Emerging Company IPO Success

Shift to M&A - Resulting in Fewer U.S. Jobs 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 1990 1991 1992 A 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Source: Thomson Reuters/National Venture Capital Association (Based on number of exits per year; M&A exits are for private company sales only.) 1% IPO 1% M&A Confidential 7

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