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From: Laurel Moody [mailto:lmoody@corporateprofile.com] Sent: Monday, August 08, 2011 12:21 PM To: Brad Greenspan Cc: McBride, Sarah (M Edit Ops) Subject: FW: brad greenspan/google+

( 1+#0' ( 9(2*&3(&:4%,(34(=*/*4$9/&>$?(-)(/3@$(8",(;#$3,0(34(7,3(<4==,$3(>+4=( 54*(>4+(#+36<-,(&",(6&(;4+%6$7(4$.((8,,(6$>4(?,-4;.(@,+(<4$3#<3(6&( ?,-4;.((),3(=,(%$4;(6>(9(<#$(&,3(*:(#(<#--(4+(6>(63(6&(4%(34(76A,(",+(54*+( <,--($*=?,+.((B4+(54*(2*&3(<4$3#<3(",+(06+,<3-5C ( 1,&3(+,7#+0&' )#*+,-(D4405 E4+:4+#3,(F+4>6-,())E GH(1+4#0;#5(IJ$0(K-44+ L,;(M4+%(LM(HNNNG GOG(PHN(NGNP ( ( (
From: Sarah.McBride@thomsonreuters.com [mailto:Sarah.McBride@thom sonreuters.com] Sent: Monday, August 08, 2011 3:03 PM To: Laurel Moody Subject: brad greenspan/google+

@6()#*+,( K4+(#(Q447-,R(#+36<-,(9S=(;4+%6$7(4$(A$!$6*3$6&2#(/025$09$B/*#$>054)$ 4*'($*$>02-)($)&$)*%+$60)4$>(@$=021($4($4*3$1&230#(/*;%($(CD(/0(21($ 02$3&10*%$>(#0*A$9(;#&(;4$0,+6$7(6>(",S&("#0(#(<"#$<,(34(<",<%(4*3( Q447-,R'(#$0(;"#3(",(3"6$%&(4>(63T6>(3",+,(#+,(#$5(%6--,+(>,#3*+,&(4$(63( ?,&60,(3",(4?A64*&(B<6+<-,&'("#$74*3&C'(;"#3(3",5S+,(046$7(+67"3'(64*)$ )4(,"/($#&025$6/&25@ ( !"#$%&(&4(=*<" ( 8#+#" UUUUUUUUUUUUUUUUUUUUUUUUU 8#+#"(D<1+60, V,:4+3,+'(!"4=&4$(V,*3,+& OHW(GXX(JWOX ( (

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From: Brad Greenspan [mailto:bspan@earthlink.net] Sent: Monday, August 08, 2011 1:51 PM To: McBride, Sarah (M Edit Ops) Cc: lmoody@corporateprofile.com Subject: Re: brad greenspan/google+

Based on the current market conditions and internet IPO performance recently coupled with the competition from Google+, when compared to the , then if and when Facebook completes an IPO, there will be significant shareholders who purchased shares over last 12 months forced to recognize that they now own public Facebook shares worth considerably less then what they just recently paid. One has only to look at an internet stock that did an IPO like Demand Media which is off over 60% from its IPO price just a few months ago backed by Morgan Stanley and Goldman Sachs to determine that the public marketplace likely will not be so gullible in the near term or willing to pay up for a Facebook IPO in 2011 at anywhere near the ridiculously high valuations Facebook private shares have traded hands for in some of the online trading websites. Therefore, many shareholders and perhaps Facebook itself may feel better if Facebook stays private for another 24-36 months and continues to leverage the optical illusion that the artificial supply and demand of the private sale marketplace has provided to Facebook sellers. A public Facebook measured against quarterly performance like other public companies can likely now can only disappoint the buyers

of private Facebook stock. However for insiders like Mark Zuckerberg, an IPO At a $10 Billion dollar valuation would be a huge win in the current environment and if Facebook can stave off competitors like Google+ then that $10 Billion valuation could grow or increase in 1-2 years after the IPO to perhaps $20 Billion if the stars are aligned and the management of Facebook can trump the significant competitors that exist. On Aug 8, 2011, at 5:58 PM, Sarah.McBride@thomsonreuters.com wrote:
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From: Brad Greenspan [mailto:bspan@earthlink.net] Sent: Monday, August 08, 2011 8:01 PM To: McBride, Sarah (M Edit Ops) Subject: Re: brad greenspan/google+

Of the purported 'secondary market'? (I almost used those words actually until I considered that it would be somewhat inflating the efficiency, accuracy, and stature of 2-3 websites that have merely facilitated and posted some trades back and forth over past 12 months ) Thus I instead described in my reply 'private trades' as I decided to couch it as what it really is which is basically imagining if you took the 1-2% of demand for TheGlobe.com from its IPO day and that 1-2% of buyers that were happy to pay the high trades of its IPO day and record

those trades over a 12 month period spaced out to create the appearance there really was a bona fide secondary market which could validate or somewhat validate the valuation that 1-2% of crazy people that want to pay $20,000 for Alligator shoes also and love them no matter what. -Or souvenir buyers that will pay beyond what makes sense,etc. However, unfortunately the U.S. doesnt have enough bona fide buying power to create a $80Bln Facebook in the public markets without a significant amount of buying power rotating out of Google, Yahoo, etc. and going into a Facebook. A public IPO typically sells 20-30% of its stock to public. So at $80bln, that $24Billion of buying power needed to come buy the stock at that valuation on IPO day and then you of course need those buyers at $80bln to not only believe the stock will be worth more soon after they buy the IPO shares but you need follow up and ongoing buying power and money to then at least keep the valuation of the $80bln company stabilized and not dropping. Therefore, imagine if $24Bln of Facebook sellers pushed demand and shares into the 2-3 websites that have printed some trades over last 12 months. And you told those $24Bln of Facebook sellers that they had 6 months to liquidate their shares in the 'secondary' marketplace before it did not exist anymore.

Day 1- All $24bln of sellers shares would be listed for sale at $80bln and they would get a cpl trades completed (as the 1-2% crazy buy at any price for souvenir or just dreamer .com investors would undoubtably surface). But then demand at $80bln value would be exhausted and $23.5bln of stock would be overhand on hope to be defined as 'secondary' website market Now, as soon as the $23.5Bln of sellers (lets estimate thousands of sellers make upthis aggregate total) saw that there were no more buy at any price buyers coming to nibble, the sellers would compete against one another and lower the price they were willing to take. Perhaps one big VC group would be willing to sell $1bln at a 50% discount to get out before other big sellers, and this sort of supply against a lack of demand would make FaceBook's valuation based on the purported 'secondary market' tumble much faster then a normal publicly traded stock with more efficiency, market makers,etc. And then the holders and buyers of the Facebook stock that had believed in Facebook's $80Billion valuation months before would suddenly go from bullish to bearish or trying to protect their downside. And Facebook would be forced to reconcile its $80bln purported private valuation with the real supply/demand that exists for its stock. And therefore based on current market environment and current competition I cited the valuations I cited. The market is about timing...always timing is key.

So if you asked me for my valuation estimate 6 months ago it would be quite different then the estimate today based on where market is and whats happened to valuations of other recent IPOs and risk appetites,etc. Hope thats helpful.
From: Sarah.McBride@thomsonreuters.com Date: August 9, 2011 4:29:19 PM PDT To: bspan@earthlink.net Subject: RE: brad greenspan/google+

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