Key Metrics for Recent Technology and Life Sciences Initial Public Offerings, 2011–2012

2011–2012

Key Metrics for Recent Technology and Life Science Initial Public Offerings 2011–2012

Fenwickfenwick & west llp Key Metrics for Recent Technology and Life Science Initial Public Offerings 2011–2012

Survey Introduction and Background

This report is our inaugural report summarizing ongoing IPO activity. We provide this report to our clients and friends interested in understanding recent IPO activity of technology and life science companies. This information comprises a number of tables and charts reflecting selected statistics that we believe provide useful information about activity in these markets. This is followed by the listing of the universe of IPOs reviewed in the compilation of the data presented. We hope that you find this useful. Please contact Daniel J. Winnike at [email protected] or Jeffrey R. Vetter at [email protected] if you care to discuss this information or, as always, contact members of your client service team for more information.

Survey Contents

Offerings Completed...... 1

Size of Offering...... 2

Aggregate Amount Raised...... 3

Price Changes Between the Red Herring and Initial Offering Price...... 4

Price Changes Around the Expiration of the Lock Up...... 8

Universe of 2011 and 2012 Technology and Life Science IPOs...... 9

Methodology...... 11

Fenwickfenwick & west llp OfferingsIPOs Completed Completed per Quarter The2011-2012 table below shows the number of technology and life science IPOs completed in each quarter of 2011 and 2012: ipos per quarter 2011-2012 Life Science IPOs completed Life ScienceTechnology IPOs completedIPOs completed Technology IPOs completed

0 2011Q1 2011Q2 2011Q3 2011Q4 2012Q1 2012Q2 2012Q3 2012Q4

key metrics for recent tech and life science initial public offerings 1 Size of Offering The following scatter graph tables plot all technology and life science IPOs completed in 2011 and 2012 in terms of the Red Herringinitial offering Deal price Comparison per share and (Midpoint number of shares Price): offered. 2011-2012 The first table shows these statistics at the red herring stage for the 2011 and 2012 offerings and the second table is based on actual pricing of the offering. $50 Red Herringred herring Deal deal Comparison comparison (Midpoint(midpoint price): Price): 2011-2012 2011-2012 $45 $50

$40 $45

$35 $40 Technology (63 deals) Facebook $30 Life Science (27 deals) $35 Share Technology (63 deals) Price $25 Workday Facebook $30 Freescale Life Science (27 deals) Semiconductor Share $20 Vantiv $25 Workday Price GroupoFreescaln e $15 Semiconductor $10.6B $20 Vantiv $10 Groupon Zynga $15 $10.6B $1B $5 $10 Zynga $12M

$0 Bubble Size$1B = deal size $5 1 10 100 1000 Number of Shares in Millions (logarithmic scale) $12M $0 Bubble Size = deal size 1 10 100 1000 Number of Shares in Millions (logarithmic scale) IPO Deal Comparison: 2011-2012 ipo deal comparison: 2011-2012

IPO Deal Comparison:$50 2011-2012

$45 $50

$40 $45 Facebook

$35 $40 Facebook $30 Technology (63 deals) $35 Workday Life Science (27 deals) Share Price $25 $30 Technology (63 deals) WorkdayGroupon Life Science (27 deals) Share $20 Price $25 Vantiv Freescale Semiconductor $15 Groupon $20 $16B Vantiv Freescale SemiconductorZynga $10 $15 $16B $5 Zynga $10 $1B

$0 1 10 100 1000 $5 Bubble Size = deal size $1B Number of Shares in Millions (logarithmic scale) $0 1 10 100 1000 Bubble Size = deal size key metrics for recent tech and life science initial public offerings 2 Number of Shares in Millions (logarithmic scale) Aggregate Amount Raised TheDistribution following tables of provideDeal Size information (Red Herring about aggregate Midpoint): deal size 2011-2012 at the red herring stage and based on the actual pricingDistributionDistribution of the offering. of of Deal Deal The Size firstSize two(Red (Red tables Herring Herring provide Midpoint): informationMidpoint): for 2011-2012 2011-2012tech and life science company offerings at the red herringDistribution stage and ofthe Deal second Size two tables(Red provideHerring information Midpoint): for tech 2011-2012 and life science offering based on the actual pricing. 27.0% distribution20.6% of deal27.0% size (red herring midpoint): 2011-2012 27.0% 20.6% 14.3% 27.0% 20.6% 14.3% 7.9% 20.6% 6.3% 14.3% 4.8% 4.8% 3.2% 1.6% 1.6% 7.9% 1.6% 1.6% 1.6% 1.6% 1.6% % of deals 14.3% 6.3% 7.9% 4.8% 4.8% 6.3% 3.2% deal size $0 1.6%$25M1.6%$50M $75M $100M $125M $150M $175M $200M 4.8%$225M $250M1.6%$275M1.6%$300M $500M 4.8%$750M 1.6% $1B 1.6% $1.25B >$10B 1.6% % of deals 7.9% 3.2% 1.6% 1.6% 6.3% 1.6% 1.6% 1.6% 1.6% 1.6% % of deals 4.8% 4.8% $0 $25M $50M $75M $100M $125M $150M $175M 3.2$200M% $225M $250M $275M $300M $500M $750M $1B $1.25B >$10B deal size Technology1.6% 1.6% Deal Size Distrubtion 1.6% 1.6% 1.6% 1.6% 1.6% $0 $25M $50M $75M $100M $125M $150M $175M $200M $225M $250M $275M $300M $500M $750M $1B $1.25B >$10B deal% of sizedeals Technology Deal Size Distrubtion deal size $0Technology$25M $50M Deal$75M $100M Size$125M Distrubtion$150M $175M $200M $225M $250M $275M $300M $500M $750M $1B $1.25B >$10B Technology55.6% Deal Size Distrubtion 55.6% 55.6%

55.6%

18.5%

18.5% 7.4% 18.5% 3.7% 3.7% 3.7% 3.7% 3.7% 7.4% 18.5% % of deals 3.7% 3.7% 3.7% 3.7% 3.7% deal size $0 $25M 7.4%$50M $75M $100M $125M $150M $175M $200M % of deals 3.7% 3.7% 3.7% 3.7% 3.7% 7.4% $0 $25M $50M $75M $100M $125M $150M $175M $200M deal% sizeof deals Life3.7% Science Deal Size3.7 Distribution% 3.7% 3.7% 3.7% Life$0 Science$25M $50M Deal$75M Size$100M $125MDistribution$150M $175M $200M deal% of sizedeals Life$0 $25MScience$50M Deal$75M $100M Size$125M Distribution$150M $175M $200M deal size Life Science Deal Size Distribution Distribution of Deal Size (Final IPO Price): 2011-2012 distributionDistribution of ofdeal Deal size Size(final (Final ipo price): IPO Price):2011-2012 2011-2012 Distribution of25.4% Deal Size (Final IPO Price): 2011-2012 Distribution 25.4%of Deal Size (Final IPO Price): 2011-2012 15.9% 14.3% 25.4% 15.9% 14.3% 6.3% 25.4% 6.3% 6.3% 4.8% 4.8% 3.2% 3.2% 1.6% 15.9% 1.6% 1.6% 1.6% 1.6% 1.6% 6.3% 14.3% 6.3% 6.3% 0% % of deals 4.8% 4.8% 15.9% 3.2% 3.2% $0 1.6%$25M $50M14.3%$75M $100M $125M $150M $175M1.6%$200M $225M $250M1.6%$275M1.6%$300M $325M $350M1.6%$375M $500M $750M $1B $16B 1.6% deal size 6.3% 6.3% 6.3% 0% % of deals 4.8% 4.8% 3.2% 3.2% $0 1.6%$25M 6.3%$50M $75M $100M $125M 6.3%$150M 6.3%$175M 1.6$200M% $225M $250M $275M1.6% $300M1.6% $325M $350M $375M1.6% $500M $750M $1B $16B 1.6% deal size Technology Deal Size Distrubtion 4.8% 0% 4.8% % of deals 3.2% 3.2% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% $0Technology$25M $50M Deal$75M Size$100M Distrubtion$125M $150M $175M $200M $225M $250M $275M $300M $325M $350M $375M 0%$500M $750M $1B $16B %deal of sizedeals $0 $25M $50M $75M $100M $125M $150M $175M $200M $225M $250M $275M $300M $325M $350M $375M $500M $750M $1B $16B deal size Technology33.3% Deal Size Distrubtion Technology29.6% Deal Size Distrubtion 33.3% 25.9% 29.6% 33.3% 25.9% 29.6% 33.3% 25.9% 29.6% 25.9% 3.7% 3.7% 3.7% % of deals 3.7% 3.7% 3.7% deal size $0 $25M $50M $75M $100M $125M $150M % of deals

$0 3.7%$25M $50M $75M $100M 3.7$125M% $150M3.7% deal size Life Science Deal Size Distribution% of deals 3.7% 3.7% 3.7% Life$0 Science$25M $50M Deal$75M Size$100M $125MDistribution$150M deal% of sizedeals

$0 $25M $50M $75M $100M $125M $150M deal size Life Science Deal Size Distribution keyLife metrics Science for recentDeal Sizetech and Distribution life science initial public offerings 3 Median Prices for Life Science & Technology IPO Deals 2011-2012

Price Changes Between the Red Herring and Initial Offering Price $20 Estimating the offering price for the IPO in the red herring prospectus, and pricing the IPO upon completion of marketing efforts, are processes that are equal parts science and art. The tables below show the median and actual prices for tech $18 Medianand life Prices science for IPOs Life fromScience the red & herringTechnology stage toIPO the Deals actual public offering price to the close price on the first day of $16.26 2011-2012trading. $16 median prices for life sciences & technology ipo deals 2011-2012 Relation of Final IPO Price Technology $14.00 $14 to original Red Herring Range (% of deals) $13.00 $20 $12 Technology $18 $10.11$16.26 47.6% Life Science $10.00 $10 $16 Deals Life Science Above $14.00 RelationRang ofe Final IPO Price Technology 7.4% $14 to original Red Herring Range 29.6% 28.6% $8 (% of deals)Within $13.00 Range Red Herring $12 Final Price 1st Day Close Technology Below 63.0% 23.8% $10.11 Range 47.6% Life Science $10.00 $10 Deals Life Science Above Range 7.4% 29.6% 28.6% $8 Within Range Red Herring Final Price 1st Day Close Below 63.0% 23.8% Average Prices for Life Science & Technology IPO Deals Range 2011-2012

Average Prices for Life Science & Technology IPO Deals 2011-2012average prices for life sciences & technology ipo deals 2011-2012 $20 $19.52

$19.52 $20$20 $19.56 $18

$18$18 $16 $15.33 Technology$16$16 $15.33$15.33 $14.39 TechnologyTechnology $14.39 $14 $14.39 $14$14 $12.96 $12.96$12.96 $12.28 $12 $12 $12 $11.21 Life Science Life Science $9.93$9.93 Life Science$10$10 $9.93 $10

$8$8 RedRed Herring Herring FinalFinal Price Price 1st1st Day Day Close Close $8 Red Herring Final Price 1st Day Close

key metrics for recent tech and life science initial public offerings 4 The tables below show the five technology and life science company offerings with the largest percentage gain and loss on the first day of trading. biggest movers - ipo price to price at 1st day close 2011-2012

109.4% 108.7%

92.3%

78.9% 73.9% Epocrates Vocera Communications Intercept Pharmaceuticals

37.3% Greenway Medical Technologies Endocyte 31.4% 30.0% 29.3% 28.8% LinkedIn Splunk Millennial Media Zillow Workday

Life Science Price Change Technology Price Change from IPO to 1st Day Close from IPO to 1st Day Close

0% +0.3%

-3.4% -7.1% -9.0% -10.4% -9.3% -13.7% -18.3% -21.5% Tranzyme LifeLock E2open Pacira Pharm a Clovis Oncology AcelRx Pharma Boingo Wireless Ruckus Wireless Merrimack Pharma FriendFinder Networks

key metrics for recent tech and life science initial public offerings 5 BiggestThe tables belowMovers show -the Red five Herring technology Price and life to science Final company IPO Price offerings with the largest percentage increase, and 2011-2012largest percentage decrease, from the red herring stage to actual public offering price.

biggest movers - red herring price to final ipo price 2011-2012

100.0%

88.9%

53.8%

35.7% 34.3% Vocera Communications

23.1% Epocrates Sagent Pharmaceuticals KYTHERA Biopharmaceuticals 14.3% Intercept Pharmaceuticals 7.1% 6.7% 6.7% Pandora Media Splunk Zillow Fusion-io LinkedIn

Life Science Price Change Technology Price Change from Red Herring Midpoint to IPO from Red Herring Midpoint to IPO Synacor Ellie Mae Endocyte Carbonite Tranzyme Ambarella

Enphase Energy -37.5%

AcelRx Pharma -40.0% -40.0% -45.5% Supernus Pharma Regulus Therapeutics -57.1% -54.5% -63.6% -61.5% -61.5% -66.7%

key metrics for recent tech and life science initial public offerings 6 Deal Size Change from Red Herring to Final Pricing: 2011-2012 The table below shows the average and median deal size change for technology and life science IPOs from the red herring stage to final pricing.

deal size change from red herring to final pricing: 2011-2012

$500M

Technology Avg $417,376,158*

$375M

$323,426,021

$250M

$125M Technology Median $100,000,000 $105,573,450 $77,003,592 Life Science Avg $74,750,000 Life Science Median $66,666,670 $65,883,858

$0 Red Herring Average Deal size Final Avg Deal Size

*The technology IPO averages are skewed by the Facebook IPO, the largest technology offering in U.S. history.

key metrics for recent tech and life science initial public offerings 7 Price Changes Around the Expiration of the Lock Up In order to assist the development of an orderly market for the shares being offered, IPO underwriters require the stockholders of the offering company to agree not to sell shares of the company’s common stock for a specified period without the underwriters’ consent. Customarily this period is 180 days and applies equally to all holders delivering the “lock up” agreement, although in some few instances the lock up may roll off in stages and different holders may be subject to different restrictive periods. Upon expiration of the lock up period, there generally is an influx of “supply”, as pre-IPO stockholders have their first ability to sell shares into the public market. The table below shows the average and median changes in the closing trading price of the subject company shares for the period beginning two weeks prior, and Percentending Change two weeks of Share following, Prices the scheduled Surrounding expiration End of the of lock Lock-Up up period. Period

2011-2012percent change of share prices surrounding end of lock-up period 2011-2012

End of Lock-Up 5%

-5%

-7.98% Life Science Avg -8.02% Technology Median

-10%

-12.31% Technology Avg -12.98% Life Science Median

-15% 2wk prior Lock-up 2wk post

key metrics for recent tech and life science initial public offerings 8 The following table presents the universe of offerings reviewed in the preparation of this report.

company name primary industry priced final shares final pricing AcelRx Pharmaceuticals, Inc. Pharmaceuticals 2/11/11 8,000,000 $5.00 (NasdaqGM:ACRX) Ambarella, Inc. (NasdaqGS: AMBA) Semiconductor Processing 10/10/12 6,000,000 $6.00 Solutions for Video Angie's List, Inc. (NasdaqGM:ANGI) Internet Software and Services 11/17/11 8,793,408 $13.00 Audience, Inc. (NasdaqGS:ADNC) Electronic Components 5/10/12 5,270,180 $17.00 Bankrate, Inc. (NYSE:RATE) Internet Software and Services 6/17/11 20,000,000 $15.00 Bazaarvoice, Inc. (NasdaqGM:BV) Internet Software and Services 2/24/12 9,484,296 $12.00 BG Medicine, Inc. (NasdaqGM:BGMD) Life Sciences Tools and Services 2/4/11 5,000,000 $7.00 Boingo Wireless, Inc. (NasdaqGS:WIFI) Wireless Telecommunication 5/4/11 5,770,000 $13.50 Services Brightcove, Inc. (NasdaqGM:BCOV) Internet Software and Services 2/17/12 5,000,000 $11.00 CafePress Inc. (NasdaqGS:PRSS) Internet Retail 3/29/12 4,500,000 $19.00 Carbonite, Inc. (NasdaqGM:CARB) Internet Software and Services 8/11/11 6,250,000 $10.00 Cempra, Inc. (NasdaqGM:CEMP) Pharmaceuticals 2/3/12 8,400,000 $6.00 ChemoCentryx, Inc. (NasdaqGS:CCXI) Biotechnology 2/8/12 4,500,000 $10.00 Clearsign Combustion Corp. (NasdaqCM:CLIR) Electronic Equipment and 4/25/12 3,000,000 $4.00 Instruments Clovis Oncology, Inc. (NasdaqGS:CLVS) Biotechnology 11/16/11 10,000,000 $13.00 Cornerstone OnDemand, Inc. Internet Software and Services 3/17/11 10,500,000 $13.00 (NasdaqGS:CSOD) Demand Media, Inc. (NYSE:DMD) Internet Software and Services 1/26/11 8,900,000 $17.00 Demandware, Inc. (NYSE:DWRE) Internet Software and Services 3/15/12 5,500,000 $16.00 Durata Therapeutics, Inc. (NasdaqGM:DRTX) Biotechnology 7/19/12 7,500,000 $9.00 E2open, Inc. (NasdaqGM:EOPN) Internet Software and Services 7/26/12 4,687,500 $15.00 Ellie Mae, Inc. (NYSE:ELLI) Application Software 4/15/11 7,500,000 $6.00 Eloqua, Inc. (NasdaqGM:ELOQ) Systems Software 8/2/12 8,000,000 $11.50 Endocyte, Inc. (NasdaqGS:ECYT) Pharmaceuticals 2/4/11 12,500,000 $6.00 Enphase Energy, Inc. (NasdGS: ENPH) Semiconductor-based 3/30/12 8,969,697 $6.00 Microinverter Systems Envivio, Inc. (NasdaqGS:ENVI) Application Software 4/25/12 7,755,000 $9.00 EPAM Systems, Inc. (NYSE:EPAM) IT Consulting and Other Services 2/8/12 6,000,000 $12.00 Epocrates, Inc. (NasdaqGS:EPOC) Health Care Technology 2/2/11 5,360,000 $16.00 Exa Corporation (NasdaqGM:EXA) Application Software 6/28/12 6,250,000 $10.00 ExactTarget, Inc. (NYSE:ET) Internet Software and Services 3/22/12 8,500,000 $19.00 Facebook, Inc. (NasdaqGS:FB) Internet Software and Services 5/18/12 421,233,615 $38.00 Fluidigm Corporation (NasdaqGS:FLDM) Life Sciences Tools and Services 2/102011 5,558,333 $13.50 Freescale Semiconductor, Ltd. (NYSE:FSL) Semiconductors 5/26/11 43,500,000 $18.00 FriendFinder Networks Inc. (NasdaqGM:FFN) Internet Software and Services 5/11/11 5,000,000 $10.00 Fusion-io, Inc. (NYSE:FIO) Computer Storage and Peripherals 6/9/11 12,300,000 $19.00 Globus Medical, Inc. (NYSE:GMED) Healthcare Equipment 8/3/12 8,333,333 $12.00 Greenway Medical Technologies, Inc. Health Care Technology 2/2/12 6,666,667 $10.00 (NYSE:GWAY) Groupon, Inc. (NasdaqGS:GRPN) Internet Retail 11/4/11 35,000,000 $20.00

key metrics for recent tech and life science initial public offerings 9 Guidewire Software, Inc. (NYSE:GWRE) Application Software 1/25/12 8,850,000 $13.00 HomeAway, Inc. (NasdaqGS:AWAY) Internet Retail 6/29/11 8,000,000 $27.00 Horizon Pharma, Inc. (NasdaqGM:HZNP) Pharmaceuticals 7/28/11 5,500,000 $9.00 Hyperion Therapeutics, Inc. (NasdaqGM:HPTX) Biotechnology 7/26/12 5,000,000 $10.00 Imperva Inc. (NYSE:IMPV) Systems Software 11/9/11 5,000,000 $18.00 Infoblox Inc. (NYSE:BLOX) Systems Software 4/20/12 7,500,000 $16.00 Intercept Pharmaceuticals, Inc. (NadaqGS: ICPT) Pharmaceuticals 10/11/12 5,000,000 $15.00 Intermolecular, Inc. (NasdaqGS:IMI) Semiconductors 11/18/11 9,650,000 $10.00 InvenSense, Inc. (NYSE:INVN) Electronic Components 11/16/11 10,000,000 $7.50 Jive Software, Inc. (NasdaqGS:JIVE) Application Software 12/13/11 13,439,600 $12.00 Kayak Software Corporation (NasdaqGM:KYAK) Internet Retail 7/20/12 3,500,000 $26.00 Kips Bay Medical, Inc. (NasdaqCM:KIPS) Healthcare Supplies 2/11/11 2,062,500 $8.00 KYTHERA Biopharmaceuticals, Inc. Pharmaceuticals 10/11/12 4,400,000 $16.00 (NasdaqGS:KYTH) LifeLock, Inc. (NYSE: LOCK) Internet Software and Services 10/3/12 15,700,000 $9.00 LinkedIn Corporation (NYSE:LNKD) Internet Software and Services 5/19/11 7,840,000 $45.00 M/A-Com Technology Solutions Holdings, Inc. Semiconductors 3/15/12 6,000,000 $19.00 (NasdaqGS:MTSI) Merrimack Pharmaceuticals, Inc. Biotechnology 3/29/12 14,300,000 $7.00 (NasdaqGM:MACK) Millennial Media Inc. (NYSE:MM) Internet Software and Services 3/29/12 10,200,000 $13.00 NeoPhotonics Corporation (NYSE:NPTN) Semiconductors 2/2/11 7,500,000 $11.00 NewLink Genetics Corporation Biotechnology 11/14/11 6,200,000 $7.00 (NasdaqGM:NLNK) Pacira Pharmaceuticals, Inc. (NasdaqGM:PCRX) Pharmaceuticals 2/3/11 6,000,000 $7.00 Palo Alto Networks, Inc. (NYSE:PANW) Communications Equipment 7/20/12 6,200,000 $42.00 Pandora Media, Inc. (NYSE:P) Broadcasting 6/15/11 14,684,000 $16.00 Peregrine Semiconductor Corporation Semiconductors 8/8/12 5,500,000 $14.00 (NasdaqGM:PSMI) Performant Financial Corporation Technology-enabled Analytics 8/10/12 9,000,000 $9.00 (NasdGS:PFMT) Services Proofpoint, Inc. (NasdaqGM:PFPT) Systems Software 4/20/12 6,329,421 $13.00 Qualys, Inc. (NasdGS:QLYS) Cloud Security and Compliance 9/28/12 7,575,000 $12.00 Solutions Regulus Therapeutics Inc. (NasdaqGS:RGLS) Pharmaceuticals 10/4/12 11,250,000 $4.00 Responsys, Inc. (NasdaqGS:MKTG) Internet Software and Services 4/21/11 6,619,654 $12.00 Ruckus Wireless, Inc. (NYSE:RKUS) Communications Equiptment 11/16/12 8,400,000 $15.00 Sagent Pharmaceuticals, Inc. Pharmaceuticals 4/20/11 5,750,000 $16.00 (NasdaqGM:SGNT) ServiceNow, Inc. (NYSE:NOW) Systems Software 6/29/12 11,650,000 $18.00 ServiceSource International, Inc. IT Consulting and Other Services 3/25/11 11,940,133 $10.00 (NasdaqGS:SREV) Shutterstock, Inc. (NYSE:SSTK) Online Marketplace for Digital 10/11/12 4,500,000 $17.00 Imagery Skullcandy, Inc. (NasdaqGS:SKUL) Consumer Electronics 7/20/11 9,441,693 $20.00 Splunk, Inc. (NasdaqGS:SPLK) Application Software 4/19/12 13,500,000 $17.00

key metrics for recent tech and life science initial public offerings 10 Supernus Pharmaceuticals, Inc. Pharmaceuticals 5/1/12 10,000,000 $5.00 (NasdaqGM:SUPN) Synacor, Inc. (NasdaqGM:SYNC) Internet Software and Services 2/10/12 6,818,170 $5.00 Tangoe, Inc. (NasdaqGS:TNGO) Application Software 7/27/11 8,770,000 $10.00 Tesaro, Inc. (NasdaqGS:TSRO) Biotechnology 6/28/12 6,000,000 $13.50 The Active Network, Inc. (NYSE:ACTV) Internet Software and Services 5/25/11 11,000,000 $15.00 Thermon Group Holdings, Inc. (NYSE:THR) Electrical Components and 5/5/11 10,000,000 $12.00 Equipment Tranzyme, Inc. (NasdaqGM:TZYM) Biotechnology 4/4/11 13,500,000 $4.00 Trulia, Inc. (NYSE:TRLA) Internet Software and Services 9/20/12 6,000,000 $17.00 Ubiquiti Networks, Inc. (NasdaqGS:UBNT) Communications Equipment 10/14/11 7,038,230 $15.00 Vantiv, Inc. (NYSE:VNTV) Data Processing and Outsourced 3/22/12 29,412,000 $17.00 Services Verastem, Inc. (NasdaqGM:VSTM) Biotechnology 1/27/12 5,500,000 $10.00 Vocera Communications, Inc. (NYSE:VCRA) Health Care Technology 3/28/12 5,850,000 $16.00 Workday, Inc. (NYSE:WDAY) Employee Services 10/12/12 22,750,000 $28.00 Management Software Yelp, Inc. (NYSE:YELP) Internet Software and Services 3/2/12 7,150,000 $15.00 ZELTIQ Aesthetics, Inc. (NasdaqGS:ZLTQ) Healthcare Equipment 10/19/11 7,000,000 $13.00 Zillow, Inc. (NasdaqGS:Z) Real Estate Services 7/20/11 3,462,000 $20.00 Zynga, Inc. (NasdaqGS:ZNGA) Home Entertainment Software 12/16/11 100,000,000 $10.00

Methodology

Data points used in the compilation and analysis of this information were gathered using a variety of resources, including, but not limited to, filings made with the U.S. Securities and Exchange Commission, lockup expiration dates from EdgarOnline IPO Deal Data, and daily stock trading price data. The exact dates upon which lockups expired were estimated based on disclosure in the prospectuses and may further be approximate in the case of dates falling on holidays or weekends. Companies were assigned to the Technology and Life Sciences sectors based on SIC codes and other company descriptors.

The information in the tables and charts regarding offering size does not give effect to the underwriters’ over-allotment, or green shoe, option. Information at the red herring stage is based on midpoint of the range, and on the number of shares offered, as reflected on the cover page of the first preliminary, or red herring, prospectus. The information regarding the actual offering size is based on the price to public and the aggregate number of shares offered as reflected on the cover page of the final prospectus. The close price on the first day of trading is the closing price on the company’s primary exchange on the first day of public trading of the shares following the pricing of the offering.

Disclaimer

The preparation of the information contained herein involves assumptions, compilations and analysis, and there can be no assurance that the information provided herein is error-free. Neither Fenwick & West LLP nor any of its partners, associates, staff or agents shall have any liability for any information contained herein, including any errors or incompleteness. The contents of this report are not intended, and should not be considered, as legal advice or opinion.

To be placed on an email list for future editions of this survey please visit fenwick.com/iposurvey and go to the sign-up link at the bottom of the page.