More than 90% of respondents in the Upfront VC Survey expected valuations to go down in 2016 with a full 1/3rd of investors expecting significant price corrections Do you expect valuations to go up, down or remain about the same as previous quarters? 100% 5% 30% 61% 75% 61% 50% 28% Significantly down 25% Marginally down About the same 0% 6% 8% Increase Q4'15 1H'16 Proj 13 Source: Upfront Survey Jan 2016, 156 VCs for Q4’15, 158 VCs for 1H’16; Upfront analysis.