Presentation slides from DFJ Esprit on their investment approach in the MoneyTalks® Forum on the 11th of October, 2012.

1. EU VC October 2012

2. DFJ Esprit – Differentiated Approach
 As an active primary VC we are actively engaged with many
technology businesses in Europe as many raise capital multiple
times
 Exclusive European partner of Draper Fisher Jurvetson (“DFJ”), a
top Silicon Valley VC who co-invest in every deal. DFJ
investments include:
 More Secondary expertise than any other firm in Europe having
acquired VC portfolios of:
 Plus Tempo experience of 5 portfolios acquired
2

3. One of the most experienced VC teams in Europe:
unique mix of VCs, entrepreneurs, bankers
Partners Age Sector Focus Previous Experience VC
Experience
Simon Cook 43 Semi & Media Cazenove, 3i, KPMG, Games 15
Paul Murray 41 Comms & Cleantech Cazenove, 3i 15
Olav Ostin 42 Secondary Tempo, Nova, ETF, Enskilda 12
David Tate 56 Secondary Tempo, Nova, WestLB 12
Nic Brisbourne 37 Internet Cazenove, Reuters VC 10
Brian Caulfield 44 Software & Comms Trinity Venture, Entrepreneur 18
Alan Duncan 63 Semi & Elec. Prelude, Ferranti 26
Richard Marsh 40 Software Oxford Capital, Entrepreneur 12
Stuart Chapman 42 Software Cazenove, 3i USA & UK 18
Krishna Visvanathan 39 Semis & Comms 3i, Entrepreneur 12
Associates/Junior Partners
Kelvin Au 29 Secondary Tempo, CSFB 3
Jonathan Sibilia 32 IT/Ctech Apax, Rothschild, Jefferies 3
Scott Sage 29 IT/Ctech BVCA, UBS 3
Venture Partners
Victor Basta Broadview, Arma Stefan Elsser 3i Germany, KfW
Mikko Suonenlahti SFK Finance Oy, 3i USA Hansjoerg Ruof 3i Germany
David Cummings IMI, Lazard, KPMG Rob Eckelmann Intel, US government
Peter Keen Exosect, Serentis, Merlin
Bio Sciences
3

4. DFJ Global Network:
4 continents, $7B in Capital, Top Silicon Valley VC
Unsurpassed Deal Flow, Rolodex, Market Intelligence, Business Development, 150 Professionals

5. DFJ Esprit European Portfolio
Digital Media & Hardware & NextGen Telecom
Software Lifesciences CleanTech
Internet Electronics & Wireless
Current Investments
Key Exits
5

6. Some recent primary deals
Conversocial Neul
Customer feedback and service via social media. Wireless network using ‘whitespace’ spectrum. Founded
First investment: 2009 (early stage) by ex-CSR founders, backed previously by DFJ Esprit team
Current revenue: £1m+ First investment: 2011 (seed stage)
Current revenue: <£1m
Graze
Healthy snacks, delivered by post. RadiumOne
Founder was co-founder of LOVEFiLM. Targeted adverts using social media interaction and links
First investment: 2009 (seed stage) for relevance. Serial entrepreneur, backed previously by DFJ
Current revenue (F): ~£30++m Esprit team.
First investment: 2011 (later stage)
Current revenue (F): ~£19m
Horizon Discovery
Accelerating targeted drug development for
personalised medicine. Strike Ad
First investment: 2010 (early stage) Demand-side platform for mobile advertising
Current revenue (F): ~£7m First investment: 2011 (later stage)
Current revenue (F): ~£4m+
Achica
Sport Pursuit
Home Furnishings flash sale private members
Flash sales ecommerce for high performance sports
club. First investment 2012 (late stage)
equipment and clothing
Current revenue (£40m++)
First investment: 2012 (early stage)
Current revenue (F): ~£4m+
Redkite
Financial markets software to prevent market Lyst
abuse Fashion social commerce business
First investment: 2011 (early stage) First investment: 2012 (early stage)
Current revenue: <£1m Current revenue (F): ~£5m+
6

7. Some recent secondary deals
Qosmos
Horizon Discovery Deep packet inspection for IP networks.
Accelerating targeted drug development French, with no UK office – so non-EIS
for personalised medicine. First Investment: 2011 (later stage, secondary)
First investment: 2010 (early stage) Current revenue (F): ~£14m
Current revenue (F): ~£7m
Top Technology portfolio
A tail portfolio of 8 companies acquired
from IP Group plc and other LPs including

8. European VC Market Deal Data ($5m+ deals)
In line with (low) historic volumes
Sector # of deals Avg Deal Size $m Total $m DFJ $5m+ deals
Cleantech 20 27.0 327.4
Comms 7 17.6 123.1 Neul
Internet 70 22.7 1,589.3
Electronics 13 20.0 259.4 ZBD, Displaylink
Medtech 26 13.7 355.7 Horizon
Software 27 10.4 281.8 Qosmos
TOTAL 163 18.6 2,936.6
Cf DFJE Dealflow by Country
Market Geography Split
(June 2011 - Feb 2012)
4% 4% Finland
8% France
6%
21% DACH
19% Nordics Germany
UK 10%
UK/Ireland
42%
12% France Ireland
6%
Benelux
South Other Nordics
40% 5%
ROW Rest of Europe
7% 16%
8

9. VC Activity $5m+ deals
>$5m deals since 1/1/11 (VentureSource) including follow-ons announced (ex biopharma)
Investor Deals Companies
Index 6 Farfetch, Groupalia, Housetrip, Justeat, Privalia, Stylefantasie
Balderton 6 Housetrip, Livebookings, Wooga, Worldstores, VestairedeCopines, Achica
DFJ Esprit 5 Horizon, Neul, Displaylink, Qosmos, ZBD
CAPE 4 Aldebaran, Novate, Trustyou, Visiware
Auriga 4 Amplitude, Bonitasoft, Cellnovo, Neolane
Xange 4 Mixcommerce, MobileTag, Neolane, VisionOSS
Ventech 4 Bonitasoft, Crocus, Prosonix ,VestairedeCopines
Imperial Innovations 3 Nexeon, Plaxica, Veryan
CDC 3 Amplitude, MonExTel, RBMHGroupe
Accel 3 Spotify, Cloud9, Stylefantasia
Idinvest 3 Crocus, Kobojo ,LaCompaignedeAnimaux
Imperial 3 Nexeon, Plaxica, Veryan
Capricorn 3 Ducatt, Novashunt, Novopolymers
Wellington 3 Enecsys, Livebookings, SapiensSteering
Advent 3 Cellnovo, Far-fetch, Worldstores
Intel Capital 3 Altobridge, Total Immersion, Vision OSS
Highland 3 Prescritpion Eyewear, Wooga, Privalia
Amadeus 3 Ipaccess, UnRuly, Glysure
GIMV 3 Novopolymers, Ebuzzing, Prosonix
Dumont 3 Doo, Yourdelivery, Yourvideocard
Earlybird 3 Cleanmobile, Madvertise, Miracor
Innovacom 3 Videoplaza, Coachclub, Mixcommerce
SEP 3 Exointouch, ipaccess, MediaGenuity
Serena 3 Coachclub, Bonitasoft, LaConmpagniedesAnimaux
9

10. European VC Market Exit Overview
Number of $ 100M+ Exits Over Time in US and Europe USA  Volume is c.100 per year in
Europe US in normal markets (95-98,
04-07), drops to 50 per year
400
in poor years, avg.
350  USA generates $32 billion per
year of VC returns
300
 Avg. major exits running at 33
250 a year in Europe for 5 years
pre crash
200
 Europe generates $10 billion
per year of VC returns
150
 USA has already rebounded –
100 with 160 exits in 2011
50  Europe up to 25 exits a year,
split 2/3rd M&A, 1/3rd IPO
0
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Source: VentureSource, DFJ Esprit analysis

11. DFJ Esprit leads European VC M&A
Total European VC M&A 2010/2011 > $40m exits (Source: Venturesource)
Companies / Exits Value $m Sellers Companies / Exits Value $m Sellers
Eusa 650 Other VCs (3i) The Office Group Ltd. 76 Other VCs
Novexel 375 Other VCs TLC 75 DFJ Esprit
Icera 367 DFJ Esprit, others Phyworks 73 DFJ Esprit, others
ApaTech 330 DFJ Esprit, others StreamServe 71 Other VCs
LoveFilm 300 DFJ Esprit, others
Cellerix 70 Other VCs
HBI 284 DFJ Esprit, others
Qbranch 66 Other VCs
C3 267 Other VCs
Sensitive Object SA 62 Other VCs
BabelStore SA 200 Other VCs (DFJE preempt)
Private Sale GmbH 200 Other VCs Streetcar Ltd. 62 Other VCs
Dailydeal 175 Other VCs Digitick 54 Other VCs
Sensordynamics 164 Other VCs Frontier Silicon 52 Other VCs
Exalead SA 162 Other VCs Picochip 51 Other VCs
Shipequip 160 Other VCs Lagan 50 DFJ Esprit, others
Memometal 150 Other VCs Clearswift 50 DFJ Esprit, others
Zeus 140 DFJ Esprit, others Tweetdeck 50 Other VCs
Svox 125 DFJ Esprit Sec, others Acra 50 Other VCs
Astex 120 Other VCs
Miyowa 45 Other VCs
Applied Language 119 Other VCs
Podio 44 Other VCs
Preglem 116 Other VCs
Stokes Bio Ltd. 44 Other VCs
Adeptra 115 Other VCs
Netviewer 114 Other VCs Dibcom 43 DFJ Esprit, others
Synosia 113 Other VCs Nimbus 42 DFJ Esprit, others
Cellzome 108 Other VCs BProcess 42 Other VCs
Kiala 100 DFJ Esprit Sec, others Synchronica 42 Other VCs
Go Viral Ltd. 97 Other VCs Aasset Security 42 Other Vcs DFJ share
BuyVIP GmbH 84 Other VCs (3i) OmniBus Systems 41 Other VCs Inc current 34%
LuciaWind AG 78 Other VCs
The Cloud 78 DFJ Esprit, others Cumulated Enterprise Value 6,492 DFJ = 2,057 32%
11

12. Thoughts for early stage companies
 Changes in the VC world :
 Fewer ‘established’ players, new early stage funds
 Capital availability not getting easier
 Actually fewer large ($5m+) deals than understood
 Impact on investment trends:
 Capital efficiency – ecommerce
 Avoiding financing risk - Cleantech, hardware, Semiconductors

13. Thoughts for early stage companies
 How much cash do you really need?
 What proves your business model? Not your technology
 Is it really a big market? It needs to be.
 CUSTOMERS
 Be realistic on financing
 Have you ‘proven’ your proposition?
 Availability & price of money
 Where to look?
 Love Tekes

14. DFJ Esprit LLP For further information please contact:
www.dfjesprit.com Paul Murray, Managing Partner paul.murray@dfjesprit.com
14 Buckingham Gate
London, SW1E 6LB
United Kingdom
14