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JMI EQUITY OVERVIEW

In November 2010, JMI Equity announced the closing of JMI VII, an $875 million growth equity fund. With the closing of JMI VII, we have raised over $2.1 billion of committed capital since we established our first partnership in 1992. We are pursuing the same strategy with JMI VII that we have employed for the last 19 years, focusing on investments in growing software, internet, business services and healthcare IT companies. The Fund provides capital to fund growth, acquisitions, recapitalizations and buyouts, targeting equity investments of $10 million to $100 million. JMI VII has made four investments to date in PointClickCare, Business.com, BrightLine and DoubleVerify.

IN THIS ISSUE
Recent Investments
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Recent Liquidity Events

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Portfolio Company News

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JMI Team News

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RECENT INVESTMENTS
DoubleVerify New York, NY
On August 30, 2011, JMI Equity completed a strategic growth investment in DoubleVerify, the pioneer and market leader in online media verification and compliance. DoubleVerify verifies over 35 billion advertising impressions per month for hundreds of leading Fortune 500 marketers. JMI Team: Brad Woloson, Bob Nye, Krishna Potarazu, Larry Contrella

Brightline New York, NY

On July 19, 2011, JMI Equity completed a strategic growth investment in BrightLine, the leading provider of marketing services in the interactive TV advertising space. BrightLine develops and executes advanced TV marketing strategies for global consumer products companies. JMI Team: Brad Woloson, Bob Nye, Krishna Potarazu, Sureel Sheth

PointClickCare Mississauga, Ontario

On February 28, 2011, JMI Equity completed a strategic growth investment in PointClickCare, the leading electronic health record (EHR) platform for the longterm care industry. PointClickCare's SaaS offering seamlessly integrates clinical, billing and administration processes to enhance quality of care and maximize revenue recovery while accelerating reimbursement cycles. JMI Team: Harry Gruner, Matt Emery, Ryan Atlas

Business.com Carlsbad, California

On February 15, 2011, JMI Equity completed an investment in Resource Nation, a

On February 15, 2011, JMI Equity completed an investment in Resource Nation, a leading provider of interactive marketing solutions for business to business (B2B) advertisers. A portion of the proceeds from the investment was used to acquire Business.com, the leading B2B marketing portal. The combined Company now operates as Business.com, operating branded websites that attract a large and desirable audience of purchasers of business related products and services. JMI Team: Peter Arrowsmith, David Greenberg, Kory Knell

BigMachines Chicago, Illinois

On December 28, 2010, JMI Equity and Vista Equity Partners completed a recapitalization of BigMachines, a leading provider of SaaS solutions that help companies automate and streamline complex sales processes. JMI Team: Peter Arrowsmith, Brian Hersman, Farouk Hussein

Adknowledge Kansas City, Missouri

On December 23, 2010, JMI Equity completed a strategic growth investment in Adknowledge. Adknowledge is the fourth largest online advertising marketplace behind Google, Bing and Facebook. lts platform enables advertisers to expand their online presence beyond large search engines to the thousands of small and medium-sized sites that collectively reach millions of consumers. JMI Team: Brad Woloson, Bob Nye, Krishna Potarazu, Larry Contrella

Internet Brands El Segundo, California

On December 17, 2010, JMI Equity and Hellman & Friedman completed the takeprivate of Internet Brands (NASDAQ: INET). Internet Brands is an internet media company that owns and operates more than 100 branded websites that are leaders in their vertical markets. JMI Team: Paul Barber, David Greenberg, Kory Knell

RECENT LIQUIDITY EVENTS

Seismic Micro-Technology (SMT) Houston, Texas
On August 11, 2011, IHS Inc. (NYSE: IHS), the leading global source of information and analysis, announced it had completed its acquisition of SMT, a market leader for geoscience software, in a $500 million all cash transaction.

Global 360 Dallas, Texas

On July 13, 2011, OpenText (NASDAQ: OTEX, TSX: OTC) announced that it had acquired Global 360, a leading provider of process and case management solutions.

Activant Livermore, California

On May 16, 2011, Apax Partners announced that it had completed the acquisition of Activant and Epicor Software. Activant is a leading technology provider of business management solutions to retail and distribution businesses.

QuIC Vancouver, Canada

On January 12, 2011, Markit, a leading global financial information services company, announced that it had acquired QuIC Financial Technologies, a provider of enterprise-wide risk management and financial analytics solutions.

Intergraph Huntsville, Alabama

On October 28, 2010, Hexagon AB announced that it had completed its acquisition of Intergraph, a global provider of engineering and geospatial software, in a transaction valued at approximately $2.125 billion.

Unica Waltham, Massachusetts

On October 6, 2010, IBM Corp. (NYSE: IBM) announced that it had completed its acquisition of Unica, a global provider of enterprise marketing management (EMM) software, in a cash transaction at a price of $21 per share, or a net price of approximately $480 million, after adjusting for cash.

PORTFOLIO COMPANY NEWS

ServiceNow San Diego, California
On September 1, 2011, ServiceNow, a provider of SaaS for IT service management, announced that it is ranked on the 2011 Inc. 500 for the second year in a row. With a three-year growth rate of 1,240 percent, ServiceNow is the fastest growing software company with revenues greater than $50 million. The Inc. 500 is a ranking of the fastest-growing privately held companies in the U.S. In March 2011, the Company was chosen by AlwaysOn as an OnDemand 100 winner in the cloud management and tools category for the second year in a row.

Eloqua Vienna, Virginia

On August 24, 2011, Eloqua, a leading provider of on-demand Revenue Performance Management solutions, announced that it had filed a registration statement with the SEC relating to a proposed initial public offering of shares of its common stock. The number of shares to be offered and the price range for the offering have not been determined. In March 2011, the Company announced that it was selected by AlwaysOn as an OnDemand Top 100 winner. The OnDemand 100 comprises companies pioneering cloud computing and SaaS.

Internet Brands El Segundo, California

On July 11, 2011, Internet Brands announced that it had acquired Weddingbee.com and JustMommies.com, two established and growing community websites for women. In May 2011, the Company acquired Nolo, a market leader in consumer-friendly legal information and marketing services. Nolos operations will be combined with ExpertHub, Internet Brands existing legal-focused division, to solidify its leadership position in the online consumer legal space.

Arrowhead GIA San Diego, California

Arrowhead GIA San Diego, California

On May 15, 2011, Arrowhead, one of the nation's largest property and casualty insurance program managers, announced the acquisition of speciality insurance agency, Trafalgar Marine Insurance Services. The acquisition will allow Arrowhead to expand its speciality and personal lines franchises, as well as enhance its product offering for its network of producers and brokers.

Granicus San Francisco, California

On May 11, 2011, Granicus, the leading cloud platform provider for government transparency, efficiency and citizen participation, announced the acquisition of Daystar Computer Systems, a provider of agenda management products and services for government. The acquisition broadens Granicus' product portfolio and provides powerful legislative tools to run government policy-making with greater efficiency and transparency.

Undertone New York, New York

Undertone CEO, Michael Cassidy, was recognized as Ernst & Young's New York 2011 Entrepreneur of the Year, in the digital media category. Undertone, an online advertising network that delivers quality digital experiences for advertisers, publishers and their audiences, announced the completion of two acquisitions in Q4 2010. The Company acquired European digital representation firm WWN in December, and Jambo Media, one of the largest suppliers of online video advertising distribution and technology, in October. The acquisitions further Undertone's strategy of creating a single solution for premium reach across display and video, bridging the gap between traditional TV and digital advertising.

Trustwave Chicago, Illinois

On April 21, 2011, Trustwave, a leading provider of information security and compliance solutions, announced that it had filed a registration statement with the SEC relating to a proposed initial public offering of shares of its common stock. Trustwave acquired Intellitactics, a JMI IV portfolio company, in March 2010.

BigMachines Chicago, Illinois

On January 27, 2011, BigMachines, the global leader in enabling B2B sales, announced that it had been named to the JMP Securities Hot 100: The Best Privately Held Software Companies list for the second consecutive year.

JMI TEAM NEWS

We are pleased to announce the following recent promotions and additions to the JMI team.

Promotions
Principal Brian Hersman was promoted to Principal in August 2011. Brian serves on the BigMachines and PowerPlan Boards of Directors. Prior to joining JMI in 2008, Brian was a Senior Associate at Vista Equity Partners and a Business Analyst at McKinsey & Company. Vice President Bobby Cesafsky was promoted to Vice President in September 2011. Bobby supports the firm's investments in Business.com, Catapult Learning, Navicure, and PowerPlan. Prior to joining JMI in 2007, Bobby was an Analyst in the Business and Technology Services Investment Banking Group at Robert W. Baird & Company. Senior Associate Ryan Atlas was promoted to Senior Associate in September 2011. Ryan supports the firm's investments in

Senior Associate Ryan Atlas was promoted to Senior Associate in September 2011. Ryan supports the firm's investments in Autotask, Compusearch, Datatel and PointClickCare. Prior to joining JMI in 2009, Ryan was a Business Analyst at McKinsey & Company. Zafar Jafri was promoted to Senior Associate in September 2011. Zafar supports the firm's investments in Arrowhead GIA and Jobing.com. Prior to joining JMI in 2009, Zafar was a Business Analyst at McKinsey & Company. Kory Knell was promoted to Senior Associate in September 2011. Kory supports the firm's investments in Business.com and Internet Brands. Prior to joining JMI in 2009, Kory was a Financial Analyst in the Technology, Media, and Telecommunications Group, Investment Banking Division at Goldman, Sachs & Co.

New Hires
Hiten Chawla joined the Baltimore office in August 2011 as an Associate. Prior to joining JMI, Hiten was a Business Analyst at McKinsey & Company. He received a BS in Computer Science and an MS in Management Science & Engineering from Stanford University. AJ Jangalapalli joined the Baltimore office in August 2011 as an Associate. Prior to joining JMI, AJ was an Analyst in the Media and Telecom Group at Deutsche Bank. He received a BA in Economics and a Minor in Art History from Dartmouth College. Robbie Lim joined the San Diego office in August 2011 as an Associate. Prior to joining JMI, Robbie was an Analyst in the Corporate and Mergers and Acquisitions Group at The Blackstone Group. He received a BA in Asian History from Dartmouth College. Chris Rhodes joined the Baltimore office in August 2011 as an Associate. Prior to joining JMI, Chris was an Investment Banking Analyst in the Global Media and Communications (TMT) Group at UBS Investment Bank. He received a BA in Political Science from Yale University. Page Wagley joined the San Diego office in August 2011 as an Associate. Prior to joining JMI, Page was an Investment Banking Analyst in the Global Services Group at William Blair & Company. She received a BA in Economics and Art History from Dartmouth College. Eric Hu joined the San Diego office in June 2011 as an Associate. Prior to joining JMI, Eric was an Associate in the Corporate Development department at eHarmony. He also worked as an Analyst in the technology Investment Banking Division at Jefferies & Company. Eric received a BS in Management Science from the University of California, San Diego.

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