Sequoia Capital Market Presentation Deck

JAPAN MAY BE INSTRUCTIVE 40,000 30,000 20,000 10,000- 0 Nikkei Index 1988 - present ww 1990 1995 2000 2005 Oct 2008 Source: Bank of Japan, Yahoo Finance 8%- 6. 2- 0 Japanese discount rate 1990 1995 2000 2005 Jul-08 6% -6- Annual real GDP growth RAHE 1990 1995 Average 2000 2005

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