Investment thesis

Middle Class. The growing middle class in emerging economies, particularly in China and
India, present a large and growing market, with significant unmet needs in products
prod and
services. This market has been growing fast and has also adopted the more liberal spending
patterns of the West, wishing to acquire products and services that make life easier and more
comfortable. However, many of the standardized consumer prod products
ucts and services consumed
by middle class in the U.S. and Europe are not yet available in these countries. The Internet
has added a major new layer of opportunity in providing these services online.

User Revolution.. The changing consumer behavior patterns, as outlined in The User
Revolution report, is creating a big opportunity for new companies that understand the
dynamic of consumer demands in this era. Similarly, many of the companies that fail to
understand this are likely to be replaced, creating new opportunities.

Global Patterns. The consumer patterns are happening globally, nearly simultaneously,
but with local flavors. No venture fund has yet developed a truly global platform to take
advantage of this trend, and apply cross
cross-border knowledgee and trend analysis to investment
decisions. Our goal is to create such a platform, with active participation from all partners
and associates in each country.

Research driven investme

investments that identify both long term trends and the evolution pattern of
each trend, ultimately will lead to much better returns. We intend to be a highly research-
research
driven firm, with published papers that will establish our thought leadership in the industry
and among entrepreneurs.

Investment Strategy

Initial focus on China,
ina, India, and U.S. (U.S. deals will be selective models that fit the User
Revolution and the media transformation patterns)

Early stage focus, with selective late stage investment

Focused on media, Internet, consumer, and technology
Funding Interests

Target for first fund: $200 M

Strong interest from two major institutional entities - Established NY -based
based hedge fund, and
International mid market investment bank

Strong interest from a number of U.S. based corporate CEOs

Interest from high net-worth
worth individuals in U.S and Asia

Fund Operations

Will form a co-operation
operation contract with major China
China-based VC - will share resources in return
for small carry - initial commitment in place

Will be looking for similar arrangement in India

Will have three senior partners iin U.S/ China/India

Office in Palo Alto, California – shared offices in Shanghai and India

Researchers
esearchers and analysts in China and India

Advisory board of at least three highly respected industry veterans

Team

Safa Rashtchy- Managing Partner (bio attached)

Senior Partner – TBD – (search
(search/interviews in progress)

Senior Partner – TBD

[Analysts] – committed

[Office manager] committed
Safa Rashtchy
www.SRnext.com

Safa Rashtchy was most recently a Managing Director, Senior

Research Analyst focused on Internet media and marketing, and the
Lead China analyst at Piper Jaffray and Company. He joined Piper
Jaffray in 1997 and led the firm’s expansion efforts in Internet
industry and, most notably, in expansion to China. Rashtchy has
published numerous research and industry reports on Online
Advertising, Search, Chinese Internet market, and other segments
of Internet Media and Technology. In 2007, Rashtchy and his team published the ground
breaking report on media and advertising, entitled, “The User Revolution – The New
Advertising Ecosystem and the Rise of The Internet as a Mass Medium”. The 400+ page
report outlined key emerging themes that are changing the media and advertising world and
also provided a major reference book for the online advertising industry, covering all aspects
of the market with in-depth discussion and analysis. In addition to the User Revolution,
Rashtchy’s regular weekly newsletter at Piper Jaffray, The Silk Road, was one of the most
widely read and respected research publications in the industry. Rashtchy is a frequent keynote
speaker at select industry conferences in U.S, Europe and Asia.

Awards and Recognitions. Throughout his ten year tenure at Piper, Rashtchy enjoyed top
ranking and recognition from Wall Street, including three consecutive years of the prestigious
Institutional Investor (II) ranking, as well top rankings for stock picks and earnings estimate.
In 2007, Rashtchy was named the Investment Analyst of the Year and received the 2007 New
Economy Award from iResearch in China. Rashtchy was also named the Top Earnings
Estimator for his sector by South China Morning Post and Starmine in 2007. In 2002,
Rashtchy was named to The Wall Street Journal's " Best on the Street" analyst survey and was
also a winner in Institutional Investor magazine's "Home Run Hitters of 2001" top stock
pickers list. Rashtchy has been quoted regularly in many top publications, including The Wall
Street Journal, The New York Times, Time, BusinessWeek, and Fortune, and he has made
regular appearances on CNBC, PBS and other networks. While at Piper, Rashtchy developed
his research coverage with a focus on online advertising, search and e-commerce, and China
research. Rashtchy's research in online search has been the most extensive in the industry and
he is often considered an authority on search. He has been on the advisory board of Search
Engine Marketing Professional Organization (SEMPO) since 2004.

Rashtchy retired from Piper Jaffray in June of 2007, after ten years as a sell-side analyst. Prior
to Piper, Rashtchy held a number of industry positions. From 1992 to 1996, Rashtchy was
president of ColorWorks Graphics, the digital imaging company he founded in Boston. Prior
to that, Rashtchy worked in various technical and management capacities in computer graphics
and engineering companies. Rashtchy holds a master's degree in business administration,
summa cum laude, from Boston University and a bachelor's degree in engineering from
Purdue University.