1. Venture Capital Insights ® — 2Q13 Global VC investment landscape and valuation of venture-backed companies August 2013

2. Page 2Venture Capital Insights — 2Q13 Insights development team ► Bryan Pearce, Americas Leader, Entrepreneur Of The Year and Venture Capital Advisory Group, EY ► Sandra Feldner Vandergriff, Americas Venture Capital Advisory Group, EY ► Palani Kumar Jandyala, EY Knowledge, EY ► Prof. George Foster, Graduate School of Business, Stanford University ► Dr. Martin Haemmig, Adjunct Professor, Globalization of Venture Capital, CeTIM and former Senior Advisor on Venture Capital, Stanford University (SPRIE) ► Prof. Steven Kaplan, Graduate School of Business, University of Chicago

3. Page 3Venture Capital Insights — 2Q13 Venture Capital Insights This edition of the Venture Capital Insights analyzes pre-money valuation of venture- backed companies by geography, sector, stage of development, round class and presence of corporate venture capital investors. The presentation also provides an overview of the global VC investment landscape through 2Q13. Content overview: 2 3 Median pre-money valuation 4 Median pre-money valuation by corporate VC investors Percentage of VC deals in companies backed by organized angel investors 1 5 Global VC investment landscape Median time since previous equity financing Median time to liquidity IPO and M&A corporate VC versus Financial VC 6 Top corporate investors 7

4. Venture Capital Insights — 2Q13 Section 1: Global VC investment landscape Analysis by geography, hotbed, sector and stage of development

5. Page 5Venture Capital Insights — 2Q13 Summary of global VC investment landscape Global VC investment in 2Q13 ► In 2Q13, VC funds invested US$10.2b in 1,321 rounds in the US, Europe, Canada, China, Israel and India. This is one of the lowest quarterly totals over the past seven years in terms of both dollars raised and number of rounds. For 1H13, VC funds invested a total of US$19.7b in 2,587 rounds. ► The average round size for 2Q13 was US$7.7m, compared to US$7.4m in 1Q13. VC investment by region ► The US and Europe continue to receive the largest amount of VC investment, with 88% of the total dollars invested and 87% of the total number of rounds during 2Q13. ► Europe continued to show signs of improvement in terms of VC investment. There was a 22% increase in the dollars raised in 2Q13 and a 16% increase in the number of rounds over the previous quarter. VC investment by sector ► The information technology sector led all sectors in the number of rounds invested, with 28% for 2Q13. ► In terms of dollar value, health care remained the most preferred sector by VC investors during 2Q13, accounting for 26% of the total dollars raised. ► Health care companies had an average round size of US$10.2m — the highest among all of the sectors while the consumer goods sector was the lowest, with an average round size of US$5.4m. VC investment by stage of development ► Globally, 71% of VC investment of the number of rounds and 73% of the dollars raised, were made in companies at the revenue-generation stage. ► The start-up stage accounted for only 3% of the total number of VC rounds in 2Q13.

6. Page 6Venture Capital Insights — 2Q13 Global VC investment VC dollars raised in 2Q13 increased by 9% compared to 1Q13. ► The global VC activity declined by 16% in terms of dollars raised and 9% by number of rounds during 1H13; compared to 1H13, the continued drop in investment was seen in the US and China; all other markets were equal to the dollars invested the prior year, with the exception of Europe, which saw a slight drop in funding for the same time period. ► Compared to 1Q13, the number of rounds and the dollars raised were marginally up by 4% and 1%, respectively. Compared to 2Q12, number of rounds and dollars were down respectively by 10% and 20%. ► Slow-paced VC activity is primarily due to the global economic uncertainties and weakened investor confidence, which is now starting to build up, although gradually. ► The average round size was US$7.7m in 2Q13, slightly up from US$7.4m in 1Q13. Global VC activity — by dollars raised and number of rounds Notes: Global total includes the US, Europe, Canada, China, Israel (all site) and India only. 49.650.835.146.253.645.719.7 Source: Dow Jones VentureSource

7. Page 7Venture Capital Insights — 2Q13 US EuropeCanada Key points: ► During 2Q13, the US led both in terms of the number of rounds and dollars raised — accounting for 61% of the rounds and 71% of the dollar value. The US and Europe, together, accounted for 87% of the total number of rounds and 88% of the total dollars raised in this quarter. ► Europe continued to show signs of improvement in terms of VC investing, with a 22% increase in the dollars raised in 2Q13 compared to 1Q13, with a 16% increase in the number of rounds. ► In Canada, the deal value also increased 47% by US$0.08b in 2Q13 compared to 1Q13,and over the previous quarter, while the number of rounds was down by a marginal 8%. During 2Q13, a total of 37 rounds were invested in Canada, the highest 2Q number since 2007. 34.333.224.429.135.431.613.9 1.00.90.51.01.20.90.47.57.85.77.07.16.13.1 VC investment by geography VC activity in Europe continues to improve on a quarterly basis. Source: Dow Jones VentureSource Note: Chart scales vary for the purpose of clarity.

8. Page 8Venture Capital Insights — 2Q13 Key points: ► China’s economy continued to see another quarterly drop in VC rounds amid economic uncertainty and stalled growth. During 2Q13, investment worth US$438m from 47 rounds was seen in China; dollar value was down by 9% while the number of rounds was up by 27% compared to the previous quarter. ► The average round size in China was US$9.3m in 2Q13. Although slightly down from US13m in 1Q13, it was still the highest among the six regions. ► With US$209m raised from 39 rounds, Israel saw a 15% decline in dollar value in 2Q13, compared to 1Q13. However, its number of rounds was up by 15% in 2Q13. ► India saw a slowdown in VC activity by deals and dollars, registering a decline of 7% and 15% respectively, during this quarter. China Israel (all site) India 3.85.22.76.16.44.20.9 1.01.70.9 1.61.80.81.92.20.91.8 1.00.4 VC investment by geography The VC activity by dollars raised for 1H13 in China is the lowest since 2007. Source: Dow Jones VentureSource Note: Chart scales vary for the purpose of clarity.

9. Page 9Venture Capital Insights — 2Q13 Key points: ► Top four hot beds have been consistent since 2007 with the exception of 2010, when China was #2 and NY Metro fell to #5. ► Bay Area, the global hub for information technology start- ups, continues to be the most preferred investment destination and accounted for 29% of the total rounds and 37% of dollars raised in 2Q13. ► The average round size for Europe remained small in 2Q13; it ranged between US$3m-US$5m across the three key hotbeds — UK, France and Germany, except for Switzerland. ► Among all VC hotbeds, the average round size was the highest for Bangalore -- US$217m raised through 16 deals, followed by Beijing and Switzerland, respectively. 2Q13 VC investment by hotbed The top five hotbeds account for 73% of dollars raised and 64% of deals. Notes: Chart scales vary for the purpose of clarity. Israel data is based on Israel all site 10.2 9.5 7.4 10.7 5.3 4.2 3.8 12.3 6.5 13.6 5.4 8.2 12.0 6.3 2.4 Average round size (US$m) Top five hotbeds* — 578 (64% of the total** ) Top five hotbeds* — US$5.2b (73% of the total**) Source: Dow Jones VentureSource * Top 5 hotbeds by amount invested in 2Q13; ** Total of 15 major VC hotbeds listed above

10. Page 10Venture Capital Insights — 2Q13 Global VC investment by sector IT and consumer services together accounted for almost 50% of the total number of rounds during 1H13. Key points: ► The IT sector continues to lead with 28% of the total number of rounds for 2Q13, followed by consumer services, which was next with a 22% share. ► During 2Q13, the health care sector was the largest, with approximately a 26% share, in terms of dollars raised. ► Health care companies saw an average round size of US$10.2m — the highest among all sectors, and consumer goods the lowest with US$5.4m. Notes: Data does not include deals that have not been classified under any of the seven sectors (e.g. in 1H13, there are ninesuch deals worth US$22.47m). Chart scales vary for the purpose of clarity. Source: Dow Jones VentureSource

11. Page 11Venture Capital Insights — 2Q13 VC investment by sector IT, health care and business and financial services were prominent sectors in the US 1H13. Key points ► During 1H13, US-based companies saw 64% of the number of rounds in the IT sector and 54% in consumer services. In terms of dollars raised, 80% in the IT sector and 56% in the consumer services sector was concentrated in US-based companies. ► In 2Q13, the consumer services, health care and IT sectors accounted for almost 70% of the total number of rounds in the US. The share of these three sectors was 72% in 1Q13 and 73% in 2Q12. ► China and India saw a large number of VC rounds in the consumer services sector. However, in Israel a larger number of rounds were concentrated in the IT and business and financial services sectors. Information technology Consumer servicesHealth care Notes: Data does not include deals that have not been classified under any of the seven sectors. Chart scales vary for the purpose of clarity. Source: Dow Jones VentureSource

12. Page 12Venture Capital Insights — 2Q13 VC investment by sector Across sectors, business and financial services continued to see strong VC activity during 1H13. Energy and utilities Consumer goodsIndustrial goods and materials Business and financial services Notes: Data does not include deals that have not been classified under any of the seven sectors. Chart scales vary for the purpose of clarity. Source: Dow Jones VentureSource

13. Page 13Venture Capital Insights — 2Q13 2Q13 VC investment by stage of development The revenue generation stage accounted for 71% for both VC rounds and dollars raised globally. By number of roundsBy dollars raised Key points: ► The majority of the dollars raised for 2Q13 were concentrated in the revenue generation stage suggesting that investors continue to be risk-averse. ► Globally, the startup stage accounted for only 3% of the total number of VC rounds for 2Q13. The prevailing economic uncertainty in the global macro- economy has kept investor sentiment low and resulted in a preference for investments in later-stage companies. Note: Israel data is based on Israel all site Source: Dow Jones VentureSource

14. Page 14Venture Capital Insights — 2Q13 Note: Chart scales vary for the purpose of clarity. Startup stage Product development Revenue In line with previous years’ trend, the revenue generation stage recorded the highest number of rounds across all stages of development in 1H13, led by the US. Profitable In 1H13, the startup stage VC rounds in the US followed by Europe; account for most of the investing; there has been no investment activity in the start-up stage in Israel to date. During 1H13, the number of rounds compared to 1H12 decreased across all geographies, with an exception of Canada with no rounds in 1H12 vs. 4 in 1H13, and India with two in 1H12 vs. 4 in 1H13. When compared to 1H12, the US saw a steep decline of 18% in the number of rounds in the product development stage during 1H13; the number of rounds, however, increased by only 2% for Europe. Number of rounds by stage of development During 2Q13, in the US and Europe, VC rounds in the revenue generation and product development stages together constituted 94% and 91% of the total number of rounds, respectively. Source: Dow Jones VentureSource

15. Page 15Venture Capital Insights — 2Q13 Note: Chart scales vary for the purpose of clarity. The revenue generation stage remains the most prominent stage across all development stages. In 2Q13, for all geographies except for India, more than 60% of dollars raised were at the revenue generation stage. During 2Q13, the VC activity at the startup stage remained slow across all geographies (with no activity in Israel and Canada); however, India recorded a sudden surge in dollars raised: recorded a dollar value of US$10.5m in 2Q13 vis-à-vis US$1.90 during the whole of 2012. Compared to 2Q12, the dollar value at the profitable stage in 2Q13 increased across all geographies, with an exception of the US and Europe, which saw a decline of 52% and 24%, respectively. Among all geographies, Europe saw a steep rise in dollars raised at the product development stage. The dollar value in Europe in 2Q13 increased by 3x to reach US$524.5m from US$172.2m in 2Q12. Amount invested by stage of development The revenue generation stage accounted for more than 60% of the investment dollars across all geographies, with the exception of India. In US$b Startup stage Product development RevenueProfitable Source: Dow Jones VentureSource

16. Page 16Venture Capital Insights — 2Q13 Median round size by stage of development Across all geographies, investors largely remain cautious and prefer to invest in the later stages of development. In 1H13, for the revenue stage the median round size was the highest for China (US$9.6m), a trend inline with the last few years’ levels. During 1H13, across all geographies, the start up stage continued to see the smallest median round size among all the stages of development, except for China. As a result of two large deals, India saw an increase in the median round size in 1H13, indicating an improving investor appetite to take risks on VC investments. The median round size at the product development stage has been falling across all geographies, as investors increasingly prefer to invest at later stages. Startup stage Product development RevenueProfitable Source: Dow Jones VentureSource Note: Chart scales vary for the purpose of clarity.

17. Venture Capital Insights — 2Q13 Section 2: Percentage of VC deals in backed by organized angel investors

18. Page 18Venture Capital Insights — 2Q13 Percentage of VC deals in companies with organized angel investors USEuropeCanada IsraelChinaIndia Key points A higher percentage of VC deals in companies backed by organized angel investors means a reduced risk for the VCs investing in start-up companies. The percentage of VC deals in companies backed by organized angel investors has increased in Europe, Canada, Israel and China for 1H13 compared to 2012. However, VC funds in India saw a decline from 11% in 2012 to 7% in 1H13. In the case of the US, it remains approximately the same as 2012. Source: Dow Jones VentureSource Note: Chart scales vary for the purpose of clarity.

19. Venture Capital Insights — 2Q13 Section 3: Median time since previous equity financing

20. Page 20Venture Capital Insights — 2Q13 US and Europe median time since prior equity financing (in months) US: median time since prior equity financing by sector (1H13) US: median time since prior equity financing Key points ► Over the past few years, the frequency of VC deals in the US has remained consistent. In Europe, however, the median time since prior equity financing in 1H13 is higher than that over the past six years. ► Based on year-to-date 2013 data, in the US, the consumer goods sector attracted equity financings most frequently, while in Europe, consumer services accounted for the lowest median time since prior equity financing. Europe: median time since prior equity financing by sector (1H13) Europe: median time since prior equity financing Source: Dow Jones VentureSource Note: Chart scales vary for the purpose of clarity.

21. Page 21Venture Capital Insights — 2Q13 Canada and China Median time since prior equity financing (in months) Canada: median time since prior equity financing by sector (1H13) Canada: median time since prior equity financing Key points ► In Canada, the median time since prior equity financing increased to 21 months in the 1H13 period, from 16 months in 2012. During 1H13, the IT sector recorded the highest median time since prior equity financing of 22 months, and the consumer services sector recorded the lowest median time of 15 months. ► In China, the median time since prior equity financing in 2013 was 23 months — an increase of 16 months in 2011 to 17 months in 2012. By sector, the largest increase in median time since prior financing was seen in the IT sector from 2012 of 16 months to 2013 of 26 months. China: median time since prior equity financing by sector (1H13) China: median time since prior equity financing Source: Dow Jones VentureSource Note: Chart scales vary for the purpose of clarity.

22. Page 22Venture Capital Insights — 2Q13 Israel and India Median time since prior equity financing (in months) Israel: median time since prior equity financing by sector (1H13) Israel: median time since prior equity financing Key points ► In Israel, median time financing from the previous round is the highest in 1H13 compared to past six years. Business and financial services sector recorded a median time gap of two and a half years since the last finance round. ► In India, median time to finance from the previous round was 21 months in 1H13, up from 19 months in 2012. By sector, there was a significant increase in median time recorded for investment in health care sector. India: median time since prior equity financing by sector (1H13) India: median time since prior equity financing Source: Dow Jones VentureSource Note: Chart scales vary for the purpose of clarity.

23. Venture Capital Insights — 2Q13 Section 4: Median pre-money valuation Analysis by geography, hotbed, sector, stage of development and round class

24. Page 24Venture Capital Insights — 2Q13 Summary of median pre-money valuation Median pre-money valuation by geography ► Median pre-money valuation in Europe and Israel has been relatively low since 2007. ► From 2007 to 2012, Chinese companies have consistently recorded a high pre-money valuation, followed by Indian companies. However, for 1H13, Indian companies had a higher median pre-money valuation of US$29m — $10m higher than Chinese companies,which was US$19m. Median pre-money valuation by sector ► In the US, between 2007 to 2011, the energy and utilities sector commanded higher pre-money valuation, with a dip beginning in 2012. The emergence of shale gas and the subsequent boom in the sector attracted investors, with a promise of better returns in the future. ► During 1H13, the business and financial services sector recorded the highest median pre-money valuation followed by the IT sector, in the US. ► The energy and utilities sector in Europe has had a relatively higher median pre-money valuation historically, compared to other sectors — because of investing and investments in renewable energy companies. Median pre-money valuation by stage of development ► In the US, the revenue generation and profitable stages of development attracted a median pre-money valuation of US$17.4m and US$16.8m, respectively, during 1H13. Median pre-valuation at the product development stage in 1H13 (US$4m) has been significantly lower compared to that in the last six years. Median pre-money valuation by round class ► In the US, the later stage and second rounds continue to attract higher pre-money valuations. Starting in 2011, the median pre-money valuation in later stage rounds was more than US$60m compared to almost US$50m, prior to 2011. ► In 1H13, the median pre-money valuation in Europe was US$18m for later stage rounds, compared to US$31m in 2012.

25. Page 25Venture Capital Insights — 2Q13 Median pre-money valuation by geography and hotbed China-based companies record high median pre-money valuation Key points ► Between 2007 and 2012, US-based companies recorded a consistent median pre-money valuation in the range of US$18m–20m. However, in 1H13, it was significantly lower at US$8m. Median pre-money valuation in Europe and Israel has been much lower beginning in 2007 compared to other geographies. ► Among the hotbeds in the US, SF Bay Area and Potomac based companies have seen stronger median pre-money valuations. ► Chinese companies have consistently recorded a high pre-money valuation from 2007 to 2012, followed by Indian companies. However, for 1H13, Indian companies had a higher median pre-money valuation of US$29m, which was higher than China by almost $10m. Pre-money valuation by geography Pre-money valuation by US hotbed Pre-money valuation by hotbed Source: Dow Jones VentureSource Note: Chart scales vary for the purpose of clarity.

26. Page 26Venture Capital Insights — 2Q13 US: median pre-money valuation by sector Business and financial services had high valuation in 1H13; historically, energy and utilities have higher valuations Key points ► The business and financial services sector had a median pre-money valuation of US$32m — the highest among all sectors during 1H13. ► During 1H13, software was the only sub-segment that recorded a significant median pre-money valuation (US$10.2m). ► Between 2007 and 2011, the energy and utilities sector saw a higher median pre-money valuation, but it has seen a dip from the high in 2008 and is behind 2012. The rise in the importance of shale gas and the subsequent boom in the sector has attracted investors, with a promise of better returns in the future. Source: Dow Jones VentureSource All figures in US$m

27. Page 27Venture Capital Insights — 2Q13 US: median pre-money valuation by stage of development and round class Higher valuation at revenue generation by development stages and later stage by round classes US by stage of development*US by round class Key points ► During 1H13, the revenue generation and profitable stages of development saw median pre-money valuations of US$17.4m and US$16.8m, respectively. Expectations of improved returns resulted in higher pre-money valuation at these stages. ► In 2010, the profitable stage recorded a median pre-money valuation of US$135m, the highest across all stages over the last six years. ► In the US, the later stage and second rounds continue to attract higher pre-money valuations. Since 2011, the median pre-money valuation in later stage rounds were more than US$60m, compared to around US$50m earlier. ► The median pre-money valuation at the seed round amounted to US$0.4m in 1H13, since 2007 it has never been higher than US$3m. Source: Dow Jones VentureSource Note: Chart scales vary for the purpose of clarity. *Stage of development data includes all equity transactions

28. Page 28Venture Capital Insights — 2Q13 Europe: median pre-money valuation by sector Business and financial services sector records highest pre-money valuation in 1H13 Key points ► For 1H13, Europe’s business and financial services sectors saw the highest median pre-money valuation of US$12m. The business support services sub- segment recorded a median pre-money valuation of US$9m for the same period. ► The energy and utilities sector in Europe historically has had relatively higher median pre-money valuations compared to other sectors — mostly because of renewable energy companies. ► Within the information and technology sector, the sub-segments of communications and networking and software had median pre-money valuations of US$11.1m and US$3.2m respectively, during 1H13. Source: Dow Jones VentureSource All figures in US$m

29. Page 29Venture Capital Insights — 2Q13 Europe: median pre-money valuation by stage of development and round class Europe by round class Key points ► In 1H13, the median pre-valuation at the later stage was US$18m compared to US$31m in 2012. The median in 1H13 was the lowest in last five years. ► Companies in the seed round have shown a lower median pre-money valuation in 2012 and 1H13 compared to prior years. ► Round class data captures all types of funding, versus stage of development, which only accounts for venture funding. Source: Dow Jones VentureSource Note: Chart scales vary for the purpose of clarity. Europe by stage of development* *Stage of development data includes all equity transactions

30. Page 30Venture Capital Insights — 2Q13 Canada: median pre-money valuation by sector, stage of development and round class Key points ► The product development stage recorded a median pre-money valuation of US$1m in 1H13. ► A pre-money valuation of US$36m was recorded at the later stage in 2011. Since then, no significant valuation has seen. In 1H13, there was a median pre-money valuation of US$9m in the first round of investment. Canada by round class Source: Dow Jones VentureSource Note: Chart scales vary for the purpose of clarity. Canada by stage of development* *Stage of development data includes all equity transactions All figures in US$m

31. Page 31Venture Capital Insights — 2Q13 China: median pre-money valuation by sector Key points ► With the exception of the information technology (IT) sector, there was not a minimum required sample size of four for any other sector in China for 1H13. Companies operating in the IT sector recorded a median pre-money valuation of US$25m during the period. Within the IT sector, software was the only sub-segment to see a significant median pre-money valuation of US$18.8m during 1H13. Source: Dow Jones VentureSource All figures in US$m

32. Page 32Venture Capital Insights — 2Q13 China: median pre-money valuation by stage of development and round class China by round class Key points ► The revenue generation and profitable stages have seen significant pre-money valuations in China over the past seven years. In 1H13, the median pre- money valuation at the profitable stage was US$19m, compared to US$40m and above from 2007 to 2011. This was even lower than the historical medians recorded by companies at revenue generation stage. ► By round class, there was not a required number of deals to meet the minimum sample size for 1H13. In 2012, however, the later stage round saw a strikingly high median pre-money valuation of US$2.8b because of very few big ticket deals. Source: Dow Jones VentureSource Note: Chart scales vary for the purpose of clarity. China by stage of development* *Stage of development data includes all equity transactions

33. Page 33Venture Capital Insights — 2Q13 Israel and India: median pre-money valuation by stage of development and round class Israel by stage of development*India by stage of development* ► In India, historically, only companies at revenue generation stage had been pre-valued by VC investors with an exception of 2009, which recorded a median valuation of US$9m at the profitable stage. Not sufficient data Israel by round classIndia by round class ► Since 2007, the first round and the later stage have been the only two round classes to record a pre-money valuation in India. Median valuation remained significantly higher at the later stage compared to the first round median valuation. Source: Dow Jones VentureSource Note: Chart scales vary for the purpose of clarity. *Stage of development data includes all equity transactions

34. Venture Capital Insights — 2Q13 Section 5: Median pre-money valuation by corporate VC investors

35. Page 35Venture Capital Insights — 2Q13 Key points ► Companies with a corporate VC investor have had consistently higher pre-money valuations compared to those without corporate VC investors. The median pre-money valuation in the US during 1H13 for companies with corporate investors was US$576m — the highest over the last six years. ► Revenue generation was the only stage that attracted corporate VC investments in 1H13. Median valuation at this stage remain significantly higher compared to the other stages. US: median pre-money valuation by corporate VC investors US US by stage of development* (1H13) US by round class (1H13) *Stage of development data includes all equity transactions Source: Dow Jones VentureSource Note: Chart scales vary for the purpose of clarity.

36. Page 36Venture Capital Insights — 2Q13 Europe median pre-money valuation by corporate VC investors Europe by stage of development (1H13) Europe by round class (1H13) Europe Key points ► The median pre-money valuation for companies with a non- corporate VC investor has been in the range of US$4m–6m for the last five years. ► The revenue generation stage across the stages of development and later stage rounds across all round classes saw the highest median pre-money valuation in the case of non-corporate investors during 1H13. Source: Dow Jones VentureSource Note: Chart scales vary for the purpose of clarity. *Stage of development data includes all equity transactions

37. Page 37Venture Capital Insights — 2Q13 Median pre-money valuation by corporate VC investors: Canada, China, Israel and India Canada Israel China India Source: Dow Jones VentureSource Note: Chart scales vary for the purpose of clarity.

38. Page 38Venture Capital Insights — 2Q13 Median pre-money valuation by corporate VC investors by sector Business and financial servicesHealth care Europe Information technology All figures in US$m US All figures in US$m Business and financial servicesHealth care Information technology Source: Dow Jones VentureSource Note: Chart scales vary for the purpose of clarity.

39. Venture Capital Insights — 2Q13 Section 6: Median time to liquidity IPO and M&A Corporate VC versus Financial VC

40. Page 40Venture Capital Insights — 2Q13 Median time to liquidity (in years) via IPO and M&A Israel EuropeUS China Source: Dow Jones VentureSource Note: Chart scales vary for the purpose of clarity. IPO M&A Data not sufficient

41. Page 41Venture Capital Insights — 2Q13 US: median time to liquidity (in years) via IPO and M&A Business and financial servicesHealth careInformation technology Business and financial servicesHealth careInformation technology IPO M&A Source: Dow Jones VentureSource Note: Chart scales vary for the purpose of clarity.

42. Page 42Venture Capital Insights — 2Q13 Europe: median time to liquidity (in years) via IPO and M&A Business and financial servicesHealth careInformation technology Business and financial servicesHealth careInformation technology IPO M&A Source: Dow Jones VentureSource Note: Chart scales vary for the purpose of clarity.

43. Venture Capital Insights — 2Q13 Section 7: Top corporate investors

44. Page 44Venture Capital Insights — 2Q13 Global: top 20 corporate investors Global top 20 investors* (by number of transactions during 2005–1H13) Source: Dow Jones VentureSource Corporate investorNumber of transactions % to total of top 20 Intel Capital60625% Google Ventures1807% Novartis Venture Fund1386% Qualcomm Ventures1376% Motorola Solutions Venture Capital1305% Innovacom SA1205% T-Venture Holding GmbH1115% Johnson & Johnson Development Corp.1014% Cisco Systems1014% SAP Ventures924% Siemens Venture Capital GmbH884% Comcast Ventures854% Kaiser Permanente Ventures733% HV Holtzbrinck Ventures Adviser GmbH683% Steamboat Ventures673% Chevron Technology Ventures673% SR One Ltd.663% O'Reilly AlphaTech Ventures LLC552% Dow Chemical Co. 542% Total of top 202,405 * There were 122 transactions by undisclosed corporate investors.

45. Page 45Venture Capital Insights — 2Q13 Top 10 corporate investors by geography Israel* India EuropeUS* ChinaCanada Number of transactions: 2005–1H13 Number of transactions: 2007–1H13 Source: Dow Jones VentureSource *There were 80 and 10 transactions in the US and Israel, respectively, by undisclosed corporate investors.

46. Page 46Venture Capital Insights — 2Q13 Appendix: sector classification SectorSub-sector Business and financial servicesBusiness support services Construction and civil engineering Financial institutions and services Wholesale trade and shipping Consumer goodsFood and beverage Household and office goods Personal goods Vehicles and parts Consumer servicesConsumer information services Media and content Retailers Travel and leisure Energy and utilitiesNon-renewable energy Renewable energy Utilities Health careBiopharmaceuticals Health care services Medical devices and equipment Medical software and information services Industrial goods and materialsAerospace and defense Agriculture and forestry Machinery and industrial goods Materials and chemicals Information technologyCommunications and networking Electronics and computer hardware Semiconductors Software

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