X0303 4 2010-02-17 0 0001117297 QUINSTREET, INC QNST 0001295357 Split Rock Partners LLC 10400 VIKING DR SUITE 550 EDEN PRAIRIE MN 55344 0 0 1 0 0001258188 SPVC V, LLC 10400 VIKING DR STE 550 EDEN PRAIRIE MN 55344 0 0 1 0 0001039498 SPVC AFFILIATES FUND I, LLC 10400 VIKING DR STE 550 EDEN PRAIRIE MN 55344 0 0 1 0 Common Stock 2010-02-17 4 C 0 121324 A 121324 I By SPVC Affiliates Fund I, LLC Common Stock 2010-02-17 4 C 0 5561627 A 5561627 I By SPVC V, LLC Series A Preferred Stock 2010-02-17 4 C 0 121324 0 D Common Stock 121324 0 I By SPVC Affiliates Fund I, LLC Series A Preferred Stock 2010-02-17 4 C 0 4290440 0 D Common Stock 4290440 0 I By SPVC V, LLC Series B Preferred Stock 2010-02-17 4 C 0 1271187 0 D Common Stock 1271187 0 I By SPVC V, LLC The securities converted into the Issuer's Common Stock at a rate of one-for-one. Represents securities held directly by SPVC Affiliates Fun I, LLC, which is jointly managed by Split Rock Partners, LLC and Vesbridge Partners, LLC. Voting and investment power over the shares, however, has been delegated solely to Split Rock Partners, LLC. Split Rock Partners, LLC has delegated voting and investment decisions with respect to the shares to four individuals who require a two-thirds vote to act. Split Rock Partners, LLC may be deemed to be an indirect beneficial owner of the reported securities. Split Rock Partners, LLC disclaims any beneficial ownership of the reported securities, except to the extent of any pecuniary interest therein. This report shall not be deemed an admission that any of the reporting persons is the beneficial owner of such securities for purposes of Section 16 or for any other purpose. Represents securities held directly by SPVC V, LLC, which is jointly managed by Split Rock Partners, LLC and Vesbridge Partners, LLC. Voting and investment power over the shares, however, has been delegated solely to Split Rock Partners, LLC. Split Rock Partners, LLC has delegated voting and investment decisions with respect to the shares to four individuals who require a two-thirds vote to act. Split Rock Partners, LLC may be deemed to be an indirect beneficial owner of the reported securities. Split Rock Partners, LLC disclaims any beneficial ownership of the reported securities, except to the extent of any pecuniary interest therein. This report shall not be deemed an admission that any of the reporting persons is the beneficial owner of such securities for purposes of Section 16 or for any other purpose. The securities do not have an expiration date. Each share of Series A and Series B Preferred Stock converted automatically into shares of Common Stock in connection with the closing of the Issuer's initial public offering on February 17, 2010. Prior to its conversion into the Issuer's Common Stock, the Series A and Series B Preferred Stock was convertible at any time at the option of the holder. SPLIT ROCK PARTNERS, LLC, By: /s/Steven L.P. Schwen, Chief Financial Officer 2010-02-19 SPVC V, LLC, By: /s/Steven L.P. Schwen, Chief Financial Officer 2010-02-19 SPVC AFFILIATES FUND I, LLC, By: Split Rock Partners, LLC, its Co-Manager, By: /s/Steven L.P. Schwen, Chief Financial Officer 2010-02-19