Shaking the MoneyTree™ www.pwc.com Shaking the MoneyTree™ Q3 2014 Update PricewaterhouseCoopers/National Venture Capital Association MoneyTreeTM Report, based on data from Thomson Reuters

PricewaterhouseCoopers/National Venture Capital Association MoneyTreeTM report, based on data from Thomson Reuters By Name: PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, based on data from Thomson Reuters

About the report PricewaterhouseCoopers and the National Venture Capital Association produce the MoneyTree Report™, based on data from Thomson Reuters ‘Core’ measure of equity investments in venture-backed companies in the United States Companies have received at least one round of financing, involving a professional VC firm or equivalent Captures: tranches, not term sheets, foreign VCs, qualified private placement Excludes: debt, bridge loans, recaps, roll-ups, IPOs, PIPEs, leasing, etc. MoneyTree™ Report in its 20th year Results online at www.pwcmoneytree.com and www.nvca.org PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, based on data from Thomson Reuters

MoneyTree total investments: Q1 2010 – Q3 2014 ($ in billions) 2010 2011 2012 2013 2014 # of Q1 Q2 Q3 Q4 Deals 827 1,023 889 912 908 1,092 1,020 1,000 989 954 1,072 924 1,005 1,065 1,140 1,002 1,129 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, based on data from Thomson Reuters

MoneyTree total investments Annual venture capital investments 1995 – Q3 2014 YTD # of deals 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Q3 YTD 1,897 2,636 3,232 3,743 5,606 8,044 4,595 3,218 3,035 3,236 3,304 3,890 4,234 4,189 3,162 3,651 4,020 3,904 4,134 3,154 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, based on data from Thomson Reuters

April 11, 2017 MoneyTree total investments Quarterly venture capital investments Q1 2010 – Q3 2014 Total amount invested ($B) Average deal size ($M) PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, based on data from Thomson Reuters 6

Investments by region – Quarterly percent of total US investments Top 5 US regions : Q3 2013 – Q3 2014 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, based on data from Thomson Reuters

Investments by industry – Quarterly percent of total US investments Top 5 Industries : Q3 2013 – Q3 2014 (% of Total Dollars) PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, based on data from Thomson Reuters

Software & Internet-specific investments Q1 2010 – Q3 2014 Software investments ($B) Internet-specific investments ($B) PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, based on data from Thomson Reuters

Life sciences investments – Percent of total US investments Life sciences sector : Q3 2013 – Q3 2014 Life Sciences investing in Q2 rose 47% in dollars and 9% in deals with $2.49 billion going into 195 deals. Biotech ($1.8 billion in 122 deals in Q2) rose 69% in $ and 7% in deals from Q1 2 of the top 10 investments in the quarter were in Life Sciences (Biotech) companies totaling $320 million Medical Device investing rose 8% in $ and 12% in deals to $649 million going into 73 deals. Life Sciences first-time dollars invested rose 3% in Q2 to $267 million while the number of deals decreased 16% to 32 when compared to Q1 In Q2, 57% of the VC-backed IPOs were Life Sciences Companies (16 of the 28). Q2 marks the fifth consecutive quarter for double-digit listings in the Life Sciences sector 12 of the 16 IPOs were Biotechnology offerings PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, based on data from Thomson Reuters

Investments by stage of development: Q3 2014 Deals % Change in $ from Q2 2014 Seed Stage 48 -16% Early Stage 511 -3% Expansion Stage 264 Later Stage 200 -13% Total 1,023 -9% ($) in millions Q3 2014 Total Investments - $9,913 million in 1,023 deals PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, based on data from Thomson Reuters

US Investments by stage: Quarterly Q1 2012 – Q3 2014 Amount Invested by Stage ($M) PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, based on data from Thomson Reuters

US Investments by stage: Quarterly Q1 2012 – Q3 2014 Number of Deals by Stage PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, based on data from Thomson Reuters

Investments by sequence of financing: Q3 2014 ($) in millions Financing # of Deals % Change in $ from Q2 2014 First Sequence 337 -8% Follow-on 686 -29% Total 1,023 -27% Q3 2014 Total Investments - $9,913 million in 1,023 deals PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, based on data from Thomson Reuters

First sequence financing Investment amount: Q1 2009 – Q3 2014 First sequence investments PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, based on data from Thomson Reuters

First sequence financing Number of deals: Q1 2009 – Q3 2014 First sequence deals PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, based on data from Thomson Reuters

Number of First-time vs Number of First-time vs. Follow-on Deals US Venture Capital deals 2009 – Q3 2014 YTD Number of Deals PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, based on data from Thomson Reuters

First sequence financing Percent of total US investments: 2009 – Q3 2014 YTD PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, based on data from Thomson Reuters

Quarterly percent of total first sequence dollars Stage of development Q3 2013 – Q3 2014 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, based on data from Thomson Reuters

Quarterly percent of total first sequence deals Stage of development Q3 2013 – Q3 2014 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, based on data from Thomson Reuters

First sequence deals in seed & early stage companies 1995 – Q3 2014 YTD Seed stage Early stage PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, based on data from Thomson Reuters

Median deal size vs. mean deal size Quarterly total US investments: Q1 2009 – Q3 2014 ($ in millions) PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, based on data from Thomson Reuters

Q3 2014 – Most active US venture investors VC Firm Location Number of Deals New Enterprise Associates, Inc. Menlo Park, California 29 Kleiner Perkins Caufield & Byers LLC 28 Atlas Venture Cambridge, Massachusetts 19 Intel Capital Corporation Santa Clara, California 17 First Round Capital Philadelphia, Pennsylvania Innovation Works, Inc. Pittsburgh, Pennsylvania 16 Andreessen Horowitz LLC Bessemer Venture Partners, L.P. Larchmont, New York 15 Google Ventures Mountain View, California 13 Trinity Ventures LLP Sequoia Capital General Catalyst Partners LLC Frost Data Capital San Juan Capistrano, California 12 Redpoint Ventures SV Angel II Q, L.P. San Francisco, California 500 Startups, L.P. 11 Greycroft Partners LLC New York, New York Khosla Ventures LLC Index Ventures Bain Capital Venture Partners LLC Boston, Massachusetts DreamIt Ventures Bryn Mawr, Pennsylvania Mercury Fund Houston, Texas True Ventures Palo Alto, California Correlation Ventures San Diego, California 10 Foundation Capital Accel Partners & Co., Inc. Lightspeed Management Company Domain Associates LLC Princeton, New Jersey Draper Fisher Jurvetson PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, based on data from Thomson Reuters

Analysis of venture-backed IPO and M&A activity Date Total M&A Deals Average M&A deal size ($M)* Number of IPOs** Total Offer Amount ($M) Average IPO Offer Amount ($M) 2009 360 113.4 13 1,979.8 152.3 2010 545 117.3 66 7,409.5 112.3 2011 500 142.6 50 10,441.1 208.8 Q1 2012 114 131.1 19 1,682.8 88.6 Q2 2012 124 185.4 12 17,227.9 1,435.7 Q3 2012 123 228.6 10 1,140.7 114.1 Q4 2012 129 126.0 8 1,408.5 176.1 2012 490 171.9 49 21,459.9 438.0 Q1 2013 86 92.7 716.9 89.6 Q2 2013 96 218.6 22 2,249.9 102.3 Q3 2013 115 161.9 27 2,781.4 103.0 Q4 2013 93 196.0 24 5,320.1 221.7 2013 390 178.0 81 11,068.2 136.6 Q1 2014 112 245.8 37 3,404.5 92.0 Q2 2014 110 93.7 28 4,938.9 176.4 Q3 2014 119 248.2 23 2,563.0 111.4 2014 341 190.3 88 10,906.4 123.9 28 venture-backed IPOs raised $4.9 billion during Q2 2014, a 45% increase in dollars raised but a 24% decrease in volume compared to the prior quarter This quarter also marked the fifth consecutive quarter to see 20 or more venture-backed IPOs 16 of the 28 offerings during the quarter were Life Sciences IPOs, representing over half of the total number of offerings in the quarter. Q2 marks the fifth consecutive quarter for double-digit listings in the Life Sciences sector. 12 of the 16 Life Sciences IPOs were biotechnology companies. There are currently 51 VC-backed companies filed publicly for an IPO with the SEC Source: Thomson Reuters and National Venture Capital Association *Only accounts for deals with disclosed values **Includes all companies with at least one U.S. VC investor that trade on U.S. exchanges, regardless of domicile PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, based on data from Thomson Reuters

Venture capital fundraising Year First Time Funds Follow-On Funds Total Number of Funds VC Raised ($M) 2010 53 122 175 13,272.0 2011 61 128 189 19,022.7 2012 75 141 216 19,798.2 2013 142 203 17,641.8 2014 Q3 YTD 70 116 186 16,471.1 Quarter   Q3 ‘13 18 45 63 4,340.7 Q4 ‘13 20 39 59 5,569.9 Q1 ‘14 30 38 68 10,030.2 Q2 ‘14 22 81 7,672.7 Q3 ’14 24 36 60 6,057.2 Source: Thomson Reuters & National Venture Capital Association Data current as of October 14, 2014 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, based on data from Thomson Reuters

Closing thoughts & comments PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, based on data from Thomson Reuters

Name Title Phone Email Data is current as of October 14, 2014. PricewaterhouseCoopers and the National Venture Capital Association have taken responsible steps to ensure that the information contained in the MoneyTree™ Report has been obtained from reliable sources. However, neither of the parties nor Thomson Reuters can warrant the ultimate validity of the data obtained in this manner. Results are updated periodically. Therefore, all data is subject to change at any time. © 2014 PricewaterhouseCoopers LLP. All rights reserved. In this document, “PwC” refers to PricewaterhouseCoopers LLP, which is a member firm of PricewaterhouseCoopers International Limited, each member firm of which is a separate legal entity.