1. DCM Proprietary and Confidential1 21 st Century Version of “4 Horsemen” Required Would you consider a boutique I-bank to be the lead book runner for going public on a U.S. stock exchange? 36% Yes 36% Yes 32% No 32% No 32% Not Sure 32% Not Sure * Source: DCM Analysis /Survey of Venture-Backed Companies, 2009 – Participants (N) = 108

2. Emerging Company IPOs on International Exchanges: Additional New Liquidity Sources Global Venture-Backed IPOs* * Sources: Thomson Reuters, Venture Source, Zero2IPO, Venture Intelligence ** Includes VC- and PE-backed IPOs Top 3 Compliance Challenges to Going Public On U.S. Stock Exchanges # of Responses Answered as a Top 3 Issue (Participants =108) Sarbanes-Oxley Corporate Governance Regulation Fair Disclosure (Reg FD) Listing Requirements of U.S. Stock Exchanges Other Source: DCM Analysis/Survey of Venture-Backed Companies, 2009 ** DCM Proprietary and Confidential2

3. Exit Route Preference and Expectation (n=108) Top 3 Barriers to Going Public # of Responses Answered as a Top 3 Issue (Participants = 108) M&A IPO Compliance Requirements (Sarbanes-Oxley, Audit, Governance) Increased Volatility in the Public Markets M&A Better Alternative (Faster Process, More Liquidity) Investment-Banking Related Issues (Analyst Coverage, Requires High Rev Threshold) Transaction Costs of Going Public (Legal, Banker Fees, Non-Compliance Related Costs) Higher Perceived Litigation Risk from U.S. Investor Base Other Source: DCM Analysis/Survey of Venture-Backed Companies, 2009 Current Regulation Has a Major Impact on How Emerging Companies Consider Their Exit Route Barriers to Going Public on U.S. Stock Exchanges DCM Proprietary and Confidential3

4. Top 3 Compliance Challenges to Going Public on U.S. Stock Exchanges # of Responses Answered as a Top 3 Issue (Participants = 108) Sarbanes-Oxley Corporate Governance Regulation Fair Disclosure (Reg FD) Listing Requirements of U.S. Stock Exchanges Other Source: DCM Analysis/Survey of Venture-Backed Companies, 2009 Emerging Companies Need Right-Sized Compliance Requirements to Thrive 102 80 74 62 6 Cost of Compliance Is Prohibitive for Small Companies DCM Proprietary and Confidential4