Exhibit 1

Average 2 year Yield

10 year US Treasury 2.66%

2-Yr Return

Nasdaq 100 Tech Index 18.62%

Nasdaq Composite Index 22.46%

Exhibit 2

Company Ticker IPO date IPO price High as of

05/16/2012
LinkedIn LNKD 19-May-11 $ 45.00 $ 117.30
Groupon GRPN 3-Nov-11 $ 20.00 $ 26.19
Zynga ZYNG 16-Dec-11 $ 10.00 $ 14.69

Exhibit 3

Summary Valuation WACC

Value of firm 68,056.0 Market values
- Debt 1,587.0 Weights in WACC
+ Excess Cash 2,000.0 Cost of Component
Value of equity 68,469.0
- Cost of equity options (after tax) 3,088.5
Value of common equity 65,380.5

Pre-IPO number of shares (millions) 1,958.1

Estimated value /share $ 33.39
Price talk $ 38.00
Price as % of value 114%

Exhibit 4

Sensitivity Analysis
Growth Rate
$ 1.14 36% 38%
5.5% $ 29.50 $ 32.56
6.0% $ 28.11 $ 31.02
Equity Risk
Premium 6.5% $ 26.79 $ 29.56
7.0% $ 25.53 $ 28.18
7.5% $ 24.34 $ 26.87
Exhibit 5

Post-IPO Firm Value w/ proceeds

Value of Equity 66,779.47
Expected Proceeds 14,064.89
Total Equity Value 80,844.35

Shares Outstanding (class A) 635.88

Shares Outstanding (class B) 1,502.20
Lock-up shares -
Total Number of Shares 2,138.09

True Value Share $ 37.81

Lock-Up Dilution Effect

Value of Equity 66,779.47
Expected Proceeds -
Total Equity Value 66,779.47

Shares Outstanding (class A) 635.88

Shares Outstanding (class B) 1,502.20
Lock-up shares 214.65
Total Number of Shares 2,352.73

True Value Share $ 28.38

Average 2 year Yield
2.66%

Equity Risk
2-year CAGR Premium
8.91% 6.25%
10.66% 8.00%

Low as of Range Range as % of

05/16/2012 IPO Price
$ 59.07 $ 58.23 129%
$ 9.87 $ 16.32 82%
$ 7.48 $ 7.21 72%

Equity Debt Preferred Capital

$ 74,407.8 $ 1,587.0 $ - $ 75,994.8
97.9% 2.1% 0.0% 100.0%
12.3% 2.4% 7.1% 12.1%

sitivity Analysis
Growth Rate
40% 42% 44%
$ 35.90 $ 39.54 $ 43.51
$ 34.20 $ 37.67 $ 41.46
$ 32.60 $ 35.91 $ 39.51
$ 31.07 $ 34.23 $ 37.67
$ 29.63 $ 32.64 $ 35.92