Talk on the state of venture capital in southeastern Europe, with a focus on the Balkans.

1. Venture Capital in Central and Southeast Europe Mario Orasche Managing Partner & Founder, Eagle Ventures European Entrepreneurship and Innovation Thought Leaders, Stanford Engineering February 8, 2010

2. History of the RegionA brief review of about 16 centuries Honey and blood over centuries in the Balkans Bal = Honey Kan = Blood Byzantine Empire or Eastern Roman Empire (330-1453) A pan-regional symbol: the double-headed eagle Sarajevo, Bosnia 1914: Assassination triggers WW I. As of 19th Century The Austrian / Austro-Hungarian Empire is prevailing until WW I.

3. Central and Southeast Europe (‘CSE’) TodayIt remains complicated Wars, pain and suffering prevail throughout the 20th century Kingdom of Yugoslavia or Serbs, Croats and Slovenes (1918-1941) EU Enlargement Process (Today) US, UN, NATO, EU Peacekeeping forces inBosnia and Herzegovina (1995-2010)Kosovo (1999-2010) Yugoslav Wars and NATO bombing of Bosnia (1991-2001)

4. Emerging VC Landscape High potential region, weak innovation ecosystem CSE vs. CA Huge untapped investment opportunity Hungary: Pharma / Biotech Slovenia: RF technology Romania: IT, Pharma Croatia: Chemistry, Telecom Bulgaria: Electronics, Semiconductors Bosnia: Energy Generation, Automotive Serbia: Computer Engineering, Programming Macedonia:ICT Outsourcing Montenegro: Energy Generation * CSE in terms of Eagle Ventures’ focus region: BG, BIH, HR, HU, MK, MNE, RO, SLO, SRB ** Eagle Ventures is the first multinational tech VC dedicated to CSE Page4

6. Managerial skill sets

7. Technology centers / parks

10. Sectors Eastern Europe vs. Silicon Valley Besides Life Sciences, other high-tech sectors still lag behind in Eastern Europe Source: EVCA, 2008 (includes PE investments) Source: NVCA 2009, PWC Moneytree Report (VC only)

13. Tier 2: Bulgaria, Hungary and Romania

15. Software & IT

16. Electronics

18. Selectively, seed or late-stage venture

19. Co-investments with value adding VCs and co-investors

20. Started with €10 Mn cornerstone commitment, Abanka, Slovenia

21. Made first investment in leading-edge live video streaming platform

23. Eagle Ventures West Coast approach – unique in CSE Supervisory Board Bostjan Heric Tone Pekolj Christian Schopper Venture AdvisorsAdvice on Investment / Divestment Decisions FUNDNew Europe Tech I Modeled after West Coast VC organizationsto leverage knowledge and execution Fund Management Company Alon Adler Alan Barrell Peter Globokar Mario Orasche George Sarcevich IvanVrdoljak Nino Marakovic Peter Zaboji Managing Partner, SRB Managing Partner, HR Managing Partner, SLO Investment Manager II TBA Vladimir Delic Damjan Lampret Portfolio Companies Analyst, SRB Tech Expert, SLO Analyst, HR+SRB 2 3 4 5-15 1 Crucial Venture Capital Skill Sets Venture Capital + Technology + Finance + Operations Venture PartnersHands-on Management Support to Portfolio Zdenek Bilek Karl Heinz Messer Dragan Pleskonjic DamirSabol Peter Szlavik Domen Verdnik

25. Revenues $1 Mn

26. Headcount 20

27. Strategic partnership with Alcatel-Lucent

28. Customers:

29. Preparing financing round with Silicon Valley investorsOffers a unique 2-way (up and down), 3-screen (mobile, web and broadcast) live video streaming platform www.livecliq.net

30. Contact Thanks  Mario Orasche Managing Partner, Founder EAGLE VENTURES mario@eaglevc.com www.eaglevc.com