719'960 $33'142'270 $32'197'660 $17'608'920 $86'694'840 $213'363'650 $311'525'290 $66'666'660

1'033'334 38'852'529

$10'333'340 $388'525'290

Year 2010 Revenues $64'933'000 Profit -$2'692'000 Growth 317% Number of employees Avg. val. of stock per emp

Price per Valuation share € 0.80 € 5'400'000 € 1.20 € 15'000'000 € 2.43 € 52'000'000 € 4.05 € 109'352'980

2009 $15'564'000 -$16'872'000 196 $224'613

New investors I-source, SGAM,C ap Add Partners, Vision Kennet Alcatel, Motorola

696'874

224'117 6'506

165'419 125'396 121'822 66'624 323'450 802'711 1'033'334

Activity Town, St

Entreprise Software San Mateo, C A

Company IPO date

Siebel Systems Inc. Jul-96

Incorporation State C A then DE

f= founder

Price per share

$15.8

Market cap.

$352'951'302

Date

D= director

Symbol

SEBL

URL

www.siebel.com

years to IPO 2.8

Name

Founder's Employee PreIPO Post IPO Founder's Employee PreIPO Post IPO Value Ownership Ownership Ownership Ownership Shares Shares Shares Shares 91.6% 37.8% 32.7% 29.2% 6'530'000 6'530'000 6'530'000 6'530'000 $103'174'000 8.4% 3.5% 3.0% 2.7% 600'000 600'000 600'000 600'000 $9'480'000 0.9% 0.8% 0.7% 160'000 160'000 160'000 $2'528'000

Title fD C hairman & C EO f EVP and C OO SVP World Ops VP Marketing VP Fin. & Admin VP Eng. VP Legal VP and C TO

Thomas Siebel Patricia House C raig Ramsey Bruce C leveland Justin Dooley William Edwards Kevin Johnson Ronald McElhaney

Officers & executives Other common and series A Total common before options Options-outstanding Options-Available Options-Total Total - company Andersen consulting Other investors (series B to D) Total- Investors Total - PreIPO IPO Option Total outstanding D D D D D D

Pehong C hen James Gaither Eric Schmidt C harles Schwab George Shaheen Michael Spence

100.0% 65.1%

41.3%

35.7%

1.5%

1.3%

44.0% 19.5% 63.5% 27.8% 8.8% 36.5% 100.0%

38.0% 16.9% 54.9% 24.0% 7.6% 31.6% 86.5% 7.0% 6.5% 13.5% 100.0%

34.0% 15.1% 49.0% 21.4% 6.8% 28.2% 77.2% 6.2% 5.8% 12.1% 89.3% 9.4% 1.3% 100.0%

31.9%

(860,000 shares) 3.8% (80,000 shares) 0.4% (330000 shares)

1.7%

7'130'000

IPO Total cash before fees Paid to underwriters

$37'744'620 $4'631'620

Net sold by company sold by shareholders Total shares sold Option to underwriters

$33'113'000 2'094'450 163'000 2'257'450 294'450

Sep-93

© Service des relations industrielles©(SRI) EPFL

295'000

295'000

295'000

$4'661'000

7'585'000 3'365'830 10'950'830 4'791'535 1'512'840 6'304'375 17'255'205

7'585'000 3'365'830 10'950'830 4'791'535 1'512'840 6'304'375 17'255'205 1'388'000 1'306'585 2'694'585 19'949'790

7'585'000 3'365'830 10'950'830 4'791'535 1'512'840 6'304'375 17'255'205 1'388'000 1'306'585 2'694'585 19'949'790 2'094'450 294'450 22'338'690

$119'843'000 $53'180'114 $173'023'114 $75'706'253 $23'902'872 $99'609'125 $272'632'239 $21'930'400 $20'644'043 $42'574'443 $315'206'682 $33'092'310 $4'652'310 $352'951'302

1.5%

Rounds Date Series A Jan-95 Series B Mar-Jul 95 Series B Dec95-Apr96 Series C Dec 95 Series D Apr 96 Total Pref (exc Series A)

87

Shares Amount Price / shareValue Investors 2'344'500 $2'344'500 $1.00 1'910'000 $4'560'000 $2.39 $30'704'390 Andersen C . 100'000 $528'116 $5.28 594'585 $3'460'484 $5.82 $78'892'499 90'000 $900'000 $10.00 2'694'585

Revenues 1996 Amount $39'152'000 Growth 387% Number of employees Avg. val. of stock per emp

1995 $8'038'000 103 $735'012

Activity Town, St f= founder D= director

f* f* E E E E ** **

IP telephony Luxembourg, LU Price per share

Title

Name

C EO and co-founder co-founder Dir. of Eng. SW developper SW developper C hief Architect Dir. operations Dir. of new bus.

Niklas Zennström Janus Friis Toivo Annus Jaan Tallinn Pritt Kasesalu Ahti Heinla Michael Jackson Geoffrey Prentice

Officers & executives

$3'760

Company M&A Date Market cap. URL

Skype Technologies SA Sep-05 $2'600'000'000 www.skype.com

Incorporation State Luxembourg Date Nov-03 years to M&A 1.9

© Service des relations industrielles©(SRI) EPFL

Founder's Employee Post IPO Founder's Employee Post IPO Value Ownership Ownership Ownership Shares Shares Shares 40.6% 34.9% 18.8% 130'251 130'251 130'251 $489'721'353 40.6% 34.9% 18.8% 130'251 130'251 130'251 $489'721'353 4.7% 4.0% 2.2% 15'000 15'000 15'000 $56'397'420 4.7% 4.0% 2.2% 15'000 15'000 15'000 $56'397'420 4.7% 4.0% 2.2% 15'000 15'000 15'000 $56'397'420 4.7% 4.0% 2.2% 15'000 15'000 15'000 $56'397'420 0.2% 0.1% 872 872 $3'278'570 0.7% 0.4% 2'537 2'537 $9'538'684 100.0%

86.7%

46.8%

Total common before options Options-outstanding Options-Available Options-Total Total - company Investors (Series A) Investors (Series B) Total- Investors

98.9%

86.7% 8.6% 4.6% 13.3% 100.0%

46.8% 4.7% 2.5% 7.2% 54.0% 19.9% 26.1% 46.0%

Total outstanding

46.3%

85.8%

320'502

100.0%

323'911

323'911

$1'217'849'639

323'911 32'256 17'235 49'491 373'402

323'911 32'256 17'235 49'491 373'402 137'363 180'756 318'119 691'521

$1'217'849'639 $121'277'011 $64'800'635 $186'077'646 $1'403'927'285 $516'461'250 $679'611'465 $1'196'072'715 $2'600'000'000

691'521

$2'600'000'000

VCs Investors Mangrove Bessemer D DJF (Tim Draper) D Index (Danny Rimer) D Mike Volpi (C isco) *

88

Round

B. Draper, M. Lund, … A (Seed) Mangove, Bessemer A-2 DJF, Index Ventures B Total

Date Oct-02 Nov-03 Mar-04

All founders shares were in Maitland Holdings no info on how equity was split; assumption is about 40 (zennstrom) -40 (friis) -20 (estonian)% ** Shares taken from the esop (not founder's shares) E Estonian team had its shares in Ambient Sound Investments OU Ambient is assumed to be 60,000 then divided by four An interesting analysis is given at http://www.scribd.com/doc/95139/Skype-Equity-Fingerprint

Amount € 618'232 € 1'554'800 € 14'644'465 € 16'817'497

# Shares

Price per Valuation Ownership share (approx.) 67'863 € 9.11 € 3'538'005 17% 62'192 € 25.00 € 11'263'925 14% 180'756 € 81.02 € 56'025'554 26% 310'811 Revenues 2005 Amount $60'000'000 Growth 757% Number of employees Avg. val. of stock per emp.

2004 $7'000'000 200 $606'385

© Hervé Lebret

Activity Town, St f= founder D= director Title f f f f f f

C OO, VP Eng. VP R&D VP S&M C . Architect C SO

EDA Voiron, France Price per share * $1.79

Company M&A date Market cap.

Snaketech Mar-00 $12'010'005

Incorporation State France Date Jan-96 years to M&A 4.2

89

© Service des relations industrielles©(SRI) EPFL

Name

Founder's Employee PreIPO Post IPO Founder's Employee PreIPO Post IPO Value Ownership Ownership Ownership Ownership Shares Shares Shares Shares Philippe Duchene 25.0% 18.3% 7.2% 7.2% 482'682 482'682 482'682 482'682 $863'101 Oscar Buset 25.0% 18.3% 7.2% 7.2% 482'682 482'682 482'682 482'682 $863'101 Michel Oger 25.0% 18.3% 7.2% 7.2% 482'682 482'682 482'682 482'682 $863'101 Francois C lement 25.0% 18.3% 7.2% 7.2% 482'682 482'682 482'682 482'682 $863'101 Tallis Blalack Michel Declerq

Officers & executives Other common Total common before options Options-outstanding Options-Available Options-Total Total - company Investors (Round A) Investors (Round B) Total- Investors Total - PreM&A

100.0%

73.3%

28.7%

28.7%

100.0%

73.3% 26.7%

28.7% 10.4%

26.7% 100.0%

10.4% 39.2% 20.7% 40.1% 60.8% 100.0%

73.3%

28.7%

Total outstanding

28.7%

VCs Suddinova Innovacom Auriga

1'930'730

1'930'730

1'930'730

1'930'730

$3'452'404

28.7% 10.4%

1'930'730 701'500

1'930'730 701'500

1'930'730 701'500

$3'452'404 $1'254'376

10.4% 39.2% 20.7% 40.1% 60.8% 100.0%

701'500 2'632'230

701'500 2'632'230 1'391'242 2'693'028 4'084'270 6'716'500

701'500 2'632'230 1'391'242 2'693'028 4'084'270 6'716'500

$1'254'376 $4'706'781 $2'487'728 $4'815'496 $7'303'224 $12'010'005

6'716'500

$12'010'005

100.0%

* Simplex acquired Snaketech for 928'983 shares plus 104'000 options i.e. about $12M Simplex went public in May 2001 at $12/share. C adence later acquired Simplex at a 50% premium

Rounds A B

Date 1998 1999

Shares Amount Price / shareValue 1'391'242 $691'451 $0.50 2'693'028 $2'834'181 $1.05

Revenues 1999 Amount $597'433 Growth 57% Number of employees Avg. val. of stock per emp

1998 $380'784 25 $50'175

Investors Sudinnova, Innovacom et Rhône-Alpes C réation idem + Auriga, Jim Girand, Joe C ostello

* The purchase consideration was approximately $11.8 million which consisted of approximately 2.8 million shares of Simplex' common stock, options to purchase 311,003 shares of Simplex' common stock and related acquisition expenses totaling approximately $422,000. (Then a one-for-three reverse stock split of common stock took place)

Activity Town, St f= founder D= director Title fD PDG fD DG f Research Lab. & other founders

Semiconductor Bernin, France Price per share Symbol

Company IPO date € 2.8 Market cap. SOI (Paris) URL

Soitec 9-Feb-99 € 147'795'200 www.soitec.com

Incorporation State France Date Mar-92 years to IPO 7

90

©(SRI) EPFL Ownership Shares© Service des relations industrielles Value Founders Employees PreIPO Post IPO Founders Employees PreIPO Post IPO A. Auberton-Hervé 45.0% 24.8% 15.6% 11.4% 6'035'000 6'035'000 6'035'000 6'035'000 € 16'898'000 J.-M. Lamure 45.0% 24.8% 15.6% 11.4% 6'035'000 6'035'000 6'035'000 6'035'000 € 16'898'000 LETI 10.1% 5.5% 3.5% 2.6% 1'350'040 1'350'040 1'350'040 1'350'040 € 3'780'112 Name

Founders and managers Other common Total common before options Options-Granted * Options-Available Options-Total Sub-total Investors (VC s) D Investors (Shin Etsu Handotaï) Total- Investors Total - PreIPO IPO

100.0% 57.8%

55.1%

55.1% 40.2% 95.3% 4.7%

34.6% 25.3% 59.9% 3.0%

25.4% 18.6% 44.0% 2.2%

4.7% 100.0%

3.0% 62.8% 25.7% 11.5% 37.2% 100.0%

2.2% 46.2% 18.9% 8.4% 27.3% 73.5% 26.5%

34.6%

Total

25.4%

13'420'040

100.0%

VCs Innovacom Banexi

IPO

Total cash before fees Expenses Net sold by company

* estimated number at 5% of authorized capital (reserved for ESOP)

VCs Banexi & Innovacom Shin Etsu

Round A B C Total

Date Sep-94 Nov-95 Apr-97

€ 39'200'000 € 1'067'000 € 38'133'000 14'000'000

13'420'040 9'795'361 23'215'401 1'156'000

13'420'040 9'795'361 23'215'401 1'156'000

13'420'040 9'795'361 23'215'401 1'156'000

€ 37'576'112 € 27'427'011 € 65'003'123 € 3'236'800

1'156'000 24'371'401

1'156'000 24'371'401 9'960'000 4'452'599 14'412'599 38'784'000

1'156'000 24'371'401 9'960'000 4'452'599 14'412'599 38'784'000 14'000'000

€ 3'236'800 € 68'239'923 € 27'888'000 € 12'467'277 € 40'355'277 € 108'595'200 € 39'200'000

52'784'000

€ 147'795'200

Revenues 1999 1998 Amount € 7'000'000 € 5'000'000 Growth 40% Number of employees 100 Avg. val. of stock per emp. € 306'638

Amount # Shares Price Valuation % € 765'782 3'907'200 € 0.20 $5'469'602 € 1'293'804 6'052'800 € 0.21 $7'259'053 € 16'442'020 4'824'000 € 3.41 $132'190'567 € 18'501'606 14'784'000

14% 18% 12% 38%

Activity Town, St f= founder D= director Title

Biofuels South San Francisco, C A Price per share $14.0 Symbol SZYM

Company IPO date Market cap. URL

Solazyme Jun-11 $844'021'528

Incorporation State Date years to IPO

91

DE, C A Mar-03 8.2

Name

Founder's Employee PreIPO Post IPO Founder's Employee PreIPO Post IPO Included © Value Service des relations industrielles©(SRI) EPFL Ownership Ownership Ownership Ownership Shares Shares Shares Shares Options fD C EO Jonathan Wolfson 50.0% 24.5% 8.6% 7.6% 4'603'600 4'603'600 4'603'600 4'603'600 $64'450'400 266'059 fD President & C TO Harrison Dillon 50.0% 24.5% 8.6% 7.6% 4'603'600 4'603'600 4'603'600 4'603'600 $64'450'400 293'600 C FO Tyler Painter 3.8% 1.4% 1.2% 720'736 720'736 720'736 $10'090'304 391'086 EVP R&D Peter Licari 2.4% 0.8% 0.7% 445'000 445'000 445'000 $6'230'000 286'079 Michael Arbige 1.6% 0.6% 0.5% 294'049 294'049 294'049 $4'116'686 83'547 General C ouncel Paul Quinlan 1.0% 0.4% 0.3% 190'000 190'000 190'000 $2'660'000 160'000 SVP, Fuels&C hem. C ameron Byers SVP, Manufactur. Adrian Galvez SVP-GM Health Sc. Frederic Stoeckel Officers & executives Other common Total common before options Options-outstanding Options-Available Options-Total Total - company Investors (Roda Group) Investors (Braemar Energy) Investors (Fiddler Group) Investors (Lightspeed Venture) Investors (Solazyme Investments) Investors (others) Total- Investors Total - PreIPO IPO Option (underwriters) Total outstanding Board Jerry Fiddler William Lese Daniel Miller Michael Arbige

C hairman Braemar Energy The Roda Group Genencor/Danisco

100.0% 68.0%

57.9% 14.3% 72.2%

20.4% 5.0% 25.4%

18.0% 4.5% 22.5%

49.1%

22.0% 5.8% 27.8% 100.0%

7.7% 2.0% 9.8% 35.2% 26.2% 9.4% 7.0% 5.3% 4.8%

6.8% 1.8% 8.6% 31.1% 23.2% 8.3% 6.2% 4.7% 4.2%

12.1% 64.8% 100.0%

10.7% 57.3% 88.4% 11.6%

17.3%

15.3%

9'207'200

10'856'985 2'690'476 13'547'461

10'856'985 2'690'476 13'547'461

10'856'985 2'690'476 13'547'461

$151'997'790 $37'666'664 $189'664'454

4'121'736 1'083'930 5'205'666 18'753'127

4'121'736 1'083'930 5'205'666 18'753'127 13'975'262 5'022'229 3'720'224 2'820'132 2'540'879

4'121'736 1'083'930 5'205'666 18'753'127 13'975'262 5'022'229 3'720'224 2'820'132 2'540'879

$57'704'304 $15'175'020 $72'879'324 $262'543'778 $195'653'668 $70'311'206 $52'083'136 $39'481'848 $35'572'306

6'455'399 34'534'125 53'287'252

6'455'399 34'534'125 53'287'252 7'000'000

$90'375'586 $483'477'750 $746'021'528 $98'000'000

60'287'252

$844'021'528

100.0% Total cash before fees Paid to underwriters Others Net sold by company sold by shareholders Total shares sold Option to underwriters

$98'000'000

Year 2010 Revenues $37'970'000 Profit -$16'280'000 Growth 314% Number of employees Avg. val. of stock per emp

$98'000'000 7'000'000 7'000'000 -

Round

Date

Amount

A B C D Total

Dec-05 Feb-07 Jul-08 May-10

$3'021'056 $8'666'847 $57'612'900 $60'032'348 $129'333'151

7'746'297 8'581'037 11'431'131 6'775'660 34'534'125

$0.39 $1.01 $5.04 $8.86

$6'611'864 $25'789'879 $186'306'952 $387'548'140

Series A 3'267'490

Series B 7'428'684

2'269'560 5'537'050 71%

198'098 7'626'782 89%

Series C 2'568'462 2'481'350 419'529 2'481'350 7'950'691 70%

Series D 660'626 175'037 338'782 2'540'879 3'715'324 55%

Total 13'925'262 2'481'350 3'062'224 2'820'132 2'540'879 24'829'847 72%

Investor The Roda Group Braemar Energy The Fiddler Group Lightspeed Venture Solazyme Inv. Subtotal % of total

# Shares

Price per share

Valuation

2009 $9'161'000 -$13'670'000 111 $995'910

1'480'371

Activity Town, St f= founder D= director Title fD fD fD f*

C EO, chairman VP Tech. ex-C EO (left) VP R&D EVP

C omputers Mountain View, C A Price per share $16.0 Symbol SUNW

Company IPO date Market cap. URL

Incorporation State CA Date Feb-82 years to IPO 4.0

Name

Ownership Shares © Service des relations Founders Employees PreIPO Post IPO Founders Employees PreIPO Post IPO Scott McNealy 24.2% 9.2% 4.5% 3.9% 1'050'000 1'147'263 1'147'263 1'147'263 Andy Bechtolsheim 31.1% 12.6% 6.1% 5.3% 1'350'000 1'571'093 1'571'093 1'571'093 Vinod Khosla 24.2% 9.2% 4.5% 3.9% 1'050'000 1'149'011 1'149'011 1'149'011 Bill Joy 20.4% 7.1% 3.4% 3.0% 884'077 884'077 884'077 884'077 Bernard Lacroute 2.7% 1.3% 1.1% 336'875 336'875 336'875

Autres Founders and managers Other common Total common before options Options-Granted Options-Available Options-Total Sub-total Investors (VC s) Investors (others) Total- Investors Total - PreIPO IPO Sold by existing shareholders Total outstanding D D D D

Sun Microsystems 4-Mar-86 $473'978'832 www.sun.com

100.0%

18.5%

9.4%

4.6%

4.0%

50.2% 34.1% 84.4% 15.6%

24.4% 16.6% 41.0% 7.6%

15.6% 100.0%

7.6% 48.6% 37.1% 14.3% 51.4% 100.0%

21.1% 14.4% 35.5% 6.6% 2.2% 8.8% 44.3% 30.0% 11.4% 41.4% 85.7% 10.1% 4.2% 100.0%

14.6%

VCs Kleiner Perkins (Doerr) US VP (Sackman) West C oast VC (Broyles) TVI (Marquardt)

IPO

Total cash before fees Paid to underwriters Other expenses Net sold by company sold by shareholders Total shares sold

* The IPO prospectus does not consider Bill Joy as a founder even if he is by many accounts

VCs

Round A B C D H

including West C oast VC US VP Kleiner Perkins TVI Eastman Kodak

4'334'077

industrielles EPFL Value ©(SRI) $18'356'208 $25'137'488 $18'384'176 $14'145'232 $5'390'000

1'170'248

1'170'248

1'170'248

$18'723'968

6'258'567 4'254'338 10'512'905 1'948'956

6'258'567 4'254'338 10'512'905 1'948'956 1'948'956 12'461'861 9'520'620 3'678'421 13'199'041 25'660'902

6'258'567 4'254'338 10'512'905 1'948'956 660'383 2'609'339 13'122'244 8'881'126 3'376'843 12'257'969 25'380'213 3'000'000 1'243'464 29'623'677

$100'137'072 $68'069'408 $168'206'480 $31'183'296 $10'566'128 $41'749'424 $209'955'904 $142'098'016 $54'029'488 $196'127'504 $406'083'408 $48'000'000 $19'895'424 $473'978'832

1'948'956 12'461'861

$64'000'000 $3'920'000 $600'000 $59'480'000 3'000'000 1'243'464 4'243'464

92

Revenues 1986 1985 Amount $115'200'000 $38'860'000 Growth 196% Number of employees 1'223 Avg. val. of stock per emp. $81'155

Date Amount # Shares Price Valuation % Apr-82 $284'159 1'552'779 $0.183 $1'077'295 26% Nov-82 $2'238'197 6'000'528 $0.373 $4'433'994 50% Apr-83 $2'103'589 2'254'651 $0.933 Nov-83 $11'098'298 1'958'408 $5.667 Nov-84 $19'999'540 1'500'003 $13.333 Series A Series B Series C Series D Series H Total 675'122 2'009'099 133'504 2'817'725 675'122 2'192'025 489'781 88'273 3'445'201 583'837 704'020 88'229 1'376'086 583'836 704'020 37'498 1'325'354 1'500'003 1'500'003

Activity Town, St f= founder D= director Title fD C EO fD C TO D C hairman C EO de SQ Bank

Internet bank Gland, C H Price per share Symbol Name Marc Bürki Paolo Buzzi Jean Pfau Alfred Moeckli

Officers & executives Other common Total common before options Options-outstanding Options-Available Options-Total Total - company Total - PreIPO IPO Sold by existing Total outstanding

SFr. 250.0 SQN

Company IPO date ** Market cap. URL

Swissquote May-00 $349'032'500 www.swissquote.com

Incorporation State Switzerland Date Aug-99 years to IPO 0.8

93 * Marvel was the previous company founded in 1990

© Service des relations industrielles©(SRI) EPFL

Founder's Employee PreIPO Post IPO Founder's Employee PreIPO Post IPO Ownership Ownership Ownership Ownership Shares Shares Shares Shares 50.0% 24.4% 24.4% 17.2% 240'570 240'570 240'570 240'570 50.0% 24.4% 24.4% 17.2% 240'570 240'570 240'570 240'570 24.4% 24.4% 17.2% 240'570 240'570 240'570 10.1% 10.1% 7.2% 99'960 99'960 99'960 0.0% 0.0% 0.0% 100.0% 83.3% 83.3% 58.9% 481'140 821'670 821'670 821'670 12.0% 12.0% 8.5% 118'330 118'330 118'330 51.2% 95.3% 95.3% 67.3% 940'000 940'000 940'000 0.4% 0.4% 0.3% 3'500 3'500 3'500 4.3% 4.3% 3.1% 42'630 42'630 42'630 4.7% 4.7% 3.3% 46'130 46'130 46'130 48.8% 100.0% 100.0% 70.6% 986'130 986'130 986'130 48.8% 100.0% 70.6% 986'130 986'130 19.3% 270'000 10.0% 140'000 34.5% 100.0% 1'396'130 Total cash before fees Paid to underwriters Others Net sold by company sold by shareholders Total shares sold

(estimated) (estimated)

SFr. 67'500'000 SFr. 4'000'000 SFr. 600'000 SFr. 62'900'000 270'000 140'000 410'000

Revenues 2000 Amount SFr. 15'100'000 Growth 160% Number of employees Avg. val. of stock per emp

* Swissquote bought back Marvel, its web design unit, for 5x the price paid by initial shreholders who therefore are not shareholders in Swissquote ** The Swissquote Group launched its IPO on the SWX New Market on 29 May 2000. In the process, 410’000 shares were placed, of which 270’000 were issued in a capital increase and 140’000 came from previous shareholders.

Value SFr. SFr. SFr. SFr.

60'142'500 60'142'500 60'142'500 24'990'000

SFr. 205'417'500 SFr. 29'582'500 SFr. 235'000'000 SFr. 875'000 SFr. 10'657'500 SFr. 11'532'500 SFr. 246'532'500 SFr. 246'532'500 SFr. 67'500'000 SFr. 35'000'000 SFr. 349'032'500 1999 SFr. 5'800'000 80 SFr. 380'719

Activity Town, St f= founder D= director Title D President, C EO fD C hair, SVP Mark. VP App. Eng. Ser. VP N. Am. Sales VP Int. Ops

Electronics (EDA) Mountain View, C A Price per share $14.0 Symbol SNPS Name Harvey Jones Aart de Geus C hi-Foon C han Brian C onnors Alain Labat

Founders and managers Other common Total common before options Options-Granted Options-Available Options-Total Sub-total Investors (VC s) Investors (others) Total- Investors Total - PreIPO IPO Sold by existing shareholders Total outstanding VCs D Oak (C arano) D TVI (Kagle) MPAE

Company IPO date Market cap. URL

Synopsys Feb-92 $225'557'262 www.synopsys.com

Incorporation State NC then DE Date Dec-86 years to IPO 6

94

© Service des relations industrielles©(SRI) EPFL

Ownership Shares Founders Employees PreIPO Post IPO Founders Employees PreIPO Post IPO 3.5% 1.9% 1.7% 277'811 277'811 277'811 100.0% 6.3% 3.4% 3.1% 495'900 495'900 495'900 495'900 1.3% 0.7% 0.6% 100'000 100'000 100'000 1.2% 0.7% 0.6% 95'000 95'000 95'000 1.2% 0.7% 0.6% 95'000 95'000 95'000 100.0%

13.5% 44.4% 57.9% 34.0% 8.1% 42.1% 100.0%

3.4%

7.3% 24.0% 31.3% 18.4% 4.4% 22.8% 54.1% 28.8% 17.1% 45.9% 100.0%

3.1% IPO

Total cash before fees Paid to underwriters Other expenses Net sold by company sold by shareholders Total shares sold

VCs

Round A B D (C ommon)

inc. Oak TVI MPAE Sumitomo Harris Others Total

6.6% 20.2% 26.8% 16.6% 4.0% 20.6% 47.4% 26.0% 14.2% 40.2% 87.6% 9.6% 2.8% 100.0%

495'900

1'063'711 3'501'017 4'564'728 2'682'391 637'220 3'319'611 7'884'339

$21'700'000 $1'550'000 $550'000 $19'600'000 1'550'000 450'000 2'000'000

Date Amount # Shares Price 1987 $5'360'000 4'288'000 $1.25 Dec-88 $4'250'012 1'888'894 $2.25 Dec-90 $5'000'000 500'000 $10.00 A B D Total 1'497'600 386'667 1'884'267 1'216'800 333'333 1'550'133 600'000 155'556 755'556 500'000 500'000 (346'400) 973'600 222'223 1'195'823 791'115 791'115 4'288'000 1'888'894 500'000 6'676'894

1'063'711 3'501'017 4'564'728 2'682'391 637'220 3'319'611 7'884'339 4'189'956 2'486'938 6'676'894 14'561'233

1'063'711 3'251'017 4'314'728 2'682'391 637'220 3'319'611 7'634'339 4'189'956 2'286'938 6'476'894 14'111'233 1'550'000 450'000 16'111'233

Value

$3'889'354 $6'942'600 $1'400'000 $1'330'000 $1'330'000 $14'891'954 $45'514'238 $60'406'192 $37'553'474 $8'921'080 $46'474'554 $106'880'746 $58'659'384 $32'017'132 $90'676'516 $197'557'262 $21'700'000 $6'300'000 $225'557'262

Revenues 1991 1990 Amount $40'500'000 $22'068'000 Growth 84% Number of employees 225 Avg. val. of stock per emp.$369'190

Activity Town, St f= founder D= director

fD f f fD

C omputers C upertino, C A Price per share Symbol

Title

Name

Presdient & C EO VP Software Dev. VP Engineering VP, C FO VP Manufacturing VP Marketing

Jimmy Treybig Michael Green James Katzman John Loustaunou Robert Marshall Samuel Wiegand

Founders and managers Other common Total common before options Options-Granted Options-Available Options-Total Sub-total Investors (KP) Investors (others) Total- Investors Total - PreIPO IPO Option to underwriters Total outstanding

D D D D D

VCs Kleiner & Perkins Mayfield Asset Mgmt C omp Kleiner & Perkins DSV Sequoia

Company IPO date Market cap. URL

$12

Tandem C omputers Inc. Nov-77 $50'633'628 NA

Incorporation State Date Nov-74 years to IPO 3.0

95

Ownership Shares Value © Service des relations industrielles ©(SRI) EPFL Founders EmployeesPreIPO Post IPO Founders Employees PreIPO Post IPO 31.6% 8.7% 3.2% 2.6% 109'000 109'000 109'000 109'000 $1'308'000 22.3% 6.2% 2.2% 1.8% 77'000 77'000 77'000 77'000 $924'000 22.3% 6.2% 2.2% 1.8% 77'000 77'000 77'000 77'000 $924'000 23.8% 6.6% 2.4% 1.9% 82'000 82'000 82'000 82'000 $984'000 0.9% 0.7% 30'000 30'000 30'000 $360'000 1.4% 1.2% 50'000 50'000 50'000 $600'000

100.0%

27.6%

34.0% 16.1% 50.0% 10.0% 40.0% 50.0% 100.0%

10.0%

12.3% 5.8% 18.1% 3.6% 14.5% 18.1% 36.3% 31.5% 32.2% 63.7% 100.0%

8.2% IPO

Tom Perkins (C hair) Tom Davis Pitch Johnson Eugene Kleiner Morton C ollins

10.1% 4.8% 14.8% 3.0% 11.8% 14.8% 29.6% 25.8% 26.4% 52.1% 81.8% 16.6% 1.7% 100.0%

Total cash before fees Paid to underwriters Net sold by company sold by shareholders Total shares sold

Round

VCs

Series A Series B

KP KP AMC

Total KP AMC Mayfield DSV Total Series D Mayfield Total Series E

Date

425'000 200'764 625'764 125'003 500'000 625'003 1'250'767 1'086'667 1'112'035 2'198'702 3'449'469 700'000 70'000 4'219'469

4'219'469 # Shares

mai.75

773'000 166'667 3'333 166'667 83'334 673'702 100'000 427'000 125'000

juil.76 oct.77

425'000 200'764 625'764 125'003 500'000 625'003 1'250'767 1'086'667 1'112'035 2'198'702 3'449'469

Revenues 1977 Amount $7'691'506 Growth 1224% Number of employees Avg. val. of stock per emp.

$50'633'628 4'219'469

200'000 720'000 40'000

nov.75

425'000 200'764 625'764 125'003 500'000 625'003 1'250'767

$50'633'628

mars-75

Series C

345'000

Price

Amount $0.25 $1.25 $1.25

Value

%

$50'000 $900'000 $50'000

$136'250

37%

$1.25 $966'250 $3.00 $500'001 $3.00 $9'999 $3.00 $500'001 $3.00 $250'002 $3.00 $2'021'106 $5.00 $500'000 $5.00 $2'135'000 $8.00 $1'000'000

$1'647'500

59%

$5'975'106

34%

$12'093'510 $20'349'616

18% 5%

$5'100'000 $2'409'168 $7'509'168 $1'500'036 $6'000'000 $7'500'036 $15'009'204 $13'040'004 $13'344'420 $26'384'424 $41'393'628 $8'400'000 $840'000 $50'633'628 1976 $580'969 137 $72'330

Activity Town, St f= founder D= director Title

Automotive Palo Alto, C A Price per share Symbol Name

Company Tesla Motors, Inc. IPO date Jun-10 Market cap. $1'730'235'650 URL www.teslamotors.com

$5.0 TSLA

Founder's Employee PreIPO Post IPO Ownership Ownership Ownership Ownership

Incorporation State DE Date Jul-03 years to IPO 6.9

Founder's Shares

Employee Shares

f founder, ex-C EO Martin Eberhard f founder Marc Tarpenning 39.8% 3'192'873 3'192'873 D C hairman & C EO Elon Musk 28'300'444 founders' shares * 100.0% 60.2% 2.5% 2.3% 8'025'401 8'025'401 C TO Jeffrey Straubel 1.0% 0.3% 0.3% 1'012'034 C FO Deepak Ahuja 0.1% 0.0% 0.0% 137'497 VP S&M John Walker VP Manufacturing Gilbert Passin founder Ian Wright * there were 8.025M common shares in Dec 2004; founders' shares show all Elon Musk shares (inc. Investor shares) Officers & executives Other common * Total common before options Options-outstanding DOE warrant Options-Available Options-Total Total - company Investors (Blackstar-Daimler) Investors (Al Wahada) Investors (Others, not management) Total- Investors Total - PreIPO IPO Option (underwriters) Total outstanding

100.0% 60.2%

8.1%

9.3% 4.2% 13.4% 36.8% 9.3% 40.4% 86.6% 100.0%

2.5%

2.9% 1.3% 4.2% 11.6% 2.9% 12.7% 27.1% 31.4% 7.1% 6.9% 54.6% 68.6% 100.0%

2.3%

2.7% 1.2% 3.9% 10.6% 2.7% 11.6% 24.8% 28.6% 6.5% 6.3% 49.9% 62.7% 91.3% 8.7%

8'025'401

9'174'932 4'148'244 13'323'176 36'509'302 9'255'035 40'042'380 85'806'717 99'129'893

100.0%

PreIPO Shares

Post IPO Shares

96 Value

© Service des relations industrielles©(SRI) EPFL

3'192'873 28'300'444 8'025'401 1'012'034 137'497

3'192'873 28'300'444 8'025'401 1'012'034 137'497

$15'964'365 $141'502'220 $40'127'005 $5'060'170 $687'485

9'174'932 4'148'244 13'323'176 36'509'302 9'255'035 40'042'380 85'806'717 99'129'893 22'427'223 21'891'419 172'598'595 216'917'237 316'047'130

9'174'932 4'148'244 13'323'176 36'509'302 9'255'035 40'042'380 85'806'717 99'129'893 22'427'223 21'891'419 172'598'595 216'917'237 316'047'130 30'000'000

$45'874'660 $20'741'220 $66'615'880 $182'546'510 $46'275'175 $200'211'900 $429'033'585 $495'649'465 $112'136'115 $109'457'095 $862'992'975 $1'084'586'185 $1'580'235'650 $150'000'000

346'047'130

$1'730'235'650

NB: The information in this prospectus does not reflects the 1-for-3 reverse stock split of our outstanding common stock effected in May 2010. Board H.E. Ahmed Saif Al Darmaki Brad W. Buss Cypress Semicon Ira Ehrenpreis Technology Partners Antonio J. Gracias Valor Management Steve Jurvetson DFJ Herbert Kohler Daimler Kimbal Musk

Total cash before fees Paid to underwriters Others Net sold by company sold by shareholders Total shares sold Option to underwriters

Investors

Round

Date

Elon Musk, C ompass, SDL Valor Musk, Brin, Page, Skoll, DFJ (32 in total) Private Investors Daimler Al Wahada C apital

A * B C D E ** F Total * In Nov 07, 8M Series A were converted into common stock ** Series E also included notes which brought $85M

E. Musk Valor Equity Tech Partners Vantage Point Blackstar (Daimler) Westly Al Wahada C apital Total

A B 14'908'740 15'713'510

C

$150'000'000

Revenues 2009-9m Amount $93'358'000 Growth 533% Number of employees Avg. val. of stock per emp

$150'000'000 30'000'000 3'300'000 33'300'000 Amount

# Shares

Price per share $0.49 $0.74 $1.13 $2.44 $2.51 $2.97

Apr-04

$7'500'000 15'213'000 $12'899'000 17'459'456 Jun-06 $39'789'000 35'242'290 May-07 $45'000'228 18'440'449 May-09 $258'216'380 102'776'779 Aug-09 $82'500'003 27'785'263 $445'904'610 216'917'237 at the ratio of 1:1. These are kept in investor's shares

D 4'097'877 1'229'363 3'829'481 3'343'253

E 40'825'647 9'614'808 4'343'392 896'110 19'901'290 5'145'532

15'213'000 17'459'456 35'242'290 18'440'449 102'776'779

F

2'525'933

Total 81'067'755 14'725'794 8'241'623 20'916'746 22'427'223

21'891'419 27'785'263

21'891'419 216'917'237

2008 $14'742'000 514 $875'048

Activity Town, St f= founder D= director Title f C o-founder D C hair, Pdt & C EO SVP & C FO VP Finance SVP Ops SVP S&M SVP Licensing SVP & C TO C o-founder C o-founder

Semiconductor San Jose, C A Price per share Symbol

$13.0 TSRA

Tessera Technologies Nov-03 $616'945'511 www.tessera.com

Incorporation State Delaware Date May-90 years to IPO 13.5

97

Name

Founder Employee PreIPO Post IPO Founder's Employee PreIPO Post IPO © Service Value des relations Including Sold at industrielles ©(SRI) EPFL Ownership Ownership Ownership Ownership Shares Shares Shares Shares Options IPO Thomas H. DiStefano ? 6.5% 2.4% 2.1% 1'086'559 1'086'559 1'086'559 1'005'718 $13'074'334 80'841 Bruce McWilliams 11.9% 4.4% 3.8% 1'981'944 1'981'944 1'785'944 $23'217'272 1'848'612 196'000 Douglas Norby 0.2% 0.1% 0.1% 32'083 32'083 32'083 $417'079 32'083 Michael A. Forman 1.6% 0.6% 0.5% 257'868 257'868 219'825 $2'857'725 257'868 38'043 Nicholas J. C olella 1.4% 0.5% 0.4% 229'167 229'167 192'211 $2'498'743 225'567 36'956 Kirk E. Flatow 1.9% 0.7% 0.4% 312'500 312'500 208'152 $2'705'976 312'500 104'348 C hristopher M. Pickett 3.5% 1.3% 1.0% 579'857 579'857 475'509 $6'181'617 558'525 104'348 David B. Tuckerman 0.9% 0.3% 0.3% 145'833 145'833 118'659 $1'542'567 145'833 27'174 Igor Khandros ? Scott Ehrenberg ?

Officers & executives Other common (includes other founders' shares) Total common before options Options-Outstanding Options-Available Warrant Options-Total Total - company Investors (Apax) Investors (Investor AB) Investors (others) Total- Investors Total - PreIPO IPO (new shares) IPO (sold by existing) Total outstanding Board Patricia M. C loherty Philip S. Dauber Borje Ekholm John B. Goodrich D. James Guzy Al S. Joseph Robert A. Young

Company IPO date Market cap. URL

ex-Apax independant Investor AB independant independant independant independant

27.8% 14.3% 42.1% 52.6% 2.1% 3.1% 57.9% 100.0%

Shares/Options 179'800 0.38% 388'249 0.82% 80'000 0.17% 66'296 0.14% 457'223 0.96% 375'000 0.79% 333'879 0.70% Round

10.4% 5.3% 15.7% 19.7% 0.8% 1.2% 21.6% 37.3% 14.9% 12.4% 35.4% 62.7% 100.0%

8.5% ? 5.0% 13.5% 18.4% 0.8% 1.1% 20.3% 33.8% 11.9% 10.1% 28.4% 50.4% 84.2% 6.3% 9.5% 100.0%

Total cash before fees Paid to underwriters Net sold by company sold by shareholders Total shares sold Option to underwriters

Date

Amount

4'625'811 2'377'303 7'003'114 8'752'155 355'997 515'772 9'623'924 16'627'038

4'625'811 2'377'303 7'003'114 8'752'155 355'997 515'772 9'623'924 16'627'038 6'622'090 5'520'161 15'768'899 27'911'150 44'538'188

$97'500'000 $6'825'000 $90'675'000 7'500'000 4'500'000 12'000'000 4'500'000

# Shares

Price per share

4'038'101 2'377'303 6'415'404 8'752'155 355'997 515'772 9'623'924 16'039'328 5'665'568 4'770'160 13'482'291 23'918'019 39'957'347 3'000'000 4'500'000 47'457'347

$52'495'313 $30'904'939 $83'400'252 $113'778'015 $4'627'961 $6'705'036 $125'111'012 $208'511'264 $73'652'384 $62'012'080 $175'269'783 $310'934'247 $519'445'511 $39'000'000 $58'500'000 $616'945'511

Year 2002 Revenues $28'270'000 Profit -$6'402'222 Growth 5% Number of employees Avg. val. of stock per emp

Valuation

A May-96 $3'000'000 B ? 3'384'112 C Apr-97 $30'000'000 D Feb-97 845'333 replaced dividends E Feb-00 $29'400'000 3'920'000 $7.50 F Aug-03 2'759'983 replaced dividends Total $62'400'000 10'909'428 Igor Khandros, Scott Ehrenberg, Dr. Tom DiStefano were the 3 founders of IST, renamed Tessera in 1992

3'380'988

506'869

956'522 750'001 2'286'608 4'500'000

2001 $27'015'000 -$19'965'000 84 $1'857'333

Activity Town, St f= founder D= director Title fD President & C EO fD SVP R&D & C TO

Electronic appliances Sunnyvale, C A Price per share $16.0 Symbol TIVO Name Michael Ramsay James Barton

Officers & executives Other common Total common before options Options-outstanding Options-Available Options-Total Total - company Investors (IVP) Investors (NEA) Investors (others) Total- Investors Total - PreIPO IPO Option (underwriters) Total outstanding

VCs D IVP D NEA D D D D

Company IPO date Market cap. URL

Incorporation State Date years to IPO

98

Delaware Aug-97 2.2

© Service des relations industrielles©(SRI) EPFL

Founder's Employee PreIPO Post IPO Founder's Employee PreIPO Post IPO Value Ownership Ownership Ownership Ownership Shares Shares Shares Shares 50.0% 23.0% 9.0% 7.5% 1'458'332 2'764'999 2'764'999 2'764'999 $44'239'984 50.0% 14.4% 5.6% 4.7% 1'458'332 1'724'999 1'724'999 1'724'999 $27'599'984 100.0% 35.2%

24.3%

37.4% 31.6% 69.0% 26.3% 4.7% 31.0% 100.0%

9.5%

14.6% 12.4% 27.0% 10.3% 1.8% 12.1% 39.1% 13.6% 13.6% 33.6% 60.9% 100.0%

7.9%

12.2% 10.3% 22.5% 8.6% 1.5% 10.1% 32.6% 11.3% 11.3% 28.0% 50.7% 83.3% 14.9% 1.8% 100.0%

Total cash before fees Paid to underwriters Others Net sold by company sold by shareholders Total shares sold Option to underwriters

Geoffrey Yang Steward Alsop Randy Komisar Larry C hapman Thomas Rogers Michael Homer VCs

Tivo 29-sept-99 $590'019'296 www.tivo.com

Amount

2'916'664

$98'670'000 $6'900'000 $1'270'000 $90'500'000 6'166'875

4'489'998 3'801'878 8'291'876 3'161'512 560'288 3'721'800 12'013'676

4'489'998 3'801'878 8'291'876 3'161'512 560'288 3'721'800 12'013'676 4'181'897 4'181'897 10'331'861 18'695'655 30'709'331

4'489'998 3'801'878 8'291'876 3'161'512 560'288 3'721'800 12'013'676 4'181'897 4'181'897 10'331'861 18'695'655 30'709'331 5'500'000 666'875 36'876'206

Revenues 2000 Amount $3'571'000 Growth 1501% Number of employees Avg. val. of stock per emp

$71'839'968 $60'830'048 $132'670'016 $50'584'192 $8'964'608 $59'548'800 $192'218'816 $66'910'352 $66'910'352 $165'309'776 $299'130'480 $491'349'296 $88'000'000 $10'670'000 $590'019'296

1999 $223'000 98 $1'136'880

6'166'875 666'875

Round

Date

# Shares

A B C D E F-G-H I Total

Sept-Oct 97 $3'000'000 5'000'000 May-Jul 98 $4'612'752 3'660'914 Oct-Dec 98 $4'649'999 2'513'513 Jan-99 $4'999'998 1'358'695 March 99 $1'999'998 270'270 April 99 $20'499'991 2'770'269 July 99 $32'499'958 3'121'994 $72'262'694

Price per Valuation Ownership share (approx.) $0.60 $4'749'998 63% NEA, IVP $1.26 $14'587'748 32% NEA, IVP $1.85 $26'068'518 18% NEA, IVP $3.68 $56'855'212 9% Vulcan $7.40 $116'328'414 2% Showtime $7.40 $136'828'405 15% DirectTV, NBC , Vulcan $10.41 $224'984'241 14% Philips

Activity Town, St f= founder D= director Title C EO C FO C TO Head of R&D Head of sales VP Marketing Director

Telecom Equipment Stockholm, Sweden Price per share 53 kr Symbol TRMO (SE)

Company IPO date Market cap. URL

Transmode May-11 $1'585'455'144 www.transmode.com

Incorporation State Date years to IPO

Employee PreIPO Post IPO Employee PreIPO Post IPO Value Ownership Ownership Ownership Shares Shares Shares Karl Thedéen 9.3% 2.2% 1.4% 595'000 595'000 416'500 22'074'500 Tomas Kihlstrand 1.9% 0.5% 0.3% 124'000 124'000 89'565 4'746'945 Sten Nordell 1.9% 0.5% 0.3% 125'000 125'000 87'500 4'637'500 Mohamad ferej 6.3% 1.5% 1.3% 405'391 405'391 374'901 19'869'753 Björn Andersson 1.8% 0.4% 0.3% 116'043 116'043 81'533 4'321'249 Ola Elmeland 1.2% 0.3% 0.2% 75'000 75'000 52'500 2'782'500 Gerd Tenzer 0.6% 0.1% 0.1% 37'500 37'500 27'500 1'457'500 23.0% 37.5% 60.5% 39.5% ? 39.5% 100.0%

5.5% 9.0% 14.5% 9.5% ? 9.5% 23.9% 37.7% 19.5% 10.6% 8.2% 76.1% 100.0%

Total outstanding 1 Swedish krona is 0.16 US$

99

© ServiceExcluding des relations industrielles ©(SRI) EPFL Selling at IPO

Name

Officers & executives Other common (including founders) Total common before options Options-outstanding Options-Available Options-Total Total - company Investors (Pod Venture) Investors (Amadeus) Investors (HarbourVest) Investors (EEP) Total- Investors Total - PreIPO IPO (new and existing)

Sweden Apr-00 11.2

3.8% 6.2% 9.9% 8.5% ? 8.5% 18.4% 31.2% 12.6% 6.9% 5.4% 56.1% 74.6% 25.4%

1'477'934 2'407'314 3'885'248 2'541'558

1'477'934 2'407'314 3'885'248 2'541'558

1'129'999 1'842'972 2'972'971 2'541'558

59'889'947 97'677'516 157'567'463 134'702'574

kr kr kr kr

2'541'558 6'426'806

2'541'558 6'426'806 10'133'126 5'236'230 2'856'442 2'216'631 20'442'429 26'869'235

2'541'558 5'514'529 9'340'107 3'782'880 2'063'618 1'601'390 16'787'995 22'302'524 7'611'724

134'702'574 292'270'037 495'025'671 200'492'640 109'371'754 84'873'670 889'763'735 1'182'033'772 403'421'372

kr kr kr kr kr kr kr kr kr

29'914'248

1'585'455'144 kr

100.0% Total cash before fees sold by company in total sold by shareholders

403'421'372 kr 7'611'724 4'566'711

Date

Amount

# Shares

Options 1'115'685 215'232 234'388 216'555 215'700 140'633 18'751 2'156'943

Year 2010 Revenues 699'300'000 kr Profit 107'600'000 kr Growth 23% Number of employees Avg. val. of stock per emp

Transmode had seven founders and Lumentis seven founders. These include Gunnar Forsberg, Bengt Lindström, Magnus Oberg, C arina Thelin, Lars Bozen Round

kr kr kr kr kr kr kr

Price per share $5.53 $1.08 $2.21 $3.84

C 2002 $8'000'000 1'446'154 D 2003 $10'000'000 9'264'303 E 2005 $15'000'000 6'783'359 F 2007 $12'000'000 3'125'388 Total $45'000'000 20'619'203 In march 2005, Lumentis and Transmode merged. At that time, the two entities had raised a total of $61M.

178'500 34'435 37'500 30'490 34'510 22'500 10'000 347'935 564'342

793'019 1'453'350 792'824 615'241 3'654'434 4'566'711

2009 570'100'000 kr 57'400'000 kr 211 1'101'327 kr

Activity Town, St f= founder D= director Title fD fD f D

Product Strategy ex-C EO, chairman C reative Director C EO C TO C hief Scientist D VP Product

Internet San Francisco, C A Price per share $88.5 Symbol ? Name Evan Williams Jack Dorsey Biz Stone Dick C ostolo Greg Pass Abdur C howdhury Jack Goldman

Officers & executives Other common Total common before options Options-outstanding Options-Available Options-Total Total - company Investors (VC s) Total- Investors Total - PreIPO IPO Option (underwriters) Total outstanding Board Bijan Sabet Peter Fenton Ron C onway David Rosenblatt Mike McC ue Jeff Bezos Fred Wilson Peter C urrie

Spark Benchmark ?

? Union Square

Company IPO date Value on Market cap. URL

Incorporation State Date years to IPO

C A, DE Jun-06 5.0

100 years since inc.

Founder's Employee PreIPO Post IPO Founder's Employee PreIPO Post IPO Value © Service Ownership Ownership Ownership Ownership Shares Shares Shares Shares 80.0% 55.2% 19.1% 19.1% 8'000'000 8'000'000 8'000'000 8'000'000 $708'387'931 10.0% 6.9% 2.4% 2.4% 1'000'000 1'000'000 1'000'000 1'000'000 $88'548'491 10.0% 6.9% 2.4% 2.4% 1'000'000 1'000'000 1'000'000 1'000'000 $88'548'491

100.0% 95.2%

69.0%

69.0% 3.4% 72.4% 6.9% 20.7% 27.6% 100.0%

23.9%

23.9% 1.2% 25.1% 2.4% 7.2% 9.6% 34.7% 65.3%

23.9% 1.2% 25.1% 2.4% 7.2% 9.6% 34.7% 65.3%

65.3% 100.0%

65.3% 100.0%

23.9%

10'000'000

10'000'000 500'000 10'500'000 1'000'000 3'000'000 4'000'000 14'500'000

10'000'000 500'000 10'500'000 1'000'000 3'000'000 4'000'000 14'500'000 27'285'015

10'000'000 500'000 10'500'000 1'000'000 3'000'000 4'000'000 14'500'000 27'285'015

$885'484'914 $44'274'246 $929'759'159 $88'548'491 $265'645'474 $354'193'966 $1'283'953'125 $2'416'046'875

27'285'015 41'785'015

27'285'015 41'785'015

$2'416'046'875 $3'700'000'000

41'785'015

$3'700'000'000

100.0% Total cash before fees Paid to underwriters Others Net sold by company sold by shareholders Total shares sold Option to underwriters Round

C RV? Union Square, C RV * Spark C apital, Bezos Expeditions Benchmark, IVP Insight Venture, T. Rowe Price

Twitter Jun-11 $3'700'000'000 www.twitter.com

Date

Seed A Jul-07 B May-08 C Feb-09 D Sep-09 E Dec-10 Total * also includes M. Andreessen, D. C ostolo, R. C onway, and N. Ravikant

$0

Year 2011 Revenues $150'000'000 Profit Growth 233% Number of employees Avg. val. of stock per emp

$0 -

2010 $45'000'000

300 $1'328'227

Amount $100'000 $5'000'000 $15'000'000 $35'000'000 $100'000'000 $200'000'000 $355'000'000

# Shares

10'357'143 5'736'264 4'980'322 3'952'637 2'258'649 27'285'015

Price per share $0.48 $2.61 $7.03 $25.30 $88.55

Valuation

$12'000'000 $80'000'000 $250'000'000 $1'000'000'000 $3'700'000'000

% ownership in founders column are ownership at creation (always 100%), then dilution with common, options, investors and post IPO "I DO NOT KNOW the exact details of who got what percentage. But this is my best guess, knowing the people involved. The initial employees got somewhere between 0.5% and 1.5%, Jack got something like 5% to 15%, and Biz probably got something similar. All of these were FOUNDERS SHARES, common stock, not preferred, but also not options. It might seem small, but it was extremely generous of Ev. It was his company and his money. My understanding is that Noah and Ev decided to go their separate ways. Noah was paid for being the founder of Odeo, just like the other Odeo investors. I don't know if he got Twitter stock or cash. To me it's sad, that Noah and Florian have been written out of the history." http://www.quora.com/How-did-Jack-Dorsey-Ev-William-and-Biz-Stone-split-up-the-equity-on-Twitter-when-they-restructured-Twitter-post-Odeo?q=twitter+equity "Silicon Valley's hottest VC firm, Andreessen Horowitz, now owns an $80 million stake in Twitter, Kara Swisher reports. What's weird about AH's stake is how it got it: buying shares off employees and early investors through secondary markets." http://www.businessinsider.com/andreessen-horowitz-invests-80-million-in-twitter-2011-2#ixzz1FLcjAGeD

des relations industrielles©(SRI) EPFL

Activity Town, St f= founder D= director Title D C EO C FO D C TO VP C orp Dev fD C hairman fD Professor

Broadband communications C ambridge UK and C A Price per share * $2.1 Symbol VRTA Name C harles C otton Andrew Vought Martin Jackson Thomas C ooper Hermann Hauser Andrew Hopper

Founders and managers Other common Total common before options Options-Granted Options-Available Options-Total Sub-total Investors (VC s) Investors (others) Total- Investors Total - PreIPO IPO Option (underwriters) Total outstanding VCs D Oak D NEA 3i D Index D Oracle Olivetti * the number of shares was split so that real IPO price was $14

Company IPO date Market cap. URL

Virata 17-Nov-99 $309'644'162 -

Incorporation State UK, Del Date Jun-93 years to IPO 6.5

101

© Service des relations industrielles ©(SRI) EPFL Ownership Shares Value Founders Employees PreIPO Post IPO Founders Employees PreIPO Post IPO 2.3% 1.0% 0.7% 1'082'813 1'082'813 1'082'813 $2'262'594 1.6% 0.7% 0.5% 743'437 743'437 743'437 $1'553'450 1.1% 0.5% 0.4% 537'083 537'083 537'083 $1'122'263 1.2% 0.5% 0.4% 550'833 550'833 550'833 $1'150'994 50.0% 3.5% 1.5% 1.1% 1'500'000 1'632'096 1'632'096 1'632'096 $3'410'350 50.0% 3.3% 1.4% 1.1% 1'500'000 1'562'857 1'562'857 1'562'857 $3'265'671 100.0% 10.8%

6.4%

13.0% 46.4% 59.4% 40.6%

5.6% 19.8% 25.4% 17.3%

4.1% 14.7% 18.8% 12.8%

40.6% 100.0%

17.3% 42.8% 38.0% 19.2% 57.2% 100.0%

12.8% 31.6% 28.2% 14.2% 42.4% 74.0% 26.0%

2.7%

2.0% IPO

VCs

3'000'000

6'109'119 21'754'003 27'863'122 19'019'214

6'109'119 21'754'003 27'863'122 19'019'214

6'109'119 21'754'003 27'863'122 19'019'214

$12'765'323 $45'456'126 $58'221'449 $39'741'641

19'019'214 46'882'336

19'019'214 46'882'336 41'720'764 21'058'749 62'779'513 109'661'849

19'019'214 46'882'336 41'720'764 21'058'749 62'779'513 109'661'849 38'525'000

$39'741'641 $97'963'090 $87'177'716 $44'003'356 $131'181'072 $229'144'162 $80'500'000

148'186'849

$309'644'162

100.0% Total cash before fees Paid to underwriters Net sold by company sold by shareholders Total shares sold Option to underwriters Round B C D Antidilution E Total

Date May-96 Jun-96 Jun-98 Jun-98 Sep-99

$80'500'000 $7'000'000 $73'500'000 38'525'000

Revenues FY 99 FY98 (mar) Amount $9'256'000 $8'931'000 Growth 4% Number of employees 113 Avg. val. of stock per emp. $753'963

38'525'000 Amount # Shares Price £3'589'240 5'127'485 $10'000'001 6'666'667 $27'259'027 24'780'934 15'023'162 $8'000'000 6'153'846 $52'950'255 36'575'086

£0.70 $1.50 $1.10 $1.10 $1.30

Activity Town, St f= founder D= director Title

IT solutions Lexington, MA Price per share Symbol

Company IPO date Market cap. URL

$12.0 VPRT

VistaPrint Ltd 29-sept-05 $561'179'556 www.vistaprint.com

Incorporation State Bermuda Date Jan-95 years to IPO 10.8

102

© Service des relations industrielles©(SRI) EPFL

Name

Founder's Employee PreIPO Post IPO Founder's Employee PreIPO Post IPO Value Ownership Ownership Ownership Ownership Shares Shares Shares Shares fD C hairman & C EO Robert Keane 100.0% 20.2% 8.3% 7.4% 3'848'718 3'848'718 3'442'350 3'442'350 $41'308'200 EVP, C OO Alex. Schowtka 3.9% 1.6% 1.4% 745'559 645'559 645'559 $7'746'708 EVP, C . Marketing Janet Holian 2.9% 1.2% 1.1% 545'749 515'749 515'749 $6'188'988 C FO Paul Flanagan *** 0.5% 0.2% 0.2% 93'750 93'750 93'750 $1'125'000 Officers & executives Other common Total common before options Options-outstanding Options-Available Options-Total Total - company Investors (Series A) Investors (Series B) Total- Investors Total - PreIPO IPO

100.0% 33.6%

20.2%

27.4% 32.7% 60.1% 38.1% 1.8% 39.9% 100.0%

9.3%

Total outstanding

11.4% 15.1% 26.5% 17.6% 0.8% 18.4% 44.9% 23.9% 31.2% 55.1% 100.0%

8.2%

VCs D Highland Fergal Mullen D Windows on WallStreet Louis Page Spef Sofinnova HarbourVest * some A were repurchased at series B ** shareholders sold at IPO *** Flanagan had also 300'000 options VCs

10.0% 13.3% 23.4% 15.5% 0.7% 16.3% 39.7% 21.1% 27.5% 48.6% 88.2% 11.8%

3'848'718

5'233'776 6'234'367 11'468'143 7'266'590 346'055 7'612'645 19'080'788

4'697'408 6'234'367 10'931'775 7'266'590 346'055 7'612'645 18'544'420 9'845'849 12'874'694 22'720'543 41'264'963

100.0% Total cash before fees Paid to underwriters Others Net sold by company sold by shareholders ** Total shares sold Option to underwriters

Sofinnova, Spef Spef, Window on. Highland & HarbourVest

$66'000'000 $4'600'000 $1'900'000 $59'500'000 5'500'000 6'018'320 11'518'320 -

Round

Date

C ommon A * B B

oct.03 june 04

Amount

$14'079'564 $30'164'996 $22'749'997

4'697'408 6'234'367 10'931'775 7'266'590 346'055 7'612'645 18'544'420 9'845'849 12'874'694 22'720'543 41'264'963 5'500'000

$56'368'896 $74'812'404 $131'181'300 $87'199'080 $4'152'660 $91'351'740 $222'533'040 $118'150'188 $154'496'328 $272'646'516 $495'179'556 $66'000'000

46'764'963

$561'179'556

Revenues 2004 Amount $58'784'000 Growth 66% Number of employees Avg. val. of stock per emp

# Shares

9'845'849 7'339'415 5'535'279

Price per share $1.43 $4.11 $4.11

2003 $35'431'000 360 $450'032

Activity Town, St f= founder D= director Title fD C hairman fD Deputy C EO fD co-founder Delphis

Telecom chips Issy les Moulinaux, France Price per share € 13.5 Symbol WVC M Name Michel Alard Aram Hékimian André Jolivet Marc Fourrier Others

Founders & early investors Total common before options Founders warrant Options to employees Options-Total Total - company Investors (C onvertible note)

Incorporation State France Date Jun-93 years to IPO 6.0

103

© Service des relations industrielles©(SRI) EPFL

100.0%

81.5%

78.7%

63.7%

80.1%

81.5% 8.4% 10.2% 18.5% 100.0%

78.7% 8.1% 9.8% 17.9% 96.7% 3.3%

63.7% 6.5% 8.0% 14.5% 78.2% 2.7%

3.3% 100.0%

2.7% 80.9% 19.1%

65.3%

63.1%

Total outstanding

51.0%

Delphis Sofinnova Hyperion/Arbor

Wavecom SA Jun-99 € 211'929'332 www.wavecom.com

Founder's Employee PreIPO Post IPO Founder's Employee PreIPO Post IPO Value Ownership Ownership Ownership Ownership Shares Shares Shares Shares 37.2% 24.3% 23.5% 19.0% 2'982'709 2'982'709 2'982'709 2'982'709 € 40'266'573 37.4% 24.4% 23.6% 19.1% 2'998'408 2'998'408 2'998'408 2'998'408 € 40'478'502 25.3% 16.5% 16.0% 12.9% 2'031'080 2'031'080 2'031'080 2'031'080 € 27'419'580 12.7% 12.2% 9.9% 1'554'148 1'554'148 1'554'148 € 20'981'004 3.5% 3.4% 2.8% 433'655 433'655 433'655 € 5'854'341

Total- Investors Total - PreIPO IPO

Board D Marc Fourrier D Bernard Gilly D Stephen Imbler

Company IPO date Market cap. URL

8'012'197

10'000'000

10'000'000

10'000'000

€ 135'000'000

10'000'000 1'025'000 1'250'000 2'275'000 12'275'000

10'000'000 1'025'000 1'250'000 2'275'000 12'275'000 423'469

10'000'000 1'025'000 1'250'000 2'275'000 12'275'000 423'469

€ 135'000'000 € 13'837'500 € 16'875'000 € 30'712'500 € 165'712'500 € 5'716'832

423'469 12'698'469

423'469 12'698'469 3'000'000

€ 5'716'832 € 171'429'332 € 40'500'000

15'698'469

€ 211'929'332

100.0% Total cash before fees Paid to underwriters Others Net sold by company sold by shareholders Total shares sold Option to underwriters

€ 40'500'000 Year 2000 1999 € 4'400'000 Revenues € 63'055'000 € 36'560'000 Profit -€ 19'778'000 -€ 14'434'000 € 36'100'000 Growth 72% 87% 3'000'000 Number of employees Avg. val. of stock per emp 3'000'000 -

Round

Date

Seed Stock split Stock split Euro conv. C onv. Note

Jun-94 Dec-97 Dec-97

FRF 250'000

Apr-99

€ 4'573'465

2'500 97'500 10'000'000 10'000'000 423'469

€ 4'573'465

20'523'469

Total

Amount

# Shares

Price per Conversion share FRF 100 FRF 100 39x FRF 1 100x € 0.15 € 10.80

In April 1999, Wavecom issued FF 30 million (E4.57 million) aggregate principal amount of convertible notes with an interest rate of 10% per annum. The notes were converted into shares at the time of the initial public offering at a conversion price equal to the initial public offering price minus a discount of 20%. In connection with this issuance, Wavecom recognized a beneficial conversion feature of E1,072,000 which was amortized as interest expense over the term of the convertible notes.

1998 € 19'574'000 -€ 6'756'000 120 $140'625

Activity Town, St f= founder D= director Title

Internet Sunnyvale, C A Price per share Symbol Name

D Pres., C EO Timothy Koogle fD C hief Yahoo Jerry Yang f C hief Yahoo David Filo SVP Bus. Ops Jeff Mallett C FO Gary Valenzeula SVP Prod. Dev. Farzad Nazem Founders and managers Other common Total common before options Options-Granted Options-Available Options-Total Sub-total Investors (Sequoia) Investors (Softbank and others) Total- Investors Total - PreIPO IPO Option (underwriters) Total outstanding VCs D Sequoia (Moritz) Softbank

$13 YHOO

Company IPO date Market cap. URL

Yahoo 12-Apr-96 $464'114'937 www.yahoo.com

Incorporation State CA Date Mar-95 years to IPO 1.1

104

©(SRI) EPFL Ownership Shares© Service des relations industrielles Value Founders Employees PreIPO Post IPO Founders Employees PreIPO Post IPO 5.5% 3.1% 2.9% 1'025'510 1'025'510 1'025'510 $13'331'630 50.0% 21.3% 12.2% 11.2% 4'003'750 4'003'750 4'003'750 4'003'750 $52'048'750 50.0% 21.3% 12.2% 11.2% 4'003'750 4'003'750 4'003'750 4'003'750 $52'048'750

100.0%

48.1% 6.6% 54.7% 25.8% 19.5% 45.3% 100.0%

24.5%

27.6% 3.8% 31.4% 14.8% 11.2% 26.0% 57.4% 13.5% 29.1% 42.6% 100.0%

22.4% IPO

25.3% 3.5% 28.8% 13.5% 10.3% 23.8% 52.6% 12.4% 26.7% 39.1% 91.6% 7.3% 1.1% 100.0%

Total cash before fees Paid to underwriters Other expenses Net sold by company sold by shareholders Total shares sold Option to underwriters VCs

including

Round A B C Total

8'007'500

$33'800'000 $2'366'000 $700'000 $30'734'000 2'600'000

9'033'010 1'231'716 10'264'726 4'834'868 3'665'132 8'500'000 18'764'726

9'033'010 1'231'716 10'264'726 4'834'868 3'665'132 8'500'000 18'764'726 4'431'195 9'515'228 13'946'423 32'711'149

9'033'010 1'231'716 10'264'726 4'834'868 3'665'132 8'500'000 18'764'726 4'431'195 9'515'228 13'946'423 32'711'149 2'600'000 390'000 35'701'149

Revenues Q3-95 Q4 95 Amount $288'000 $1'075'000 Number of employees 49 Avg. val. of stock per emp. $1'609'502

2'600'000 390'000 Date Apr-95 Nov-95 Mar-96

$117'429'130 $16'012'308 $133'441'438 $62'853'284 $47'646'716 $110'500'000 $243'941'438 $57'605'535 $123'697'964 $181'303'499 $425'244'937 $33'800'000 $5'070'000 $464'114'937

Amount # Shares Price /share Valuation $1'040'000 5'200'000 $0.20 $2'641'500 $5'000'002 2'538'072 $1.97 $31'018'777 $63'750'000 5'100'000 $12.50 $260'569'650 $69'790'002 12'838'072 Series A Series B Series C Softbank also bought Sequoia 4'875'000 507'614 3'400'000 shares from Softbank 1'015'228 5'100'000 existing shareholders

Activity Town, St f= founder D= director Title

Internet Seattle, WA Price per share Symbol

$18.0 Z

Company IPO date Market cap. URL

Zillow Inc Jul-11 $625'457'354 www.zillow.com

Incorporation State Date years to IPO

105

WA Dec-04 6.6

Name

Founder's Employee PreIPO Post IPO Founder's Employee PreIPO Post IPO © Service Value des relations Including C lass B industrielles ©(SRI) EPFL Ownership Ownership Ownership Ownership Shares Shares Shares Shares Options ** (voting) fD Exec. C hairman Richard Barton 52.1% 27.5% 19.2% 17.0% 5'913'332 5'913'332 5'913'332 5'913'332 $106'439'975 5'267'094 fD Vice C hair, Pdt. Lloyd D. Frink 47.9% 25.3% 17.7% 15.7% 5'444'656 5'444'656 5'444'656 5'444'656 $98'003'812 4'261'224 D* C EO Spencer Rascoff 2.5% 1.8% 1.6% 543'846 543'846 543'846 $9'789'236 755'917 C TO David A. Beitel 3.4% 2.4% 2.1% 729'037 729'037 729'037 $13'122'666 739'645 C . Revenue Off. Greg M. Schwartz 0.7% 0.5% 0.4% 147'545 147'545 147'545 $2'655'804 210'710 C FO C had M. C ohen 0.2% 0.1% 0.1% 44'884 44'884 44'884 $807'912 108'757 C . Marketing Off. Amy Bohutinsky General C ounsel Kathleen Philips D Director Gregory B. Maffei 1.5% 1.1% 0.9% 325'972 325'972 325'972 $5'867'494 4'438 D Director Erik Blachford 1.5% 1.1% 0.9% 325'972 325'972 325'972 $5'867'494 41'420 D Director Gordon Stephenson 0.5% 0.4% 0.3% 114'317 114'317 114'317 $2'057'714 47'337 Officers & executives 100.0% 63.2% 44.2% 39.1% 11'357'988 13'589'562 13'589'562 13'589'562 $244'612'108 1'908'225 9'528'318 Other common 5.5% 3.9% 3.4% 1'191'599 1'191'599 1'191'599 $21'448'784 C lass C shares 7.5% 6.6% 2'306'001 2'306'001 2'306'001 $41'508'027 Total common before options 66.5% 79.5% 55.5% 49.2% 17'087'162 17'087'162 17'087'162 $307'568'918 Options-outstanding Options-Available Options-Total Total - company Investors (Benchmark) Investors (TC V) Investors (PAR Inv.) Investors (others) Total- Investors Total - PreIPO IPO Option (underwriters) Total outstanding

D D D D D

Board J. William Gurley Jay C . Hoag Erik Blachford Gregory B. Maffei Gordon Stephenson

52.9%

20.5%

14.3%

12.7%

4'402'897

4'402'897

4'402'897

$79'252'152

20.5% 100.0%

14.3% 69.8% 8.4% 13.3% 4.9% 3.5% 30.2% 100.0%

12.7% 61.8% 7.5% 11.7% 4.4% 3.1% 26.7% 88.5% 10.0% 1.5% 100.0%

4'402'897 21'490'059

4'402'897 21'490'059 2'596'885 4'078'484 1'512'291 1'088'612 9'276'271 30'766'331

4'402'897 21'490'059 2'596'885 4'078'484 1'512'291 1'088'612 9'276'271 30'766'331 3'462'000 519'300 34'747'631

$79'252'152 $386'821'070 $46'743'928 $73'412'718 $27'221'230 $19'595'008 $166'972'883 $553'793'954 $62'316'000 $9'347'400 $625'457'354

36.9%

32.7%

Benchmark TC V Butterfield & Robinson, Inc Liberty Media Real Property Assoc.

D*: will become a board member before the IPO **: options may be higher than shares as some cannot be exercised at date of filing

Total cash before fees Paid to underwriters Others Net sold by company sold by shareholders Total shares sold Option to underwriters

$71'663'400 Year 2010 2009 Revenues $30'467'000 $17'491'000 Profit -$6'774'000 -$12'855'000 $71'663'400 Growth 74% 65% 3'981'300 Number of employees Avg. val. of stock per emp 3'981'300 519'300

Round

Date

Amount

A B C Total

Nov-05 Jul-06 Oct-07

$25'999'999 $25'000'076 $30'000'011 $81'000'086

# Shares

Price per Valuation share 5'305'040 $4.90 $81'665'499 2'051'214 $12.19 $228'088'093 1'920'018 $15.62 $322'407'440 9'276'271

2008 $10'593'000 -$21'217'000 252 $399'607

Activity Town, St f= founder D= director

f f D

D D D D

C ar sharing network C ambridge, MA Price per share $18.0 Symbol ZIP

Company IPO date Market cap. URL

Title

Name

Employee PreIPO Post IPO Ownership Ownership Ownership

C o-founder C o-founder Founding C TO C hairman & C EO C FO President & C OO C hief Marketing VP Intl Unis Ops VP Engineering VP Human Res. General Manager VP Member Exp. Director Director Director Director

Robin C hase Antje Danielson Roy Russell Scott W. Griffith Edward Goldfinger Mark D. Norman Robert J. Weisberg Matthew Malloy Doug Williams Sean Quimby Daniel C urtin Lesley Mottla Don Davis John F. Kenny, Jr. John J. Mahoney, Jr. Margaret C . Whitman

Officers & executives Other common (possibly inc. Investors in common) Total common before options Options-outstanding Options-Available Options-Total Total - company Investors (Revolution Living) Investors (Benchmark C apital) Investors (Smedvig C apital AS) Investors (Greylock Partners) Investors (others) Total- Investors Total - PreIPO IPO Selling shareholders Total outstanding Board Revolution LLC Revolution LLC Greylock Benchmark consultant Staples attorney eBay

Stephen M. C ase (ex-AOL C EO) Donn Davis William W. Helman Robert C . Kagle John F. Kenny, Jr. John J. Mahoney, Jr. Jill C . Preotle Margaret C . Whitman

Round

Date

Amount

Zipcar Apr-11 $818'052'156 www.zipcar.com

Incorporation State DE, MA Date Jan-00 years to IPO 11.3 Employee Shares

PreIPO Shares

Post IPO Shares

106 Value

Including

9.8% 2.2% 3.5% 0.3% 1.4% 1.2% 1.0% 0.5% 0.3% 0.5% 0.3% 0.5% 0.5%

3.4% 0.8% 1.2% 0.1% 0.5% 0.4% 0.4% 0.2% 0.1% 0.2% 0.1% 0.2% 0.2%

2.8% 0.6% 1.0% 0.1% 0.5% 0.4% 0.4% 0.2% 0.1% 0.1% 0.1% 0.2% 0.2%

1'314'576 295'307 468'218 39'061 182'291 162'500 138'278 71'560 40'413 62'500 46'121 73'429 70'878

1'314'576 295'307 468'218 39'061 182'291 162'500 138'278 71'560 40'413 62'500 46'121 73'429 70'878

1'277'076 270'307 434'468 39'061 172'291 156'000 129'528 66'185 35'413 62'500 46'121 73'429 70'878

$22'987'368 $4'865'526 $7'820'424 $703'098 $3'101'238 $2'808'000 $2'331'504 $1'191'330 $637'434 $1'125'000 $830'178 $1'321'722 $1'275'804

614'576 295'307 468'218 39'061 182'291 162'500 138'278 71'560 40'413

22.0% 42.3% 64.3% 23.8% 11.8% 35.7% 100.0%

7.6% 14.7% 22.3% 8.3% 4.1% 12.4% 34.7% 17.7% 9.8% 5.9% 5.5% 26.4% 65.3% 100.0%

6.2% 8.4% 14.6% 7.1% 3.5% 10.6% 25.2% 15.1% 8.4% 3.1% 4.7% 22.5% 53.7% 78.9% 14.7% 6.4% 100.0%

2'965'132 5'686'146 8'651'278 3'208'113 1'593'167 4'801'280 13'452'558

2'965'132 5'686'146 8'651'278 3'208'113 1'593'167 4'801'280 13'452'558 6'852'175 3'802'600 2'295'190 2'144'138 10'234'014 25'328'117 38'780'675

2'833'257 3'802'249 6'635'506 3'208'113 1'593'167 4'801'280 11'436'786 6'852'175 3'802'600 1'394'299 2'144'138 10'234'014 24'427'226 35'864'012 6'666'667 2'916'663 45'447'342

$50'998'626 $68'440'482 $119'439'108 $57'746'034 $28'677'006 $86'423'040 $205'862'148 $123'339'150 $68'446'800 $25'097'382 $38'594'484 $184'212'252 $439'690'068 $645'552'216 $120'000'006 $52'499'934 $818'052'156

2'029'262

Total cash before fees Paid to underwriters Others Net sold by company sold by shareholders Total shares sold Option to underwriters

# Shares

A 2000 $1'036'000 545'056 B 2002 $4'704'000 9'408'742 C 2003 $4'000'000 5'714'998 D 2005 $11'736'000 10'117'134 E 2006 $25'000'000 6'497'389 F 2007 $44'431'000 14'307'602 G Nov-Dec 2010 $21'000'000 2'759'527 Total $111'907'000 49'350'448 In March 2011 there was a 1-2 stock split

Price per share $1.90 $0.50 $0.70 $1.16 $3.85 $3.11 $7.61

$120'000'006 $8'400'000 $3'800'000 $107'800'006 6'666'667 2'916'663 9'583'330 1'452'617

Valuation $3'000'000 $6'500'000 $13'000'000 $34'000'000 $140'000'000 $158'000'000 $475'000'000

Conversion ratio 1.3 0.5 0.5 0.5 0.5 0.5 0.5

Year 2010 Revenues $186'101'000 Profit -$14'121'000 Growth 41% Number of employees Avg. val. of stock per emp

Year end 2001 2002 2003 2005 2006 2007 2009 2010 Stock split

Common 1'045'149 909'911 3'223'812 3'603'501 4'461'436 4'582'792 4'253'575 12'830'929 6'415'465

Sold at

© Service des relations industrielles ©(SRI) EPFL Options IPO

2009 $131'812'000 -$4'667'000 474 $326'716

Preferred 689'789 9'335'535 16'897'695 26'631'314 32'283'319 46'581'013 46'581'013 49'350'448 24'675'224

37'500 25'000 33'750 10'000 6'500 8'750 5'375 5'000

11'447 4'081 1'530 131'875 1'883'897

900'891

2'916'663

Activity Town, St f= founder D= director Title fD D

D D

D

D D

Internet services San Francisco, C A Price per share $18.0 Symbol ?

Company IPO date FILING Market cap. URL

Zynga Inc. Jul-11 $16'691'944'932 www.zynga.com

Incorporation State Date years to IPO

107

DE Oct-07 3.7

Name

Founder's Employee PreIPO Post IPO Founder's Employee PreIPO Post IPO Value Including C lass C Value sold Ownership Ownership Ownership Ownership Shares Shares Shares Shares options in 2010 Founder & C EO Mark Pincus 100.0% 17.1% 11.0% 9.9% 149'197'328 91'385'846 91'385'846 91'385'846 $1'644'945'228 7'200'000 20'517'472 $109'458'070 EVP & C BO Owen Van Natta 1.7% 1.1% 1.0% 9'000'000 9'000'000 9'000'000 $162'000'000 9'000'000 EVP, C TO C adir Lee 1.2% 0.8% 0.7% 6'494'020 6'494'020 6'494'020 $116'892'360 6'141'020 $2'999'997 Steven C hiang 0.7% 0.5% 0.4% 4'000'000 4'000'000 4'000'000 $72'000'000 4'000'000 C FO David M. Wehner 0.5% 0.3% 0.3% 2'500'000 2'500'000 2'500'000 $45'000'000 2'500'000 C hief Accounting Mark Vranesh 0.4% 0.3% 0.2% 2'174'108 2'174'108 2'174'108 $39'133'944 480'000 SVP, Gl C ounsel Reginald D. Davis 0.3% 0.2% 0.1% 1'378'436 1'378'436 1'378'436 $24'811'848 613'334 C o-Pdt of Games Michael Verdu $2'999'997 C OO John Schappert Director Jeffrey Katzenberg 0.1% 0.1% 0.1% 388'410 388'410 388'410 $6'991'380 Officers & executives 100.0% 21.9% 14.2% 12.7% 149'197'328 117'320'820 117'320'820 117'320'820 $2'111'774'760 29'934'354 Other common 25.0% 16.1% 14.4% 133'516'822 133'516'822 133'516'822 $2'403'302'796 $103'344'787 Total common before options 36.4% 46.9% 30.3% 27.0% 250'837'642 250'837'642 250'837'642 $4'515'077'556 Options - outstanding 47.5% 30.7% 27.4% 253'870'592 253'870'592 253'870'592 $4'569'670'656 Options - available 2.1% 1.3% 1.2% 10'992'984 10'992'984 10'992'984 $197'873'712 Warrant 3.5% 2.3% 2.0% 18'854'848 18'854'848 18'854'848 $339'387'264 Options & warrants 53.1% 32.0% 28.6% 283'718'424 264'863'576 264'863'576 $4'767'544'368 Total - company 17.1% 100.0% 62.3% 55.6% 534'556'066 515'701'218 515'701'218 $9'282'621'924 Investors (KPC B) 7.8% 6.9% 64'159'896 64'159'896 $1'154'878'128 $5'970'440 Investors (IVP) 4.1% 3.7% 34'326'072 34'326'072 $617'869'296 $22'426'517 Investors (Union Square) 3.7% 3.3% 30'738'892 30'738'892 $553'300'056 $45'828'743 Investors (Foundry) 4.2% 3.7% 34'560'060 34'560'060 $622'081'080 $22'579'378 Reid Hoffman 0.4% 0.3% 3'109'744 3'109'744 $55'975'392 Investors (others) 14.3% 12.8% 118'394'392 118'394'392 $2'131'099'056 Total- Investors 34.5% 30.8% 285'289'056 285'289'056 $5'135'203'008 Series Z (for acquisition) 2.8% 26'340'000 26'340'000 $474'120'000 Total - PreIPO 11.0% 100.0% 89.2% 827'330'274 827'330'274 $14'891'944'932 IPO 10.8% 100'000'000 $1'800'000'000 Option (underwriters) Total outstanding 9.9% 100.0% 927'330'274 $16'691'944'932

© Service des relations industrielles©(SRI) EPFL

Board Brad Feld Foundry William Bing Gordon KPC B Reid Hoffman seed investor Jeffrey Katzenberg Stanley J. Meresman

Shares

Total cash before fees Paid to underwriters Others 3'109'744 Net 388'410 sold by company sold by shareholders Total shares sold Option to underwriters Round

Date

A A-1 B B-1 B-2 B-2 C Total

2007 Feb-08 Jul-08 Nov-09 Apr-10 Jun-10 Feb-11

$1'800'000'000 Year 2010 2009 Revenues $597'459'000 $121'467'000 Profit $90'595'000 -$58'822'000 $1'800'000'000 Growth 392% 526% 100'000'000 Number of employees Avg. val. of stock per emp 100'000'000 Amount $5'610'000 $5'025'914 $25'000'024 $15'187'440 $14'996'587 $294'932'832 $490'000'062 $850'752'860

# Shares 99'400'000 40'207'312 59'391'296 3'200'000 2'330'472 45'832'608 34'927'368 285'289'056

Price per Valuation share $0.056 $14'030'493 $0.125 $36'100'580 $0.421 $146'568'727 $4.746 $1'667'751'467 $6.435 $2'276'229'435 $6.435 $2'571'162'268 $14.029 $6'095'459'447

Name of Stockholder Series A Series A-1 Series B Series B-1 Series C Invested Reid Hoffman 2'939'488 $165'897 Kleiner Perkins C aufield & Byers 24'706'768 1'782'010 $35'400'028 Institutional Venture Partners XII 27'557'536 210'700 $12'599'998 Union Square Ventures 5'061'232 2'375'664 $1'632'660 Foundry Venture C apital 2007 5'061'232 2'375'664 $1'632'660 Avalon Ventures VIII 28'644'848 2'375'664 $4'580'612 DST Global Limite 2'989'300 $14'187'442 Original Price per Share $0.056 $0.125 $0.421 $4.746 $14.029 Dates of Issuance Jan-08 Feb-08 Jul-08 Nov-09 Feb-11

2008 $19'410'000 -$22'115'000 1483 $4'701'938

108

© Service des relations industrielles©(SRI) EPFL

RECENT IPOs / FILINGS

Activity Town, St f= founder D= director

Online and mobile TV Emeryville, C A Price per share $15.0 Symbol MBTV

Company IPO date Filing Market cap. URL

MobiTV, Inc. Aug-11 $1'191'564'015 www.mobitv.com

Incorporation State DE Date Jan-00 years to IPO 11.6

109

©Post Service industrielles ©(SRI) EPFL Founder's Employee PreIPO Post IPO Founder's Employee PreIPO IPO des relations Value Including Ownership Ownership Ownership Ownership Shares Shares Shares Shares Options fD President Paul M. Scanlan 44.5% 8.1% 2.8% 2.7% 2'738'326 2'111'867 2'111'867 2'111'867 $31'678'005 297'372 f C o-founder Phillip Alvelda 55.5% 13.1% 4.6% 4.3% 3'416'885 3'416'885 3'416'885 3'416'885 $51'253'275 f C o-founder Jeff Annison ? ? ? ? ? C EO C harles A. Nooney 11.0% 3.9% 3.6% 2'870'974 2'870'974 2'870'974 $43'064'610 2'870'974 C TO Kay G. Johansson 1.8% 0.6% 0.6% 482'310 482'310 482'310 $7'234'650 482'310 C OO Anders Norström 1.3% 0.5% 0.4% 342'394 342'394 342'394 $5'135'910 342'394 C FO William E. Losch 2.8% 1.0% 0.9% 728'293 728'293 728'293 $10'924'395 728'293 SVP, Bus. Dev. Richard C . Herman 0.4% 0.1% 0.1% 96'874 96'874 96'874 $1'453'110 96'874 C MO Raymond A. DeRenzo 0.4% 0.1% 0.1% 98'000 98'000 98'000 $1'470'000 98'000 VP, Finance Terri M. Falcone 0.6% 0.2% 0.2% 153'651 153'651 153'651 $2'304'765 153'651 D Director Simon T. Bax 1.6% 0.6% 0.5% 414'029 414'029 414'029 $6'210'435 162'020 D Director Vernon J. Stevenson 1.4% 0.5% 0.5% 367'594 367'594 367'594 $5'513'910 367'594 Officers & executives 100.0% 42.4% 14.9% 14.0% 6'155'211 11'082'871 11'082'871 11'082'871 $166'243'065 5'599'482 Other common 17.3% 6.1% 5.7% 4'506'459 4'506'459 4'506'459 $67'596'885 Total common 35.5% 59.7% 20.9% 19.6% 15'589'330 15'589'330 15'589'330 $233'839'950 Options - outstanding 36.7% 12.9% 12.1% 9'597'712 9'597'712 9'597'712 $143'965'680 Options - available 1.1% 0.4% 0.4% 289'390 289'390 289'390 $4'340'850 Warrant 2.5% 0.9% 0.8% 644'169 644'169 644'169 $9'662'535 Options - total 40.3% 14.1% 13.3% 10'531'271 10'531'271 10'531'271 $157'969'065 Total - company 21.2% 100.0% 35.1% 32.9% 26'120'601 26'120'601 26'120'601 $391'809'015 Investors (Gefinor) 19.8% 18.6% 14'742'451 14'742'451 $221'136'765 Investors (Oak) 17.2% 16.1% 12'820'308 12'820'308 $192'304'620 Investors (Menlo) 11.4% 10.7% 8'486'509 8'486'509 $127'297'635 Investors (Redpoint) 11.4% 10.7% 8'486'508 8'486'508 $127'297'620 Investors (others) 5.1% 4.8% 3'781'224 3'781'224 $56'718'360 Total- Investors 64.9% 60.8% 48'317'000 48'317'000 $724'755'000 Total - PreIPO 7.4% 100.0% 93.7% 74'437'601 74'437'601 $1'116'564'015 IPO 6.3% 5'000'000 $75'000'000 Title

Name

Total outstanding Board Simon T. Bax Jeffrey D. Brody Bandel L. C arano Bobby R. Inman John W. Jarve Vernon J. Stevenson

7.0%

ex-Pixar Redpoint Oak ex-NSA, C IA Menlo Metric Test

Genifor Menlo, Redpoint

100.0% Total cash before fees Paid to underwriters Others Net sold by company sold by shareholders Total shares sold Option to underwriters

79'437'601 $75'000'000 Year 2010 2009 Revenues $66'824'000 $62'477'000 Profit -$14'689'000 -$14'617'000 $75'000'000 Growth 7% 12% 5'000'000 Number of employees Avg. val. of stock per emp 5'000'000 -

Round

Date

Amount

A B C Total

Apr-02 Aug-04 Jul-06

$7'197'014 $15'164'280 $97'506'240 $119'867'534

# Shares

Price per Valuation share 17'313'000 $0.42 14'780'000 $1.03 16'224'000 $6.01 48'317'000

$1'191'564'015 2008 $55'632'000 -$25'206'000 258 $836'835

Activity Town, St f= founder D= director Title f Scientific Adv. fD President & C EO C FO C hief Business O. EVP, R&D VP, Gral C ounsel Director Director

Biotech South San Francisco, C A Price per share $13.5 Symbol FLDM Name Prof. Stephen Quake Gajus Worthington Vikram Jog Fredric Walder Robert C . Jones William M. Smith Kenneth Nussbacher John A. Young

Officers & executives Other common Total common Options - outstanding Options - available Warrant Options - total Total - company Investors (Alloy) Investors (EuclidSR) Investors (EDB) Investors (Fidelity) Investors (Interwest) Investors (Lehman) Investors (Smallcap World) Investors (Versant) Investors (Bruce Barrows) Investors (others) Total- Investors Total - PreIPO IPO Option (underwriters) Total outstanding Board Samuel C olella Jeremy Loh Kenneth Nussbacher Raymond J. Whitaker John A. Young

Versant EDB Investments ex-Affymetrix EuclidSR ex-HP

Company IPO date Market cap. URL

Fluidigm Corp Feb-11 $305'350'749 www.fluidigm.com

Incorporation State Date years to IPO

110

CA Sep-99 11.4

Founder's Employee PreIPO Post IPO Founder's Employee PreIPO Post IPO Value Including © Service des relations industrielles©(SRI) EPFL Ownership Ownership Ownership Ownership Shares Shares Shares Shares Options 44.3% 6.4% 2.4% 1.7% 384'290 384'290 384'290 384'290 $5'187'915 55.7% 8.1% 3.0% 2.1% 484'070 484'070 484'070 484'070 $6'534'945 108'910 1.9% 0.7% 0.5% 111'810 111'810 111'810 $1'509'435 109'746 1.9% 0.7% 0.5% 115'606 115'606 115'606 $1'560'681 115'606 2.0% 0.7% 0.5% 119'981 119'981 119'981 $1'619'744 119'981 3.2% 1.2% 0.9% 194'544 194'544 194'544 $2'626'344 144'999 0.7% 0.3% 0.2% 42'422 42'422 42'422 $572'697 42'422 0.3% 0.1% 0.1% 20'400 20'400 20'400 $275'400 20'400 100.0% 33.1%

14.5%

24.6% 19.2% 43.8% 25.4% 21.8% 9.0% 56.2% 100.0%

5.4%

9.1% 7.1% 16.2% 9.4% 8.1% 3.3% 20.7% 36.9% 4.3% 5.5% 11.4% 9.0% 4.3% 4.2% 6.2% 6.7% 4.2% 7.5% 63.1% 100.0%

3.8%

6.5% 5.1% 11.6% 6.7% 5.8% 2.4% 14.9% 26.5% 3.1% 3.9% 8.1% 6.5% 3.1% 3.0% 4.4% 4.8% 3.0% 5.4% 45.3% 71.7% 24.6% 3.7% 100.0%

Total cash before fees Paid to underwriters Others Net sold by company sold by shareholders Total shares sold Option to underwriters Round

Date

A B C D E Total

Dec-99 Jul-00 Oct-01 Dec-03 2007-09

868'360

$86'293'121

$76'859'000 6'392'083

1'473'123 1'147'507 2'620'630 1'521'473 1'306'629 538'759 3'366'861 5'987'491

1'473'123 1'147'507 2'620'630 1'521'473 1'306'629 538'759 3'366'861 5'987'491 692'157 892'756 1'843'369 1'459'067 692'555 679'543 1'005'550 1'079'561 675'665 1'218'777 10'239'000 16'226'491

Year 2009 Revenues $25'412'000 Profit -$19'128'000 Growth 66% Number of employees Avg. val. of stock per emp

6'392'083 833'750 Amount $3'000'000 $11'500'002 $42'221'267 $34'149'335 $95'607'000 $186'477'603

# Shares 380'000 1'061'000 2'670'000 2'180'000 3'948'000 10'239'000

1'473'123 1'147'507 2'620'630 1'521'473 1'306'629 538'759 3'366'861 5'987'491 692'157 892'756 1'843'369 1'459'067 692'555 679'543 1'005'550 1'079'561 675'665 1'218'777 10'239'000 16'226'491 5'558'333 833'750 22'618'574

Price per Valuation share $7.89 $9'855'475 $10.84 $25'030'767 $15.81 $78'739'658 $15.66 $112'150'175 $24.22 $268'982'109

$19'887'161 $15'491'345 $35'378'505 $20'539'886 $17'639'492 $7'273'247 $45'452'624 $80'831'129 $9'344'120 $12'052'206 $24'885'482 $19'697'405 $9'349'493 $9'173'831 $13'574'925 $14'574'074 $9'121'478 $16'453'490 $138'226'500 $219'057'629 $75'037'496 $11'255'625 $305'350'749 2008 $15'347'000 -$29'499'000 198 $307'798

662'064

Activity Town, St f= founder D= director

Internet 2.0 Palo Alto, C A Price per share Symbol Name

Board James J. Goetz "Ted" E. Schlein David G. DeWalt Jonathan G. Heiliger William A. Lanfri Sundar Pichai "C huck" J. Robel

Sequoia Kleiner Perkins McAfee Facebook independent Google independent

Jive Software Dec-11 $941'839'800 www.jivesoftware.com

Incorporation State DE Date Feb-01 years to IPO 10.8

111

Founder's Employee PreIPO Post IPO Founder's Employee PreIPO Post IPO © Service Value des relations Including Sold©(SRI) atEPFL IPO industrielles Ownership Ownership Ownership Ownership Shares Shares Shares Shares Options fD VP Prod. Manag. Bill Lynch 50.0% 15.3% 10.1% 8.1% 7'076'265 7'076'265 7'076'265 6'376'265 $76'515'180 700'000 f C TO Matthew Tucker 50.0% 15.3% 10.1% 8.3% 7'071'265 7'071'265 7'071'265 6'521'265 $78'255'180 550'000 D C hairman & C EO Anthony Zingale 7.8% 5.1% 4.1% 3'587'415 3'587'415 3'247'673 $38'972'076 2'498'392 339'742 David Hersh 7.1% 4.7% 3.5% 3'259'785 3'259'785 2'709'785 $32'517'420 550'000 C FO Bryan J. LeBlanc 1.6% 1.1% 0.9% 737'488 737'488 687'488 $8'249'856 737'488 50'000 SVP Engineering Brian J. Roddy 1.0% 0.7% 0.6% 482'612 482'612 482'612 $5'791'344 482'612 SVP World. Sales John McC racken 1.8% 1.2% 1.0% 831'661 831'661 751'661 $9'019'932 631'661 80'000 SVP C lient Services Robert Brown, Jr. 1.0% 0.7% 0.5% 460'120 460'120 400'120 $4'801'440 360'120 60'000 0.0% 0.0% 0.0% $0 0.0% 0.0% 0.0% $0 Officers & executives 100.0% 50.9% 33.7% 27.0% 14'147'530 23'506'611 23'506'611 21'176'869 $254'122'428 4'710'273 2'329'742 Other common 15.4% 10.2% 7.7% 7'115'108 7'115'108 6'027'713 $72'332'556 1'087'395 Total common 46.2% 66.3% 43.9% 34.7% 30'621'719 30'621'719 27'204'582 $326'454'984 3'417'137 Options - outstanding 25.0% 16.6% 14.7% 11'564'547 11'564'547 11'564'547 $138'774'564 Options - available 8.7% 5.7% 5.1% 4'010'955 4'010'955 4'010'955 $48'131'460 Options - total 33.7% 22.3% 19.8% 15'575'502 15'575'502 15'575'502 $186'906'024 Total - company 30.6% 100.0% 66.2% 54.5% 46'197'221 46'197'221 42'780'084 $513'361'008 Investors (Sequoia) * 24.3% 21.6% 16'950'233 16'950'233 $203'402'796 Investors (Kleiner Perkins) * 9.6% 8.5% 6'667'930 6'667'930 $80'015'160 Total- Investors 33.8% 30.1% 23'618'163 23'618'163 $283'417'956 Total - PreIPO 20.3% 100.0% 84.6% 69'815'384 66'398'247 $796'778'964 IPO new shares 12.8% 10'072'463 $120'869'556 IPO shares from existing 4.3% 3'367'137 $40'405'644 Option (underwriters) 2.6% 2'015'940 $24'191'280 Total outstanding 18.0% 100.0% 78'486'650 $941'839'800

D D D D D D D

Title

$12.0 JIVE

Company IPO date Market cap. URL

* It should be noticed that Sequoia adn KP have more shares than what the rounds indicate. It is either my mistake or the results of later dividends or ?

Total cash before fees Paid to underwriters Others Net sold by company sold by shareholders Total shares sold Option to underwriters Round

Date

Series A Series B Series C Warrant Total

Aug-07 Oct-09 Jul-10 Sep-11

Sequoia KP Others Total

$120'869'556 Year 2010 2009 Revenues $46'268'000 $29'994'000 Profit -$27'640'000 -$4'786'000 $120'869'556 Growth 54% 77% 10'072'463 Number of employees 3'367'137 Avg. val. of stock per emp 13'439'600 2'015'940 Amount $15'444'516 $12'270'403 $29'999'999 $39'999'998 $97'714'916

# Shares 10'100'000 3'335'817 5'787'930 3'858'620 23'082'367

Price per Valuation share $1.53 $37'078'353 $3.68 $101'462'032 $5.18 $221'479'992 $10.37 $482'959'982

Series A Series B Series C Warrant Total 9'829'297 3'262'306 1'929'310 1'929'310 16'950'223 3'858'620 1'929'310 5'787'930 270'703 73'511 344'214 10'100'000 3'335'817 5'787'930 3'858'620 23'082'367

2008 $16'932'000 -$11'320'000 392 $661'323

Activity Town, St f= founder D= director Title fD C TO D President & C EO C FO EVP Strategy EVP Engineering EVP Operations Director

Networking (Telecom) Santa C lara, C A Price per share $12.5 Symbol BLOX Name Stuart Bailey * Robert Thomas Remo C anessa Wendell Nye Sohail Parekh Mark Smith Frank Marshall

Officers & executives Netcordia common shares Other common Total common Options - outstanding Options - available Warrant Options - total Total - company Investors (Sequoia) Investors (tenaya) Investors (Duchossois) Investors (Trinity) Investors (Others) Netcordia preferred Total- Investors Total - PreIPO IPO Selling shareholders? Total outstanding

D D D D D D

Company IPO date FILING Market cap. URL

Incorporation State Date years to IPO

112

Illinois Feb-99 12.9

Founder's Employee PreIPO Post IPO Founder's Employee PreIPO Post IPO Including ©Value Service des relations industrielles©(SRI) EPFL Ownership Ownership Ownership Ownership Shares Shares Shares Shares Options 100.0% 2.7% 1.2% 1.2% 3'325'425 1'825'425 1'825'425 1'825'425 $22'817'813 508'113 13.2% 6.0% 5.6% 8'951'650 8'951'650 8'951'650 $111'895'625 4'296'650 4.1% 1.9% 1.8% 2'822'578 2'822'578 2'822'578 $35'282'225 1'678'828 2.2% 1.0% 0.9% 1'500'000 1'500'000 1'500'000 $18'750'000 1'500'000 2.7% 1.2% 1.1% 1'814'000 1'814'000 1'814'000 $22'675'000 1'814'000 3.9% 1.8% 1.7% 2'636'993 2'636'993 2'636'993 $32'962'413 1'836'328 0.3% 0.1% 0.1% 197'569 197'569 197'569 $2'469'613 100.0%

7.4%

4.9%

29.0% 30.3% 66.3% 31.0% 0.9% 1.7% 33.7% 100.0%

2.2%

13.3% 3.2% 13.9% 30.4% 14.2% 0.4% 0.8% 15.4% 45.8% 22.2% 6.4% 6.0% 4.8% 6.2% 8.6% 54.2% 100.0%

2.1%

Board Thomas Banahan Tenaya C apital Fred Gerson Michael Goguen Sequoia Frank Marshall Thomas Mendoza Daniel Phelps

12.5% 3.0% 13.0% 28.5% 13.3% 0.4% 0.7% 14.5% 42.9% 20.8% 6.0% 5.6% 4.5% 5.8% 8.0% 50.8% 93.7% 6.3%

3'325'425

19'748'215 4'807'631 20'594'578 45'150'424 21'123'996 619'775 1'178'988 22'922'759 68'073'183

19'748'215 4'807'631 20'594'578 45'150'424 21'123'996 619'775 1'178'988 22'922'759 68'073'183 33'018'343 9'530'326 8'851'775 7'181'125 9'208'619 12'734'005 80'524'193 148'597'376

100.0% Total cash before fees Paid to underwriters Others Net sold by company sold by shareholders Total shares sold Option to underwriters

Investors

Director

Round

Sequoia Lehman Brothers VP (Tenaya C apital)

Phelps Phelps Goguen Banahan

A B C D E Subtotal F-1 F-2 F-3 Total

Netcordia acquisition

Infoblox Inc Jan-12 $1'982'467'200 www.infoblox.com

Date

Apr-03 Feb-04 Apr-05 May-10 May-10 May-10

$125'000'000 Year 2001 Revenues $80'274'000 Profit -$5'322'000 $125'000'000 Growth 22% 10'000'000 Number of employees ? Avg. val. of stock per emp 10'000'000 ? Amount $1'197'386 $1'999'844 $8'112'498 $22'375'862 $44'021'444 $77'707'034 $2'999'999 $10'000'002 $5'010'302

# Shares 13'110 24'329 26'088'294 16'332'746 25'331'709 67'790'188 2'806'150 6'699'401 3'228'454 80'524'193

Price per share $91.33 $82.20 $0.31 $1.37 $1.74 $1.07 $1.49 $1.55

* On May 12, 2011, one of our founders sold 1.5 million shares for $3.20 per share to our current investors in an outside transaction There is something unclear about the number of common stocks which looks high; it might be double counted with options…

19'748'215 $246'852'688 4'807'631 $60'095'388 20'594'578 $257'432'225 45'150'424 $564'380'300 21'123'996 $264'049'950 619'775 $7'747'188 1'178'988 $14'737'350 22'922'759 $286'534'488 68'073'183 $850'914'788 33'018'343 $412'729'288 9'530'326 $119'129'075 8'851'775 $110'647'188 7'181'125 $89'764'063 9'208'619 $115'107'738 12'734'005 $159'175'063 80'524'193 $1'006'552'413 148'597'376 $1'857'467'200 10'000'000 $125'000'000 ? ? 158'597'376 $1'982'467'200 2010 $65'849'000 $6'988'000 86%

2009 $35'358'000 -$10'416'000 489 $769'035

11'633'919

Activity Town, St f= founder D= director Title fD President & C EO f EVP & C TO C OO EVP & C FO Director Director Director Director

Mobile ecommerce Baltimore, MD Price per share $10.0 Symbol ?

Company IPO date FILING Market cap. URL

Millennial Media Inc Jan-12 $836'157'510 millennialmedia.com

Incorporation State DE Date May-06 years to IPO 5.6

113

©Post Service relations industrielles ©(SRI) EPFL Founder's Employee PreIPO Post IPO Founder's Employee PreIPO IPO des Value Including Ownership Ownership Ownership Ownership Shares Shares Shares Shares Options Paul J. Palmieri 55.0% 26.0% 9.7% 8.8% 7'396'910 7'396'910 7'396'910 7'396'910 $73'969'100 C hris Brandenburg 45.0% 21.3% 8.0% 7.2% 6'053'343 6'053'343 6'053'343 6'053'343 $60'533'430 Stephen Root 7.1% 2.6% 2.4% 2'006'432 2'006'432 2'006'432 $20'064'320 2'006'432 Michael Avon 1.5% 0.5% 0.5% 417'607 417'607 417'607 $4'176'070 417'607 Alan MacIntosh 4.9% 1.8% 1.7% 1390963 1'390'963 1'390'963 $13'909'630 308'463 John D. Markley, Jr. 1.7% 0.6% 0.6% 473006 473'006 473'006 $4'730'060 23'006 Wenda Harris Millard 1.7% 0.6% 0.6% 478500 478'500 478'500 $4'785'000 James A. Tholen 0.2% 0.1% 0.1% 46012 46'012 46'012 $460'120 Name

Officers & executives Other common Total common Options - outstanding Options - available Options - total Total - company Investors (Bessemer) Investors (C olumbia C apital) Investors (C RV) Investors (NEA) Investors (others) Total- Investors Total - PreIPO IPO Option (underwriters) Total outstanding Board Bessemer Robert P. Goodman Columbia CapitalArun Gupta NEA Patrick J. Kerins Acta Wireless Alan MacIntosh Bear C reek John D. Markley, Jr. MediaLink Wenda Harris Millard Broadsoft James A. Tholen Charles River George Zachary

Bessmer, C olumbia C RV & existing NEA & existing Existing

100.0% 64.9%

47.3%

64.2% 8.6% 72.9% 16.6% 10.5% 27.1% 100.0%

17.7%

24.0% 3.2% 27.2% 6.2% 3.9% 10.1% 37.4% 17.7% 17.7% 13.6% 12.9% 0.6% 62.6% 100.0%

16.1%

21.8% 2.9% 24.8% 5.7% 3.6% 9.2% 34.0% 16.1% 16.1% 12.4% 11.8% 0.6% 57.0% 91.0% 9.0% 0.0% 100.0%

Total cash before fees Paid to underwriters Others Net sold by company sold by shareholders Total shares sold Option to underwriters

13'450'253

18'262'773 2'458'628 20'721'401 4'732'942 2'982'405 7'715'347 28'436'748

18'262'773 2'458'628 20'721'401 4'732'942 2'982'405 7'715'347 28'436'748 13'500'231 13'500'231 10'362'712 9'828'024 487'805 47'679'003 76'115'751

83'615'751 $75'000'000

$75'000'000 7'500'000

Year 2010 Revenues $47'828'000 Profit -$7'121'000 Growth 195% Number of employees Avg. val. of stock per emp

7'500'000 -

Round

Date

Amount

A-1 A-2 B C D Total

Jul-06 Dec-06 Nov-07 Nov-09 Dec-10

$1'331'708 $5'007'557 $14'970'489 $16'031'849 $27'523'636 $64'865'237

18'262'773 2'458'628 20'721'401 4'732'942 2'982'405 7'715'347 28'436'748 13'500'231 13'500'231 10'362'712 9'828'024 487'805 47'679'003 76'115'751 7'500'000

# Shares 6'341'465 9'448'220 12'686'855 10'759'630 8'442'833 47'679'003

Price per Valuation share $0.21 $4'156'261 $0.53 $15'497'167 $1.18 $33'602'317 $1.49 $58'461'893 $3.26 $155'433'550

$182'627'730 $24'586'280 $207'214'010 $47'329'420 $29'824'050 $77'153'470 $284'367'480 $135'002'310 $135'002'310 $103'627'120 $98'280'240 $4'878'050 $476'790'030 $761'157'510 $75'000'000 $0 $836'157'510 2009 $16'220'000 -$7'550'000 222 $323'945

2'755'508

Activity Town, St f= founder D= director

Internet Security Praha, C zech Republic Price per share $18.0 Symbol AVG

Company IPO date Market cap. URL

FILING

AVG technologies N.V. Jan-12 $1'136'879'064 www.avg.com

Incorporation State Date years to IPO

Netherlands Aug-05 21

Grisoft, pervious company, founded on 5.dec.91

Title f f

Name Founder's Employee PreIPO Post IPO Founder's Employee PreIPO Post IPO Value Including Ownership Ownership Ownership Ownership Shares Shares Shares Shares Options C o-founder * Jan Gritzbach 83.3% 100'000 founders sold their shares in 2001 C o-founder * Tomas Hofer 16.7% 20'000 C EO J.R. Smith 13.8% 2.0% 1.8% 1'129'500 1'129'500 1'129'500 $20'331'000 1'129'500 C FO John Little 3.9% 0.6% 0.5% 317'000 317'000 317'000 $5'706'000 317'000 SVP Rob Blasman VP, Pub. Rel. Ricardo Adame C TO Yuval Ben-Itzhak C . Web & C ust. O. R. David Ferguson C OO John J. Giamatteo Inv. Rel. Siobhan M. MacDermott SVP, Prod. Manag. Donald A. MacLennan 0.0% Officers & executives 100.0% 17.7% 2.6% 2.3% 120'000 1'446'500 1'446'500 1'446'500 $26'037'000 1'446'500

114

© Service des relations industrielles©(SRI) EPFL

Total common Options - outstanding Options - available Options - total Total - company Investors (Grisoft Holdings) Investors (PEF) Investors (Intel C apital) Investors (TA C oöperatief) Total- Investors Total - PreIPO #VALEUR! IPO new vs existing not known yet Option (underwriters) Total outstanding #VALEUR! Board Dale Fuller Rafal Bator Gabriel Eichler Jan G. Haars Jonathan Meeks Dariusz Prończuk C olin Tenwick *

17.7% 32.4% 49.8% 82.3% 100.0%

2.6% 4.7% 7.2% 12.0% 14.5% 16.6% 28.8% 12.8% 27.2% 85.5% 100.0%

2.3% 4.2% 6.4% 10.6% 12.9% 14.8% 25.6% 11.4% 24.2% 76.0% 88.9% 11.1%

TA Associates PEF

1'446'500 2'646'120 4'067'328 6'713'448 8'159'948 9'316'224 16'200'000 7'200'000 15'283'776 48'000'000 56'159'948

100.0% Total cash before fees Paid to underwriters Others Net sold by company sold by shareholders Total shares sold Option to underwriters

PEF Benson Oak s.r.o

1'446'500 2'646'120 4'067'328 6'713'448 8'159'948

$126'000'000 Year 2010 Revenues $166'904'000 Profit $57'912'000 $126'000'000 Growth 7'000'000 Number of employees Avg. val. of stock per emp 7'000'000 -

1'446'500 2'646'120 4'067'328 6'713'448 8'159'948 9'316'224 16'200'000 7'200'000 15'283'776 48'000'000 56'159'948 7'000'000

$26'037'000 $47'630'160 $73'211'904 $120'842'064 $146'879'064 $167'692'032 $291'600'000 $129'600'000 $275'107'968 $864'000'000 $1'010'879'064 $126'000'000

63'159'948

$1'136'879'064

2009 $151'365'000 $52'485'000 44%

AVG Technologies (formerly named Grisoft) is a privately held C zech company formed in 1991 by Jan Gritzbach and Tomas Hofer. In 2001, Jan Gritzbach decided to sell Grisoft to Benson Oak C apital Acquisitions. Four years later, Benson Oak sold a 65% share in the company to Intel C apital and Enterprise Investors for $52 million. PEF stands for Polish Enterprise Fund. Grisoft is managed by Orangefield. Round

Date

C reation of sro C reation of NV Sales of shares Share conversion 2.5x Share conversion 10x Issuance of D shares Total

Dec-91 Oct-05 Oct-05 Oct-07 Mar-09 Oct-09

Date Oct-05 C reation of NV company Sales of shares C onversion C onversion to D/E shares Sales of B shares Issuance of D shares

Oct-05 Oct-07 Sub total Mar-09 Sub total Oct-09 Oct-09 Oct-09 Total

Amount sold or raised 120'000 Kč € 18'000 $52'000'000

$47'800'000 $47'800'000 PEF Sarl

# Shares 120'000 1'800'000 1'170'000 2'700'000 40'500'000 3'000'000 48'000'000

Price per share 1 Kč € 0.01 $44.44 $17.78 $1.78 $15.93

Valuation

$80'000'000

$764'800'000

Intel capital Grisoft TA Coöperatief Intel capital Total Amount sold 1'800'000 1'800'000 Class A Class A Class B/B1 Class D & B2 Class E 810'000 360'000 630'000 1'800'000 $52'000'000 1'215'000 540'000 945'000 2'700'000 2'025'000 900'000 1'575'000 4'500'000 18'225'000 8'100'000 14'175'000 40'500'000 20'250'000 9'000'000 15'750'000 45'000'000 -4'050'000 -9'000'000 -3'150'000 9'000'000 7'200'000 0 $143'400'000 -3'283'776 3'283'776 3'000'000 3'000'000 $47'800'000 16'200'000 0 9'316'224 15'283'776 7'200'000 48'000'000

2008 $104'762'000 $29'368'000 805 $59'168

1'446'500

Activity Town, St f= founder D= director Title

Semiconductor Mountain View, C A Price per share $0.8 Symbol ADNC

Company IPO date FILING Market cap. URL

Audience Inc Jan-12 $407'094'908 www.audience.com

Incorporation State Date years to IPO

115

CA Jul-00 11.5

Founder's Employee PreIPO Post IPO Founder's Employee PreIPO Post IPO © Service Value des relations Including industrielles©(SRI) EPFL Ownership Ownership Ownership Ownership Shares Shares Shares Shares Options f C SO, ex-C TO Lloyd Watts 100.0% 9.3% 2.9% 3.1% 8'000'000 16'980'328 16'980'328 16'980'328 $12'735'246 8'980'328 D President & C EO Peter B. Santos 8.9% 2.8% 3.0% 16'234'151 16'234'151 16'234'151 $12'175'613 16'234'151 C FO Kevin S. Palatnik 3.1% 1.0% 1.1% 5'705'540 5'705'540 5'705'540 $4'279'155 5'705'540 VP Marketing Andrew J. Keane 2.3% 0.7% 0.8% 4'265'333 4'265'333 4'265'333 $3'199'000 4'265'333 VP Bus. Dev. Robert H. Schoenfield 2.3% 0.7% 0.8% 4'300'000 4'300'000 4'300'000 $3'225'000 4'300'000 VP Sales Thomas Spade 2.9% 0.9% 1.0% 5'250'000 5'250'000 5'250'000 $3'937'500 5'250'000 ex-C FO James L. Lau 2.5% 0.8% 0.8% 4'601'470 4'601'470 4'601'470 $3'451'103 4'601'470 ex-VP Marketing Manish Singh 2.2% 0.7% 0.7% 4'000'000 4'000'000 4'000'000 $3'000'000 4'000'000 VP Engineering Sanjay Adkar 2.4% 0.8% 0.8% 4'400'000 4'400'000 4'400'000 $3'300'000 4'400'000 VP Operations Andrew J. Micallef 2.5% 0.8% 0.8% 4'500'000 4'500'000 4'500'000 $3'375'000 4'500'000 C hairman Mohan S. Gyani 2.5% 0.8% 0.8% 1'338'750 4'505'145 4'505'145 $3'378'859 1'338'750 Director Marvin D. Burkett 0.7% 0.2% 0.2% 1'338'750 1'338'750 1'338'750 $1'004'063 1'338'750 Director Barry L. C ox 4.4% 1.4% 1.5% 8'013'720 8'013'720 8'013'720 $6'010'290 7'713'720 Professor C arver Mead 0.4% 0.1% 0.1% 657'600 657'600 657'600 $493'200 657'600 Officers & executives 100.0% 44.5% 14.5% 15.6% 8'000'000 81'585'642 84'752'037 84'752'037 $63'564'028 73'285'642 Other common 12.2% 3.8% 4.1% 22'413'261 22'413'261 22'413'261 $16'809'946 Total common 7.7% 56.7% 18.4% 19.7% 103'998'903 107'165'298 107'165'298 $80'373'974 Options - outstanding 22.8% 7.2% 7.7% 41'801'571 41'801'571 41'801'571 $31'351'178 Options - available 20.5% 6.4% 6.9% 37'486'753 37'486'753 37'486'753 $28'115'065 Options - total 43.3% 13.6% 14.6% 79'288'324 79'288'324 79'288'324 $59'466'243 Total - company 4.4% 100.0% 32.0% 34.4% 183'287'227 186'453'622 186'453'622 $139'840'217 Investors (Tallwood venture) 24.0% 25.8% 139'817'377 139'817'377 $104'863'033 Investors (NEA) 22.1% 23.7% 128'466'674 128'466'674 $96'350'006 Investors (Vulcan C apital) 18.4% 19.8% 107'221'411 107'221'411 $80'416'058 Investors (others) 3.5% 3.8% 20'651'504 20'651'504 $15'488'628 Total- Investors 68.0% 47.2% 396'156'966 256'339'589 $192'254'692 Total - PreIPO 1.4% 100.0% 81.6% 582'610'588 442'793'211 $332'094'908 IPO 18.4% 100'000'000 $75'000'000 Option (underwriters) 0.0% $0 Total outstanding 1.5% 100.0% 542'793'211 $407'094'908

D D D D D

Board Mohan S. Gyani Forest Baskett Barry L. C ox Marvin D. Burkett George A. Pavlov

Name

C hairman NEA nVidia Tallwood

Total cash before fees Paid to underwriters Others Net sold by company sold by shareholders Total shares sold Option to underwriters Round A-1 A-2 A-3 AA AA-1 B B-1 C D E Total

Date

Apr-08 Apr-09 Mar-10

$75'000'000

$75'000'000 100'000'000

Year 2010 Revenues $47'920'000 Profit $4'788'000 Growth 734% Number of employees Avg. val. of stock per emp

100'000'000 Amount $877'000 $955'000 $350'000 $5'044'000 $2'000'000 $15'025'000 $5'700'000 $14'832'000 $15'020'887 $15'162'297 $74'966'184

# Shares 1'168'966 3'080'090 466'668 33'375'528 10'391'770 67'839'083 23'396'131 44'580'909 87'790'104 124'077'717 396'166'966

Price per Valuation share $0.75 $0.31 $0.75 $10'000'000 $0.15 $7'000'000 $0.19 $10'914'389 $0.22 $27'585'111 $0.24 $36'043'874 $0.33 $64'053'116 $0.17 $47'962'091 $0.12 $49'416'929

2009 $5'749'000 -$16'758'000 189 $403'578

Activity Town, St f= founder D= director Title

Software San Mateo, C A Price per share Symbol

Company IPO date Market cap. URL

$13.0 GWRE

Guidewire Software, Inc. Jan-12 $921'090'534 www.guidewire.com

Incorporation State DE Date Sep-01 years to IPO 10.4

116

Name

Founder's Employee PreIPO Post IPO Founder's Employee PreIPO Post IPO Value Including © Service des relations Ownership Ownership Ownership Ownership Shares Shares Shares Shares Options fD President & C EO Marcus S. Ryu 16.7% 6.1% 3.6% 3.1% 1'000'000 2'166'182 2'166'182 2'166'182 $28'160'366 900'000 fD Dir. Prod. Strat. Kenneth W. Branson 16.7% 5.9% 3.5% 3.0% 1'000'000 2'094'732 2'094'732 2'094'732 $27'231'516 520'000 f former C EO John V. Raguin 16.7% 4.0% 2.3% 2.0% 1'000'000 1'422'782 1'422'782 1'422'782 $18'496'166 43'090 f * Former VP Marketing James Kwak 16.7% 2.8% 1.6% 1.4% 1'000'000 1'000'000 1'000'000 1'000'000 $13'000'000 f * Former Dir. Eng. Mark Shaw 16.7% 2.8% 1.6% 1.4% 1'000'000 1'000'000 1'000'000 1'000'000 $13'000'000 f * C hief Architect John Seybold 16.7% 2.8% 1.6% 1.4% 1'000'000 1'000'000 1'000'000 1'000'000 $13'000'000 C FO Karen Blasing 1.4% 0.8% 0.7% 498'057 498'057 498'057 $6'474'741 498'057 SVP, Field Ops John True 0.7% 0.4% 0.4% 253'000 253'000 253'000 $3'289'000 235'000 VP, Prod. Dev. Jeremy Henrickson 0.5% 0.3% 0.3% 180'000 180'000 180'000 $2'340'000 112'574 VP, Prof. Serv, Alexander Naddaff 1.2% 0.7% 0.6% 420'000 420'000 420'000 $5'460'000 295'000 D Directors C raig Ramsey 5.3% 3.1% 2.6% 1'865'598 1'865'598 1'865'598 $24'252'774 100'000 D C lifton Thomas Weatherford 0.3% 0.2% 0.1% 100'000 100'000 100'000 $1'300'000 100'000 Officers & executives Other common Total common Options - outstanding Options - available Options - total Total - company Investors (USVP) Investors (Bay Partners) Investors (Battery Ventures) Investors (others) Total- Investors Total - PreIPO IPO Option (underwriters) Total outstanding

D D D D D

Board C raig C onway C hairman Neal Dempsey Bay Partners Steven M. Krausz USVP C raig Ramsey 1,865,598 C lifton Thomas Weatherford

*

Data on founders' shares are speculative

100.0% 34.3%

17.0%

34.0% 15.5% 49.5% 29.0% 21.5% 50.5% 100.0%

9.9%

19.8% 9.0% 28.8% 16.9% 12.5% 29.4% 58.2% 20.0% 16.5% 4.6% 0.6% 41.8% 100.0%

8.5%

16.9% 7.7% 24.7% 14.4% 10.7% 25.2% 49.8% 17.1% 14.2% 4.0% 0.5% 35.8% 85.6% 12.5% 1.9% 100.0%

Total cash before fees Paid to underwriters Others Net sold by company sold by shareholders Total shares sold Option to underwriters

6'000'000

12'000'351 5'488'600 17'488'951 10'233'829 7'595'117 17'828'946 35'317'897

12'000'351 5'488'600 17'488'951 10'233'829 7'595'117 17'828'946 35'317'897 12'136'677 10'036'287 2'817'004 367'753 25'357'721 60'675'618

12'000'351 5'488'600 17'488'951 10'233'829 7'595'117 17'828'946 35'317'897 12'136'677 10'036'287 2'817'004 367'753 25'357'721 60'675'618 8'850'000 1'327'500 70'853'118

$115'050'000 Year 2011 2010 $8'053'000 Revenues $172'472'000 $144'691'000 Profit $35'558'000 $15'519'000 $106'997'000 Growth 19% 71% 10'177'500 Number of employees Avg. val. of stock per emp 10'177'500 1'327'500

Round

Date

Amount

A B C Total

? ? Sep-07

$4'214'473 $6'038'462 $24'852'576 $35'105'511

$156'004'563 $71'351'800 $227'356'363 $133'039'777 $98'736'521 $231'776'298 $459'132'661 $157'776'801 $130'471'731 $36'621'052 $4'780'789 $329'650'373 $788'783'034 $115'050'000 $17'257'500 $921'090'534

2'803'721

2009 $84'745'000 -$10'966'000 684 $443'170

# Shares

Price per share 15'609'158 $0.27 4'807'693 $1.26 4'940'870 $5.03 25'357'721

On September 20, 2007, the C ompany sold 4,791,880 shares of Series C convertible preferred stock for $24.0 million. C oncurrent with this transaction, the C ompany repurchased 126,642 shares of Series A convertible preferred stock and 1,281,740 shares of common stock from six of its founders for a total amount of $6.1 million. On May 17, 2011 and June 27, 2011, Marcus S. Ryu, our President and C hief Executive Officer, Jai Ryu, father of Marcus S. Ryu, John V. Raguin, our former C hief Executive Officer, Daniel Raguin, brother of John V. Raguin, and certain of our other stockholders sold an aggregate of 279,666 shares of common stock and 35,692 shares of Series A convertible preferred stock to entities affiliated with Bay Partners for $7.50 per share, or an aggregate purchase price of $2,365,185. Mr. Dempsey is a General Partner of Bay Partners. This transaction was approved by disinterested members of our board of directors. http://blogs.wsj.com/venturecapital/2012/01/25/guidewire-ceo-on-years-first-tech-ipo-%E2%80%9C the-stock-price-will-take-care-of-itself%E2%80%9D/

industrielles©(SRI) EPFL

Activity Town, St f= founder D= director Title fD President & C EO C hief Bus. Off. C FO SVP & C SO SVP, Med. Affairs Director

Biotech Mountain View, C A Price per share $15.0 Symbol C C XI

ChemoCentryx, Inc. Jan-12 $648'740'093

Incorporation State DE Date Nov-96 years to IPO 15.2

117

©Post Service industrielles ©(SRI) EPFL Founder's Employee PreIPO Post IPO Founder's Employee PreIPO IPO des relations Value Including Ownership Ownership Ownership Ownership Shares Shares Shares Shares Options Thomas J. Schall 100.0% 23.3% 8.7% 7.8% 3'380'833 3'380'833 3'380'833 3'380'833 $50'712'495 1'064'166 Markus J. C appel 3.8% 1.4% 1.3% 553'020 553'020 553'020 $8'295'300 478'020 Susan M. Kanaya 3.4% 1.3% 1.1% 490'794 490'794 490'794 $7'361'910 490'794 Juan C . Jaen 3.5% 1.3% 1.2% 507'394 507'394 507'394 $7'610'910 432'394 Petrus Bekker 2.6% 1.0% 0.9% 375'775 375'775 375'775 $5'636'625 313'275 Geoffrey M. Parker 0.3% 0.1% 0.1% 50'000 50'000 50'000 $750'000 50'000 David V. Goeddel 0.6% 0.2% 0.2% 90'000 90'000 90'000 $1'350'000 Regina Herzlinger 0.5% 0.2% 0.2% 67'714 67'714 67'714 $1'015'710 Name

Officers & executives 100.0% Other common Total common 48.0% Options - outstanding Options - available Options - total Total - company 23.3% Investors (GlaxoSmithKline) Investors (Techne) Investors (Orbimed Adv.) Investors (HBM Bioventures) Investors (Alta Partners) Investors (HealthC ap) Investors (others) Total- Investors Total - PreIPO 8.7% IPO Private Placemnt to GSK ($7M) and Techne ($5M) Option (underwriters) Total outstanding 7.8%

D D D D

Company IPO date FILING Market cap. URL

Board Rishi Gupta Orbimed Roger C . Lucas Techne Geoffrey M. Parker Edward E. Penhoet Alta

38.0% 10.6% 48.5% 28.7% 22.7% 51.5% 100.0%

14.3% 4.0% 18.2% 10.8% 8.5% 19.3% 37.6% 17.2% 14.3% 8.2% 6.8% 4.8% 4.7% 6.4% 62.4% 100.0%

12.8% 3.5% 16.3% 9.6% 7.6% 17.3% 33.6% 15.4% 12.8% 7.3% 6.1% 4.3% 4.2% 5.7% 55.8% 89.4% 9.2% 1.8% 1.4% 100.0%

Total cash before fees Paid to underwriters Others Net sold by company sold by shareholders Total shares sold Option to underwriters Round

Date

A B C D E Total

Jun-04 Jun-06 Aug-06 Aug-08

3'380'833

5'515'530 1'532'834 7'048'364 4'172'318 3'300'000 7'472'318 14'520'682

5'515'530 1'532'834 7'048'364 4'172'318 3'300'000 7'472'318 14'520'682 6'643'492 5'540'643 3'154'714 2'637'301 1'868'088 1'826'921 2'457'499 24'128'658 38'649'340

5'515'530 1'532'834 7'048'364 4'172'318 3'300'000 7'472'318 14'520'682 6'643'492 5'540'643 3'154'714 2'637'301 1'868'088 1'826'921 2'457'499 24'128'658 38'649'340 4'000'000 799'999 600'000 43'249'340

$60'000'000 Year 2010 2009 $6'700'000 Revenues $34'861'000 $49'744'000 Profit -$3'096'000 $15'623'000 $53'300'000 Growth -30% 107% 4'600'000 Number of employees Avg. val. of stock per emp 4'600'000 600'000 Amount $5'000'000 $61'528'000 $17'669'642 $29'840'022 $49'999'998 $164'037'661

# Shares 5'000'000 23'664'713 5'048'469 7'750'655 6'793'478 48'257'315

Price per Stock split share $1.00 2'500'000 $2.60 11'832'357 $3.50 2'524'235 $3.85 3'875'328 $7.36 3'396'739 24'128'658

$82'732'950 $22'992'510 $105'725'460 $62'584'770 $49'500'000 $112'084'770 $217'810'230 $99'652'380 $83'109'645 $47'320'710 $39'559'515 $28'021'320 $27'403'815 $36'862'478 $361'929'863 $579'740'093 $60'000'000 $11'999'985 $9'000'000 $648'740'093 2008 $24'087'000 -$18'470'000 64 $2'110'583

2'828'649

Activity Town, St f= founder D= director Title

Telecom San Mateo, C A Price per share Symbol Name

fD C hief visionary D President & C EO Gl Mgr, Serv. Pr. SVP Sales SVP Eng. Gl Mgr Enterp, C FO

Haydar Haba Frank Fawzi Shaun Andrews John Belanger Phillip Bronsdon Margaret Norton Andre Simone Lawrence Irving Raymond Smets Officers & executives Other common Total common Options - outstanding Warrant Options - available Options - total Total - company Investors (Vantage Point) Investors (Kennet) Investors (IVS) Investors (EDF Ventures) Investors (others) Total- Investors Total - PreIPO IPO Option (underwriters) Total outstanding Board William Harding Lawrence Irving Keith Olsen Javier Rojas Raymond Smets

*

VantagePoint

Kennet

Some employees sold some shares before the IPO

$15.0 PEER

Company IPO date Filing Market cap. URL

IntelePeer, Inc. May-11 $613'368'840 www.intelepeer.com

Incorporation State Date years to IPO

118

WA Jun-03 7.9

© Service relations industrielles ©(SRI) EPFL Founder's Employee PreIPO Post IPO Founder's Employee PreIPO Post IPO des Value Including Ownership Ownership Ownership Ownership Shares Shares * Shares Shares Options 100.0% 13.5% 5.2% 4.6% 1'424'785 1'975'256 1'871'994 1'871'994 $28'079'910 550'471 15.5% 5.8% 5.1% 2'278'311 2'092'779 2'092'779 $31'391'685 1'655'918 0.7% 0.3% 0.3% 109'375 107'810 107'810 $1'617'150 107'810 1.5% 0.6% 0.5% 223'009 218'321 218'321 $3'274'815 218'321 2.6% 1.1% 0.9% 388'065 388'065 388'065 $5'820'975 388'065 2.2% 0.9% 0.8% 317'006 314'268 314'268 $4'714'020 314'268 7.4% 2.9% 2.5% 1'088'077 1'040'035 1'040'035 $15'600'525 995'962 0.1% 0.03% 0.03% 12'500 12'500 12'500 $187'500 12'500 0.1% 0.03% 0.03% 12'500 12'500 12'500 $187'500 12'500 100.0% 43.7% 16.9% 14.8% 1'424'785 6'404'099 6'058'272 6'058'272 $90'874'080 4'255'815 21.7% 8.9% 7.8% 3'181'390 3'181'390 3'181'390 $47'720'850 14.9% 65.4% 25.7% 22.6% 9'585'489 9'239'662 9'239'662 $138'594'930 23.8% 9.7% 8.5% 3'492'572 3'492'572 3'492'572 $52'388'580 7.1% 2.9% 2.5% 1'037'601 1'037'601 1'037'601 $15'564'015 10.8% 4.4% 3.9% 1'589'099 1'589'099 1'589'099 $23'836'485 34.6% 14.2% 12.4% 5'081'671 5'081'671 5'081'671 $76'225'065 9.7% 100.0% 39.9% 35.0% 14'667'160 14'321'333 14'321'333 $214'819'995 21.0% 18.4% 7'524'888 7'524'888 $112'873'320 21.0% 18.4% 7'524'888 7'524'888 $112'873'320 8.0% 7.1% 2'882'909 2'882'909 $43'243'635 8.0% 7.1% 2'882'909 2'882'909 $43'243'635 2.1% 1.8% 754'329 754'329 $11'314'935 60.1% 52.7% 21'569'923 21'569'923 $323'548'845 4.0% 100.0% 87.8% 35'891'256 35'891'256 $538'368'840 12.2% 5'000'000 $75'000'000 0.0% $0 3.5% 100.0% 40'891'256 $613'368'840 Total cash before fees Paid to underwriters Others Net sold by company sold by shareholders Total shares sold Option to underwriters

$75'000'000 Year 2010 2009 Revenues $111'549'000 $76'194'000 Profit -$11'619'000 -$3'343'000 $75'000'000 Growth 46% 76% 5'000'000 Number of employees Avg. val. of stock per emp 5'000'000 -

Round

Date

Amount

A B C Total

2004? 2006? Nov-08

$517'130 $18'047'570 $18'588'251 $37'152'951

# Shares

Price per Valuation share 562'098 $0.92 12'237'300 $1.47 8'770'525 $2.12 21'569'923

2008 $43'352'000 -$5'140'000 128 $1'089'921

Activity Town, St f= founder D= director Title

Medtech & C osmetics Dublin, C alifornia Price per share $5.0 Symbol TRIA

Company IPO date FILING Market cap. URL

Tria Beauty, Inc. Jan-12 $635'812'165 www.triabeauty.com

Incorporation State C A, then DE Date Jan-03 years to IPO 9.1

119

Name

Founder's Employee PreIPO Post IPO Founder's Employee PreIPO Post IPO Value Including Ownership Ownership Ownership Ownership Shares Shares Shares Shares Options f C OO Tobin C . Island 50.1% 6.8% 1.2% 1.0% 752'500 1'302'610 1'302'610 1'302'610 $6'513'050 550'110 f Region Manager Jonathan T. Pearson 49.9% 5.3% 0.9% 0.8% 750'000 1'014'895 1'014'895 1'014'895 $5'074'475 264'895 D President & C EO Kevin J. Appelbaum 15.2% 2.6% 2.3% 2'902'758 2'902'758 2'902'758 $14'513'790 2'902'758 C FO John J. Rangel 0.1% 0.0% 0.0% 13'541 13'541 13'541 $67'705 13'541 SVP, Global Market. Danika R. Harrison 0.1% 0.0% 0.0% 12'291 12'291 12'291 $61'455 12'291 D Edward W. Unkart 0.7% 0.1% 0.1% 138'750 138'750 138'750 $693'750 138'750 D Michael J. Valentino 1.0% 0.2% 0.1% 185'000 185'000 185'000 $925'000 185'000 Officers & executives 100.0% 29.2% 5.0% 4.4% 1'502'500 5'569'845 5'569'845 5'569'845 $27'849'225 4'067'345 Other common 20.2% 3.5% 3.0% 3'857'799 3'857'799 3'857'799 $19'288'995 Total common 15.9% 49.5% 8.5% 7.4% 9'427'644 9'427'644 9'427'644 $47'138'220 Options - outstanding 50.5% 8.7% 7.6% 9'632'717 9'632'717 9'632'717 $48'163'585 Options - available 0.0% 0.0% 0.0% $0 Options - total 50.5% 8.7% 7.6% 9'632'717 9'632'717 9'632'717 $48'163'585 Total - company 7.9% 100.0% 17.2% 15.0% 19'060'361 19'060'361 19'060'361 $95'301'805 Investors (Aisling C apital) 21.0% 18.3% 23'250'354 23'250'354 $116'251'770 Investors (De Novo Ventures) 14.6% 12.7% 16'170'909 16'170'909 $80'854'545 Investors (Technology Partners) 14.6% 12.7% 16'170'909 16'170'909 $80'854'545 Investors (Vivo Ventures) 14.6% 12.7% 16'170'909 16'170'909 $80'854'545 Investors (others) 17.9% 15.6% 19'838'991 19'838'991 $99'194'955 Total- Investors 82.8% 72.0% 91'602'072 91'602'072 $458'010'360 Total - PreIPO 1.4% 100.0% 87.0% 110'662'433 110'662'433 $553'312'165 IPO 11.8% 15'000'000 $75'000'000 Option (underwriters) 1.2% 1'500'000 $7'500'000 Total outstanding 1.2% 100.0% 127'162'433 $635'812'165

© Service des relations industrielles©(SRI) EPFL

D D D D D D

Board Albert C ha Steven A. Elms James W. Glasheen David M. Mauney Edward W. Unkart Michael J. Valentino

Total cash before fees Paid to underwriters Others Net sold by company sold by shareholders Total shares sold Option to underwriters

Vivo Ventures Aisling C apital Technology Partners De Novo Ventures

led by De Novo & Technology Part.; also Aphelion, Incubic and SDL Ventures.

$75'000'000 Year 2010 Revenues $27'140'000 Profit -$11'010'000 $75'000'000 Growth 40% 16'500'000 Number of employees Avg. val. of stock per emp 16'500'000 1'500'000 Round

Date

A B C D E CC CC Total

? ? ? May-07 ? Aug-10 Feb-11

Amount $1'590'000 $5'450'000 $6'249'960 $21'582'492 $30'186'384 $20'958'804 $5'712'400 $91'730'040

# Shares 3'000'000 5'450'000 4'999'968 14'388'328 18'866'490 18'225'047 4'967'304

2009 $19'417'000 -$12'379'000 98%

2008 $9'805'000 -$25'619'000 95 $506'985

Price per share $0.53 $1.00 $1.25 $1.50 $1.60 $1.15 $1.15

In August 2010, the C ompany received $20.9 million for 18,225,047 shares of Series C C at a price of $1.15 per share. In connection with the C C funding, the Preferred holders that did not purchase at least one-half of their pro rata investment proportions had their Preferred converted into common stock on a five-to-one basis. Those that purchased at least one-half of their pro rata investment proportion, but less than their full pro rata investment proportion, had one-half of their shares of Preferred converted into common stock on a five-to-one basis, and the remaining Preferred were converted into a new class of preferred stock. Those that purchased their full pro rata investment proportion had their entire Existing Preferred holdings converted into corresponding shares of new preferred stock. New preferred stock structure

Initial

Kept as Ratio preferred

A B C D E CC CC Total

3'000'000 1'166'667 5'450'000 1'896'309 4'999'968 3'503'920 14'388'328 13'721'650 18'866'490 18'866'491

AA

1 1 1.09 1.3 1.39

BB

CC

CC-1

Preferred

1'166'667 1'896'309

1'166'667

1'896'309

3'260 7'180'431 26'249'026 18'225'047 4'967'304 56'625'068

3'805'348 10'717'373

14'522'721

74'210'765

Converted to After 5:1 common 1'833'333 3'553'691 1'496'048 666'678

366'667 710'738 299'210 133'336

7'549'750

1'509'950

Activity Town, St f= founder D= director Title f* EVP Sales & Mark. D President & C EO D Director C OO C FO C hief Architect Former C FO

Internet Buffalo, NY Price per share Symbol Name George C hamoun Ronald N. Frankel Jordan Levy Scott A. Bailey William J. Stuart Ross Winston Robert S. Rusak

$5.0 SYNC

*

Walden (& mypersonal) Seed C apital North Atlantic C apital Advantage C apital Ventures C rystal Internet Ventures

Synacor was created from the merger of C hek Inc and mypersonal.com C hamoun was a founder of C hek Other founders are not known

Synacor, Inc. Feb-12 $276'610'442 www.synacor.com

Incorporation State NY Date Jan-98 years to IPO 14.1

Founder's Employee PreIPO Post IPO Founder's Ownership Ownership Ownership Ownership Shares 6.8% 2.1% 1.9% 21.1% 6.7% 6.1% 5.6% 1.8% 1.6% 3.7% 1.2% 1.1% 1.6% 0.5% 0.5% 2.1% 0.7% 0.6% 0.8% 0.2% 0.2%

Officers & executives Other common Total common Options - outstanding Options - available Options - total Total - company Investors (Walden) Investors (C rystal Internet Ventures) Investors (Advantage C apital Ventures) Investors (Intel C apital) Investors (North Atlantic C apital) North Atlantic C apital Total- Investors Total - PreIPO IPO (New shares) Sold by existing shareholders Option (underwriters) Total outstanding Board Andrew Kau Jordan Levy Mark Morrissette Thomas W. Keaveney Joseph Tzen

Company IPO date Market cap. URL

41.6% 15.3% 56.9% 36.9% 6.2% 43.1% 100.0%

13.2% 4.9% 18.0% 11.7% 2.0% 13.6% 31.7% 18.1% 15.7% 11.0% 8.2% 5.6% 9.8% 68.3% 100.0%

11.9% 4.2% 16.1% 10.7% 1.8% 12.6% 28.7% 16.2% 14.1% 9.7% 7.4% 4.9% 8.7% 60.9% 89.6% 9.9% 2.5% 0.6% 100.0%

Total cash before fees Paid to underwriters Others Net sold by company sold by shareholders Total shares sold Option to underwriters

-

Employee PreIPO Post IPO © Service Value des relations Sold at IPO Including industrielles ©(SRI) EPFL Shares Shares Shares Options 1'089'351 1'089'351 1'059'351 $5'296'755 30'000 426'249 3'409'167 3'409'167 3'359'167 $16'795'835 50'000 2'209'167 907'161 907'161 897'484 $4'487'420 9'677 498'447 591'668 591'668 591'668 $2'958'340 591'668 259'040 259'040 259'040 $1'295'200 259'040 335'381 335'381 320'381 $1'601'905 15'000 122'190 122'190 122'190 $610'950 6'713'958 2'470'715 9'184'673 5'945'122 1'000'000 6'945'122 16'129'795

6'713'958 2'470'715 9'184'673 5'945'122 1'000'000 6'945'122 16'129'795 9'205'584 7'977'075 5'591'277 4'174'314 2'839'119 5'002'908 34'790'277 50'920'072

6'609'281 2'313'362 8'922'643 5'945'122 1'000'000 6'945'122 15'867'765 8'979'213 7'777'076 5'353'337 4'070'314 2'718'457 4'790'285 33'688'682 49'556'447 5'454'545 1'363'625 311'096 55'322'088

$27'272'725 Year 2010 2009 $2'386'360 Revenues $66'232'000 $60'798'000 Profit -$3'591'000 $304'000 $24'886'365 Growth 9% 16% 5'454'545 Number of employees 1'363'625 Avg. val. of stock per emp 6'818'170 311'096

Round

Date

Amount

A A-1 B C Total

Nov-02 ? Oct-04 Oct-06

$5'077'000 $730'000 $5'401'000 $17'224'000 $28'432'000

# Shares 16'645'524 1'711'032 8'212'500 8'221'221 34'790'277

120 as C hek Inc.

Price per share $0.31 $0.43 $0.66 $2.10

$33'046'405 $11'566'810 $44'613'215 $29'725'610 $5'000'000 $34'725'610 $79'338'825 $44'896'065 $38'885'380 $26'766'685 $20'351'570 $13'592'285 $23'951'427 $168'443'412 $247'782'237 $27'272'725 $6'818'125 $1'555'480 $276'610'442 2008 $52'571'000 -$5'764'000 260 $178'048

104'677 157'353 262'030

262'030 226'371 199'999 237'940 104'000 120'662 212'623 1'101'595 1'363'625

3'984'571

Activity Town, St f= founder D= director Title f Founders f Licensor D President & C EO C SO C OO VP Finance

Biotech Durham, NC Price per share Symbol

Company IPO date Market cap. URL

$15.0 ARGS

FILING

Argos Therapeutics Inc Feb-12 $234'454'395 www.argostherapeutics.com

Incorporation State DE Date May-97 years to IPO 14.8

121 as Dendritix, then Merix

Name

© Service industrielles ©(SRI) EPFL Founder's Employee PreIPO Post IPO Founder's Employee PreIPO Post IPOdes relations Value Including Ownership Ownership Ownership Ownership Shares Shares Shares Shares Options team of scientists 78.9% 0.032% 0.009% 0.006% 884 884 884 884 $13'260 Duke University 21.1% 0.009% 0.002% 0.002% 236 236 236 236 $3'540 Jeffrey D. Abbey 10.5% 2.8% 1.9% 290'791 290'791 290'791 $4'361'865 290'791 C harles A. Nicolette 6.6% 1.8% 1.2% 181'741 181'741 181'741 $2'726'115 181'741 Frederick M. Miesowicz 5.1% 1.4% 0.9% 140'574 140'574 140'574 $2'108'610 140'574 Lori R. Harrelson 0.8% 0.2% 0.1% 23'318 23'318 23'318 $349'770 23'318

Officers & executives Other common Total common Options - outstanding Warrant series C Options - total Total - company Investors (TVM) Investors (Lumira C apital) Investors (Intersouth Partners) Investors (Forbion) Investors (C aisse du Quebec) Investors (Aurora) Total- Investors Total - PreIPO IPO Total outstanding

100.0%

23.1% 0.0% 23.1% 24.4% 52.5% 76.9% 100.0%

0.2%

0.04%

0.01%

6.1% 0.0% 6.1% 6.5% 14.0% 20.5% 26.6% 18.6% 15.6% 12.9% 11.7% 10.1% 4.4% 73.4% 100.0%

0.01%

4.1% 0.0% 4.1% 4.3% 9.3% 13.6% 17.7% 12.3% 10.4% 8.6% 7.8% 6.7% 2.9% 48.7% 66.4% 33.6% 0.0% 100.0%

Total cash before fees Paid to underwriters Others Net sold by company sold by shareholders Total shares sold Option to underwriters

* Some preferred stocks were cancelled with new rounds and then a 1-22 stock split occured

1'120

637'544 637'544 674'289 1'451'618 2'125'907 2'763'451

637'544 637'544 674'289 1'451'618 2'125'907 2'763'451 1'928'738 1'621'671 1'339'409 1'218'628 1'049'729 458'667 7'616'842 10'380'293

637'544 637'544 674'289 1'451'618 2'125'907 2'763'451 1'928'738 1'621'671 1'339'409 1'218'628 1'049'729 458'667 7'616'842 10'380'293 5'250'000 15'630'293

$78'750'000 Year 2011 Revenues $7'642'695 Profit -$20'140'729 $78'750'000 Growth 5% 5'250'000 Number of employees Avg. val. of stock per emp 5'250'000 -

Round

Date

Amount

# Shares

A B B-1 C Total

2000-01 2001 2004 2008

$1'893'874 1'893'874 $39'620'339 22'511'556 $5'000'000 2'840'909 $35'577'839 123'099'041 $82'092'051 150'345'380

Price per Remaining share preferred * $1.00 56'395 $1.76 1'892'172 $1.76 71'386 $0.29 4'957'083 6'977'036

2010 $7'272'783 -$9'167'352 35%

$9'563'160 $0 $9'563'160 $10'114'335 $21'774'270 $31'888'605 $41'451'765 $28'931'070 $24'325'065 $20'091'135 $18'279'420 $15'745'935 $6'880'005 $114'252'630 $155'704'395 $78'750'000 $0 $234'454'395 2009 $5'367'989 -$10'586'789 57 $559'449

636'424

Activity Town, St f= founder D= director Title D President & C EO C FO SVP W. Field Ops C IO SVP Deployment SVP C orp. Strategy SVP Marketing

IT Foster C ity, C A Price per share * Symbol

$0.5 ?

Company IPO date FILING Market cap. URL

Incorporation State Date years to IPO

Name

Founder's Employee PreIPO Post IPO Founder's Ownership Ownership Ownership Ownership Shares Mark E. Woodward 11.5% 4.2% 3.5% Peter J. Maloney 3.0% 1.1% 0.9% David W. Packer 2.6% 0.9% 0.8% David P. Hale 1.1% 0.4% 0.3% Robert Schoenthaler 0.8% 0.3% 0.2% Lorenzo Martinelli Michael A. Schmitt

Officers & executives Other common Total common Options - outstanding Options - available Options - total Total - company Investors (C rosspoint) Investors (JBM) Investors (Seagate) Investors (JK&B) Investors (Invesco) Investors (B&M Ventures) Investors (others) Investors (warrant) Total- Investors Total - PreIPO IPO

Employee PreIPO Post IPO Value Including © Service des relationsOptions industrielles©(SRI) EPFL Shares Shares Shares 34'508'166 34'508'166 34'508'166 $17'254'083 1'979'166 8'957'832 8'957'832 8'957'832 $4'478'916 3'998'520 7'709'437 7'709'437 7'709'437 $3'854'719 5'709'437 3'239'722 3'239'722 3'239'722 $1'619'861 1'889'722 2'358'333 2'358'333 2'358'333 $1'179'167 1'114'583

6.9% 19.3% 26.2% 10.2%

5.7% 16.0% 21.7% 8.4%

56'773'490 159'348'752 216'122'242 83'875'530

56'773'490 159'348'752 216'122'242 83'875'530

56'773'490 159'348'752 216'122'242 83'875'530

$28'386'745 $79'674'376 $108'061'121 $41'937'765

28.0% 100.0%

10.2% 36.4% 17.8% 16.3% 11.1% 6.3% 5.7% 5.1% 0.4% 0.8% 63.6% 100.0%

8.4% 30.1% 14.7% 13.5% 9.2% 5.2% 4.7% 4.2% 0.4% 0.7% 52.6% 82.7% 17.3%

83'875'530 299'997'772

83'875'530 299'997'772 146'880'081 134'206'430 91'546'179 51'638'819 46'881'180 42'196'317 3'653'095 6'620'369 523'622'470 823'620'242

83'875'530 299'997'772 146'880'081 134'206'430 91'546'179 51'638'819 46'881'180 42'196'317 3'653'095 6'620'369 523'622'470 823'620'242 172'400'000

$41'937'765 $149'998'886 $73'440'041 $67'103'215 $45'773'090 $25'819'410 $23'440'590 $21'098'159 $1'826'548 $3'310'185 $261'811'235 $411'810'121 $86'200'000

996'020'242

$498'010'121

100.0%

C rosspoint Autodesk Invesco Achievo PWC Seagate

Total cash before fees Paid to underwriters Others Net sold by company sold by shareholders Total shares sold Option to underwriters Round

* Price per share and outstanding number of shares will change if IPO occurs through a likely stock split. e.g. the number of shares might be divided by 30 and price per share multiplied by same amount

122

DE Sep-03 8.5

18.9% 53.1% 72.0% 28.0%

Total outstanding * Board C John B. Mumford C arl Bass Johnston L. Evans Bernard F. Mathaisel Nicholas G. Moore Patrick J. O’Malley, III Stephen M. Ward, Jr.

E2open Inc Feb-12 $498'010'121 www.e2open.com

AA BB CC D Total

Date

Feb-07 May-09

$86'200'000 Year 2011 Revenues $55'523'000 Profit $6'643'000 $86'200'000 Growth 25% 172'400'000 Number of employees Avg. val. of stock per emp 172'400'000 Amount $52'212'178 $26'070'000 $32'139'490 $16'347'427 $126'769'095

# Shares 137'400'469 81'468'750 100'435'907 163'474'270 482'779'396

2010 $44'377'000 -$6'648'000 18%

2009 $37'734'000 -$19'843'000 320 $380'038

Price per share $0.38 $0.32 $0.32 $0.10

On May 29, 2009, the C ompany issued to existing holders of preferred stock 163,474,270 shares of Series D Preferred Stock at a purchase price of $0.10 in exchange for the payment of cash proceeds of $6,085,000, net of issuance costs of $12,000, and the conversion of $10,251,000 of subordinated, unsecured convertible notes (note 8), including accrued interest. As a result of the issuance of Series D preferred stock, an antidilution adjustment was made with respect to the Series BB and Series C C preferred stock. Since the $0.10 price per share of the Series D preferred stock was lower than the $0.32 price per share of the Series BB and Series C C preferred stock, the conversion price was lowered to $0.27 post Series D financing. In addition, pursuant to the special mandatory conversion section of the C ompany’s C ertificate of Incorporation (as amended in May 2009), for those stockholders not participating in the Series D issue, 26,818,031 shares of their Series AA, BB, and C C preferred stock were automatically converted into an equal number of shares of the C ompany’s common stock.

14'691'428

Activity Town, St f= founder D= director

Internet services San Francisco, C A Price per share $15.0 Symbol YELP

Title

Name

Board Max R. Levchin Fred Anderson Peter Fenton Diane Irvine Jeremy Levine Keith Rabois

C hairman Elevation Partners Benchmark Blue Nile Bessemer Square

Company IPO date Market cap. URL

Yelp Inc Mar-12 $1'123'362'405

www.yelp.com

Incorporation State Date Sep-04 years to IPO 7.5

123

Founder's Employee PreIPO Post IPO Founder's Employee PreIPO Post IPO Value Amount sold industrielles Including Options © Service des relations ©(SRI) EPFL Ownership Ownership Ownership Ownership Shares Shares Shares Shares at series E or IPO fD C o-founder & C EO Jeremy Stoppelman 20.5% 8.7% 7.9% 7'756'639 5'912'889 5'912'889 5'912'889 $88'693'335 $15'000'750 738'379 fD C o-founder and ex-C Russel TO Simmons C OO Geoff Donaker 4.8% 1.3% 1.2% 1'391'069 907'822 907'822 $13'617'330 $3'931'696 1'391'069 VP Sales “Jed” Nachman 1.5% 0.5% 0.4% 447'191 312'430 312'430 $4'686'450 $1'096'416 204'999 General C ounsel Laurence Wilson 1.1% 0.4% 0.3% 330'471 245'505 245'505 $3'682'575 $691'281 201'753 Former C FO Vlado Herman 1.1% 0.3% 0.2% 316'414 183'125 183'125 $2'746'875 $1'084'441 C FO Rob Krolik 0.5% 0.2% 0.2% 150'000 150'000 150'000 $2'250'000 150'000 Director Keith Rabois 0.4% 0.2% 0.1% 105'665 105'665 105'665 $1'584'975 The Yelp foundation 1.8% 0.8% 0.6% 520'000 520'000 470'000 $7'050'000 $750'000 Officers & executives 100.0% 31.7% 13.5% 12.2% 7'756'639 9'173'699 9'173'699 9'173'699 $137'605'485 2'686'200 Other common 25.8% 11.0% 9.9% 7'446'432 7'446'432 7'446'432 $111'696'480 Total common before options 46.7% 57.5% 24.5% 22.2% 16'620'131 16'620'131 16'620'131 $249'301'965 Options-outstanding 22.9% 9.8% 8.8% 6'617'789 6'617'789 6'617'789 $99'266'835 Options-Available 19.6% 8.4% 7.6% 5'662'857 5'662'857 5'662'857 $84'942'855 Options-Total 42.5% 18.1% 16.4% 12'280'646 12'280'646 12'280'646 $184'209'690 Total - company 26.8% 100.0% 42.7% 38.6% 28'900'777 28'900'777 28'900'777 $433'511'655 Investors (Bessemer) 17.2% 15.6% 11'664'066 11'664'066 $174'960'990 Investors (Elevation) 17.2% 15.5% 11'625'810 11'625'810 $174'387'150 Investors (Benchmark) 12.4% 11.2% 8'406'084 8'406'084 $126'091'260 Investors (Max Levchin) 10.5% 9.5% 8'991'380 7'144'090 7'144'090 $107'161'350 $15'029'556 Total- Investors 57.3% 51.9% 38'840'050 38'840'050 $582'600'750 Total - PreIPO 11.5% 100.0% 90.5% 67'740'827 67'740'827 $1'016'112'405 IPO 9.5% 7'100'000 $106'500'000 Selling shareholder 0.1% 50'000 $750'000 Total outstanding 10.4% 100.0% 74'890'827 $1'123'362'405 Total cash before fees Paid to underwriters Net sold by company sold by shareholders Total shares sold Option to underwriters Round

Date

A B C D E Total

Sep-05 Nov-05 Jul-06 Feb-08 Feb-10

Amount $1'000'000 $5'000'000 $9'999'999 $15'000'103 $25'000'001

$106'500'000 $7'455'000 $99'045'000 7'100'000 50'000 7'150'000 1'072'500

Year 2011 2010 2009 Revenues $83'285'000 $47'731'000 $25'808'000 Profit -$16'857'000 -$9'741'000 -$2'340'000 Growth 74% 85% 113% Number of employees 918 Avg. val. of stock per emp $229'808

# Shares

Price per After stock share split $0.025 10'000'000 $0.112 11'200'718 $0.310 8'072'158 $1.032 3'632'890 $2.147 2'911'039 35'816'804

40'000'000 44'802'870 32'288'630 14'531'560 11'644'155 143'267'215

Shares sold by common to Series E investors Price per share Selling Stockholder: Amount Shares Sold (after stock split) Jeremy Stoppelman $15'000'750 1'843'750 $2.03 Geoff Donaker $3'931'696 483'247 $2.03 Jed Nachman $1'096'416 134'761 $2.03 Laurence Wilson $691'281 84'966 $2.03 Max Levchin $15'029'556 1'847'290 $2.03 Vlado Herman $1'084'441 133'289 $2.03 Total $36'834'140 4'527'303 $2.03

2008 $12'139'000 -$5'839'000 852 $247'610

Activity Town, St f= founder D= director Title

Biotech Shanghai, C hina Price per share Symbol Name

fD C EO Jun Ren C OO Weiguo Huang C TO Yangbin Huang C . HR O. Lei C ao C FO C aidy Di C ai C . Strat. O. Jun Yin C . Bus. O. Feng Zhou D Director Glen Qian Sun D Director Jixian Liang f Yi Zhang Officers & executives Briture Management Other common Total common Options - outstanding Options - available Options - total Total - company Investors (Sequoia) Investors (Sansar C apital) Investors (others) Total- Investors Total - PreIPO IPO (new shares) IPO (sold by existing) Option (underwriters) Total outstanding Board Jun Ren Glen Qian Sun Jixian Liang

Sequoia C apital United Securities

Company IPO date FILING Market cap. URL

$16.0 NSB

Newsummit Biopharma Holdings LtdIncorporation Feb-12 State C hina, then C ayman Islands $462'813'776 Date Apr-01 www.newsummitbio.com years to IPO 10.8

124

© Service des relationsIncluding industrielles©(SRI) EPFL Founder's Employee PreIPO Post IPO Founder's Employee PreIPO Post IPO Value Ownership Ownership Ownership Ownership Shares Shares Shares Shares Options 100.0% 12.3% 7.3% 6.0% 1'746'880 1'746'880 1'746'880 1'746'880 $27'950'080 14.5% 8.6% 7.1% 2'060'000 2'060'000 2'060'000 $32'960'000 14.5% 8.6% 7.1% 2'060'000 2'060'000 2'060'000 $32'960'000 14.5% 8.6% 7.1% 2'060'000 2'060'000 2'060'000 $32'960'000

? 100.0%

12.3%

55.6% 9.1% 35.3% 100.0%

33.1% 5.4% 21.0% 59.6%

27.4% 4.5% 17.4% 49.3%

12.3%

100.0%

59.6% 23.4% 12.6% 4.5% 40.4% 100.0%

49.3% 19.4% 10.4% 3.7% 33.5% 82.7% 17.3%

7.3%

6.0%

? 1'746'880

7'926'880 1'296'280 5'026'400 14'249'560

14'249'560

7'926'880 1'296'280 5'026'400 14'249'560 14'249'560 5'606'650 3'004'109 1'065'542 9'676'301 23'925'861

100.0%

Total cash before fees Paid to underwriters Others Net sold by company sold by shareholders Total shares sold Option to underwriters Round

Date

C ommon A A A C onvertible Total

Jun-10 Jun-10 Nov-10 Dec-10 2011

$80'000'000 Year 2010 2009 Revenues $30'353'000 $10'323'000 Profit -$8'061'000 -$795'000 $80'000'000 Growth 194% 5'000'000 Number of employees (96 in 2005) Avg. val. of stock per emp 5'000'000 Amount

$13'000'000 $2'000'000 $5'000'000 $6'800'000 $26'800'000

# Shares 7'646'720 1'319'211 202'963 507'407

Price per share

7'926'880 1'296'280 5'026'400 14'249'560 14'249'560 5'606'650 3'004'109 1'065'542 9'676'301 23'925'861 5'000'000

$126'830'080 $20'740'480 $80'422'400 $227'992'960

28'925'861

$462'813'776

2005 $1'859'371 $623'594 269%

$227'992'960 $89'706'400 $48'065'744 $17'048'672 $154'820'816 $382'813'776 $80'000'000

2004 $503'239 $22'331 415 $193'789

Valuation

$9.85 $9.85 $9.85

9'676'301

There was a history of stock cancellation. In particular, in 2010, 5M shares (belonging to Jun Ren since 2007) were redeemed and 20.6M new ordinary shares were issued.

-

Activity Town, St f= founder D= director

Internet Guangzhou, C hina Price per share $5.0 Symbol VIPS

Title

Name

Board Bin Wu Yu Xu Xing Peng Frank Lin Xing Liu Nanyan Zheng Kathleen C hien

Angel Investor Angel Investor Angel Investor DC M Sequoia C apital C hina Independent Independent

Company IPO date Filing Market cap. URL

Vipshop Holdings Ltd Mar-12 $537'187'380 www.vipshop.com

Incorporation State Date years to IPO

C hina then C ayman Islands Aug-08 3.6

125

Founder's Employee PreIPO Post IPO Founder's Employee PreIPO Post IPO Value © Service Ownership Ownership Ownership Ownership Shares Shares Shares Shares fD C hairman & C EO Eric Ya Shen 40.0% 33.3% 21.6% 16.4% 20'000 17'622'358 17'622'358 17'622'358 $88'111'790 fD Vice-chairman Arthur Xiaobo Hong 25.0% 25.7% 16.6% 12.6% 12'500 13'563'810 13'563'810 13'563'810 $67'819'050 f Angel Investor Bin Wu 15.0% 10.5% 6.8% 5.2% 7'500 5'544'181 5'544'181 5'544'181 $27'720'905 f Angel Investo Yu Xu 10.0% 8.5% 5.5% 4.2% 5'000 4'472'155 4'472'155 4'472'155 $22'360'775 f Angel Investor Ying Peng 10.0% 8.5% 5.5% 4.2% 5'000 4'472'155 4'472'155 4'472'155 $22'360'775 C FO Donghao Yang C OO Alex Jing Jiang Vice-president Maggie Mei C huan Hung Vice-president Yizhi Tang GM Shanghai Branch Xianfeng C ai Officers & executives 100.0% 86.4% 55.9% 42.5% 50'000 45'674'659 45'674'659 45'674'659 $228'373'295 Other common Total common 100.0% 86.4% 55.9% 42.5% 45'674'659 45'674'659 45'674'659 $228'373'295 Options - outstanding 10.0% 6.5% 4.9% 5'305'888 5'305'888 5'305'888 $26'529'440 Options - available 3.5% 2.3% 1.7% 1'861'250 1'861'250 1'861'250 $9'306'250 Options - total 13.6% 8.8% 6.7% 7'167'138 7'167'138 7'167'138 $35'835'690 Total - company 86.4% 100.0% 64.7% 49.2% 52'841'797 52'841'797 52'841'797 $264'208'985 Investors (Sequoia C apital C hina) 17.6% 13.4% 14'387'453 14'387'453 $71'937'265 Investors (DC M) 17.7% 13.5% 14'502'346 14'502'346 $72'511'730 Total- Investors 35.3% 26.9% 28'889'799 28'889'799 $144'448'995 Total - PreIPO 55.9% 100.0% 76.1% 81'731'596 81'731'596 $408'657'980 IPO 20.8% 22'352'940 $111'764'700 Option (underwriters) 3.1% 3'352'940 $16'764'700 Total outstanding 42.5% 100.0% ####### $537'187'380 Total cash before fees Paid to underwriters Others Net sold by company sold by shareholders Total shares sold Option to underwriters Round

Date

A B Ordinary Total

Jan-11 Apr-11 Jun-11

Investments

$111'764'700 Year 2011 2010 Revenues $227'000'000 $32'600'000 Profit -$156'500'000 -$8'400'000 $111'764'700 Growth 596% 1064% 25'705'880 Number of employees Avg. val. of stock per emp 25'705'880 3'352'940 Amount $20'212'500 $41'241'668 $1'500'653 $62'954'821 Series A

DC M V 10'762'390 DC M Affiliates 262'610 DC M Hybrid DCM 11'025'000 Sequoia C hina II 7'700'044 Sequoia C hina Partners II 193'856 Sequoia C hina Principals II 1'293'600 Sequoia C apital HoldC o Sequoia 9'187'500 Eric Ya Shen Arthur Xiaobo Hong

# Shares

Price per After share conversion 20'212'500 $1.00 20'212'500 8'166'667 $5.05 8'677'084 297'159 $5.05 28'676'326 40'425'000

Series B 773'574 18'876 2'372'133 3'164'583

5'002'084 5'002'084 198'106 99'053

Total

After conversion

11'535'964 281'486 2'372'133 14'189'583 14'387'369 7'700'044 193'856 1'293'600 5'002'084 14'189'584 14'502'214 ordinary shares at $5.05 ordinary shares at $5.05

Elegant Motion Holdings Limited, a company wholly-owned by the Mr. Eric Ya Shen transferred 1,521,007 ordinary shares to High Vivacity Holdings Limited, a company wholly-owned by Mr. Arthur Xiaobo Hong,

2009 $2'800'000 -$1'400'000 2'934 $12'214

des relations industrielles©(SRI) EPFL

Activity Town, St f= founder D= director Title fD C hairman D President & C EO EVP C TO C FO D Director D Director D Director

eC ommerce Burlington MA Price per share Symbol

Company IPO date Market cap. URL

$16.0 DWRE

Demandware Inc Mar-12 $529'094'640 www.demandware.com

Incorporation State DE Date Feb-04 years to IPO 8.1

126

© IPO Service des relations industrielles EPFL Founder's Employee PreIPO Post IPO Founder's Employee PreIPO Post Value Including ©(SRI) Ownership Ownership Ownership Ownership Shares Shares Shares Shares Options Stephan Schambach 100.0% 18.4% 6.0% 4.8% 1'600'001 1'600'001 1'600'001 1'600'001 $25'600'016 Thomas D. Ebling 10.9% 3.5% 2.9% 944'833 944'833 944'833 $15'117'328 289'238 Jeffrey G. Barnett 5.9% 1.9% 1.6% 515'275 515'275 515'275 $8'244'400 323'767 Wayne R. Whitcomb 2.6% 0.9% 0.7% 227'773 227'773 227'773 $3'644'368 127'773 Scott J. Dussault 2.3% 0.7% 0.6% 195'830 195'830 195'830 $3'133'280 170'830 Jitendra Saxena 1.7% 0.6% 0.5% 151'738 151'738 151'738 $2'427'808 102'634 C harles F. Kane 0.7% 0.2% 0.2% 57'288 57'288 57'288 $916'608 24'552 Jill Granoff 0.2% 0.1% 0.05% 16'368 16'368 16'368 $261'888 16'368 Name

Officers & executives Other common Total common Options - outstanding Options - available Options - total Total - company Investors (North Bridge Venture Partners) Investors (General C atalyst Partners) Investors (Schambach as investor) Investors (others) Total- Investors Total - PreIPO IPO Option (underwriters) Total outstanding Board D Lawrence S. Bohn General C atalyst D Michael J. Skok North Bridge

100.0% 29.1%

18.4%

42.7% 20.6% 63.3% 34.2% 2.5% 36.7% 100.0%

6.0%

13.9% 6.7% 20.6% 11.1% 0.8% 11.9% 32.5% 26.9% 26.9% 10.5% 3.1% 67.5% 100.0%

11.2% 5.4% 16.6% 9.0% 0.7% 9.6% 26.3% 21.8% 21.8% 8.5% 2.5% 54.6% 80.9% 16.6% 2.5% 100.0%

4.8% Total cash before fees Paid to underwriters Others Net sold by company sold by shareholders Total shares sold Option to underwriters Round

Date

A B C D Total

Feb-06 Apr-08 Apr-09

3'709'106 1'792'162 5'501'268 2'969'315 220'968 3'190'283 8'691'551

3'709'106 1'792'162 5'501'268 2'969'315 220'968 3'190'283 8'691'551 7'203'867 7'203'867 2'806'550 837'580 18'051'864 26'743'415

3'709'106 1'792'162 5'501'268 2'969'315 220'968 3'190'283 8'691'551 7'203'867 7'203'867 2'806'550 837'580 18'051'864 26'743'415 5'500'000 825'000 33'068'415

$88'000'000 Year 2011 2010 $6'160'000 Revenues $56'500'000 $36'700'000 Profit -$1'400'000 $300'000 $81'840'000 Growth 54% 71% 6'325'000 Number of employees Avg. val. of stock per emp 6'325'000 825'000 Amount

# Shares

$9'513'162 $12'300'000 $21'089'993 $22'400'001 $65'303'157 A

North Bridge General C atalyst Stephan Schambach Others Total

1'600'001

9'513'162 11'165'557 16'234'236 17'242'628 54'155'583 B

1'308'332 1'308'333 447'720 106'669 3'171'054

Price per After stock share split $1.00 3'171'054 $1.10 3'721'852 $1.30 5'411'412 $1.30 5'747'543 18'051'861 C

1'301'135 1'301'135 514'402 605'180 3'721'852

D 2'232'107 2'232'107 924'104 23'094 5'411'412

2'362'291 2'362'291 920'324 102'637 5'747'543

Total 7'203'865 7'203'866 2'806'550 837'580 18'051'861

$59'345'696 $28'674'592 $88'020'288 $47'509'040 $3'535'488 $51'044'528 $139'064'816 $115'261'872 $115'261'872 $44'904'800 $13'401'280 $288'829'824 $427'894'640 $88'000'000 $13'200'000 $529'094'640 2009 $21'400'000 -$10'400'000 215 $370'787

1'055'162

Activity Town, St f= founder D= director Title fD C hairman & C EO f C TO f Other founders President & C OO C hief Legal D Director C hief People D Director C FO D Director

Internet C ambridge, MA Price per share Symbol Name Jeremy Allaire Bob Mason

$11.0 BC OV

BrightCove Inc. Feb-12 $362'300'906 www.brightcove.com

11.4%

General C atalyst Accel

Incorporation State MA, DE Date Aug-04 years to IPO 7.6

127

© Service industrielles ©(SRI) EPFL Founder's Employee PreIPO Post IPO Founder's Employee PreIPO Post IPO des relations Value Including Ownership Ownership Ownership Ownership Shares Shares Shares Shares Options 88.6% 17.3% 7.0% 5.8% 2'431'415 1'908'280 1'908'280 1'908'280 $20'991'080 311'919

David Mendels Andrew Feinberg Scott Kurnit Edward Godin Deborah Besemer C hristopher Menard Elizabeth Nelson

Officers & executives Other common Total common Options - outstanding Options - available Options - total Total - company Investors (general C atalyst) Investors (Accel) Investors (others) Total- Investors Total - PreIPO IPO Option (underwriters) Total outstanding Board D David Orfao D James Breyer

Company IPO date Market cap. URL

100.0% 45.9%

24.9%

4.3% 2.1% 1.9% 1.3% 0.8% 0.7% 0.3%

1.8% 0.9% 0.8% 0.5% 0.3% 0.3% 0.1%

1.4% 0.7% 0.6% 0.5% 0.3% 0.2% 0.1%

28.7% 25.4% 54.2% 29.3% 16.5% 45.8% 100.0%

11.7% 10.3% 22.0% 11.9% 6.7% 18.6% 40.6% 20.7% 20.7% 18.0% 59.4% 100.0%

9.6% 8.5% 18.2% 9.8% 5.5% 15.4% 33.5% 17.1% 17.1% 14.8% 49.0% 82.5% 15.2% 2.3% 100.0%

10.1%

8.3% Total cash before fees Paid to underwriters Others Net sold by company sold by shareholders Total shares sold Option to underwriters

2'743'334

476'979 236'055 210'007 148'434 87'766 72'872 31'095

476'979 236'055 210'007 148'434 87'766 72'872 31'095

476'979 236'055 210'007 148'434 87'766 72'872 31'095

$5'246'769 $2'596'605 $2'310'077 $1'632'774 $965'426 $801'592 $342'045

320'687 124'597

3'171'488 2'807'400 5'978'888 3'232'350 1'824'703 5'057'053 11'035'941

3'171'488 2'807'400 5'978'888 3'232'350 1'824'703 5'057'053 11'035'941 5'634'339 5'634'336 4'881'830 16'150'505 27'186'446

3'171'488 2'807'400 5'978'888 3'232'350 1'824'703 5'057'053 11'035'941 5'634'339 5'634'336 4'881'830 16'150'505 27'186'446 5'000'000 750'000 32'936'446

$34'886'368 $30'881'400 $65'767'768 $35'555'850 $20'071'733 $55'627'583 $121'395'351 $61'977'729 $61'977'696 $53'700'130 $177'655'555 $299'050'906 $55'000'000 $8'250'000 $362'300'906

754'356

$55'000'000 Year 2011 $3'850'000 Revenues $63'563'000 Profit -$17'635'000 $51'150'000 Growth 45% 5'750'000 Number of employees Avg. val. of stock per emp 5'750'000 750'000

Round

Date

Amount

A B C D Total

Mar-05 Nov-05 Jan-07 Mar-10

$5'375'000 $17'096'979 $59'506'912 $11'999'998 $93'978'890

# Shares 5'375'000 6'921'854 7'392'163 2'315'842 22'004'859

Price per Stock split: share 1-2.6 $1.00 $2.47 $8.05 $5.18

2010 $43'716'000 -$17'500'000 21%

2009 $36'187'000 -$2'345'000 312 $212'940

148'434 87'766 72'872

Activity Town, St f= founder D= director Title

Internet Moscow, Russia Price per share Symbol

$25.0 YNDX

Company IPO date Market cap. URL

Yandex N.V. May-11 $8'820'035'700 www.yandex.ru

Incorporation State Date years to IPO

128

The Netherlands Sep-97 13.7

Name

Founder's Employee PreIPO Post IPO Founder's Employee PreIPO Post IPO Including Sold at IPO © Value Service des relations industrielles ©(SRI) EPFL Ownership Ownership Ownership Ownership Shares Shares Shares Shares Options fD C EO Arkady Volozh 82.8% 49.5% 13.2% 11.5% 44'572'300 44'572'300 44'572'300 40'520'273 $1'013'006'825 4'052'027 fD C TO Ilya Segalovich 17.2% 10.3% 2.7% 2.4% 9'234'000 9'234'000 9'234'000 8'415'818 $210'395'450 818'182 C hairman Alfred Fenaughty 1.6% 0.4% 0.4% 1'400'000 1'400'000 1'400'000 $35'000'000 C FO Alexander Shulgin 0.1% 0.03% 0.02% 87'500 87'500 87'500 $2'187'500 87'500 D Director Alexander Voloshin 0.0% 0.01% 0.01% 21'875 21'875 21'875 $546'875 21'875 D Director Esther Dyson 0.2% 0.1% 0.05% 172'620 172'620 160'238 $4'005'950 12'382 Dmitry Ivanov 0.3% 0.1% 0.02% 256'818 256'818 75'000 $1'875'000 181'818 Alexei Tretyakov 0.4% 0.1% 0.01% 382'386 382'386 18'750 $468'750 363'636 Mikhail Fadeev 0.1% 0.02% 0.02% 74'432 74'432 56'250 $1'406'250 18'182 Alexey Mazurov 0.2% 0.1% 0.02% 220'455 220'455 75'000 $1'875'000 145'455 Officers & executives 100.0% 62.7% 16.7% 14.4% 53'806'300 56'422'386 56'422'386 50'830'704 $1'270'767'600 109'375 5'591'682 Total common Options - outstanding Options - available Options - total Total - company Tiger Global Holding C oöperatief Baring Vostok Private Equity Funds D C harles Ryan Ben C ole D John Boyton Other investors Other shares (not only investors) Total- Investors & other shares Total - PreIPO IPO Sold by existing Total outstanding

95.4%

59.8%

62.7% 19.5% 17.8% 37.3% 100.0%

15.9%

16.7% 5.2% 4.7% 10.0% 26.7% 18.5% 20.4% 2.3% 1.9% 1.1% 8.5% 20.7% 73.3% 100.0%

15.3%

14.4% 5.0% 4.5% 9.5% 23.9% 15.5% 19.5% 2.2% 1.2% 0.9% 6.7% 15.3% 61.3% 85.2% 4.4% 10.4% 100.0%

Total cash before fees Paid to underwriters Others Net sold by company sold by shareholders Total shares sold Option to underwriters Round A Total

Date Apr-00

56'422'386 17'570'907 16'015'003 33'585'910 90'008'296

56'422'386 17'570'907 16'015'003 33'585'910 90'008'296 62'291'254 68'663'039 7'914'987 6'543'334 3'580'137 28'695'751 69'704'630 247'393'132 337'401'428

50'830'704 17'570'907 16'015'003 33'585'910 84'416'614 54'806'534 68'663'039 7'914'987 4'163'939 3'347'285 23'478'342 53'836'600 216'210'726 300'627'340 15'400'000 36'774'088 352'801'428

$385'000'000 Year (M RUR) 2010 2009 $19'250'000 Revenues * 12'500р. 8'729р. Profit 3'817р. 2'010р. $365'750'000 Growth 43% 14% 52'174'088 Number of employees Avg. val. of stock per emp 52'174'088 5'217'405 * 1$ is 28 RUR so revs in 2010 were $437M Amount $5'300'000 $5'300'000

$1'270'767'600 $439'272'675 $400'375'075 $839'647'750 $2'110'415'350 $1'370'163'350 $1'716'575'975 $197'874'675 $104'098'475 $83'682'125 $586'958'550 $1'345'915'000 $5'405'268'150 $7'515'683'500 $385'000'000 $919'352'200 $8'820'035'700 2008 7'649р. 2'432р. 2677 $313'653

7'484'720

2'379'395 232'852 5'217'409 15'868'030 36'774'088

Activity Town, St f= founder D= director Title fD f D

D D

Solar Energy Petaluma, C a Price per share Symbol

$6.0 ENPH

Company IPO date Market cap. URL

Enphase Energy Inc. Apr-12 $301'229'790 www.enphase.com

Incorporation State DE Date Mar-06 years to IPO 6.1

129

Name

Founder's Employee PreIPO Post IPO Founder's Employee PreIPO Post IPO Value Including Bought at IPO © Service des relations industrielles ©(SRI) EPFL Ownership Ownership Ownership Ownership Shares Shares Shares Shares Options VP Products Raghuveer R. Belur 48.0% 8.9% 2.5% 2.0% 382'271 1'001'926 1'001'926 1'001'926 $6'011'556 619'655 C TO Martin Fornage 52.0% 3.7% 1.0% 0.8% 414'414 414'414 414'414 414'414 $2'486'484 President & C EO Paul B. Nahi 10.4% 2.9% 2.3% 1'166'674 1'166'674 1'166'674 $7'000'044 951'393 C FO Sanjeev Kumar 1.5% 0.4% 0.3% 168'734 168'734 168'734 $1'012'404 168'734 VP Worlwide Sales Jeff Loebbaka 1.0% 0.3% 0.2% 117'004 117'004 117'004 $702'024 117'004 VP Operations Greg Steele 1.4% 0.4% 0.3% 159'863 159'863 159'863 $959'178 99'731 VP Engineering Dennis Hollenbeck 0.6% 0.2% 0.1% 70'541 70'541 70'541 $423'246 70'541 Director Steven J. Gomo 0.1% 0.02% 0.02% 8'948 8'948 8'948 $53'688 8'948 Director C hong Sup Park 0.1% 0.02% 0.01% 6'883 6'883 6'883 $41'298 6'883 Officers & executives 100.0% 27.6% 7.8% 6.2% 796'685 3'114'987 3'114'987 3'114'987 $18'689'922 2'042'889 Other common 5.6% 1.6% 1.2% 625'960 625'960 625'960 $3'755'760 Total common 21.3% 33.2% 9.4% 7.5% 3'740'947 3'740'947 3'740'947 $22'445'682 Options - outstanding 37.4% 10.6% 8.4% 4'212'978 4'212'978 4'212'978 $25'277'868 Options - available 29.4% 8.3% 6.6% 3'312'774 3'312'774 3'312'774 $19'876'644 Options - total 66.8% 18.9% 15.0% 7'525'752 7'525'752 7'525'752 $45'154'512 Total - company 7.1% 100.0% 28.2% 22.4% 11'266'699 11'266'699 11'266'699 $67'600'194 Investors (Thiurd Point) 14.2% 12.8% 5'654'397 6'418'286 $38'509'716 763'889 Investors (RockPOrt) 11.8% 9.5% 4'717'239 4'758'905 $28'553'430 41'666 Investors (Madrone) 11.0% 10.2% 4'374'398 5'138'287 $30'829'722 763'889 Investors (Kleiner Perkins - KPC B) 10.1% 9.6% 4'033'590 4'797'479 $28'784'874 763'889 Investors (Applied Ventures) 4.6% 3.7% 1'837'433 1'837'433 $11'024'598 Investors (Bay Partners) 4.2% 3.6% 1'655'828 1'822'495 $10'934'970 166'667 Investors (others) 7.3% 5.8% 2'898'033 2'898'033 $17'388'198 Investors (others) 8.7% 6.9% 3'452'197 3'452'197 $20'713'182 Total- Investors 71.8% 62.0% 28'623'115 31'123'115 $186'738'690 2'500'000 Total - PreIPO 3.6% 100.0% 84.4% 39'889'814 42'389'814 $254'338'884 IPO 12.9% 6'469'697 $53'818'182 Option (underwriters) 2.7% 1'345'454 $8'072'724 Total outstanding 2.8% 100.0% 50'204'965 $301'229'790 Board Neal Dempsey Bay Partners Steven J. Gomo Benjamin Kortlang Kleiner Perkins Jameson J. McJunkin Madrone C hong Sup Park Robert Schwartz Third Point Stoddard M. WilsonRockPort

Total cash before fees Paid to underwriters Others Net sold by company sold by shareholders Total shares sold Option to underwriters

$53'818'182 Year 2011 $2'717'273 Revenues $149'523'000 Profit -$32'290'000 $51'100'909 Growth 142% 7'815'151 Number of employees Avg. val. of stock per emp 7'815'151 1'345'454

Round

Date

Amount

A B B C D E Total

Jun-06 Mar-07 Jan-08 Apr-08 Jun-09 May-10

$600'066 $5'657'450 $749'932 $14'999'907 $24'329'994 $45'877'420 $92'214'769

# Shares 206'492 940'557 124'677 1'285'890 11'401'122 7'430'745 21'389'483

2010 $61'661'000 -$21'777'000 205%

Price per Conversion Total Shares share Price * $2.91 $2.37 253'192 $6.02 $3.17 1'785'248 $6.02 $3.17 236'646 $11.67 $4.64 3'232'739 $2.13 $2.13 11'401'122 $6.17 $6.17 7'430'745 24'339'692

2009 $20'194'000 -$16'925'000 313 $156'263

831'373 25'171'065

Activity Town, St founder = director Title

Web 2.0 San Francisco Price per share

Name

C EO & co-founder Kevin Systrom C TO & co-founder Mike Krieger Founders

$100.0

Company M&A date Market cap. URL

Instagran, Inc. Apr 2012 $1'000'000'033 www.instagr.am

50.0%

50.0%

Total common 100.0% Options - outstanding (to 13 employees)

88.2% 11.8%

50.0% 6.7%

11.8% 100.0%

6.7% 56.7% 10.0% 23.3% 10.0% 43.3% 100.0%

Board Matt C ohler Steve Anderson

88.2%

50.0% 50.0%

Benchmark Baseline

130

© Service des relations industrielles©(SRI) EPFL

88.2%

Total outstanding

CA Feb. 2010 2.0

Founder's Employee PreIPO Post IPO Founder's Employee PreIPO Post IPO Value Ownership Ownership Ownership Ownership Shares Shares Shares Shares 80.0% 70.6% 40.0% 40.0% 4'000'000 4'000'000 4'000'000 4'000'000 $400'000'000 20.0% 17.6% 10.0% 10.0% 1'000'000 1'000'000 1'000'000 1'000'000 $100'000'000 100.0%

Options - total Total - company Investors (Seed) Investors (series A) Investors (series B) Total- Investors Total - Pre M&A

Incorporation State Date years to M&A

5'000'000

5'000'000

5'000'000

5'000'000

$500'000'000

50.0% 6.7%

5'000'000 666'667

5'000'000 666'667

5'000'000 666'667

$500'000'000 $66'666'700

6.7% 56.7% 10.0% 23.3% 10.0% 43.3% 100.0%

666'667 5'666'667

666'667 5'666'667 1'000'000 2'333'333 1'000'000 4'333'333 10'000'000

666'667 5'666'667 1'000'000 2'333'333 1'000'000 4'333'333 10'000'000

$66'666'700 $566'666'700 $100'000'000 $233'333'333 $100'000'000 $433'333'333 $1'000'000'033

10'000'000

$1'000'000'033

100.0% Year Dec 2010 Feb 2011 Users 1'000'000 2'000'000 Growth 100% 113% Number of employees Avg. val. of stock per emp

May 2011 October 2011March 2012 4'250'000 12'000'000 27'000'000 182% 125% 13 $5'128'208

Round

# Shares

Baseline Ventures and Andreessen Horowitz Seed Benchmark and Bas A Sequoia, Thrive, Greylock, Benchmark, Baseline B Total

Date

Amount

March 2010 $500'000 Feb. 2011 $7'000'000 April 2012 $50'000'000 $57'500'000

Price per Valuation share 1'000'000 $0.50 $5'000'000 2'333'333 $3.00 $30'000'000 1'000'000 $50.00 $500'000'000 4'333'333

Activity Town, St f= founder D= director Title fD f f* D

Networks security Santa C lara, C a Price per share $14.0 Symbol ? Name

C TO Nir Zuk VP Engineering Rajiv Batra C hief Architect Yuming Mao * C hairman, Pdt & C EO Mark McLaughlin C hief Marketing Off. René Bonvanie VP Worldw. Sales Lawrence J. Link Director Shlomo Kramer Director & investor Asheem C handna Former C EO Lane Bess Former C FO Michael E. Lehman Officers & executives Other common Total common Options - outstanding Options - available Options - total Total - company Investors (Greylock) Investors (Sequoia) Investors (Globespan) Investors (others) Total- Investors Total - PreIPO IPO Option (underwriters) Total outstanding

Palo Alto Networks, Inc. Apr-12 $1'253'000'000 www.paloaltonetworks.com

Incorporation State Date years to IPO

131

CA Mar-05 7.1

Founder's Employee PreIPO Post IPO Founder's Employee PreIPO Post IPO Including ©(SRI) © ServiceValue des relations industrielles EPFL Ownership Ownership Ownership Ownership Shares Shares Shares Shares Options 63.5% 10.7% 5.0% 4.3% 3'826'535 3'826'535 3'826'535 3'826'535 $53'571'490 36.5% 6.2% 2.9% 2.5% 2'202'216 2'202'216 2'202'216 2'202'216 $30'831'024

Board Asheem C handna Greylock James J. Goetz Sequoia * No info on Yuming Mao's shares…

Greylock & Sequoia Globespan Lehman, Jafco & Northgate

Company IPO date Filing Market cap. URL

100.0% 26.0%

16.9%

6.0% 1.5% 2.4% 2.8% 0.9% 5.7% 1.7% 37.8% 27.2% 65.0% 29.0% 6.0% 35.0% 100.0%

7.8%

2.8% 0.7% 1.1% 1.3% 0.4% 2.6% 0.8% 17.5% 12.6% 30.1% 13.5% 2.8% 16.2% 46.4% 17.9% 17.9% 6.4% 11.4% 53.6% 100.0%

6.7%

2.4% 0.6% 1.0% 1.1% 0.3% 2.3% 0.7% 15.1% 10.8% 25.9% 11.6% 2.4% 14.0% 39.9% 15.4% 15.4% 5.5% 9.8% 46.2% 86.0% 14.0%

6'028'751

2'155'984 518'000 874'364 997'524 307'050 2'021'000 600'000 13'502'673 9'700'641 23'203'314 10'366'679 2'125'236 12'491'915 35'695'229

2'155'984 518'000 874'364 997'524 307'050 2'021'000 600'000 13'502'673 9'700'641 23'203'314 10'366'679 2'125'236 12'491'915 35'695'229 13'786'763 13'786'763 4'917'543 8'813'702 41'304'771 77'000'000

100.0% Total cash before fees Paid to underwriters Others Net sold by company sold by shareholders Total shares sold Option to underwriters

$175'000'000 Year 2011 Revenues $118'597'000 Profit -$12'528'000 Growth 143% 12'500'000 Number of employees Avg. val. of stock per emp 12'500'000

Round

Date

Amount

# Shares

Price per After warrant share exercise 18'816'000 $0.50 19'013'000 9'507'000 $1.97 9'531'000 12'760'771 $2.87 12'760'771 41'083'771 41'304'771

A B C Total

January 06 $9'408'000 June 07 $18'728'790 Aug-Nov. 08$36'623'413 $64'760'203

Greylock Sequoia Globespan Others Total

Series A Seires B Series C Total 9'506'500 1'989'695 2'290'568 13'786'763 9'506'500 1'989'695 2'290'568 13'786'763 4'100'530 817'013 4'917'543 1'451'080 7'362'622 8'813'702 19'013'000 9'531'000 12'760'771 41'304'771

2'155'984 518'000 874'364 997'524 307'050 2'021'000 600'000 13'502'673 9'700'641 23'203'314 10'366'679 2'125'236 12'491'915 35'695'229 13'786'763 13'786'763 4'917'543 8'813'702 41'304'771 77'000'000 12'500'000

$30'183'776 $7'252'000 $12'241'096 $13'965'336 $4'298'700 $28'294'000 $8'400'000 $189'037'422 $135'808'974 $324'846'396 $145'133'506 $29'753'304 $174'886'810 $499'733'206 $193'014'682 $193'014'682 $68'845'602 $123'391'828 $578'266'794 $1'078'000'000 $175'000'000

89'500'000

$1'253'000'000

2010 $48'782'000 -$21'133'000 265%

2009 $13'352'000 -$19'005'000 589 $527'497

2'155'984 8'000 175'000

600'000 2'938'984

Activity Town, St f= founder D= director Title

Data Management San Francisco, C A Price per share $17.0 Symbol SPLK

Company IPO date Market cap. URL

Splunk Inc. Apr-12 $2'278'882'929 www.splunk.com

Incorporation State Date years to IPO

132

C A then DE Oct-03 8.6

Name

Founder's Employee PreIPO Post IPO Founder's Employee PreIPO Post IPO © Service Value des relations Including Sold©(SRI) atEPFL IPO industrielles Ownership Ownership Ownership Ownership Shares Shares Shares Shares Options fD C TO Erik Swan 53.2% 7.8% 4.1% 3.5% 3'500'000 4'924'416 4'924'416 4'724'416 $80'315'072 1'424'416 200'000 f C hief Architect Rob Das 46.8% 5.0% 2.6% 2.2% 3'083'249 3'108'249 3'108'249 2'958'249 $50'290'233 25'000 150'000 f Former C EO Michael Baum ? D President & C EO Godfrey Sullivan 11.1% 5.8% 5.1% 6'947'455 6'947'455 6'847'455 $116'406'735 4'162'323 100'000 C FO David C onte 1.4% 0.8% 0.7% 897'961 897'961 897'961 $15'265'337 727'893 SVP Field Ops Thomas E. Schodorf 1.0% 0.5% 0.5% 603'319 603'319 603'319 $10'256'423 136'233 SVP, General C ounsel Leonard R. Stein 0.7% 0.3% 0.3% 409'816 409'816 409'816 $6'966'872 299'816 Director Graham V. Smith 0.2% 0.1% 0.1% 150'000 150'000 150'000 $2'550'000 Director Scott Thompson 0.2% 0.1% 0.1% 150'000 150'000 150'000 $2'550'000 150'000 Officers & executives 100.0% 27.4% 14.4% 12.5% 6'583'249 17'191'216 17'191'216 16'741'216 $284'600'672 6'925'681 450'000 Other common 22.3% 11.7% 10.1% 14'017'030 14'017'030 13'474'308 $229'063'236 542'722 Total common 21.1% 49.7% 26.1% 22.5% 31'208'246 31'208'246 30'215'524 $513'663'908 992'722 Options - outstanding 28.3% 14.9% 13.3% 17'793'109 17'793'109 17'793'109 $302'482'853 Warrant 0.7% 0.4% 0.4% 469'557 469'557 469'557 $7'982'469 Options - available 21.2% 11.1% 9.9% 13'315'989 13'315'989 13'315'989 $226'371'813 Options - total 50.3% 26.4% 23.6% 31'578'655 31'578'655 31'578'655 $536'837'135 Total - company 10.5% 100.0% 52.5% 46.1% 62'786'901 62'786'901 61'794'179 $1'050'501'043 Investors (August C apital) 13.7% 12.3% 16'428'500 16'428'500 $279'284'500 Investors (Sevin Rosen) 13.7% 12.3% 16'431'632 16'431'632 $279'337'744 Investors (JK&B C apital) 11.8% 10.5% 14'128'032 14'128'032 $240'176'544 Investors (Ignition) 8.2% 7.3% 9'744'594 9'744'594 $165'658'098 Total- Investors 47.5% 42.3% 56'732'758 56'732'758 $964'456'886 Total - PreIPO 5.5% 100.0% 88.4% 119'519'659 118'526'937 $2'014'957'929 IPO 9.3% 12'507'278 $212'623'726 Selling shareholders 0.7% 992'722 $16'876'274 Option (underwriters) 1.5% 2'025'000 $34'425'000 Total outstanding 4.9% 100.0% 134'051'937 $2'278'882'929 Board John G. C onnors Ignition David M. Hornik August Thomas M. Neustaetter JK&B Graham V. Smith salesforce.com Nicholas G. Sturialeformer Sevin Rosen Scott Thompson Yahoo

August C apital JK&B C apital Sevin Rosen, Ignition

Total cash before fees Paid to underwriters Others Net sold by company sold by shareholders Total shares sold Option to underwriters

$212'623'726 Year 2012 $14'883'661 Revenues $120'960'000 Profit -$10'992'000 $197'740'065 Growth 83% 14'532'278 Number of employees 992'722 Avg. val. of stock per emp 15'525'000 2'025'000

Round

Date

Amount

A B C Total

Dec-04 Jan-06 Sep-07

$5'100'000 $9'999'996 $24'999'989 $40'099'985

# Shares

Price per Approx. share Valuation 20'400'000 $0.25 $7'600'000 20'304'560 $0.49 $24'971'996 16'025'634 $1.56 $104'099'103 56'730'194

2011 $66'245'000 -$3'806'000 89%

2010 $35'000'000 -$7'451'000 463 $1'148'048

Activity Town, St f= founder

Biotech New haven, C T Price per share

D= director Title D President & C EO C FO f C SO C hief medical Former C EO fD

$1.4

Company IPO date FILING Market cap.

Rib-X Pharmaceuticals, Inc. Nov-11 $479'198'978

Incorporation State DE Date Oct-00

Symbol

RIBX

URL

www.rib-x.com

years to IPO

Name

©Post Service industrielles ©(SRI) EPFL Founder's Employee PreIPO Post IPO Founder's Employee PreIPO IPO des relations Value Including Ownership Ownership Ownership Ownership Shares Shares Shares Shares Options 8.5% 2.0% 1.6% 5'557'998 5'557'998 5'557'998 $7'781'197 5'557'998 2.9% 0.7% 0.6% 1'898'628 1'898'628 1'898'628 $2'658'079 1'315'811 2.1% 0.5% 0.4% 318'750 1'374'992 1'374'992 1'374'992 $1'924'989 886'906 3.8% 0.9% 0.7% 2'480'899 2'480'899 2'480'899 $3'473'259 1'898'002 2.5% 0.6% 0.5% 1'633'579 1'633'579 1'633'579 $2'287'011 24'237 0.9% 0.2% 0.2% 598'434 598'434 598'434 $837'808 286'857 1.5% 0.4% 0.3% 582'815 990'315 990'315 990'315 $1'386'441 407'500

Mark Leuchtenberger Robert C onerly Erin Duffy * Scott Hopkins Susan Froshauer C . Boyd C larke Harry H. Penner

Officers & executives Other common Total common Options - outstanding Warrant Options - total Total - company Investors (Warburg Pincus) Investors (Saints C apital) Investors (Oxford Bioscience) Investors (Medimmune) Investors (others) Total- Investors Total - PreIPO IPO

22.1% 9.3% 31.4% 20.1% 48.5%

5.3% 2.2% 7.5% 8.6% 11.5%

4.2% 1.8% 6.0% 6.9% 9.3%

68.6% 100.0%

20.1% 27.6% 38.1% 18.0% 10.8% 4.6% 0.9% 72.4% 100.0%

16.2% 22.2% 30.7% 14.5% 8.7% 3.7% 0.7% 58.4% 80.6% 19.4%

Total outstanding Board George M. Milne C . Boyd C larke C ecilia Gonzalo Jonathan S. Leff

901'565

Warburg Pincus Warburg Pincus

Total cash before fees Paid to underwriters Others Net sold by company sold by shareholders Total shares sold Option to underwriters Series

* jointly owned with prof. Jorgensen Founding team includes Harry H. Penner Thomas A. Steitz Professor, Yale Harry F. Noller Professor, UC Santa C ruz Peter B. Moore Professor, Yale William Jorgensen Professor, Yale John N. Abelson Professor, C altech

A-1 A-1 (A) A-L B B-1 C C -1 Total

Date

11.2

14'534'845 6'094'995 20'629'840 13'223'559 31'825'796

14'534'845 6'094'995 20'629'840 23'600'870 31'825'796

14'534'845 6'094'995 20'629'840 23'600'870 31'825'796

$20'348'783 $8'532'993 $28'881'776 $33'041'218 $44'556'114

45'049'355 65'679'195

55'426'666 76'056'506 105'232'281 49'763'980 29'685'576 12'645'958 2'472'112 199'799'907 275'856'413

55'426'666 76'056'506 105'232'281 49'763'980 29'685'576 12'645'958 2'472'112 199'799'907 275'856'413 66'428'571

$77'597'332 $106'479'108 $147'325'193 $69'669'572 $41'559'806 $17'704'341 $3'460'957 $279'719'870 $386'198'978 $93'000'000

342'284'984

$479'198'978

100.0%

Radius Ventures

$93'000'000 Year 2011 2010 Revenues $2'705'000 $0 Profit -$53'461'000 -$26'755'000 $93'000'000 66'428'571 Number of employees Avg. val. of stock per emp 66'428'571 Amount

# Shares

$2'110'277 3'635'482 $4'923'981 8'482'793 $2'256'742 3'887'804 $43'278'073 70'230'451 $19'947'927 32'370'940 $32'411'215 52'724'761 $17'499'785 28'467'676 $122'428'000 199'799'907

133

Price per After share conversion $0.58 641 $0.58 1'496 $0.58 686 $0.62 12'385 $0.62 5'708 $0.61 9'298 $0.61 5'020 35'234

2009 $0 -$28'204'000 43 $966'842

10'377'311

Activity Town, St f= founder D= director Title

Biotech C ambridge, MA Price per share Symbol

$7.0 MAC K

Company IPO date Market cap. URL

Merrimack Pharmaceuticals Mar-12 $831'435'549 www.merrimackpharma.com

Name

Founder's Employee PreIPO Post IPO Founder's Ownership Ownership Ownership Ownership Shares D President & C EO Robert J. Mulroy 7.5% 2.7% 2.4% SVP & C SO Ulrik B. Nielsen 3.5% 1.3% 1.1% SVP Manufacturing Fazal R. Khan 2.0% 0.7% 0.6% EVP Dev. C let M. Niyikiza 0.7% 0.3% 0.2% C FO William A. Sullivan 0.7% 0.3% 0.2% Director James van B. Dresser 0.9% 0.3% 0.3% Director Gordon J. Fehr 1.0% 0.4% 0.3% Director Anthony J. Sinskey 1.5% 0.6% 0.5% Director Michael E. Porter 1.0% 0.4% 0.3% Officers & executives 18.9% 6.9% 6.1% Other common 26.4% 9.7% 8.5% Total common 45.4% 16.6% 14.6% Options - outstanding 31.6% 11.6% 10.2% Warrant 7.7% 2.8% 2.5% Options - available 15.3% 5.6% 4.9% Options - total 54.6% 20.0% 17.6% Total - company 100.0% 36.6% 32.2% Investors (Fidelity Investments() 5.3% 4.7% Investors (C redit Suisse First Boston) 4.6% 4.1% Investors (Fred Alger Management) 4.2% 3.7% Investors (TPG-Axon Partners) 4.0% 3.5% Investors (Others) 45.4% 39.9% Total- Investors 63.4% 55.8% Total - PreIPO 100.0% 88.0% IPO 12.0% Total outstanding Board Gary L. C rocker James van B. Dresser Gordon J. Fehr Robert C . Gay Walter M. Lovenberg Sarah E. Nash Michael E. Porter Anthony J. Sinskey

Incorporation State MA Date Nov-93 years to IPO 18.4

Employee PreIPO IPO des relations Value industrielles Including © Post Service ©(SRI) EPFL Shares Shares Shares Options 2'864'151 2'864'151 2'864'151 $20'049'057 2'258'332 1'351'459 1'351'459 1'351'459 $9'460'213 1'104'016 766'666 766'666 766'666 $5'366'662 766'666 279'164 279'164 279'164 $1'954'148 279'164 276'499 276'499 276'499 $1'935'493 276'499 351'974 351'974 351'974 $2'463'818 248'462 381'715 381'715 381'715 $2'672'005 218'462 592'376 592'376 592'376 $4'146'632 218'462 374'114 374'114 374'114 $2'618'798 133'749 7'238'118 7'238'118 7'238'118 $50'666'826 5'503'812 10'106'419 10'106'419 10'106'419 $70'744'933 17'344'537 17'344'537 17'344'537 $121'411'759 12'094'735 12'094'735 12'094'735 $84'663'145 2'933'239 2'933'239 2'933'239 $20'532'673 5'848'467 5'848'467 5'848'467 $40'939'269 20'876'441 20'876'441 20'876'441 $146'135'087 38'220'978 38'220'978 38'220'978 $267'546'846 5'524'135 5'524'135 $38'668'945 4'818'562 4'818'562 $33'729'934 4'349'368 4'349'368 $30'445'576 4'183'005 4'183'005 $29'281'035 47'380'459 47'380'459 $331'663'213 66'255'529 66'255'529 $463'788'703 104'476'507 104'476'507 $731'335'549 14'300'000 $100'100'000

100.0%

C hairman BC G McGill Univ.

Harvard Uni. MIT

Total cash before fees Paid to underwriters Others Net sold by company sold by shareholders Total shares sold Option to underwriters

$100'100'000 Year 2011 $7'007'000 Revenues $34'215'000 Profit -$79'676'000 $93'093'000 Growth 69% 14'300'000 Number of employees Avg. val. of stock per emp 14'300'000 -

Round

Amount

B C D E G H Total

$17'043'171 $27'261'112 $28'302'068 $67'459'014 $60'057'575 $77'000'000 $277'122'940

# Shares 3'873'448 14'423'869 8'086'305 14'990'892 11'775'995 11'000'000 64'150'509

134

Price per After share conversion $4.40 5978468 $1.89 14'423'869 $3.50 8'086'305 $4.50 14'990'892 $5.10 11'775'995 $7.00 11'000'000 66255529

118'776'507

$831'435'549

2010 $20'305'000 -$50'159'000 845%

2009 $2'148'000 -$49'073'000 218 $994'862

Activity Town, St f= founder D= director Title fD President & C EO EVP, C FO D Director D C hairman

Biotech C hapel Hill, NC Price per share Symbol

$6.0 C EMP

Cempra, Inc. Feb-12 $133'184'424 www.cempra.com

Incorporation State DE Date Jan-06 years to IPO 6.1

135

Name

©Post Service ©(SRI) EPFL Founder's Employee PreIPO Post IPO Founder's Employee PreIPO IPO des relations Value industrielles Including Ownership Ownership Ownership Ownership Shares Shares Shares Shares Options Prabhavathi Fernandes 100.0% 13.7% 2.7% 1.6% 203'684 344'425 344'425 344'425 $2'066'550 140'741 Mark W. Hahn 1.4% 0.3% 0.2% 34'479 34'479 34'479 $206'874 34'479 John H. Johnson 0.7% 0.1% 0.1% 16'738 16'738 16'738 $100'428 16'738 Garheng Kong 0.4% 0.1% 0.0% 8'995 8'995 8'995 $53'970 8'995

Officers & executives Other common Total common Options - outstanding Options - available Options - total Total - company Investors (I. Wistar Morris) Investors (Intersouth) Investors (Aisling) Investors (Quaker) Investors (Blackboard) Investors (Devon Park) Total- Investors Total - PreIPO IPO Option (underwriters) Total outstanding Board I. Wistar Morris, III Richard Kent Dov Goldstein P. Sherrill Neff

Company IPO date Market cap. URL

Intersouth Aisling Quaker

100.0% 44.9%

8.1%

16.2% 1.9% 18.1% 21.0% 60.9% 81.9% 100.0%

1.6%

3.2% 0.4% 3.6% 4.2% 12.2% 16.4% 20.0% 17.5% 17.0% 16.9% 16.8% 6.2% 5.5% 80.0% 100.0%

0.9%

1.8% 0.2% 2.0% 2.4% 6.9% 9.2% 11.3% 9.9% 9.6% 9.5% 9.5% 3.5% 3.1% 45.2% 56.5% 37.8% 5.7% 100.0%

Total cash before fees Paid to underwriters Others Net sold by company sold by shareholders Total shares sold Option to underwriters

203'684

404'637 48'647 453'284 525'762 1'526'316 2'052'078 2'505'362

$50'400'000 Year 2010 $3'528'000 Revenues $0 Profit -$19'675'000 $46'872'000 Growth 9'660'000 Number of employees Avg. val. of stock per emp 9'660'000 1'260'000

Round

Date

Amount

A B C Total

2006 2007 2009

$22'500'000 $10'000'000 $46'000'000 $78'500'000

2'291'965 809'717 4'489'375 7'591'057

$9.82 $12.35 $10.25

A 536'028 648'515 648'515 – – – 458'907 2'291'965

B 136'146 164'716 164'716 – 242'915 – 101'224 809'717

C 833'810 663'647 653'887 1'454'167 283'026 478'216 122'622 4'489'375

I. Wistar Morris Intersouth Partners Aisling C apital Quaker Bioventures Blackboard Ventures Devon Park Others Total

404'637 48'647 453'284 525'762 1'526'316 2'052'078 2'505'362 2'200'202 2'134'115 2'118'615 2'110'796 774'159 694'155 10'032'042 12'537'404

# Shares

Price per share

Total 1'505'984 1'476'878 1'467'118 1'454'167 525'941 478'216 682'753 7'591'057

404'637 48'647 453'284 525'762 1'526'316 2'052'078 2'505'362 2'200'202 2'134'115 2'118'615 2'110'796 774'159 694'155 10'032'042 12'537'404 8'400'000 1'260'000 22'197'404

$2'427'822 $291'882 $2'719'704 $3'154'572 $9'157'896 $12'312'468 $15'032'172 $13'201'212 $12'804'690 $12'711'690 $12'664'776 $4'644'954 $4'164'930 $60'192'252 $75'224'424 $50'400'000 $7'560'000 $133'184'424

2009 $0 -$18'612'000

2008 $0 -$14'902'000 15 $840'290

200'953

Activity Town, St f= founder D= director

Biotech C ambridge, MA Price per share Symbol

Title

Name

Board Richard Aldrich John K. C larke Ansbert Gadicke Stephen Kraus Henri Termeer

Longwood Fund C ardinal Partners MPM Group Bessemer ex - Genzyme

$10.0 VSTM

Company IPO date Market cap. URL

Verastem, Inc. Jan-12 $219'943'070 www.verastem.com

Incorporation State Date years to IPO

136

DE Aug-10 1.5

Founder's Employee PreIPO Post IPO Founder's Employee PreIPO Post IPO Value Including©(SRI) © Service des relations industrielles EPFL Ownership Ownership Ownership Ownership Shares Shares Shares Shares Options fD President & C EO C hristoph Westphal 75.9% 16.0% 4.0% 2.9% 628'571 628'571 628'571 628'571 $6'285'710 C OO Robert Forrester 3.3% 0.8% 0.6% 128'000 128'000 128'000 $1'280'000 VP, Head Research Jonathan Pachter 2.1% 0.5% 0.4% 81'336 81'336 81'336 $813'360 81'336 Former C OO Satish Jindal 4.9% 1.2% 0.9% 190'662 190'662 190'662 $1'906'620 VP Finance Paul Brannelly 0.5% 0.1% 0.1% 18'570 18'570 18'570 $185'700 18'570 Other common including founding team 24.1% 5.1% 1.3% 0.9% 200'000 200'000 200'000 200'000 $2'000'004 Officers & executives 100.0% 31.7% 8.0% 5.7% 828'571 1'247'139 1'247'139 1'247'139 $12'471'394 99'906 Other common (including founding team) 44.4% 11.1% 7.9% 1'746'183 1'746'183 1'746'183 $17'461'826 Total common 27.7% 76.2% 19.1% 13.6% 2'993'322 2'993'322 2'993'322 $29'933'220 Options - outstanding 7.8% 1.9% 1.4% 305'235 305'235 305'235 $3'052'350 Options - available 16.0% 4.0% 2.9% 630'000 630'000 630'000 $6'300'000 Options - total 23.8% 6.0% 4.3% 935'235 935'235 935'235 $9'352'350 Total - company 21.1% 100.0% 25.1% 17.9% 3'928'557 3'928'557 3'928'557 $39'285'570 Investors (Longwood Fund) 14.5% 10.3% 2'269'841 2'269'841 $22'698'411 Investors (MPM) 12.3% 8.8% 1'933'333 1'933'333 $19'333'331 Investors (C HP) 12.7% 9.0% 1'984'127 1'984'127 $19'841'269 Investors (Bessemer) 12.1% 8.6% 1'895'238 1'895'238 $18'952'380 Investors (Eastern) 7.3% 5.2% 1'142'857 1'142'857 $11'428'571 Investors (ATV) 4.7% 3.4% 742'857 742'857 $7'428'571 Investors (others) 11.3% 8.1% 1'772'497 1'772'497 $17'724'966 Total- Investors 74.9% 53.4% 11'740'750 11'740'750 $117'407'500 Total - PreIPO 5.3% 100.0% 71.2% 15'669'307 15'669'307 $156'693'070 IPO 25.0% 5'500'000 $55'000'000 Option (underwriters) 3.8% 825'000 $8'250'000 Total outstanding 3.8% 100.0% 21'994'307 $219'943'070

scientific co-founders, Robert Weinberg, Ph.D., Eric Lander, Ph.D., and Piyush Gupta, Ph.D.,

Total cash before fees Paid to underwriters Others Net sold by company sold by shareholders Total shares sold Option to underwriters Round

Date

A B C Total

Nov-10 Jul-11 Nov-11

$55'000'000 Year $3'850'000 Revenues Profit $51'150'000 Growth 6'325'000 Number of employees Avg. val. of stock per emp 6'325'000 825'000 Amount $16'000'000 $32'050'000 $20'402'156 $68'452'156

9m-2001 $0 -$7'696'000

# Shares

Price per After conversion share 16'000'000 $1.00 4'571'424 16'025'000 $2.00 4'578'567 9'067'625 $2.25 2'590'803 41'092'625 11'740'794

Series A Series B Series C Total After conversion Bessemer 4'000'000 2'500'000 133'333 6'633'333 1'895'238 C HP 4'000'000 2'500'000 444'444 6'944'444 1'984'127 Longwood 4'000'000 3'500'000 444'444 7'944'444 2'269'841 MPM 4'000'000 2'500'000 266'666 6'766'666 1'933'333 ATV 2'500'000 100'000 2'600'000 742'857 Eastern C apital 4'000'000 4'000'000 1'142'857 Others 2'525'000 3'678'738 6'203'738 1'772'497 Total 16'000'000 16'025'000 9'067'625 41'092'625 11'740'750

4m-2010 $0 -$786'000 18 $1'489'676

Activity Town, St f= founder D= director

Biotech Northbrook, IL Price per share Symbol

Title

Name

President & C EO EVP & C FO EVP & C MO Director SVP Sales

Timothy Walbert Robert De Vaere Jeffrey Sherman Jeffrey W. Bird Michael Adatto

$9.0 HZNP

Sutter Hill TVM Scale Venture Atlas Venture Essex Woodlands NGN Biomed

Horizon Pharmaceuticals Jul-11 $217'642'779 www.horizonpharma.com

Founder's Employee PreIPO Post IPO Founder's Ownership Ownership Ownership Ownership Shares 3.6% 1.1% 0.8% 1.4% 0.4% 0.3% 1.4% 0.4% 0.3% 0.6% 0.2% 0.1% 0.1% 0.02% 0.02%

Officers & executives Other common (possibly including investors) Total common Options - outstanding Options - available Options - total Total - company Investors (Atlas Venture) Investors (Essex Woodlands) Investors (Scale) Investors (NGN) Investors (Sutter Hill) Investors (The Global Life Science Fund) Investors (FHVF) Investors (TVM) Investors (others) Total- Investors Total - PreIPO IPO Option (underwriters) Total outstanding Board Jeffrey Bird Hubert Birner Louis C . Bock J.-F. Formela Jeff Himawan Peter Johann

Company IPO date Market cap. URL

7.0% 27.5% 34.5% 18.3% 47.2% 65.5% 100.0%

2.1% 8.2% 10.3% 5.5% 14.1% 19.5% 29.8% 13.9% 11.4% 10.9% 7.8% 4.8% 6.1% 5.9% 4.5% 4.8% 70.2% 100.0%

1.5% 6.1% 7.6% 4.0% 10.4% 14.4% 22.0% 10.3% 8.4% 8.1% 5.8% 3.5% 4.5% 4.3% 3.4% 3.5% 51.8% 73.8% 22.7% 3.4% 100.0%

Total cash before fees Paid to underwriters Others Net sold by company sold by shareholders Total shares sold Option to underwriters Old series New series A A B A C A D A B Total

-

Incorporation State Date years to IPO

© Service des relations industrielles ©(SRI) EPFL Employee PreIPO Post IPO Value Including Shares Shares Shares Options 192'875 192'875 192'875 $1'735'875 192'875 72'792 72'792 72'792 $655'128 72'792 72'792 72'792 72'792 $655'128 72'792 32'349 32'349 32'349 $291'141 3'686 3'686 3'686 $33'174 3'686 374'494 1'463'929 1'838'423 975'389 2'512'046 3'487'435 5'325'858

374'494 1'463'929 1'838'423 975'389 2'512'046 3'487'435 5'325'858 2'490'037 2'033'990 1'950'685 1'400'559 852'771 1'089'887 1'049'048 811'035 853'661 12'531'673 17'857'531

$49'500'000 Year 2010 $3'465'000 Revenues $2'376'000 Profit -$27'065'000 $46'035'000 Growth 6'325'000 Number of employees Avg. val. of stock per emp 6'325'000 825'000 Date Oct-05 Nov-06 Nov-07 Dec-09 Apr-10

Amount $6'049'999 $14'999'996 $30'000'019 $25'894'083 $19'999'999 $96'944'096

137

DE Apr-02 9.3

# Shares 1'192'118 1'482'213 2'109'706 4'978'674 2'510'040 12'272'751

374'494 1'463'929 1'838'423 975'389 2'512'046 3'487'435 5'325'858 2'490'037 2'033'990 1'950'685 1'400'559 852'771 1'089'887 1'049'048 811'035 853'661 12'531'673 17'857'531 5'500'000 825'000 24'182'531

$3'370'446 $13'175'361 $16'545'807 $8'778'501 $22'608'414 $31'386'915 $47'932'722 $22'410'333 $18'305'910 $17'556'165 $12'605'031 $7'674'939 $9'808'983 $9'441'432 $7'299'315 $7'682'949 $112'785'057 $160'717'779 $49'500'000 $7'425'000 $217'642'779

2009 $0 -$20'500'000

2008 $0 -$27'899'000

Price per Valuation share $5.08 $10.12 $14.22 $5.20 $7.97

39 $562'920

342'145

Activity Town, St f= founder D= director Title

Biotech San Francisco, C A Price per share Symbol Name

D C EO Donald J. Santel C FO Jeffrey S. Farrow SVP, C MO Bruce F. Scharschmidt SVP, regulatory Klara A. Dickinson SVP, C orp Dev C hristine A. Nash D Director Gaurav Aggarwal D Director David W. Gryska D Director Bo Jesper Hansen D Director Robert Hopfner D Director Jake R. Nunn D Director Bijan Salehizadeh D Director Lota S. Zoth Officers & executives Other common Total common Options - outstanding Options - available Options - total Total - company Investors (Bay C ity) Investors (Highland) Investors (Panorama) Investors (NEA) Investors (Sofinnova Venture) Investors (Ucyclyd Pharma) Investors (others) Total- Investors Total - PreIPO IPO

$5.0 HPTX

Company IPO date Filing Market cap. URL

Founder's Employee PreIPO Post IPO Founder's Ownership Ownership Ownership Ownership Shares 42.3% 7.1% 5.8% 7.2% 1.2% 1.0% 7.6% 1.3% 1.0% 7.3% 1.2% 1.0% 6.3% 1.1% 0.9% 0.8% 0.1% 0.1% 0.8% 0.1% 0.1% 0.8% 0.1% 0.1% 0.8% 0.1% 0.1% 0.8% 0.1% 0.1% 0.8% 0.1% 0.1% 0.8% 0.1% 0.1% 76.6% 12.9% 10.5% 76.6% 16.1% 7.3% 23.4% 100.0%

12.9% 2.7% 1.2% 3.9% 16.8% 14.8% 15.5% 9.9% 18.0% 18.0% 4.6% 2.4% 83.2% 100.0%

Total outstanding Board D James I. Healy Gaurav Aggarwal David W. Gryska Bo Jesper Hansen Robert Hopfner Jake R. Nunn Bijan Salehizadeh Lota S. Zoth

Hyperion Therapeutics Inc Apr-12 $314'133'205 www.hyperiontx.com

10.5% 2.2% 1.0% 3.2% 13.8% 12.1% 12.7% 8.1% 14.7% 14.7% 3.8% 2.0% 67.9% 81.7% 18.3%

Incorporation State DE Date Nov-06 years to IPO 5.5

© Service industrielles ©(SRI) EPFL Employee PreIPO Post IPO des relations Value Including Shares Shares Shares Options 3'659'713 3'659'713 3'659'713 $18'298'565 3'597'809 623'893 623'893 623'893 $3'119'465 623'893 658'107 658'107 658'107 $3'290'535 428'107 628'104 628'104 628'104 $3'140'520 626'376 542'474 542'474 542'474 $2'712'370 541'870 72'200 72'200 72'200 $361'000 72'200 72'200 72'200 72'200 $361'000 72'200 72'200 72'200 72'200 $361'000 72'200 72'200 72'200 72'200 $361'000 72'200 72'200 72'200 72'200 $361'000 72'200 72'200 72'200 72'200 $361'000 72'200 72'541 72'541 72'541 $362'705 72'541 6'618'032 6'618'032 6'618'032 $33'090'160 6'323'796 6'618'032 1'394'741 631'904 2'026'645 8'644'677

6'618'032 1'394'741 631'904 2'026'645 8'644'677 7'594'937 7'965'476 5'063'292 9'219'827 9'219'827 2'380'333 1'238'272 42'681'964 51'326'641

100.0%

Soffinova Panorama C elgene Swedish Orphan Biovitrum Bay C ity NEA Navimed Medimmune

Total cash before fees Paid to underwriters Others Net sold by company sold by shareholders Total shares sold Option to underwriters

$57'500'000 Year 2011 $4'025'000 Revenues $0 Profit -$29'416'000 $53'475'000 Growth 11'500'000 Number of employees Avg. val. of stock per emp 11'500'000 -

Round

Date

Amount

A B C -1 C -2 Total

Dec-06 2007 Jun-09 Apr-10

$2'000'000 $20'000'000 $15'491'533 $44'868'808 $82'360'341

# Shares 2'000'000 11'471'597 11'647'769 28'397'980 53'517'346

138

Price per Conversion share $1.00 1'600'000 $1.74 9'177'278 $1.33 9'318'215 $1.58 22'718'384 42'813'877

6'618'032 1'394'741 631'904 2'026'645 8'644'677 7'594'937 7'965'476 5'063'292 9'219'827 9'219'827 2'380'333 1'238'272 42'681'964 51'326'641 11'500'000

$33'090'160 $6'973'705 $3'159'520 $10'133'225 $43'223'385 $37'974'685 $39'827'380 $25'316'460 $46'099'135 $46'099'135 $11'901'665 $6'191'360 $213'409'820 $256'633'205 $57'500'000

62'826'641

$314'133'205

2010 $0 -$25'453'000

2009 $0 -$13'600'000 14 $723'802

Activity Town, St f= founder D= director Title fD President & C EO SVP IP, C SO VP Bus. Dev. SVP, C MO Former C FO Director Director

Biotech Rockville, MD Price per share Symbol

$5.0 SUPN

Supernus Pharmaceuticals, Inc. May-12 $141'124'995 www.supernus.com

Incorporation State DE Date Mar-05 years to IPO 7.1

139

© Service des relations industrielles ©(SRI) EPFL Founder's Employee PreIPO Post IPO Founder's Employee PreIPO Post IPO Value Including Ownership Ownership Ownership Ownership Shares Shares Shares Shares Options Jack A. Khattar 100.0% 45.8% 9.8% 5.4% 1'522'058 1'522'058 1'522'058 1'522'058 $7'610'290 Padmanabh P. Bhatt 2.3% 0.5% 0.3% 76'125 76'125 76'125 $380'625 76'125 Jones W. Bryan 2.3% 0.5% 0.3% 76'125 76'125 76'125 $380'625 10'625 Paolo Baroldi 1.6% 0.3% 0.2% 53'437 53'437 53'437 $267'185 53'437 Russell P. Wilson 0.4% 0.1% 0.1% 14'375 14'375 14'375 $71'875 William A. Nuerge 0.3% 0.06% 0.03% 8'750 8'750 8'750 $43'750 Frederick M. Hudson 0.1% 0.01% 0.01% 2'188 2'188 2'188 $10'940 2'188 Name

Officers & executives Other common Total common Options - outstanding Warrant Options - available Options - total Total - company Investors (NEA) Investors (Orbimed) Investors (Abingworth Bioventure) Investors (Shire /license agreement) Total- Investors Total - PreIPO IPO Option (underwriters) Total outstanding Board NEA NEA Abingworth Orbimed

Company IPO date Market cap. URL

M. James Barrett C harles W. Newhall, III Michael Bigham Michael B. Sheffery

100.0% 84.3%

45.8%

52.7% 1.6% 54.3% 13.7% 17.3% 14.7% 45.7% 100.0%

9.8%

11.3% 0.3% 11.6% 2.9% 3.7% 3.1% 9.8% 21.3% 40.1% 16.1% 16.1% 6.4% 78.7% 100.0%

5.4%

6.2% 0.2% 6.4% 1.6% 2.0% 1.7% 5.4% 11.8% 22.1% 8.9% 8.9% 3.5% 43.4% 55.2% 39.0% 5.8% 100.0%

Total cash before fees Paid to underwriters Others Net sold by company sold by shareholders Total shares sold Option to underwriters

1'522'058

1'753'058 51'638 1'804'696 455'734 575'000 489'571 1'520'305 3'325'001

1'753'058 51'638 1'804'696 455'734 575'000 489'571 1'520'305 3'325'001 6'250'000 2'499'998 2'500'000 1'000'000 12'249'998 15'574'999

$55'000'000 Year 2011 Revenues $803'000 Profit -$23'225'000 $55'000'000 Growth 658% 12'650'000 Number of employees Avg. val. of stock per emp 12'650'000 1'650'000

Round

Date

Amount

A Total

2005-06

$45'000'000 $45'000'000

# Shares

Price per Afer share conversion 45'000'000 $1.00 11'250'000 45'000'000

1'753'058 51'638 1'804'696 455'734 575'000 489'571 1'520'305 3'325'001 6'250'000 2'499'998 2'500'000 1'000'000 12'249'998 15'574'999 11'000'000 1'650'000 28'224'999 2010 $106'000 -$39'075'000 -100%

$8'765'290 $258'190 $9'023'480 $2'278'670 $2'875'000 $2'447'855 $7'601'525 $16'625'005 $31'250'000 $12'499'990 $12'500'000 $5'000'000 $61'249'990 $77'874'995 $55'000'000 $8'250'000 $141'124'995 2009 $37'925'000 $4'138'000 71 $110'700

142'375

Activity Town, St f= founder D= director Title

fD President & C EO C MO VP Ops VP R&D Director

Biotech New York, NY Price per share Symbol Name Ivan Bergstein Eric K. Rowinsky Kenneth Hoberman Thomas P. C irrito Ron Bentsur

Officers & executives Other common Total common Options - outstanding Options - available Options - total Total - company Investors (Madoff Family) Investors (Neuberger Berman Athyrium) Investors (others) Total- Investors Total - PreIPO IPO Total outstanding Board Ron Bentsur J. Kevin Buchi Kenneth Zuerblis

$50.0 STML

Company IPO date Filing Market cap. URL

Stemline Therapeutics Apr-12 $207'513'100

Incorporation State DE Date Aug-03 years to IPO 8.7

www.stemline.com

140

© Service des relations industrielles©(SRI) EPFL

Founder's Employee PreIPO Post IPO Founder's Employee PreIPO Post IPO Value Including Ownership Ownership Ownership Ownership Shares Shares Shares Shares Options 100.0% 46.2% 32.8% 24.9% 1'000'000 1'034'726 1'034'726 1'034'726 $51'736'300 30'225 1.1% 0.8% 0.6% 25'000 25'000 25'000 $1'250'000 25'000

0.8%

0.6%

0.4%

100.0%

48.1%

34.2%

26.0%

92.8%

48.1% 42.7% 9.2% 51.9% 100.0%

34.2% 30.3% 6.5% 36.9% 71.1% 9.1% 7.2% 12.7% 28.9% 100.0%

26.0% 23.0% 5.0% 28.0% 53.9% 6.9% 5.5% 9.6% 22.0% 75.9% 24.1%

44.7%

31.7%

24.1%

1'000'000

17'536

17'536

17'536

$876'800

15'736

1'077'262

1'077'262

1'077'262

$53'863'100

70'961

1'077'262 955'537 205'769 1'161'306 2'238'568

1'077'262 955'537 205'769 1'161'306 2'238'568 285'108 227'759 398'827 911'694 3'150'262

1'077'262 955'537 205'769 1'161'306 2'238'568 285'108 227'759 398'827 911'694 3'150'262 1'000'000

$53'863'100 $47'776'850 $10'288'450 $58'065'300 $111'928'400 $14'255'400 $11'387'950

100.0% Total cash before fees Paid to underwriters Others Net sold by company sold by shareholders Total shares sold Option to underwriters

4'150'262 $50'000'000 Year $3'500'000 Revenues

2011 $0

$46'500'000 1'000'000 Number of employees Avg. val. of stock per emp 1'000'000 -

Round

Date

Amount

A Total

Oct-07

$12'225'014 $12'225'014

2010 $0

$45'584'700 $157'513'100 $50'000'000 $0 $207'513'100 2009 $0

7 $8'295'043

# Shares

Price per Valuation share 445'518 $27.44 445'518

On March 16, 2010, we entered into a note purchase agreement pursuant to which we redeemed from funds affiliated with Pequot C apital Management, Inc., or the Pequot Funds, all of the shares of our Series A Preferred Stock held by them, which represented all of our issued and outstanding shares of Series A Preferred Stock, in exchange for (i) an aggregate cash payment of $750,000, (ii) 227,759 shares of our common stock and (iii) 2.45% senior unsecured convertible notes in the aggregate principal amount of $1,250,000. Pursuant to the note purchase agreement, the Pequot Funds immediately transferred such shares of common stock and the notes to Neuberger Berman Athyrium LLC , a fund affiliated with Neuberger Berman Group LLC , which presently holds such shares and notes.

Activity Town, St f= founder D= director

Biotech Waltham, MA Price per share Symbol

Title

Name

C EO President & C FO EVP & C FO

Leon O. Moulder, Jr. Mary Lynne Hedley Richard Rodgers

Officers & executives Other common Total common Options - outstanding Options - available Options - total Total - company Investors (NEA) Investors (Interwest) Investors (Kleiner Perkins) Investors (others) Total- Investors Total - PreIPO IPO Total outstanding Board David M. Mott Lawrence M. Alleva Arnold L. Oronsky Beth Seidenberg Paul Walker

Company IPO date Filing Market cap. URL

$2.5 TSRO

Tesaro, Inc. Mar-12 $239'923'153 www.tesarobio.com

141

DE Mar-10 2.1

© Service des relations EPFL Founder's Employee PreIPO Post IPO Founder's Employee PreIPO Post IPO Value industrielles©(SRI) Ownership Ownership Ownership Ownership Shares Shares Shares Shares 45.6% 36.6% 4.7% 3.6% 1'987'500 3'487'500 3'487'500 3'487'500 $8'718'750 39.5% 20.7% 2.7% 2.1% 1'722'500 1'972'500 1'972'500 1'972'500 $4'931'250 14.9% 9.4% 1.2% 0.9% 650'000 900'000 900'000 900'000 $2'250'000 100.0% 68.0%

45.7%

66.7% 0.5% 67.2% 32.8%

8.6% 0.1% 8.7% 4.2%

6.6% 0.1% 6.7% 3.3%

32.8% 100.0%

4.2% 12.9% 49.2% 12.4% 9.3% 16.2% 87.1% 100.0%

3.3% 9.9% 37.9% 9.6% 7.2% 12.5% 67.1% 77.1% 22.9%

5.9%

4.5%

NEA ex-PWC Interwest Kleiner Perkins NEA

Incorporation State Date years to IPO

4'360'000

6'360'000 50'000 6'410'000 3'127'500

6'360'000 50'000 6'410'000 3'127'500

6'360'000 50'000 6'410'000 3'127'500

$15'900'000 $125'000 $16'025'000 $7'818'750

3'127'500 9'537'500

3'127'500 9'537'500 36'383'505 9'195'402 6'896'551 11'956'303 64'431'761 73'969'261

3'127'500 9'537'500 36'383'505 9'195'402 6'896'551 11'956'303 64'431'761 73'969'261 22'000'000

$7'818'750 $23'843'750 $90'958'763 $22'988'505 $17'241'378 $29'890'758 $161'079'403 $184'923'153 $55'000'000

95'969'261

$239'923'153

100.0% Total cash before fees Paid to underwriters Others Net sold by company sold by shareholders Total shares sold Option to underwriters Round A-1 A-2 B B Total

Date May-10 Feb-11 Jun-11 Mar-12

Leon O. Moulder, Jr. Mary Lynne Hedley Richard Rodgers NEA Interwest Kleiner Perkins Others Total

$55'000'000 Year 2011 $3'850'000 Revenues $0 Profit -$16'398'000 $51'150'000 Growth 22'000'000 Number of employees Avg. val. of stock per emp 22'000'000 -

2010 $0 -$8'975'000

Amount # Shares Price per share $10'000'000 10'000'000 $1.00 $9'995'000 9'995'000 $1.00 $42'526'294 19'552'319 $2.18 $58'473'661 26'884'442 $2.18 $120'994'955 66'431'761 A-1 A-2 B-1 B-2 Total 1'500'000 1'500'000 250'000 250'000 250'000 250'000 8'000'000 9'995'000 7'741'199 10'647'306 36'383'505 3'871'748 5'323'654 9'195'402 2'903'811 3'992'740 6'896'551 5'035'561 6'920'742 11'956'303 10'000'000 9'995'000 19'552'319 26'884'442 66'431'761

18 $441'319

Activity Town, St f= founder D= director Title D C EO C OO C MO Director

Biotech Morristown, NJ Price per share Symbol

$2.0 DRTX

Company IPO date Filing Market cap. URL

Durata Therapeutics Inc Mar-12 $270'395'872 www.duratatherapeutics.com

Name

Founder's Employee PreIPO Post IPO Founder's Ownership Ownership Ownership Ownership Shares Paul R. Edick 15.6% 2.5% 1.7% C orey N. Fishman 5.8% 0.9% 0.6% Michael W. Dunne 9.0% 1.5% 1.0% George F. Horner III 0.8% 0.1% 0.1%

Officers & executives Other common Total common Options - outstanding Options - available Options - total Total - company Investors (Domain Associates) Investors (New Leaf Ventures) Investors (Aisling C apital) Investors (Sofinnova Venture) Investors (C anaan) Investors (others) Total- Investors Total - PreIPO IPO

31.3% 0.5% 31.8% 58.7% 9.5% 68.2% 100.0%

5.1% 0.1% 5.2% 9.5% 1.5% 11.1% 16.3% 19.5% 19.5% 17.5% 14.6% 11.7% 1.0% 83.7% 100.0%

Total outstanding Board Ronald M. Hunt New Leaf Nicole Vitullo Domain Partners Dov A. Goldstein Aisling James I. Healy Sofinnova Brenton K. Ahrens C anaan George F. Horner III

3.5% 0.1% 3.5% 6.5% 1.1% 7.6% 11.1% 13.3% 13.3% 12.0% 10.0% 8.0% 0.7% 57.1% 68.2% 31.8%

-

Incorporation State DE Date nov-09 years to IPO 2.4

© Service industrielles ©(SRI) EPFL Employee PreIPO Post IPO des relations Value Including Shares Shares Shares Options 2'344'588 2'344'588 2'344'588 $4'689'176 2'187'500 872'239 872'239 872'239 $1'744'478 692'708 1'355'389 1'355'389 1'355'389 $2'710'778 1'265'625 125'000 125'000 125'000 $250'000 125'000 4'697'216 73'617 4'770'833 8'804'167 1'425'000 10'229'167 15'000'000

4'697'216 73'617 4'770'833 8'804'167 1'425'000 10'229'167 15'000'000 17'953'008 17'953'008 16'157'707 13'464'758 10'771'804 897'651 77'197'936 92'197'936

100.0% Total cash before fees Paid to underwriters Others Net sold by company sold by shareholders Total shares sold Option to underwriters

$86'000'000 Year 2011 $6'020'000 Revenues $0 Profit -$33'033'000 $79'980'000 Growth 43'000'000 Number of employees Avg. val. of stock per emp 43'000'000 -

Round

Date

Amount

A A Total

Dec09-Aug-11 $55'197'936 Mar-12 $22'000'000 $77'197'936

# Shares

142

Price per Valuation share 55'197'936 $1.00 22'000'000 $1.00 77'197'936

4'697'216 73'617 4'770'833 8'804'167 1'425'000 10'229'167 15'000'000 17'953'008 17'953'008 16'157'707 13'464'758 10'771'804 897'651 77'197'936 92'197'936 43'000'000

$9'394'432 $147'234 $9'541'666 $17'608'334 $2'850'000 $20'458'334 $30'000'000 $35'906'016 $35'906'016 $32'315'414 $26'929'516 $21'543'608 $1'795'302 $154'395'872 $184'395'872 $86'000'000

135'197'936

$270'395'872

2010 $0 -$11'014'000

2009 $0 -$714'000 17 $1'044'445

4'270'833

Activity Town, St f= founder D= director Title

f f f

Semiconductor Aix en Provence, France Price per share Symbol

€ 8.3 INSD.PA

Company IPO date Market cap. URL

INSIDE Secure SA Feb-12 € 267'988'358 www.insidesecure.com

Founder's Employee PreIPO Post IPO Founder's Ownership Ownership Ownership Ownership Shares Président Rémy de Tonnac 14.6% 0.4% 2.1% Directeur Général Pascal Didier 4.0% 0.1% 0.7% C FO Richard Vacher Detournière 3.9% 0.1% 0.8% EVP Mobile NFC C harles Stanley Walton 0.3% 0.01% 0.9% EVP Digital Secur. C hristian Fleutelot 0.2% Director Glenn C ollinson 3.7% 0.1% 0.2% Director Patrick Schwager Jones 0.1% Director Ronald Black 0.1% co-founder / ex-ceo Jacek Kowalski EVP US Ops Didier Serra EVP Innovation Bruno C harrat Officers & executives #DIV/0! 26.6% 0.7% 5.0% Other common 28.0% 0.8% 4.9% Total common 0.0% 54.6% 1.5% 9.9% Options - outstanding 45.4% 1.2% 0.9% Options available Options - total 45.4% 1.2% 0.9% Total - company 0.0% 100.0% 2.7% 10.8% Investors (Sofinnova) 20.0% 14.1% Investors (GIMV) 18.1% 12.7% Investors (Granite) 9.5% 6.7% Investors (Vertex) 10.6% 7.4% Investors (Qualcomm) 4.8% 3.4% Investors (Visa) 3.8% 2.6% Investors (Nokia) 3.3% 2.4% Investors (Motorola) 1.5% 1.1% Investors (Alta Berkeley) 1.2% 0.9% Investors (others) 24.5% 17.9% Total- Investors 97.3% 69.2% Total - PreIPO 0.0% 100.0% 80.0% IPO 16.2% Option (underwriters) 3.9% Total outstanding 0.0% 100.0% Board Mobiwire ex-Gemplus C SR Sofinnova GIMV Vertex FSI

Name

Ronald Black Patrick Schwager Jones Glenn C ollinson Jean Schmitt Alex Brabers Kheng Nam Lee Thierry Sommelet

Total cash before fees Paid to underwriters Others Net sold by company sold by shareholders Total shares sold Option to underwriters

Investors

Round

Date

Amount

Alta Berkeley & BAs GIMV, 3i, EVP Siparex, Vertex Sofinnova, Visa Granite, EuroUS Nokia, Samsung Motorola, HID Existing

1st 2nd 3rd A B C C D Total

1996 1997 2001 2005 2006 2007 2008 2010

€ 5'000'000 € 5'000'000 € 10'000'000 € 9'000'000 € 19'000'000 € 25'000'002 € 6'677'393 € 49'475'000 € 129'152'395

Incorporation State Date years to IPO

143 Dec-94 17.2

Employee PreIPO Post IPO Value © Service des relations Shares Shares Shares 90'220 90'220 681'056 € 5'652'765 24'697 24'697 214'197 € 1'777'835 24'281 24'281 274'445 € 2'277'894 2'127 2'127 277'759 € 2'305'400 72'000 € 597'600 22'775 22'775 55'575 € 461'273 26'404 € 219'153 16'824 € 139'639

164'100 172'848 336'948 280'000

164'100 172'848 336'948 280'000

1'618'260 1'591'384 3'209'644 280'000

€ 13'431'558 € 13'208'487 € 26'640'045 € 2'324'000

280'000 616'948

280'000 616'948 4'556'200 4'115'545 2'150'252 2'397'810 1'081'972 853'621 759'838 348'172 278'152 5'569'008 22'110'570 22'727'518

280'000 3'489'644 4'556'200 4'115'545 2'150'252 2'397'810 1'081'972 853'621 759'838 348'172 278'152 5'789'344 22'330'906 25'820'550 5'220'218 1'246'986 32'287'754

€ 2'324'000 28'964'045 37'816'460 34'159'024 17'847'092 19'901'823 € 8'980'368 € 7'085'054 € 6'306'655 € 2'889'828 € 2'308'662 € 48'051'555 € 185'346'520 € 214'310'565 € 43'327'809 € 10'349'984 € 267'988'358

€ 79'349'959 Year 2011 2010 € 5'554'497 Revenues € 151'468'000 € 58'715'200 Profit -€ 14'622'000 -€ 3'750'000 € 73'795'462 Growth 158% 129% 6'467'204 Number of employees Avg. val. of stock per emp 6'467'204 1'246'986 # Shares

? ? ? 570'706 698'085 621'736 166'073 2'620'947 4'677'547

Price per share

€ € € € €

? ? ? 15.77 27.22 40.21 40.21 18.88

After stock split

2'438'504 2'792'340 2'486'944 664'292 10'427'952 18'810'032

Price per share afert split

€ 3.69 € 6.80 € 10.05 € 10.05 € 4.74

€ € € € €

2009 € 25'600'000 -€ 9'600'000 381 $40'768

industrielles©(SRI) EPFL

Activity Town, St f= founder D= director

Biotech Redwodd C ity, C A Price per share $3.0 Symbol OMED

Company IPO date Filing Market cap. URL

OncoMed Pharmaceuticals, Inc. May-12 $541'255'927 www.oncomed.com

Incorporation State Date years to IPO

DE Aug-04 7.8

MI as C SC G Jan-01 11.3

144

© Service desValue relations industrielles ©(SRI) EPFL Founder's Employee PreIPO Post IPO Founder's Employee PreIPO Post IPO Including Ownership Ownership Ownership Ownership Shares Shares Shares Shares Options D President & C EO Paul J. Hastings 13.4% 2.0% 1.6% 2'845'471 2'845'471 2'845'471 $8'536'413 1'000'000 EVP & C SO John A. Lewicki 5.9% 0.9% 0.7% 1'262'486 1'262'486 1'262'486 $3'787'458 1'000'000 SVP C orp. Dev. Sunil Patel 4.7% 0.7% 0.6% 1'000'000 1'000'000 1'000'000 $3'000'000 1'000'000 Former C EO Steven E. Benner 0.9% 0.1% 0.1% 192'647 192'647 192'647 $577'941 f Prof. Uni. Michigan Michael F. C larke f Prof. Uni. Michigan Max Wicha f Founding company CSCG 100.0% 5.6% 0.8% 0.7% 1'200'000 1'200'000 1'200'000 1'200'000 $3'600'000 University of Michigan has an option for 0.25% FD 0.25% 0.20% 355'213 355'213 $1'065'640 355'213 Title

Name

Officers & executives Other common Total common Options - outstanding Options - available Options - total Total - company Investors (US VP) Investors (Latterell) Investors (GSK) Investors (Vertical) Investors (Morgenthaler) Investors (Nomura) Investors (Delphi) Investors (Adams Street) Investors (others) Total- Investors Total - PreIPO IPO Option (underwriters) Total outstanding

D D D D D D D D

100.0% 13.7%

5.6%

30.5% 10.6% 41.1% 50.1% 8.8% 58.9% 100.0%

0.8%

4.8% 1.6% 6.4% 7.5% 1.1% 8.6% 15.0% 15.4% 10.9% 10.5% 10.0% 9.8% 8.3% 6.2% 5.0% 9.1% 85.0% 100.0%

0.7%

Board James N. Woody Latterell James W. BroderickMorgenthaler Terry Gould Adams Street Jack W. Lasersohn The Vertical Group Deepa R. Pakianathan Delphi Ventures Denise Pollard-Knight Nomura Phase4 Jonathan D. Root USVP Laurence Lasky USVP

Sold to GSK at a premium

3.8% 1.3% 5.1% 5.9% 0.8% 6.8% 11.8% 12.1% 8.6% 8.2% 7.9% 7.7% 6.5% 4.9% 3.9% 7.1% 66.9% 78.8% 21.2%

1'200'000

6'500'604 2'265'068 8'765'672 10'673'801 1'873'525 12'547'326 21'312'998

6'855'817 2'265'068 9'120'885 10'673'801 1'518'312 12'192'113 21'312'998 21'872'162 15'434'873 14'863'020 14'196'901 13'902'783 11'764'705 8'823'529 7'037'815 12'876'523 120'772'311 142'085'309

100.0% Total cash before fees Paid to underwriters Others Net sold by company sold by shareholders Total shares sold Option to underwriters

$115'000'000 Year 2011 $8'050'000 Revenues $31'409'000 Profit -$21'060'000 $106'950'000 Growth 77% 38'333'333 Number of employees Avg. val. of stock per emp 38'333'333 -

Round

Date

Amount

A A B B1-B3 B-2 Total

Oct-04 Sep-05 2006-09 2006-09 2006-09

$13'900'000 $3'876'000 $43'125'000 $108'685'000 $17'500'000 $173'186'000

# Shares 13'900'000 3'876'000 30'803'570 63'932'339 8'215'962 106'827'871

Price per share $1.00 $1.00 $1.40 $1.70 $2.13

6'855'817 2'265'068 9'120'885 10'673'801 1'518'312 12'192'113 21'312'998 21'872'162 15'434'873 14'863'020 14'196'901 13'902'783 11'764'705 8'823'529 7'037'815 12'876'523 120'772'311 142'085'309 38'333'333

$20'567'452 $6'795'204 $27'362'656 $32'021'403 $4'554'935 $36'576'338 $63'938'994 $65'616'486 $46'304'619 $44'589'060 $42'590'703 $41'708'349 $35'294'115 $26'470'587 $21'113'445 $38'629'569 $362'316'933 $426'255'927 $115'000'000

180'418'642

$541'255'927

2010 $17'718'000 -$27'015'000 23%

2009 $14'363'000 -$15'034'000 80 $542'144

3'000'000

Activity Town, St f= founder D= director Title

Semiconductor C ampbell, C A Price per share Symbol Name

President & C EO Ron Edgerton C FO and VP James McC anna VP Ops Alex Sinar SVP Marketing Scott Brown D Director Kaj den Daas D Director Brian McDonald D Director Lee Stoian Officers & executives Other common Total common Options - outstanding Options - available Options - total Total - company Investors (VantagePoint) Investors (Sigma Partners) Investors (Horizon Ventures) Investors (Emerging Tech.) Investors (others) Total- Investors Total - PreIPO IPO

$1.5 IWAT

Company IPO date Market cap. URL

iWatt Inc. Jun-12 $435'319'452 www.iwatt.com

Founder's Employee PreIPO Post IPO Founder's Ownership Ownership Ownership Ownership Shares 17.9% 4.9% 4.0% 4.4% 1.2% 1.0% 5.0% 1.4% 1.1% 2.3% 0.6% 0.5% 0.8% 0.2% 0.2% 0.8% 0.2% 0.2% 0.8% 0.2% 0.2% 32.0% 8.7% 7.2% 14.5% 3.9% 3.3% 46.5% 12.6% 10.5% 36.3% 9.9% 8.2% 17.2% 4.7% 3.9% 53.5% 14.5% 12.0% 100.0% 27.2% 22.5% 31.0% 25.7% 24.2% 20.0% 6.7% 5.6% 5.7% 4.7% 5.2% 4.3% 72.8% 60.3% 100.0% 82.8% 17.2%

Total outstanding

D D D D D D

Board James Marver Lawrence G. Finch Jack C . C arsten Kaj den Daas Brian McDonald Lee Stoian

© Service des relations industrielles©(SRI) EPFL

Employee PreIPO Post IPO Value Including Shares Shares Shares Options 11'700'000 11'700'000 11'700'000 $17'550'000 11'700'000 2'884'229 2'884'229 2'884'229 $4'326'344 2'884'229 3'295'000 3'295'000 3'295'000 $4'942'500 3'295'000 1'500'000 1'500'000 1'500'000 $2'250'000 1'500'000 500'000 500'000 500'000 $750'000 500'000 500'000 500'000 500'000 $750'000 500'000 500'000 500'000 500'000 $750'000 500'000 20'879'229 20'879'229 20'879'229 $31'318'844 20'879'229 9'473'172 9'473'172 9'473'172 $14'209'758 30'352'401 30'352'401 30'352'401 $45'528'602 23'712'200 23'712'200 23'712'200 $35'568'300 11'233'801 11'233'801 11'233'801 $16'850'702 34'946'001 34'946'001 34'946'001 $52'419'002 65'298'402 65'298'402 65'298'402 $97'947'603 74'486'580 74'486'580 $111'729'870 58'107'082 58'107'082 $87'160'623 16'211'521 16'211'521 $24'317'282 13'719'512 13'719'512 $20'579'268 12'389'871 12'389'871 $18'584'806 174'914'566 174'914'566 $262'371'849 240'212'968 240'212'968 $360'319'452 50'000'000 $75'000'000

100.0%

VantagePoint Sigma Horizon Independant Independant Independant

iWall had 4 founders Arthur C ollmeyer Mark Telefus Jim Patterson Dickson Wong Their stake is not known

Total cash before fees Paid to underwriters Others Net sold by company sold by shareholders Total shares sold Option to underwriters Round

Date

A B C D E Total

Jul-01 Feb-03 Nov-05 to Apr-06 May to Jul-07 Jun-08 to Jun-11

290'212'968 $75'000'000 Year 2011 $5'250'000 Revenues $50'427'000 Profit $186'000 $69'750'000 Growth 64% 50'000'000 Number of employees Avg. val. of stock per emp 50'000'000 Amount

145

Incorporation State C A, DE Date Mar-99 years to IPO 13.2

# Shares

$10'375'002 14'050'653 $14'500'001 25'456'462 $27'513'841 58'565'008 $13'802'472 27'577'367 $18'561'183 47'157'478 $84'752'499 172'806'968

2010 $30'723'000 $303'000 65%

Price per Conversion share $0.74 16'158'251 $0.57 25'456'462 $0.47 58'565'008 $0.50 27'577'367 $0.39 47'157'478 174'914'566

$435'319'452 2009 $18'621'000 -$11'927'000 109 $326'315

Activity Town, St f= founder D= director Title f Pdt & C EO fD Former C SO C hief Medical SVP Ops C FO general C ounsel D Director D Director D Director

Biotech C alabasas, C A Price per share Symbol Name Keith Leonard Nathaniel “Ned” David Patricia S. Walker Jeffrey D. Webster John W. Smither Keith L. Klein Dennis Fenton Joseph L. Turner François Kress

$8.0 KYTH

Total outstanding Board C amille Samuels Robert T. Nelsen David Schnell Hironori Hozoji Dennis Fenton Joseph L. Turner François Kress

Kythera Biopharmaceuticals May-12 $403'411'296 www.kytherabiopharma.com

Incorporation State Date years to IPO

146

DE Jun-04 8.0

© Post Service ©(SRI) EPFL Founder's Employee PreIPO Post IPO Founder's Employee PreIPO IPO des relations Value industrielles Including Ownership Ownership Ownership Ownership Shares Shares Shares Shares Options 66.1% 28.3% 8.3% 6.5% 1'376'132 3'289'319 3'289'319 3'289'319 $26'314'552 288'187 33.9% 12.7% 3.7% 2.9% 706'844 1'482'396 1'482'396 1'482'396 $11'859'168 23'052 3.5% 1.0% 0.8% 408'072 408'072 408'072 $3'264'576 408'072 2.8% 0.8% 0.6% 324'531 324'531 324'531 $2'596'248 324'531 2.3% 0.7% 0.5% 271'876 271'876 271'876 $2'175'008 271'876 1.6% 0.5% 0.4% 183'825 183'825 183'825 $1'470'600 183'825 0.8% 0.2% 0.2% 88'856 88'856 88'856 $710'848 80'000 0.6% 0.2% 0.1% 64'117 64'117 64'117 $512'936 59'166 0.2% 0.1% 0.05% 25'000 25'000 25'000 $200'000 25'000

Officers & executives Other common Total common Options - outstanding Options - available Options - total Total - company Investors (Versant Venture) Investors (Arch Venture) Investors (Prospect Venture) Investors (Jafco) Investors (Fidelity) Investors (others) Total- Investors * Total - PreIPO IPO

D D D D D D D

Company IPO date filing Market cap. URL

100.0% 60.9%

41.0%

52.7% 14.6% 67.3% 18.3% 14.3% 32.7% 100.0%

15.5% 4.3% 19.8% 5.4% 4.2% 9.6% 29.3% 17.0% 14.3% 12.8% 5.8% 9.6% 11.1% 70.7% 100.0%

12.0%

9.5%

Versant Arch Prospect Jafco

* Fonders owned respectively 1'625'000 and 752'500 series A shares not counted here

12.2% 3.4% 15.5% 4.2% 3.3% 7.5% 23.1% 13.4% 11.3% 10.0% 4.6% 7.5% 8.8% 55.6% 78.7% 21.3%

2'082'976

6'137'992 1'699'713 7'837'705 2'132'291 1'669'000 3'801'291 11'638'996

6'137'992 1'699'713 7'837'705 2'132'291 1'669'000 3'801'291 11'638'996 6'762'157 5'690'557 5'062'696 2'300'548 3'803'655 4'417'803 28'037'416 39'676'412

100.0% Total cash before fees Paid to underwriters Others Net sold by company sold by shareholders Total shares sold Option to underwriters

6'137'992 1'699'713 7'837'705 2'132'291 1'669'000 3'801'291 11'638'996 6'762'157 5'690'557 5'062'696 2'300'548 3'803'655 4'417'803 28'037'416 39'676'412 10'750'000

$49'103'936 $13'597'704 $62'701'640 $17'058'328 $13'352'000 $30'410'328 $93'111'968 $54'097'256 $45'524'456 $40'501'568 $18'404'384 $30'429'240 $35'342'424 $224'299'328 $317'411'296 $86'000'000

50'426'412

$403'411'296

$86'000'000 Year 2011 2010 $6'020'000 Revenues $12'985'000 $4'488'000 Profit -$11'152'000 -$16'031'000 $79'980'000 Growth 189% 10'750'000 Number of employees Avg. val. of stock per emp 10'750'000 -

Round

Date

Amount

A B C D Total

Aug-06 May-06 May-08-Jan09 Aug-11

$955'000 $30'280'001 $40'370'069 $37'424'989 $109'030'059

# Shares 4'775'000 10'527'780 7'994'548 7'117'588 30'414'916

Price per Valuation share $0.20 $1'371'595 $2.88 $50'004'911 $5.05 $128'162'921 $5.26 $170'877'166

2009 -$14'760'000 40 $1'100'201

1'663'709

Activity Town, St f= founder D= director Title fD C hairman & C EO fD Director C hief Scientist C FO D Independant Dir.

Ecommerce Beijing, C hina Price per share * $0.4 Symbol LASO Name Bo Wu Xiaobo Jia Yuhong Xiong James Zhang Herman Yu

Officers & executives Other common Total common Options - outstanding Options - available Options - total Total - company Investors (GSR ventures) Investors (others) Total- Investors Total - PreIPO IPO Option (underwriters) Total outstanding Board Richard Lim Liping Qiu Yu Gong Jun Li

Company IPO date Filing Market cap. URL

LaShou Group Inc. Nov-11 $418'627'471 lashou.com

Incorporation State Date years to IPO

C ayman Islands Sep-09 2.1

147

© Service des relations industrielles©(SRI) EPFL

Founder's Employee PreIPO Post IPO Founder's Employee PreIPO Post IPO Value Ownership Ownership Ownership Ownership Shares Shares Shares Shares 64.8% 28.9% 15.0% 11.9% 184'374'980 128'411'100 128'411'100 128'411'100 $49'937'650 35.2% 18.3% 9.5% 7.5% 100'000'000 81'242'443 81'242'443 81'242'443 $31'594'283 0.3% 0.2% 0.1% 1'294'233 1'294'233 1'294'233 $503'313 6.1% 3.2% 2.5% 27'363'174 27'363'174 27'363'174 $10'641'234 0.2% 0.1% 0.1% 970'675 970'675 970'675 $377'485 100.0% 87.6%

47.1%

53.8% 0.0% 53.8% 31.3% 14.9% 46.2% 100.0%

24.5%

28.0% 0.0% 28.0% 16.3% 7.8% 24.1% 52.1% 27.9% 20.1% 47.9% 100.0%

19.5%

GSR Ventures Independent Independent Independent

* All shares will be split in 1-36 shares inducing a price per share of $14. ** Founders sold some of their shares

GSR ventures, Rebate Network Taishan Invest Rebate Network Taishan Invest Norwest VP, Tenaya C apital & existing Milestone Tuan, IPROP, Reinet C olumbus, existing

22.2% 0.0% 22.2% 12.9% 6.2% 19.1% 41.3% 22.1% 15.9% 38.1% 79.4% 17.9% 2.7% 100.0%

Total cash before fees Paid to underwriters Others Net sold by company sold by shareholders Total shares sold Option to underwriters

284'374'980

239'281'625 239'281'625 139'370'165 66'353'495 205'723'660 445'005'285

$74'997'860 $5'249'850

221'779'368 28'927'728

Date

Amount

A-1 A-2 A-3 A-4 B C Total

Jul-10 Jul-10 Jul-10 Jul-10 Dec-10 Mar-11

$4'666'667 $150'032 $100'000 $50'000 $30'400'003 $111'111'045 $146'477'746

# Shares 198'877'780 12'785'000 12'500'000 15'625'000 95'962'633 73'935'573 409'685'986

239'281'625 239'281'625 139'370'165 66'353'495 205'723'660 445'005'285 238'151'965 171'534'021 409'685'986 854'691'271 192'851'640 28'927'728 1'076'470'639

Year 2011 (9M) Revenues $13'796'000 Profit -$89'679'000 Growth 980% Number of employees Avg. val. of stock per emp

$69'748'010 221'779'368

Round

239'281'625 239'281'625 139'370'165 66'353'495 205'723'660 445'005'285 238'151'965 171'534'021 409'685'986 854'691'271

Price per share $0.023 $0.012 $0.008 $0.003 $0.317 $1.50

$93'053'965 $0 $93'053'965 $54'199'509 $25'804'137 $80'003'646 $173'057'611 $92'614'653 $66'707'675 $159'322'328 $332'379'939 $74'997'860 $11'249'672 $418'627'471 2010 $1'277'000 -$8'387'000 4300 $18'605

Activity Town, St f= founder D= director Title

Biotech Louisville, C O Price per share Symbol

Company IPO date Filing Market cap. URL

$3.0 GBIM

GlobeImmune, Inc. Jul-12 $373'395'984

Incorporation State Date years to IPO

www.globeimmune.com

148

C O, DE Feb-95 17.4

Name

Founder's Employee PreIPO Post IPO Founder's Employee PreIPO Post IPO © Service Value des relations Including industrielles©(SRI) EPFL Ownership Ownership Ownership Ownership Shares Shares Shares Shares Options D President & C EO Timothy C . Rodell 27.3% 4.0% 3.3% 4'080'038 4'080'038 4'080'038 $12'240'114 4'020'038 SVP R&D, C MO David Apelian 11.9% 1.8% 1.4% 1'782'731 1'782'731 1'782'731 $5'348'193 1'782'731 VP Operations John H. Frenz 7.3% 1.1% 0.9% 1'085'329 1'085'329 1'085'329 $3'255'987 1'085'329 Director J. William Freytag 2.5% 0.4% 0.3% 375'157 375'157 375'157 $1'125'471 375'157 VP Finance C . Jeffrey Dekker f Univ. C olorado Richard Duke f ex-VP R&D (2010) Alex Franzusoff f Univ. C olorado Donald Bellgrau Founding company C eres Pharma 14.6% 2.2% 1.8% 2'185'711 2'185'711 2'185'711 2'185'711 $6'557'133 Officers & executives Other common Total common Options - outstanding Options - available Options - total Total - company Investors (C elgene International) Investors (Morgenthaler Partners) Investors (HealthC are Venture) Investors (Wexford-Kappa) Investors (Sequel Venture) Investors (Lilly Ventures ) Investors (Medica Venture) Investors (others) Total- Investors Total - PreIPO IPO Option (underwriters) Total outstanding Board J. William Freytag Independant Ralph C hristoffersen Morgenthaler Augustine J. LawlorHealthC are Ventures Paul A. Mieyal, Ph.D. Wexford C apital Dan J. Mitchell Sequel Venture

*

100.0%

63.7% 3.4% 67.1% 32.9%

9.4% 0.5% 9.9% 4.8%

7.6% 0.4% 8.1% 3.9%

32.9% 100.0%

4.8% 14.7% 14.5% 12.7% 12.5% 8.3% 8.1% 5.7% 5.7% 17.9% 85.3% 100.0%

3.9% 12.0% 11.8% 10.3% 10.2% 6.7% 6.6% 4.7% 4.6% 14.6% 69.5% 81.5% 18.5%

21.8%

14.6%

2.2%

1.8%

2'185'711

9'508'966 512'974 10'021'940 4'905'194

9'508'966 512'974 10'021'940 4'905'194

9'508'966 512'974 10'021'940 4'905'194

$28'526'898 $1'538'922 $30'065'820 $14'715'582

4'905'194 14'927'134

4'905'194 14'927'134 14'673'417 12'849'540 12'655'114 8'374'567 8'241'698 5'791'812 5'763'331 18'188'715 86'538'194 101'465'328

4'905'194 14'927'134 14'673'417 12'849'540 12'655'114 8'374'567 8'241'698 5'791'812 5'763'331 18'188'715 86'538'194 101'465'328 23'000'000

$14'715'582 $44'781'402 $44'020'251 $38'548'620 $37'965'342 $25'123'701 $24'725'094 $17'375'436 $17'289'993 $54'566'145 $259'614'582 $304'395'984 $69'000'000

124'465'328

$373'395'984

100.0% Total cash before fees Paid to underwriters Others Net sold by company sold by shareholders Total shares sold Option to underwriters

$69'000'000 Year 2011 2010 $4'830'000 Revenues $5'108'000 $4'068'000 Profit -$25'041'000 -$25'356'000 $64'170'000 Growth 26% 60% 23'000'000 Number of employees Avg. val. of stock per emp 23'000'000 -

Round

Date

Amount

A B C D E Total

2003-04 Dec-05 Q3-2007 May-09 Jan-10

$8'009'998 $38'399'999 $44'961'330 $10'000'000 $17'999'124 $119'370'451

# Shares 6'407'998 28'699'551 31'115'107 8'650'519 11'665'019 86'538'194

2009 $2'542'000 -$30'542'000 36 $451'514

Price per Valuation share $1.25 $1.34 $1.45 $1.16 $1.54

GlobeImmune was founded by three tenured faculty of the University of C olorado Health Sciences C enter: Richard Duke; Alex Franzusoff; and Donald Bellgrau. No data on individual founder's stake but the initial company C eres Pharam had 2.185M shares when transformed in GlobeImmune and before having investors

7'263'255

Activity Town, St f= founder D= director

fD D D D

Internet Beijing, C hina Price per share Symbol

Title

Name

C hairman & C EO C OO Ind. Director Ind. Director

Joseph C hen James Jian Liu David K. C hao Matthew Nimetz

Officers & executives Other common Total common Options - outstanding Options - available Options - total Total - company Investors (SB Pan Pacific) Investors (DC M) Investors (General Atlantic) Investors (DC M) Total- Investors Total - PreIPO IPO Sold by existing Option (underwriters) Total outstanding

$14.0 RENN

Company IPO date Market cap.

Renren Inc. May-11 $18'845'675'212

Incorporation State Date years to IPO

149

C ayman Islands Oct-02 8.6

Founder's Employee PreIPO Post IPO Founder's Employee PreIPO Post IPO Sold©at IPO © Service desValue relations industrielles (SRI) EPFL Ownership Ownership Ownership Ownership Shares Shares Shares Shares 100.0% 36.9% 21.1% 20.1% 283'288'390 283'288'390 270'258'970 270'258'970 $3'783'625'580 13'029'420 4.6% 2.7% 2.3% 34'065'110 34'065'110 31'365'110 $439'111'540 2'700'000 12.3% 7.0% 6.7% 89'869'877 89'869'877 89'869'877 $1'258'178'278 7.4% 4.2% 4.0% 54'024'903 54'024'903 54'024'903 $756'348'642 100.0% 46.2%

38.6%

62.9% 20.8% 83.7% 7.1% 9.2% 16.3% 100.0%

22.1%

35.0% 11.9% 46.8% 4.0% 5.3% 9.3% 56.2% 31.6% 6.9% 4.2% 1.2% 43.8% 100.0%

21.0%

33.1% 11.3% 44.4% 3.8% 5.0% 8.9% 53.3% 30.1% 6.5% 3.0% 1.1% 40.8% 94.0% 3.2% 2.2% 0.6% 100.0%

Total cash before fees Paid to underwriters Others Net sold by company sold by shareholders Total shares sold Option to underwriters Round

Date

C D Total

Mar-06 Apr-08

283'288'390

461'248'280 152'287'919 613'536'199 51'683'790 67'782'628 119'466'418 733'002'617

448'218'860 152'287'919 600'506'779 51'683'790 67'782'628 119'466'418 719'973'197 405'388'451 87'929'877 54'024'903 14'910'099 562'253'330 1'282'226'527

$600'581'954 Year 2010 $42'040'737 Revenues $76'535'000 Profit -$62'527'000 $558'541'217 Growth 64% 50'863'711 Number of employees Avg. val. of stock per emp 50'863'711 7'965'000 Amount $28'554'802 $431'165'456 $459'720'258

# Shares

Price per share 128'048'440 $0.22 434'204'890 $0.99 562'253'330

445'518'860 152'287'919 597'806'779 51'683'790 67'782'628 119'466'418 717'273'197 405'388'451 87'929'877 40'518'678 14'910'099 548'747'105 1'266'020'302 42'898'711 29'235'645 7'965'000 1'346'119'658 2009 $46'684'000 -$68'196'000 239%

$6'237'264'040 $2'132'030'866 $8'369'294'906 $723'573'060 $948'956'792 $1'672'529'852 $10'041'824'758 $5'675'438'314 $1'231'018'278 $567'261'492 $208'741'386 $7'682'459'470 $17'724'284'228 $600'581'954 $409'299'030 $111'510'000 $18'845'675'212 2008 $13'782'000 $52'456'000 3410 $837'421

15'729'420

13'506'225

29'235'645

Activity Town, St f= founder D= director Title fD PDG (C EO) fD co-founder D DAF (C FO) Industrialisation Dir. Tech. (C TO)

IT France Price per share

Company IPO date € 23.5 Market cap.

Parrot Jun-06 $263'944'527

Incorporation State Date years to IPO

150

France Feb-94 12.3

© Service desValue relations industrielles ©(SRI) EPFL Founder's Employee PreIPO Post IPO Founder's Employee PreIPO Post IPO Inccluding Ownership Ownership Ownership Ownership Shares Shares Shares Shares Options Henri Seydoux 100.0% 66.3% 28.0% 25.2% 2'825'899 2'825'899 2'825'899 2'825'899 € 66'408'627 J.-Pierre Talvard * ? ? ? ? ? ? ? Fabrice Hamaide 3.5% 1.5% 1.3% 150'000 150'000 150'000 € 3'525'000 150'000 Elise Tchen 3.4% 1.4% 1.3% 146'200 146'200 146'200 € 3'435'700 146'200 Nicolas Besnard 1.9% 0.8% 0.7% 79'000 79'000 79'000 € 1'856'500 79'000 Name

Officers & executives Other common Total common Options - outstanding Options - available Options - total Total - company Investors (Sofinnova) Investors (Seventure) Investors (Valeo) Investors (SGAM) Total- Investors Total - PreIPO IPO

100.0% 83.5%

66.3%

31.7% 1.8% 33.5% 8.7%

28.5% 1.6% 30.1% 7.8%

20.6% 100.0%

8.7% 42.2% 13.5% 9.4% 10.5% 24.4% 57.8% 100.0%

7.8% 37.9% 12.2% 8.4% 9.5% 21.9% 52.0% 89.9% 10.1%

28.0%

Total outstanding Board Jean-Marx Painvin Valréie Gombart Seventure Marco Landi DiBcom Olivier Legrain Geoffroy Roux de Bézieux Jean Bidet Olivier Gindre EPF C éline Lagnez Valeo Edward Planchon

25.2%

Sofinnova Valeo

2'825'899

3'201'099 182'762 3'383'861 876'700

3'201'099 182'762 3'383'861 876'700

3'201'099 182'762 3'383'861 876'700

€ 75'225'827 € 4'294'907 € 79'520'734 € 20'602'450

876'700 4'260'561

876'700 4'260'561 1'367'700 946'300 1'064'800 2'461'539 5'840'339 10'100'900

876'700 4'260'561 1'367'700 946'300 1'064'800 2'461'539 5'840'339 10'100'900 1'130'782

€ 20'602'450 € 100'123'184 € 32'140'950 € 22'238'050 € 25'022'800 € 57'846'167 € 137'247'967 € 237'371'150 € 26'573'377

11'231'682

€ 263'944'527

100.0% Total cash before fees Paid to underwriters Others Net sold by company sold by shareholders Total shares sold Option to underwriters

Inv.

* sold his shares in 2002 bother founders had 50%

75.1% 4.3% 79.4% 20.6%

Round

Seed A B B Stock split Total

Date

€ 26'573'377 Year 2006 € 1'860'136 Revenues € 123'700'000 Profit € 11'500'000 € 24'713'241 Growth 103% 1'130'782 Number of employees Avg. val. of stock per emp 1'130'782 Amount

# Shares

Price per share

Sep-94 € 375'000 6'250 Jun95-Mar96 € 750'000 10'000 Jun98-Mar00 € 2'826'369 19'227 Jul-00 € 4'863'969 15'741 of 1 to 120 shares giving a price per share of € 8'815'338 51'218

NB: Approximate data given complexity of history and bad use of IPO filing…

€ 60 € 75 € 147 € 309 € 2.58

Valuation

€ 1'575'000 € 2'718'750 € 8'155'119 € 22'006'362

2005 € 60'900'000 € 6'700'000 116%

2009 € 28'200'000 € 4'600'000 311 $80'056

Price equivalent after split

€ € € €

0.50 0.63 1.23 Stock split 2.58 73'533 8'793'110 6'124'672 120

375'200

151

© Service des relations industrielles©(SRI) EPFL

Activity Town, St f= founder D= director Title fD f* D D D

Biotech San Diego, C A Price per share ** Symbol

Company IPO date Withdrawn Market cap. URL

$3.0 GENO

Genomatica, Inc. Aug-12 $226'120'314 www.genomatica.com

Incorporation State Date years to IPO

152

C A then DE (07) Nov-98 13.7

Name

Founder's Employee PreIPO Post IPO Founder's Employee PreIPO Post IPO Value Including © ServiceOptions des relations Ownership Ownership Ownership Ownership Shares Shares Shares Shares Founder & C EO C hristophe Schilling 50.0% 10.5% 2.4% 2.4% 1'450'244 1'820'557 1'820'557 1'820'557 $5'461'671 370'313 Founder, prof. UC SD Bernhard Palsson 50.0% 8.4% 1.9% 1.9% 1'450'244 1'450'244 1'450'244 1'450'244 $4'350'732 EVP & C TO Mark Burk 4.1% 0.9% 0.9% 703'240 703'240 703'240 $2'109'720 17'708 Director Michael Savage 3.0% 0.7% 0.7% 517'693 517'693 517'693 $1'553'079 517'693 C hairman & C BO William H. Baum 1.7% 0.4% 0.4% 297'437 297'437 297'437 $892'311 297'437 Director Warren C lark 1.1% 0.2% 0.2% 185'416 185'416 185'416 $556'248 85'416 C onsultant Dennis McGrew 0.1% 0.03% 0.03% 25'000 25'000 25'000 $75'000 $0 Officers & executives 100.0% 28.9% 6.6% 6.6% 2'900'488 4'999'587 4'999'587 4'999'587 $14'998'761 1'288'567 Other common 9.4% 2.2% 2.2% 1'635'583 1'635'583 1'635'583 $4'906'749 Total common 43.7% 38.3% 8.8% 8.8% 6'635'170 6'635'170 6'635'170 $19'905'510 Options - outstanding 50.6% 11.6% 11.6% 8'766'367 8'766'367 8'766'367 $26'299'101 Options - available 11.0% 2.5% 2.5% 1'908'576 1'908'576 1'908'576 $5'725'728 Options - total 61.7% 14.2% 14.2% 10'674'943 10'674'943 10'674'943 $32'024'829 Total - company 16.8% 100.0% 23.0% 23.0% 17'310'113 17'310'113 17'310'113 $51'930'339 Investors (TPG) 16.4% 16.4% 12'378'932 12'378'932 $37'136'796 Investors (MDV) 14.9% 14.9% 11'215'763 11'215'763 $33'647'289 Investors (VantagePoint) 10.8% 10.8% 8'151'288 8'151'288 $24'453'864 Investors (Alloy) 8.9% 8.9% 6'735'094 6'735'094 $20'205'282 Investors (Batios Holding) 6.3% 6.3% 4'754'914 4'754'914 $14'264'742 Investors (DFJ) 6.0% 6.0% 4'508'849 4'508'849 $13'526'547 Investors (WM organic) 5.9% 5.9% 4'483'209 4'483'209 $13'449'627 Investors (Iceland Genomics) 4.7% 4.7% 3'560'417 3'560'417 $10'681'251 Investors (others) 3.0% 3.0% 2'274'859 2'274'859 $6'824'577 Total- Investors 77.0% 77.0% 58'063'325 58'063'325 $174'189'975 Total - PreIPO 3.8% 100.0% 100.0% 75'373'438 75'373'438 $226'120'314 IPO did not happen Total outstanding Board Of Directors William H. Baum C hristophe Schilling Warren C lark Geoff Duyk Josh Green Thomas Huot J. Leighton Read Michael Savage Board Observers Steve Jurvetson Bernhard Palsson Robert Pangborn C arl Rush Boris Ryabov

3.8%

100.0%

75'373'438 Year 2010 Revenues $726'000 Profit -$14'054'000 Growth -18% Number of employees Avg. val. of stock per emp

C hairman C o-founder, C EO Dow TPG MDV VantagePoint Alloy

DFJ C o-founder, professor Organic growth Bright C apital

Round

Date

Amount

A A-1 B C C -1 Total

$3'500'000 $350'000 Jul-07 $20'399'377 Jan-10 $15'000'002 Jan-Mar-11 $45'000'001 $84'249'380

# Shares 3'500'000 350'000 13'629'570 14'492'756 24'453'864 56'426'190

Price per Valuation share $1.0000 $1.0000 $1.4967 $1.0350 $1.8402

* assumes co-founder had 50% but no data… ** just as a reference

TPG MDV VantagePoint Alloy Ventures Batios Holdings Draper Fisher Jurvetson WM Organic

B —

C

C -1 Total 2'717'096 12'378'932 6'647'959 1'356'844 10'417'232 — — 8'151'288 8'151'288 3'992'116 1'448'670 814'789 6'255'575 — — 4'754'914 4'754'914 2'672'546 969'821 545'466 4'187'833 — — 4'483'209 4'483'209 9'661'836 2'412'429

2009 $887'000 -$8'989'000 -64%

$226'120'314 2008 $2'488'000 -$5'922'000 88 $419'677

industrielles©(SRI) EPFL

Activity Town, St f= founder D= director Title f f f D D D D D D

Semiconductor San Diego, C A Price per share Symbol Name

Company IPO date Market cap. URL

$14.0 PSMI

Peregrine Semiconductor Corp. Aug-12 $604'302'076 www.psemi.com

Incorporation State CA Date Feb-90 years to IPO 22.5

153

Founder's Employee PreIPO Post IPO Founder's Employee PreIPO Post IPO © Service Value Including Sold©at IPO des relations industrielles (SRI) EPFL Ownership Ownership Ownership Ownership Shares Shares Shares Shares Options 67.5% 3.0% 1.2% 1.0% 439'173 439'173 439'173 439'173 $6'148'422 376'547 100'817 32.5% 1.5% 0.6% 0.4% 211'765 211'765 211'765 192'242 $2'691'388 168'387 19'523

C TO Ron Reedy VP Adv. Prod. Mark Burgener Business Angel Rory Moore C hairman & C EO James S. C able C FO Jay C . Biskupski Director John H. Allen Director Jeffrey K. Belk Director Gary A. Monetti Director C arl P. Schlachte Director Anthony S. Thornley Officers & executives Other common Total common Options - outstanding Options - available Options - total Total - company Investors (Morgenthaler Partners) Investors (Advanced Equities) Investors (US Small Bus. Admin.) Investors (others) Total- Investors Total - PreIPO IPO Selling shareholders Option (underwriters) Total outstanding

100.0%

Board John H. Allen Jeffrey K. Belk Paul N. D’Addario Palisades Ventures Gary A. Monetti Robert D. Pavey Morgenthaler Ventures C arl P. Schlachte Elton B. Sherwin Ridgewood C apital Anthony S. Thornley

14.2%

4.5%

7.9% 1.5% 0.3% 0.4% 0.4% 0.1% 0.1% 15.3% 16.2% 31.5% 37.1% 31.4% 68.5% 100.0%

1.8%

3.1% 0.6% 0.1% 0.2% 0.2% 0.1% 0.1% 6.0% 6.4% 12.4% 14.6% 12.3% 26.9% 39.3% 9.6% 7.5% 7.3% 36.3% 60.7% 100.0%

1.5%

2.6% 0.5% 0.1% 0.1% 0.1% 0.05% 0.04% 5.1% 5.4% 10.5% 12.5% 10.5% 23.0% 33.5% 8.2% 6.4% 6.2% 31.0% 51.9% 85.3% 12.4% 0.4% 1.9% 100.0%

Total cash before fees Paid to underwriters Others Net sold by company sold by shareholders Total shares sold Option to underwriters

650'938

1'143'786 221'389 49'633 62'663 55'984 19'527 19'073 2'222'993 2'352'287 4'575'280 5'387'243 4'551'217 9'938'460 14'513'740 3'551'013 2'756'395 2'677'236 13'399'453 22'384'097 36'897'837

1'143'786 221'389 49'633 62'663 55'984 19'527 19'073 2'203'470 2'313'407 4'516'877 5'387'243 4'551'217 9'938'460 14'455'337 3'551'013 2'756'395 2'677'236 13'399'453 22'384'097 36'839'434 5'340'780 159'220 825'000 43'164'434

$77'000'000 Year 2011 2010 $5'390'000 Revenues $107'771'000 $91'071'000 Profit -$9'682'000 $3'760'000 $71'610'000 Growth 18% 29% 5'340'780 Number of employees 159'220 Avg. val. of stock per emp 5'500'000 825'000

Round

Date

Amount

A1 B1 C1 D1 Total

2003

$29'326'340 42'299'640 $11'000'000 11'956'522 $35'107'651 44'797'309 $96'731'985 65'073'653 $172'165'977 164'127'124

2004 2008

1'143'786 221'389 49'633 62'663 55'984 19'527 19'073 2'222'993 2'352'287 4'575'280 5'387'243 4'551'217 9'938'460 14'513'740

# Shares

Price per Post split share $0.69 5'762'894 $0.92 1'628'954 $0.78 6'103'176 $1.49 8'865'620 22'360'644

$16'013'004 $3'099'446 $694'862 $877'282 $783'776 $273'378 $267'022 $30'848'580 $32'387'698 $63'236'278 $75'421'402 $63'717'038 $139'138'440 $202'374'718 $49'714'182 $38'589'530 $37'481'304 $187'592'342 $313'377'358 $515'752'076 $74'770'920 $2'229'080 $11'550'000 $604'302'076 2009 $70'523'000 -$7'412'000 340 $504'489

1-for-7.34 reverse stock split

1'133'420 221'389 16'524 32'733 31'163 19'527 19'073 2'018'763

120'340 38'880 159'220

Activity Town, St f= founder D= director Title fD C EO f C TO f VP C linical Former C OO C FO D C OO Director

Medtech Mountain View. C A Price per share $12.0 Symbol HNSN

Hansen Medical Nov-06 $310'658'808 www.hansenmedical.com

Incorporation State Date years to IPO

154

DE Sep-02 4.1

© IPO Service des relations industrielles EPFL Founder's Employee PreIPO Post IPO Founder's Employee PreIPO Post Value Including ©(SRI) Ownership Ownership Ownership Ownership Shares Shares Shares Shares Options Frederic H. Moll 67.8% 22.4% 8.6% 6.2% 787'500 1'605'434 1'605'434 1'605'434 $19'265'208 175'000 Robert Younge 17.6% 3.1% 1.2% 0.9% 204'000 221'708 221'708 221'708 $2'660'496 17'708 Dan Wallace 14.6% 2.4% 0.9% 0.7% 170'000 170'000 170'000 170'000 $2'040'000 James R. Feenstra 6.1% 2.3% 1.7% 436'950 436'950 436'950 $5'243'400 436'950 Steven Van Dick 3.5% 1.3% 1.0% 250'000 250'000 250'000 $3'000'000 250'000 Gary C . Restani 0.02% 0.01% 0.01% 1'736 1'736 1'736 $20'832 1'736 C hristopher Lowe 0.02% 0.01% 0.01% 1'736 1'736 1'736 $20'832 1'736 Name

Officers & executives Other common Total common Options - outstanding Options - available Options - total Total - company Investors (Prospect) Investors (others) Total- Investors Total - PreIPO IPO Option (underwriters) Total outstanding Board Russell C . Hirsch John G. Freund C hristopher Lowe Joseph M. Mandato Thomas McC onnell James M. Shapiro

Company IPO date Market cap. URL

Prospect Skyline De Novo Vanguard TWP

100.0% 31.8%

16.2%

37.5% 13.4% 50.9% 12.4% 36.6% 49.1% 100.0%

6.2%

14.4% 5.1% 19.5% 4.8% 14.0% 18.8% 38.3% 17.1% 44.6% 61.7% 100.0%

4.5%

10.4% 3.7% 14.1% 3.4% 10.1% 13.6% 27.7% 12.4% 32.2% 44.6% 72.2% 24.1% 3.6% 100.0%

Total cash before fees Paid to underwriters Others Net sold by company sold by shareholders Total shares sold Option to underwriters Round

Date

A B B B C Total

Dec-03 May-04 Mar-05 Sep-05 Nov-05

1'161'500

2'687'564 962'690 3'650'254 889'172 2'625'000 3'514'172 7'164'426

2'687'564 962'690 3'650'254 889'172 2'625'000 3'514'172 7'164'426 3'201'234 8'335'574 11'536'808 18'701'234

2'687'564 962'690 3'650'254 889'172 2'625'000 3'514'172 7'164'426 3'201'234 8'335'574 11'536'808 18'701'234 6'250'000 937'000 25'888'234

$32'250'768 $11'552'280 $43'803'048 $10'670'064 $31'500'000 $42'170'064 $85'973'112 $38'414'808 $100'026'888 $138'441'696 $224'414'808 $75'000'000 $11'244'000 $310'658'808

$75'000'000 Year 2005 2004 2003 $5'250'000 Revenues $ - $ - $ Profit -$21'403'000 -$7'089'000 -$3'952'000 $69'750'000 Growth 7'187'000 Number of employees 92 Avg. val. of stock per emp $583'939 7'187'000 937'000 Amount $9'459'976 $18'454'976 $2'995'027 $730'000 $30'124'934 $61'764'913

# Shares 2'364'994 4'394'042 567'240 125'000 4'903'466 12'354'742

Price per Valuation share $4.00 $14'105'976 $4.20 $5.28 $5.84 $6.14 $83'038'384

Series A Series B Series C Total Prospect Venture 1'256'248 913'865 1'031'121 3'201'234 Skyline Ventures 1'056'249 507'702 754'836 2'318'787 Thomas Weisel Healthcare 1'190'476 574'579 1'765'055 De Novo Ventures 1'190'476 558'302 1'748'778 Vanguard Ventures 1'139'395 1'139'395 Frederic Moll 24'999 304'622 488'313 817'934 Total 2'337'496 4'107'141 4'546'546 10'991'183

883'130

Activity Town, St f= founder D= director Title fD Founder D President & C EO C OO C hairman SVP R&D VP Bus Dev Former VP Finance

Biotech Waltham, Ma Price per share Symbol

Incorporation State Date years to IPO

155

DE, MA Sep-02 4.9

Founder's Employee PreIPO Post IPO Founder's Employee PreIPO Post IPO des relations Value industrielles Including © Service ©(SRI) EPFL Ownership Ownership Ownership Ownership Shares Shares Shares Shares Options Frank Lee 100.0% 8.6% 1.2% 1.2% 2'000'000 8'087'003 8'087'003 8'087'003 $5'166'180 John D. Mendlein 9.4% 1.3% 1.3% 8'767'319 8'767'319 8'767'319 $5'600'783 7'017'319 John B. Edwards 2.4% 0.3% 0.3% 2'227'041 2'227'041 2'227'041 $1'422'689 2'227'041 L. Patrick Gage 1.1% 0.2% 0.2% 1'033'917 1'033'917 1'033'917 $660'492 683'917 Eric S. Furfine 1.0% 0.1% 0.1% 900'000 900'000 900'000 $574'943 900'000 Katrine S. Bosley 0.7% 0.1% 0.1% 643'301 643'301 643'301 $410'957 643'301 C harles C arter 0.4% 0.1% 0.1% 373'982 373'982 373'982 $238'909 334'920 100.0% 34.0%

Options - total Total - company Investors (Flagship) Investors (Atlas) Investors (Polaris) Investors (Venrock) Investors (HBM) Investors (HBM) Total- Investors Total - PreIPO

8.6%

23.6% 1.8% 25.4% 74.6%

3.3% 0.3% 3.5% 10.4%

3.3% 0.3% 3.5% 10.4%

74.6% 100.0%

10.4% 13.9% 20.3% 20.0% 20.0% 19.0% 5.6% 1.3% 86.1% 100.0%

10.4% 13.9% 20.3% 20.0% 20.0% 19.0% 5.6% 1.3% 86.1% 100.0%

1.2%

Total outstanding Board Noubar B. Afeyan Jean-Francois Formela Anders D. Hove Amir Nashat Timothy J. Rink L. Patrick Gage

$0.6 ADNX

Adnexus Therapeutics, Inc. Aug-07 $430'000'000 www.adnexustx.com

Name

Officers & executives Other common Total common Options - outstanding

f

Company Filing then M&A Market cap. URL

1.2%

2'000'000

22'032'563 1'727'555 23'760'118 69'757'872

22'032'563 1'727'555 23'760'118 69'757'872

22'032'563 1'727'555 23'760'118 69'757'872

$14'074'952 $1'103'605 $15'178'558 $44'563'073

69'757'872 93'517'990

69'757'872 93'517'990 136'401'800 134'401'803 134'401'813 127'932'352 37'500'000 8'955'026 579'592'794 673'110'784

69'757'872 93'517'990 136'401'800 134'401'803 134'401'813 127'932'352 37'500'000 8'955'026 579'592'794 673'110'784

$44'563'073 $59'741'630 $87'136'881 $85'859'232 $85'859'239 $81'726'385 $23'955'938 $5'720'695 $370'258'370 $430'000'000

673'110'784

$430'000'000

2005 $262'000 -$16'053'000 249%

2004 $75'000 -$10'281'000

100.0% Year 2006 Revenues $250'000 Profit -$14'319'000 Growth -5% Number of employees Avg. val. of stock per emp

Flagship Atlas Venrock Polaris

58 $787'357

C hairman Round

Date

Amount

A C onv. B B C Total

Jul-04 $4'096'001 8'192'002 Dec05-Sep06 $5'625'479 70'204'410 Jun06-Feb07 $27'000'001 336'952'459 Jul-07 $15'700'000 78'500'000 $52'421'481 493'848'871 A

Frank Lee Timothy J. Rink Atlas Polaris Flagship Venrock HBM Total

# Shares

C onv. B

Price per Valuation share $0.50 $0.08 $0.08 $0.20

B

1'024'000 2'389'334 2'389'334 2'389'334

8'192'002

23401470 23401470 23401470

72'798'369 72'798'369 72'798'369 118'557'352

70'204'410 336'952'459

C

Total 2'500'000 1'000'000 9'375'000 9'375'000 9'375'000 9'375'000 37'500'000 78'500'000

3'524'000 1'000'000 107'964'173 107'964'173 107'964'173 127'932'352 37'500'000 493'848'871

11'806'498

Activity Town, St f= founder D= director

Telecommunications Sunnyvale, C alifornia Price per share $13.0 Symbol INFN

Title

Name

Board Alexandre Balkanski Kenneth Goldman Reed Hundt Hugh Martin Dan Maydan C arl Redfield Pradeep Sindhu

Benchmark Siebel FC C ONI AMAT C isco Juniper

Company IPO date Market cap. URL

Infinera Corporation Jun-07 $1'419'066'922

www.infinera.com

Incorporation State DE, C A Date Dec-00 years to IPO 6.5

156

Founder's Employee PreIPO Post IPO Founder's Employee PreIPO Post IPO© Service Value Including des relations industrielles©(SRI) EPFL Ownership Ownership Ownership Ownership Shares Shares Shares Shares Options fD C hairman & C EO Jagdeep Singh 33.3% 9.4% 3.4% 2.9% 1'000'000 3'174'347 3'174'347 3'174'347 $41'266'511 f C TO Drew Perkins 33.3% 3.0% 1.1% 0.9% 1'000'000 1'000'000 1'000'000 1'000'000 $13'000'000 f C hief Marketing David Welch 33.3% 8.3% 3.0% 2.6% 1'000'000 2'801'887 2'801'887 2'801'887 $36'424'531 C FO Duston Williams 1.1% 0.4% 0.3% 375'000 375'000 375'000 $4'875'000 375'000 VP & Grl C ounsel Michael McC arthy 1.0% 0.3% 0.3% 319'768 319'768 319'768 $4'156'984 172'187 VP World Sales Scott C handler 0.6% 0.2% 0.2% 195'000 195'000 195'000 $2'535'000 195'000 Director C arl Redfield 0.4% 0.2% 0.1% 142'934 142'934 142'934 $1'858'142 37'500 Director Hugh Martin 0.4% 0.2% 0.1% 140'046 140'046 140'046 $1'820'598 43'750 Director Kenneth Goldman 0.3% 0.1% 0.1% 106'018 106'018 106'018 $1'378'234 37'500 Director Dan Maydan 0.2% 0.1% 0.1% 68'750 68'750 68'750 $893'750 18'750 Director Pradeep Sindhu 0.1% 0.1% 0.0% 50'000 50'000 50'000 $650'000 50'000 Officers & executives 100.0% 24.9% 9.0% 7.7% 3'000'000 8'373'750 8'373'750 8'373'750 $108'858'750 929'687 Other common 0.5% 0.2% 0.2% 164'969 164'969 164'969 $2'144'597 Total common 81.7% 25.4% 9.2% 7.8% 8'538'719 8'538'719 8'538'719 $111'003'347 Options - outstanding 21.7% 7.8% 6.7% 7'291'051 7'291'051 7'291'051 $94'783'663 Options - available 49.0% 17.7% 15.1% 16'468'938 16'468'938 16'468'938 $214'096'194 Warrant 4.0% 1.4% 1.2% 1'332'680 1'332'680 1'332'680 $17'324'840 Options - total 74.6% 27.0% 23.0% 25'092'669 25'092'669 25'092'669 $326'204'697 Total - company 20.7% 100.0% 36.1% 30.8% 33'631'388 33'631'388 33'631'388 $437'208'044 Investors (Advanced Equities Investments() 6.9% 5.9% 6'460'720 6'460'720 $83'989'360 Investors (KPC B) 6.9% 5.9% 6'422'311 6'422'311 $83'490'043 Investors (Mobius) 5.8% 4.9% 5'364'334 5'364'334 $69'736'342 Investors (RWI) 3.7% 3.2% 3'450'269 3'450'269 $44'853'497 Investors (Benchmark) 2.9% 2.4% 2'657'763 2'657'763 $34'550'919 Investors (others) 37.7% 32.1% 35'072'209 35'072'209 $455'938'717 Total- Investors 63.9% 54.4% 59'427'606 59'427'606 $772'558'878 Total - PreIPO 7.5% 100.0% 85.3% 93'058'994 93'058'994 $1'209'766'922 IPO 12.8% 14'000'000 $182'000'000 Option (underwriters) 1.9% 2'100'000 $27'300'000 Total outstanding 6.4% 100.0% 109'158'994 $1'419'066'922

KPC B, Benchmark, Accel Worldview, Accel, Venrock, Juniper, C ypress Sutter Hill, Vitesse, Agilent Mobius, Softbank existing Level3

Total cash before fees Paid to underwriters Others Net sold by company sold by shareholders Total shares sold Option to underwriters Round

Date

A B C D E F G Warrant Total

Pre-2001 Pre-2001 Pre-2001 2002-03 Oct-04 Jun-05 Q4-05/Oct06

$182'000'000 Year 2006 $12'740'000 Revenues $58'236'000 Profit -$89'935'000 $169'260'000 Growth 1311% 16'100'000 Number of employees Avg. val. of stock per emp 16'100'000 2'100'000 Amount

# Shares

$36'906'290 $29'457'104 $24'399'705 $61'999'535 $51'816'086 $10'300'000 $110'348'098

3'690'629 2'112'529 1'334'776 6'919'591 21'590'036 2'722'563 20'434'833

$325'226'820

58'804'957

2005 $4'127'000 -$65'951'000 589%

2004 $599'000 -$66'480'000 617 $532'171

Price per Converted Warrant Warrant share to common value $10.00 3'812'409 139'455 $1'394'550 $13.94 2'367'932 17'803 $248'245 $18.28 1'580'242 $8.96 6'919'591 $2.40 21'590'036 291'664 $699'994 $3.78 2'722'563 19'824 $74'998 $5.40 20'434'833 827'635 $4'469'229 $8.96 36'299 $325'239 59'427'606 1'332'680 $7'212'255

Activity Town, St f= founder D= director Title fD C hairman & C EO f VP Engineering VP Prod. Manag. VP and GM India VP Operations VP Finance / Admin Director Director

Telecommuications Tewksbury, MA Price per share $12.0 Symbol STAR

Starent Networks Jun-07 $1'213'412'556 www.starentnetworks.com

Incorporation State DE, MA Date Aug-00 years to IPO 6.9

157

Name

Founder's Employee PreIPO Post IPO Founder's Employee PreIPO IPO des relations Value industrielles Including ©Post Service ©(SRI) EPFL Ownership Ownership Ownership Ownership Shares Shares Shares Shares Options Ashraf M. Dahod * 73.5% 48.2% 14.4% 12.9% 2'222'222 13'024'659 13'024'659 13'024'659 $156'295'908 393'749 Anthony Schoener 26.5% 3.7% 1.1% 1.0% 800'000 985'625 985'625 985'625 $11'827'500 185'625 Gennady H. Sirota 3.3% 1.0% 0.9% 885'625 885'625 885'625 $10'627'500 185'625 Vijay Kathuria 3.2% 0.9% 0.8% 856'562 856'562 856'562 $10'278'744 456'562 Pierre G. Kahhale 2.3% 0.7% 0.6% 618'125 618'125 618'125 $7'417'500 618'125 John P. Delea, Jr. 1.6% 0.5% 0.4% 443'125 443'125 443'125 $5'317'500 143'125 James A. Dolce, Jr. 0.4% 0.1% 0.1% 100'000 100'000 100'000 $1'200'000 Kenneth A. Goldman 0.1% 0.03% 0.02% 25'000 25'000 25'000 $300'000 25'000

Officers & executives Other common Total common Options - outstanding

100.0%

62.7% 0.8% 63.6% 36.4%

18.7% 0.2% 18.9% 10.9%

16.8% 0.2% 17.0% 9.7%

36.4% 100.0%

10.9% 29.8% 17.5% 17.5% 16.0% 5.2% 14.1% 70.2% 100.0%

9.7% 26.7% 15.6% 15.6% 14.3% 4.6% 12.7% 62.9% 89.6% 10.4% 0.0% 100.0%

17.6%

Options - total Total - company Investors (Matrix Partners) Investors (North Bridge) Investors (Highland) Investors (Focus) Investors (others) Total- Investors Total - PreIPO IPO Option (underwriters) Total outstanding Board Edward T. Anderson Timothy A. Barrows Sean Dalton Matthew J. Desch James A. Dolce, Jr. Kenneth A. Goldman

Company IPO date Market cap. URL

North Bridge Matrix Highland Independant Independant Independant

Mr Dahod recived enw shares from Nulink acq as well as series D shares

11.2%

3.3%

3.0% Total cash before fees Paid to underwriters Others Net sold by company sold by shareholders Total shares sold Option to underwriters Round

Date

A B C D E Total

Aug-00 Jul-01 Jan-03 Apr-04 Sep-05

3'022'222

16'938'721 220'578 17'159'299 9'838'274

16'938'721 220'578 17'159'299 9'838'274

16'938'721 220'578 17'159'299 9'838'274

$203'264'652 $2'646'936 $205'911'588 $118'059'288

9'838'274 26'997'573

9'838'274 26'997'573 15'814'083 15'814'082 14'473'595 4'685'625 12'797'914 63'585'299 90'582'872

9'838'274 26'997'573 15'814'083 15'814'082 14'473'595 4'685'625 12'797'914 63'585'299 90'582'872 10'534'841

$118'059'288 $323'970'876 $189'768'996 $189'768'984 $173'683'140 $56'227'500 $153'574'968 $763'023'588 $1'086'994'464 $126'418'092 $0 $1'213'412'556

101'117'713 $126'418'092 Year 2006 $8'849'266 Revenues $94'350'000 Profit $3'642'000 $117'568'826 Growth 58% 10'534'841 Number of employees Avg. val. of stock per emp 10'534'841 -

Amount $10'149'999 $22'361'039 $23'000'000 $26'768'404 $17'981'047 $100'260'490

# Shares 11'277'777 11'768'968 19'658'120 15'746'120 6'136'876 64'587'861

Price per Valuation share $0.90 $1.90 $1.17 $1.70 $2.93

2005 $59'660'000 $904'000 73%

2004 $34'395'000 -$14'048'000 441 $273'710

2'007'811

Activity Town, St f= founder D= director

f f

Biotech San Diego, C A Price per share Symbol

Title

Name

President & C EO C OO, EVP Fin. C SO Director Director

K. Xanthopoulos Garry E. Menzel Neil W. Gibson David Baltimore S. Papadopoulos

$10.0 RGLS

Company IPO date filing Market cap. URL

Founder's Employee PreIPO Post IPO Founder's Ownership Ownership Ownership Ownership Shares 22.5% 4.9% 4.2% 11.1% 2.4% 2.1% 1.7% 0.4% 0.3% 4.2% 0.9% 0.8% 4.0% 0.9% 0.7%

Officers & executives Other common Total common Options - outstanding Options - available Options - total Total - company Investors (Isis Pharmaceuticals, Inc) Investors (Alnylam Pharmaceuticals, Inc. ) Investors (Aventis Holdings, Inc. ) Total- Investors Total - PreIPO IPO

43.3% 4.2% 47.5% 52.5% 0.0% 52.5% 100.0%

9.5% 0.9% 10.4% 11.6% 0.0% 11.6% 22.0% 35.9% 35.0% 7.1% 78.0% 100.0%

Total outstanding Board John M. Maraganore David Baltimore Bruce L.A. C arter Stanley T. C rooke Barry E. Greene Stelios Papadopoulos B. Lynne Parshall

Regulus Therapeutics Inc. Aug-12 $409'271'030 www.regulusrx.com

8.2% 0.8% 9.0% 9.9% 0.0% 9.9% 18.9% 30.8% 30.1% 6.1% 66.9% 85.8% 14.2%

-

Incorporation State Date years to IPO

© Service industrielles ©(SRI) EPFL Employee PreIPO Post IPO des relations Value Including Shares Shares Shares Options 1'736'979 1'736'979 1'736'979 $17'369'790 1'572'547 854'166 854'166 854'166 $8'541'660 854'166 127'679 127'679 127'679 $1'276'790 127'679 321'873 321'873 321'873 $3'218'730 321'873 305'937 305'937 305'937 $3'059'370 305'937 $0 3'346'634 3'346'634 3'346'634 $33'466'340 3'182'202 322'362 322'362 322'362 $3'223'620 3'668'996 3'668'996 3'668'996 $36'689'960 4'058'108 4'058'108 4'058'108 $40'581'080 $0 4'058'108 4'058'108 4'058'108 $40'581'080 7'727'104 7'727'104 7'727'104 $77'271'040 12'599'000 12'599'000 $125'990'000 12'301'000 12'301'000 $123'010'000 2'499'999 2'499'999 $24'999'990 27'399'999 27'399'999 $273'999'990 35'127'103 35'127'103 $351'271'030 5'800'000 $58'000'000

100.0%

Alnylam C altech &Nobel Prize Independant Isis Alnylam Independant Isis

Equally to Isis and Alnylam Sanofi

Total cash before fees Paid to underwriters Others Net sold by company sold by shareholders Total shares sold Option to underwriters

40'927'103 $58'000'000 $4'060'000 $53'940'000 5'800'000

Year 2011 Revenues $13'767'000 Profit -$7'602'000 Growth 60% Number of employees Avg. val. of stock per emp

5'800'000 -

Round

Date

Amount

A B Total

Mar-09 Oct-10

$20'000'000 $9'999'996 $29'999'996

158

DE, C A Sep-07 4.9

# Shares

Price per Valuation share 10'000'000 $2.00 $49'800'000 2'499'999 $4.00 $109'599'996 12'499'999

Regulus was founded in 2007 as a joint venture between Alnylam Pharmaceuticals and Isis Pharmaceuticals.

$409'271'030 2010 $8'601'000 -$15'559'000 56 $782'227

Activity Town, St f= founder D= director Title fD President & C EO f Former C MO f ? C MO C FO Director Director Director

Security Tempe, AZ Price per share Symbol Name Todd Davis Robert Maynard ? Marvin Davis C hris Power C hini Krishnan Thomas J. Ridge Albert Pimentel

Officers & executives Other common * Total common Options - outstanding Options - available Warrant Options - total Total - company Investors (Bessemer) Investors (Kleiner Perkins) Investors (Goldman Sachs) Investors (Symantec) Investors (Industry Ventures) Investors (others) Total- Investors Total - PreIPO IPO Option (underwriters) Total outstanding

Company IPO date Filing Market cap. URL

$14.0 LOC K

LifeLock, Inc. Aug-12 $1'341'134'172 www.lifelock.com

Incorporation State DE, AZ Date Apr-05 years to IPO 7.4

159

Service des relations industrielles EPFL Founder's Employee PreIPO Post IPO Founder's Employee PreIPO Post©IPO Value Including©(SRI) Ownership Ownership Ownership Ownership Shares Shares Shares Shares Options 100.0% 6.1% 2.9% 2.5% 1'813'294 2'387'294 2'387'294 2'387'294 $33'422'116 574'000 * * * * * * 0.8% 0.4% 0.3% 291'667 291'667 291'667 $4'083'338 291'667 0.4% 0.2% 0.2% 145'337 145'337 145'337 $2'034'718 145'337 0.3% 0.1% 0.1% 106'463 106'463 106'463 $1'490'482 104'251 0.2% 0.1% 0.1% 80'556 80'556 80'556 $1'127'784 80'556 0.1% 0.0% 0.0% 36'364 36'364 36'364 $509'096 36'364 100.0% 8.8%

4.7%

7.8% 45.4% 53.2% 26.7% 13.0% 7.0% 46.8% 100.0%

2.2%

3.7% 21.2% 24.9% 12.5% 6.1% 3.3% 21.8% 46.7% 19.5% 9.4% 8.4% 6.3% 7.5% 2.3% 53.3% 100.0%

1.9%

Board David C owan C hini Krishnan Hillel Moerman Albert Pimentel Thomas J. Ridge

*: 2 founders are not mentioned in the IPO document. Please note the high number of sahres in "Other C ommon" which may include other founders' shares.

3.2% 18.4% 21.6% 10.9% 5.3% 2.8% 19.0% 40.6% 16.9% 8.2% 7.3% 5.5% 6.5% 2.0% 46.4% 87.0% 13.0%

1'813'294

3'047'681 17'653'775 20'701'456 10'401'421 5'055'451 2'727'702 18'184'574 38'886'030

3'047'681 17'653'775 20'701'456 10'401'421 5'055'451 2'727'702 18'184'574 38'886'030 16'234'014 7'817'390 6'998'139 5'244'577 6'236'177 1'878'971 44'409'268 83'295'298

100.0% Total cash before fees Paid to underwriters Others Net sold by company sold by shareholders Total shares sold Option to underwriters

$175'000'000 Year 2011 $12'250'000 Revenues $193'949'000 Profit -$4'257'000 $162'750'000 Growth 20% 12'500'000 Number of employees Avg. val. of stock per emp 12'500'000 -

Round

Date

Amount

A B C D E E-1 E-2 Total

Nov-06 $4'500'000 Apr-07 $6'850'000 Jan-08 $28'387'855 May-Sep10 $57'134'242 Mar-12 $153'810'917 Mar-12 $25'007'621 Mar-12 $30'595'614 $306'286'249

# Shares 6'428'571 6'850'000 5'677'571 10'094'389 11'486'999 1'586'778 2'284'960 44'409'268

Price per share $0.70 $1.00 $5.00 $5.66 $13.39 $15.76 $13.39

3'047'681 17'653'775 20'701'456 10'401'421 5'055'451 2'727'702 18'184'574 38'886'030 16'234'014 7'817'390 6'998'139 5'244'577 6'236'177 1'878'971 44'409'268 83'295'298 12'500'000

$42'667'534 $247'152'850 $289'820'384 $145'619'894 $70'776'314 $38'187'828 $254'584'036 $544'404'420 $227'276'196 $109'443'460 $97'973'946 $73'424'078 $87'306'478 $26'305'594 $621'729'752 $1'166'134'172 $175'000'000

95'795'298

$1'341'134'172

2010 $162'279'000 -$15'376'000 24%

2009 $131'368'000 -$58'663'000 616 $814'508

1'232'175

Activity Town, St f= founder D= director Title

Biotech C ambridge, MA Price per share Symbol

Company IPO date Filing Market cap. URL

$5.5

OvaScience Inc. Aug-12 $96'350'458 www.ovascience.com

Incorporation State DE, MA Date Apr-11 years to IPO 1.4

160

Name

Founder's Employee PreIPO Post IPO Founder's Employee PreIPO Post IPO © Value Including Sold©at IPO Service des relations industrielles (SRI) EPFL Ownership Ownership Ownership Ownership Shares Shares Shares Shares Options fD President & C EO Michelle Dipp 20.0% 9.1% 4.0% 4.0% 701'927 701'927 701'927 701'927 $3'860'599 fD Director Richard Aldrich 20.0% 9.1% 4.0% 4.0% 701'926 701'926 701'926 701'926 $3'860'593 f Scientific Advisor David Sinclair 20.0% 9.1% 4.0% 4.0% 701'927 701'927 701'927 701'927 $3'860'599 fD Director Jonathan Tilly 20.0% 9.1% 4.0% 4.0% 701'927 701'927 701'927 701'927 $3'860'599 fD Director C hristoph Westphal 20.0% 9.1% 4.0% 4.0% 701'927 701'927 701'927 701'927 $3'860'599 Former C EO Paul Brannelly 0.3% 0.1% 0.1% 19'772 19'772 19'772 $108'746 VP & C OO C hhristopher Bleck 3.3% 1.5% 1.5% 255'953 255'953 255'953 $1'407'742 255'953 VP & C SO Scott C happel 2.8% 1.2% 1.2% 215'002 215'002 215'002 $1'182'511 215'002 Director Jeffrey D. C apello 0.1% 0.04% 0.04% 7'639 7'639 7'639 $42'015 7'639

Officers & executives Other common Total common Options - outstanding Options - available Options - total Total - company Investors (Longwood) Investors (Bessemer) Investors (Fidelity) Investors (General C atalyst) Investors (BBT Fund) Investors (others) Total- Investors Total - PreIPO IPO (sold by existing) Option (underwriters) Total outstanding

D fD fD fD

Board Stephen Kraus Bessemer C hristoph WestphalLongwood Richard Aldrich Longwood C hristoph WestphalLongwood Jeffrey D. C apello Boston Scientific John Simon General C atalyst

100.0% 71.5%

45.7%

52.2% 11.7% 63.8% 17.3% 18.8% 36.2% 100.0%

20.0%

22.9% 5.1% 28.0% 7.6% 8.3% 15.9% 43.9% 18.8% 13.7% 7.5% 6.2% 4.7% 5.2% 56.1% 100.0%

20.0%

22.9% 0.8% 23.7% 7.6% 8.3% 15.9% 39.5% 8.5% 8.5% 0.0% 0.0% 0.0% 0.0% 16.9% 56.4% 43.6%

3'509'634

4'008'000 897'554 4'905'554 1'331'060 1'446'335 2'777'395 7'682'949

4'008'000 897'554 4'905'554 1'331'060 1'446'335 2'777'395 7'682'949 3'301'127 2'392'034 1'316'000 1'090'908 818'185 917'062 9'835'316 17'518'265

100.0% Total cash before fees Paid to underwriters Others Net sold by company sold by shareholders Total shares sold Option to underwriters Round

Longwood, Bessemer A Longwood, fidelity, General C atalyst, Bessemer, BBT B Total

$41'968'757

$41'968'757 7'630'683

4'008'000 136'297 4'144'297 1'331'060 1'446'335 2'777'395 6'921'692 1'482'946 1'482'944 2'965'890 9'887'582 7'630'683

$22'044'000 $749'634 $22'793'634 $7'320'830 $7'954'843 $15'275'673 $38'069'306 $8'156'203 $8'156'192 $0 $0 $0 $0 $16'312'395 $54'381'701 $41'968'757

17'518'265

$96'350'458

Year H1-2012 Revenues $0 Profit -$6'200'000 Growth Number of employees Avg. val. of stock per emp

7'630'683 -

Date

Amount

Jul-11 Mar-12

$6'200'000 $37'238'042 $43'438'042

# Shares

Price per Valuation share 6'200'000 $1.00 3'064'755 6'770'553 $5.50 6'770'553 12'970'553 9'835'308

2.023

H2-2011 $0 -$2'624'000 13 $1'232'716

478'594 761'257

1'818'181 909'090 1'316'000 1'090'908 818'185 917'062 6'869'426 7'630'683

Activity Town St f= founder D= director Title

Electronics Palo Alto C A Price per share Symbol

$6.0 NNSY

Company IPO date FILING Market cap. URL

Nanosys Inc. Apr-04 $416'138'148 www.nanosys.com

Incorporation State CA Date Jul-01 years to IPO 2.8

161

Name

Founder's Employee PreIPO Post IPO Founder's Employee PreIPO Post IPO Value Including © Service des relations Ownership Ownership Ownership Ownership Shares Shares Shares Shares Options fD C hairman Lawrence Block 8.7% 2.2% 1.6% 1'093'750 1'093'750 1'093'750 $6'562'500 fD C EO C alvin C how 13.9% 3.4% 2.5% 1'735'000 1'735'000 1'735'000 $10'410'000 f C TO Wally Parce 6.0% 1.5% 1.1% 753'333 753'333 753'333 $4'519'998 23'333 f Prof. Harvard C harles Lieber 4.4% 1.1% 0.8% 550'000 550'000 550'000 $3'300'000 VP IP Matthew Murphy 0.9% 0.2% 0.2% 116'000 116'000 116'000 $696'000 20'676 VP Finance Karen L. Vergura 2.3% 0.6% 0.4% 287'500 287'500 287'500 $1'725'000 Director Regis P. McKenna 2.1% 0.5% 0.4% 262'099 262'099 262'099 $1'572'594 Director Sasson Somekh 0.8% 0.2% 0.1% 100'000 100'000 100'000 $600'000 Director Gregory J. Yurek 0.8% 0.2% 0.1% 100'000 100'000 100'000 $600'000 f Prof. Berkeley Paul Alivisatos f co-founder. Steve Empedocles Harvard Unviersity 1.5% 0.4% 0.3% 190'000 190'000 190'000 $1'140'000 MIT 0.4% 0.1% 0.1% 50'000 50'000 50'000 $300'000 Univ. C al. Berkeley 0.1% 0.0% 0.0% 10'000 10'000 10'000 $60'000 C olumbia Univ. 0.1% 0.0% 0.0% 10'000 10'000 10'000 $60'000 Officers & executives 100.0% 42.0% 10.4% 7.6% 2'290'000 5'257'682 5'257'682 5'257'682 $31'546'092 44'009 Other common 27.3% 6.7% 4.9% 3'414'662 3'414'662 3'414'662 $20'487'972 Total common 26.4% 69.2% 17.1% 12.5% 8'672'344 8'672'344 8'672'344 $52'034'064 Options - outstanding 7.6% 1.9% 1.4% 947'584 947'584 947'584 $5'685'504 Warrant 6.7% 1.7% 1.2% 839'335 839'335 839'335 $5'036'010 Options - available 16.5% 4.1% 3.0% 2'065'167 2'065'167 2'065'167 $12'391'002 Options - total 30.8% 7.6% 5.6% 3'852'086 3'852'086 3'852'086 $23'112'516 Total - company 18.3% 100.0% 24.7% 18.1% 12'524'430 12'524'430 12'524'430 $75'146'580 Investors (Arch Partners) 13.6% 9.9% 6'876'397 6'876'397 $41'258'382 Investors (C W Partners) 12.5% 9.1% 6'340'778 6'340'778 $38'044'668 Investors (Polaris) 12.5% 9.1% 6'340'778 6'340'778 $38'044'668 Investors (Venrock) 12.5% 9.1% 6'340'778 6'340'778 $38'044'668 Investors (others) 24.1% 17.6% 12'183'197 12'183'197 $73'099'182 Total- Investors 75.3% 54.9% 38'081'928 38'081'928 $228'491'568 Total - PreIPO 4.5% 100.0% 73.0% 50'606'358 50'606'358 $303'638'148 IPO (new shares) 27.0% 18'750'000 $112'500'000 Option (underwriters) Total outstanding 3.3% 100.0% 69'356'358 $416'138'148 Board C linton W. Bybee Arch Partners Regis P. McKenna Independant Bryan E. Roberts Venrock Sasson Somekh John A. Young Gregory J. Yurek

Total cash before fees Paid to underwriters Others Net sold by company sold by shareholders Total shares sold Option to underwriters

$112'500'000

$112'500'000 18'750'000

Year 2003 Revenues $3'039'000 Profit -$9'169'000 Growth 974% Number of employees Avg. val. of stock per emp

2002 $283'000 -$7'088'000 34 $1'282'367

18'750'000 -

Round

Date

Amount

A B C Total

Oct-01 Feb-02 May-03

$1'649'999 $15'000'004 $37'492'958 $54'142'961

# Shares

Price per Valuation share 5'499'998 $0.30 12'500'003 $1.20 20'081'927 $1.87 38'081'928

Nanosys was founded by Larry Bock, C harles Lieber and Paul Alivisatos. They were subsequently joined by Drs Steve Empedocles and Wally Parce and Mr. C alvin C how. In a filing with the Securities and Exchange C ommission, Nanosys said it will price its 6.25 million IPO shares between $15 and $17 each. At that price range, the offering could raise as much as $106 million and, because Nanosys will have nearly 22 million shares outstanding after the IPO, give the Palo Alto company a total market value as high as $371 million. Nanosys did not go public in 2004, further raised $41.5M in 2005 and $25M in 2010.

industrielles©(SRI) EPFL

Activity Town, St f= founder D= director Title

Biotech. Palo Alto, C A Price per share Symbol

Company IPO date Market cap. URL

$5.0 ANAC

Anacor Pharmaceuticals, Inc. Nov-10 $148'700'743 www.anacor.com

Incorporation State De, C A Date Dec-00 years to IPO 10.0

162

Name

Founder's Employee PreIPO Post IPO Founder's Employee PreIPO Post IPO © Service Value des relations Including Bought at IPO industrielles ©(SRI) EPFL Ownership Ownership Ownership Ownership Shares Shares Shares Shares Options fD Prof. Stanford Uni. Lucy Shapiro 51.2% 10.2% 3.1% 1.6% 484'997 489'455 489'455 489'455 $2'447'275 4'458 f Prof. Penn State Stephen Benkovic 48.8% 9.8% 3.0% 1.6% 461'680 470'305 470'305 470'305 $2'351'523 8'625 President & C EO David P. Perry 13.0% 3.9% 2.1% 627'967 627'967 627'967 $3'139'835 366'813 EVP & C FO Geoffrey Parker 3.8% 1.1% 0.6% 181'579 181'579 181'579 $907'895 181'579 SVP Research Jacob J. Plattner 2.6% 0.8% 0.4% 125'914 125'914 125'914 $629'570 125'914 SVP Prog. Manag. Kirk Maples 2.6% 0.8% 0.4% 124'870 124'870 124'870 $624'350 124'870 Former C FO C hristine Gray-Smith 1.7% 0.5% 0.3% 79'833 79'833 79'833 $399'165 79'833 SVP Prod. Dev. Irwin A. Heyman 1.4% 0.4% 0.2% 66'927 66'927 66'927 $334'635 66'927 Officers & executives Other common Total common Options - outstanding Options - available Options - total Total - company Investors (Rho ventures) Investors (Venrock) Investors (GSK) Investors (C are capital) Investors (Aberdare ventures) Investors (others) Total- Investors Total - PreIPO IPO (new shareholders) Bought by existing Option (underwriters) Total outstanding Board Mark Leschly Anders D. Hove Paul Klingenstein Richard Markham Zhi Hong

Rho Ventures Venrock Aberdare C are C apital GSK

100.0% 35.7%

19.6%

45.0% 10.1% 55.0% 17.1% 27.9% 45.0% 100.0%

5.9%

13.6% 3.0% 16.6% 5.2% 8.4% 13.6% 30.2% 20.2% 12.7% 11.1% 9.8% 9.1% 6.9% 69.8% 100.0%

3.2%

7.3% 1.6% 8.9% 2.8% 4.5% 7.3% 16.2% 18.9% 15.6% 9.3% 5.2% 5.9% 3.7% 58.6% 74.8% 19.2% 21.2% 6.1% 100.0%

Total cash before fees Paid to underwriters Others Net sold by company bought by existing shareholders Total shares sold Option to underwriters Round A-1 A-2 B C D E Total

Date

Apr-05 Jun-06

Amount $3'000'000 $850'000 $3'999'983 $24'999'958 $5'069'679 $50'000'000 $87'919'619

946'677

2'166'850 485'671 2'652'521 823'933 1'342'970 2'166'903 4'819'424

2'166'850 485'671 2'652'521 823'933 1'342'970 2'166'903 4'819'424 3'221'423 2'025'535 1'771'374 1'558'104 1'451'936 1'092'353 11'120'725 15'940'149

2'166'850 485'671 2'652'521 823'933 1'342'970 2'166'903 4'819'424 5'621'423 4'625'535 2'771'374 1'558'104 1'751'936 1'092'353 17'420'725 22'240'149 5'700'000 6'300'000 1'800'000 29'740'149

$69'000'000 Year 2009 2008 $4'830'000 Revenues $18'643'000 $25'076'000 Profit -$24'854'000 -$21'625'000 $64'170'000 Growth -26% 18% 12'000'000 Number of employees 6'300'000 Avg. val. of stock per emp 18'300'000 1'800'000 # Shares 845'663 239'608 667'866 5'617'968 586'090 2'952'283 10'909'478

Price per Converted share to $3.55 845'663 $3.55 239'608 $5.99 879'113 $4.45 5'617'968 $8.65 586'090 $16.94 2'952'283 11'120'725

$10'834'248 $2'428'355 $13'262'603 $4'119'665 $6'714'850 $10'834'515 $24'097'118 $28'107'115 $23'127'675 $13'856'870 $7'790'520 $8'759'680 $5'461'765 $87'103'625 $111'200'743 $28'500'000 $31'500'000 $9'000'000 $148'700'743 2007 $21'289'000 -$11'611'000 60 $221'048

959'019

2'400'000 2'600'000 1'000'000 300'000

6'300'000

Activity Town, St f= founder D= director Title

Security C ourbevoie, France Price per share $1.0 Symbol QLYS

Company IPO date Filing Market cap. URL

Qualys, Inc. Jun-12 $350'129'403 www.qualys.com

Founder's Employee PreIPO Post IPO Founder's Ownership Ownership Ownership Ownership Shares President & C EO Philippe C ourtot * 25.6% 10.6% 9.1% C FO Donald McC auley 4.4% 1.8% 1.6% VP Ops Peter Albert 1.1% 0.5% 0.4% C MO Amer Deeba 2.5% 1.0% 0.9% VP Engineering Sumedh Thakar 0.8% 0.3% 0.3% EVP Field Ops. John Wilson 2.1% 0.9% 0.7% Director Sandra Bergeron 0.7% 0.3% 0.3% Director Jeffrey P. Hank 0.4% 0.1% 0.1% Director Gen. Peter Pace 0.4% 0.1% 0.1% Officers & executives 38.0% 15.7% 13.5% Other common 30.0% 12.4% 10.7% Total common 0.0% 68.0% 28.1% 24.1% Options - outstanding 26.4% 10.9% 9.4% Options - available 5.6% 2.3% 2.0% Options - total 32.0% 13.2% 11.3% Total - company 0.0% 100.0% 41.4% 35.5% Investors (Philippe C ourtot*) 22.0% 18.9% Investors (Trident) 21.0% 18.0% Investors (GRP Partners) 8.4% 7.2% Investors (others) 7.3% 6.2% Total- Investors 58.6% 50.3% Total - PreIPO 0.0% 100.0% 85.7% IPO 14.3% Option (underwriters) Total outstanding 0.0% 100.0% Board Sandra Bergeron Donald R. Dixon Jeffrey P. Hank Gen. Peter Pace Yves B. Sisteron

Name

Trident Trident

GRP Partners

* C ourot is both C EO (common shares) and investor ($23.2M of preferred shares)

Founders are Gilles Samoun and Philippe Langlois

Total cash before fees Paid to underwriters Others Net sold by company sold by shareholders Total shares sold Option to underwriters

Incorporation State France, DE Date Jun-99 years to IPO 13.0

© Service des relations industrielles ©(SRI) EPFL Employee PreIPO Post IPO Value Including Shares Shares Shares Options 31'772'219 31'772'219 31'772'219 $31'772'219 19'890'176 5'518'381 5'518'381 5'518'381 $5'518'381 3'918'381 1'423'942 1'423'942 1'423'942 $1'423'942 1'423'942 3'076'602 3'076'602 3'076'602 $3'076'602 2'368'276 993'107 993'107 993'107 $993'107 927'708 2'560'912 2'560'912 2'560'912 $2'560'912 2'005'912 900'000 900'000 900'000 $900'000 450'000 450'000 450'000 $450'000 450'000 450'000 450'000 450'000 $450'000 47'145'163 47'145'163 47'145'163 $47'145'163 30'984'395 37'308'355 37'308'355 37'308'355 $37'308'355 84'453'518 84'453'518 84'453'518 $84'453'518 32'751'141 32'751'141 32'751'141 $32'751'141 6'951'509 6'951'509 6'951'509 $6'951'509 39'702'650 39'702'650 39'702'650 $39'702'650 124'156'168 124'156'168 124'156'168 $124'156'168 66'150'729 66'150'729 $66'150'729 62'886'577 62'886'577 $62'886'577 25'097'227 25'097'227 $25'097'227 21'838'702 21'838'702 $21'838'702 175'973'235 175'973'235 $175'973'235 300'129'403 300'129'403 $300'129'403 50'000'000 $50'000'000 350'129'403

$50'000'000 Year 2011 $3'500'000 Revenues $76'212'000 Profit $1'954'000 $46'500'000 Growth 16% 50'000'000 Number of employees Avg. val. of stock per emp 50'000'000 -

Round

Date

Amount

# Shares

A A B C Total

2001 2002 2003 2004

$20'973'981 14'981'415 $8'050'000 5'750'000 $28'681'670 110'314'114 $6'761'919 17'993'399 $43'493'589

163

2010 $65'432'000 $407'000 14%

$350'129'403 2009 $57'425'000 $859'000 313 $246'042

Price per After antishare dilution $1.40 34'445'307 Antidilution had the effect of converting $1.40 13'220'415 series A price to $0.60 because of $0.26 Series B down round. $0.38 175'973'235

Activity Town, St f= founder D= director Title fD C EO VP Prod. Manag. Sr Research Mgr VP Glbal Ops Pdt US Inc.

Security Espoo. Finland Price per share Symbol

F-Secure Oyj Nov-99 $255'863'300 www.f-secure.fi

Incorporation State Date Dec-88 years to IPO 10.9

164

© Service relations industrielles (SRI) EPFL Founder's Employee PreIPO Post IPO Founder's Employee PreIPO Post IPO des Value Sold © at IPO Ownership Ownership Ownership Ownership Shares Shares Shares Shares Risto Siilasmaa 98.6% 56.8% 56.8% 44.2% 15'150'000 15'150'000 15'150'000 14'682'195 € 113'052'902 467'805 Petri Allas 1.4% 0.8% 0.8% 0.6% 210'000 210'000 210'000 210'000 € 1'617'000 Ari Hyppönen 9.0% 9.0% 7.0% 2'400'000 2'400'000 2'325'892 € 17'909'368 74'108 Ismo Bergroth 8.3% 8.3% 6.4% 2'205'000 2'205'000 2'136'913 € 16'454'230 68'087 Petri Laakkonen 0.3% 0.3% 0.3% 88'875 88'875 88'875 € 684'338 C hristopher Vargas 0.2% 0.2% 0.2% 66'000 66'000 66'000 € 508'200 Name

Officers & executives Other common Total common Options - outstanding Options - available Options - total Total - company Investors - pre IPO Total - PreIPO IPO Sold to employees Option (underwriters) Total outstanding Board Ari Hyppönen Risto Siilasmaa Ismo Bergroth Jari Puhakka

Company IPO date € 7.7 Market cap. FSC 1V (FI) URL

C hairman C EO VP Bus. Dev.

100.0% 75.8%

57.6% 57.6%

75.4% 0.5% 75.9% 19.6% 4.5% 24.1% 100.0%

75.4% 0.5% 75.9% 19.6% 4.5% 24.1% 100.0%

58.7% 0.4% 59.1% 15.7% 3.6% 19.3% 78.5%

100.0%

78.5% 18.1% 0.8% 2.7% 100.0%

46.2% Total cash before fees Paid to underwriters Others Net sold by company sold by shareholders Total shares sold Option to underwriters

15'360'000

20'119'875 135'000 20'254'875 5'224'125 1'200'000 6'424'125 26'679'000

20'119'875 135'000 20'254'875 5'224'125 1'200'000 6'424'125 26'679'000

19'509'875 135'000 19'644'875 5'224'125 1'200'000 6'424'125 26'069'000

€ 150'226'038 € 1'039'500 € 151'265'538 € 40'225'763 € 9'240'000 € 49'465'763 € 200'731'300

26'679'000

26'069'000 6'010'000 250'000 900'000 33'229'000

€ 200'731'300 € 46'277'000 € 1'925'000 € 6'930'000 € 255'863'300

€ 46'277'000 Year 1998 € 3'239'390 Revenues € 12'200'000 Profit € 300'000 € 43'037'610 Growth 31% 6'910'000 Number of employees Avg. val. of stock per emp 6'910'000 900'000

1997 € 9'300'000 € 2'300'000 127%

1996 € 4'100'000 € 1'200'000 235 $214'916

610'000

Activity Town, St f= founder D= director Title

Energy Woodridge, IL Price per share Symbol

Company IPO date Filing Market cap. URL

$20.0 ERSI

Elevance Renewable Sciences, Inc. Sep-11 $527'196'560 www.elevance.com

Incorporation State DE, IL Date Oct-07 years to IPO 3.9

165

Name

Founder's Employee PreIPO Post IPO Founder's Employee PreIPO Post IPO Value © Service des relationsIncluding industrielles©(SRI) EPFL Ownership Ownership Ownership Ownership Shares Shares Shares Shares Options f Founding company * C argill 50.0% 18.8% 4.2% 3.4% 893'645 893'645 893'645 893'645 $17'872'900 f Founding company * Materia 50.0% 27.8% 6.2% 5.0% 893'645 1'318'717 1'318'717 1'318'717 $26'374'340 D C EO K’Lynne Johnson 6.3% 1.4% 1.1% 300'000 300'000 300'000 $6'000'000 300'000 C OO Mel L. Luetkens 4.3% 1.0% 0.8% 205'000 205'000 205'000 $4'100'000 205'000 C FO David H. Kelsey 8.4% 1.9% 1.5% 400'000 400'000 400'000 $8'000'000 400'000 EVP Mark. & Sales Andy L. Shafer 1.1% 0.2% 0.2% 50'000 50'000 50'000 $1'000'000 50'000 VP Finance Kara E. Lawrence 0.9% 0.2% 0.2% 45'000 45'000 45'000 $900'000 45'000 Officers & executives Other common Total common Options - outstanding Options - available Options - total Total - company Investors (TPG) Investors (others) Total- Investors Total - PreIPO IPO Option (underwriters) Total outstanding

D D D D D D D

Board Geoffrey M. Duyk C arole Piwnica Robert Frost Véronique Hervouet William McGlashan Robert B. Shapiro Mark E. Tomkins

100.0%

67.7% 4.7% 72.4% 27.6%

15.0% 1.1% 16.1% 6.1%

12.2% 0.9% 13.0% 5.0%

27.6% 100.0%

6.1% 22.2% 39.4% 38.4% 77.8% 100.0%

5.0% 18.0% 31.9% 31.1% 63.0% 81.0% 19.0%

52.0%

37.6%

8.4%

6.8%

TPG Naxos Total TPG

* Incorporated to pursue work started in 2004 in a collaboration between C argill and Materia, Inc Did not go public and raised $105M series E in August 2012

1'787'290

3'212'362 225'458 3'437'820 1'310'484

3'212'362 225'458 3'437'820 1'310'484

3'212'362 225'458 3'437'820 1'310'484

$64'247'240 $4'509'160 $68'756'400 $26'209'680

1'310'484 4'748'304

1'310'484 4'748'304 8'405'568 8'205'956 16'611'524 21'359'828

1'310'484 4'748'304 8'405'568 8'205'956 16'611'524 21'359'828 5'000'000

$26'209'680 $94'966'080 $168'111'360 $164'119'120 $332'230'480 $427'196'560 $100'000'000

26'359'828

$527'196'560

100.0% Total cash before fees Paid to underwriters Others Net sold by company sold by shareholders Total shares sold Option to underwriters Round

Date

A B B C D Total

Nov-07 Nov07-Feb08 Oct09-Aug10 Dec-10 Jun-11

$100'000'000 Year 2010 2009 $7'000'000 Revenues $21'188'000 $12'186'000 Profit -$27'301'000 -$16'837'000 $93'000'000 Growth 74% -36% 5'000'000 Number of employees Avg. val. of stock per emp 5'000'000 Amount

# Shares 1'687'290 5'486'940 3'343'700 5'649'718 2'556'238 11'549'656

$48'778'897 $29'725'493 $70'000'006 $50'000'015 $198'504'411

C ommon A C argill 50'000 Materia 50'000 TPG TPG Naxos, Total, BC P Kelsey Total 100'000

B 843'645 843'645

$8.89 $8.89 $12.39 $19.56

C

D

8'830'640

Total

4'499'438 5'649'718

1'687'290

73 $420'806

Price per share

Warrant 425'072 5'061'868 3'343'700

2008 $18'913'000 -$8'220'000

4'499'438

5'649'718

2'556'238 30'000 2'586'238

893'645 1'318'717 9'561'306 3'343'700 8'205'956 30'000 23'353'324

1'000'000

Activity Town, St f= founder D= director Title f* f* f* f* D

Energy Englewood, C O Price per share Symbol

$15.0 GEVO

Company IPO date Market cap. URL

Gevo, Inc. Feb-11 $521'735'325 www.gevo.com

Incorporation State DE Date Jun-05 years to IPO 5.7

166

Name

Founder's Employee PreIPO Post IPO Founder's Employee PreIPO Post IPO Value Including Bought at © Service des relations industrielles ©(SRI) EPFL Ownership Ownership Ownership Ownership Shares Shares Shares Shares Options IPO C altech Professor Frances Arnold 25.0% 3.1% 1.0% 0.7% 250'000 250'000 250'000 250'000 $3'750'000 Research director Peter Meinhold 25.0% 3.1% 1.0% 0.7% 250'000 250'000 250'000 250'000 $3'750'000 Dir. C hem. Tech. Matthew Peters 25.0% 3.1% 1.0% 0.7% 250'000 250'000 250'000 250'000 $3'750'000 UC LA Professor James Liao 25.0% 3.1% 1.0% 0.7% 250'000 250'000 250'000 250'000 $3'750'000 University C al. Tech 2.5% 0.8% 0.6% 200'000 200'000 200'000 $3'000'000 C EO Patrick Gruber 10.1% 3.3% 2.3% 806'915 806'915 806'915 $12'103'725 806'915 EVP Bus. Dev. C hristopher Ryan 1.1% 0.4% 0.3% 91'250 91'250 91'250 $1'368'750 91'250 C FO Mark Smith 1.1% 0.4% 0.3% 89'720 89'720 89'720 $1'345'800 89'720 Director Stacy J. Smith 0.2% 0.1% 0.04% 12'413 12'413 12'413 $186'195 12'413 Director Bruce A. Smith 0.2% 0.1% 0.04% 12'413 12'413 12'413 $186'195 12'413 Director C arlos A. C abrera 0.2% 0.1% 0.04% 12'413 12'413 12'413 $186'195 12'413 $0 $0 Officers & executives 100.0% 27.9% 9.2% 6.4% 1'000'000 2'225'124 2'225'124 2'225'124 $33'376'860 1'025'124 Other common 2.0% 0.7% 0.5% 160'657 160'657 160'657 $2'409'855 Total common 41.9% 29.9% 9.8% 6.9% 2'385'781 2'385'781 2'385'781 $35'786'715 Options - outstanding 23.4% 7.7% 5.4% 1'869'141 1'869'141 1'869'141 $28'037'115 Warrant 15.7% 5.2% 3.6% 1'256'032 1'256'032 1'256'032 $18'840'480 Options - available 30.9% 10.1% 7.1% 2'464'036 2'464'036 2'464'036 $36'960'540 Options - total 70.1% 23.0% 16.1% 5'589'209 5'589'209 5'589'209 $83'838'135 Total - company 12.5% 100.0% 32.8% 22.9% 7'974'990 7'974'990 7'974'990 $119'624'850 Investors (Khosla Ventures) 27.2% 20.3% 6'609'455 7'076'122 $106'141'830 466'667 Investors (Virgin Green Fund) 10.7% 8.0% 2'596'037 2'782'704 $41'740'560 186'667 Investors (Total Energy Ventures) 9.3% 7.0% 2'260'103 2'449'667 $36'745'005 189'564 Investors (Burrill LS Fund) 7.2% 5.4% 1'746'952 1'895'197 $28'427'955 148'245 Investors (Malaysian LS FUnd) 6.3% 4.8% 1'540'739 1'671'425 $25'071'375 130'686 Investors (Lanxess C orp.) 4.6% 6.5% 1'111'112 2'244'445 $33'666'675 1'133'333 Investors (other) 1.9% 1.3% 465'305 465'305 $6'979'575 Total- Investors 67.2% 53.4% 16'329'703 18'584'865 $278'772'975 Total - PreIPO 4.1% 100.0% 76.4% 24'304'693 26'559'855 $398'397'825 2'255'162 IPO 20.6% 7'150'000 $107'250'000 Bought by existing 6.5% 2'255'162 $33'827'430 Option (underwriters) 3.1% 1'072'500 $16'087'500 Total outstanding 2.9% 100.0% 34'782'355 $521'735'325 Board Ganesh M. Kishore Malaysian LS Fund Véronique Hervouet Total Stacy J. Smith Ron C ommander Intel Bruce A. Smith C arlos A. C abrera

Total cash before fees Paid to underwriters Others Net sold by company bought by shareholders Option to underwriters Total shares sold

$107'250'000 Year 2010 2009 $7'507'500 Revenues $660'000 $208'000 Profit -$19'885'000 -$14'542'000 $99'742'500 Growth 217% -24% 8'222'500 Number of employees 2'255'162 Avg. val. of stock per emp 1'072'500 11'550'162

* tentative shareholding of founders Round

Date

Amount

A-1 A-2 A-3 A-4 B C D D-1 Total

Aug-05 $500'000 Feb-06 $899'720 Aug-06 $1'601'250 Apr-07 $2'000'000 Jul-07 $2'999'999 Apr-08 $17'000'001 Apr09-Aug09 $32'500'040 Apr10-May10 $32'563'729 $90'064'740

# Shares 1'000'000 1'084'000 915'000 858'369 1'027'397 3'102'190 4'616'483 1'902'087 14'505'526

Price per After share conversion $0.50 $0.83 $1.75 $2.33 $2.92 $5.48 $7.04 $17.12 3'726'264

2008 $275'000 -$7'226'000 57 $1'513'123

Activity Town, St f= founder D= director Title f Founding firm D President & C EO SVP C ommercial D Director D Director D Director D Director

Energy Pasadena, Texas Price per share $15.0 Symbol KIOR Name BIOeC on Fred C annon John Kasbaum John Melo William Roach Ralph Alexander Gary Whitlock

KiOR, Inc. Jun-11 $1'979'072'820 www.kior.com

Incorporation State DE Date Jul-07 years to IPO 3.9

167

©Post Service ©(SRI) EPFL Founder's Employee PreIPO Post IPO Founder's Employee PreIPO IPO des relations Value industrielles Including Ownership Ownership Ownership Ownership Shares Shares Shares Shares Options 100.0% 32.8% 11.0% 10.0% 13'191'838 13'191'838 13'191'838 13'191'838 $197'877'570 3'127'698 10.2% 3.4% 3.1% 4'083'218 4'083'218 4'083'218 $61'248'270 3'127'698 0.3% 0.1% 0.1% 112'000 112'000 112'000 $1'680'000 112'000 0.1% 0.0% 0.0% 46'174 46'174 46'174 $692'610 46'174 0.1% 0.0% 0.0% 46'174 46'174 46'174 $692'610 46'174 0.1% 0.0% 0.0% 34'630 34'630 34'630 $519'450 34'630 0.1% 0.0% 0.0% 34'630 34'630 34'630 $519'450 34'630

Officers & executives Other common Total common Options - outstanding Warrant Options - available Options - total Total - company Investors (Khosla Ventures) Investors (Artis C apital) Investors (Alberta Investment ) Investors (others) Total- Investors Total - PreIPO IPO Option (underwriters) Total outstanding Board Ralph Alexander Jagdeep Singh Bachher Samir Kaul John Melo Paul O’C onnor C ondoleezza Rice William Roach Gary L. Whitlock

Company IPO date Market cap. URL

Riverstone Holdings Alberta Investment Khosla Ventures Amyris BIOeC ON Stanford Univ. C alera C enterPoint

100.0% 54.7%

32.8%

43.7% 16.3% 60.0% 29.1% 1.1% 9.7% 40.0% 100.0%

11.0%

14.6% 5.4% 20.0% 9.7% 0.4% 3.2% 13.3% 33.4% 46.2% 9.9% 6.5% 4.1% 66.6% 100.0%

10.0%

13.3% 5.0% 18.3% 8.9% 0.3% 3.0% 12.2% 30.4% 42.2% 9.0% 5.9% 3.8% 60.8% 91.3% 7.6% 1.1% 100.0%

Total cash before fees Paid to underwriters Others Net sold by company sold by shareholders Option to underwriters Total shares sold Round

Date

A A-1 B C Total

Sep-09 Sep-09 May-10 Apr-11

13'191'838

17'548'664 6'563'186 24'111'850 11'690'028 456'822 3'908'202 16'055'052 40'166'902

17'548'664 6'563'186 24'111'850 11'690'028 456'822 3'908'202 16'055'052 40'166'902 55'669'672 11'866'584 7'786'616 4'948'414 80'271'286 120'438'188

$150'000'000 Year 2010 $10'500'000 Revenues $0 Profit -$45'927'000 $139'500'000 Growth 11'500'000 Number of employees Avg. val. of stock per emp 1'500'000 13'000'000 Amount $4'351'200 $10'002'929 $119'999'989 $54'999'989 $189'354'107

# Shares 24'000'000 20'571'576 24'479'802 11'219'908 80'271'286

Price per Valuation share $0.18 $6'742'880 $0.49 $28'087'460 $4.90 $403'156'245 $4.90 $458'156'234

17'548'664 6'563'186 24'111'850 11'690'028 456'822 3'908'202 16'055'052 40'166'902 55'669'672 11'866'584 7'786'616 4'948'414 80'271'286 120'438'188 10'000'000 1'500'000 131'938'188 2009 $0 -$14'059'000

$263'229'960 $98'447'790 $361'677'750 $175'350'420 $6'852'330 $58'623'030 $240'825'780 $602'503'530 $835'045'080 $177'998'760 $116'799'240 $74'226'210 $1'204'069'290 $1'806'572'820 $150'000'000 $22'500'000 $1'979'072'820 2008 $0 -$5'866'000 107 $3'170'781

3'401'306

Activity Town, St f= founder D= director

Energy-chemicals Emeryville, C A Price per share Symbol

Title

Name

Board Ralph Alexander John Doerr Geoffrey Duyk Samir Kaul Arthur Levinson Patrick Pichette C arole Piwnica F. de C astro Reinach

Riverstone Holdings Kleiner Perkins TPG Biotechnology Khosla Ventures Genentech Google Naxis UK Pitanga Fund

$16.0 AMRS

Company IPO date Market cap. URL

Amyris, Inc. Sep-10 $868'054'576 www.amyris.com

Incorporation State CA Date Jul-03 years to IPO 7.2

168

©Post Service industrielles ©(SRI) EPFL Founder's Employee PreIPO Post IPO Founder's Employee PreIPO IPO des relations Value Including Ownership Ownership Ownership Ownership Shares Shares Shares Shares Options fD SVP C orp. Dev. Keither Reiling 25.0% 5.9% 2.0% 1.8% 1'000'000 985'000 985'000 985'000 $15'760'000 85'000 f C TO Neil Renninger 25.0% 5.4% 1.9% 1.7% 1'000'000 900'000 900'000 900'000 $14'400'000 f SVP research Jack Newman 25.0% 5.4% 1.9% 1.7% 1'000'000 900'000 900'000 900'000 $14'400'000 f Prof. UC Berkeley Jay Keasling 25.0% 6.0% 2.1% 1.8% 1'000'000 1'000'000 1'000'000 1'000'000 $16'000'000 D Presidentt & C EO John Melo 9.0% 3.1% 2.8% 1'502'983 1'502'983 1'502'983 $24'047'728 C FO Jeryl Hilleman 1.5% 0.5% 0.5% 250'000 250'000 250'000 $4'000'000 224'555 SVP Proc. Dev. Jefferson Lievense 1.7% 0.6% 0.5% 280'000 280'000 280'000 $4'480'000 280'000 General C ounsel Tamara Tompkins 1.4% 0.5% 0.4% 240'000 240'000 240'000 $3'840'000 140'000 SVP Res. Prog. Joel C herry 1.4% 0.5% 0.4% 230'000 230'000 230'000 $3'680'000 230'000 Director Arthur Levinson 0.6% 0.2% 0.2% 100'000 100'000 100'000 $1'600'000 100'000 Director Patrick Pichette 0.6% 0.2% 0.2% 100'000 100'000 100'000 $1'600'000 100'000 Officers & executives 100.0% 39.1% 13.5% 12.0% 4'000'000 6'487'983 6'487'983 6'487'983 $103'807'728 1'159'555 Other common 4.8% 1.7% 1.5% 803'976 803'976 803'976 $12'863'616 Total common 54.9% 43.9% 15.1% 13.4% 7'291'959 7'291'959 7'291'959 $116'671'344 Options - outstanding 30.8% 10.6% 9.4% 5'116'175 5'116'175 5'116'175 $81'858'800 Options - available 25.3% 8.7% 7.7% 4'200'000 4'200'000 4'200'000 $67'200'000 Options - total 56.1% 19.3% 17.2% 9'316'175 9'316'175 9'316'175 $149'058'800 Total - company 24.1% 100.0% 34.5% 30.6% 16'608'134 16'608'134 16'608'134 $265'730'144 Investors (Total) 14.7% 13.1% 7'101'548 7'101'548 $113'624'768 Investors (Kleiner Perkins) 8.7% 7.7% 4'183'224 4'183'224 $66'931'584 Investors (Khosla Ventures) 8.2% 7.3% 3'961'166 3'961'166 $63'378'656 Investors (others) 33.9% 30.1% 16'304'339 16'304'339 $260'869'424 Total- Investors 65.5% 58.2% 31'550'277 31'550'277 $504'804'432 Total - PreIPO 8.3% 100.0% 88.8% 48'158'411 48'158'411 $770'534'576 IPO 9.8% 5'300'000 $84'800'000 Option (underwriters) 1.5% 795'000 $12'720'000 Total outstanding 7.4% 100.0% 54'253'411 $868'054'576 Total cash before fees Paid to underwriters Others Net sold by company sold by shareholders Option to underwriters Total shares sold Round

Date

A B-1 B-1 C C -1 D Total

Apr07-May07 Sep07-Apr08 Feb08-Jan09 Jul09-Jan10 Mar-10 Jun-10

$84'800'000 Year 2009 2008 $5'936'000 Revenues $64'608'000 $13'892'000 Profit -$64'800'000 -$42'336'000 $78'864'000 Growth 365% 125% 6'095'000 Number of employees Avg. val. of stock per emp 795'000 6'890'000 Amount $14'093'659 $41'495'287 $66'073'112 $61'087'206 $47'846'891 $133'154'025 $363'750'181

# Shares 6'482'824 1'667'817 2'615'721 4'902'665 2'724'766 7'101'548 25'495'341

Price per As share converted $2.17 9'475'000 $24.88 1'667'817 $25.26 2'615'721 $12.46 4'902'665 $17.56 2'724'766 $18.75 9'651'004 31'036'973

2007 $6'184'000 -$11'774'000 296 $547'035

Activity Town, St f= founder D= director Title

Energy Lebanon, New Hampshire Price per share $14.0 Symbol MC M Name

fD Prof. Darmouth - C SO Lee Lynd f Prof. UC Riverside - C . Proc C harles Wyman f First C EO Robert Johnsen Former C EO (exc. pref shares) Bruce Jamerson D President & C EO William J. Brady VP Finance Keith Pattison SVP Operations Alan H. Belcher Licensing University Darmouth Licensing University Stellenbosch Univ. Officers & executives Other common Total common Options - outstanding Warrant Options - available Options - total Total - company Investors (SunOpta) Investors (Khosla Ventures) Investors (Flagship) Investors (General C atalyst) Investors (Kleiner Perkins) Investors (BlackRock) Investors (VantagePoint) Investors (others) Total- Investors Total - PreIPO IPO Total outstanding Board Bruce A. Jamerson - C hair James V. Matheson Hemant Taneja Jeremy N. Kendall David L. Whikehart

Former C EP Flagship General C atalyst Sunopta

Company IPO date FILING Market cap. URL

Mascoma Corp. Sep-11 $1'121'113'070 www.mascoma.com

Incorporation State DE Date Oct-05 years to IPO 5.9

169

Founder's Employee PreIPO Post IPO Founder's Employee PreIPO Post IPO Value Including Ownership Ownership Ownership Ownership Shares Shares Shares Shares Options 29.4% 3.6% 1.3% 1.2% 500'000 971'333 971'333 971'333 $13'598'662 171'333 23.5% 1.6% 0.6% 0.5% 400'000 428'000 428'000 428'000 $5'992'000 28'000 11.8% 0.8% 0.3% 0.3% 200'000 212'498 212'498 212'498 $2'974'972 6.0% 2.2% 2.0% 1'615'111 1'615'111 1'615'111 $22'611'554 1'001'667 2.4% 0.9% 0.8% 636'506 636'506 636'506 $8'911'084 636'506 0.2% 0.1% 0.1% 55'000 55'000 55'000 $770'000 55'000 0.9% 0.3% 0.3% 253'333 253'333 253'333 $3'546'662 253'333 23.5% 1.5% 0.5% 0.5% 400'000 400'000 400'000 400'000 $5'600'000 11.8% 0.7% 0.3% 0.2% 200'000 200'000 200'000 200'000 $2'800'000 100.0% 17.8% 6.5% 6.0% 1'700'000 4'771'781 4'771'781 4'771'781 $66'804'934 2'145'839 19.1% 7.0% 6.4% 5'098'800 5'098'800 5'098'800 $71'383'200 17.2% 36.9% 13.5% 12.3% 9'870'581 9'870'581 9'870'581 $138'188'134 27.6% 10.1% 9.2% 7'390'077 7'390'077 7'390'077 $103'461'078 18.6% 6.8% 6.2% 4'986'648 4'986'648 4'986'648 $69'813'072 16.9% 6.2% 5.6% 4'513'742 4'513'742 4'513'742 $63'192'388 63.1% 23.1% 21.1% 16'890'467 16'890'467 16'890'467 $236'466'538 6.4% 100.0% 36.6% 33.4% 26'761'048 26'761'048 26'761'048 $374'654'672 15.5% 14.2% 11'337'156 11'337'156 $158'720'184 13.0% 11.9% 9'514'661 9'514'661 $133'205'254 6.4% 5.9% 4'703'147 4'703'147 $65'844'058 6.2% 5.6% 4'506'144 4'506'144 $63'086'016 5.3% 4.9% 3'890'064 3'890'064 $54'460'896 4.9% 4.5% 3'594'133 3'594'133 $50'317'862 4.2% 3.8% 3'045'301 3'045'301 $42'634'214 7.8% 7.2% 5'727'851 5'727'851 $80'189'914 63.4% 57.8% 46'318'457 46'318'457 $648'458'398 2.3% 100.0% 91.3% 73'079'505 73'079'505 $1'023'113'070 8.7% 7'000'000 $98'000'000 0.0% 2.1% 100.0% 80'079'505 $1'121'113'070

© Service des relations industrielles©(SRI) EPFL

Total cash before fees Paid to underwriters Others Net sold by company sold by shareholders Option to underwriters Total shares sold Round

Date

A A-1 B B-1 C D D Total

Mar-06 Sep-06 Nov-06

$98'000'000 $6'860'000 $91'140'000 7'000'000 7'000'000 Amount $4'000'000 $5'000'000 $30'015'000

Feb08-Apr08 $61'000'000 Aug-10 $52'394'066 Aug-11 $4'999'999 $157'409'065

A Khosla Ventures Flagship Gen. C atalyst KPC B Vantage Point Jeremy Grantham MPC Pinnacle General Motors Bruce Jamerson Sunopta Blackrock Diamond Alternative Total

Year 2010 2009 Revenues $15'492'000 $8'436'000 Profit -$25'728'000 -$38'302'000 Growth 84% 117% Number of employees Avg. val. of stock per emp

# Shares

Price per Converted share as pref. as common 5'000'000 $0.80 5'000'000 $1.00 11'241'573 $2.67 11'235'955 5'618 820'307 9'531'250 $6.40 8'957'111 574'139 13'971'751 $3.75 1'333'333 $3.75 46'898'214 46'318'457 579'757

A-1

B

C

D

3'750'000 1'250'000

3'750'000 1'250'000

561'798 1'217'228 3'464'419 2'996'255 2'247'191

375'000 453'125 531'250 453'125 453'125 2'343'750 1'562'500 781'250 781'250 173'438

5'000'000

5'000'000

10'486'891

7'907'813

721'820 356'800 341'854 295'166 231'029 200'522 160'023 86'097 66'864 14'844 6'580'866 3'594'133 1'333'333 13'983'351

Total 9'158'618 4'527'153 4'337'523 3'744'546 2'931'345 2'544'272 1'722'523 867'347 848'114 188'282 6'580'866 3'594'133 1'333'333 42'378'055

2008 $3'896'000 -$30'461'000 96 $3'206'768

170

© Service des relations industrielles©(SRI) EPFL

APPENDIX

A quote © Service des relations industrielles©(SRI) EPFL

About valuation “When people come as a team (usually it is three or four people and typically heavyweight on engineering), it is a complex process. But I think all of us have seen it in the earlier days, times when I can remember saying, "Well, look, we'll put up all the money, you put up all the blood, sweat and tears and we'll split the company", this with the founders. Then if we have to hire more people, we'll all come down evenly, it will be kind of a 50/50 arrangement. Well, as this bubble got bigger and bigger, you know, they were coming and saying, "Well, you know, we'll give you, for all the money, 5 percent, 10 percent of the deal." And, you know, that it's a supply and demand thing. It's gone back the other way now. But, in starting with a team, it's a typical thing to say, well, somewhere 40 to 60 percent, to divide it now. If they've got the best thing since sliced bread and you think they have it and they think they have it, you know, then you'll probably lose the deal because one of these guys will grab it.” Don Valentine, founder of Sequoia Capital Transcript of oral panel – the Pioneers of Venture Capital – September 2002

172

Recent filings Start-up

Field

Geography

MobiTV Fluidigm Jive Software Infoblox * Millennial Media * AVG Technologies * Audience Guidewire Chemocentryx Intelepeer Tria Beauty Synacor, Inc. Argos therapeutics E2Info Yelp NewSummit Bio. * VipShop Holding Demandware BrightCove Yandex Enphase Energy Instagram Palo Alto Networks Spunk Inc Rib-X * Merrimack Cempra Verastem Horizon Pharma * Hyperion * Supernus *

Telecom Biotech Internet Telecom Internet Software Semiconductor Software Biotech Telecom Medtech Internet Biotech IT Internet Biotech Internet Internet Internet Internet Energy/Env. Internet HW/Comp./Tel Internet Biotech Biotech Biotech Biotech Biotech Biotech Biotech

Silicon Valley Silicon Valley Silicon Valley Silicon Valley East Coast Czech Rep. Silicon Valley Silicon Valley Silicon Valley Silicon Valley Silicon Valley East Coast East Coast Silicon Valley Silicon Valley China China Boston Area Boston Area Russia Silicon Valley Silicon Valley Silicon Valley Silicon Valley East Coast East Coast East Coast East Coast Illinois Silicon Valley East Coast

Founded

IPO

Jan-00 Aug-11 Sep-99 Feb-11 Feb-01 Dec-11 Feb-99 Jan-12 May-06 Jan-12 Dec-91 Jan-12 Jul-00 Jan-12 Sep-01 Jan-12 Nov-96 Jan-12 Jun-03 Jan-12 Jan-03 Jan-12 Jan-98 Feb-12 May-97 Feb-12 Sep-03 Feb-12 Sep-04 Mar-12 Apr-01 Feb-12 Aug-08 Mar-12 Feb-04 Mar-12 Aug-04 Feb-12 Sep-97 May-11 Mar-06 Apr-12 Feb-10 Apr-12 Mar-05 Apr-12 Oct-03 Apr-12 Oct-00 Nov-11 Nov-93 Mar-12 Jan-06 Feb-12 Aug-10 Jan-12 Apr-02 Jul-11 Nov-06 Apr-12 Mar-05 May-12

Updated statistics

Years to IPO 11.6 11.4 10.8 12.9 5.6 20.1 11.5 10.4 15.2 8.6 9.1 14.1 14.8 8.5 7.5 10.8 3.6 8.1 7.5 13.7 6.1 2.2 7.1 8.6 11.1 18.4 6.1 1.5 9.3 5.5 7.1

© Service des Nb relations industrielles ©(SRI) EPFL Emp. ESOPESOPDir. VC Sales Nb of Found. Emp. Investors IPO Total of Dir % Nb of Found. Found. shares granted reserved ($M) ($M) Emp. Ind.Dir found. % age 119.8 66 258 7.0% 24.1% 11.6% 12.1% 0.4% 1.0% 61.6% 6.3% 100% 2 0.5% 3 2.3% 34 186.4 25 198 3.8% 20.0% 7.5% 6.7% 5.8% 0.3% 47.7% 28.3% 100% 2 0.2% 2 1.9% 30 97.7 46 392 16.4% 38.0% 18.2% 14.7% 5.1% 30.1% 15.4% 100% 2 8.2% 22 77.7 80 489 1.2% 41.7% 27.3% 13.3% 1.1% 0.1% 50.8% 6.3% 100% 1 0.1% 1 1.2% 27 64.8 47 222 16.1% 15.1% 5.8% 5.7% 3.6% 2.9% 57.0% 9.0% 100% 4 0.7% 2 8.1% 33 74.9 166 805 12.9% 2.3% 4.2% 6.4% 76.0% 11.1% 100% 2 28 47.8 47 189 3.1% 28.6% 14.0% 7.7% 6.9% 2.6% 47.2% 18.4% 100% 3 0.9% 1 3.1% 39 35.1 172 684 12.3% 37.3% 12.2% 14.4% 10.7% 0.1% 35.8% 14.4% 100% 1 0.1% 6 2.1% 30 164.0 34 64 7.7% 25.3% 8.3% 9.5% 7.5% 54.8% 12.3% 100% 1 7.7% 37 37.1 111 128 4.5% 29.6% 17.5% 8.3% 3.8% 0.1% 53.9% 11.9% 100% 2 0.03% 1 4.5% 39 91.0 27 95 1.8% 12.9% 5.3% 7.6% 0.0% 0.2% 72.0% 13.0% 100% 2 0.1% 2 0.9% 36 28.0 66 260 1.9% 26.2% 13.9% 10.5% 1.8% 59.4% 12.6% 100% 1 1.9% 23 82.0 7 57 0.0% 8.4% 4.1% 4.3% 58.0% 33.6% 100% 6 0.0% 47 126.0 55 320 0.0% 30.1% 21.7% 8.4% 52.6% 17.3% 100% 0 36.8 83 852 7.9% 30.5% 14.1% 8.8% 7.6% 0.1% 51.9% 9.6% 100% 1 0.1% 2 4.0% 26 26.8 30 415 6.0% 43.1% 43.1% 33.5% 17.3% 100% 2 3.0% 33 62.0 227 2'934 29.0% 6.6% 4.9% 1.7% 40.4% 23.9% 100% 2 14.5% 37 65 56 215 4.8% 20.8% 11.1% 9.0% 0.7% 0.7% 54.6% 19.1% 100% 3 0.2% 1 4.8% 33 93 63 312 5.8% 26.7% 11.4% 9.8% 5.5% 1.0% 49.0% 17.5% 100% 3 0.3% 1 5.8% 33 5.0 439 2'677 13.9% 9.9% 5.0% 4.9% 0.1% 61.3% 14.8% 100% 2 0.03% 2 7.0% 33 92.0 149 313 2.8% 19.6% 4.6% 8.4% 6.6% 0.03% 62.0% 15.6% 100% 2 0.02% 2 1.4% 40 57.5 13 50.0% 6.7% 6.7% 43.3% 100% 2 25.0% 27 64.7 118 589 6.7% 31.7% 17.7% 11.6% 2.4% 1.5% 46.2% 14.0% 100% 2 0.8% 2 3.4% 39 40.1 120 483 5.7% 39.8% 16.6% 13.3% 9.9% 0.2% 42.7% 11.6% 100% 2 0.1% 2 2.9% 41 122.0 0 43 12.9% 6.0% 6.9% 67.7% 19.4% 100% 277.0 34 218 28.3% 13.2% 10.2% 4.9% 1.4% 58.3% 12.0% 100% 4 0.4% 78.5 0 15 1.6% 9.7% 0.4% 2.4% 6.9% 0.1% 45.2% 43.5% 100% 2 0.05% 1 1.6% 56 68.4 0 18 3.8% 14.1% 9.8% 1.4% 2.9% 53.4% 28.8% 100% 4 1.0% 43 96.9 2 39 21.9% 7.5% 4.0% 10.4% 0.1% 51.8% 26.2% 100% 1 0.1% 82.3 0 14 12.9% 9.7% 2.2% 1.0% 0.8% 67.9% 18.3% 100% 8 0.1% 45.0 1 71 5.4% 4.3% 1.0% 1.6% 1.7% 0.04% 45.4% 44.8% 100% 2 0.02% 1 5.4% 43

173 Recent filings Start-up

Field

Stemline Therapeutics *Biotech Tesaro * Biotech Durata Therapeutics * Biotech INSIDE Secure SA Semiconductor Oncomed Pharma Biotech iWall Semiconductor Khytera Biotech LaShou Group Internet Globimmune Biotech Renren Internet Parrot HW/Comp./Tel Accuray Medtech Genomatica Biotech Peregrine Semiconductor Hansen Medical Medtech Adnexus Biotech Infinera Telecom Starent Networks Telecom Regulus Therap. Biotech Lifelock HW/Comp./Tel OvaScience Biotech Nanosys Semiconductor Anacor Pharma Biotech Qualys HW/Comp./Tel F-secure Software Elevance Energy/Env. Gevo Energy/Env. Kior Energy/Env. Amyris Energy/Env. Mascoma Energy/Env.

Geography East Coast Silicon Valley East Coast France Silicon Valley Silicon Valley California China Colorado China France Silicon Valley California California Silicon Valley Boston Area Silicon Valley Boston Area California Arizona Boston Area Silicon Valley Silicon Valley France Finland Illinois Colorado Texas Silicon Valley East Coast

Founded

IPO

Oct-03 Mar-10 Nov-09 Dec-94 Jan-01 Mar-99 Jun-04 Sep-09 Feb-95 Oct-02 Feb-94 Dec-90 Nov-98 Feb-90 Sep-02 Sep-02 Dec-00 Aug-00 Sep-07 Apr-05 Apr-11 Jul-01 Dec-00 Jun-99 Dec-88 Oct-07 Jun-05 Jul-07 Jul-03 Oct-05

Apr-12 Mar-12 Mar-12 Feb-12 May-12 Jun-12 May-12 Nov-11 Jul-12 May-11 Jun-06 Feb-07 Aug-12 Aug-12 Nov-06 Aug-07 Jun-07 Jun-07 Aug-12 Aug-12 Aug-12 Apr-04 Nov-10 Jun-12 Nov-99 Sep-11 Feb-11 Jun-11 Sep-10 Sep-11

New average

Updated statistics

Years to IPO 8.5 2.1 2.4 17.2 11.4 13.3 7.9 2.2 17.4 8.6 12.3 16.2 13.7 22.5 4.1 4.9 6.5 6.9 4.9 7.4 1.4 2.8 10.0 13.0 10.9 3.9 5.7 3.9 7.1 5.9 7.1

Emp. ESOPESOPDir. VC Sales Nb of Found. Emp. Investors IPO Total Nb of Dir % Nb of Found. Found. shares granted reserved © Service des Ind.Dir relations industrielles EPFL ($M) ($M) Emp. found. % ©(SRI) age 12.0 0 7 24.9% 28.6% 0.6% 23.0% 5.0% 0.4% 22.0% 24.1% 100% 1 0.4% 1 24.9% 37 120.0 0 18 6.6% 3.4% 0.1% 3.3% 67.1% 22.9% 100% 3 2.2% 47 77.0 0 17 0.0% 11.1% 3.5% 6.5% 1.1% 0.1% 57.1% 31.8% 100% 1 0.1% 167.7 196 381 0.0% 10.5% 9.6% 0.9% 0.3% 69.2% 20.0% 100% 3 0.1% 3 0.0% 173.0 31 80 0.7% 10.9% 4.2% 5.9% 0.8% 66.9% 21.2% 100% 2 0.4% 84.0 50 109 22.1% 10.0% 8.2% 3.9% 0.5% 60.3% 17.3% 100% 3 109.0 13 40 9.5% 13.3% 5.8% 4.2% 3.3% 0.4% 55.6% 21.3% 100% 3 0.1% 2 4.8% 39 146.0 13 4'300 19.5% 21.8% 2.7% 12.9% 6.2% 0.1% 38.1% 20.6% 100% 1 0.1% 2 9.8% 36 119.0 5 36 1.8% 9.9% 6.0% 3.9% 0.3% 69.5% 18.5% 100% 1 0.3% 3 0.6% 42 459.0 76 3'410 20.1% 22.4% 13.6% 3.8% 5.0% 10.7% 40.8% 6.0% 100% 3 3.6% 1 20.1% 32 8.0 123 311 25.2% 12.7% 4.9% 7.8% 52.0% 10.1% 100% 1 25.2% 34 28.0 52 386 2.3% 44.6% 24.8% 11.1% 8.7% 1.2% 27.2% 24.7% 100% 2 0.6% 1 2.3% 35 84.0 1 88 4.3% 17.2% 3.1% 11.6% 2.5% 1.3% 77.0% 0.0% 100% 3 0.4% 2 2.2% 39 172.0 107 340 1.9% 31.6% 8.6% 12.5% 10.5% 0.5% 51.9% 14.3% 100% 5 0.1% 2 1.0% 39 61.0 0 92 7.7% 19.9% 6.4% 3.4% 10.1% 0.0% 44.6% 27.7% 100% 1 0.0% 3 2.6% 46 52.0 0 58 1.2% 12.6% 2.2% 10.4% 0.2% 86.1% 100% 1 0.2% 1 1.2% 51 325.0 58 617 6.4% 22.8% 1.0% 6.7% 15.1% 0.5% 55.6% 14.7% 100% 5 0.1% 3 2.1% 36 100.0 94 441 13.9% 12.7% 3.0% 9.7% 0.1% 62.9% 10.4% 100% 2 0.1% 2 7.0% 43 30.0 14 56 17.3% 7.4% 9.9% 1.5% 66.9% 14.2% 100% 2 0.8% 306.0 193 616 2.5% 35.1% 18.9% 10.9% 5.3% 0.2% 49.2% 13.0% 100% 3 0.1% 1 2.5% 39 43.4 0 13 20.0% 19.5% 3.6% 7.6% 8.3% 0.04% 16.9% 43.6% 100% 1 0.04% 5 4.0% 44 54.0 3 34 6.0% 10.2% 5.8% 1.4% 3.0% 0.7% 56.1% 27.0% 100% 3 0.2% 6 1.0% 46 87.0 18 60 3.2% 13.0% 5.7% 2.8% 4.5% 58.6% 25.3% 100% 2 1.6% 61 43.0 76 313 35.1% 23.7% 9.4% 2.0% 0.5% 50.3% 14.0% 100% 3 0.2% 2 0.0% 0.0 12 253 44.8% 33.6% 14.3% 15.7% 3.6% 21.5% 100% 2 22.4% 23 198.0 21 73 8.4% 9.7% 4.7% 5.0% 63.0% 19.0% 100% 2 4.2% 90.0 1 57 2.9% 16.4% 3.9% 5.4% 7.1% 0.1% 57.0% 23.7% 100% 3 0.04% 4 0.7% 38 189.0 0 107 10.0% 20.1% 8.2% 8.9% 3.0% 0.1% 61.1% 8.7% 100% 4 0.03% 1 10.0% 363.0 64 296 7.0% 23.2% 6.1% 9.4% 7.7% 0.4% 58.2% 11.2% 100% 2 0.20% 4 1.8% 36 157.0 15 96 2.7% 24.4% 9.6% 9.2% 5.6% 64.0% 8.7% 100% 5 0.5% 54

94.4

97

518 14.3%

24.0%

11.7%

8.5%

5.2% 0.8%

47.0%

16.4%

100%

2.3

0.4%

2.5

6.8%

36.2

Summary

174

© Service des relations industrielles©(SRI) EPFL

175

Summary

© Service des relations industrielles©(SRI) EPFL

10000.0

VC Amount ($M)

1000.0

100.0

10.0

1.0 0

1

0.1

10

100

Sales ($M)

1'000

10'000

176

Age of founders 65

© Service des relations industrielles©(SRI) EPFL

60

55

50

45

40

35

30

25

20 1965

1970

1975

1980

1985

1990

1995

2000

2005

2010

2015

IPO cap. table template Activity Town, St f= founder D= director

f f f

High-Tech Lausanne, CH Price per share Symbol

Title

Name

CTO Chief Scientist VP Bus. Dev CEO VP S&M VP Eng. VP Prods CFO

PhD Professor Biz

Company IPO date Market cap. URL

$20 CSSA

CS 6-juin-10 $908'935'063 www.cs-sa.

Incorporation State Date years to IPO

© Service des relations industrielles©(SRI) EPFL CH oct-06 3.7

Ownership Number of shares/stock Founder's Series A Series B PreIPO /C Post IPO Founder's Series A Series B PreIPO /C Post IPO 45.0% 18.0% 12.4% 10.8% 9.9% 4'500'000 4'500'000 4'500'000 4'500'000 4'500'000 25.0% 10.0% 6.9% 6.0% 5.5% 2'500'000 2'500'000 2'500'000 2'500'000 2'500'000 30.0% 12.0% 8.3% 7.2% 6.6% 3'000'000 3'000'000 3'000'000 3'000'000 3'000'000 8.3% 7.2% 6.6% 3'000'000 3'000'000 3'000'000 1.9% 1.7% 1.5% 700'000 700'000 700'000 1.0% 0.9% 400'000 400'000 1.0% 0.9% 400'000 400'000 0.5% 0.4% 200'000 200'000

Officers & executives Other common Total common before options Options-outstanding Options-Available Options-Total Total - company Investors (VCs, not management) Investors (others) Total- Investors Total - PreIPO IPO Option (underwriters) Total outstanding Number of employees

100.0%

40.0%

37.7%

35.4%

32.3%

100.0%

40.0%

37.7%

35.4%

54.6%

4.0% 16.0% 20.0% 60.0%

5.7% 4.1% 9.8% 47.5%

6.0% 2.7% 8.7% 44.1%

40.0%

52.5%

40.0% 100.0%

52.5% 100.0%

45.9% 10.0% 55.9% 100.0%

24.1%

10'000'000

13'700'000

32.3%

10'000'000

5.5% 3.3% 8.8% 41.1%

1'000'000 4'000'000 5'000'000 15'000'000

42.0% 9.1% 51.2% 92.3% 7.7% 0.0% 100.0%

22.0% 2

7 IPO

* The difference between common shares and options is very small. In this case, the number of non-founder shares and ESOP is maintained to 20% of the company at each VC round

10'000'000

25 Total cash before fees Paid to underwriters Others Net sold by company sold by shareholders Total shares sold Option to underwriters

70

Value $90'000'000 $50'000'000 $60'000'000 $60'000'000 $14'000'000 $8'000'000 $8'000'000 $4'000'000

14'700'000 14'700'000

$294'000'000

13'700'000

14'700'000 14'700'000

2'072'727 1'500'000 3'572'727 17'272'727

2'500'000 1'111'688 3'611'688 18'311'688

2'500'000 1'500'000 4'000'000 18'700'000

$50'000'000 $30'000'000 $80'000'000 $374'000'000

10'000'000

19'090'909

10'000'000 25'000'000

19'090'909 36'363'636

19'090'909 4'155'844 23'246'753 41'558'441

19'090'909 4'155'844 23'246'753 41'946'753

$381'818'180 $83'116'883 $464'935'063 $838'935'063

3'500'000

$70'000'000 $0 $908'935'063

36'363'636

41'558'441

45'446'753

$294'000'000

200 $70'000'000 $4'900'000 $600'000 $64'500'000 3'500'000 100'000 3'600'000 -

Revenues 2009 Amount $100'000'000 Growth 400% Number of employees Avg. val. of stock per emp

2008 $20'000'000 200 $250'000