1. 

2. PricewaterhouseCoopers / Thomson Venture Economics / National Venture Capital Association MoneyTree  Survey Q2 2003 Update August 2003 by: Victor Petri Global Sector Leader Shaking the MoneyTree

3. PricewaterhouseCoopers / Thomson Venture Economics / National Venture Capital Association MoneyTree™ Survey 3 About The Survey PricewaterhouseCoopers collaborates with Thomson Venture Economics and the National Venture Capital Association to produce the MoneyTree™ Survey ‘Core’ measure of equity investments in venture-backed companies in the United States Companies have received at least one round of financing involving a professional VC firm or equivalent Captures: tranches, not term sheets, foreign VCs, qualified private placement Excludes: debt, bridge loans, recaps, roll-ups, IPOs, PIPEs, leasing, etc. MoneyTree™ Survey in its 9th year Results online at www.pwcmoneytree.com, www.ventureeconomics.com, www.nvca.org

4. PricewaterhouseCoopers / Thomson Venture Economics / National Venture Capital Association MoneyTree™ Survey 4 MoneyTree Total Investments Q1 1997 – Q2 2003 ($ in billions) 1997 1998 1999 2000 # of Deals 786 778 750 907 1,303 932 925 1,008 921 1,345 1,458 1,916 2,164 2,178 1,983 1,813 2001 1,277 1,046821 1,000 1,312 672 2002 826 647 720 669 YTD 2003

5. PricewaterhouseCoopers / Thomson Venture Economics / National Venture Capital Association MoneyTree™ Survey 5 Total U.S. Venture Capital Investments 1980 – YTD Q2 2003 ($ in billions) # of Deals 467 796 1,150 1,424 1,507 1,412 1,431 1,627 1,519 1,536 1,457 1,399 1,259 1,188 1,887 2,6424,168 5,640 1,223 3,221 8,138 4,635 3,039 1,316 Annual Venture Capital Investments 1980 to YTD Q2 2003

6. PricewaterhouseCoopers / Thomson Venture Economics / National Venture Capital Association MoneyTree™ Survey 6 Texas $266.8 42 Deals Silicon Valley $1,441.2 191 Deals New England $496.1 73 Deals Midwest $152.0 30 Deals South Central $19.9 3 Deals Northwest $104.0 24 Deals Sacramento/N. CA $8.0 2 Deals San Diego $155.9 23 Deals Investments by Region Q2 2003 Southeast $216.5 64 Deals Southwest $34.7 8 Deals LA/Orange County $302.9 38 Deals DC/Metroplex $183.1 45 Deals NY Metro $380.4 56 Deals Philadelphia Metro $141.4 23 Deals North Central $80.1 19 Deals Q2 2003 Total Investments - $4,281 ($ in millions) Colorado $229.5 18 Deals Other US/ Undisclosed $27.5 3 Deals Upstate NY $33.0 4 Deals

7. PricewaterhouseCoopers / Thomson Venture Economics / National Venture Capital Association MoneyTree™ Survey 7 Investments by Stage of Development - Q2 2003 # of Deals % Change in $ Amount from Q1 ‘03 ($ in millions) Q2 2003 Totals: $4,281 669 5.9% 325 106 200 38 (7.5%) 16.8% (4.8%) 43.3%

8. PricewaterhouseCoopers / Thomson Venture Economics / National Venture Capital Association MoneyTree™ Survey 8 Investments by Financing Sequence - Q2 2003 # of Deals % Change in $ Amount from Q1 ‘03 ($ in millions) Q2 2003 Totals: $4,281 669 5.9% 172 99 142 153 103 23.5% 49.3% 5.1% (38.8%) 11.6%

9. PricewaterhouseCoopers / Thomson Venture Economics / National Venture Capital Association MoneyTree™ Survey 9 ($ in Billions) First Sequence Financing - Investment Amount First Sequence Investments

10. PricewaterhouseCoopers / Thomson Venture Economics / National Venture Capital Association MoneyTree™ Survey 10 First Sequence Financing - Number of Deals First Sequence Deals

11. PricewaterhouseCoopers / Thomson Venture Economics / National Venture Capital Association MoneyTree™ Survey 11 First Sequence Financing - Percent of Total U.S. Investments

12.  