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EXITS ANALYSIS FOR MOBILE

Update

Rajeev Chand Managing Director Head of Research

June 11, 2012

VC Exits in Mobile
VC Exits(1) in Mobile(2)
2001-2012 YTD $ billion 16.0 14.0 IPO Exits 12.0 10.0 8.0 6.0 4.0 2.0 0.0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 YTD
Source: Rutberg & Company (1) Exit values calculated as market capitalization at IPO offer date or M&A announced date. Only incremental market cap included for companies with multiple transactions. (2) Excludes wireless operators and tower owners and operators.

Pandora Ubiquiti Atheros NextG First Avenue Good Qpass Flarion Airespace Jamdat Aruba Starent Tellme

M&A Exits

TPK ngmoco Quattro Starent AdMob E Ink

Millennial Media Instagram Anobit

Atheros SiRF Spatial

VC Exits in Mobile2012 YTD


Selected VC Exits in Mobile(1)
2012 YTD
Company Millennial Media Instagram Anobit Vocera Audience Amobee Buongiorno Funzio OMGPOP Clairmail Adaptix Traffix Systems AisleBuyer BelAir Networks Chomp Modiv Media mSpot Nukona Syclo Sector Marketing & Advertising Consumer Semiconductor Enterprise Semiconductor Marketing & Advertising Consumer Consumer Consumer Other Telecom Infrastructure Telecom Infrastructure Other Telecom Infrastructure Consumer Other Consumer Enterprise Enterprise Transaction IPO M&A M&A IPO IPO M&A M&A M&A M&A M&A M&A M&A M&A M&A M&A M&A M&A M&A M&A Acquirer / Exchange NYSE: MM Facebook Apple NYSE: VCRA NASDAQ: ADNC Singapore Telecommunications DOCOMO Deutschland GREE Zynga Monitise Acacia Research F5 Networks Intuit Ericsson Apple Catalina Samsung Electronics Symantec SAP Date 3/28/2012 4/9/2012 1/11/2012 3/27/2012 5/9/2012 3/5/2012 5/14/2012 5/1/2012 3/22/2012 3/26/2012 1/13/2012 2/22/2012 4/10/2012 2/21/2012 2/23/2012 4/30/2012 5/8/2012 3/20/2012 4/11/2012 TV / MC ($MM) 1,093 1,000 n/a 348 330 321 289 210 180 173 160 130 n/a n/a n/a n/a n/a n/a n/a

Source: Rutberg & Company (1) Excludes wireless operators and tower owners and operators.

VC Exits in Mobile2011
Selected VC Exits in Mobile(1)
2011
Company Atheros Pandora Media Ubiquiti Networks NextG Networks InvenSense LitePoint NetQin Boingo Wireless Icera Epocrates Sequans Kobo Tangoe Provigent SiGe Zong Bridgewater Vocollect BCD Qik Where SVOX Continuous Computing Fundamo OpenFeint Swype Adenyo NewBay Software Sector Semiconductor Consumer Telecom Infrastructure Telecom Infrastructure Semiconductor Other Consumer Other Semiconductor Enterprise Semiconductor Consumer Enterprise Semiconductor Semiconductor Other Telecom Infrastructure Enterprise Semiconductor Consumer Consumer Other Telecom Infrastructure Consumer Consumer Device Marketing & Advertising Telecom Infrastructure Transaction M&A IPO IPO M&A IPO M&A IPO IPO M&A IPO IPO M&A IPO M&A M&A M&A M&A M&A IPO M&A M&A M&A M&A M&A M&A M&A M&A M&A Acquirer / Exchange Qualcomm NYSE: P NASDAQ: UBNT Crown Castle NYSE: INVN Teradyne NYSE: NQ NASDAQ: WIFI Nvidia NASDAQ: EPOC NYSE: SQNS Rakuten NASDAQ: TNGO Broadcom Skyworks eBay's PayPal Amdocs Intermec NASDAQ: BCDS Skype eBay's PayPal Nuance Communications RadiSys Visa Gree Nuance Communications Motricity RIM Date 1/5/2011 6/14/2011 10/13/2011 12/16/2011 11/15/2011 9/15/2011 5/4/2011 5/3/2011 5/9/2011 2/1/2011 4/14/2011 11/9/2011 7/26/2011 3/21/2011 5/17/2011 7/27/2011 6/17/2011 1/18/2011 1/28/2011 1/6/2011 4/20/2011 6/15/2011 5/4/2011 6/9/2011 4/21/2011 10/7/2011 1/31/2011 10/7/2011 TV / MC ($MM) 3,100 2,555 1,346 1,000 595 580 498 439 367 356 345 315 314 313 275 240 215 190 186 150 135 126 120 110 104 103 100 100

Source: Rutberg & Company (1) Excludes wireless operators and tower owners and operators.

VC Exits in Mobile over Time


Selected VC Exits in Mobile(1)
2002 Consumer 2003 2004 Jamdat Linktone JAMBA! KongZhong 2005 Hurray! WiderThan Jamdat Musiwave 2006 WiderThan 2007 Glu Firethorn 2008 OnMobile 2009 NIM SpinVox 2010 Sky-mobi TeleNav ngmoco Siri 2011 NetQin Pandora Kobo OpenFeint Qik Where IPO Exits M&A Exits 2012 YTD Buongiorno Funzio Instagram OMGPOP

Telecom Celiant Infrastructure

Winphoria

Spatial

Flarion

ChinaGrenTech First Avenue Synchronoss Followap Mobile 365 Qpass @Road Good m-Qube

Airvana NeutralTandem Starent Veraz IPWireless LGC Navini Syndesis Aruba Ubiquity WhereNet Enpocket ScreenTonic Tegic

Apertio Danger Oz

Airvana Starent WiChorus

Motricity Camiant Cequint Wavestream

Ubiquiti Adaptix Bridgewater Traffix Continuous Computing NextG NewBay

Enterprise

Airespace

CardioNet Trapeze AdMob SNAPin Trolltech E Ink SiRF

Meru

Epocrates Tangoe Vocollect Adenyo

Vocera

Marketing & Advertising Device Semiconductor Resonext Handspring Atheros CSR SiRF Alphamosaic Matrics iPass InPhonic China Techfaith Matrix Modem-Art

Quattro

Millennial Amobee

Bitfone Airgo Integrant SyChip

TPK Holding Swype Cinterion Beceem Intrinsity BCD Audience InvenSense Sequans SiGe Atheros Icera Provigent Boingo Fundamo LitePoint SVOX Zong Clairmail

AuthenTec PA Semi Spreadtrum Centrality Global Locate GloNav

Other

Source: Rutberg & Company (1) Excludes wireless operators and tower owners and operators.

BeVocal Gracenote Telephia Wayport Tellme VoiceSignal

AutoNavi

VC Investments vs. Exits in Mobile


Cumulative VC Investments vs. Exits(1) in Mobile(2)
2001-2012 YTD $ billion 80.0 70.0 60.0 50.0 40.0 Cumulative VC Investments 30.0 20.0 10.0 0.0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 YTD
Source: Rutberg & Company (1) Exit values calculated as market capitalization at IPO offer date or M&A announced date. Only incremental market cap included for companies with multiple transactions. (2) Excludes wireless operators and tower owners and operators.

Total Exits $68 billion

Total VC $ $42 billion

Cumulative VC-Backed Exits

VC Investments vs. Exits in Mobile by Sector


Percent of Total VC, M&A, and IPO(1) Dollars in Selected Sectors(2)
2001-2012 YTD
% Total 35% 30% 25% 20% 15% 10% 5% 0% VC Investments M&A Exits IPO Exits 5% 0% VC Investments M&A Exits IPO Exits 5% 0% VC Investments M&A Exits IPO Exits 15% 10% 15% 10%

Telecom Infrastructure

% Total 25% 20%

Semiconductor

% Total 25% 20%

Enterprise

% Total 30% 25% 20% 15%

Consumer

% Total 14% 12% 10% 8% 6%

Device

% Total 7% 6% 5% 4% 3% 2% 1% 0%

Marketing & Advertising

10% 5% 0% VC Investments M&A Exits IPO Exits

4% 2% 0% VC Investments M&A Exits IPO Exits

VC Investments

M&A Exits

IPO Exits

Source: Rutberg & Company (1) Exit values calculated as market capitalization at IPO offer date or M&A announced date. Only incremental market cap included for companies with multiple transactions. (2) Excludes wireless operators and tower owners and operators.

Thank You

Rutberg & Company Research Contact Information

Rajeev Chand Managing Director Head of Research rchand@rutbergco.com Nick Mayberry Senior Equity Research Associate nmayberry@rutbergco.com Kyle Spraker Equity Data Associate kspraker@rutbergco.com

Rutberg & CompanyInvestment Banking

Barry A. Newman Senior Advisor Office: (415) 371-1186 bnewman@rutbergco.com

Robert C. Harris Vice Chairman, Investment Banking Office: (415) 371-1186 rharris@rutbergco.com Bryan B. Rutberg Chief Executive Officer Office: (415) 371-1186 brutberg@rutbergco.com

Joseph S. Sanborn Managing Director, Head of M&A Office: (617) 262-6694 jsanborn@rutbergco.com

SAN FRANCISCO 351 California Street, Suite 1100 San Francisco, CA 94104 Telephone: (415) 371-1186

BOSTON 800 Boylston Street, 16th Floor Boston, MA 02199 Telephone: (617) 262-6694

Rutberg & Company2012 Events

LONDON Rutberg Summit: London April 23-25, 2012 Claridges Hotel London, England

SAN FRANCISCO Future:Mobile June 18-19, 2012 Westin Market Street San Francisco, California

RANCHO PALOS VERDES Wireless Influencers October 21-23, 2012 Terranea Resort Rancho Palos Verdes, California