Q2 2017 Venture Capital Deals and Exits 5 July 2017

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Fig. 1: Global Quarterly Venture Capital Deals*, Fig. 3: Number of Venture Capital Deals in Q2 2017 by Q1 2012 - Q2 2017 Fig. 2: Venture Capital Deals* in Q2 2017 by Region Investment Stage 3,500 50 100% 9% 7% Angel/Seed 45 90% 2% 1% 3,000 8% 40 Aggregate Deal Value ($bn) 9% Other 7% Series A/Round 1 80% 2% 2,500 6% 35 12% 0% Series B/Round 2 28% 70% Israel 2% 2,000 30 34% 60% 5% Series C/Round 3 25 23% India 1,500 20 50% Series D/Round 4 and Later

No. of Deals No. 7% 10% Greater China 1,000 15 40% Growth Capital/Expansion 10 500 Total of Proportion 30% Europe PIPE 5 45% 20% 40% 15% 0 0 North America Grant 10% 28% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Venture Debt 2012 2013 2014 2015 2016 2017 0% Add-on & Other No. of Deals Aggregate Deal Value ($bn) No. of Deals Aggregate Deal Value Source: Preqin Private Equity Online Source: Preqin Private Equity Online Source: Preqin Private Equity Online Fig. 5: Average Value of Venture Capital Deals by Investment Fig. 4: Venture Capital Deals* in Q2 2017 by Industry Stage, 2015 - H1 2017 Fig. 6: Number of US Venture Capital Deals* in Q2 2017 by State 35% 99 100 93 31% 30% 90 84 25% 80 25% 23% 70 2015 California 20% 60 20% 18% 31% 50 2016 New York 14% 41 40 40 15% 12% 40 37 35 12% 32 41% 30 26 28 H1 2017 Massachusetts 10% 23 2323 21

Proportion of Total of Proportion 6%7% 6% 20 1012

Average Deal Size ($mn) Deal Size Average 10 5% 3% 4% 4% 3% 10 Texas 2% 3% 2% 2% 1 2 2 1% 0 0% 4% Washington 4% Other Round 2 Round 3 Series B/ Round 1 Series C/ Series A/ Other Internet Other IT Services Business Clean Related Telecoms 8% Angel/Seed Industrials Healthcare Software & 12% Expansion Consumer Technology 4 and Later Venture Debt Discretionary Series D/Round Growth Capital/

No. of Deals Aggregate Deal Value Investment Stage Source: Preqin Private Equity Online Source: Preqin Private Equity Online Source: Preqin Private Equity Online *Figures exclude add-ons, grants, mergers, venture debt and secondary stock purchases.

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Fig. 7: 10 Largest Venture Capital Deals* Announced Globally in Q2 2017 Portfolio Company Deal Date Investment Stage Deal Size (mn) Investor(s) Industry Location Didi Chuxing Apr-17 Unspecifi ed Round 5,500 USD Bank of Communications, China Merchants Bank, Silver Lake, Softbank Telecoms China Flipkart Internet Private Limited Apr-17 Unspecifi ed Round 1,400 USD eBay Inc., Microsoft, Tencent Internet India Go-Jek Indonesia May-17 Unspecifi ed Round 1,200 USD Tencent Business Services Indonesia Toutiao Apr-17 Series D/Round 4 1,000 USD CCB International Asset Management, Sequoia Capital Telecoms China One97 Communications Limited May-17 Unspecifi ed Round 1,000 USD** Softbank Capital Internet India Ele.me Jun-17 Unspecifi ed Round 1,000 USD Alibaba Group Internet China AB, Baillie Giff ord, InMotion, Janus Capital Group, KKR, Public Sector Pension Investment Board, Lyft, Inc. Apr-17 Series G/Round 7 600 USD Telecoms US Rakuten, Inc. BOCOM International Asset Management, Farallon Capital Management, Hillhouse Capital Mobike Pte Ltd Jun-17 Series E/Round 5 600 USD Telecoms China Management, ICBC International, Sequoia Capital, Sinovation Ventures, Tencent, TPG NextEV Limited May-17 Series C/Round 3 600 USD Baidu, GIC, Hillhouse Capital Management, IDG Capital, Lenovo Group, Tencent, TPG, Warburg Pincus Clean Technology China Balyasny Asset Management, CapitalG, Goldman Sachs, Leerink Capital Partners, Pritzker Group Outcome Health May-17 Unspecifi ed Round 600 USD Healthcare IT US Venture Capital

*Figures exclude add-ons, grants, mergers, venture debt and secondary stock purchases. Source: Preqin Private Equity Online **Part of a $1.4bn transaction, whereby $400 million was a secondary stock purchase from SAIF Partners. Fig. 8: Global Quarterly Venture Capital-Backed Exits, Q1 2012 - Q2 2017 Fig. 9: Venture Capital-Backed Exits in Q2 2017 by Region Fig. 10: Venture Capital-Backed Exits in Q2 2017 by Type 450 50 180 100% 5% 45 160 156 400 90% 14% 40 Aggregate Exit Value ($bn) 140 30% 350 80% 9% 35 120 300 70% Write Off 30 250 100 8% 25 60% IPO 200 80 20 50% No. of Exits No. 60 150 45 Sale to GP 15 40% 40 100 10 73% Proportion of Total of Proportion 62% 20 14 12 30% Trade Sale 50 5 10.5 9 8 2.1 0.4 0.6 0.1 0.2 20% 0 0 0 North Europe Greater India Israel Other

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 10% America China 2012 2013 2014 2015 2016 2017 0% No. of Exits Aggregate Exit Value ($bn) No. of Exits Aggregate Exit Value ($bn) No. of Exits Aggregate Exit Value Source: Preqin Private Equity Online Source: Preqin Private Equity Online Source: Preqin Private Equity Online

Fig. 11: 10 Largest Venture Capital-Backed Exits Announced Globally in Q2 2017 Portfolio Date of First Total Known Exit Exit Exit Value Investor(s) Acquiror (Exit) Industry Location Company Investment Funding ($mn) Type Date (mn) Allen & Company, BlackRock, Greenspring Associates, T Rowe Price, Verlinvest, Volition Chewy, Inc. Oct-13 180 Trade Sale Apr-17 PetSmart, Inc. 3,350 USD Internet US Capital, Wells Fargo Capital Finance General Atlantic, German Startups Group, HV Holtzbrink Ventures, Insight Venture Partners, Kite Ventures, Kreos Capital, Luxor Capital Group, Naspers, Phenomen Ventures, Point Nine, Delivery Hero AG Dec-12 1,751 IPO Jun-17 - 996 EUR Internet Germany Rocket Internet Capital Partners, ru-Net Ventures, Target Global, Team Europe, Tengelmann Group, Vostok New Ventures, West Tech Ventures Adams Street Partners, Austin Ventures, GV, Institutional Venture Partners, JPMorgan Asset Harland Clarke RetailMeNot, Inc. Nov-09 300 Trade Sale Apr-17 630 USD Internet US Management - Private Equity Group, Norwest Venture Partners Corp. Viptela Inc. Aug-12 Northgate Capital, Redline Capital Management, Sequoia Capital 109 Trade Sale May-17 Cisco Systems, Inc. 610 USD Network US Alloy Ventures, Bay Partners, Bridgescale Partners, Cheyenne Capital, Cheyenne Partners, Xactly Vista Equity Mar-05 Glynn Capital Management, Illuminate Ventures, Key Venture Partners, Outlook Ventures, 78 Sale to GP May-17 564 USD Software US Corporation Partners Rembrandt Venture Partners, Spinner Asset Management Jive Software, Wave Systems Aug-07 Kleiner Perkins Caufi eld & Byers, Sequoia Capital 70 Trade Sale May-17 462 USD Software US Inc. Corp. One97 Alibaba Group, Ant Financial Service Group, ICICI Bank, Intel Capital, MediaTek Inc., Reliance Communications Apr-07 2,657 Sale to GP May-17 Softbank Capital 400 USD Internet India Capital, SAIF Partners India, Sapphire Ventures, Softbank Capital, SVB Capital Limited* Baxalta Ventures, Baxter Ventures, Biogen Idec New Ventures, Cowen Finance, Franklin True North Templeton Investments, HBM Partners, iPierian, Inc., Kleiner Perkins Caufi eld & Byers, MPM Therapeutics, Sep-13 142 Trade Sale May-17 Bioverativ Inc. 400 USD Pharmaceuticals US Capital, New Leaf Venture Partners, OrbiMed Advisors, Perceptive Advisors, Redmile Group, Inc. SR One Bessemer Venture Partners, BoxGroup, Fidelity Management & Research Company, First Blue Apron, Inc.* Jun-12 207 IPO Jun-17 - 300 USD Food US Round Capital, Graph Partners, Stripes Group, Target Global Benchmark Capital, General Catalyst Partners, Idinvest Partners, Kima Ventures, Lightspeed Zenly S.A.S. Mar-16 34 Trade Sale May-17 Snap Inc. 250 USD Telecoms France Venture Partners, Snap Inc., SV Angel *Denotes a partial exit. Source: Preqin Private Equity Online

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