There is a clear feeling that fund raising cycles are taking longer and 77% felt this pace is likely to slow down even further in 2016 Do you expect deals to take longer in the process than previous funding quarters, the same or shorter? 100% 45% 77% 75% 50% 51% 25% 22% Getting longer About the same as normal 0% 4% 1% Shorter than normal Q4'15 1H'16 Proj 20 Source: Upfront Survey Jan 2016, 159 VCs for Q4’15 and 158 VCs for 1H’16.