Bubble? What Bubble? How It's Different This Time. And How It Most Certainly Isn't (9/37)

IPO exits are down 32% in volume and 38% in value US VC-backed IPO activity $15 Raised ($B) through IPO 120 Number of IPOs 107107 $11 $11 90 7373 $9 6666 $8 50 $8 60 4646 5050 $6 $5 $4 30 $0 0 2011 2012 2013 2014 2015 9 Source: Dow Jones VentureSource Venture Capital Report 4Q’15; Upfront analysis.

Bubble? What Bubble? How It's Different This Time. And How It Most Certainly Isn't - Page 9

Bubble? What Bubble? How It's Different This Time. And How It Most Certainly Isn't Page 8 Page 10