Equity in start-ups Equity in start ups A Case Study and some data

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Equity in start-ups start ups A Case Study and some data Hervé Lebret June 5 5, 2009

As a fast track: Google



The Case Study A fictitious example

Founders


A professor advises his PhD Student to create a start-up as the results of the research are promising promising. The professor knows an experienced business person who h iis ready d to jjoin. i How should they split equity?

Founders equity split


There is no single g answer. An equal split could be the initial idea idea, then should be taken into account: - past contribution, - future commitment & expertise / credibility, - reverse vesting ti should h ld exist i t (i (i.e. if someone stops t activity, ti it he keeps a pro-rata of a 4-5 year commitment), - the money invested is a dangerous element and should be left to future financing rounds, - when IP belongs to a university, there will be a license which usually includes some equity to academic institution.

Founders pie calculator


htt // http://www.andrew.cmu.edu/user/fd0n/35%20Founders'%20Pie%20Calculator.htm d d / /fd0 /35%20F d '%20Pi %20C l l t ht

Weight

PhD

Prof.

Idea

7

8

2

Bus. Plan

2

1

3

6

Expertise /credibility

5

2

3

5

Commitment/ C it t/ responsabilities

7

4

2

4

Risk

7

5

Total

280

131

49

100

47%

18%

36%

Split

Biz.

5

This was an exercise only only, and after a negotiation they agree on the next table:

Founders equity split

f f f

Title

Name

CTO Chief Scientist VP Bus. Dev

PhD Professor Biz

Total


Ownership Shares Founder's Founder's 45.0% 4'500'000 25.0% 2'500'000 2 500 000 30.0% 3'000'000 100 0% 100.0%

10'000'000 10 000 000

The VC round


The founders need resources and g go to a VC they y know. The VC proposes $1M for 40% of the company and asks also for a 20% ESOP plan. The VC will receive “preferred” shares (i.e. with special rights). ESOP is the employee stock option plan. When an employee exercises his option, he receives “common” shares (similar to founder shares). The company has already 7 employees and some options are granted (outstanding) (outstanding).

Round A equity split

f f f

Title

Name

CTO Chief Scientist VP Bus. Bus Dev

PhD Professor Biz

Officers & executives Other common Total common before options Options-outstanding Options-Available Options-Total Totall - company Investors (VCs, not management) Investors (others) Total- Investors Total Number of employees


Ownership Number of shares/stock Founder's Series A Founder's Series A 45.0% 18.0% 4'500'000 4'500'000 25.0% 10.0% 2'500'000 2'500'000 30 0% 30.0% 12 0% 12.0% 3'000'000 3 000 000 3'000'000 3 000 000 100.0%

40.0%

10'000'000

10'000'000

100 0% 100.0%

40 0% 40.0%

10'000'000 10 000 000

54.6%

4.0% 16.0% 20.0% 60.0%

1'000'000 4'000'000 5'000'000 15'000'000 ' '

40.0%

10'000'000

24.1%

40.0% 100.0%

10'000'000 25'000'000

2

7

The B & C round


It is very usual to see additional rounds of financing called B and C rounds. Each round will have its own size, valuation and price per share. VC rounds

Round

Date

Amount

Seed / A B C Total

mai-07 jan-08 oct-09

$1'000'000 $10'000'000 $15'000'000 $26'000'000

# Shares

Price per Ownership (approx.) share 10'000'000 $0.10 40.0% 9'090'909 $1.10 25.0% 4'155'844 $3.61 10.0% 23'246'753

Employee stock


The CEO will usually be around 5-10% just before the IPO IPO. The VPs will be in the 0 0.5%-2% 5% 2% range range. The stock Th t k option ti plan l is i kept k t to t a level l l which hi h enables bl attracting new managers & employees (usually 2030% including common shares of non non-founders) founders) The vesting Th ti period i d iis 4 years with ith 1 year cliff. liff There may be a fiscal impact related to vesting and exercise.

Round B-C equity split f f f

Title

Name

CTO Chief Scientist VP Bus. Dev CEO VP S&M VP Eng. VP Prods CFO

PhD Professor Biz

Officers & executives Other common Total common before options Options-outstanding Options-Available Options-Total Total - company Investors (VCs, not management) Investors (others) Total- Investors Total Total - PreIPO Number of employees


Ownership Number of shares/stock Founder's Series A Series B PreIPO /C Founder's Series A Series B PreIPO /C 45.0% 18.0% 12.4% 10.8% 4'500'000 4'500'000 4'500'000 4'500'000 25 0% 25.0% 10 0% 10.0% 6 9% 6.9% 6 0% 6.0% 2'500'000 2 500 000 2'500'000 2 500 000 2'500'000 2 500 000 2'500'000 2 500 000 30.0% 12.0% 8.3% 7.2% 3'000'000 3'000'000 3'000'000 3'000'000 8.3% 7.2% 3'000'000 3'000'000 1.9% 1.7% 700'000 700'000 1.0% 400'000 1.0% 400'000 0 5% 0.5% 200'000 200 000 100.0%

40.0%

37.7%

35.4%

100.0%

40.0%

37.7%

54.6%

4.0% 16.0% 20.0% 60.0%

5.7% 4.1% 9.8% 47.5%

40.0%

52.5%

24.1%

40 0% 40.0% 100.0%

2

7

10'000'000

10'000'000

13'700'000

35.4%

10'000'000

13'700'000

14'700'000 14'700'000

6.0% 2.7% 8.7% 44.1%

1'000'000 4'000'000 5'000'000 15'000'000

2'072'727 1'500'000 3'572'727 17'272'727

2'500'000 1'111'688 3'611'688 18'311'688

10'000'000

19'090'909

52 5% 52.5% 100.0%

45.9% 10.0% 55 9% 55.9% 100.0%

10 000 000 10'000'000 25'000'000

19 090 909 19'090'909 36'363'636

19'090'909 4'155'844 23'246'753 23 246 753 41'558'441

25

70

Remarks: - The founder’s ownership numbers represent the ratio they own compared to other employees on row Total-company Total company and the ratio they own compared to employees and investors in Total-pre IPO. - Non-founder employee shares and options is maintained to 20% in this case.

IPO


The company goes public when revenues and growth th are steady. t d Th The company raises i additional dditi l money to further grow. It also brings liquidity to founders and investors. In 2000 (and over the past 22 years), if the IPO is successful, the average gave: - a CEO stock value will be $6-8M. $ - a VP stock is around $1M - and d employees l h have iin average $100k $100k.

The iinvestment b Th bank k takes k a6 6-8% 8% ffee on the h amount raised.

IPO capitalization table Ac tivity Town, St f= founder D = direc tor

f f f

High-Tech Lausanne, CH Pric e per share Symbol

Title

Name

CTO Chief Scientist VP Bus. Dev CEO VP S&M VP Eng. VP Prods CFO

PhD Professor Biz

Company IPO date Market cap. URL

$200 CSSA


CS 6-juin-10 $908'9 35'086 www c s-sa www.c s-sa.

Inc orporation State Date years to IPO

CH oct-06 37 3.7

Owners hip Number of shares /stoc k Founder's Series A Series B PreIPO /C Pos t IPO Founder's Series A Series B PreIPO /C Post IPO 45.0% 18.0% 12 .4 % 10.8% 9.9% 450' 000 450'00 0 450' 000 450'0 00 450 '000 25.0% 10.0% 6 .9 % 6.0% 5.5% 250' 000 250'00 0 250' 000 250'0 00 250 '000 30.0% 12.0% 8 .2 % 7.2% 6.6% 300' 000 300'00 0 300' 000 300'0 00 300 '000 8 .2 2% 7 2% 7.2% 6 6% 6.6% 300' 000 300'0 00 300 '000 1 .9 % 1.7% 1.5% 70' 000 70'0 00 70 '000 1.0% 0.9% 40'0 00 40 '000 1.0% 0.9% 40'0 00 40 '000 0.5% 0.4% 20'0 00 20 '000

Officers & executives Oth common Other Total common before options Opti ons-outs tanding Opti ons-Avai lable Opti ons-Total Total - company Investors (VCs, not management) Investors (others) Total- Inves tors Total - PreIPO IPO Opti on (underwri ters) Total outstanding

100.0%

40.0%

37 .7 %

35.4%

32.3%

100.0%

40.0% 4.0% 16.0% 20.0% 60.0%

37 .7 % 5 .7 % 4 .1 % 9 .8 % 47 .5 %

35.4% 6.0% 2.7% 8.7% 44.1%

40.0%

52 .5 %

40.0% 100.0%

52 .5 % 100 .0 %

45.9% 10.0% 55.9% 100.0%

54.6%

24.1%

22.0%

Number of employees * The difference b etween common shares and options is very small. In this c as e, the number of n on-founder shares and ESOP is maintained to 20% of the c ompany at each VC round

2

7 IPO

25

70

Total cash before fees Paid to underwri ters Others Net s old by company s old by sh areholders Total shares sold Option to underwriters

1'000' 000

1' 000'00 0

1'370' 000

1'470'0 00 1'470'0 00 250'0 00 111'1 68 361'1 68 1'831'1 68

1'470 '000 1'470 '000 250 '000 150 '000 400 '000 1'870 '000

32.3% 5.5% 3.3% 8.8% 41.1%

1' 000'00 0 100'00 0 400'00 0 500'00 0 1' 500'00 0

1'370' 000 207' 273 150' 000 357' 273 1'727' 273

42.0% 9.1% 51.2% 92.3% 7.7% 0.0% 1 00.0%

1' 000'00 0

1'909' 091 1'909' 091 3'636' 364

1'909'0 91 415'5 84 2'324'6 75 4'155'8 43

1'909 '091 415 '584 2'324 '675 4'194 '675 350 '000

1' 000'00 0 2' 500'00 0

3'636' 364

4'155'8 43

4'544 '675

Value $ 90'000 '000 $ 50'000 '000 $ 60'000 '000 $ 60'000 '000 $ 14'000 '000 $8'000 '000 $8'000 '000 $4'000 '000 $2 94'000 '000 $2 94'000 '000 $ 50'000 '000 $ 30'000 '000 $ 80'000 '000 $3 74'000 '000 $3 81'818 '200 $ 83'116 '886 $4 64'935 '086 $8 38'935 '086 $ 70'000 '000 $0 $9 08'935 '086

200 $70'0 00'000 $4'9 00'000 $6 00'000 $64 '500'00 0 350' 000 100' 000 450' 000 -

Revenues 200 9 2 008 Amount $10 0'000'0 00 $ 20'000 '000 Growth 400 % Number of empl oyees 200 Avg . val. of s tock p er emp $250 '000


Equity Split: It’s a culture… culture

A quote on valuation & founders


Don Valentine – founder of Sequoia

“When people come as a team (usually it is three or four people and typically heavyweight on engineering), ) it is a complex process. But I think all off us have seen it in the earlier days, times when I can remember saying, "Well, look, we'll put up all the money, you put up all the blood, sweat and tears and we'll split the company", this with the founders. Then if we have to hire more people, we'll all come down evenly, it will be kind of a 50/50 arrangement. Well,, as this bubble got g bigger gg and bigger, gg , yyou know,, they y were coming g and saying, "Well, you know, we'll give you, for all the money, 5 percent, 10 percent of the deal." And, you know, that it's a supply and demand thing. It's gone back the other way now. now But, But in starting with a team team, it's it s a typical thing to say, well, somewhere 40 to 60 percent, to divide it now. If they've got the best thing since sliced bread and you think they have it and they think they have itit, you know know, then you'll you ll probably lose the deal because one of these guys will grab it.” Transcript of oral panel – the Pioneers of Venture Capital – September 2002

More quotes “How to be Silicon Valley?” y Few startups happen in Miami, for example, because although it's full of rich people, it has few nerds. It's not the kind of place nerds like. Whereas Pittsburgh has the opposite problem: plenty of nerds, but no rich people. Paul Graham (Y-combinator) http://www.paulgraham.com/ “Look around who the heroes are. They aren’t lawyers, nor are they even so much the financiers. They’re the guys who start companies” Robert Noyce (founder of Intel)


Readings In the Company of Giants Rama Dev Jager and Rafael Ortiz 1997

Founders at Work Jessica Livingston 2007


Betting It All Mi h l S Michael S. M Malone l 2001

Once You're Lucky, Twice You're Good: Sarah Lacy 008 2008

As a conclusion: Google Activity Town, St f= founder D= director Title f f

Pres. Prod Pres. tech CEO SVP Sales VP Eng. Legal Counsel CFO VP prod. Manag VP Bus. Ops

Internet search Price per share Symbol

$80 GOOG

Google 1-août-04 $22'921'832'480 www.google.com

Incorporation State Date years to IPO

CA, DE sept-98 5.9

Name

Founder s Founder's Employee PreIPO Post IPO Founder's Founder s Employee PreIPO Post IPO Value Ownership Ownership Ownership Ownership Shares Shares Shares Shares Larry Page 50.0% 19.5% 14.4% 13.4% 38'490'304 38'490'304 38'490'304 38'490'304 $3'079'224'320 Sergey brin 50.0% 19.5% 14.4% 13.4% 38'490'304 38'490'304 38'490'304 38'490'304 $3'079'224'320 Eric Schmidt 7.5% 5.5% 5.2% 14'758'600 14'758'600 14'758'600 $1'180'688'000 Omid Kordestani Wayne Rosing David C. C Drummond George Reyes Jonathan J. Rosenberg Shona L. Brown -

Officers & executives Total common before options Options-outstanding Options outstanding Options-Available Options-Total Total - company Investors (VCs, not management) Stanford Investors (others) Total- Investors Total - PreIPO IPO Option (underwriters) Total outstanding NB: the difference between common and options could not be established precisely VCs KP Sequoia



100.0% 83.9%

46.5%

34.4%

32.0%

76'980'608

91'739'208

91'739'208

91'739'208

$7'339'136'640

46.5%

34.4%

32.0%

91'739'208

91'739'208

91'739'208

$7'339'136'640

53 5% 53.5%

39 5% 39.5%

36 8% 36.8%

105'557'098

39.5% 73.9%

36.8% 68.9%

105'557'098 197'296'306

105'557'098 105'557'098 197'296'306

$8'444'567'840

53.5% 100.0%

105'557'098 105'557'098 197'296'306

$8'444'567'840 $15'783'704'480

2.3%

17.9% 0.7%

16.7% 0.6%

28.8%

26.1% 100.0%

24.3% 93.2%

47'787'600 1'842'000 19'997'000 69'626'600 266'922'906

47'787'600 1'842'000 19'997'000 69'626'600 266'922'906

$3'823'008'000 $147'360'000 $1'599'760'000 $5'570'128'000 $21'353'832'480

6.8%

19'600'000

$1'568'000'000

100.0%

286'522'906

$22'921'832'480

39.0%

26.9%

Total cash before fees Paid to underwriters Others Net sold by company sold by shareholders Total shares sold Option to underwriters Round A B C Total

Date

$1'568'000'000 Revenues Amount

$1'568'000'000 19'600'000

2002 $439'000'000 234% 2'500 $3'377'827

19'600'000 Amount

oct.98 May 99 May 01

2003 $1'465'000'000 Growth Number of employees Avg. val. of stock per emp

$960'000 $25'000'000 $15'000'000 $40'960'000

# Shares 15'360'000 47'787'600 6'479'000 69'626'600

Price per share

Valuation $0.06 $0.52 $2.32

Ownership (approx) $5'771'288 16.6% $73'307'829 34.1% $339'420'917 4.4%

As a conclusion: Genentech Same model for biotech

Activity Town, St f= founder D= director Title

fD CEO fD VP VP Finance VP Marketing VP Gen VP, Gen. Counsel

Biotechnology South San Francisco. CA Price per share $35.0 Symbol GENE/DNA

Name Robert Swanson Herbert Boyer Fred Middleton Robert Byrnes Thomas Kiley


Genentech Inc. Oct-80 $261'523'570 www.genentech.com

2 0% 2.0%

Officers & executives

Options-outstanding (Series B *) p Options-Available Options-Total Total - company Investors (KP) Investors (Lubriziol) Investors (Others) Total- Investors Total - PreIPO

0 9% 0.9%

60'000 60 000

60'000 60 000

$2'100'000 $2 100 000

29.5%

25.6%

1'910'000

1'910'000

1'910'000

$66'850'000

68.0%

27.3% 91.5%

12.5% 42.0%

10.8% 36.4%

810'602 2'720'602

810'602 2'720'602

810'602 2'720'602

$28'371'070 $95'221'070

62.2%

1.7% 6.8% 8.5% 100.0%

0.8% 3.1% 3.9% 45.9%

0.7% 2.7% 3.4% 39.8%

49'750 201'750 251'500 2'972'102

49'750 201'750 251'500 2'972'102

49'750 201'750 251'500 2'972'102

$1'741'250 $ $7'061'250 $8'802'500 $104'023'570

14.5% 24.0% 15.5% 54.1% 100 0% 100.0%

12.6% 20.8% 13.5% 46.8% 86 6% 86.6%

938'800 1'555'200 1'006'000 3'500'000 6'472'102

938'800 1'555'200 1'006'000 3'500'000 6'472'102

$32'858'000 $54'432'000 $35'210'000 $122'500'000 $226'523'570

13.4%

1'000'000

$35'000'000

100.0%

7'472'102

$261'523'570

24.8% Total cash before fees Paid to underwriters Others Net sold by company sold by shareholders Total shares sold Option to underwriters

KP (Chairman) Lubrizol

* ESOP was a Series B preferred stock mechanism

VCs

Round

KP Wilmington Lubriziol

Seed (KP) A A

Date

$35'000'000 $2'250'000 $2 250 000 $32'750'000 1'000'000

Revenues 1979 Amount $3'405'804 $3 405 804 Growth 298% Number of employees Avg. val. of stock per emp

1'000'000 Amount

Apr-78 Sep-79

1'850'000

60'000 60 000

64.3%

28 6% 28.6%

Total outstanding

0 8% 0.8%

100.0%

IPO

VCs Tom Perkins Donald Murflin

Incorporation State CA Date Apr-76 years to IPO 4.5

Founder's Employee PreIPO Post IPO Founder's Employee PreIPO Post IPO Value Ownership Ownership Ownership Ownership Shares Shares Shares Shares 50.0% 31.1% 14.3% 12.4% 925'000 925'000 925'000 925'000 $32'375'000 50.0% 31.1% 14.3% 12.4% 925'000 925'000 925'000 925'000 $32'375'000

Other common Total common before options

D D


$200'000 $500'000 $10'000'000

# Shares

Price per Valuation Ownership share 938'000 $0.21 $594'456 34% 250'000 $2.00 $6'076'000 8% 1'000'000 $10.00 $40'380'000 25%

1978 $856 335 $856'335 112 $268'860

Appendix: More cap. tables


Company

Slide

Topic

Slide

Google

19

MIPS

30

Genentech

20

Netscape

31

Apple

22

Numerical Tech.

32

Actelion

23

Oracle

33

ARM

24

Rambus

34

Atheros

25

Riverbed

35

C Cypress

26

S Sun

36

eBay

27

Vertex

37

Logitech

28

Virata

38

Microsoft

29

Yahoo

39

Sources: High-Tech Start-up, J. Nesheim (Free Press, 2000), personal data, & more on www.startup-book.com

Apple Computer Activity Town, St f= founder D= director Title

f f

Computers Cupertino, CA Price per share Symbol Name

Founder's Ownership 65.4% 34.6%

Officers & executives Other common Total common before options Options-outstanding O ti Options-Available A il bl Options-Total Total - company

PreIPO Ownership 12.6% 13.5% 5.0% 7.1% 10.5%

janv-77 3.9

Post IPO Founder's Employee PreIPO Post IPO Value Ownership Shares Shares Shares Shares 11.2% 7'029'448 7'029'448 7'029'448 $154'647'856 12.0% 7'542'448 7'542'448 7'542'448 7'542'448 $165'933'856 4.5% 2'810'232 2'810'232 2'810'232 $61'825'104 6.4% 3'989'231 3'989'231 3'989'231 3'989'231 $87'763'082 9.3% 5'853'312 5'853'312 5'853'312 $128'772'864

59.5%

48.7%

43.4%

27'224'671

27'224'671

27'224'671

$598'942'762

28.8%

23.0% 71.8%

20.5% 63.9%

12'860'963 40'085'634

12'860'963 40'085'634

12'860'963 40'085'634

$282'941'186 $881'883'948

12.4%

10.1%

5'652'600

12.4% 100.0%

10.1% 81.9%

9.0% 4.5% 4 5% 13.6% 77.5%

5'652'600 5'652'600 45'738'234

5'652'600 2'852'600 8'505'200 48'590'834

$124'357'200 $62'757'200 $187'114'400 $1'068'998'348

7.8% 10.3% 18.1% 100 0% 100.0%

7.0% 9.2% 16.2% 93 6% 93.6%

4'375'816 5'753'882 10'129'698 55'867'932 55 867 932

4'375'816 5'753'882 10'129'698 58'720'532 58 720 532

$96'267'952 $126'585'404 $222'853'356 $1'291'851'704 $1 291 851 704

6.4%

4'000'000

$88'000'000

100.0%

62'720'532

$1'379'851'704

18.4% IPO


28.1% 87.6%

20 6% 20.6%

IPO Option (underwriters) Total outstanding

Employee Ownership 15.4% 16.5% 6.1% 8.7% 12.8%

Apple Computers 12-déc-80 $1'379'851'704 www.apple.com

100.0%

25.2%

Investors (VCs, not management) Investors (others) Total- Investors Total - PreIPO

VCs Sequoia


$22

Chairman, EVP V. Chairman, VP Pres, CEO VP Others


Total cash before fees Paid to underwriters Others Net Shares sold by company Shares sold by shareholders Total shares sold p to underwriters Option

11'531'679

5'652'600 45'738'234

$101'200'000 $5'980'000 $5 980 000 $661'600 94'558'400 4'000'000 600'000 4'600'000 -

Revenues LTM LQ Amount $117'900'000 $41'500'000 Growth 146% 109% Number of employees 1'015 Avg. val. of stock per emp $401'279

Actelion Activity Town, St f= founder D= director

Biopharma Allschwill, CH Price per share Symbol

Title

Name

f f f f f

CEO Research Corp Ops Clinical Dev. CFO

Jean Paul Clozel Walter Fischli Thomas Widmann Isaac Kobrin Andre Mueller Martine Clozel

D

Founding team* Chairman

Robert Cawthorn

Officers & executives Other common Total common before options p Options-outstanding Options-founders Options-Total Total - company Investors (VCs, not management) Investors (others) Total Investors TotalTotal - PreIPO IPO Option (underwriters) Total outstanding VCs Atlas Sofinnova 3i * there is uncertainty on the numbers these are options to founders only common shares specifics not known


SFr. 260.0 SWX: ATLN


Founder's Ownership

Employee Ownership

PreIPO Ownership

Actelion 6-avr-00 SFr. 1'363'403'600 www.actelion.com

Incorporation State CH Date déc-97 years to IPO 2.3

Post IPO Ownership

Employee Shares

Founder's Shares

PreIPO Shares

Post IPO Shares

Value

100.0% 0.0%

51.9% 2.6%

14.1% 0.7%

11.4% 0.6%

600'000

600'000 30'000

600'000 30'000

600'000 30'000

SFr. 156'000'000 SFr. 7'800'000

100.0%

54.5%

14.8%

12.0%

600'000

630'000

630'000

630'000

SFr. 163'800'000

88.7%

4.0% 58.5%

1.1% 15.9%

0.9% 12.9%

46'200 676'200

46'200 676'200

46'200 676'200

SFr. 12'012'000 SFr. 175'812'000

51.9%

15.6% 25.9% 41.5% 100.0%

4.2% 7.1% 11.3% 27.2%

3.4% 5.7% 9.2% 22.0%

180'000 300'000 480'000 1'156'200

180'000 300'000 480'000 1'156'200

180'000 300'000 480'000 1'156'200

SFr. 46'800'000 SFr. 78'000'000 SFr. 124'800'000 SFr. 300'612'000

72.8% 0.0% 72 8% 72.8% 100.0%

58.9% 0.0% 58 9% 58.9% 80.9%

3'087'660

3'087'660

SFr. 802'791'600

3'087'660 4'243'860

3'087'660 4'243'860

SFr 802'791'600 SFr. SFr. 1'103'403'600

19.1%

1'000'000

SFr. 260'000'000

100.0%

5'243'860

SFr. 1'363'403'600

14.1%


VCs

Round A B Total

SFr. 260'000'000

SFr. 246'600'000 1'000'000

Revenues 2000 1999 Amount SFr. 31'523'000 SFr. 2'800'000 Growth 1026% Number of employees 146 Avg. val. of stock per emp SFr. 402'822

1'000'000 -

Date 1998 1999

Price per Amount # Shares share SFr. 18'000'000 1818000 SFr. 9.9 SFr. 38'000'000 1503060 SFr. 25.3 SFr. 56'000'000 3321060

Ownership Valuation (approx.) SFr. 23'940'594 SFr. 99'131'292

75% 38%

Arm Holdings Activity Town, St f= founder D= director

f

Microprocessors Cambridge, UK Price per share Symbol

Title

Name

Chairman, CEO COO

Robin Saxby Jamie Urquhart

£5.75 ARMH

Officers & executives Other O h common Total common before options Options-outstanding Options-Available Options-Total Total - company Acorn Apple Others Total- Investors Total - PreIPO



Arm Holdings 17-avr-98 £302'021'729 www.arm.com

Employee PreIPO Post IPO Ownership Ownership Ownership 10.2% 3.6% 3.1% 1.8% 0.6% 0.6%

ARM is allowed to issue 10% of common shares as options. 1'500'000 was chosen to fit the rule

Employee PreIPO Post IPO Value Shares Shares Shares 1'632'000 1'632'000 1'632'000 £9'384'000 295'200 295'200 295'200 £1'697'400

12.1% 54.7% 54 7% 66.8%

4.2% 19.2% 19 2% 23.4%

3.7% 16.6% 16 6% 20.3%

1'927'200 8'744'020 10'671'220

1'927'200 8'744'020 10'671'220

1'927'200 8'744'020 10'671'220

£11'081'400 £50'278'115 £61'359'515

23.8% 9.4% 33.2% 100.0%

8.3% 3.3% 11.6% 35.0%

7.3% 2.9% 10.1% 30.4%

3'811'889 1'500'000 5'311'889 15'983'109

3'811'889 1'500'000 5'311'889 15'983'109

3'811'889 1'500'000 5'311'889 15'983'109

£21'918'362 £8'625'000 £30'543'362 £91'902'877

25.3% 25 3% 15.9%

22.0% 22 0% 13.8%

65.0% 100.0%

56.5% 86.9%

11'561'961 7'261'961 10'851'078 29'675'000 45'658'109

11'561'961 7'261'961 10'851'078 29'675'000 45'658'109

£66'481'276 £41'756'276 £62'393'699 £170'631'250 £262'534'127

13.1%

6'867'409

£39'487'602

100.0%

52'525'518

£302'021'729


Arm was created as a JV between Apple, Acorn and VLSI

Incorporation State UK Date oct-90 years to IPO 7.5

Total cash before fees Paid to underwriters Others Net sold by company sold by shareholders Total shares sold Option to underwriters

£39'487'602

£39'487'602 6'867'409 6'867'409 -

Revenues 1998 Amount £42'268'000 Growth 59% Number of employees Avg. val. of stock per emp

1997 £26'580'000 300 £240'655

Atheros Activity Town, St f= founder D= director Title f ex-CEO, consultant fD Chair CEO VP Eng. VP Ops VP Sales former CEO


Semiconductor - wireless Sunnyvale, CA Price per share $14.0 Symbol ATHR Name Theresa Meng John Hennessy Craig Barratt Richard Bahr Ranendu Das Tom Foster Redelfs


Atheros 18-févr-04 $1'026'721'598 www.atheros.com

Incorporation State DE Date mai-98 years to IPO 5.8

Founder's Employee PreIPO Post IPO Founder's Employee PreIPO Post IPO Value O Ownership hi O Ownership hi O Ownership hi O Ownership hi Sh Shares Sh Shares Sh Shares Sh Shares 83.6% 12.4% 6.5% 5.6% 4'085'000 4'085'000 4'085'000 4'085'000 $57'190'000 16.4% 2.4% 1.3% 1.1% 800'000 800'000 800'000 800'000 $11'200'000 7.0% 3.7% 3.1% 2'300'000 2'300'000 2'300'000 $32'200'000 3.1% 1.6% 1.4% 1'035'000 1'035'000 1'035'000 $14'490'000 1.7% 0.9% 0.8% 570'960 570'960 570'960 $7'993'440 1.4% 0.7% 0.6% 445'000 445'000 445'000 $6'230'000 6 9% 6.9% 3 6% 3.6% 3 1% 3.1% 2'283'000 2 283 000 2'283'000 2 283 000 2'283'000 2 283 000 $31'962'000 $31 962 000

Officers & executives Other common Total common before options Options-outstanding Options-Available Options-Total T t l - company Total Investors (VCs, not management) Investors (others) Total- Investors Total - PreIPO

100.0%

35.0%

18.3%

15.7%

11'518'960

11'518'960

11'518'960

$161'265'440

24.1%

26.7% 61.6%

13.9% 32.2%

12.0% 27.7%

8'782'961 20'301'921

8'782'961 20'301'921

8'782'961 20'301'921

$122'961'454 $284'226'894

14 8% 14.8%

0.0% 0.0% 38.4% 100 0% 100.0%

14.6% 5.4% 20.1% 52 3% 52.3%

12.6% 4.7% 17.2% 44 9% 44.9%

9'222'244 3'416'512 12'638'756 32'940'677

9'222'244 3'416'512 12'638'756 32'940'677

9'222'244 3'416'512 12'638'756 32'940'677

$129'111'416 $47'831'168 $176'942'584 $461'169'478

47.7% 0.0% 47.7% 100.0%

41.0% 0.0% 41.0% 85.9%

30'046'580

30'046'580 30'046'580 62'987'257

$420'652'120 $0 $420'652'120 $881'821'598

10'350'000

$144'900'000 $0 $1'026'721'598

7.8%

IPO Option (underwriters) T t l outstanding Total t t di

Total cash before fees Paid to underwriters Others Net sold by company sold by shareholders Total shares sold Option to underwriters VCs

30'046'580 62'987'257

14.1% 0.0% 100 0% 100.0%

6 7% 6.7%

VCs NEA Foundation August

4'885'000

Round

A B C Total Series A

Date

may99 mars.00 apr01

73'337'257 $144'900'000 Revenues 2003 Amount $87'400'000 Growth 294% Number of employees Avg. val. of stock per emp

$134'757'000 10'350'000

2002 $22'200'000 171 $1'474'110

10'350'000 Amount

# Shares

$6'025'000 12'050'000 $ $25'300'000 7'676'014 $66'670'856 10'320'566 $97'995'586 30'046'580 Series B Series C Total NEA 4'329'292 464'683 4'793'975 Foundation 5'000'000 1'327'506 1'547'988 7'875'494 August 5'000'000 1'327'506 464'396 6'791'902 3'095'975 Fidelity Mt. Vernon Trust 3'095'975

Price per share $0.50 $ $3.30 $6.46

Final Ownersip Ownership at round (wo ESOP) $8'467'500 71% 19.1% $ $81'117'446 31% 12.2% $225'658'007 30% 16.4% 47.7%

Valuation

Cypress Semiconductor Activity Town, St f= founder D= director Title f f f f f f

Semicon San Jose, Ca Price per share Symbol Name

Pres, CEO VP S&M VP Manuf. VP Fab. VP R&D VP Eng. CFO Others


$9 CY Founder's Ownership 33.5% 13.3% 13.3% 13.3% 13 3% 13.3% 13.3%

Officers & executives Other common Total common before options Options-outstanding Options-Available Options-Total Total - company

Post IPO Founder's Employee PreIPO Post IPO Value Ownership Shares Shares Shares Shares 2.1% 754'666 754'666 754'666 754'666 $6'791'994 0.9% 300'000 300'000 300'000 300'000 $2'700'000 0.9% 300'000 300'000 300'000 300'000 $2'700'000 0.9% 300'000 300'000 300'000 300'000 $2'700'000 0 9% 0.9% 300'000 300 000 300'000 300 000 300'000 300 000 300'000 300 000 $2'700'000 $2 700 000 0.9% 300'000 300'000 300'000 300'000 $2'700'000 0.4% 155'625 155'625 155'625 $1'400'625 0.8% 290'132 290'132 290'132 $2'611'188

100.0%

40.3%

10.3%

7.7%

2'700'423

2'700'423

2'700'423

$24'303'807

50.4%

26.5% 66.8%

6.7% 17.0%

5.0% 12.7%

1'774'992 4'475'415

1'774'992 4'475'415

1'774'992 4'475'415

$15'974'928 $ $40'278'735

33.2%

8.5%

2'225'415

33.2% 100.0%

8.5% 25.5%

6.3% 4.2% 10.5% 23.2%

2'225'415 2'225'415 6'700'830

2'225'415 1'474'585 3'700'000 8'175'415

$20'028'735 $13'271'265 $33'300'000 $73'578'735

54.2% 2.9% 17.4% 74.5% 100.0%

40.4% 2.1% 13.0% 55.6% 78.7%

14'265'444 750'000 4'590'067 19'605'511 26'306'341

14'265'444 750'000 4'590'067 19'605'511 27'780'926

$128'388'996 $6'750'000 $41'310'603 $176'449'599 $250'028'334

7'500'000 35'280'926 35 280 926

$67'500'000

2'254'666

2'225'415 6'700'830

21.3% 6 4% 6.4% IPO

déc-82 3.5

PreIPO Ownership 2.9% 1.1% 1.1% 1.1% 1 1% 1.1% 1.1% 0.6% 1.1%

8.6%



Employee Ownership 11.3% 4.5% 4.5% 4.5% 4 5% 4.5% 4.5% 2.3% 4.3%

33.6%

Investors (VCs, not management) Monolithic Memories Investors (others) Total- Investors Total - PreIPO

Cypress Semicon 29-mai-86 $317'528'334


100 0% 100.0% Total cash before fees Paid to underwriters Others Net y company p y Shares sold by Shares sold by shareholders Total shares sold Option to underwriters

$67'500'000 $4'200'000 $500'000 $62'800'000 7'500'000 7'500'000 -

Revenues LTM Amount $16'600'000 Growth 412% Number of employees p y Avg. val. of stock per emp

$317'528'334 $317 528 334

LQ $8'900'000 218% 340 $105'893

Ebay Inc. Activity Town, St f= founder D= director Title fD Chairman D Pres, CEO SVP Mark. f VP Strat Planning VP Prod Dev VP Mark & Bus Dev CFO VP Legal


Internet auction site San Jose, CA Price per share $18 Symbol EBAY Name Omidyar Whitman Swette Skoll Wilson Westly Bengler Jacobson

Officers & executives Total common before options Opt o s outsta d g Options-outstanding Options-Available Options-Total Total - company Investors (VCs, not management) Investors (others) Total- Investors Total - PreIPO IPO Option (underwriters) Total outstanding

eBay 23-sept-98 $914'667'318 www.ebay.com

Incorporation State CA, DE Date mai-96 years to IPO 2.4

Founder's Founder s Employee PreIPO Post IPO Founder's Founder s Employee PreIPO Post IPO Value Ownership Ownership Ownership Ownership Shares Shares Shares Shares 59.9% 40.7% 32.5% 30.0% 15'229'425 15'229'425 15'229'425 15'229'425 $274'129'650 6.4% 5.1% 4.7% 2'400'000 2'400'000 2'400'000 $43'200'000 1.6% 1.3% 1.2% 600'000 600'000 600'000 $10'800'000 40.1% 27.3% 21.8% 20.1% 10'200'000 10'200'000 10'200'000 10'200'000 $183'600'000 2.4% 1.9% 1.8% 900'000 900'000 900'000 $16'200'000 2.3% 1.8% 1.7% 864'000 864'000 864'000 $15'552'000 1.4% 1.1% 1.0% 525'000 525'000 525'000 $9'450'000 0.7% 0.5% 0.5% 250'002 250'002 250'002 $4'500'036 30'968'427

30'968'427

30'968'427

$557'431'686

60.9%

30'968'427

30'968'427

30'968'427

$557'431'686

2.8% 8% 9.9% 12.6% 73.6%

1'410'315 03 5 5'007'748 6'418'063 37'386'490

1'410'315 03 5 5'007'748 6'418'063 37'386'490

1'410'315 03 5 5'007'748 6'418'063 37'386'490

$ 5 385 6 0 $25'385'670 $90'139'464 $115'525'134 $672'956'820

8'791'836 622'250 9'414'086 46'800'576

8'791'836 622'250 9'414'086 46'800'576

$158'253'048 $11'200'500 $169'453'548 $842'410'368

3'489'275 525'000 50'814'851

$62'806'950 $9'450'000 $914'667'318

100.0%

82.8%

66.2%

60.9%

82.1%

82.8%

66.2%

68.0%

3 8% 3.8% 13.4% 17.2% 100.0%

3 0% 3.0% 10.7% 13.7% 79.9% 18.8% 1.3% 20.1% 100.0%

17.3% 1.2% 18.5% 92.1%

54.3%

Kagle

VCs

25'429'425

6.9% 1.0% 100.0%

50.0% IPO

VCs Benchmark


Total cash before fees Paid to underwriters Others Net Shares sold by company Shares sold by shareholders Total shares sold Option to underwriters

$63'000'000 $4'410'000 $ $975'000 $57'615'000 3'489'275 10'725 3'500'000 525'000

Round

Date

Amount

Seed / A B B extension Total

Dec96 June97 May98

$15'000 $3'000'000 $1'992'000 $5'007'000

Revenues 6m-98 Amount $14'900'000 Growth 776% Number of employees Avg. val. of stock per emp

# Shares

6m-97 $1'700'000 76 $334'022

Price per Valuation Ownership share (approx.) 4'500'000 $0.00 $15'000 3'000'000 $1.00 $28'429'425 11% 1'200'000 $1.66 $49'184'846 4% 8'700'000

Logitech Activity Town, St f= founder D= director

Comupter devices Apples, CH Price per share Symbol

Title

Name

CEO, chair Vice chair

Daniel Borel Pierluigi Zappacosta

VP finance GM Far East

Barry Zwarenstein Erh-Hsun Chang

GM Europe

Marc M. Chatel

SVP Bus Divs

Rory Dooley

VP Info

Patrick W. Brubeck

VP Sales

Vladimir M. Langer

VP Scanner Div

Dominique Pitteloud


$160.0 LOGI

Company IPO date * Market cap. URL

Logitech 27-mars-97 $419'801'280 www.logitech.com

Incorporation State Switzerland Date janv-81 years to IPO 16.2

Founder's Employee PreIPO Post IPO Founder's Employee PreIPO Post IPO Value Ownership Ownership Ownership Ownership Shares Shares Shares Shares 52.9% 10.0% 10.0% 9.3% 243'205 243'205 243'205 243'205 $38'912'800 47.1% 8.9% 8.9% 8.3% 216'500 216'500 216'500 216'500 $34'640'000

Held in treasury t eas Officers & executives Other common Total common before options Options-outstanding Options - available Options-Total Options Total Total - company Investors (VCs, not management) Investors (others) Total- Investors Total - PreIPO IPO Option (underwriters) Total outstanding

VCs

* Logitech went public in Switzerland in 1988 The US shares were 10x a Swiss shares i.e. at $16 / share

100.0%

6 1% 6.1% 25.1%

6 1% 6.1% 25.1%

5 6% 5.6% 23.1%

25.5%

49.3% 74.3%

49.3% 74.3%

19.0%

9.2% 16.5% 25 7% 25.7% 100.0%

19.0%

147'537 607'242

147'537 607'242

147'537 607'242

$23'605'920 $97'158'720

45.5% 68.7%

1'194'446 1'801'688

1'194'446 1'801'688

1'194'446 1'801'688

$191'111'360 $288'270'080

9.2% 16.5% 25 7% 25.7% 100.0%

8.5% 15.2% 23 7% 23.7% 92.4%

222'070 400'000 622'070 622 070 2'423'758

222'070 400'000 622'070 622 070 2'423'758

222'070 400'000 622'070 622 070 2'423'758

$35'531'200 $64'000'000 $99'531'200 $99 531 200 $387'801'280

0.0% 0.0% 0.0% 100.0%

0.0% 0.0% 0.0% 92.4%

2'423'758

2'423'758

$0 $0 $0 $387'801'280

200'000

$32'000'000 $ $0 $419'801'280

459'705

7.6% 0.0% 100.0%


2'623'758 $32'000'000 $5'400'000 $26'600'000 200'000 200'000 -

Revenues 1997 (mar) Amount $413'000'000 Growth 16% Number of employees Avg. val. of stock per emp

1996 $355'000'000 2'995 $75'674

Microsoft Activity Town, St f= founder D= director Title f f

Microcomputer software Redmonf, WA Price per share $21.0 Symbol MSFT Name

CEO EVP-left VP Sys SW COO VP Aps SW VP CDROM VP Intl VP COM VP HW Dev CFO Others Officers & executives Other common Total common before options Options-outstanding Options-Available Options-Total Total - company Investors (VCs, not management) Investors (others) Total- Investors Total - PreIPO IPO Option (underwriters) Total outstanding

VCs



Microsoft 13-mars-86 $586'665'786 www.microsoft.com


janv-75 11.2

Founder's Employee PreIPO Post IPO Founder's Employee PreIPO Post IPO Value Ownership Ownership Ownership Ownership Shares Shares Shares Shares 63.7% 46.8% 44.2% 40.2% 11'222'000 11'222'000 11'222'000 11'222'000 $235'662'000 36.3% 26.6% 25.2% 22.9% 6'390'000 6'390'000 6'390'000 6'390'000 $134'190'000 7.1% 6.7% 6.1% 1'710'001 1'710'001 1'710'001 $35'910'021 1.7% 1.6% 1.4% 400'000 400'000 400'000 $8'400'000

100.0%

0.7% 82.8%

0.6% 78.3%

0.6% 71.2%

82.6%

6.0% 88.8%

5.7% 83.9%

73 4% 73.4%

11.2% 0.0% 11.2% 100 0% 100.0%

69.3%

158'001 19'880'002

158'001 19'880'002

158'001 19'880'002

$3'318'021 $417'480'042

5.1% 76.3%

1'435'111 21'315'113

1'435'111 21'315'113

1'435'111 21'315'113

$30'137'331 $447'617'373

10.6% 0.0% 10.6% 94 5% 94.5%

9.6% 1.9% 11.5% 87 8% 87.8%

2'681'457

2'681'457 2'681'457 23'996'570 23 996 570

2'681'457 539'896 3'221'353 24'536'466 24 536 466

$56'310'597 $11'337'816 $67'648'413 $515'265'786 $515 265 786

5.4% 0.1% 5.5% 100.0%

4.9% 0.1% 5.0% 92.8%

1'378'901 21'099 1'400'000 25'396'570

1'378'901 21'099 1'400'000 25'936'466

$28'956'921 $443'079 $29'400'000 $544'665'786

2'000'000

$42'000'000 $0 $586'665'786

17'612'000

2'681'457 23 996 570 23'996'570

7.2% 0.0% 100.0%


27'936'466 $58'695'000 $3'661'450 $541'000 $54'492'550 2'000'000 795'000 2'795'000 -

Revenues LTM Amount $140'400'000 Growth 44% Number of employees Avg. val. of stock per emp

LQ $49'900'000 35% 998 $86'621

MIPS Computer Systems Activity Town, St f= founder D= director Title

f f f f

RISC computers Sunnyvale, CA Price per share Symbol Name

Chair, Pres, CEO C. Scientist VP Dev. Prog. VP VLSI (left) Director EVP Field Ops SVP Eng Manuf VP International VP Legal Others Officers & executives Other common Total common before options Options-outstanding Options-Available Options-Total Total - company Investors (VCs, not management) Investors (others) Total- Investors Total - PreIPO IPO Option (underwriters) Total outstanding

VC?

Confusion on management shares There could be too high a number by 277'450 Founders John Hennessy John Moussouris Robert Wall


$17.5

Founder's Ownership 29.1% 29.1% 29.1% 12 8% 12.8%

100.0% 18.0%

11.7%

6.6%

MIPS Computer 21-déc-89 $432'652'500



août-84 5.3

Employee PreIPO Post IPO Founder's Employee PreIPO Post IPO Value Ownership Ownership Ownership Shares Shares Shares Shares 2.5% 1.4% 1.2% 295'654 295'654 295'654 $5'173'945 3.4% 1.9% 1.6% 400'000 400'000 400'000 400'000 $7'000'000 3.4% 1.9% 1.6% 400'000 400'000 400'000 400'000 $7'000'000 3.4% 1.9% 1.6% 400'000 400'000 400'000 400'000 $7'000'000 1 5% 1.5% 0 8% 0.8% 0 7% 0.7% 176'338 176'338 176'338 176'338 $3'085'915 1.1% 0.6% 0.5% 127'000 127'000 127'000 $2'222'500 0.8% 0.5% 0.4% 94'000 94'000 94'000 $1'645'000 0.3% 0.2% 0.1% 31'250 31'250 31'250 $546'875 0.2% 0.1% 0.1% 25'200 25'200 25'200 $441'000 6.4% 3.6% 3.0% 750'625 750'625 750'625 $13'135'938 2'700'067 2'700'067 $47'251'173 22.9% 13.0% 10.9% 1'376'338 2'700'067 41.8% 64.7%

23.8% 36.8%

20.0% 30.9%

4'934'951 7'635'018

4'934'951 7'635'018

4'934'951 7'635'018

$86'361'643 $133'612'815

35.3%

20.0%

16.8%

4'163'147

4'163'147

4'163'147

$72'855'073

35.3% 100.0%

20.0% 56.8%

16.8% 47.7%

4'163'147 11'798'165

4'163'147 11'798'165

4'163'147 11'798'165

$72'855'073 $206'467'888

22.6% 20.6% 43.2% 100.0%

19.0% 17.3% 36.3% 84.0%

4'696'531 4'278'304 8'974'835 20'773'000

4'696'531 4'278'304 8'974'835 20'773'000

$82'189'293 $74'870'320 $157'059'613 $363'527'500

3'950'000

$69'125'000 $0 $432'652'500

16.0% 0.0% 100 0% 100.0%

5 6% 5.6% Total cash before fees Paid to underwriters Others Net sold by company sold by shareholders Total shares sold Option to underwriters

24'723'000 $80'500'000 $5'198'000 $900'000 74402000 3'950'000 3 950 000 650'000 4'600'000 -


LQ $17'500'000 141% 592 $268'947

Netscape Communications Activity Town, St f= founder D= director Title

Internet SW Mountain View CA Price per share Symbol Name

fD Chairman Clark D Pres. CEO Barksdale fD VP Tech Andreessen VP Eng Schell VP Mark Homer VP Sales Rulon-Miller VP GM Int. Sha CFO Currie Gen Coun Katz VP HR Malefyt Officers & executives

$28 NSCP

Netscape 5-août-95 $1'068'520'432 www.netscape.com


avr-94 1.3

Founder's Founder s Employee PreIPO Post IPO Founder Founder's s Employee PreIPO Post IPO Value Ownership Ownership Ownership Ownership Shares Shares Shares Shares 90.7% 41.2% 30.0% 25.5% 9'720'000 9'720'000 9'720'000 9'720'000 $272'160'000 17.0% 12.3% 10.5% 4'000'000 4'000'000 4'000'000 $112'000'000 9.3% 4.2% 3.1% 2.6% 1'000'000 1'000'000 1'000'000 1'000'000 $28'000'000 1.7% 1.2% 1.0% 400'000 400'000 400'000 $11'200'000 1.3% 0.9% 0.8% 300'000 300'000 300'000 $8'400'000 1.7% 1.2% 1.0% 400'000 400'000 400'000 $11'200'000 2.5% 1.9% 1.6% 600'000 600'000 600'000 $16'800'000 1.3% 0.9% 0.8% 300'000 300'000 300'000 $8'400'000 1.3% 0.9% 0.8% 300'000 300'000 300'000 $8'400'000 1.3% 0.9% 0.8% 300'000 300'000 300'000 $8'400'000 100.0% 73.4% 53.4% 45.4% 10'720'000 17'320'000 17'320'000 17'320'000 $484'960'000

Other common Oth Total common before options Options-outstanding Options-Available Options-Total Total - company Investors (VCs (VCs, not management) Total- Investors Total - PreIPO

48.1%

21.1% 21 1% 94.5%

15.4% 15 4% 68.8%

13.0% 13 0% 58.4%

4'976'328 22'296'328

4'976'328 22'296'328

4'976'328 22'296'328

$139'337'184 $624'297'184

45.4%

3.6% 1.9% 5.5% 100.0%

2.6% 1.4% 4.0% 72.8%

2.2% 1.2% 3.4% 61.8%

855'000 443'672 1'298'672 23'595'000

855'000 443'672 1'298'672 23'595'000

855'000 443'672 1'298'672 23'595'000

$23'940'000 $12'422'816 $36'362'816 $660'660'000

27.2% 27 2% 27.2% 100.0%

23.1% 23 1% 23.1% 84.9%

8 816 444 8'816'444 8'816'444 32'411'444

8 816 444 8'816'444 8'816'444 32'411'444

$246 860 432 $246'860'432 $246'860'432 $907'520'432

5'000'000 750'000 38'161'444

$140'000'000 $21'000'000 $1'068'520'432

33.1%

IPO Option (underwriters) Total outstanding VCs Kleiner Perkins



13.1% 2.0% 100.0%

28.1% IPO

Total cash before fees Paid to underwriters Others Net Shares sold by company Option to underwriters VCs

Round

Date

Seed / A B C Total

May 94 avr.95

$140'000'000 $9'800'000 $900'000 $129'300'000 5'000'000 750'000 Amount $3'113'250 $6'428'750 $18'000'000 $27'542'000

Revenues $16'600'000 Date 6m-95 Growth 39% Number of employees Avg. val. of stock per emp # Shares

$11'900'000 3m-95 257 $635'320

Price per Valuation Ownership share (approx.) 4'151'000 $0.75 $11'153'250 28% 2'857'222 $2.25 $39'888'500 16% 2'000'000 $9.00 $177'554'000 10% 9'008'222

Numerical Technologies Activity Town, St f= founder D= director Title fD Pres, CEO fD CTO CFO VP Mark., Bus.Dev. D D Professor D Professor f f founder, left VP Eng.

EDA Software and Tech. San Jose, CA Price per share $14.0 Symbol NMTC Name Y. Pati Y.-T. Yang R. Mora A. Sharan N. Gupta T. Kailath A. Ell G Gammall M. Grant Lars Herlitz


Numeritech 6-avr-00 $443'675'890 www.numeritech.com


Incorporation State CA, DE Date nov-95 years to IPO 4.4

Founder's Employee PreIPO Post IPO Founder's Employee PreIPO Post IPO Value Ownership Ownership Ownership Ownership Shares Shares Shares Shares 40.3% 18.8% 9.9% 7.9% 1'755'000 2'518'500 2'518'500 2'518'500 $35'259'000 32.0% 15.6% 8.3% 6.6% 1'395'000 2'092'500 2'092'500 2'092'500 $29'295'000 0.0% 3.1% 1.6% 1.3% 412'500 412'500 412'500 $5'775'000 0.0% 3.1% 1.6% 1.3% 412'500 412'500 412'500 $5'775'000 3.4% 7.1% 3.7% 3.0% 150'000 948'414 948'414 948'414 $13'277'796 16.6% 8.0% 4.2% 3.4% 722'220 1'066'914 1'066'914 1'066'914 $14'936'796 3 % 3.4% 4.8% 8% 2 % 2.5% 2 0% 2.0% 1 0'000 150'000 6 1'66 641'667 6 1'66 641'667 6 1'66 641'667 $8'983'338 4.2% 1.4% 0.7% 0.6% 185'000 185'000 185'000 185'000 $2'590'000 0.0% 1.9% 1.0% 0.8% 255'000 255'000 255'000 $3'570'000

Officers & executives Other common Total common before options Options-outstanding O d Options-Available Options-Total Total - company Investors (VCs, not management) Transcription Series E Total- Investors Total - PreIPO

100.0%

63.6%

33.7%

26.9%

8'532'995

8'532'995

8'532'995

$119'461'930

45.5%

7.8% 71.5%

4.2% 37.8%

3.3% 30.2%

1'052'635 9'585'630

1'052'635 9'585'630

1'052'635 9'585'630

$14'736'890 $134'198'820

32.5%

5.2% 2% 23.4% 28.5% 100.0%

2 % 2.7% 12.4% 15.1% 53.0%

2.2% 2 2% 9.9% 12.1% 42.3%

69 ' 00 694'500 3'133'916 3'828'416 13'414'046

69 ' 00 694'500 3'133'916 3'828'416 13'414'046

69 ' 00 694'500 3'133'916 3'828'416 13'414'046

$9' 23'000 $9'723'000 $43'874'824 $53'597'824 $187'796'644

32.0% 15.0% 47.0% 100 0% 100.0%

25.6% 12.0% 37.6% 79 9% 79.9%

8'102'995 3'809'994 11'912'989 25'327'035

8'102'995 3'809'994 11'912'989 25'327'035

$113'441'930 $53'339'916 $166'781'846 $354'578'490

6'364'100

$89'097'400 $0 $443'675'890

17 2% 17.2%


20.1% 0.0% 100.0%


VCs Mohr Davidow Index Ventures Goldman Sachs

VCs

4'357'220

Round A B C D Total

Date

$89'097'400

$81'300'000 6'364'100

Revenues 1999 $5'492'000 $ Amount Growth 646% Number of employees Avg. val. of stock per emp

6'364'100 Amount

Dec96 Aug97 Aug98 Aug99

31'691'135

$540'000 $703'500 $7'970'990 $14'123'857 $23'338'347

# Shares 2'250'000 1'050'000 2'445'089 2'357'906 8'102'995

Price per Valuation Ownership share (approx.) (approx.) $0.24 $1'585'733 34% $0.67 $5'130'337 14% $3.26 $32'933'527 24% $5.99 $74'636'688 19%

1998 $736'000 $ 105 $232'951

Oracle Systems Activity Town, St f= founder D= director Title f f

Database software Belmont, CA Price per share Symbol Name

Pres, CEO SVP Dev. VP Sales Intl Employee Employee CFO Others Officers & executives Other common Total common before options Options-outstanding Options-Available Options-Total Total - company Investors (VCs, not management) Investors (others) Total- Investors Total - PreIPO IPO Option (underwriters) Total outstanding

VCs



$15.0 ORCL

Oracle 12-mars-86 $251'352'210 www.oracle.com


juin-77 8.8

Founder's Employee PreIPO Post IPO Founder's Employee PreIPO Post IPO Value Ownership Ownership Ownership Ownership Shares Shares Shares Shares 67.2% 33.4% 30.6% 27.5% 4'608'750 4'608'750 4'608'750 4'608'750 $69'131'250 32.8% 16.3% 14.9% 13.4% 2'246'668 2'246'668 2'246'668 2'246'668 $33'700'020 2.4% 2.2% 1.9% 326'000 326'000 326'000 $4'890'000 1.6% 1.5% 1.4% 227'222 227'222 227'222 $3'408'330 1.6% 1.5% 1.3% 220'000 220'000 220'000 $3'300'000 1.0% 0.9% 0.8% 140'000 140'000 140'000 $2'100'000 1.9% 1.7% 1.6% 260'000 260'000 260'000 $3'900'000 100.0%

58.2%

53.4%

47.9%

8'028'640

8'028'640

8'028'640

$120'429'600

64 0% 64.0%

19.5% 77 7% 77.7%

17.9% 71 2% 71.2%

16.1% 64 0% 64.0%

2'690'804 10'719'444

2'690'804 10'719'444

2'690'804 10'719'444

$40'362'060 $160'791'660

20.5% 0.0% 20.5% 91.7%

18.4% 4.2% 22.6% 86.6%

3'082'863

49.7%

22.3% 0.0% 22.3% 100.0%

3'082'863 3'082'863 13'802'307

3'082'863 707'841 3'790'704 14'510'148

$46'242'945 $10'617'615 $56'860'560 $217'652'220

8.3%

7.4%

1'246'666

1'246'666

$18'699'990

8.3% 100.0%

7.4% 94.0%

1'246'666 15'048'973

1'246'666 15'756'814

$18'699'990 $236'352'210

6.0%

1'000'000

$15'000'000

100.0%

16'756'814

$251'352'210

45.6%

40.9% Total cash before fees Paid to underwriters Others Net sold by company y shareholders sold by Total shares sold Option to underwriters

6'855'418

3'082'863 13'802'307

$31'500'000 $2'205'000 $545'000 $28'750'000 1'000'000 1'100'000 2'100'000 -

Revenues LTM Amount $23'100'000 Growth 82% Number of employees Avg. g val. of stock per p emp p

LQ $11'400'000 103% 425 $203'776 $

Rambus Activity Town, St f= founder D= director Title D President, CEO fD Ch. Scientist & VP fD Vice-President CFO VP Bus. B Dev D VP Eng. VP Marketing f Other founders

Semicon IP Los Altos, CA Price per share Symbol Name Geoff Tate Michael Farmwald Mark Horowitz Gary Harmon D id Mooring David M i Allen Roberts Subodh Toprani

Officers & executives Other common Total common before options Options-outstanding Options-Available Options-Total Total - company Investors (VCs, not management) Investors (others) Total- Investors Total - PreIPO IPO Option (underwriters) Total outstanding

VCs MDV KP Dunlevie (now Benchmark)



$12.0 RMBS

Rambus Inc 13-mai-97 $304'347'060 www.rambus.com

Incorporation State CA, DE Date mars-90 years to IPO 7.2

Founder's Ownership

Employee PreIPO Post IPO Founder's Employee PreIPO Post IPO Value Ownership Ownership Ownership Shares Shares Shares Shares 11.1% 5.4% 4.8% 1'209'789 1'209'789 1'209'789 $14'517'468 56.4% 15.0% 7.4% 6.5% 1'639'548 1'639'548 1'639'548 1'639'548 $19'674'576 33.3% 8.9% 4.4% 3.8% 968'365 968'365 968'365 968'365 $11'620'380 1.5% 0.7% 0.6% 160'250 160'250 160'250 $1'923'000 2 8% 2.8% 1 4% 1.4% 1 2% 1.2% 306'500 306'500 306'500 $3'678'000 4.2% 2.1% 1.8% 460'500 460'500 460'500 $5'526'000 1.8% 0.9% 0.8% 195'500 195'500 195'500 $2'346'000 10.3% 2.8% 1.4% 1.2% 300'000 300'000 300'000 300'000 $3'600'000 100.0% 48.1% 23.6% 20.7% 2'907'913 5'240'452 5'240'452 5'240'452 $62'885'424 37.2%

23.7% 23 7% 71.8%

11.6% 11 6% 35.2%

10.2% 10 2% 30.8%

2 583 478 2'583'478 7'823'930

2 583 478 2'583'478 7'823'930

2 583 478 2'583'478 7'823'930

$31 001 736 $31'001'736 $93'887'160

26.7%

22.1% 6.2% 28.2% 100.0%

10.8% 3.0% 13.9% 49.1%

9.5% 2.7% 12.1% 43.0%

2'404'372 674'102 3'078'474 10'902'404

2'404'372 674'102 3'078'474 10'902'404

2'404'372 674'102 3'078'474 10'902'404

$28'852'464 $8'089'224 $36'941'688 $130'828'848

50.9%

44.5%

11'297'351 11 297 351

$135'568'212 $135 568 212

50.9% 100.0%

44.5% 87.5%

11'297'351 22'199'755

11'297'351 11 297 351 11'297'351 22'199'755

12.5%

3'162'500

$37'950'000

100.0%

25'362'255

$304'347'060

13.1%

11.5% Total cash before fees Paid to underwriters Others Net sold by company sold ld b by shareholders h h ld Total shares sold Option to underwriters

$135'568'212 $266'397'060

$37'950'000

$34'117'000 3'162'500 3'162'500 -

Revenues 1997 Amount $26'015'000 Growth 131% Number of employees Avg. val. l off stock k per emp

1996 $11'270'000 139 $430'606 $ 30'606

Riverbed Activity Town, St f= founder D= director Title fD Pres, CEO, Chair fD CTO CFO VP Mark., Bus.Dev. VP Eng. VP Tech Ops. Ops CIO Gen. Councel


Entreprise data mgmt San Francisco, CA Price per share $9.75 Symbol RVBD Name Jerry M. Kennelly Steven McCanne Randy S. Gottfried Eric Wolford Gordon Chaffee Stephen R. R Smoot Harold E. Irvine II Brett A. Nissenberg


Riverbed 26-sept-06 $720'049'571 www.riverbed.com


DE mai-02 4.4

Founder s Founder's Employee PreIPO Post IPO Founder's Founder s Employee PreIPO Post IPO Value Ownership Ownership Ownership Ownership Shares Shares Shares Shares 50.0% 30.7% 10.2% 8.1% 5'000'000 6'000'000 6'000'000 6'000'000 $58'500'000 50.0% 30.8% 10.2% 8.2% 5'000'000 6'019'808 6'019'808 6'019'808 $58'693'128 2.8% 0.9% 0.7% 550'000 550'000 550'000 $5'362'500 3.2% 1.1% 0.8% 621'978 621'978 621'978 $6'064'286

Officers & executives Other common Total common before options Opt o s outsta d g Options-outstanding Options-Available Options-Total Total - company

100.0%

67.6%

22.4%

17.9%

13'191'786

13'191'786

13'191'786

$128'619'914

71.9%

18.1% 85.7%

6.0% 28.4%

4.8% 22.6%

3'529'546 16'721'332

3'529'546 16'721'332

3'529'546 16'721'332

$34'413'074 $163'032'987

14.3% 3%

4.7% %

2'798'146 98 6

2'798'146 98 6

14.3% 100.0%

4.7% 33.1%

3 8% 3.8% 6.8% 10.6% 33.2%

2'798'146 19'519'478

2'798'146 19'519'478

2'798'146 98 6 5'000'000 7'798'146 24'519'478

$ $27'281'924 8 9 $48'750'000 $76'031'924 $239'064'911

60.7%

48.5%

66.9% 100.0% 100 0%

53.4% 86.6% 86 6%

35'795'393 3'646'046 39'441'439 58'960'917 58 960 917

35'795'393 3'646'046 39'441'439 63'960'917 63 960 917

$349'005'082 $35'548'949 $384'554'030 $623'618'941 $623 618 941

8'600'000 1'290'321 73'851'238

$83'850'000 $12'580'630 $720'049'571

61.6%

Investors (VCs, not management) Investors (others) Total- Investors Total - PreIPO

20 4% 20.4%


11.6% 1.7% 100.0%


VCs Accel Lightspeed UV partners

Round A B C D Total

10'000'000

Date

Amount janv.03 dec03 dec04 feb06

$6'550'000 $9'900'000 $19'900'000 $19'900'000 $56'250'000

$96'430'630

$96'430'630 9'890'321 100'000 9'990'321 1'290'321 # Shares 14'395'604 11'961'721 9'345'796 3'738'318 39'441'439

Revenues 2004 Amount $22'900'000 Growth 816% Number of employees Avg. val. of stock per emp

Price per Valuation Ownership share (approx.) (approx.) $0.455 $11'100'000 59% $0.836 $30'394'724 33% $2.140 $97'804'679 26% $5.350 $264'511'699 8%

2003 $2'500'000 174 $354'569

Sun Microsystems Activity Town, St f= founder D= director Title f f f f

Unix workstations Mountain View, CA Price per share Symbol Name

CEO VP Tech Board director VP R&D EVP VP-SLS VP-FIN VP-EUR Other Officers & executives Other common Total common before options Options-outstanding Options-Available Options-Total p y Total - company Investors (VCs, not management) Investors (others) Total- Investors Total - PreIPO IPO Option (underwriters) Total outstanding

VCs

$16.0 SUNW



Sun Microsystems 4-mars-86 $473'018'288 www.sun.com


févr-82 4.0

Founder's Employee PreIPO Post IPO Founder's Employee PreIPO Post IPO Value Ownership Ownership Ownership Ownership Shares Shares Shares Shares 24.1% 9.2% 4.4% 3.9% 1'147'263 1'147'263 1'147'263 1'147'263 $18'356'208 33.1% 12.6% 6.1% 5.3% 1'571'093 1'571'093 1'571'093 1'571'093 $25'137'488 24.2% 9.2% 4.4% 3.9% 1'149'011 1'149'011 1'149'011 1'149'011 $18'384'176 18.6% 7.1% 3.4% 3.0% 884'077 884'077 884'077 884'077 $14'145'232 2.7% 1.3% 1.1% 336'875 ' 336'875 ' 336'875 ' $ ' $5'390'000 ' 9.4% 4.5% 4.0% 1'170'248 1'170'248 1'170'248 $18'723'968 100 0% 100.0%

50 2% 50.2%

24 2% 24.2%

21 2% 21.2%

45.2%

34.1% 84.4% 15.6%

16.4% 40.6% 7.5%

15.6% 100.0%

7.5% 48.1%

14.4% 35.6% 6.6% 2.2% 8.8% 44.4%

41.1% 10.8% 51.9% 100.0%

36.0% 9.4% 45.5% 89.9%

38.1%

18.3%


4'751'444 4 751 444

6'258'567 6 258 567

6'258'567 6 258 567

6'258'567 6 258 567

$100'137'072 $100 137 072

4'254'338 10'512'905 1'948'956

4'254'338 10'512'905 1'948'956 1'948'956 12'461'861

4'254'338 10'512'905 1'948'956 660'383 2'609'339 13'122'244

$68'069'408 $168'206'480 $31'183'296 $10'566'128 $41'749'424 $209'955'904

10'654'885 2'786'514 13'441'399 25'903'260

10'654'885 2'786'514 13'441'399 26'563'643

$170'478'160 $44'584'224 $215'062'384 $425'018'288

10.1%

3'000'000

$48'000'000

100.0%

29'563'643

$473'018'288


LQ $42'200'000 73% 1'223 $81'155

1'948'956 12'461'861

$64'000'000 $3'920'000 $600'000 $59'480'000 3'000'000 1'000'000 4'000'000 -

Vertex Pharmaceuticals Activity Town, St f= founder D= director Title f

Drug Designer Cambridge, MA Price per share Symbol Name

Pres, CEO VP Bus Dev SR Scientist Other Officers & executives Other common Total common before options Options-outstanding Options-Available Options Total Options-Total Total - company Investors (VCs, not management) Investors (others) Total- Investors Total - PreIPO IPO Option (underwriters) Total outstanding

VCs


$9.0 VRTX

Vertex Pharma 24-juil-91 $95'742'756 www.vpharm.com


Incorporation State Date janv-89 years to IPO 2.6

Founder's Employee PreIPO Post IPO Founder's Employee PreIPO Post IPO Value Ownership Ownership Ownership Ownership Shares Shares Shares Shares 100.0% 33.3% 7.8% 4.9% 520'000 520'000 520'000 520'000 $4'680'000 8.1% 1.9% 1.2% 126'999 126'999 126'999 $1'142'991 100.0%

41.4%

9.7%

6.1%

646'999

646'999

646'999

$5'822'991

33.3%

58.6% 100.0%

13.8% 23.5%

8.6% 14.7%

915'343 1'562'342

915'343 1'562'342

915'343 1'562'342

$8'238'087 $14'061'078

23.5%

9.4% 9 4% 9.4% 24.1%

1'562'342

1'562'342

1'000'000 1'000'000 2'562'342

$9'000'000 $9'000'000 $23'061'078

73.5% 3.0% 76.5% 100.0%

45.8% 1.9% 47.7% 71.8%

4'875'742 200'000 5'075'742 6'638'084

4'875'742 200'000 5'075'742 7'638'084

$43'881'678 $1'800'000 $45'681'678 $68'742'756

3'000'000 3 000 000

$27'000'000 $27 000 000 $0 $95'742'756

33.3%

7.8%

100.0%

520'000

28.2% 28 2% 0.0% 100.0%


10'638'084 $27'000'000 $1'732'500 $600'000 $600 000 $24'667'500 3'000'000 3'000'000 -

Revenues LTM LQ Amount $800'000 $800 000 $0 Growth Not meaningful Number of employees Avg. val. of stock per emp

53 $155'436

Virata Activity Town, St f= founder D= director Title D

CEO CFO D CTO VP Corp Dev fD Chairman fD Professor


Broadband communications Cambridge UK and CA Price per share * $2.1 Symbol VRTA Name Charles Cotton Andrew Vought Martin Jackson Thomas Cooper Hermann Hauser Andrew Hopper

Officers & executives Other common Total common before options Options-outstanding Options Available Options-Available Options-Total Total - company Investors (VCs, not management) Investors (strategic and manag.) Total- Investors Total - PreIPO IPO Option (underwriters) Total outstanding

VCs Oak NEA 3i Index Securities Oracle Olivetti


Incorporation State UK, Del Date juin-93 years to IPO 6.5

Founder's Ownership

Employee PreIPO Post IPO Founder's Employee PreIPO Post IPO Value Ownership Ownership Ownership Shares Shares Shares Shares 2.3% 1.0% 0.7% 1'082'813 1'082'813 1'082'813 $2'262'594 1.6% 0.7% 0.5% 743'437 743'437 743'437 $1'553'450 1.1% 0.5% 0.4% 537'083 537'083 537'083 $1'122'263 1.2% 0.5% 0.4% 550'833 550'833 550'833 $1'150'994 50.0% 3.5% 1.5% 1.1% 1'500'000 1'632'096 1'632'096 1'632'096 $3'410'350 50.0% 3.3% 1.4% 1.1% 1'500'000 1'562'857 1'562'857 1'562'857 $3'265'671

100.0%

13.0%

5.6%

4.1%

6'109'119

6'109'119

6'109'119

$12'765'323

10.8%

46.4% 59.4%

19.8% 25.4%

14.7% 18.8%

21'754'003 27'863'122

21'754'003 27'863'122

21'754'003 27'863'122

$45'456'126 $58'221'449

40.6%

17.3%

12.8%

19'019'214

19'019'214

19'019'214

$39'741'641

40.6% 100.0%

17.3% 42.8%

12.8% 31.6%

19'019'214 46'882'336

19'019'214 46'882'336

19'019'214 46'882'336

$39'741'641 $97'963'090

38.0% 19.2% 57.2% 100.0%

28.2% 14.2% 42.4% 74.0%

41'720'764 21'058'749 62'779'513 109'661'849

41'720'764 21'058'749 62'779'513 109'661'849

$87'177'716 $44'003'356 $131'181'072 $229'144'162

26 0% 26.0%

38'525'000

$80'500'000

100.0%

148'186'849

$309'644'162

6.4%

2.7%

2.0% Total cash before fees Paid to underwriters Others Net sold by company sold by shareholders Total shares sold Option to underwriters Round

* a stock split was done at IPO in fact the price per share was $14

Virata 17-nov-99 $309'644'162 -

B C D E Total

Date May 96 June 96 June 98 sept.99

3'000'000

$80'500'000 Revenues FY 99 $9'256'000 $ Amount Growth 4% Number of employees Avg. val. of stock per emp

$73'500'000 38'525'000 38'525'000 Amount £3'589'240 $10'000'001 $27'259'027 $8'000'000 $52'950'255

# Shares 5'127'485 6'666'667 24'780'934 6'153'846 36'575'086

Price per share £0.70 $1.50 $1.10 $1.30

FY98 (mar) $ $8'931'000 113 $753'963

Yahoo Activity Town, St f= founder D= director Titl Title

Internet Software Sunnyvale, CA Price per share Symbol N Name

D Pres, CEO Koogle fD Chief Yahoo Yang fD Chief Yahoo Filo SVP Bus Ops Mallett CFO Valenzeula SVP Prod Dev Nazem Officers & executives Other common Total common before options Options-outstanding Options-Available Options-Total Total - company Investors (VCs, not management) Investors (others) Total- Investors Total - PreIPO IPO Option (underwriters) Total outstanding VCs Sequoia C Corp. Individuals


$13 YHOO

Yahoo 12-avr-96 $481'458'874 www.yahoo.com


CA mars-95 1.1

F Founder's d ' Employee E l P IPO Post PreIPO P t IPO Founder's F d ' E Employee l P IPO PreIPO P t IPO Post V l Value Ownership Ownership Ownership Ownership Shares Shares Shares Shares 5.5% 3.0% 2.8% 1'025'510 1'025'510 1'025'510 $13'331'630 50.0% 21.3% 11.8% 10.8% 4'003'750 4'003'750 4'003'750 4'003'750 $52'048'750 50.0% 21.3% 11.8% 10.8% 4'003'750 4'003'750 4'003'750 4'003'750 $52'048'750

100.0% 78.0%

42.7%

48.1% 6.6% 54.7% 25.8% 19 5% 19.5% 45.3% 100.0%

23 5% 23.5%

26.5% 3.6% 30.2% 14.2% 10 8% 10.8% 25.0% 55.1% 15.9% 29.0% 44.9% 100 0% 100.0%

21.6% IPO

Moritz


24.4% 3.3% 27.7% 13.1% 9 9% 9.9% 23.0% 50.7% 14.6% 26.6% 41.3% 91 9% 91.9% 7.0% 1.1% 100.0%

Total cash before fees Paid to underwriters Oth Others Net Shares sold by company Shares sold by shareholders Total shares sold Option to underwriters VCs

Round A B C Total

Date avr.95 nov.95 mars.96

8'007'500

$33'800'000 $2'366'000 $700'000 30'734'000 2'600'000

9'033'010 1'231'716 10'264'726 4'834'868 3'665'132 3 665 132 8'500'000 18'764'726

9'033'010 1'231'716 10'264'726 4'834'868 3'665'132 3 665 132 8'500'000 18'764'726 5'415'344 9'865'228 15'280'572 34'045'298 34 045 298

9'033'010 1'231'716 10'264'726 4'834'868 3'665'132 3 665 132 8'500'000 18'764'726 5'415'344 9'865'228 15'280'572 34'045'298 34 045 298 2'600'000 390'000 37'035'298

Revenues 6m-95 Amount $1'400'000 N Number b off employees l Avg. val. of stock per emp

2'600'000 390'000 Amount # Shares Price per sharValuation $1'040'000 5'200'000 $0.20 $2'641'500 $5'000'002 2'538'072 $1.97 $31'018'777 $63'750'000 5'100'000 $12.50 $260'569'650 $69'790'002 12'838'072

$117'429'130 $16'012'308 $133'441'438 $62'853'284 $47'646'716 $47 646 716 $110'500'000 $243'941'438 $70'399'472 $128'247'964 $198'647'436 $442'588'874 $442 588 874 $33'800'000 $5'070'000 $481'458'874 Q4 95 $1'100'000 49 $1'609'502