Median deal size ($M) by stage in Europe 2010 — H1'17 Angel/seed Early stage VC Later stage VC $6.8 $5.1 $4.9 $3.9 $3.7 $3.4 $3.4 $3.1 $3.1 $2.0 $1.8 $1.8 $1.6 $1.5 $1.5 $1.3 $0.9 $0.7 $0.5 $0.5 $0.4 $0.3 $0.3 $0.3 2010 2011 2012 2013 2014 2015 2016 2017* Up, flat or down rounds in Europe 2010 — H1'17 100% 90% 80% 70% 60% 50% 40% Up Flat Down 30% 20% 10% 0% 0 1 2 3 4 5 6 * 1 1 1 1 1 1 1 7 0 0 0 0 0 0 0 1 2 2 2 2 2 2 2 0 2 Source: Venture Pulse, Q2'17, Global Analysis of Venture Funding, KPMG Enterprise. *As of 6/30/2017. Data provided by PitchBook, July 13, 2017. © 2017 KPMG International Cooperative (“KPMG International”). KPMG International provides no client services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated. #Q2VC