Sequoia Capital Market Presentation Deck

HUGE GROWTH IN DERIVATIVES Outstanding amount of open positions in OTC derivatives markets $525T 350- 175- 0 1995 1998 2001 2004 U.S. GDP 2007 35x U.S. GDP Note: Outstanding amount is not a pure measure of risk as some positions are netted and have collateral; U.S. GDP was $13.8T in 2007 Source: Bank for International Settlements

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