Venture financing in Spain 2012 — Q2'17 $250.0 90 80 $200.0 70 60 $150.0 50 40 $100.0 30 20 $50.0 10 $0.0 0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 2012 2013 2014 2015 2016 2017 Capital invested ($M) # of deals closed Source: Venture Pulse, Q2'17, Global Analysis of Venture Funding, KPMG Enterprise. Data provided by PitchBook, July 13, 2017. Some slight revision upward in deal volume could occur in future but even if so, it is clear that Spanish venture activity has entered a more subdued level since the middle of 2016, while VC invested has stayed somewhat more resilient. Although not as skewed as Q1’17, the tally of deal value in Q2’17 is still buoyed by a handful of midsized financings. © 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