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VC2inBuildingaSuccessfulBusinessSeptember10,2002ChaunceyShey

President&CEOSoftbankChinaVentureCapital¶ProvidestartupswithCapitalExecutivesearchBusinessadvisoryTechnologyadvisoryLegalsupportAccountingsupportStrategicpartnershipsKeyelementstosuccessActivelyHelpCompanytoGrowth:VC2approachValueCreationthroughactiveportfoliomanagementandparticipationVC2=VC’sValueCreationBasicVC1Establish/enhancecorporategovernanceandmanagementstructure/processDetermine/confirmstrategicdirection

Institutionize/enhanceboardofdirectorsEnhancemanagementstructure/process,andexecutiveteamDeterminestrategicdirectionEstablish/enhancefinancialcontrolandlegalframeworkMonitorbusinessandfinancialperformanceEnsure/accelerategrowthMonitorbusinessandfinancialreportsmonthlyAttendquarterlyboardmeetingAssistfundraisingAssistbusinessdevelopmentEstablishbusinessandtechnologypartnershipEnsuresuccessfulexitviaIPOorM&AAssistcompanytomeetIPOlistingrequirementsDetermineIPOlocation,timing,andservicecompaniesSeekandnegotiateM&ApartnersObjectiveProcess/ActivitiesVC2inPortfolioManagementProcessAssist/EnhanceBusinessSetupAssistBusinessExpansionExitIPO/M&A2SuccessfulInvestmentCase3UTStarcomGrowthUnitechUTStarcomUTStarcomUTStarcomTelecomAccessSolutionStarcomTelecomsoftwareSystemIntegrationConsolidateresourcesCorebusiness

–Telecomaccess–ChinamarketProductdiversificationMarketexpansiongloballySuccessfulpilotinChinaProductdiversificationMarketexpansioninChina93

95

97

99

2000

2002SeedGrowthExpansionListedCompanyTimeFunding$3MfromTechfundingMalaysiatechfundingSB:$30at95$160until98Intel:$60MMerger4InvestorsPlayKeyRoleinTheGrowthofCoreTeam

Seed

GrowthExpansion/pre-IPO

<80persons

80~400persons

>400personsCompanyissuesFullteamyetestablishedProductnotmatureMarketpotentialunprovenLittlerevenueTeamisnotmatureMiddlemanagersyetestablishedNotfullyexecutethestrategyFinancialcontrolsystemweakHowtomanageabigorganizationAllocateresourcesInvestor’sroleSetupcorporategovernanceSetstrategicdirectionEstablishstrategicpartnershipsEnhancecorporategovernancesystemBoardpushestheestablishmentoffinancialsystemEstablishstrategicgoalsCorporatemanagementsystem

—Macrocontrol—InvestorsinterestManagementteamThecommongoal,trust/credibility,drive,andteamworkspiritmaketheteamgrowandmaturePotentialpitfallsPotentialpitfalls519971998199920002001Financialsince1995$75.6$187.5$368.6$610.0*$105.2*FirstCallConsensusEstimateRevenueReturntoinvestorsEarlystage*60XGrowth10XPre-IPO1.5X6KeyElementsinVC2XXXXThebestcompanyistheonethatrequiresinvestorstospendleasttimeOnlymeetwhentroublecomeoutRegularboardmeeting√BecomeasuperCEOGivetheteamfreedomtooperate√Providestrategicvaluein－Marketdevelopment－Partnership－Financing√Relyonindividualorcoupleofhero

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