Global first-time venture financings of companies 2010 — Q2'17 $7 2,500 $6 2,000 $5 1,500 $4 $3 1,000 $2 500 $1 $0 0 1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q 2010 2011 2012 2013 2014 2015 2016 2017 Capital invested ($B) # of deals closed Source: Venture Pulse, Q2'17, Global Analysis of Venture Funding, KPMG Enterprise. Data provided by PitchBook, July 13, 2017. It’s important to note that although the volume of first-time venture financings has declined for some time now, the current level is not unprecedented on a historical basis. Moreover, as capital invested sums stay robust, the present dynamic is one of deep-pocketed investors with heightened caution. © 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