1. www.pwc.comShaking the MoneyTreeQ2 2014 Connecticut UpdatePricewaterhouseCoopers/National Venture Capital Association MoneyTreeTM Report,based on data from Thomson ReutersPresented by PwCSharon Kane, Partner

2. About the report PricewaterhouseCoopers and the National Venture Capital AssociationPwCproduce the MoneyTree Report, based on data from Thomson Reuters Core measure of equity investments in venture-backed companies in theUnited States Companies have received at least one round of financing, involving aprofessional VC firm or equivalent Captures: tranches, not term sheets, foreign VCs, qualified privateplacement Excludes: debt, bridge loans, recaps, roll-ups, IPOs, PIPEs, leasing, etc. MoneyTree Report in its 19th year Results online at www.pwcmoneytree.com and www.nvca.org2PricewaterhouseCoopers/National Venture Capital Association MoneyTree Report, based on data from Thomson Reuters 3. MoneyTree total investments: Q1 2009 Q2 2014$14.0$12.0$10.0$8.0$6.0$4.0$2.0PwC$3.9$5.1$6.5 $6.3$6.1$9.7$5.1$7.1$8.2$7.4 $7.2$13.0$5.4 $5.5$7.6$6.7$8.0$5.9 $5.7$7.5$7.0$8.5$0.02009 2010 2011 2012 2013 2014Q1 Q2 Q3 Q43($ in billions)2009 2010 2011 2012 2013 2014# of Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2Deals 680 765 767 944 826 1,023 891 911 907 1,088 1,022 1,000 886 987 948 1,067 923 1,000 1,057 1,126 985 1,114PricewaterhouseCoopers/National Venture Capital Association MoneyTree Report, based on data from Thomson Reuters 4. MoneyTree report CT total investmentsTotal CT Annual Venture capital investments 2004 to Q2 2014$300$250$200$150$100$50PwC4251.6209.6289271236.1138.6133.2157.8152.6214.7316.3$020042005200620072008200920102011201220132014($ in millions)PricewaterhouseCoopers/National Venture Capital Association MoneyTree Report, based on data from Thomson Reuters 5. MoneyTree report CT total investmentsTotal CT annual venture capital deals 2004 to Q2 201470605040302010PwC53834303641416257505430020042005200620072008200920102011201220132014# of DealsPricewaterhouseCoopers/National Venture Capital Association MoneyTree Report, based on data from Thomson Reuters 6. MoneyTree report CT total investmentsVenture Capital Investments by stage of development 2004 to Q2 2014Total CT- $100.0%90.0%80.0%70.0%60.0%50.0%40.0%30.0%20.0%10.0%PwC70.0%60.0%50.0%40.0%30.0%20.0%10.0%614.8%36.1%11.2%33.6%73.5%64.4%37.0%13.6%44.4%43.0%42.5%85.2%63.9%79.5%66.4%72.9%74.3%63.0%86.4%55.6%57.0%57.5%20.1%14.8%39.2%35.8%34.3%36.7%35.7% 31.0%38.7%22.9%45.8%0.0%0.0%2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014Seed + Early Expansion + Later Later only$ as % of totalPricewaterhouseCoopers/National Venture Capital Association MoneyTree Report, based on data from Thomson Reuters 7. MoneyTree report CT total investmentsVenture Capital Investments by stage of development 2004 to 2013Total CT- DealsDeals as % of total90.0%80.0%70.0%60.0%50.0%40.0%30.0%20.0%10.0%PwC723.7%26.5%23.3%50.0%63.4%61.0%54.8%56.1%50.0%48.1%46.7%76.3%73.5%76.7%50.0%36.6%39.0%45.2%43.9%50.0%51.9%53.3%15.8%29.4%33.3%19.4%19.5%17.1%24.2%22.8%16.0%24.1%20.0%35.0%30.0%25.0%20.0%15.0%10.0%5.0%0.0%0.0%2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014Seed + Early Expansion + Later Later onlyPricewaterhouseCoopers/National Venture Capital Association MoneyTree Report, based on data from Thomson Reuters 8. MoneyTree report CT 2014 YTD investments summaryTop 10 dealsPwC8Quarter Company City State IndustryStage ofDevelopmentInvestmentSequenceAmount1 Melinta Therapeutics Inc New Haven CT Biotechnology Later Stage 13 $ 69,999,9001Kolltan PharmaceuticalsInc New Haven CT Biotechnology Early Stage 7 $ 60,000,0001Odyssey Logistics &Technology Corp Danbury CT Industrial/Energy Later Stage 8 $ 48,000,0002 Loxo Oncology Inc Stamford CT Biotechnology Early Stage 4 $ 28,389,0002 Trevi Therapeutics Inc New Haven CT Biotechnology Early Stage 2 $ 25,000,0002 Decisyon Inc Stamford CT Software Later Stage 1 $ 22,000,0002 Evariant Inc Farmington CT Software Expansion 3 $ 16,512,0002 Cyvek Inc Wallingford CT Biotechnology Expansion 5 $ 10,000,0001 Loxo Oncology Inc Stamford CT Biotechnology Startup/Seed 3 $ 6,818,0001 Arvinas Inc New Haven CT Biotechnology Early Stage 3 $ 5,100,000PricewaterhouseCoopers/National Venture Capital Association MoneyTree Report, based on data from Thomson Reuters 9. AppendixNational Q2 2014 updatePwC9PricewaterhouseCoopers/National Venture Capital Association MoneyTree Report, based on data from Thomson Reuters 10. Investments by region Quarterly percent of total US investmentsTop 5 US regions : Q2 2013 Q2 2014(% of total dollars)60%50%40%30%20%10%0%PwC1041%12%Q2 '13 Q3 '13 Q4 '13 Q1 '14 Q2 '1410% 10%10%6%5% 4%5% 4%4% 4%3%46%11%10% 9%9%6%5%39%11%13%51%55%Silicon Valley New England NY Metro LA/Orange County MidwestPricewaterhouseCoopers/National Venture Capital Association MoneyTree Report, based on data from Thomson Reuters 11. Investments by industry Quarterly percent of total US investmentsTop 5 Industries : Q1 2013 Q2 201450%45%40%35%30%25%20%15%10%5%PwC1132%20%Q2 '13 Q3 '13 Q4 '13 Q1 '14 Q2 '149% 9%5%45%12%8%5% 5%35%16%14%7% 7%42%11%8% 8%5%47%14%8%6% 6%0%Software Biotechnology Media andEntertainmentIT Services Industrial/Energy(% of Total Dollars)PricewaterhouseCoopers/National Venture Capital Association MoneyTree Report, based on data from Thomson Reuters 12. Internet-specific & Software investmentsSoftware investments ($B)$1.0$ Invested# of deals$1.4 $1.3 $1.5 $1.5Internet-specific investments ($B)PwC500450400350300250200150100503503002502001501005012Q1 2010 Q2 2014$0.9$ Invested# of deals$1.1 $1.1 $1.2$1.4$1.9$2.3$2.3$1.9 $1.8$1.7 $1.7$1.6$2.5$2.0$2.0$2.3 $2.4 $2.3$1.6 $1.5$1.3$1.8$3.6$1.5$2.9$2.4 $2.3$2.70Q1 '10 Q2 '10 Q3 '10 Q4 '10 Q1 '11 Q2 '11 Q3 '11 Q4 '11 Q1 '12 Q2 '12 Q3 '12 Q4 '12 Q1 '13 Q2 '13 Q3 '13 Q4 '13 Q1 '14 Q2 '14PricewaterhouseCoopers/National Venture Capital Association MoneyTree Report, based on data from Thomson Reuters$4.1$6.10Q1 '10 Q2 '10 Q3 '10 Q4 '10 Q1 '11 Q2 '11 Q3 '11 Q4 '11 Q1 '12 Q2 '12 Q3 '12 Q4 '12 Q1 '13 Q2 '13 Q3 '13 Q4 '13 Q1 '14 Q2 '14 13. Life sciences investments Percent of total US investmentsLife sciences sector : Q2 2013 Q2 201430%25%20%15%10%5%PwC1320%7%28%12%7%19%16%5%22%11%6%17%14%5%19%0%Biotechnology Medical Devices and Equipment Life Sciences(% of total dollars)Q2 '13 Q3 '13 Q4 '13 Q1 '14 Q2 '14PricewaterhouseCoopers/National Venture Capital Association MoneyTree Report, based on data from Thomson Reuters 14. Investments by stage of development: Q2 2014PwC$2,546$125$3,913$2,885Seed Stage Early StageExpansion Stage Later Stage14Stage of Development# ofDealsQ2 2014 Total Investments - $12,969 million in 1,114 deals% Changein $ fromQ1 2014Seed Stage 55 46%Early Stage 522 17%ExpansionStage308 53%Later Stage 229 25%Total 1,114 34%($) in millionsPricewaterhouseCoopers/National Venture Capital Association MoneyTree Report, based on data from Thomson Reuters 15. US Investments by stage: Quarterly Q1 2012 Q2 2014Amount Invested by Stage ($M)PwC$2,359$1,813$1,983$2,164$2,786$2,197$1,990 $2,240$2,553 $2,228$1,963 $2,325$2,184$2,072$1,618$2,136$2,190$2,351$2,505$2,216$2,939$2,562$3,756$2,606 $2,912 $2,995 $3,262$3,209$5,745$3,826$177 $281 $177 $194 $191 $238 $194 $347 $130 $18914,00012,00010,0008,0006,0004,0002,0000Q1 '12 Q2 '12 Q3 '12 Q4 '12 Q1 '13 Q2 '13 Q3 '13 Q4 '13 Q1 '14 Q2 '14Later StageExpansionStageEarly StageSeed Stage15PricewaterhouseCoopers/National Venture Capital Association MoneyTree Report, based on data from Thomson Reuters 16. US Investments by stage: Quarterly Q1 2012 Q2 2014Number of Deals by StagePwC234226362194258447195254427222255517205238425194231527185212240 288576 55619326947722930852264 88 72 73 55 48 56 70 46 551,2001,0008006004002000Q1 '12 Q2 '12 Q3 '12 Q4 '12 Q1 '13 Q2 '13 Q3 '13 Q4 '13 Q1 '14 Q2 '14Later StageExpansionStageEarly StageSeed Stage16PricewaterhouseCoopers/National Venture Capital Association MoneyTree Report, based on data from Thomson Reuters 17. Investments by sequence of financing: Q2 2014PwC$1,859$11,109First Sequence Follow-on17Financing # of Deals% Change in $from Q1 2014First Sequence 351 48%Follow-on 763 31%Total 1,114 34%($) in millionsQ1 2014 Total Investments - $9,469 million in 951 dealsPricewaterhouseCoopers/National Venture Capital Association MoneyTree Report, based on data from Thomson Reuters 18. First sequence financingInvestment amount: Q1 2009 Q2 2014First sequence investments($ in billions) Q1 Q2 Q3 Q4$2$2$2$1$1$1$1$1$0$0PwC18$0.7$1.0$1.2$0.9 $0.9$1.3$0.8$1.1$1.6$1.1 $1.2$1.9$0.8$1.3$1.3$1.1$1.3$1.2$0.9$1.3 $1.2$1.5-2009 2010 2011 2012 2013 2014PricewaterhouseCoopers/National Venture Capital Association MoneyTree Report, based on data from Thomson Reuters 19. First sequence financingNumber of deals: Q1 2009 Q2 2014First sequence deals500400300200100PwC19167235304Q1 Q2 Q3 Q4261289 293196293364330342 351187274350321374281 288333370 362-2009 2010 2011 2012 2013 2014PricewaterhouseCoopers/National Venture Capital Association MoneyTree Report, based on data from Thomson Reuters 20. Number of First-time vs. Follow-on DealsUS Venture Capital deals 2009 Q2 2014 YTDNumber of Deals45004000350030002500200015001000500PwC8311,0901,351 1,282 1,3676442,3252,5612,6662,6062,7391,45502009 2010 2011 2012 2013 2014 YTDFollow on First sequence20PricewaterhouseCoopers/National Venture Capital Association MoneyTree Report, based on data from Thomson Reuters 21. First sequence financing Percent of total US investments: 2009 Q2 2014 YTD40%35%30%25%20%15%10%5%PwC2117%16%15%20%19%16%23%16%19%20%18% 17%15%15%17%18%15% 17% 17% 17%13%14%25%26% 24%30%28% 29%31% 32%34%33% 34%33%29%33% 34%35%31%34%35%32%30%32%0%% of Total Dollars % of Total DealsPricewaterhouseCoopers/National Venture Capital Association MoneyTree Report, based on data from Thomson Reuters 22. Quarterly percent of total first sequence dollars Stage of development Q2 2013 Q2 2014(% of first sequence dollars)80%70%60%50%40%30%20%10%PwC2215%70%8% 7%12%63%18%7%20%53%14% 13%8%71%11% 10%7%50%26%17%0%Seed Stage Early Stage Expansion Stage Later StageQ2 '13Q3 '13Q4 '13Q1 '14Q2 '14PricewaterhouseCoopers/National Venture Capital Association MoneyTree Report, based on data from Thomson Reuters 23. Quarterly percent of total first sequence deals Stage of development Q2 2013 Q2 2014(% of first sequence deals)80%70%60%50%40%30%20%10%PwC2312%72%10%6%13%73%10%5%15%66%13%5%13%70%11%6%11%63%15%11%0%Seed Stage Early Stage Expansion Stage Later StageQ2 '13Q3 '13Q4 '13Q1 '14Q2 '14PricewaterhouseCoopers/National Venture Capital Association MoneyTree Report, based on data from Thomson Reuters 24. First sequence deals in seed & early stage companies1995 Q2 2014 YTD300020001000PwC90%80%70%60%50%40%30%20%10%245377118189611,7782,5009135965897157498931,0159376128251,0651,0471,13350560%62% 63%67%72%74% 74%70%76%73%70% 70% 71% 72% 74%76%79%82%83%78%0%0Seq 1 Deals in Seed/Early Stage% of Total Seq 1 DealsSeed stageEarly stagePricewaterhouseCoopers/National Venture Capital Association MoneyTree Report, based on data from Thomson Reuters 25. Median deal size vs. mean deal size Quarterly total US investments: Q1 2009 Q2 2014$14.0$12.0$10.0$8.0$6.0$4.0$2.0PwC25$3.0$2.5$3.1$2.4$2.9 $3.0$2.7$2.8$2.5$3.0 $3.0$2.5$3.0 $3.0$2.3 $2.2$2.3 $2.5 $2.6 $2.7$11.6$3.3$ 3.5$5.7$6.6$7.1$6.3$6.2$7.0$6.2 $6.2$7.2$7.6 $7.4$7.5$7.1$7.5$7.0$6.5 $6.6$7.2$7.5$7.5$9.9-Median Deal Size Mean Deal Size($ in millions)PricewaterhouseCoopers/National Venture Capital Association MoneyTree Report, based on data from Thomson Reuters 26. Q2 2014 Most active US venture investorsPwC26VC Firm Location Number of DealsNew Enterprise Associates, Inc. Menlo Park, California 32Andreessen Horowitz LLC Menlo Park, California 32First Round Capital Philadelphia, Pennsylvania 27Kleiner Perkins Caufield & Byers LLC Menlo Park, California 25SV Angel II Q LP San Francisco, California 23True Ventures Palo Alto, California 22Sequoia Capital Menlo Park, California 20Canaan Partners Menlo Park, California 19Polaris Partners Waltham, Massachusetts 17Accel Partners & Co Inc Palo Alto, California 16Atlas Venture Advisors Inc Cambridge, Massachusetts 16Khosla Ventures LLC Menlo Park, California 14Google Ventures Mountain View, California 14DreamIt Ventures Bryn Mawr, Pennsylvania 14Greylock Partners Menlo Park, California 14Redpoint Ventures Menlo Park, California 14Innovation Works Inc Pittsburgh, Pennsylvania 14Lerer Ventures New York, New York 14Foundry Group LLC Boulder, Colorado 12Venrock, Inc. Palo Alto, California 12InterWest Partners LLC Menlo Park, California 12General Catalyst Partners LLC Cambridge, Massachusetts 12Tech Coast Angels Los Angeles, California 11Foundation Capital Menlo Park, California 11Draper Fisher Jurvetson International Inc Menlo Park, California 11Bessemer Venture Partners, L.P. Larchmont, New York 11500 Startups, L.P. Mountain View, California 10Connecticut Innovations Inc Rocky Hill, Connecticut 10OrbiMed Advisors LLC New York, New York 10Lightspeed Venture Partners X LP Menlo Park, California 10Battery Ventures LP Boston, Massachusetts 10Norwest Venture Partners Palo Alto, California 10Versant Ventures, Inc. Menlo Park, California 10PricewaterhouseCoopers/National Venture Capital Association MoneyTree Report, based on data from Thomson Reuters 27. Analysis of venture-backed IPO and M&A activityDate Total M&APwC27DealsAverage M&Adeal size ($M)*Number ofIPOs**Source: Thomson Reuters and National Venture Capital Association*Only accounts for deals with disclosed values**Includes all companies with at least one U.S. VC investor that trade on U.S. exchanges, regardless of domicileTotal OfferAmount ($M)Average IPO OfferAmount ($M)2009 360 113.4 13 1,979.8 152.32010 545 118.0 66 7,409.5 112.3Q1 2011 139 117.0 14 1,526.9 109.1Q2 2011 94 167.6 20 5,635.1 281.8Q3 2011 142 161.3 5 475.9 95.2Q4 2011 123 131.3 11 2,803.2 254.82011 498 142.6 50 10,441.1 208.8Q1 2012 114 131.1 19 1,682.8 88.6Q2 2012 124 185.4 12 17,227.9 1,435.7Q3 2012 124 228.6 10 1,140.7 114.1Q4 2012 127 126.0 8 1,408.4 176.12012 489 171.9 49 21,459.9 438.0Q1 2013 86 92.7 8 716.9 89.6Q2 2013 96 218.6 22 2,249.9 102.3Q3 2013 115 161.9 27 2,781.4 103.0Q4 2013 94 190.4 24 5,320.1 221.72013 391 176.2 81 11,068.2 136.6Q1 2014 111 251.7 37 3,400.1 91.9Q2 2014 97 98.6 28 4,926.4 175.92014 208 171.5 65 8,330.9 128.1PricewaterhouseCoopers/National Venture Capital Association MoneyTree Report, based on data from Thomson Reuters 28. Venture capital fundraisingYearPwC28First TimeFundsSource: Thomson Reuters & National Venture Capital AssociationData current as of July 15, 2014Follow-On FundsTotal Number ofFundsVCRaised ($M)2010 53 122 175 13,272.02011 61 128 189 19,022.72012 75 141 216 19,798.22013 57 140 197 17,086.32014 Q2 YTD 44 90 134 16,471.1QuarterQ1 13 10 37 48 4,387.5Q2 13 19 36 55 3,328.6Q3 13 18 46 64 4,430.7Q4 13 17 37 54 4,939.5Q1 14 27 36 63 9,076.2Q2 14 20 58 78 7,394.9PricewaterhouseCoopers/National Venture Capital Association MoneyTree Report, based on data from Thomson Reuters