Sequoia Capital Market Presentation Deck

EARNINGS BEGINNING TO ROLL 15% 10% 5% 0% -5% -10% -15% -20% -25% -30% EARNINGS DOWN 18% ON ESTIMATES MADE 12 MONTHS AGO 1/31/87, -18.5% S&P 500 Rolling Earnings Surprise % 12mo Forward Estimates vs. Actuals Under-estimate Earnings 1985 1987 1989 1991 my Source: Datastream, Robert Shiller, Factset and Morgan Stanley Research. Over-estimate Earnings 12/31/91, -25.0% Grey shading represents US 1993 1995 1997 1999 2001 2003 2005 2007 9/30/08 -18.6% 12/31/01, -25.2%

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