1. Jefferies Broadview
A division of Jefferies & Company, Inc.
Member, SIPC
DOMAINfest Global 2007
Ask the Experts: Venture Capital & Technology Overview
February 2007
CONFIDENTIAL DRAFT

2. Global Investment Banking Franchise
A leading institutional brokerage and investment banking firm – led by one of the most
powerful capital markets trading platforms in the industry
Principal operating subsidiary of Jefferies Group, Inc. (NYSE: JEF), a holding company with an
equity market capitalization of over $3.5B, $1.5B in 2005 revenue and 2,000 employees in
Since 1998, Jefferies has advised over 25 offices worldwide
on(1):
“Investment grade” ratings by Standard & Poor’s and Moody’s
544 technology transactions #1 performing investment bank by stock price(2), with over 50% employee ownership, over the
globally worth approximately past 10 years
$72.0 billion Since 2005 Jefferies has executed 129 equity offerings raising in excess of $30B
189 cross-border transactions
137 public-to-public
transactions
Boston
Chicago Waltham
San Francisco London
Denver Stamford Paris
Silicon Valley New York
Investment Dealers Digest Nashville Zurich
Los Angeles Jersey City
Washington Israel* Tokyo
2005 Dallas
Atlanta Richmond
Shanghai
Middle Market Houston
Hong Kong
New Orleans
Bank of the Year Dubai Mumbai
Singapore
Sydney*
Melbourne*
Cities in blue indicate Jefferies Broadview locations
* Indicates Affiliates
(1) As of 12/1/2006. 1
(2) Wall Street Journal, April 2006.

3. Jefferies Delivers The Full Spectrum Of Products And Services To
Technology Clients
Investment Banking Offers A Full Suite Of Investment Banking Products And Equity
Leading banking franchise focused Services To Serve High Growth Companies Throughout The Over 135 institutional
on high growth companies with Corporate Lifecycle salespeople that cover over
over 400 Investment Bankers (90 2,200 institutional accounts;
in technology) in over 25 offices make markets in nearly 3,500
worldwide stocks
g
Equity Offerings – Completed #2 volume trader of
k in
approximately 300 public equity NASDAQ and OTC stocks in
an
offerings in the past 10 years 2006(2); top 5 trader in nearly
Eq
tB
Industry Capital
Mergers Coverage
en
1,700 NASDAQ stocks
u it
Markets
M&A – Ranked #1 in technology tm and Research
y
Acquisitions
es
M&A advisory assignments in 79 research analysts covering
v
2005 and 2006(1)
In
Financial over 1,100 companies
Sales
Sponsors
Private Equity – Regular dialogue
and relationships with over 250
Restructuring Trading
financial sponsors
Debt
Restructuring – Restructured
Private Client Structured Dedicated high yield team of
approximately $150B in securities Finance
Services over 40 experienced senior
and liabilities
professionals
Private
Cash Placements
Management Integrated sales, trading,
As
Asset Management research, capital markets and
High
se
Capital Bank Yield banking functions
tM
Private Client Services / Cash
bt
Partners Lending
an
De
Management – Advisory, portfolio #1 underwriter of mid-cap
ag
management and customized high yield debt(3); led by team
e me
financial solutions that joined Jefferies from Drexel
nt
Burnham Lambert
Jefferies Capital Partners – More
than $685MM in private equity Jefferies Finance LLC –
funds under management Commercial bank with nearly
$2B in capital
(1) Source: SDC. All announced North America and Western Europe technology deals with transaction value less than $1B excluding bio-tech and telecom deals.
(2) Source: Autex. Ranking amongst investment banks; 1/1/2006 – 12/31/2006 (2006). 2
(3) Source: SDC, 1/1/06-9/30/06. Excludes split rated, mortgage and asset-backed securities. Full credit to lead manager, equal if joint.

4. The Investment Bank Of Choice For Growth Companies
($ in Millions)
“There is a hole in the Jefferies Broadview’s team of 90 Bankers is one of the largest dedicated to the
marketplace where the Four technology industry
Horsemen have gone.
Jefferies has a chance to fill
it. They always had great #1 Technology M&A Advisor in 2005 and 2006 (YTD)1,2
trading and great
distribution. Now they’ve #2 Sales and Trading Platform for NASDAQ stocks3
got the whole puzzle.”
— Sandy Robertson, Leading Issuer of Debt for Digital Media and Software companies
founder Robertson Stephens
New York Times
2006 Technology M&A League Table 1 1 2005 Technology M&A League Table 2 2006
2005 NASDAQ Trade Volume 3 3
# of # of
Financial Advisor Deals Rank Financial Advisor Deals Rank Broker Rank
Jefferies & Company 44 1 Jefferies & Company 55 1
UBS 1
Credit Suisse 37 2 Goldman Sachs 50 2
UBS 30 3 Citigroup 46 3 Jefferies & Company 2
JP Morgan 28 4 Morgan Stanley 41 4
Citigroup 24 5 UBS 40 5 Citigroup 3
Morgan Stanley 22 6 JPMorgan 40 5
Morgan Stanley 4
Goldman Sachs 22 6 Houlihan Lokey 38 7
Houlihan Lokey 20 8 Credit Suisse 37 8 Bear Stearns 5
Deutsche Bank 20 8 Lehman Brothers 31 9
Rothschild 20 8 Merrill Lynch 28 10 Merrill Lynch 6
(1) Source: SDC. All announced North America and Western Europe technology deals with transaction value less than $1B excluding bio-tech and telecom deals. January 1, 2006 to September 29, 2006.
(2) Source: SDC. All announced North America and Western Europe technology deals with transaction value less than $1B excluding bio-tech and telecom deals. January 1, 2005 to December 31, 2005. 3
(3) Source: Autex. Ranking amongst investment banks; 1/1/2006 – 12/31/2006 (2006).

5. With Leadership In Digital Media And Internet Investment Banking
eCommerce Search
September 2006 August 2006 May 2006 May 2006 May 2006 March 2006 September 2005 October 2004
has sold a majority stake to has been acquired by
has been acquired by
$87,000,000 $95,310,000 $87,500,000 $30,000,000 $138,000,000
Confidential $29,000,000 Confidential
Initial Public Offering Initial Public Offering Follow-On Offering 144A Block Trade Initial Public Offering
Sole Bookrunner Financial Advisor to the Seller Co-Manager Financial Advisor to the Seller
Co-Manager Co-Manager Co-Manager Financial Advisor to the Seller
Online Marketing / Lead Generation Who Have We Helped?
January 2007 May 2006
Online Marketing: aQuantive, BankRate, Kelkoo, etc.
March 2006 November 2005 December 2005 May 2005 March 2005 April 2004
has been acquired by eCommerce: Shutterfly, VistaPrint, etc.
has sold an equity stake to
has been acquired by has been acquired by
$113,189,000 $207,000,000 Mobile: WiderThan, Musiwave, etc. $85,000,000
valuing the Company at $78,000,000
Confidential €180,000,000 Confidential €475,000,000
Follow-On Offering Follow-On Offering Senior Credit Facility Initial Public Offering
Financial Advisor to the Seller Co-Manager
Content Distribution: LimeLight, etc.
Joint Bookrunner Financial Advisor to the Seller Financial Advisor to the Seller Financial Advisor Co-Manager Financial Advisor to the Seller
Web Content / Services Mobile Content
September 2006 July 2006 May 2006 April 2006 December 2005 July 2004 October 2006 January 2006
Motorola, Inc.
has agreed to acquire has been acquired by has been acquired by has been acquired by has agreed to be acquired by has been acquired by
Broadbus RealNetworks , Inc.
Technologies, Inc.
$75,900,000
Confidential $130,000,000 Confidential Confidential Confidential $353,500,000 €115,000,000
Follow-On Offering
Financial Advisor to the Buyer Financial Advisor to the Company Financial Advisor to the Seller Financial Advisor to the Seller Financial Advisor to the Seller Co-Manager Financial Advisor to the Seller Financial Advisor to Seller
4

6. All Major Sectors Of The Internet Continue To Experience Strong
Growth And Convergence
Jefferies Broadview Internet Market Taxonomy
Digital Media Online Commerce Interactive Marketing Services
Consumer facing Internet destinations providing Consumer facing shopping destinations that either sell Providers of technology and services focused on
content and services to a community of users direct or match buyers and sellers delivering messages to consumers on behalf of
Market Definition Business model is primarily advertising-supported Includes both physical (books & CDs) and non-physical advertisers and direct marketers via the Internet
Advertising formats can include search, banner, rich (travel & finance) ecommerce and subscription online
media, classifieds, etc. services
Market Size $26 billion in 20061 $170 billion in 20062 $26 billion in 20061
Projected Growth Rate 28%1 14%2 28%1
Convergence Is The Name of the Game!
Leaders: Google, Yahoo, AOL, MSN Leaders: Amazon, eBay, InterActiveCorp Leaders: aQuantive, ValueClick, Digitas
Contenders: TheStreet, CNET, BankRate Contenders: Netflix, Overstock, Monster, Priceline Contenders: 24/7, Marchex, MIVA, Omniture
Representative
Private: FaceBook, MyFamily, Reply Private: HomeAway, Zappos, RazorGator Private: Demand Media, Exponential, VendareNetBlue
Companies
Median 2006E TEV / Revenue: 3.4x Median 2006E TEV / Revenue: 1.6x Median 2006E TEV / Revenue: 2.9x
& Median Multiples
Median 2006E TEV / EBITDA: 20x Median 2006E TEV / EBITDA: 20x Median 2006E TEV / EBITDA: 17x
Median 2007E Revenue Growth: 21% Median 2007E Revenue Growth: 19% Median 2007E Revenue Growth: 21%
VistaPrint, LoopNet, Gmarket, InnerWorkings,
Notable IPOs WebMD, Baidu.com, PlanetOut, Traffic.com (Acquired) Website Pros, FastClick, Interchange, Omniture
Shutterfly, eHealthInsurance
NBC Universal / iVillage ValueClick / FastClick, WebClients
Notable M&A Liberty Media / Provide Commerce
News Corp / IGN, MySpace Experian / LowerMyBills, PriceGrabber
Transactions eBay / Verisign (assets), Shopping.com, Skype
Google / YouTube Publicis Groupe / Digitas
180solutions ($40MM), Demand Media ($120MM &
FaceBook ($25MM), Topix.net ($15MM), PodShow RazorGator ($25MM), Glam Media ($18.5MM),
Notable VC/PE $100MM), DoubleClick ($1.2B), Double Fusion
($15.5MM), Red 5 Studios ($18.5MM), BrightCove Zappos ($20MM), HomeAway ($160MM),
Investments ($26MM), Right Media ($45MM), Spot Runner
($60MM), Heavy ($20MM) WrenchHead.com ($18MM)
($40MM)
(1) Jefferies research.
(2) eMarketer.
5

7. With Substantial Capital Chasing Relatively Few High Quality
Opportunities, The Number Of $20MM+ Investments Has Increased
Internet Venture Investments Greater Than $20 Million Since 1/1/06
($Millions)
“Hot” Sectors: Amount Raised
Date Company(1) ($MM) Investor(s)(2)
Next generation Dec-06 Heavy $20.00 Polaris Venture Partners, Jacobsen Investments
advertising and Dec-06 Double Fusion $26.00 Norwest Venture Partners, Accel, IDG Ventures, Sedona Capital
lead networks Dec-06
Nov-06
Venda
BitTorrent
$20.00
$20.00
Investor Growth Capital
Accel, DCM
Online video and Nov-06 Slide $20.00 Kohsla Ventures, Mayfield Fund
Nov-06 HomeAway $160.00 Austin Ventures, Redpoint, American Capital, IVP, Trident Capital
rich media content Oct-06 Spot Runner $40.00 WPP, CBS, Interpublic Group
and distribution Oct-06
Oct-06
Jingle Networks
Right Media
$30.00
$45.00
Goldman Sachs, Hearst
Yahoo!
Sep-06 Demand Media $100.00 3i, Oak Investment Partners
Organic traffic Sep-06 Handango $60.50 Institutional Venture Partners, Advanced Technology Partners
(e.g., domain Aug-06
Jul-06
ChinaCars
Digital Chocolate
$25.00
$22.50
Goldman Sachs Group
Bridgescale Partners, DN Capital, Sequoia Capital, Outlook Ventures
aggregators, social Jul-06 Zillow.com $25.00 PAR Capital Management, TCV, Benchmark Capital
networks) Jul-06 CinemaNow $20.30 EchoStar Communications, Index Holdings, Menlo Ventures
Jul-06 CacheLogic $20.00 Amadeus Capital Partners, 3i, Pentech Ventures
International (e.g., Jul-06
Jun-06
DangDang.com
HomeAway
$27.00
$39.00
DCM, Alto Global Investment, IDG Ventures, Rakuten, Softbank China
Austin Ventures
China, Korea, Jun-06 Global Market Insite $35.00 TCV, FT Ventures, Voyager Capital
India) May-06
Apr-06
DemandMedia
FaceBook.com
$120.00
$25.00
Oak Investment Partners, Generation Partners, Spectrum Equity Investors
GreyLock, Meritech Capital
Mar-06 AdKnowledge $48.00 TCV
Consolidation Mar-06 CoreMetrics $31.00 FT Ventures, Accel, Highland,
themes Mar-06 US Auto Parts $45.00 Oak Investment Partners
Feb-06 Claria $40.25 Softbank Capital, Sand Hill Capital & Rogers Communications
B2B Jan-06
Jan-06
Innerworkings
Webpay
$50.00
$24.30
New Enterprise Associates
3i
Jan-06 Revenue Science $24.00 Meritech Capital, Integral Capital, Mayfield, Mohr Davidow
(1) Online marketing and domain name companies are highlighted.
(2) Lead investors are in bold. 6

8. Venture Capital Investments In Internet And Digital Media Have
Been Explosive, With Interactive Marketing Leading The Way
Venture Capital Investments Since January 2005
Other Internet & eCommerce
VCs continue to Digital Media 18%
pour capital into 21%
Internet and
Digital Media at a
rapid pace
Approximately 2-3
deals per day
since Jan 2005
Domain Names Social Media & User
9% Generated Content
Total invested
19%
capital in excess
of $3.5 billion!
Mini-bubble in
certain sectors? Interactive Marketing
33%
Source: Dow Jones VentureSource. 7

9. Internet M&A Saw A Substantial Pick-up In 2004-2005, But
Activity Trailed Off Last Year
Internet Media & Services M&A Transactions (2003 – 2006YTD) > $20MM
30 10.0x
26
Median TTM TEV / Revenue
25
6.5x 20 8.0x
19
Number of Deals
20 16
16 4.8x 5.2x 6.0x
4.1x 14
15 11 12 12 3.7x
3.1x 12 3.4x 3.4x 3.2x
4.4x 4.0x
10 2.1x 4.3x 7
5 1.7x 6
5 3.3x 2.8x 5 2.0x
5
1.9x 3
0 0.0x
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2003 2004 2005 2006
Representative Transactions (Consideration $MM)
Quarter 2003 2004 2005 2006
Overture / Altavista ($140) Yahoo! / Kelkoo ($577) Interactive Corp / Ask Jeeves ($1,781) Google / DMARC Broadcasting ($670)
Rank Group / Blue Square ($105) Ask Jeeves / Interactive Search ($335) Telefonica / Terra Lycos ($1,714) NBC Universal / iVillage ($657)
Quarter 1 Overture / Fast Search & Transfer ($85) FindWhat / eSpotting Media ($179) Interactive Corp / Cornerstone ($720) John Fairfax / TradeMe ($466)
Observations:
Lasminute.com / Holiday Autos ($65) eBay / Mobile.de ($152) United Internet / Web.De ($442) EW Scripps / uSwitch ($366)
MemberWorks / LavaLife ($117) New York Times / About.com ($410) Alliance Data / DoubleClick Email Mktg. ($90)
M&A driven by combination of($387)
USA Interactive / Lending Tree ($710)
eBay / Eachnet ($224)
AOL / Advertising.com
“Greed”
“Fear” and Holdings / Lastminute.com ($1,132)
aQuantive / SBI.Razorfish ($160)
Hellman & Friedman / DoubleClick ($1,206)
Sabre
Microsoft / Massive Gaming ($300)
Viacom / Xfire ($102)
Roxio /Valuation based on “Build vs. Buy”
Quarter 2 Deutsche Telekom / T-Online ($101) Monster Worldwide / Jobpilot ($105) EW Scripps / Shopzilla ($525) DMGT / Allegran & Data Media ($86)
PressPlay ($39) Monster Worldwide / Tickle ($74) eBay / Shopping.com ($521) eBay / Tradera ($48)
RealNetworks / Listen.com ($36) DoubleClick / Performics ($62) Experian / LowerMyBills ($380) aQuantive / Franchise Gator ($22)
Yahoo! / M&A ($1,442)
Overture started off Hot from 2003 to 2005 but then Skype ($2,600)
Cendant / Orbitz ($1,032) eBay / trailed off in 2006 Irish Times / MyHome.ie ($57)
The
Interactive Corp / Hotwire ($685) Interactive Corp / eLong ($321) News Corp / IGN Entertainment ($650) Viacom / AtomShockwave ($200)
Quarter 3 Barnes & Noble / B&N.com ($328) done by mega-InternetRakuten/ /Intermix Media (GOOG, YHOO, / Grouper ($65)($25)
High multiple dealsYahoo! //MusicMatch ($160)
Priceline ActiveHotels ($161) companies ($580)
News Corp
LinkShare ($425)
Sony
Conde Nast / Wired.com
EBAY) or Diversified MediaMedia ($137)
Digitas / Modem companies (NWS, LM)E-Loan ($296)
Banco Popular / WebMD / Medsite ($41)
Yahoo! / 3721 Network Software ($120) M&A 2.0 phase…more to come!
Currently in
T-Online / Scout24 ($220) Dow Jones / MarketWatch ($462) Bet&Win.com / OnGame E-Solutions ($569) Google / YouTube ($1,650)
eBay / Rent.com ($415) Experian / PriceGrabber ($485) Navteq / Traffic.com ($157)
Quarter 4 Interactive Corp / Transat At Inc ($63) Cendant / eBookers ($330) Industri Kapital / WehKamp ($456) Publicis Groupe / Digitas ($1,020)
Drugstore.com / International Vision ($56) eBay / MarktPlaats ($290) Liberty Media / Provide Commerce ($417) Alliance Data Systems / Abacus ($435)
ValueClick / Commission Junction ($37) Marchex / NameDevelopment ($164) Yellow Pages Group / Trader Media ($379) aQuantive / Accipiter ($30)
Q1 Q2 Q3 Q4 Median TTM TEV / R
8

10. Technology IPO Market Conditions Have Started To Improve
Quarterly Technology IPO issuance IPO pricing performance vs. range
Tech IPO
environment $2,000.0
14
10 100%
14.3% 12.5% 11.1%
very similar 28.6%
% pricing relative to midpoint
80% 14.3% 12.5%
22.2%
7
to that of the $1,500.0
Amount Raised ($MM)
12.5% 60.0%
14.3%
8 60% 11.1%
mid 1990s $1,000.0 9
14.3%
9
before the
37.5% 57.1%
40%
20.0%
dotcom
55.6%
$500.0 20% 42.9% 12.5%
10.0%
boom 0%
12.5% 14.3% 10.0%
$0.0 Q4 '05 Q1 '06 Q2' 06 Q3' 06 Q4' 06
Q3 '05 Q4 '05 Q1 '06 Q2 '06 Q3 '06 Q4 '06
Below Bottom Within Mid Top Above
Sector Breakdown (LTM)
Computer
Average P/E multiples by Quarter Aftermarket Performance (LTM)
Equip.
Serv ices 28 Average aftermarket performance: 30.9%
3%
13% 50x 23
Semis 45x
43x 42x 24
29%
Average P/E mulitple
40x 33x 32x 20
35x 30x 30x 29x 31x
Comm. 28x 26x
# of IPOs
30x 23x23x 16
Equipment 25x 18x
18x
18% 20x 17x 12
Softw are 15x 6
8 5
11% 10x
EMS New Media 5x 4 1
5% 21% 0x
Q4 '05 Q1 '06 Q2 '06 Q3 '06 Q4 '06 0
<-15% -15% - 0% 0% - 15% >15%
Forw ard PE at filing Forw ard PE at pricing Forw ard PE at T+1 Performance in aftermarket (offer / current)
Source: Dealogic / CapIQ 9

11. Online Marketing Services Companies Represented 30% Of
NASDAQ Internet IPO Activity In 2004-06
12
Internet IPOs have been few and far between:
9
10 Totals: 2004 2005 2006
8
Marketing 6 3 3
3
Other 14 5 6
6
6
2
4
3 3 3 3 3
6 6
1 2 4 1 2 2
2 1 1
3 1 3
2 2 2 2
1 1 1 1
0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Marchex (23x) Google (39x) Interchange (NA) Fastclick (18x) Baidu.com (47x) Website Pros Loopnet (27x) eHealth (22x)
WebSideStory Shopping.com (29x) Omniture (NM)
(37x) (25x)
Marketing* HouseValues
2004 2005 2006
(34x)
LinkTone (NA) Shanda (13x) Kongzhong (13x) PlanetOut (48x) Hurray! (9x) WebMD (46x) Traffic.com (NM) Gmarket (23x) InnerWorkings
Tom Online (17x) Blue Nile (32x) eCOST.com (NA) China Finance Gravity (20x) VistaPrint (40x) Digital Music (31x)
JAMDAT (28x) (30x) Odimo (NM) Group (NM) Shutterfly (48x)
51job (NA) eLong (NM) Liquidity
Other* zipRealty (32x) Services (44x)
Inphonic (29x)
The9 (NA)
* Forward P/Es at IPO are shown in parenthesis next to each company’s name.
10

12. Industry Predictions For 2007 and Beyond
Venture Capital
New advertising technologies which better monetize online video / rich
media
Technologies that create new ad inventory (e.g., advergaming)
Search technologies that optimize better than natural language search
Lead generation and CPA or CPS based platforms
International: China and Korea
Mergers And Acquisitions
Convergence between different ad units, media and agencies
Diversified media continuing to invest, buy online media and technologies
Technology R&D to assist in online marketing arms race
International: Cross-border investment and M&A
Capital Markets
IPOs for many large private interactive marketing service companies
Follow-on and debt offerings by public players to consolidate the market
11

13. Questions?
David A. Liu
NYSE: JEF
Managing Director www.jefferies.com
dliu@jefferies.com www.jefferiesbroadview.com
12