X0306 4 2013-09-23 0 0001576169 Benefitfocus,Inc. BNFT 0001365607 OAK INVESTMENT PARTNERS XII L P 901 MAIN AVENUE, SUITE 600 NORWALK CT 06851 0 0 1 0 Common Stock 2013-09-23 4 C 0 2441009 0.00 A 2441009 D Series B Preferred Stock 2013-09-23 4 C 0 2441009 0.00 D Common Stock 2441009 0 D The shares of Series B Preferred Stock automatically converted into shares of the Issuer's Common Stock on a one-for-one basis upon the closing of the Issuer's initial public offering. Represents securities directly owned by the Reporting Person. Oak Associates XII, LLC, as the general partner of the Reporting Person, may be deemed to beneficially own these securities. Each of Oak Investment Partners XII, LP and Oak Associates XII, LLC disclaims beneficial ownership (as defined in Rule 16a-1(a)(2)) of the securities reported herein (except to the extent of its pecuniary interest therein), and this report shall not be deemed an admission that the Reporting Person or Oak Associates XII, LLC is the beneficial owner of any such securities for purposes of Section 16 or for any other purpose. /s/ Donald R. Reynolds, Attorney-in-Fact 2013-09-24