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PricewaterhouseCoopers/ National Venture Capital Association MoneyTree™ Report based on data from Thomson Financial ™ Shaking the MoneyTree ™ Raleigh, NC May 2007 Q1 2007 Update May 2007
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Slide 2 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report based on data from Thomson Financial Today’s program The MoneyTree Report – Q1 2007 Analysis presented by Laura Hoke, PricewaterhouseCoopers LLP Venture Capital Panel Michael Elliott, Noro-Moseley Steve Nelson, Wakefield Group Question and Answer Session 1) 2) 3)
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May 2007 Slide 3 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report based on data from Thomson Financial Speaker Bios
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May 2007 Slide 4 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report based on data from Thomson Financial Laura Hoke Laura is a senior manager in the Raleigh office of PricewaterhouseCoopers ("PwC"), where she is responsible for providing a range of audit, business advisory and consulting services. She has extensive experience in the software industry, as well as other technology-backed industries including biotech, pharmaceutical and professional services. In addition to her audit and business advisory services, Laura has significant SEC experience, including several initial public offerings. She has been involved in numerous Sarbanes Oxley projects and has led the 404 implementation efforts at several organizations. Laura rejoined PwC’s Raleigh office after serving as the Corporate Controller for a global software company, where she was responsible for the domestic and international accounting functions, as well as the development, implementation and maintenance of the internal control structure. Laura has extensive experience in mergers and acquisitions and was responsible for the integration of acquisitions for a global distribution and manufacturing company. Laura’s primary client is Lenovo Group, Limited although she participates on several other technology-backed engagements throughout the Carolinas. Laura graduated with a B.S. from Virginia Tech, is a member of the AICPA and the North Carolina Association of Certified Public Accountants. She also serves on the Board of Directors of Artspace, a nonprofit visual arts center in downtown Raleigh.
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May 2007 Slide 5 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report based on data from Thomson Financial Mike Elliott Mike Elliott joined NMP in early 2005 with 21 years of successful venture capital investment experience. Mike spent the last eight years as a Managing Director of The Wakefield Group, a private venture firm based in Charlotte, North Carolina with an investment focus similar to that of NMP. Mike invested primarily in technology and business services companies, at early and growth stages of development, and will continue that focus in his deployment of Fund VI. Several of The Wakefield Group’s investments were syndicated co-investments with several of the Prior Funds. Prior to his service at The Wakefield Group, Mike was a Managing Director of NationsBank Capital (now Bank of America Capital Investors), Bank of America’s private equity investment arm, where he managed large financings of later-stage growth companies. He began his venture investment career as a founding partner of NCNB Venture Co., L.P., the venture investment arm of NCNB, the predecessor of Bank of America. During his venture career, Mike has been an active board member and sponsor of several highly successful ventures, including Affiliated Managers (NYSE: AMG), Redgate Communications (sold to AOL), Medic Computer Systems (sold to Misys), OpenSite Technologies (sold to Siebel Systems), SciQuest (Nasdaq: SQST) and Serologicals (Nasdaq: SERO). During his nine years as a partner at NCNB Ventures starting in 1985, Mike returned 3.4x capital, generating a 29% gross IRR for investments he sponsored. During his three years as a Managing Director at NationsBank Capital, he led growth company financings generating a 25% gross IRR and returning 2.1x capital. While at The Wakefield Group, he sponsored transactions generating a 37% gross IRR, returning 1.5x capital. Mike’s experience and known culture fit with the NMP team make him an ideal addition to the Firm and the Fund VI team. Mike is extensively involved in North Carolina’s entrepreneurial community, having served in many leadership roles, including the Executive Committee of the NASBIC Board of Governors and as a board member of the Council for Entrepreneurial Development in Research Triangle Park. Mike received a BS in mathematics and an MBA from the University of North Carolina, where he was both a Morehead Scholar and Maurice Lee Fellow.
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May 2007 Slide 6 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report based on data from Thomson Financial Steve Nelson Steve Nelson joined Wakefield Group in October 1999 as Managing Director and Partner. He established the venture capital firm’s Research Triangle Park, NC office. Steve joined Wakefield after 19 years of executive and general management experience in technology, software and Internet-based businesses. During the last three years of his career before starting in venture capital, Steve was at Quokka Sports, a digital media company, in several executive capacities. Quokka raised over $140m in capital and successfully completed an IPO in July, 1999. Steve served as chief executive of a joint venture company between NBC Sports and Quokka Sports, NBC/Quokka Ventures, LLC. Prior to Quokka, Steve served as a Vice President with Informix Software, based in Menlo Park, CA. His first business experience was 14-plus years at IBM, ultimately as Vice President and General Manager in San Francisco where he had executive and P&L responsibility for all customers in the eleven western states, all IBM products and services, 800 employees, $2.2B in revenues and several hundred million dollars in profit. Steve is a member of the board of directors and the executive committee at Motricity. He is also Wakefield’s board representative for Liquidia Technologies where he is also interim CEO, Integrian, Constella Group, Near-Time, rPath, APEX Analytix, and BlueCross BlueShield of North Carolina. He was a past Chairman of North Carolina’s Council for Entrepreneurial Development (CED), and is a member of the Investment Advisory Committee for the State Treasurer of North Carolina and helps oversee their $74B portfolio. Steve received his B.S. degree in Business from Wake Forest University.
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May 2007 Slide 7 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report based on data from Thomson Financial About The Report PricewaterhouseCoopers and the National Venture Capital Association produce the MoneyTree Report™ based on data from Thomson Financial ‘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™ Report in its 13th year Results online at www.pwcmoneytree.com, www.nvca.org, www.venturexpert.com
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May 2007 Slide 8 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report based on data from Thomson Financial The National Picture Historical Trends
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May 2007 Slide 9 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report based on data from Thomson Financial MoneyTree Total Investments: Q1 1998 – Q1 2007 # of Deals 1998199920002001200220032004200520062007 Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1 8439019109909161304142218682131210519331745128912251002977831846687722690735705774702844678817720812774801853910875884778
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May 2007 Slide 10 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report based on data from Thomson Financial MoneyTree Total Investments: 1980 – YTD Q1 2007 Annual Venture Capital Investments 1980 to YTD Q1 2007
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May 2007 Slide 11 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report based on data from Thomson Financial Investments by Region: Q1 2007 Texas $277.6 34 Deals Silicon Valley $2,165.1 244 Deals New England $975.5 95 Deals Midwest $280.5 43 Deals South Central $3.0 3 Deals Northwest $456.7 42 Deals Sacramento/N. CA $30.1 6 Deals San Diego $686.3 44 Deals Southeast $579.3 54 Deals Southwest $121.8 22 Deals LA/Orange County $526.0 40 Deals DC/Metroplex $197.2 41 Deals NY Metro $360.5 48 Deals Philadelphia Metro $204.8 34 Deals North Central $79.8 10 Deals Q1 2007 Total Investments - $7,056 in 778 Deals Colorado $100.4 13 Deals AK/HI/PR $0.2 1 Deal Upstate NY $11.1 4 Deals
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May 2007 Slide 12 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report based on data from Thomson Financial Investments by Region: Q1 2007 Region # of Deals % Change $ from Q4 ‘06 Silicon Valley244 -7.28% New England95 29.14% San Diego44 73.91% Southeast54 54.05% LA/Orange County40 26.51% Northwest42 52.30% NY Metro48 -39.90% Midwest43 15.13% Texas34 61.06% Philadelphia Metro34 48.81% DC/Metroplex41 5.29% South West22 127.38% Colorado13 35.85% North Central10 -18.07% Sacramento/N.Cal6 329.78% Upstate NY4 -71.45% South Central3 -83.10% AK/HI/PR1 -98.36% Total77813.47% Q1 2007 Total: $7,056 in 778 Deals NM = Not Meaningful
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May 2007 Slide 13 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report based on data from Thomson Financial Investments by Region – Quarterly Percent of Total U.S. Investments Top U.S. Regions Q1 ‘06– Q1’07
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May 2007 Slide 14 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report based on data from Thomson Financial Q1 2007 Top 10 States Garnering Venture Funds State DealsInvestment Amount 1.California334$3,407,455,800 2.Massachusetts84$ 901,224,000 3.Washington33$ 365,881,600 4.Texas34$ 277,607,300 5.New York34$261,279,800 6.North Carolina16$224,816,300 7.Pennsylvania34$ 199,643,300 8.Florida13$150,833,600 9.Illinois17$ 134,887,000 10.New Jersey18$108,627,900
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May 2007 Slide 15 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report based on data from Thomson Financial Investments by Industry: Q1 2007 Industry # of Deals % Change $ from Q4 ‘06 Biotechnology102 19.65% Software193 -10.29% Medical Devices & Equipment96 59.83% Telecommunications63 27.19% Industrial/Energy44 20.50% Media & Entertainment72 16.47% Semiconductors42 -26.07% IT Services38 7.60% Networking & Equipment29 31.45% Business Products and Services22 37.12% Electronics/Instrumentation16 77.64% Healthcare Services10 20.86% Retailing/Distribution12 56.71% Computers and Peripherals9 61.92% Financial Services17 20.43% Consumer Products and Services12 -67.91% Undisclosed/Other1 NM TOTAL77813.47% Q1 2007 Total: $7,056 in 778 Deals Visit www.pwcmoneytree.com for Industry definitions NM = Not Meaningful
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May 2007 Slide 16 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report based on data from Thomson Financial Investments by Industry – Quarterly Percent of Total U.S. Investments Top 5 Industries – Q1 ‘06 to Q1 ‘07
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May 2007 Slide 17 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report based on data from Thomson Financial Life Science Investments – Percent of Total U.S. Investments* Life Science Sectors – Q1 ’06 to Q1 ‘07
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May 2007 Slide 18 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report based on data from Thomson Financial Investments by Stage of Development: Q1 2007 Stage of Development # of Deals % Change in $ Amount from Q4 2006 Later Stage245 56.72% Expansion Stage274 8.57% Early Stage188 -28.48% Startup/Seed71 -39.29% Total778 13.47% Q1 2007 Totals: $7,056 in 778 Deals
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May 2007 Slide 19 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report based on data from Thomson Financial Stage of Development – Quarterly Percent of Total First Sequence Dollars Stage Development – Q1 2006 to Q1 2007
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May 2007 Slide 20 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report based on data from Thomson Financial Stage of Development – Quarterly Percent of Total First Sequence Deals Stage Development – Q1 2006 to Q1 2007
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May 2007 Slide 21 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report based on data from Thomson Financial Investments by Sequence of Financing: Q1 2007 Financing # of Deals % Change in $ Amount from Q4 2006 Fifth & Beyond19223.39% First2236.09% Second1634.30% Third11518.87% Fourth8513.41% Total77813.47% Q1 2007 Totals: $7,056 in 778 Deals
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May 2007 Slide 22 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report based on data from Thomson Financial First Sequence Financing – Investment Amount First Sequence Investments
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May 2007 Slide 23 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report based on data from Thomson Financial First Sequence Financing – Number of Deals First Sequence Deals ($ in billions)
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May 2007 Slide 24 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report based on data from Thomson Financial First Sequence Financing – Percent of Total U.S. Investments
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May 2007 Slide 25 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report based on data from Thomson Financial First Sequence Deals in Startup & Early Stage Companies
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May 2007 Slide 26 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report based on data from Thomson Financial Median Deal Size vs. Mean Deal Size – Quarterly Total U.S. Investments
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May 2007 Slide 27 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report based on data from Thomson Financial Post-Money Valuations – Early Stage Companies 1997 to 2006 Year19971998199920002001200220032004 2005 2006 Total$17.55$24.30$25.41$36.22$27.92$15.41$14.13$15.37$15.52$11.13 12 Month Average
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May 2007 Slide 28 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report based on data from Thomson Financial Post-Money Valuations – Expansion Stage Companies 1997 to 2006 12 Month Average Year1997199819992000200120022003200420052006 Total$38.88$43.02$79.43$108.99$62.33$45.89$43.46$60.87$60.62$68.90
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May 2007 Slide 29 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report based on data from Thomson Financial Post-Money Valuations – Later Stage Companies 1997 to 2006 Year 1997199819992000200120022003200420052006 Total$70.58$65.97$125.87$159.40$98.87$65.44$68.71$73.17$95.29$95.33 12 Month Average
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May 2007 Slide 30 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report based on data from Thomson Financial Q1 2007 – Most Active Venture Investors Venture Capital FirmLocation Total Deals Alta PartnersSan Francisco, California18 New Enterprise AssociatesBaltimore, Maryland18 Draper Fisher JurvetsonMenlo Park, California17 Canaan PartnersWestport, Connecticut16 Intel CapitalSanta Clara, California15 Menlo VenturesMenlo Park, California15 Sequoia CapitalMenlo Park, California15 ARCH Venture PartnersChicago, Illinois14 Venrock AssociatesNew York, New York14
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May 2007 Slide 31 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report based on data from Thomson Financial Thomson Financial U.S. Private Equity Performance Index (PEPI) Fund Type1 Year3 Year5 Year10 Year20 Year Early/Seed VC9.96.5-3.036.420.5 Balanced VC20.511.74.117.614.6 Later Stage VC25.29.43.79.014.0 All Venture16.49.11.020.316.6 All Buyouts24.514.610.48.512.9 Mezzanine12.65.04.16.18.5 All Private Equity23.312.77.511.013.9 NASDAQ4.76.24.36.410.1 S&P 50010.88.24.26.69.2 (Investment Horizon Performance as of 12/31/2006) Source: Thomson Financial/National Venture Capital Association *Data as of 4/13/2007--The Private Equity Performance Index (PEPI) is based on the latest quarterly statistics from the Thomson Financial Private Equity Performance Database analyzing the cashflows and returns for over 1860 US venture capital and private equity partnerships with a capitalization of $679 billion. Sources are financial documents and schedules from Limited Partners investors and General Partners. All returns are calculated by Thomson Financial from the underlying financial cashflows. Returns are net to investors after management fees and carried interest.
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May 2007 Slide 32 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report based on data from Thomson Financial Analysis of Venture-Backed IPO and M&A Activity* Date Number of IPOs** Total Venture- Backed Offering Size ($M) Average Venture- Backed Offering Size ($M) Number of Venture-backed M&A deals Average M&A deal size*** 2003292,022.769.829162.8 20049311,014.9118.433983.0 2005564,461.079.734795.8 2006 Q110540.854.1104112.2 2006 Q2192,011.0105.892101.3 2006 Q38934.2116.88795.6 2006 Q4201,631.181.657165.3 2006575,117.189.8340113.3 2007 Q1172,091.9123.162161.2 2007172,091.9123.162161.2 * Q1 2007 M&A data, current as of April 2, 2007, is preliminary and subject to change ** Includes all companies with at least one U.S. VC investor that trade on U.S. exchanges, regardless of domicile ***Only accounts for deals with disclosed values Source: Thomson Financial/ National Venture Capital Association
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May 2007 Slide 33 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report based on data from Thomson Financial Venture Capital Fundraising* Year First Time Funds Follow-On Funds Total Number of Funds VC Raised ($M) 2002571151723,767.4 2003509714710,622.3 20045614920518,566.0 20055516321827,957.3 20064416821230,260.4 2007 YTD1343564,939.8 Quarter Q1 ‘061755726,640.1 Q2 ‘0613597214,050.9 Q3 ‘061352655,426.0 Q4 ‘061442564,143.4 Q1 ‘071343564,939.8 Source: Thomson Financial/National Venture Capital Association *These figures take into account the subtractive effect of downsized funds Date current as of 4/16/07
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May 2007 Slide 34 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report based on data from Thomson Financial North Carolina Picture Historical Trends
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May 2007 Slide 35 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report based on data from Thomson Financial MoneyTree Total North Carolina Investments 2000 – Q1 2007 20002001 2002 2003 2004 # of Deals 20052006 2007 343124151815423840221420232220142814209111318191615102016 ($ in millions)
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May 2007 Slide 36 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report based on data from Thomson Financial # of Deals 1549185765716 52 70 MoneyTree Total North Carolina Investments – 2000 – Q1 2007 ($ in millions)
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May 2007 Slide 37 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report based on data from Thomson Financial Amount Invested (in millions) $1,830$590$553$356$337$225$417$510 MoneyTree Total North Carolina Deals– 2000 – Q1 2007 ($ in millions)
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May 2007 Slide 38 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report based on data from Thomson Financial Total Deals Q1 2007 % Change in $ Amount from Q1 2006 ($ in millions) Industry Definitions @ www.pwcmoneytree.com Q3 2003 Total: $98.5 2 2 1 100% (41.2%) Total North Carolina Investments by Industry – Q1 2007 Q1 2007 Total: $224.8 1 $5.2 7 1 2 1 2 45.5% 100.0% 142.2% 138.1% 845.5% 100.0% (40.2%)
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May 2007 Slide 39 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report based on data from Thomson Financial ($ in millions) Amount Invested (in millions) $272 $367 $822$1,877 $641 $44 $622 $368 Biotechnology Investments in NC vs. U.S. 2000 – Q1 2007 2117 2071517 # of Deals 5.9%
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May 2007 Slide 40 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report based on data from Thomson Financial ($ in millions) Amount Invested (in millions) $272 $367 $822$1,877 $641 $44 $622 $368 Software Investments in NC vs. U.S. 2000 – Q1 2007 36252421182811 # of Deals 0.4% $7
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May 2007 Slide 41 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report based on data from Thomson Financial Average Deal Size – NC vs. U.S. 2000 – Q1 2007 ($ in millions)
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May 2007 Slide 42 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report based on data from Thomson Financial 6 th Sense Analytics, Inc.Software$5,000,000 AlphaVax, Inc.Biotechnology$12,650,000 Chimerix, Inc.Biotechnology$23,099,900 HyperBranch Medical Technology, Inc.Medical Devices & Equipment$2,000,000 InnerPulse, Inc.Medical Devices & Equipment$50,000,500 Liquidia Technologies, Inc.Industrial/Energy$15,999,900 MotricityTelecommunications$50,000,000 Nextreme Thermal Solutions, Inc.Electronics/Instrumentation$5,292,000 Phase Bioscience, Inc.Biotechnology$1,250,100 Regado Biosciences, Inc.Biotechnology$23,000,200 rPath, Inc.Software$1,749,900 Serenex, Inc.Biotechnology$13,999,800 StrikeIron, Inc.IT Services$5,000,000 Tranzyme Pharma, Inc.Biotechnology$11,000,000 Unit Dose Solutions, Inc.Biotechnology$2,500,000 XDS, Inc.IT ServicesIT Services$2,274,000 $224,816,300 North Carolina Companies Funded in Q1 2007 Company Name Amount Industry
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May 2007 Slide 43 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report based on data from Thomson Financial VC Funds Active in North Carolina BancAmerica Capital Investors BB&T Capital Partners CapitalSouth Partners LLC Carolina Financial Group Carousel Capital Partners Centura SBIC Inc. Core Capital Fairview Capital LLC First Union Ventures Group Franklin Street Partners Frontier Capital LLC Gardiner Capital Glenwood Venture Partners Golden Pine Ventures Grotech Capital Group Halifax Group Hatteras BioCapital H.I.G. Ventures Intersouth Partners Kodiak Venture Partners Lovett Miller & Company, Inc. Massey Burch NC IDEA New Enterprise Associates Noro-Moseley Partners Novak Biddle Venture Partners Pappas Ventures Piedmont Angel Network Remington Capital Partners Research Triangle Ventures River Cities Capital Funds SJF Ventures Southern Capitol Ventures Southeast Interactive Technology Funds The Atlantis Group The North Carolina Enterprise Fund The Aurora Funds The Trelys Funds TriState Investment Group Wachovia Capital Partners Wakefield Group Venture First Associates
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May 2007 Slide 44 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report based on data from Thomson Financial Entrepreneurs and Venture Capital On-Line Resource List www.pwc.com - The PricewaterhouseCoopers Global website. www.pwcmoneytree.comwww.pwcmoneytree.com, www.nvca.org, www.ventureeconomics.com - The PricewaterhouseCoopers/National Venture Capital Association MoneyTree TM Report based on data from Thomson Financial is a quarterly study of equity investments made by the venture capital community in private companies in the U.S. The survey identifies regional and national trends, entrepreneurial developments and promising industry segments. www.pwcnextwave.com - PricewaterhouseCoopers’ thought leadership articles for the world of private equity. www.cfodirect.com - CFOdirect Network – PricewaterhouseCoopers’ online accounting, finance and business resource for senior financial executives. www.pwcV2R.com - The Vision to Reality Entrepreneur Resource Center site offers proven business plan templates, financial models, technology-specific ratios, benchmarks and more. www.pwcvc.com - The VC BestPractices site serves to provide an aggregate, comparative view of key issues and activities impacting the venture capital community, and to identify best practices. www.barometersurveys.com - PricewaterhouseCoopers’ Trendsetter and Technology Barometers site – result & analysis of the quarterly survey of fast-growth and large company CEO’s. www.cednc.org - The Council for Entrepreneurial Development www.nc-tech.org - North Carolina Technologies Association
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May 2007 Slide 45 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report based on data from Thomson Financial For more information, contact: Jeff Barber or Peter Coode Carolinas Technology Industry Group Phone 919 755-3000 jeff.barber@us.pwc.com peter.j.coode@us.pwc.com
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