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Joanne Chen | Michael DOrazio | Victor Ho | Alan Rutledge

April 20, 2007

Mint: Save Time & Money


Transactions
List of detailed transactions grouped my category All assets All debt Current net worth Tags, to customize transactions into folders Line graph plotting spending over time

Goals
List of goals Current net worth allocated to goals How much of goal is achieved All assets All debt Current net worth Notes

Team & Advisors


Aaron Patzer
CEO & Founder Lead Architect, Nascentric (chip simulation software) Founder, GetAWebsite (search engine optimization) Director of Technology, ShockMarket Corporation Director of Engineering, PGP (security software) Director of Marketing, PayPal (micro-payments) Director of Marketing, Simply Hired (job search) CTO & Founder, Novaroura (acquired by FittingGroup) Co-Founder, Six Madison (anti-fraud SAS)

David Michaels
VP Engineering

Dave McClure
Director Marketing

Jason Putorti
Lead Designer

Investors & Advisors


First Round Capital, Felicis Ventures, Ron Conway, Scott Cook (Intuit Founder & CEO)
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Market Size - US
49 Million People
22 to 35 age range

31 Million Prospective Mint Users


64% of target demographic use online banking

Referrals (CPA)
$8 RPU per year w/ 14% CAGR
Conversion 0.75% 1.00% 0.50% 0.25% 0.10% CPA $50.00 $75.00 $75.00 $50.00 $200.00 Referral Savings Accounts Internet Credit Cards Cell Phone Bank Accounts

Advertising (CPC)
$4.50 RPU per year w/ 22% CAGR
Data to Leverage Zip Code (feasibly: School or Workplace) Age (feasibly: Gender) Income (propensity to spend) Where and when you shop What brands you buy

$388 Million Total Addressable Market Opportunity w/ 16% CAGR


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Competitors
Key Competitor: Wesabe
No revenue model Freemium Community based - limited source of information from wisdom of the crowds Poor traction Unspecific suggestions

Potential Entrants
Develop simple, easy-to-

use, free personal finance online application to cater to mainstream Acquire Wesabe or similar online application

Mints Comp. Advantages


User-specific saving opportunities Compelling AI-based auto-sorting Easy and intuitive user interface

Mints Defensibility
High service switching costs 3 non-pending technology patents Integration partnerships (TurboTax)

Value to User
Finance Software Ease of Use
Easily tracks and logs data from multiple sites
Steep learning curve; UI cluttered with excessive features

Online Banking
Inconsistent layout; difficult to aggregate other sites

Finance Social Networks


Intuitive interfaces; simplified features

Costs

Free to use; Automated billing and categorization

Required initial investment and update fees

Integrated with bank account and bill pay

Users must contribute to add value

Benefits

Saves time Save money

Powerful feature set for keeping finances organized

International presence; strong advertiser network, existing users

Low quality usergenerated advice

Mint offers the most compelling and easy way to manage your personal finances.
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Value to Partners
Prospective Partner
Wamu Comcast Capital One Cingular Wells Fargo E-Trade Blue Cross Bank of America

Product or Service
Savings Accounts Internet Credit Cards Cell Phone Bank Accounts Brokerage Accounts Insurance Mortgage

Customer Acquisition Cost1


$200.00 $200.00 $150.00 $325.00 $175.00 $475.00 $225.00 $550.00

Mint Referral
$50.00 $75.00 $75.00 $50.00 $125.00 $100.00 $100.00 $325.00

Value Proposition
$150.00 $125.00 $75.00 $275.00 $50.00 $375.00 $125.00 $225.00

Partners can increase revenue via cost-effect customer acquisition


1. http://www.emetrics.org/articles/acquisition.shtml

User Acquisition
Launch Growth Maturity
Word of mouth & viral, Blogosphere referral badges, sharable website tags

Direct email
Targeted opt-in email lists College list serves Symposium & events Personal finance lists

Distribution partners
Affiliate networks Mutual linking sites

Internet advertising
Overture + Adwords

PR
Buzz marketing

SEO
Organic search Optimized page markup

Company blog PR tactics

Business Model
User Acquisition Gather User Information Intelligent Suggestions User Switches = Referral Fee

From
Advertising E-mail Viral Marketing Distribution Partners

Includes
Account Types Spending Patterns Credit History Demographics and Preferences

Based On
History Usage Spending Habits Current Market Deals/Rates

Fee Types
Bank Account Credit Card Cell Phone Carrier ISP Loan

Mint makes money when users make money rather than relying on creating value through added services Future Potential: Advertising
Large expected user base

High quality user data

Premium targeted ads

High Profit Potential


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Financials
2007 Total Users Referrals Credit Cards Savings Accounts Bank Accounts Internet Service Provider Cell Phone Targeted Advertising Total Revenue Sales and Marketing Expense General and Administrative Expense Research and Development Expense EBIT
Expected Earnings
$5.0 5.0 4.5 $4.0 4.0

Projected Year Ending December 31, 2008 2009 2010 180.0 $111.4 101.3 62.1 193.1 33.3 1,012.5 $1,513.6 302.7 544.0 340.6 $326.3 309.6 $210.7 195.9 122.8 365.3 60.4 1,959.2 $2,914.3 291.4 942.7 590.1 $1,090.1 510.2 $382.0 363.2 232.8 662.1 104.6 3,632.3 $5,377.1 268.9 1,565.3 980.0 $2,562.9

100.0 $56.3 50.0 30.0 97.5 17.5 500.0 $751.3 225.4 300.0 187.8 $38.1

Assumptions Investment Stake Hurdle Rate

$3.0M 15% 5%

IRR: 25%

Revenue by Source

Dollars (Millions)

$3.0

Dollars (Millions)
2007 2008 2009 2010

3.5 3.0 2.5 2.0 1.5 1.0

$2.0

$1.0

$0.0

0.5 0.0

($1.0) Dow nside Expected Upside

2007 Targeted Advertising

2008 Savings Accounts

Credit Cards

2009 Bank Accounts

2010 Cell Phone

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Exit Strategy

Allows Google entrance into personal finance industry by providing simple, free application More targeted advertising; increased customer lock-in

Low switching costs for current product set; desire to increase lock-in

Expand personal finance presence by bringing personal finance software to mainstream Increase product upsell; augment patented technology

Expand personal finance presence by bringing personal finance software to mainstream Integration with MS Money by providing online interface

More targeted advertising; increased customer lock-in

Seamless integration with Google Finance site

Seamless integration with Yahoo Finance site

Integration with Quicken by providing online interface

Increase product upsell; augment patented technology

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Q&A
Product Team Market Size Value to Users Business Model User Acquisition Financials Acquirers Risks & Precautions Product Comparisons Alternative Revenue Streams Management Expertise Potential Acquirers 5-Year Revenue Projections

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Risks & Precautions


Risks
Low barriers to entry; new competitors

Mitigate

Precautions
Develop name brand to assure high market penetration and growth rates; patent proprietary technologies Leverage high value, low time investment proposition for users; develop user community

Lack of user commitment

Low user referral rate

Push high monetary value of utilizing suggestions; offer multiple choices Technology patents filed; feature set would be difficult to integrate with a boxed product Utilize management teams superior know-how and clear viral marketing potential to ensure growth

Existing competitors adding similar features

Slow initial growth

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Competitive Response
Microsoft
Attempts to copy MyMints website and business model

Result
Delays Microsoft market entry and increases costs User base safe, competition for new users may occur

MyMint
Enforce patent protection of proprietary technology

Leverages brand name and market reach

Satisfied users have little incentive to switch

Extensive experience and software specialization

No advantage

Highly experienced management team

Synergies with current software such as Quicken

MyMint offers a unique product

Technology extends beyond reach of existing software

Defensibility
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Financial Assumptions
User Base Adoption Rate 1 2 3 Referrals Credit Cards 1 2 3 Savings Accounts 1 2 3 Bank Accounts 1 2 3 Internet Service Provider 1 2 3 Cell Phone 1 2 3 Advertising Targeted Advertising 1 2 3 Costs Sales and Marketing Expense General and Administrative Expense Research and Development Expense 1 2 3 80.0% 80.0% 80.0% 100.0% 72.0% 68.0% 72.0% 90.0% 64.8% 57.8% 64.8% 81.0% Step (15.0%) (10.0%) (10.0%) 0.75% 0.50% 0.75% 1.00% 1.00% 0.75% 1.00% 1.25% 0.15% 0.10% 0.15% 0.20% 1.3% 1.0% 1.3% 1.6% 0.35% 0.25% 0.35% 0.45% $5.0 $5.0 $5.0 $5.0 30.0% 39.9% 25.0% 25.0% 25.0% 25.0% 0.83% 0.55% 0.83% 1.10% 1.13% 0.83% 1.13% 1.44% 0.17% 0.12% 0.17% 0.23% 1.4% 1.1% 1.4% 1.8% 0.37% 0.25% 0.37% 0.45% $5.6 $5.5 $5.6 $5.8 20.0% 35.9% 22.5% 23.8% 22.5% 21.3% 0.91% 0.61% 0.91% 1.21% 1.27% 0.91% 1.27% 1.65% 0.20% 0.13% 0.20% 0.26% 1.6% 1.2% 1.6% 1.9% 0.39% 0.25% 0.39% 0.45% $6.3 $6.1 $6.3 $6.6 10.0% 32.3% 20.3% 22.6% 20.3% 18.1% 1.00% 0.67% 1.00% 1.33% 1.42% 1.00% 1.42% 1.90% 0.23% 0.15% 0.23% 0.30% 1.7% 1.3% 1.7% 2.1% 0.41% 0.25% 0.41% 0.45% $7.1 $6.7 $7.1 $7.6 5.0% 29.1% 18.2% 21.4% 18.2% 15.4% (10.0%) Step (5.0%) (10.0%) (15.0%) Step 10.0% 10.0% 10.0% Step 10.0% 12.5% 15.0% Step 15.0% 15.0% 15.0% Step 10.0% 10.0% 10.0% Step (15.0%) (10.0%) (10.0%) Step 10.0% 12.5% 15.0%

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Exit Calculation
Multiples Analysis for MyMint
Dollars in Millions (MyMint in Thousands) Company PlanetOut.inc DealerTrack Synchronoss Technologies Ticker LGBT TRAK SNCR Enterprise Value $61.9 $940.2 $490.8 2007 Sales $76.0 $219.8 $101.8 1 2 3 4 2007 EBIT ($7.2) $57.3 $24.0 High Average Median Low EV/Sales .8x 4.3x 4.8x 4.8x 3.3x 4.3x .8x EV/EBIT N/A 16.4x 20.5x 20.5x 9.4x 16.4x N/A

MyMint Sales EBIT Cash Flows Reinvested IRR

2007 751.3 38.1 (3,000) 25%

2008 1,513.6 326.3 1 $49

2009 2,914.3 1,090.1 2 $164

2010 5,377.1 2,562.9 3 $6,259

2011 2012 9,532.4 16,278.8 4,994.7 9,223.1 4 5 $0 $0

Sales Year Method Assumptions Investment Stake Hurdle Rate

3 1

EV $25,914 $52,414 Average EV $39,164

$3.0M 15% 5%

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