PE VC Practicum Confidential Not for Distribution 1

PE / VC Practicum Confidential | Not for Distribution 1

Agenda • What is New Markets Venture Partners? • Fund Management and Associates’ Responsibilities • Student Experience • What is the Application Process? • Q&A 2

3 New Markets Team Frank Bonsal, III, General Partner Don Spero, Founding Partner § 10 years, VC (Bonsal & Education Capital) § 15 years, K-12 Educator/Coach/Administrator §M. B. A. / M. Ed. , Vanderbilt; B. A. , New Hampshire § 21 years, operator (CEO, Fusion Sys), 10 years VC & Angel (Spero QS, NMVP) §Director of Dingman Center & Professor at UMD §Ph. D. , Columbia; B. S. , Cornell Robb Doub, General Partner Frank Bonsal, Jr. , Special Partner § 17 years, VC (Baltic SEF, SEAF, Calvert) §Lecturer at UMD and University of Warsaw §M. B. A. , Georgetown; B. A. , Vermont § 30 years, VC (Co-Founder NEA & Red Abbey VP) § 15 years, Investment Banking (Alex Brown) §A. B. , Princeton Mark Grovic, General Partner & Co-Founder Barbara Messina, Office Manager § 18 years, VC (SEAF, Templeton, Calvert) §Professor & VC-in-Residence at UMD §J. D. , Georgetown; B. A. , UC-Berkeley Elizabeth Chou, Principal § 7 years Debt/Equity (Gladstone, M&T Bank) §M. B. A. , Columbia; B. A. , Mount Holyoke 10/4/2012 CONFIDENTIAL | NOT FOR DISTRIBUTION § 25 years, accounting, administrative experience §B. A. , University of Maryland

New Markets Venture Partners-$80 M Under Management • Fund I: – $25 MM /16 Portfolio Companies, 6 exits – Fully Invested Fund II: – $25 MM, 8 Portfolio Companies, 1 Exit – 66% Invested Education Fund – $30 M Ed Tech Focused, 1 Exit – National Leader in Ed Tech Investing – 33% Invested 4

5 Invested Capital by Sector – NMVP II § Business Services – e. Coast Sales Solutions – Kroll Bond Rating Agency – K 2 Global Consulting 2, 346, 202 Information 26% Technology § Education – Questar Assessment – Moodlerooms – Think Through Learning Education § Information Technology – Media. Solv Solutions – Andera 10/4/2012 CONFIDENTIAL | NOT FOR DISTRIBUTION 3, 211, 156 36% Business 3, 400, 002 Services 38%

6 Investment Focus - NMEP College Readiness Student Success College Productivity § Digital formative & summative assessment § Interactive remediation platforms and gaming § Personalized learning platform for retention § Learning intelligence for digital content § Open source instructional platform § Web-based collaborative e-procurement Teacher Effectiveness § Career management platform § Performance analytics for schools and districts 10/4/2012 Experienced Management Clear Customer ROI Proven Business Model Highly Scalable Strong Gross Margins Capital Efficient Qualified Pipeline Visibility to Breakeven CONFIDENTIAL | NOT FOR DISTRIBUTION System Access & Capacity § Open content & textbook platform § Web-based adaptive learning solutions

Value Added Investing • Syndicate Building and Fund Raising • Executive Recruiting • IP and Licensing Strategy • Customer Focused Sales and Marketing Assistance • Budgeting, Valuations and Financial Projections • Active Business Development Role • Adjacent Market Analysis and Strategic Partnering 7

CO-INVESTORS Each co-investor brings substantial industry expertise 8

New Markets Class Structure: Associates Roles and Responsibilities 9

What is Unique About New Markets • Active Investing (Board of Directors Representation) • Learn how to buy companies, not stock • Learn how to own and grow a company • Learn how to sell a company 10

International and Domestic Economy Buy Industry Analysis Market and Competitive Analysis Company Diligence -Company Presentation -On-site Diligence Financial Model Term Sheet Negotiation Semester 1 IINVEST Board of Directors Sell Semester 2 Portfolio Management Grow Additional Debt/Equity Exits: IPO or M&A Management Sales IP

Fund Associate Responsibilities • Identify potential investment opportunities • Market research and other due diligence • Financial Projections, and Valuation Analysis • Investment Recommendations • Portfolio Value Add • M&A and Exit Analysis 12

What’s In It For You? n n n n 13 Experience VC investing and managing portfolio companies Gain actual deal experience Develop financial modeling and strategic skills Work at Board level with biotech, software, telecom, and media companies High Level Exposure to CEOs, VCs, and Service Providers We will help you find a summer job and may hire you We help with job search upon graduation Terrific 250 person alumni network

General Information • Time availability – Must schedule classes around Fund Class – Must be available during the day • Class schedule: Tuesday, 1: 00 – 3: 30 p. m. • Runs for a full year • 10 – 15 positions available 14

The Application Requirements n n n 15 Cover Letter – Reasons why you want to work for the Fund and what you hope to contribute to the Fund – How your background will contribute to your performance Resume Copy of Current Transcript – Unofficial printout from web is acceptable

The Application Process • • 16 Application Due – January 31 st First Round Selections –February 7 th Interviews – Week of February 10 th Final Selections – February 14 th – Decisions will be emailed

Q&A 17