Pandora Media (NYSE: P) is an Internet radio services provider in the United States. The company allows listeners to create up to 100 personalized stations to access unlimited hours of free music and comedy. It is also involved in the sale of displays, audio advertising, and video advertising products to advertisers for delivery on computer, mobile, and other connected device platforms. As of January 31, 2012, the company had approximately 125 million registered users and 47 million active users. For more information visit the company’s Web site at: www.pandora.com

William Blair & Company is a global investment banking and asset management firm committed to building enduring relationships with clients and providing expertise and solutions to meet their evolving needs. An independent and employee-owned firm, William Blair is based in Chicago, and has office locations in 10 cities, including London, New York, Shanghai, and Zurich. For more information on William Blair & Company, visit www.williamblair.com

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