Splash Oakland Opening Remarks

Confidential Information

San Francisco Oakland

1997

2014

2014

Soon!

VC Investment % of $ 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Q1 2104San Francisco 5.5% 8.8% 12.8% 12.4% 14.6% 14.4% 20.4% 17.5% 31.9% 31.8% 36.3% 49.6%Rest of Bay Area 94.5% 91.2% 87.2% 87.6% 85.4% 85.6% 79.6% 82.5% 68.1% 68.2% 63.7% 50.4%

0.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%80.0%90.0%

100.0%

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Q1 2104

San Francisco Rest of Bay Area

Investment activity has moved north –

In 2003 San Francisco attracted $377mm in institutional venture capital, 2013: $4.8 billion

Q2014: $2.24 billion

Seed / Series A % of $ 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Q1 2104San Francisco 5.1% 11.0% 14.2% 11.5% 24.5% 28.9% 24.5% 26.4% 30.5% 49.7% 41.9% 50.9%Rest of Bay Area 94.9% 89.0% 85.8% 88.5% 75.5% 71.1% 75.5% 73.6% 69.5% 50.3% 58.1% 49.1%

0.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%80.0%90.0%

100.0%

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Q1 2104

San Francisco Rest of Bay Area

Seed- to early-stage pours into San Francisco

• San Francisco’s early stage investment lines crossed in Q1 2014– More early stage investment going into San Francisco than the rest of the Bay Area

combined

• This means San Francisco has more early stage activity than ever before – with already constrained capacity

But San Francisco is full…

Bleep

The Bay Area economy is moving east

Full Year 2013 Q1 2014 $-

$20 $40 $60 $80

$100 $120 $140

$125

$98

VC Investment in Oakland ($mm)

Oakland is cool

Oakland is scalable

• Proximity to SF• Urban density and cool factor• World class tertiary education (enormous talent base)• Transportation and infrastructure (parking, bus, ferry, BART, air, …)• Access to capital

Welcome to Oakland

You are where it’s at!