Presentation to Location Intelligence Conference April 2007

Page 2Confidential 2 Executive Summary – Fog City Capital  Focus on Mid-Mkt Business Services and Software ($7 - $100M Revs)  Principals span ex-entrepreneurs and deal backgrounds  Partner with existing management – play hands-on, active roles  Focused around 2 themes:  Intersection of Software and Services Software companies looking to build recurring, ongoing relationships w/ customers Services companies looking to build stickiness and differentiation via technology  Global Execution Expanding globally from sales/market penetration and execution/delivery is now accessible to mid-market companies Most mid-mkt companies don’t know how to go about it or think only in terms of cost reduction  Not a VC firm – look at companies with established business models

Page 3Confidential 3 Fog City Capital GIS Experience  We have looked at content, services and software/applications  Content:  2-D Mapping Content  3-D Mapping Content  Other specialized data vendors  Services:  Image Acquisition  Photogrammetry  GIS Mapping  Database Maintenance  Technology services  Software/applications  Consumer oriented applications enabled by GIS technology  B2B applications enabled by GIS technology  Software vendors

Page 4Confidential 4 Industry Growth Drivers  Industry has grown at 13.6% CAGR and is predicted to be 14-15% CAGR from  Under-investment in infrastructure in the US has created pent-up demand  Federal govt put off spending post 9/11. This has picked up  American Society of Civil Engineers estimates $1.6 trillion investment in U.S. infrastructure over next 5 yrs  Federal outsourcing trend  Federal government is increasingly outsourcing in-house departments to external vendors  Active lobbying on the part of GIS companies to encourage privatization of GIS services  Growing industrial and consumer demand/awareness driven by entry of Google and Microsoft into GIS applications – fueling desire for higher resolution/3D images  Fundamental shift in technology (like from vinyl records to CD’s) where all maps in existence need to be digitized – this is driving new demand to update maps as well  GIS is becoming a key part of any database application – Oracle has spatially enabled their RDBMS  Improving technology is making data more accessible (digital), cheaper and more accurate, bringing in new users at different price points thus expanding the market

Page 5Confidential 5 GIS Sector – Why is it interesting to Fog City?  Industry growth drivers (previous slide) are not changing any time soon  Highly fragmented market  Very few scale players that can span services and geographical footplint  Real scale benefits - ability to win contracts as a small vendor/service provider is limited  Ability to deploy capital to consolidate top-tier players  High technology intensity  Race to build new, relevant applications  Real opportunity to expand globally  Huge infrastructure needs in developing countries that don’t have know-how or experience  Countries like India have only just allowed private-contractors to fly across the country for image acquisition

Page 6Confidential 6 India & China - Background  India and China -- Emerging Superpowers  Until the late 19 th century India and China were the world’s largest economies  In the 18 centuries up to the 1800’s, they produced 80% of world GDP  Europe’s technology revolution left them behind only recently  But the industrial revolution only involved one third of world population  The world is tilting their way again  India and China’s economic growth at 7% annually is 3x of West  Not just about India and China – they were only 25% of last years total increase in global GDP from emerging economies  Demographics  2 billion people; 1 billion new consumers entering world economy  Average age of Indian population is 24; 30 mm new people join the middle class each year  Opened up to foreign investment; Consumer Credit widely available  Their economies are not just export oriented  Western revenues was just the catalyst  Majority of both economies is led by domestic consumption; disposable income rapidly increasing  Now becoming significant importers of Western goods

Page 7Confidential 7 GIS in India & China  Space programs in both countries spawned skilled technical people  Started off doing labor-intensive, commoditized work  Over time, have expanded into technology services and application development  Profusion of vendors who have grown as sub-contractors to US vendors  Many offshore service providers are looking to get into software/applications  Others want to sell directly  Many 2 nd tier providers are under-funded  Global ambitions and high valuations gives them currency for acquisitions  Most offshore players lack the skills and capabilities to sell effectively in the US  Many have made “front-end” acquisitions in the US to build bus dev capabilities  Some of the largest GIS players, such as Rolta (India, >$120mm in revs) and Infotech (India, >83mm in revs) are growing rapidly (>30%)  Strategy for US players  Think of India/China as source of labor or source of revenues?  Build/Buy ex-US presence organically?  Partner vs. Go-it-alone?  Ignore?

Page 8Confidential 8 Contact Us Adit Abhyankar Partner Fog City Capital, LLC 49 Stevenson Street, Suite 525 San Francisco, CA (415)