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1. Venture Capital Funding in Today’s MarketplaceApril 26, 2010

2. About Cascadia Capital 2

3. Investment Bank Serving Emerging Growth & Middle Market Companies Cornerstones of Cascadia Capital Services Offered Corporate Finance Mergers & Acquisitions Strategic Advisory Industry Focuses Emerging Growth Communications Internet New Media IT Sustainable Industries Middle Market Business Services Consumer Distribution Industrial 3

5. Buy-side representation

6. Minority & majority recapitalizations

7. Management buyouts

9. Debt financings

10. Public company capital raises

11. Strategic financings

13. Shareholder value analysis

14. Corporate valuations & fairness opinions

15. Public company takeover defense services4

16. Information Technology Practice Overview Cascadia’s Information Technology Practice operates a Thematic Business Model that allows the firm to uniquely deliver technology domain expertise making up the Information Technology landscape Cloud Storage Data Center Automation IT Performance Management IT Security Governance, Risk and Compliance (GRC) Virtualization E-Commerce Infrastructure Enterprise and Web Content Management Internet and New Media Broadcast Technology Legal Technology The Thematic Business Model drives the four fundamental aspects that are all critical to the successful operation of Cascadia’s Information Technology Practice: Strong Domain Expertise Comprehensive Understanding of Technology Market Dynamics Deep and Broad Relationships with Technology Strategic Buyers and Financial Sponsors Extensive Technology Deal-making Experience

17. Market Overview 6

18. The Markets Are Recovering The financial and economic downturn of 2008 caused a hiatus in both M&A and Financing markets throughout most of 2009 Large acquirers focused on controlling internal costs Venture Capitalists focused on making sure that current portfolio companies remain afloat and were hesitant to put money to work in new ventures until the economic situation stabilized The markets have been improving since Q4 of 2009 Market reached it’s bottom in Q3 of 2009 and a rebound is underway Pickup in both M&A and Capital Raising activity However, activity is still below 2006 and 2007 highs

19. Technology M&A Technology M&A activity has begun to rebound but still below 2006 levels Source: The 451 Group

20. Technology M&A by Industry, LTM 3/31/10 Internet, IT Services and Application Software lead the way as the most active sectors within IT Source: The 451 Group

22. However, plenty of dry-powder remains on the sidelinesSource: PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, Data: Thomson Reuters

24. Venture capital valuations move directionally with the public markets; fund managers base their valuations on a wider range of factors than just the public markets, thereby reducing the near-term volatility of VC returns relative to stock market indicesSource: Cambridge Associates LLC

26. Levels still 25% below 2007 and 2008 highsSource: PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, Data: Thomson Reuters

27. Venture Capital Activity by Stage of Development Source: PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, Data: Thomson Reuters

29. Median Pre-Money Valuation by Series Pre-money valuations have bottomed out in 2009 and there are signs that valuations are improving Source: The Venture Financing Report, Cooley Godward Kronish LLP, February 18, 2010

30. Public IT Company Valuations are Increasing Source: CapitalIQ

31. Selected Software M&A Activity Source: CapitalIQ; The 451 Group

32. Selected Software Equity Private Placement Activity Source: CapitalIQ