Eagle Ventures HQ Technology Park 19

1000 Ljubljana Slovenia

+386 1 620 3420

Serbian Office Cara Lazara 3

11000 Belgrade +381 633 54 203

Croatian Office Lučića 5

10000 Zagreb + 385 91 562 3094

EAGLE VENTURES Technology Investing in Central and Southeastern Europe (CSE)

CSE Ready For Tech VC 2008-10-28

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Human Capital Robust Position in the World

Human Capital is one of the key success factors of the region

 Managerial skills

 Serial entrepreneurs

 Reverse braindrain

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ICT in CSE The Region is Ready for Tech

The Network Readiness Index 2007-2008 Rankings Significant investments into ICT infrastructure make CSE ready for tech

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Internet Penetration Surge in Online Accesses

Online access is key in today‘s business world

Countries Population (2007)

Population (% Penetration)

Usage Growth (2000-2007)

Bosnia 4,552,198 20.9% > 130x

Bulgaria 7,322,858 30% > 4x

Croatia 4,493,312 37.5% > 7x

Hungary 9,956,108 35.2% < 4x

Macedonia 2,055,915 19.1% > 12x

Montenegro 684,736 38.8% n/a

Romania 22,276,056 31.4% < 8x

Serbia 10,150,265 13.8% 2.5x

Slovenia 2,009,245 62.2% > 3x

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Several technology as well as investment Initiatives, support VC activities

PE/VC Investments Still Large Equity Gap

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Exit Channels Selected PE/VC-Backed Exits in CSE

Company Activity (Country) Investor Exit

Type Acquirer

(Country) Year Price / Multiple

ISP, Cable Provider

(HR) CCP, SEAF,

SEEF TS BEWAG (A) 2007 €55m /

10x

ISP (HR)

ANI, EPIC, DKC

TS T-HT (HR) 2006 €13.7m /

+5x

Job Portal (HR)

Business Angels TS Daily Mail

(UK) 2007 £5.5m / +5x

Web 2.0 (HU) Business Angels TS T-online

(D, HU) 2006 € 4m / 10x (est.)

Cable Network (ROM)

AIG et.al. TS UPC

Broadband (NL)

2005 €335m

Electronic Components

(SLO) Horizonte TS Mohar Satler

(SLO) 2007 €6.3m / 4x

Software & IT (SLO)

Business Angels TS ComTrade

(SRB) 2008 €40m

Alternative Telco (SRB)

Business Angels TS

Telekom Slovenia

(SLO) 2006 €26m

Despite recently increasing tech M&A activity in the ICT sector, CSE remains largely off the VC industry radar screen

© 2008

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Characteristics 2003 2008

Managerial skill sets Limited Significant

Serial entrepreneurs X Emerging

Reverse braindrain in tech industries Rarely Significant, gaining momentum

ICT infrastructure Poor Improving fast, leapfrogging

ICT initiatives Microsoft Technology Centers and R&D departments of Ericsson, Siemens, Cisco, HP, Oracle, SAP etc.

Limited Present in a number of

locations and increasing

Internet penetration Limited Significant

Legal and political environment Weak Converging to EU

Purchasing power Low Medium

Business angel networks X Evolving

VC investors X Emerging interest

Exit channels Constrained Mostly TS / few IPOs

ICT INVESTMENT READINESS NOT READY READY!

Region CSE Environment Ready for Tech VC Investing

The CSE landscape for technology firms has changed essentially over the last few years

© 2008

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Introduction to Eagle Ventures Unique Triple Focus

Eagle Ventures is the 1st VC firm prepared to capitalize on the vast untapped CSE tech opportunity

VC

Tech CSE

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Eagle Ventures’ Team Multinational from CSE

Eagle’s set-up is modeled after top tier West Coast VC's organizations to add value to technology companies and to maximize returns

Venture Advisors Advice on Investment / Divestment Decisions

Alon Adler

Alan Barrell

Peter Globokar

Nino Marakovic

Peter Zaboji

Venture Partners Hands-on Management Support to Portfolio

Zdenek Bilek

Karl Heinz Messer

Dragan Pleskonjic

Damir Sabol

Peter Szlavik

Domen Verdnik

Supervisory Board

Portfolio Companies

FUND New Europe

Tech I

2 3 4 5-15 1

Fund Management Company

Investment Manager II

Managing Partner, SLO MP, SRB

HR and IR, SLO

MP, HR

Analyst, SRB Tech Expert, SLO

Crucial Venture Capital Skill Sets Venture Capital + Technology + Finance + Operations

Mario Orasche

George Sarcevich

Vladimir Delic

Julia Arlt

Damjan Lampret

Ivan Vrdoljak

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Eagle Ventures’ Summary Key Reasons to take Eagle Ventures on Board

Focused + Experienced + Regional + Connected

_______________________

= MAXIMIZING COMPANIES’ VALUES

  Most experienced tech VC team in the region   Over 16 years of tech venture capital experience

  Close to 50 years of ICT sector experience

  Multinational team with deep local market knowledge   10 nationalities, incl. ex YU

  World class regional, pan-European and global network   High profile senior advisors from Silicon Valley, over Israel,

Cambridge and London to the region

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Client Media Platform Media Player

Live Mobile Video Streaming: SLO/West Coast team with global market leader potential

Eagle’s 1st Deal A Potential ‘Home run‘ from CSE