Carbonite Inc (CARB): Crosslink Capital Lowers Its Stake

Item 3. Source and Amount of Funds or Other Consideration

The source and amount of funds used in purchasing the Stock
reported in this Schedule 13D (as amended) as beneficially owned by Crosslink and the Crosslink Affiliates were as follows:

Purchaser	Source of Funds	Amount
Crosslink	AF(1)	$ 20,019,074
Ventures V Holdings	AF(1)	$ 10,634,378 (2)
Crossover V Management	AF(1)	$   5,392,729 (2)
Crossover VI Management	AF(1)	$   3,991,966 (2)

(1)

Purchases were made by the Funds and include amounts paid for shares of the Issuer’s Series D Preferred Stock, each share of which was automatically converted into three shares of the Stock on the completion of the Issuer’s initial public offering.

(2)

These amounts are included in the amount shown for Crosslink.

Item 4. Purpose of Transaction

None of Crosslink or the Crosslink Affiliates
has any present plans or intentions to acquire or dispose of any securities of the Issuer other than on behalf of Crosslink’s
advisory clients for the purpose of investment. Crosslink may decide to purchase at any time or times on behalf of its advisory
clients additional shares of Stock or other securities of the Issuer. It also may at any time or times cause its advisory clients
to dispose of any or all securities of the Issuer in any lawful manner.

Other than as described herein, none of Crosslink
or the Crosslink Affiliates has any present plans or proposals which relate to, or would result in, any of the transactions or
events described in Item 4 of Schedule 13D. Crosslink’s advisory clients, however, reserve all of their rights as stockholders
of the Issuer and may exercise those rights in any manner that they or Crosslink consider to be in the interests of such clients.

Item 5. Interest in Securities of the Issuer

The Stock reported as beneficially owned
by Crosslink on its cover page includes the shares of Stock also beneficially owned by the Crosslink Affiliates listed below.

1.

Ventures V Holdings

(a) Amount of stock
beneficially owned: 995,356

(b) Percent of class:
3.7

(c) Number of shares
as to which the person has:

(i) Sole power to vote
or direct the vote: 0

(ii) Shared power to vote
or direct the vote: 995,356

(iii) Sole power to dispose
or direct the disposition of: 0

(iv) Shared power to dispose
or direct the disposition of: 995,356