Venture fundraising (#) by size in First-time vs. follow-on venture funds Europe (#) in Europe 2010 — H1'17 2010 — H1'17 100% 140 Follow-on First-time 90% 120 80% 70% 100 60% 80 50% 40% 60 30% 20% 40 10% 20 0% 1 2 3 4 5 6 * 10 1 1 1 1 1 1 7 0 0 0 0 0 0 1 20 2 2 2 2 2 2 0 2 0 0 1 3 4 6 * 1 1 12 1 1 15 1 7 0 0 0 0 0 1 2 2 20 2 2 20 2 0 Under $50M $50M-$100M $100M-$250M 2 $250M-$500M $500M-$1B $1B+ Source: Venture Pulse, Q2'17, Global Analysis of Venture Funding, KPMG Enterprise. *As of 6/30/2017. Data provided by PitchBook,July 13, 2017. Sub-$50 million VC funds are holding steady in terms of proportion of overall activity, although the trend seems to be toward funds in the middle of the size range. © 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