Copyright  2012.  

First Quarter 2012 Earnings Call May 3, 2012

Copyright  2012.   QPSA 2

Cautionary Note Regarding Forward Looking Statements Certain statements in this presentation and responses to various questions includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts contained herein, including statements regarding the continued growth in our core platform, are forward-looking statements. The words “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “could,” “target,” “potential,” “is likely,” “will,” “expect” and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. Important factors that could cause actual results to differ from those in the forward-looking statements include: issues that affect the functionality of our mobile application with popular mobile operating systems, any changes in such operating systems that degrade our mobile application’s functionality and other unexpected issues which could adversely affect usage on mobile devices, the willingness of our users to purchase virtual credits on their mobile devices, and acceptance of our new brand in Latin America and globally. Further information on our risk factors is contained in our filings with the SEC, including the Form 10-K for the year ended December 31, 2011. Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

Copyright  2012.   QPSA 3

Key  Metrics  

Q4  2011  results  reflect  myYearbook  as  of  the  merger  date  of  November  10,  2011.  

34  38   40  

78  82  

-­‐

10  

20  

30  

40  

50  

60  

70  

80  

90  

Q1  20

11

Q2  20

11

Q3  20

11

Q4  20

11

Q1  20

12

Registered  Users  (Millions)

Registered  Users  (Millions)

(Millions)

63  48  

30  

192  

337  

-­‐

50  

100  

150  

200  

250  

300  

350  

400  

Q1  20

11

Q2  20

11

Q3  20

11

Q4  20

11

Q1  20

12

Visits  (Millions)

Visits  (Millions)

(Millions)

605   583   579  

5,432  

9,558  

-­‐

2,000  

4,000  

6,000  

8,000  

10,000  

12,000  

Q1  20

11

Q2  20

11

Q3  20

11

Q4  20

11

Q1  20

12

Pageviews  (Millions)

Pageviews  (Millions)

(Millions)

Copyright  2012.   QPSA 4

Q4  2011  results  reflect  myYearbook  as  of  the  merger  date  of  November  10,  2011.  

Copyright  2012.   QPSA 5

Q4  2011  results  reflect  myYearbook  as  of  the  merger  date  of  November  10,  2011.  Adjusted  EBITDA  is  a  non-­‐GAAP  financial  measure.    The  following  slide  includes  a  reconciliaNon  of  EDITDA  and  Adjusted  EBITDA  to  Net  Income.    

Copyright  2012.   QPSA 6

Q4  2011  results  reflect  myYearbook  as  of  the  merger  date  of  November  10,  2011.  

March  31,  2012

Per  Basic  Share

Per  Diluted  Share

March  31,  2011

Per  Basic  Share

Per  Diluted  Share

December  31,  2011

Per  Basic  and  Diluted  

Share

Net  loss  allocable  to  common  shareholders (1,858,658)$   (0.05)$         (0.05)$   (1,517,001)$   (0.10)$         (0.07)$   (5,457,271)$         (0.20)$                      Interest  expense 298,068 0.01                 0.01           149,986 0.01                 0.01           204,199 0.01                              Depreciation  and  amortization 907,399 0.02                 0.02           136,460 0.01                 0.01           603,030 0.02                              Amortization  of  stock  based  compensation 1,036,061 0.03                 0.03           873,234 0.06                 0.03           1,469,637 0.05                          EBITDA 382,870 0.01                 0.01           (357,321)               (0.02)             (0.02)         (3,180,405)             (0.12)                            Acquisition  and  restructuring  costs 290,067 0.01                 0.01           367,751 0.02                 0.02           779,441 0.03                              Loss  on  impairment  of  goodwill -­‐                                               -­‐                     -­‐               -­‐                                               -­‐                     -­‐               1,409,127                 0.05                          Adjusted  EBITDA 672,937$               0.02$             0.02$       10,430$                   0.00$             0.00$       (991,837)$               (0.04)$                  

Weighted  average  number  of  shares  outstanding,  Basic 36,189,173 15,662,232 27,770,127

Weighted  average  number  of  shares  outstanding,  Dilutive 41,800,383 24,437,565

QUEPASA  CORPORATION  AND  SUBSIDIARIESReconciliation  of  GAAP  Net  Income  (Loss)  to  Adjusted  EBITDA

For  the  Three  Months  Ended For  the  Three  Months  Ended For  the  Three  Months  Ended

Copyright  2012.  

Con.nued  Growth  in  Core-­‐Pla8orm  

QPSA 7

1  MAU  chart  refers  to  the  total  MAU  of  myYearbook.  myYearbook  is  the  company’s  core  plaRorm,  which  is  being  rebranded  to  MeetMe  in  July.  In  Q1  2012,  85%  of          visits  to  myYearbook  were  from  the  US.  The  growth  of  the  myYearbook  plaRorm  is  a  proxy  for  US  growth.  

Copyright  2012.  

Mobile  Revenue  Growing  Nicely  Off  Small  Base  

QPSA 8

1  Mobile  revenue  refers  to  mobile  adverNsing  and  mobile  virtual  currency  revenue