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Cap Table

Private Company Funding Model


Funding round: Seed Round 1 Round 2 Round 3 Round 4 Day Before IPO
Date 1/1/2006 1/1/2007 1/1/2008 1/1/2008 1/1/2009 1/1/2010
Co Sales ($m) $- $- $4 $12 $30 $50
Value/Sales ratio 9.2 6.9 6.0
Share price $0.286 $1.28 $3.37 $7.60 $12.93 $17.56
Company Valuation ($m)
Pre-Money Valuation $1.0 $8.0 $35.0 $100.0 $200.0 $300.0
Cash from Investors $0.5 $4.0 $6.0 $10.0 $8.0 $-
Post-Money Valuation $1.5 $12.0 $41.0 $110.0 $208.0 $300.0

Shares Sold (000) 1,730 3,125 1,779 1,315 619 -


Shares to VP & Emp 1,000 1,000 1,000 1,000 1,000 1,000

Share ownership (000)


Investors 1,730 4,855 6,634 7,949 8,568 8,568
Founders 2,520 2,520 2,520 2,520 2,520 2,520
VPs & Employees 1,000 2,000 3,000 4,000 5,000 6,000
Total 5,250 9,375 12,154 14,469 16,088 17,088
Percentage ownership
Investors 33% 52% 55% 55% 53% 50%
Founders 48% 27% 21% 17% 16% 15%
VPs & Employees 19% 21% 25% 28% 31% 35%
Total 100% 100% 100% 100% 100% 100%

Investors' results by round


Wealth at IPO ($m) $30.38 $54.9 $31.2 $23.1 $10.9 $-
Investors' multiple 61.4 13.7 5.2 2.3 1.4 1.0
ROI %/year 180% 139% 128% 52% 36%

Wealth at IPO ($m)


Investors (all) $150.5
Founders $44.3
VPs & Employees $105.4
Total $300.1

Confidential 10/14/2010 Page 1


Shares Owned
18,000

16,000

14,000

12,000

10,000
Investors
VPs & Employees
8,000 Founders

6,000

4,000

2,000

-
Seed Round 1 Round 2 Round 3 Round 4 Day Before IPO
Ownership Percentage
100%

90%

80%

70%

60%

Investors
50%
VPs & Employees
Founders
40%

30%

20%

10%

0%
Seed Round 1 Round 2 Round 3 Round 4 Day Before IPO