Emerging Company IPO Success

Supply: Post-IPO CEO Survey Costs of Going and Staying Public Are High Average Cost $2.5M to Go Public $3-4M 20% >$4M 14% <$1M 0% $2-3M 31% $1-2M 35% Annual Cost $1.5M to Stay Public >$4M 3% $2-3M 31% $3-4M 6% <$1M 14% $1-2M 46% Costs Including SOX, Legal, Accounting Source: IPO Task Force August 2011 CEO survey of incremental IPO costs from 35 CEOs of companies that went public since 2006; Consistent with Independent Review of Public Filings for 47 2011 IPO's Raising Less Than $200M (Avg. Cost of $3M for IPO) Confidential 14

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