Quepasa is a leading social network and game platform focused on the Latino community. It has over 35 million registered users that are growing at a rate of around 2 million per month. Quepasa is initiating its monetization phase through advertising, microtransactions, and social games. It recently acquired a Brazilian game studio called XtFt to help develop culturally relevant social games. Quepasa presents an opportunity for investment as it transitions from rapid growth to monetizing its large Latino user base.

1. The Leading Online Social Network & Game Platform for the Latino Community Investor Presentation May 2011

2. Important Cautions Regarding Forward Looking Statements Certain statements in this presentation and responses to various questions may contain forward-looking statements. Forward-looking statements can be identified by words such as “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects” and similar references to future periods. Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Our actual results may differ materially from those contemplated by the forward-looking statements. We caution you therefore against relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance. Important factors that could cause actual results to differ materially from those in the forward-looking statements include changes in the public’s approach to social networking needs, competition, our ability to continue to enrich our website to attract users, unanticipated failure to reach our users, our users willingness to use the games and purchase enhancements, currency fluctuations, our ability to hedge risks, the development of payment systems outside of the U.S. and unanticipated factors which cause us not to collect our accounts receivable. Further information on the Company’s risk factors is contained in its filings with the SEC, including the Prospectus dated February 15, 2011. Any forward-looking statement made by the Company in this presentation speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise. The contents of this presentation are copyright Quepasa Corporation 2010 & 2011. All rights reserved.

3. Key Stats: QPSA (NYSE Amex) 72% Growth Sept-Apr 2011 1 Shares basic: as of 5/11/11 per 10-Q; Fully diluted: Co. Est. Sources: Capital IQ, & Yahoo! Finance

4. What we do… Leadingonline social network and game platform, focused on the Latino community 35.6M User base, growing at ~2M per month, fueled by one of the fastest growing web demographics (Latino/Lat. American) Initiating monetizationphase – generated significant revenue growth in 2010 One of few known publicly traded social networks (other being RENN) Undervalued on a $ per user basis when compared to other recent relevant social network transactions (i.e., Facebook, RenRen,Twitter)¹ ¹Acquisition of Tuenti by Telefonica for $93MM (source: El Pais, 8/4/10), implying $14/user; Facebook valued at $125/user (source: Lou Kerner, Facebook $50 Billion Valuation; QPSA valued at $5.60/user (fully diluted as of 5/11/11)

5. Social Media Landscape 74% of the world’s Internet users regularly visit a social networking/blogging site 1 Facebook is the global leader: estimated 500M+ users 2 and $1B in revenue, driven primarily by advertising & promotions 3 Social networks targeting specific verticals/geographies continue to emerge Given their unique ability to message among connected users, social networks have become irresistible to marketers looking for more effective ways to deliver advertising & promotional messages U.S. Monthly Time Spent on Most Heavily Used Internet Sectors (in millions of hours)* *Source: Nielsen, Apr 2010 1The Nielsen Company, “Asia Pacific Social Media Trends,” July, 2010 2 The Nielsen Company, “Social Networks/Blogs…”, June 15, 2010 3InsideFacebook.com, March 2, 2010.

7. 50% of Brazilian Internet users regularly post messages on social networks 2

9. Quepasa.com has been ranked the fastest growing social network in Brazil on a percentage basis 3

10. Mexico is 2nd largest source of growthLatin American Target Market 1 The Nielsen Company, “Social Networks/Blogs…”, 6-15-2010 2 Financial Times, 10-10-2010 3 Facebook Gold, Sept 2010

12. In-game virtual goods revenue in Latin America expected to double from $336M to $624M by 20142

13. Latin American social game users over-index vs. other regions in online spend for virtual goods

15. Mentez – Distributor/PaymentProcessing¹ Source 1Research and Markets, Jan 2011: The Future of Social Gaming2Superdata Research 20113 Source: Social Gold

16. Unique Positioning Quepasa combines the best of the social web in an authentic Latino environment ... Social Communication Social Discovery Social Gaming … serving the US, Latin America and around the world in English, Spanish and Portuguese.

18. Added 6.4Mnew members in Q1-11

19. 51.2M unique visits in Q1-11, up 168 % on YOY basis

20. Currently adding ~70K+ new members/day

21. Page Views Per Returning Visit in April: 30.7 up 80% y-o-y and 25% m-o-mQPSA 9

22. Quepasa.com’s Highly-Favorable Demographics Strong Traction Across all Latin America Relative Growth in Brazil 24% 15% 6% 55% Brazil Mexico US Mostly across the rest of Spanish speaking world Source: Facebook Gold, September 2010 KEY DEMOGRAPHICS 60% Male Age: 18-43

24. Performance based pricing

25. Leverage QP viral tools

26. Social game ad placement

27. Agency/Brand $

28. Social games on Quepasa.com

29. Publish on 3rd party platforms

31. Quepasa DSM Case Study:SEAT Exeo Automotive Launch First DSM campaign sourced through Sony reseller channel generated record engagements across the social web Summary Results Total Engagements: 13,417,102 Sponsor: SEAT (Volkswagen subsidiary) Duration: 6 Weeks Campaign Dates: 1/21/11- 2/28/11 Total Views: 12,023,287 Total Shares: 1,363,341 Total Votes: 14,993 Total Comments: 14,033 Total Entries: 1,448 Engagement Ratio 1:9,265 Each entry generated on average 9,265 other engagements (views, votes, comments shares, etc.)

33. Reaches 11M viewers/users monthly

34. First Quepasa DSM print-to-digital cross-platform expansion

35. Print/digital ad package provides print advertising linked to online promotions

36. Online promotions “Powered By Quepasa” iFrame ─ drives traffic to Quepasa DSM

37. 16 print properties & 7 Internet sites:

38. Premier ad sales company in Latin America

39. Ad base of >31M Latin American Households

40. First integrated, cross-media platformexpansion of Quepasa DSM

41. Cable TV/Internet ad package ─ broadcast-linked to online promotions

42. Online promotions “Powered By Quepasa” iFrame drives traffic to Quepasa DSM

44. 30% of installs become active users1

45. 1.5% become paying users1

46. Average ARPPU - $10/month1

47. Uniquely positioned to act as both a game platform and game distributor:

48. Monetization layers established in Brazil and Mexico via PlaySpan,PagSeguro, Tutudo and Mentez.

49. Acquired Brazil-based XtFtgames/TechFront

50. Published Wonderful Cityon Quepasa.com and Orkut so far, Facebook by month’s end.Proprietary Games & 3rd Party IP Quepasa.com 3RD PARTY PLATFORMS PUBLISHER DISTRIBUTOR 1Source: PagSeguro (UOL) – BrazilgamemonetizationonOrkut ARPPU = Average Revenue Per Paying User

53. EBITDA: totaled $26K in 2010 vs. loss in 2009 (See important discussion about EBITDA, a non-GAAP financial measure, and a reconciliation to GAAP in the appendix of this presentation)

54. Cash & equiv. Dec. 31, 2010: $13.5M, vs $1.0M in 2009

55. Signed DSM & website development contracts in 2010 totaling $7.3M ($5.7M recognized as GAAP revenue in 2010, remainder of $1.6M to recognize in 2011)

56. Generated 11.4M engagements across six DSM campaigns initiated in 2010; exceeded target engagement goals on all six campaigns

58. Up nearly 600% year-over-year

59. Up 21% sequentially from $1.9M in 4Q10

60. GAAP EPS 1Q11: ($0.10) vs. ($0.21) in 1Q10

61. Sequential improvement from ($0.13) in 4Q10

62. EBITDA: a loss of $357k in 1Q11 vs. loss of $830k in 1Q10

65. Senior Management

66. Key Take Aways Quepasa is an online social network, focused on the Latino community Large & fast-growing membership base fueled by one of the fastest growing web demographics (Latino/Latin American) Only known publicly-traded social network Undervalued compared to recent transactions¹ Monetization beginning via Quepasa DSM & Games Strong management team: 50+ years combined experience in social network, web-based and technology businesses 72% Growth Sept-Apr 2011 ¹Acquisition of Tuenti by Telefonica for $93MM (source: El Pais, 8/4/10), implying $14/user; Facebook valued at $125/user (source: Lou Kerner, Facebook $50 Billion Valuation; QPSA valued at $5.60/user (fully diluted as of 5/11/11)

67. Contact Us Company Contact Brian Harvey, VP of Capital Markets and Investor Relations Tel. 1-310-801-1719 brian.harvey@quepasacorp.com

68. Appendix

70. Alonso Ancira – Chairman of Altos Hornos de Mexico

71. Lars Batista – Head of Tech at EBX group, Director at IdeiasNet

72. Mal Jozoff – Former Chairman and CEO of Dial Corp

73. Ernesto Cruz – Former Managing Partner of Deloitte & Touche (Mexico)

74. Jill Syverson Stork – Professor of Spanish Lit at Wellesley College

76. Kevin Hartz – Paypal, Flixter, Xoom, Eventbrite

77. David Sacks – Paypal, Geni, Yammer

79. Closed $13.1 Million Private Equity Offering on Dec. 21, 2010 Quepasa sold 1,753,329 shares of common stock at $7.50 per share for net proceeds of ~$12.6 million Primary use of proceeds : Expansion of social gaming platform (including through acquisitions) Facilitate continued development of gaming IP Other general corporate purposes Benefits: Allows accelerated investment and growth within the social gaming market Includes launching and monetizing culturally relevant social games within a Quepasa premium gaming channel Publishing these games on alternative audience networks

80. Interactive Marketing Spend

81. About the Presentation of EBITDA EBITDA is not a financial measure calculated and presented in accordance with U.S. generally accepted accounting principles (“GAAP”) and should not be considered as an alternative to net income, operating income or any other financial measures so calculated and presented, nor as an alternative to cash flow from operating activities as a measure of the company’s liquidity. Quepasa Corporation defines EBITDA as earnings (or loss) before interest expense, income taxes, depreciation and amortization, including amortization of non-cash stock-based compensation. Other companies (including the company’s competitors) may define EBITDA differently. Quepasa presents EBITDA because it believes it to be an important supplemental measure of performance that is commonly used by securities analysts, investors and other interested parties in the evaluation of companies in a similar industry. Management also uses this information internally for forecasting and budgeting. It may not be indicative of the historical operating results of Quepasa nor is it intended to be predictive of potential future results. Investors should not consider EBITDA in isolation or as a substitute for analysis of results as reported under GAAP. See “Reconciliation of GAAP Income (Loss) to EBITDA (Loss)” in the chart to the right for further information on this non-GAAP measure and reconciliation of GAAP Income (Loss) to EBITDA (Loss) for the periods indicated.