Sequoia Capital Market Presentation Deck

WAGE GROWTH & PERSONAL SAVINGS 11 9 5 (0) 3 1 T при Q1'85 18.70 PERSONAL SAVINGS RATE Q3'89 Q4'91 Q1'94 Q2'96 Q3'98 00.10 REAL WAGE GROWTH FELL Q1'03 Q2'05 PERSONAL SAVINGS RATE EVAPORATED Q3'07 7 5 3 1 -1 -3 'r FALLING REAL WAGES ERODING PCE MA 1971 1974 1977 1980 1983 Source: Bureau of Economic Analysis, Federal Reserve, Haver, Bureau of Labor Statistics, Census Bureau, Factset, Morgan Stanley Research. why Merry -Real Personal Consumption Expenditure (yoy%) Real after-tax wages & salaries (y oy%) 1986 1989 1992 1995 1998 2001 2004 2007

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