Bubble? What Bubble? How It's Different This Time. And How It Most Certainly Isn't (3/37)

LP contributions to the VC industry are back to pre-recession levels and anecdotally 2016 seems likely to increase further US VC fundraising activity $60 Capital raised ($B) 300 # of funds closed 271271 $45 233233 236236 235235 235235 225 214214 218218 209209 192192 $30 162162 176176 150 $30 $31 $30 $31 $28 $25 $15 $19 $20 $18 75 $16 $13 $0 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 3 Source: Dow Jones VentureSource; Upfront analysis.

Bubble? What Bubble? How It's Different This Time. And How It Most Certainly Isn't - Page 3

Bubble? What Bubble? How It's Different This Time. And How It Most Certainly Isn't Page 2 Page 4