Capital Markets Crisis for the Start-Up Community July 1, 2008 ALL MATERIALS CONTAINED WITHIN ARE EMBARGOED UNTIL 12:01 A.M. ON TUESDAY, JULY1, 2008

Venture Exit Counts - IPOs and M&A by Year Source: Thomson Reuters & NVCA

Venture-backed IPOs 1990’s vs. 2000 Source: Thomson Reuters & NVCA

Median Age of a Venture-Backed Company at IPO Source: Thomson Reuters & NVCA 8.6 Years

The IPO Pipeline: IPOs and Registration Counts at Period End Source: Thomson Reuters/National Venture Capital Association

NVCA Survey Polled NVCA membership Week of June 23, 2008 662 responses

Polled NVCA membership

Week of June 23, 2008

662 responses

When do you see the IPO window re-opening? Source: NVCA

How do you perceive the current attitude of venture backed companies towards going public? Source: NVCA

What are the three largest factors you attribute to the current IPO drought? Source: NVCA

How do you view the current IPO drought relative to the future health of the VC and entrepreneurial communities? Source: NVCA