2015 Deals and Exits Download 2015 Data 5th January 2016 Page 1 of 3

Fig. 1: Number and Aggregate Value of Venture Capital Fig. 2: Number of Venture Capital Deals* by Region, 2008 Fig. 3: Proportion of Number of Venture Capital Deals by Deals*, 2008 - 2015 - 2015 Stage, 2015

12,000 160 12,000 Angel/Seed 1% 9,811 135.8 140 Aggregate DealValue ($bn) 10,000 9,785 10,000 8% 1% Series A/Round 1 9,135 9,202 120 4% Series B/Round 2 7,715 8,000 8,000 4% 33% 100 Series C/Round 3 6,358 93.5 4% 6,000 80 6,000 Series D/Round 4 and 5,292 5,137 6% Later 61.9 Growth

60 No. of Deals No. of Deals 57.1 4,000 54.6 4,000 Capital/Expansion 48.9 45.7 40 35.8 2,000 2,000 13% Add-on & Other 20 Grant 0 0 0 26% 20082009201020112012201320142015 20082009201020112012201320142015 PIPE No. of Deals Aggregate Deal Value ($bn) North America Europe Greater China India Israel Other

Fig. 4: Average Value of Venture Capital Deals by Stage, Fig. 5: Proportion of Number and Aggregate Deal Value of Fig. 6: Proportion of Number of US Venture Capital Deals* 2013 - 2015 Venture Capital Deals* by Industry, 2015 by State, 2015

100 94.0 40% 90 35% 34% 80 76.9 70 30% 27% 60 25% 50 18% 17% 31% 40 37.7 20% 30.7 31.8 32.7 16% 15% New York 23.3 23.2 23.2 14% 30 18.3 15% 12% 41% 20 10.6 19.9 17.9 10.6 7.9 11.8 17.1 9.8 10% 9% Massachusetts 0.9 1.5 8.1 9.6 7% 10 6.4 of Total Proportion 6% 1.2 4% 4% Average Deal Size ($mn) Average 0 5% 2% 3% 2% 2% 2% 2% 1% Texas 0% Washington 3% 4% Other

Other IT Other

Internet

Angel/Seed

Telecoms

Related

Growth

Industrials

Later

Venture Debt Venture

Software Software &

Healthcare 8% Clean Clean Tech. 13%

Series B/Round 2 Series B/Round

Series Series A/Round 1

Series 3 Series C/Round

Food andAg. Food

Capital/Expansion

Unspecified Unspecified Round

ConsumerDisc.

Business Business Services

2013 2014 20154 Series D/Round and Proportion of No. of Deals Proportion of Aggregate Value

*Figures exclude add-ons, grants, mergers, venture debt and secondary stock purchases © 2015 Preqin Ltd. / www.preqin.com 2015 Venture Capital Deals and Exits Download 2015 Data 5th January 2016 Page 2 of 3

Fig. 7: 10 Largest Venture Capital Deals* in 2015

Company Name Stage Deal Date Deal Size (mn) Investors Location Industry , Capital International, China Investment Corporation, Coatue Management, Ping An Ventures, Didi Kuaidi Unspecifi ed Round Jul-15 2,000 USD China Telecoms Temasek Holdings, Baillie Gifford, CBC Capital, Fidelity Investment Managers, General Atlantic, GGV Capital, Hillhouse Capital Unspecifi ed Round Jun-15 1,500 USD Management, Horizon Ventures, Caufi eld & Byers, T Rowe Price, Temasek Holdings, Tiger US Internet Global Management, Wellington Management Ele.me Unspecifi ed Round Dec-15 1,250 USD Alibaba Group China Internet Coupang Unspecifi ed Round Jun-15 1,000 USD Softbank South Korea Internet Alibaba Group, Capital International, China Investment Corporation, Coatue Management, Ping An Ventures, Didi Kuaidi Unspecifi ed Round Sep-15 1,000 USD China Telecoms Temasek Holdings, Tencent Baseline Ventures, DCM, Institutional Venture Partners, Renren Inc., Softbank, Third Point Ventures, Financial Social Finance Series E/Round 5 Sep-15 1,000 USD US Wellington Management Services SpaceX Unspecifi ed Round Jan-15 1,000 USD Draper Fisher Jurvetson, Fidelity, Founders Fund, , Valor Equity Partners US Aerospace Uber Technologies, Series E/Round 5 Feb-15 1,000 USD US Telecoms Inc. Uber Technologies, Series F/Round 6 Jul-15 1,000 USD , Times Internet US Telecoms Inc. 17u Unspecifi ed Round Jul-15 6000 CHY CITIC Capital, Dalian Wanda Group, Tencent China Internet

*Figures exclude add-ons, grants, mergers, venture debt and secondary stock purchases

Fig. 8: Global Number and Aggregate Value of Venture Fig. 9: Global Number of Venture Capital-Backed Exits by Capital-Backed Exits, 2008 - 2015 Type, 2007-2015 Key Facts

1,200 1,138 140 1,200 38 1,052 65 1,006 Aggregate DealValue ($bn) 42 1,000 125.1 120 1,000 Aggregate capital raised in 2015, up 37% from 918 932 49 56 $128bn 880 35 31 81 248 the previous year. 29 51 100 40 34 215 800 800 156 177 14 184 161 81.0 80 30 605 73.3 600 563 600 180 32 50 63.7 65.4 19 60 16 71

No.of Exits Number of venture capital exits in the year, No.of Exits 54.4 37 400 400 787 739 971 down from 1,140 in 2014. 40 659 656 694 699 32.3 488 478 465 200 200 23.8 20

0 0 0 20082009201020112012201320142015 200720082009201020112012201320142015 Proportion of global venture capital deals in No. of Exits Aggregate Exit Value ($bn) Trade Sale IPO & Follow-on Sale to GP Write Off 27% 2015 that occured in Greater China and India.

© 2015 Preqin Ltd. / www.preqin.com 2015 Venture Capital Deals and Exits Download 2015 Data 5th January 2016 Page 3 of 3

Fig. 10: 10 Largest Venture Capital-Backed Exits in 2015

Date of First Total Known Exit Value Company Name Exit Type Exit Date Investors Acquiror (Exit) Primary Industry Location Investment Funding ($mn) ($mn) Activision King.com Jun-05 43 Trade Sale Nov-15 Apax Partners, Index Ventures, Mosaic Ventures 5,900 Internet Ireland Blizzard, Inc. Alibaba Group, Boyu Capital, Brookside Mezzanine Partners, Capital Today, Chengwei Capital, China Development Bank Capital, CITIC Capital, Crescent Point Group, DST Global, Farallon Capital Management, General Catalyst Partners, GGV Capital, IDG Capital Youku Tudou Inc. Nov-14 - Trade Sale Nov-15 Partners, JAFCO Investment (Asia Pacifi c), Japan Asia Investment Alibaba Group 4,800 Internet China Company, KTB Ventures, Maverick Capital Ventures, Silver Lake, Sutter Hill Ventures, Temasek Holdings, Tiger Global Management, Tudou, , Western Technology Investment,Xiaomi, YF Capital, Youku.com American Capital, Austin Ventures, Google Ventures, Institutional HomeAway, Inc. Jan-05 578 Trade Sale Nov-15 Venture Partners, Redpoint Ventures, Technology Crossover Expedia 3,900 Internet US Ventures, Trident Capital Auspex BioMed Ventures, Costa Verde Capital, Deerfi eld Management, TEVA Pharmaceuticals, May-08 87 Trade Sale Mar-15 Oxford Finance Corporation, Panorama Capital, Presidio Partners, 3,500 Pharmaceuticals US Pharmaceuticals Inc. Sloan Biotech Fund, Square 1 Bank, Thomas, McNerney & Partners 58.com, BlueRun Ventures, Capital Today, Carlyle Group, CITIC Funds Management, DCM, Macquarie Group, Nokia Ganji.com Jun-09 398 Trade Sale Apr-15 58.com 1,600 Internet China Growth Partners, Ontario Teachers' Pension Plan, SAIF Partners, Sequoia Capital, Tencent, Tiger Global Management, Warburg Pincus Accel Partners, Bain Capital, Bessemer Venture Partners, Goldman Sachs, Greylock Partners, LinkedIn, McGraw-Hill Education, Meritech Lynda.com, Inc. Jan-13 289 Trade Sale Apr-15 LinkedIn 1,500 Internet US Capital Partners, Rocket Internet, Sapphire Ventures, Sequoia Capital, Spectrum Equity, TPG Flexus Bristol-Myers Dec-14 38 Trade Sale Feb-15 Celgene, Kleiner Perkins Caufi eld & Byers, The Column Group 1,250 Biotechnology US Biosciences Squibb Accel Partners, Baring Vostok Capital Partners, Kinnevik, Naspers, Avito.ru Jun-09 131 Trade Sale Oct-15 Naspers 1,200 Advertising Russia Northzone Ventures Blue Lagoon Capital, Columbia Capital, Intel Capital, Noro-Moseley Virtustream Inc. Sep-09 130 Trade Sale May-15 Partners, Orix Venture Finance, QuestMark Partners, SAP, TDF EMC 1,200 IT US Ventures Bay City Capital, Comerica Bank, Deerfi eld Management, Essex Woodlands, FirstMark Capital, Highland Capital Partners, Horizon Hyperion Pharma, Kreos Capital, Life Sciences Partners, New Enterprise Sep-07 153 Trade Sale Mar-15 Horizon Pharma 1,100 Pharmaceuticals US Therapeutics Associates, Oxford Finance Corporation, Panorama Capital, Scale Venture Partners, Silicon Valley Bank, Sofi nnova Ventures, Sutter Hill Ventures, TVM Capital, WRF Capital"

* Figures exclude add-ons, mergers, grants, venture debt & secondary stock purchases