Advertising ($2.3bn) 2005 38% $0.9bn 62% $1.4bn EuropeUS 313 105 87 81 77 75 45 44 35 35 2010 2010 2000 2011 2008 2008 2011 2010 2002 2008 330 288 143 134 124 97 94 89 77 74 New Relic AppNexus INRIX Videology Sprinklr Return Path App Annie AdRoll Urban Airship xAd 2007 2002 2007 2009 2009 1999 2007 2010 2009 A highly competitive space with large corporations holding strong industry positions Retargeter App Delivery Ad Network Ad Network Mobile Advertising Analytics Augmented Reality Analytics Marketing Software Analytics Analytics Ad Platform Marketing Software Ad Network Marketing Software Email Marketing Analytics Retargeter Marketing Software Mobile Advertising 11 Source: Company disclosures, websites and press releases, Crunchbase, NOAH Advisors. Note: Data only includes the 10 largest funding in the segment considered. Europe - Capital Raised ($m) / HQ / Year Founded US - Capital Raised ($m) / HQ / Year Founded Funding - Europe vs. US Most Active Investors in Europe Most Active Investors in the US Presenting at