Sequoia Capital Market Presentation Deck

MEWS BECAME THE NEW PIGGY BANK 12 10 8 6 4 2 0 MEW CONTINUES TO FADE... Mortgage equity withdrawal, as a % of disposable income, 4-quarter moving average bomo ☐Active Passive Source: Haver, BEA, NAHB, Conference Board, EIA, Morgan Stanley Research. ₁ 1Q91 1Q92 1Q93 1Q94 1Q95 1Q96 1Q97 1Q98 1Q99 1Q00 1Q01 1Q02 1Q03 1Q04 1Q05 1Q06 1Q07 1Q08

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