Complete MT Presentation Q2 '09 Final From 9.3.09

Hosted by:
Shaking the
MoneyTree
Q2 2009
pwc
Agenda
Please join PricewaterhouseCoopers, Cooley
Godward Kronish LLP and a distinguished panel as
they provide insight into Q2 2009 Venture
Investments, including PwC's Shaking the
MoneyTree Report.
Q2 2009 MoneyTree
Thursday, September 3, 2009

Wilson Sonsini Goodrich & Rosati
650 Page Mill Road
Palo Alto, California 94304
6:00 - 7:00 p.m.

Registration and Networking
7:00 - 8:15 p.m.

Presentation and Panel Discussion
Moderator
Steve Bengston, PricewaterhouseCoopers LLP
Event Panelists
Tim Carey, PricewaterhouseCoopers LLP
Emmett Cunningham, Clarus Ventures
Rich Ferrari, De Novo Ventures
Allan May, Emergent Medical Parnters
Rich Redelfs, Foundation Capital
PricewaterhouseCoopers/National Venture Capital

Association MoneyTree TM Report based on data
from Thomson Reuters.
1
PricewaterhouseCoopers
Event
Panelists
2
Steve Bengston
Director
PricewaterhouseCoopers LLP
steve.bengston@us.pwc.com
Steve is Director of Emerging Company Services
(ECS) at PricewaterhouseCoopers. ECS acts as
“mentor capitalists” for young, high potential companies
and assists them with a variety of services, including,
Review- ing Executive Summaries/Investor
Presentations, Referrals, Raising Money, Partnerships
and Finding People.
Before joining PwC, Steve had 20 years of experience

in a variety of marketing, business development and
general management roles at several high tech
companies in the Bay Area. Most recently, he was
Pres/ CEO of ynot.com, a leading international
emarketing and greeting card company. Previously, he
was VP Marketing & Business Development at
Worldview Systems, an Internet travel pioneer. At
Worldview, Steve helped launch and market Travelocity
with Sabre Interactive.
Steve has a BA in Economics and MBA from Stanford

University. He works closely or sits on the Advisory
Board at Churchill Club, SVASE, SDForum, Life
Science Angels, Entrepreneurs Foundation, and the
Stanford/MIT Venture Lab, has taught classes on start
ups at UC Berkeley, Santa Clara Law School, Hastings
Law School, and Stanford, and is active in a variety of
other organizations in the Bay Area targeting
entrepreneurs and investors. He also hosts the
PricewaterhouseCoopers Startup radio show at
www.wsradio.com. He is a frequent moderator/panelist
at both university and industry sponsored events.
3
Tim Carey
Partner
PricewaterhouseCoopers LLP
d.timothy.carey@us.pwc.com
Tim Carey joined PricewaterhouseCoopers' Detroit office
in 1992 and was admitted to the partnership in 2000. He
has spent the past 7 years as a Partner in the San Jose
office specializing in the semiconductor industry. Tim also
spent two years in our Manchester, England office and
has extensive experience working in both Europe and
Asia.
Tim is the US Leader of the firm's CleanTech practice and

has worked with numerous companies in the renewable
energy and transportation sectors within CleanTech. He
is the firm's liaison to VC CleanTech funds and is
responsible for PwC's thought leadership efforts within the
sector.
Tim has extensive SEC experience having served as the

lead Engagement Partner on five IPO's and numerous
debt and equity offerings. In addition, he has significant
experience with M&A transactions ranging from
acquisitions, spin-offs and divestitures to complex joint
ventures, strategic investments and alliances.
In addition to client work, Tim speaks regularly to outside

groups on a variety of topics including corporate
governance, revenue recognition, accounting for stock-
based compensation and initial public offerings. He is
also currently on the board of the Silicon Valley Chapter of
the National Association of Corporate Directors.
Tim received a Bachelor’s degree in Financial

Administration from Michigan State University in 1987 and
an MBA with Distinction from the University of Michigan in
1992. He is a certified public accountant and a member of
the American Institute of Certified Public Accountants as
well as the Michigan and California Associations of
Certified Public Accountants.
Tim is also a Board Member of the Silicon Valley Chapter

of the National Association of Corporate Directors and is
affiliated with the American Institute of Certified Public
Accountants , California Society of Certified Public
Accountant and Michigan Association of Certified Public
Accountants.
4
Emmett Cunningham, Jr., MD,
PhD, MPH
Partner
Clarus Ventures Dr. Cunningham joined Clarus Ventures with more than
ecunningham@clarusventures.com 20 years experience in the biomedical and
biopharmaceutical sectors. Prior to Clarus, Dr.
Cunningham was the Senior Vice President, Medical
Strategy at Eyetech Pharmaceuticals, Inc.
(NASDAQ:EYET), where he helped build and lead the
team that developed and commercialized Macugen, a
first-in-class product for the treatment of age-related
macular degeneration. Prior to Eyetech, Dr.
Cunningham was at Pfizer, Inc, where he was
responsible for the clinical development of early phase
central nervous system compounds and the in-licensing
of early and late-stage therapeutic candidates in
ophthalmology.
Dr. Cunningham is an internationally recognized

specialist in infectious and inflammatory eye disease
with over 200 publications. He is an Adjunct Clinical
Professor of Ophthalmology at Stanford University, was
Clinical Professor and Director of the Uveitis service at
NYU from 2002 to 2005, and was Director of both the
Uveitis Service and the Kimura Ocular Immunology
Laboratory at the University of California at San
Francisco (UCSF) from 1995 to 2001. Dr. Cunningham
received an MD and MPH in epidemiology and statistics
from Johns Hopkins University, a PhD in neuroscience
from the University of California at San Diego (UCSD)
for work done at The Salk Institute, and completed both
a residency in ophthalmology and fellowship training in
Corneal Disease and Uveitis at UCSF.
Dr. Cunningham is a member of the Board of Directors

for SARcode Inc., a member of the Scientific Advisory
Boards of ESBAtech AG and Comentis Inc., and a
Board observer for Ferrokin Biosciences, Pearl
Therapeutics Inc., Taligen Therapeutics Inc., and
Zogenix, Inc.
5
Rich Ferrari
Managing Director
De Novo Ventures
rich@denovovc.com
Rich has been a successful CEO of several medical
technology companies, both prior to and after co-
founding De Novo in 2000. Following De Novo’s
investment in CryoVascular Systems, Rich became
CEO, growing the initial 5 person start up team to a
company of 20 employees. He was instrumental in
developing the clinical and product strategies and hiring
the executive team. In 2002, Rich led Paracor Medical,
another De Novo portfolio company. He grew the
company from 4 to 22 employees, refined the product
strategy, raised its Series B financing and hired his
replacement CEO. Prior to co-founding De Novo
Ventures, he was the co-founder and CEO of
CardioThoracic Systems (“CTSI”), a company he led to
an initial public offering in only 7 months in 1996. CTSI,
the market leader in disposable instruments and
systems for performing minimally invasive beating heart
bypass surgery, was ultimately acquired by Guidant
Corporation in November 1999. Before that, Rich was
the CEO of Cardiovascular Imaging Systems (“CVIS”).
As CEO, he orchestrated a successful IPO and
ultimately sold the company to Boston Scientific
Corporation in 1995.
In addition, Rich founded Saratoga Ventures in 1996, a

venture capital partnership that has provided seed
financing to startup medical technology companies,
including Atrionix, Oratec, Enteric Medical, Trivascular,
and Endotex. At Saratoga, Rich was Chairman of
Oratec, which was sold in 2001 to Smith & Nephew
PLC. Mr. Ferrari also co-founded The Medical
Technology Group, which spun out Integrated Vascular
Systems, an early stage femoral artery closure company
which was sold to Abbott and Angiosense, a needle-
free, jet injection, local drug delivery company. Early in
his career, Rich held the position of Executive Vice
President and General Manager of ADAC Laboratories.
Rich holds a BS degree from Ashland University and an
MBA from the University of South Florida.
Rich sits on the boards of BenVenue, CardioMind,

MyoScience, Ovalis, Paracor Medical, Pulmonx,
Simpirica, Spinal Kinetics and Spinal Modulation. His
prior board involvement includes TriVascular.
6
Allan May
Managing Director
Emergent Medical Partners
amay@emvllp.com
Allan has been a founder, board member and/or CEO of
a number of early stage companies in medical device
and biotechnology including Athenagen (an LSA
company), MAST Immunosystems, Intella Interventional
Systems, Quanam Medical, ImmuneTech, NuGEN
Technologies, AngstroVision, IntegriGen, Imetrx, and
Vascular Architects.
Previously, Mr. May was Senior Vice President of

Diasonics, Inc., a NYSE-listed medical imaging
company manufacturing and distributing MRI,
ultrasound, fluoroscopic and therapeutic devices, and
President and COO of Fortune Systems Corporation, a
NASDAQ-traded developer of microprocessor based file
servers utilizing the Unix operating system. He also has
extensive experience in negotiating and consummating
mergers and acquisitions, having been involved in over
100 transactions.
He co-founded Life Science Angels (“LSA”) in 2005 and

currently serves as its Chairman. LSA is the largest
angel organization in the United States comprised solely
of life science industry veterans and investing solely in
medical device and life science early stage companies.
7
Rich Redelfs
General Partner
Foundation Capital
rredelfs@foundationcapital.com
Rich joined Foundation Capital in 2004 after more than
20 years in networking and communications, amassing
a combination of start-up entrepreneurial as well as
large company intrapreneurial experience. Most
recently, he was president and CEO of Atheros
Communications, which he helped build into the leading
provider of Wi-Fi wireless semiconductors; it was
subsequently named "Silicon Valley's Fastest Growing
Private Company" by the Silicon Valley/San Jose
Business Journal and PricewaterhouseCoopers for the
2001—2003 period. In 2003 Rich received Frost &
Sullivan's prestigious "Wireless LAN CEO of the Year"
award.
Rich currently serves on the boards of Dust Networks,

Mobius Microsystems, Prematics, ACCO Semiconductor
and Ventiva, and was previously on the boards of
Azimuth Systems and Atheros Communications. He has
an MBA from Harvard Business School and a BSIE from
Purdue.
8
Companies
9
Ten Almaden Boulevard
Suite 1600
San Jose, CA 95113
Phone: 408-817-3700
www.pwc.com/us
PricewaterhouseCoopers (PwC) is well placed to help you

meet the challenges and opportunities of the US
marketplace. We offer the perspective of a global
organization combined with detailed knowledge of local,
state and US national issues. Formed in 1998 from a merger
between Price Waterhouse and Coopers & Lybrand, PwC
has a history in client services that dates back to the
nineteenth century. Each accounting practice originated in
London during the mid-1800s.
Today, PwC serves 29 industries. Our industry-focused

professionals in the fields of assurance, tax, human
resources, transactions, performance improvement and
crisis management help to resolve complex client and
stakeholder issues worldwide. We also bring our experience
and talents to help educational institutions, the federal
government, non-profits, and international relief agencies
address their unique business issues.
10
Clarus Ventures
801 Gateway Boulevard
Suite 410
South San Francisco, CA 94080
Phone: (650) 238-5000
www.clarusventures.com/index.html
Clarus Ventures is a life sciences venture capital

firm founded by a team of accomplished
investment professionals with extensive and
complementary industry backgrounds which have
enabled them to establish a long history of success
in creating value. Their deep relationships with
world thought leaders and decision makers allow
this team to identify unique investment
opportunities and shepherd them to maturity.
Clarus augments its core expertise of investing in
biopharmaceuticals and medical technology
companies with the deep and diverse expertise of
the team in research and development,
commercialization, business development and
operations management at the global level. Clarus
has $1.2 billion of assets under management
across two lifesciences dedicated funds. Clarus is
headquartered in Cambridge, MA, and has an
office in South San Francisco, CA.
11
De Novo Ventures
400 Hamilton Avenue
Suite 300
Palo Alto, CA 94301
Phone: (650) 329-1999
www.denovovc.com/contact.html
De Novo Ventures was formed in 2000 by

seasoned investors and experienced medical
device entrepreneurs who sought to share the
lessons learned from a history of successful
investing and building successful companies. They
believed that their unique combination of skills and
perspectives could help entrepreneurs to build
companies which would have significant clinical
impact and generate superior returns. Seven years
later, this belief continues to hold true,
demonstrated by our investment success in
selected medical device and biotechnology
companies.
With $650 million under management, De Novo has

made more than 40 investments in medical devices
and biotechnology across three funds. We invest in
all stages of enterprise development and growth –
from early stage to late stage. Our unique
background of leading companies as entrepreneurs
and operating executives from start to exit enables
us to advise entrepreneurs and management teams
over the full life cycle of the company.
Eight exits have occurred in DNV I -- four IPOs:

Favrille (NASDAQ: FVRL), Fox Hollow
Technologies (NASDAQ: EVVV), Renovis
(NASDAQ: RNVS), and SenoRx (NASDAQ: SENO)
and four acquisitions: CryoVascular Systems
(Boston Scientific), TriVascular (Boston Scientific),
LuMend (Johnson and Johnson) and Microvention
(Terumo). DNV II has had one exit to date –
Hansen Medical (NASDAQ: HNSN).
12
Emergent Medical Partners
3282 Alpine Road
Portola Valley, CA 94028
Phone: (650) 854-8600
www.emvllp.com/index.html
Emergent Medical Partners is a life sciences investment
firm that focuses on medical device and healthcare
companies. We have over 50 years of experience
creating and investing in medical devices and healthcare
companies. Our focus is on early stage companies and
our expertise encompasses all areas of medicine,
including cardiovascular and general surgery,
orthopedic surgery, cardiology, radiology, oncology,
obesity, gynecology, oncology, and sleep disorders.
Often, an engineer and a physician come to us with an

idea or a prototype, and we work with them to help bring
about a clinical solution. We are able to find managers,
engineers, and clinicians to fill any gaps in these teams.
This assistance is in addition to the possible investment
in the company by Emergent Medical Ventures. Most of
the exits of the companies associated with our managing
directors have been by acquisition.
Emergent Medical Partner’s network is unparalleled in

Silicon Valley, as we have access to the CEO’s of large
and small companies throughout the United States,
relationships with local hospitals to facilitate
implementation of clinical trials, and relationships with
the major universities in the Bay Area. Combined, these
abilities help entrepreneurs while helping our investors
realize superior returns.
13
Foundation Capital
250 Middlefield Road
Menlo Park, CA 94025
Phone: (650) 614-0500
www.foundationcapital.com/
Foundation Capital was founded in 1995 by Bill
Elmore, Kathryn Gould, and Jim Anderson with a
single purpose: to build great companies.
These are companies that rise upward on the
strongest of all foundations—the power of an idea.
And as such, they are organizations that make a
difference, not only in the lives of their constituents,
but in the impact they have on their markets.
We should know: every partner at Foundation
Capital has been an entrepreneur before coming
here. We have served as CEOs, as executive
managers, and as technologists with a compelling
idea that ultimately resulted in real-world experience
directing a company to success.
We continue to run Foundation Capital with this
entrepreneurial spirit, because our true expertise is
the understanding, the perspective, and the
enthusiasm we bring to helping promising
companies in their formative stages.
We are, quite simply, a venture capital firm where
the venture matters more than the capital. Where
purpose, and hard work, count.
Where people, and beliefs, matter.
14
Silicon Valley Bank
3005 Tasman Drive
Santa Clara, CA 95054
Phone: (408) 654 - 7400
www.svb.com/company/
A SVB Financial Group provides diversified financial
services to emerging, growth and established
technology companies and the life science, venture
capital and premium wine markets. Through its
focus on specialized markets and extensive
knowledge of the people and business issues
driving them, SVB Financial Group provides a level
of service and partnership that measurably impacts
its clients' success.
Headquartered in Santa Clara, Calif., the company

offers its clients commercial, investment, merchant
and private banking, as well as value-added
services using its knowledge and networks.
Founded in 1983, SVB Financial Group serves
nearly 11,000 clients around the world through 27
domestic offices, and international subsidiaries in
the U.K., Israel, India and China, and an extensive
network of relationships with venture capitalists in
Asia, Australia, Europe, India, and Israel.
With solid understanding of the true risks and

rewards faced by companies in dynamic markets,
the company is widely recognized for its ability to
develop innovative approaches to meet the unique
financial needs of its clients. SVB Financial Group
began serving the technology and life science
markets at a time when they were not well-
understood by the financial services industry and
when many of the leading companies in these
industries were just getting started. At that time,
many of these companies had yet to show profits
and were not considered creditworthy by local
community or regional banks.
Over the last two decades, SVB Financial Group

has become one of the most respected names in
the financial services industry. The company has
created innovative solutions for some of the world's
most successful technology and life sciences
companies. These companies face unique
challenges and require special services, such as
finding the right venture capitalist or angel investor,
securing capital to support rapid growth, or driving
overseas expansion. SVB Financial Group offers
products and services specifically tailored to meet
our clients' needs at every stage of corporate
growth.
15
Presentation
16
Q2 Update: September 2009
Shaking the MoneyTree™

Steve Bengston
650 281 9843
Steve.bengston@us.pwc.com
PricewaterhouseCoopers/ National Venture

Capital Association MoneyTree™ Report
based on data from Thomson Reuters
About The Report
• PricewaterhouseCoopers and the National Venture Capital Association

produce the MoneyTree Report™ based on data from Thomson Reuters
• ‘Core’ measure of equity investments in venture-backed companies in the
United States
• Companies have received at least one round of financing involving a
professional VC firm or equivalent
• Captures: tranches, note term sheets, foreign VCs, qualified private
placement
• Excludes: debt, bridge loans, recaps, roll-ups, IPOs, PIPEs, leasing, etc.
• MoneyTree™ Report in its 14th year
• Results online at www.pwcmoneytree.com, www.nvca.org,
www.venturexpert.com
Q2 2009
Slide 2
PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report
MoneyTree Total Investments: Q1 2001 – Q2 2009
($ in billions)
$14.0
$12.5
$12.0
$10.9
$10.0
Q1
$8.0
Q2
$8.1
$8.0
$7.8
$7.8
$7.7
$7.6
$7.4
$7.4
$7.2
$7.1
Q3
$6.6
$6.6
$6.0
$6.3
$6.3
$6.3
$6.1
$5.9
$5.8
$5.8
$5.8
$5.7
$5.5
Q4
$5.2
$5.0
$4.9
$4.8
$4.7
$4.0
$4.4
$4.4
$4.2
$3.7
$3.2
$2.0
$0.0
2001 2002 2003 2004 2005 2006 2007 2008 2009
# 2001 2002 2003 2004 2005 2006 2007 2008 2009
of
Deals Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
1282 1214 1005 982 841 850 692 722 704 742 719 787 716 852 694 842 732 829 791 815 880 962 911 952 867 1051 1002 1064 1006 1059 980 884 603 612
Q2 2009
Slide 3
MoneyTree Total Investments: 1980 – YTD 2009
Annual Venture Capital Investments

($ in billions)
1980 to YTD 2009
$120
$101.8
$100
$80
$52.0
$60
$39.3
$30.6
$28.1
$40
$26.3
$22.9
$22.1
$21.3
$20.2
$19.3
$14.4
$10.8
$20
$7.6
$6.9
$4.0
$3.2
$3.2
$3.2
$3.4
$3.5
$2.8
$2.9
$2.9
$2.7
$2.6
$2.1
$1.5
$1.1
$0.5
$0
80
82
84
86
88
90
92
94
96
98
00
02
04
06
08
19
19
19
19
19
19
19
19
19
19
20
20
20
20
20
Q2 2009
Slide 4
Investments by Region: Q2 2009
New England
Upstate NY $466.9 M
$2.6 M 76 Deals
Northwest
2 Deals 13% of US total
$126.7 M
3% of US total NY Metro
Sacramento/N. CA
$7.3 M $276.2 M
North Central 54 Deals
4 Deals
0% of US total $100.7 M 8% of US total
15 Deals
Silicon Valley 3% of US total
Midwest
$1,176.7 M
$201.2 M Philadelphia Metro
174 Deals Colorado
32% of US total
52 Deals $161.9 M
$211.1 M 5% of US total
16 Deals 22 Deals
6% of US total 4% of US total
LA/Orange County
$159.0 M Southwest South Central
DC/Metroplex
30 Deals $157.9 M $5.8 M
Southeast $89.8 M
4% of US total 18 Deals 7 Deals
San Diego 0% of US total $282.3 M 26 Deals
4% of US total
$172.2 M 34 Deals 2% of US total
Texas
5% of US total
$74.1 M
23 Deals
KA U AI
2% of US total
AK/HI/PR NIIHA U
O AHU
$0 M MOLOKAI
MA UI
LANAI
0 Deals KAHOOLA WE
HA W AII
0% of US total
Q2 2009 Total Investments - $3,674.4 million in 612 deals

Unknown region totals are not included in the map Q2 2009
Slide 5
Investments by Region: Q2 2009
($ in millions)
$1,176.7
Silicon Valley
New England $466.9 % Change $

# of
Region from Q1 ’09
Southeast $282.3 Deals
NY Metro $276.2 Silicon Valley 174 -8%

Colorado $211.1 New England 76 15%
Southeast 34 149%
Midwest $201.2
NY Metro 54 -18%
San Diego $172.2
Colorado 16 158%
Philadelphia Metro $161.9 Midwest 52 53%
LA/Orange County $159.0 San Diego 22 90%
Philadelphia Metro 22 418%
SouthWest $157.9
LA/Orange County 30 -24%
Northwest $126.7 SouthWest 18 280%
North Central $100.7 Northwest 35 -4%
North Central 15 66%
DC/Metroplex $89.8
DC/Metroplex 26 13%
Texas $74.1 Texas 23 -58%
Sacramento/N.Cal 4 4%
Sacramento/N.Cal $7.3
South Central 7 -44%
South Central $5.8 Upstate NY 2 57%
Upstate NY $2.6 AK/HI/PR 0 -100%
Total 612 15%
AK/HI/PR
$0 $100 $200 $300 $400 $500 $600 $700 $800 $900 $1,000 $1,100 $1,200
Q2 2009 Total: $3,674.4 million in 612 deals

Unknown region totals are not included in the chart Q2 2009
Slide 6
Investments by Region –
Quarterly Percent of Total U.S. Investments
Top U.S. Regions Q2 ‘08– Q2 ‘09

(% of Total Dollars)
50%
40.34%
39.98%
38.74%
35.93%
40%
32.03%
30%
13.58%
20%
12.70%
12.71%
11.92%
10.93%
10.54%
7.68%
7.52%
7.36%
6.92%
5.75%
5.30%
4.86%
4.30%
10%
3.44%
3.56%
2.91%
2.87%
2.47%
2.56%
0%
Silicon Valley New England Southeast NY Metro Colorado
Q2 '08 Q3 '08 Q4 '08 Q1 '09 Q2 '09
Q2 2009
Slide 7
Silicon Valley Market Share of US VC $: 1995-2009
40
35
30
25
20
SV %
15
10
5
0
'95 '97 '99 '01 '03 '05 '07 Q1'09
Q2 2009
Slide 8
All Deals ($M): Silicon Valley
12000
10000
8000
6000
4000
2000
0
Q1 '95
Q3 '95
Q1 '96
Q3 '96
Q1 '97
Q3 '97
Q1 '98
Q3 '98
Q1 '99
Q3 '99
Q1 '00
Q3 '00
Q1 '01
Q3 '01
Q1 '02
Q3 '02
Q1 '03
Q3 '03
Q1 '04
Q3 '04
Q1 '05
Q3 '05
Q1 '06
Q3 '06
Q1'07
Q3'07
Q1'08
Q3'08
Q1'09
$M Deals
Q2 2009
Slide 9
All Deals (#): Silicon Valley
700
600
500
400
300
200
100
0
Q1 '95
Q3 '95
Q1 '96
Q3 '96
Q1 '97
Q3 '97
Q1 '98
Q3 '98
Q1 '99
Q3 '99
Q1 '00
Q3 '00
Q1 '01
Q3 '01
Q1 '02
Q3 '02
Q1 '03
Q3 '03
Q1 '04
Q3 '04
Q1 '05
Q3 '05
Q1 '06
Q3 '06
Q1'07
Q3'07
Q1'08
Q3'08
Q1'09
# Deals
Q2 2009
Slide 10
Series A Deals ($M): Silicon Valley
2500
2000
1500
1000
500
0
Q1 '95
Q3 '95
Q1 '96
Q3 '96
Q1 '97
Q3 '97
Q1 '98
Q3 '98
Q1 '99
Q3 '99
Q1 '00
Q3 '00
Q1 '01
Q3 '01
Q1 '02
Q3 '02
Q1 '03
Q3 '03
Q1 '04
Q3 '04
Q1 '05
Q3 '05
Q1 '06
Q3 '06
Q1'07
Q3'07
Q1'08
Q3'08
Q1'09
$M Deals
Q2 2009
Slide 11
Series A Deals (#): Silicon Valley
300
250
200
150
100
50
0
Q1 '95
Q3 '95
Q1 '96
Q3 '96
Q1 '97
Q3 '97
Q1 '98
Q3 '98
Q1 '99
Q3 '99
Q1 '00
Q3 '00
Q1 '01
Q3 '01
Q1 '02
Q3 '02
Q1 '03
Q3 '03
Q1 '04
Q3 '04
Q1 '05
Q3 '05
Q1 '06
Q3 '06
Q1'07
Q3'07
Q1'08
Q3'08
Q1'09
# Deals
Q2 2009
Slide 12
Silicon Valley Inv. By Round: Q1 2009
250
200
150
$M
100
50
0
A B C D E F G H I J K L M N O P
Q2 2009
Slide 13
Silicon Valley Inv. By Round: Q2 2009
300
250
200
150
$M
100
50
0
A B C D E F G H I J K L M N O
Q2 2009
Slide 14
Investments by Industry: Q2 2009
($ in millions)
Biotechnology $888.1
Software $644.1
Medical Devices and Equipment $628.4
IT Services $295.1 # of % Change $
Industry
Deals from Q1 ’09
Industrial/Energy $286.5
Biotechnology 85 54.01%
Networking and Equipment $180.3 Software 135 0.98%
Medical Devices and Equipment 75 38.80%
Semiconductors $170.2
IT Services 44 28.22%
Computers and Peripherals $131.5 Industrial/Energy 53 -10.52%
Networking and Equipment 27 112.43%
Media and Entertainment $115.8
Semiconductors 27 -5.15%
Telecommunications $94.9 Computers and Peripherals 15 261.79%
Media and Entertainment 52 -47.92%
Electronics/Instrumentation $84.6
Telecommunications 26 -13.17%
Business Products and Services $49.5 Electronics/Instrumentation 14 205.71%
Business Products and Services 15 -18.77%
Consumer Products and Services $43.5
Consumer Products and Services 15 -30.32%
Healthcare Services $22.8 Healthcare Services 7 -42.94%
Retailing/Distribution 5 -37.41%
Retailing/Distribution $17.7 Financial Services 11 -85.27%
Financial Services $15.7 Other 6 -64.24%

TOTAL 612 15.14%
Other $5.7
$0 $100 $200 $300 $400 $500 $600 $700 $800 $900 $1,000
Q2 2009 Total: $3,674.4 million in 612 deals

Visit www.pwcmoneytree.com for Industry definitions Q2 2009
Slide 15
Investments by Industry –
Quarterly Percent of Total U.S. Investments
Top 5 Industries – Q2 ‘08 to Q2 ‘09
30% 24.17%
25%
19.99%
18.82%
18.75%
18.44%
18.07%
17.65%
17.53%
17.21%
17.10%
16.49%
20%
16.29%
15.51%
14.19%
14.05%
12.89%
12.11%
15%
10.34%
10.03%
8.03%
7.89%
7.80%
7.21%
10%
6.00%
4.71%
5%
0%
Biotechnology Software Medical Devices and IT Services Industrial/Energy
Equipment
Q2 '08 Q3 '08 Q4 '08 Q1 '09 Q2 '09

Q2 2009
Slide 16
Life Science Investments –
Percent of Total U.S. Investments Life Science Sectors – Q2 ’08 to Q2 ‘09
41.27%
45%
40%
32.26%
30.10%
35%
28.79%
26.17%
30% 24.17%
25%
18.44%
18.07%
17.20%
17.10%
14.05%
20%
14.19%
12.89%
12.11%
10.34%
15%
10%
5%
0%
Biotechnology Medical Devices and Equipment Life Sciences
Q2 '08 Q3 '08 Q4 '08 Q1 '09 Q2 '09
Q2 2009
Slide 17
Life Science $ Invested as % Total: 1995-2009 YTD
40
35
30
25
20
15 LS % Tot
10
5
0
95 97 99 '01 '03 '05 '07 '09
YTD
Q2 2009
Slide 18
MoneyTree Cleantech Investments: Q1 2004 – Q2 2009
($ in millions)
$1,200
$1,089.8
$1,045.4
$1,000
$977.3
$910.8
Q1
$892.5
$800
Q2
$716.6
$522.9
$600
Q3
$586.5
Q4
$287.7
$460.4
$400
$245.5
$238.3
$402.3
$186.3
$157.9
$136.5
$128.0
$120.6
$116.4
$274.4
$200
$75.7
$41.9
$0
2004 2005 2006 2007 2008 2009
# 2004 2005 2006 2007 2008 2009

of
Deals Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
16 23 18 23 25 25 22 20 28 40 39 37 45 58 73 63 68 71 79 68 41 42
Q2 2009
Slide 19
Cleantech Investments by Sub-sector
Top cleantech sub-sectors – Q1 2008-Q2 2009

($ in millions)
$460.0
$446.9
$500
$430.0
$420.1
$400
$271.2
$300
$162.3
$200
$141.8
$129.9
$125.6
$95.1
$96.8
$87.8
$81.1
$71.5
$69.3
$100
$43.8
$39.0
$43.7
$43.9
50.6
50.5
$33.6
$26.1
$31.6
$26.4
30.2
$18.3
$15.6
$13.3
$13.2
$10.7
$7.0
$4.4
3.0
1.1
0.1
$0
Solar Energy Alternative Fuels Energy Storage Transportation Pollution and Wind and
(includes biofuels) (includes vehicular (includes electric Recycling (includes Geothermal Energy
battery technology) vehicles) water technology)
Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009
Q2 2009
Slide 20
Investments by Cleantech Sub-Sector
Percent of Total Cleantech Investments
Top cleantech sub-sectors Q1 2008-Q2 2009

(% of Total Cleantech Dollars)
47%
46%
50%
43%
39%
40%
34%
30%
25%
18%
18%
18%
16%
20%
14%
13%
12%
12%
11%
10%
9%
9%
8%
7%
7%
10% 6%
4%
4%
4%
4%
3%
2%
2%
2%
1%
1%
1%
1%
0%
0%
0%
Solar Energy Alternative Fuels Energy Storage Transportation Pollution and Wind and
(includes biofuels) (includes vehicular (includes electric Recycling (includes Geothermal Energy
battery technology) vehicles) water technology)
Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009
Q2 2009
Slide 21
Cleantech investments by Region: Second Quarter 2009
($ in millions)
Silicon Valley $112.1
LA/Orange County $30.0
Northwest $28.6
Colorado # of % Change $
$26.6 Region
Deals from Q1 2009
Southeast $20.7 Silicon Valley 14 26%
LA/Orange County 1 8%
NY Metro $20.1 Northwest 5 64%
North Central Colorado 3 55%

$13.9
Southeast 3 NA
DC/Metroplex $10.1 NY Metro 2 3674%
New England North Central 1 76%

$6.5
DC/Metroplex 3 13791%
Philadelphia Metro $4.0 New England 2 -79%
Philadelphia Metro 2 433%
South Central $1.4 South Central 1 NA
Sacramento/N.Cal 2 NA
Sacramento/N.Cal $0.2 Midwest 2 -98%
SouthWest 1 -99%
Midwest $0.2
Total 42 15%
SouthWest $0.1
$0 $15 $30 $45 $60 $75 $90 $105
Q2 2009 Total: $274.4 million in 42 deals

Visit www.pwcmoneytree.com for Region definitions Q2 2009
Slide 22
Cleantech investments by Region: 1H 2008 vs 1H 2009
(% of total Cleantech investment)
Silicon Valley 39%

41%
LA/Orange County 11%

8%
Northwest 9%
6%
Colorado 9%
12%
New England 7%
8%
Southeast 4%
7%
4%
NY Metro 4%
North Central 4%
0%
San Diego 3%
3%
Midwest 3%
3%
Texas 2%
2%
SouthWest 2%
1%
DC/Metroplex 2%
2%
1H 2008 1H 2009
Philadelphia Metro 1%
3%
0% 10% 20% 30% 40% 50%
Visit www.pwcmoneytree.com for Region definitions Q2 2009

Slide 23
Investments by Stage of Development: Q2 2009
($ in millions)
Later Stage $1,155.2
Expansion $1,028.8
# of % Change in
Stage of Development $ Amount
Deals from Q1 2009
Early Stage $1,015.9
Later Stage 207 -19.62%
Expansion Stage 172 19.44%
Early Stage 183 43.83%
Startup/Seed 50 154.50%
Startup/Seed $474.6
Total 612 15.14%
$0 $500 $1,000 $1,500 $2,000
Q2 2009 Total: $3674.4 million in 612 deals Q2 2009

Slide 24
Investments by Sequence of Financing: Q2 2009
($ in millions)
5th and Beyond $1,149.8
Second $750.6
% Change in
# of
Financing $ Amount from
Deals
First $678.2 Q1 2009
5th and Beyond 182 -0.66%
Second 117 62.05%
Third $553.5 First 141 9.03%
Third 98 22.56%
Fourth 74 9.10%
Fourth $542.2
Total 612 15.14%
$0 $500 $1,000 $1,500
Q2 2009 Total: $3,674.4 million in 612 deals Q2 2009

Slide 25
First Sequence Financing –
Number of Deals
First Sequence Deals

500
384
400
364
360
333
331
329
329
324
318
295
286
284
275
275
300
258
263
256
254
251
252
237
234
234
226
223
218
195
184
187
185
183
177
200
149
141
100
0
2001 2002 2003 2004 2005 2006 2007 2008 2009
Q1 Q2 Q3 Q4
Q2 2009
Slide 26
Investment Amount
First Sequence Investments

($ in billions)
$4
$2.8
$3
$2.1
$2.0
$2.0
$1.8
$1.7
$1.7
$1.7
$2
$1.6
$1.6
$1.6
$1.5
$1.4
$1.4
$1.4
$1.4
$1.4
$1.3
$1.3
$1.3
$1.3
$1.2
$1.2
$1.2
$1.2
$1.1
$1.1
$1.0
$1.0
$1.0
$0.8
$0.8
$0.7
$1
$0.6
$0
2001 2002 2003 2004 2005 2006 2007 2008 2009
Q1 Q2 Q3 Q4
Q2 2009
Slide 27
Percent of Total U.S. Investments
60%
55%
50%
45%
40%
34.9% 34.9% 34.6%
32.1%
32.6% 33.8%32.7%
35% 32.0%30.4% 31.3% 31.0% 30.3% 31.4%
29.5% 30.4%
29.2% 28.7%
30% 27.9%
26.5% 27.7% 27.2% 34.4% 32.8%
25.9%25.1% 25.6%
24.9% 23.8% 24.7%
22.0% 22.4% 23.0%
22.1%
25% 26.9%
28.4%
21.6%
25.3% 26.1%
25.1% 24.3%24.4% 23.9% 23.8%
20% 22.1%
22.4% 21.6% 23.9%
22.9% 22.3%
19.5%20.5% 20.2% 20.3%20.0%20.9% 20.5%
19.5%
18.2%18.0% 18.5%
15%
10%
5%
0%
Q1 2002
Q2 2002
Q3 2002
Q4 2002
Q1 2003
Q2 2003
Q3 2003
Q4 2003
Q1 2004
Q2 2004
Q3 2004
Q4 2004
Q1 2005
Q2 2005
Q3 2005
Q4 2005
Q1 2006
Q2 2006
Q3 2006
Q4 2006
Q1 2007
Q2 2007
Q3 2007
Q4 2007
Q1 2008
Q2 2008
Q3 2008
Q4 2008
Q1 2009
Q2 2009
% of Total Dollars % of Total Deals
Q2 2009
Slide 28
Stage of Development –
Quarterly Percent of Total First Sequence Dollars
(% of first sequence dollars)
Stage Development – Q2 2008 to Q2 2009
60%
42.90%
50%
42.09%
40.02%
38.37%
35.94%
40%
30.22%
27.85%
26.42%
23.39%
30%
22.36%
21.90%
20.16%
19.59%
19.22%
18.42%
18.09%
17.62%
16.42%
14.52%
20%
4.52%
10%
0%
Startup/Seed Early Stage Expansion Later Stage
Q2 '08 Q3 '08 Q4 '08 Q1 '09 Q2 '09

Q2 2009
Slide 29
Stage of Development –
Quarterly Percent of Total First Sequence Deals
(% of first sequence deals)
Stage Development – Q2 2008 to Q2 2009
60%
48.94%
45.95%
44.49%
43.62%
50%
41.26%
40%
31.47%
26.43%
26.38%
25.50%
30%
22.70%
20.57%
17.32%
17.12%
16.11%
14.69%
14.77%
20%
12.59%
11.81%
10.51%
7.80%
10%
0%
Startup/Seed Early Stage Expansion Later Stage
Q2 '08 Q3 '08 Q4 '08 Q1 '09 Q2 '09
Q2 2009
Slide 30
First Sequence Deals in Startup & Early Stage Companies
90%
72.4% 74.6% 76.7% 74.9%

74.2% 80%
3000 72.2% 70.8%
71.6% 70.4% 71.0% 70.3%
63.6% 66.9%
63.3% 70%
60.5%
2,497
60%
2000 50%
40%
1,765
30%
1000
946
908
20%
851
950
814
865
727
693
724
596
586
536
10%
204
0 0%
D
95
96
97
98
99
00
01
02
03
04
05
06
07
08
YT
19
19
19
19
19
20
20
20
20
20
20
20
20
20
09
20
Seq 1 Deals in Startup/Early Stage
% of Total Seq 1 Deals Q2 2009
Slide 31
Median Deal Size vs. Mean Deal Size –
Quarterly Total U.S. Investments
$10
$8.6
$7.8
$7.6 $7.4 $7.4 $7.5 $7.6
$8 $7.0 $7.3 $7.2 $7.1 $7.1 $7.2 $7.2 $7.0 $7.1 $7.3
$6.9 $6.9 $6.7
$6.5 $6.6
$6.4
$6.0 $6.0
$6 $5.3
$4.5 $4.5 $4.5 $4.3 $4.5

$4.0 $4.2 $4.2 $4.2 $4.0 $4.0 $4.1 $4.2 $4.0 $4.0
$3.8 $3.9 $3.8
$3.6 $3.5 $3.5 $3.5
$4 $3.4
$3.0
$2.5
$2.2
$2
$0
Q 1 2003
Q 2 2003
Q 3 2003
Q 4 2003
Q 1 2004
Q 2 2004
Q 3 2004
Q 4 2004
Q 1 2005
Q 2 2005
Q 3 2005
Q 4 2005
Q 1 2006
Q 2 2006
Q 3 2006
Q 4 2006
Q 1 2007
Q 2 2007
Q 3 2007
Q 4 2007
Q 1 2008
Q 2 2008
Q 3 2008
Q 4 2008
Q 1 2009
Q 2 2009
Median Deal Size Mean Deal Size
Q2 2009
Slide 32
Top 10 Deals : Q4 2008 ($ Millions)
Solyndra Silicon Valley Cleantech $219

Pocket Communications San Antonio Telco 100
Silver Spring Networks Silicon Valley Cleantech 75
Biolex Therapeutics North Carolina Biotech 60
i/o Data Centers Phoenix IT Services 56
Boston Power Boston Cleantech 55
Pacira Pharma New Jersey Biotech 55
Bayhill Therapeutics Silicon Valley Biotech 54
Kosmos Energy Dallas Cleantech 54
Calisolar Silicon Valley Cleantech 52
Q2 2009
Slide 33
Anacor Pharmaceuticals Silicon Valley Biotech $ 50

Ardian Silicon Valley Med Device 47
SFJ Pharma Silicon Valley Biotech 45
Pathway Medical Seattle Med Device 40
BioVex Boston Biotech 40
Green Bullions Miami Industrial/Energy 40
Kosmos Energy Dallas Cleantech 39
Obopay Silicon Valley Financial Services 35
Twitter Silicon Valley Software 35
Quadriserv NY Software 34
Q2 2009
Slide 34
Clovis Oncology Boulder Biotech $146

Workday Silicon Valley Software 75
ExactTarget Indianapolis IT Services 70
Hyperion Therapeutics Silicon Valley Biotech 60
PhotoThera Carlsbad Med Device 50
Phoenix Services Unionville, PA Cleantech 50
Fusion-io Salt Lake City Comp & Peripherals 48
Cempra Pharma Chapel Hill, NC Biotech 46
Revolution Money Saint Petersburg Software 42
LifeLock Tempe IT Services 40
Q2 2009
Slide 35
Q2 2009 – Most Active Venture Investors
Venture Capital Firm Location Total Deals

Canaan Partners Westport, Connecticut 18
Innovation Works, Inc. Pittsburgh, Pennslyvania 17
Kleiner Perkins Caufield & Byers Menlo Park, California 16
New Enterprise Associates Baltimore, Maryland 16
Polaris Venture Partners Waltham, Massachusetts 13
Duff Ackerman & Goodrich LLC San Fransisco, California 11
First Round Capital West Conshokocken, Pennslyvania 11
U.S. Venture Partners Menlo Park, California 11
Draper Fisher Jurvetson Menlo Park, California 10
Alta Partners San Fransisco, California 9
ARCH Venture Partners Chicago, Illinois 9
Highland Capital Partners LLC Lexington, Massachusetts 9
Novak Biddle Venture Partners, L.P. Bethesda, Maryland 9
Venrock Associates Palo Alto, California 9
OVP Venture Partners Kirkland, Washington 8
Redpoint Ventures Menlo Park, California 8
Q2 2009
Slide 36
Q1 2009 Venture Capital Performance
US Venture Capital Index Returns for the Periods ending
3/31/2009, 12/21/2008 and 3/31/2008
For the period ending 1st Qtr. 1 Year 3 Years 5 Years 10 Years 15 Years 20 Years
March 31, 2009 -2.9 -17.5 1.3 5.8 26.2 34.2 22.5
December 31, 2008 -12.5 -16.5 4.1 7.1 35.0 33.7 22.3
March 31, 2009 -1.8 11.7 14.1 11.6 32.8 32.9 21.8
Other indices at March 31, 2009
DIJA -12.5 -35.9 -9.5 -3.6 -0.4 7.4 8.8
SDAQ Composite -3.1 -32.9 -13.2 -5.2 -4.7 4.9 6.8
S&P 500 -11.0 -38.1 -13.1 -4.8 -3.0 5.9 7.4
Source: Cambridge Associates LLC
Note: Because the US Venture Capital index is cap weighted, the largest vintage years mainly drive the index’s performance.
Q2 2009
Slide 37
Analysis of Venture-Backed IPO and M&A Activity
Total Venture- Average Venture- Number of Average

Number of
Date Backed Offering Backed Offering Venture-backed M&A deal
IPOs*
Size ($M) Size ($M) M&A deals size**
2004 94 11,378.0 121.0 346 85.3
2005 57 4,485.0 78.7 350 105.8
2006 57 5,117.1 89.8 371 116.6
2007 86 10,326.3 120.1 375 176.5
2008 Q1 5 282.7 56.6 108 116.3
2008 Q2 0 0.0 0.0 84 126.7
2008 Q3 1 187.5 187.5 88 96.3
2008 Q4 0 0.0 0.0 62 140.4
2008 6 470.2 78.4 342 116.6
2009 Q1 0 0.0 0.0 62 47.0
2009 Q2 5 720.7 144.1 59 197.7
Source: Thomson Reuters and National Venture Capital Association
* Includes all companies with at least one U.S. VC investor that trade on U.S. exchanges, regardless of domicile
**Only accounts for deals with disclosed values
Q2 2009
Slide 38
Venture Backed Exits: #M&A vs #IPO 1992-2008
400
350
300
250
200 M&A
150 IPO
100
50
0
92 94 96 98 2000 '02 '04 '06 '08
Q2 2009
Slide 39
Venture Capital Fundraising
Follow-On Total Number VC Raised
Year First Time Funds
Funds of Funds ($M)
2004 55 156 211 19,156.0
2005 64 175 239 28,767.4
2006 56 185 241 31,925.0
2007 62 189 251 36,064.9
2008 48 173 221 28,395.9
Quarter
Q2 ’07 17 69 86 8,661.1
Q3 ’07 15 62 77 8,595.8
Q4 ’07 27 59 86 12,322.5
Q1 ’08 10 62 72 7,123.4
Q2 ’08 23 59 82 9,284.5
Q3 ’08 13 49 62 8,393.3
Q4 ’08 12 37 49 3,594.7
Q1 ’09 3 46 49 4,610.9
Q2 ’09 8 17 25 1,701.9
Source: Thomson Reuters & National Venture Capital Association
Data current as of July 13, 2009 Q2 2009

Slide 40
Summary: Good News Cisco acquiring again…
Actona $ 82m
Airespace 450m
Arroyo Video Solutions 92M
Full Year 2008 $28 B, 5th biggest ever
Dynamicsoft 55m
FineGround Networks 70m
Worldwide Cleantech Investments (Innovas Solutions) IronPort Systems 830m
Linksys 500m
- US 21%, China 14%, Japan & India 6%, Meetinghouse 44m
Navini Networks 330m
NetSolve 128m
Advertising $ to Internet/Mobile just begun (7%)
Orative 31m
- Worldwide Ad Spending $600B P-Cube 200m
- 21% media time Internet/Mobile Perfigo 74m
Post path 215m
Pure Digital 590M
Big Trends still exist
Pure Networks 120m
-Cleantech
Protego Networks 65m
-Cloud Computing
Reactivity 135m
-Virtualization
Scientific Atlanta 6900m
-Demographic/Geographic shifts
Securent 100m
-Analytics: Extracting signal from noise
Sheer Networks 97M
-Advertising to Internet/Mobile
SignalWorks 14m
Tidal Software 105m
Topspin 250M
Q2 2009
Slide 41
Summary: Not So Good News
IPO mkt weak
- 6 vc backed IPO’s in US in ’08, lowest since 1977, raised $0.5B vs $10.3B in ’07
- 5 vc backed IPO’s 1st half ‘09
- 1990-2000: 1776 IPO’s, 56% all exits
- 2001-2008: 392 IPO’s, 13% all exits
$3.0B invested in Q1’09 lowest since Q1’97, 62% drop vs Q1’08, 44% drop vs Q4’08
M&A weak
- Q1’09: 56 deals, down 47% vs Q1’08, lowest # in decade
- Q2’09: 67 deals for $2.8 B, down 60% vs Q2’08, 80% vs Q2’07
- Median M&A about $22M in Q1’09 & Q2’09, $16M in ave. Q2 deal
- $4 Trillion mkt cap lost on US exchanges in last 12 months, e.g.
- Citigroup: $130B gone, AIG: $150B, Fannie Mae/Freddie Mac: $105B ($1B left)
US Homeowners lost $6 Trillion equity last 3 years

- 12 Million homes worth less than mortgage
Employment down 2 million jobs in ’08, US unemployment at 26 year high

- Silicon Valley unemployment 11.8% June ’09 vs. 6% June ’08
US household net worth shrank to $50 trillion in ’09 vs $62 trillion in ’07
US government recently borrowed 10% of budget, 45% of budget in ’09

Q2 2009
Slide 42
Summary/Predictions VC Market: Men Behaving Badly
VC’s stop funding many portfolio companies, major triage
More layoffs/cost cutting, unemployment up
New Deals must be perfect
All Deals Series A, lots of down rounds
Fewer Deals per fund, higher reserves
VC syndicate quality more important, lots inside rounds (57% Q1)
VC’s fear capital calls produce LP defaults
VC Fundraising problematic: $6.3B in 1st half ’09, 62% drop vs ‘08
More Government regulation
Q2 2009
Slide 43
Globalization Marches On
China VC$ : 4.2B ’08, 2.5B ’07, 1.3B ’04
China VC$ raised $7.3B ’08
India VC$: $3.0B ’08 , 0.6B ’04
Japan VC$: $1.9B ’08, 1.5B ’04
Israel VC$: $1.4B ‘08, $1.2B in ’07 & ’06
% Int’l: 70% PC, 86% Internet, 92% Mobile
China surpass US for most Internet users in ’08, 67% under 29
Asia 43% of Internet users by 2013
China as new IMF for US

- Balanced budget, devalued currency, higher interest rates, relaxed
- Regulation, tax cuts
Australian commentator: Need Communists to save Capitalism
China 2nd largest economy by 2025

Q2 2009
India population surpass China by 2020
Slide 44
Steve Bengston
650-281-9843
steve.bengston@us.pwc.com
© 2008 PricewaterhouseCoopers LLP. All rights reserved. "PricewaterhouseCoopers" refers to PricewaterhouseCoopers

LLP (a Delaware limited liability partnership) or, as the context requires, other member firms of PricewaterhouseCoopers
International Ltd., each of which is a separate and independent legal entity. *connectedthinking is a trademark of
PricewaterhouseCoopers LLP. SJ_07_0080

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Often, an engineer and a physician come to us with an

Emergent Medical Partner’s network is unparalleled in

Headquartered in Santa Clara, Calif., the company

With solid understanding of the true risks and

Over the last two decades, SVB Financial Group

Shaking the MoneyTree™

PricewaterhouseCoopers/ National Venture

• PricewaterhouseCoopers and the National Venture Capital Association

# 2001 2002 2003 2004 2005 2006 2007 2008 2009

Annual Venture Capital Investments

Q2 2009 Total Investments - $3,674.4 million in 612 deals

New England $466.9 % Change $

NY Metro $276.2 Silicon Valley 174 -8%

Q2 2009 Total: $3,674.4 million in 612 deals

Top U.S. Regions Q2 ‘08– Q2 ‘09

Financial Services $15.7 Other 6 -64.24%

Q2 2009 Total: $3,674.4 million in 612 deals

Q2 '08 Q3 '08 Q4 '08 Q1 '09 Q2 '09

Q2 '08 Q3 '08 Q4 '08 Q1 '09 Q2 '09

# 2004 2005 2006 2007 2008 2009

Top cleantech sub-sectors – Q1 2008-Q2 2009

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Top cleantech sub-sectors Q1 2008-Q2 2009

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Silicon Valley $112.1

LA/Orange County $30.0

North Central Colorado 3 55%

New England North Central 1 76%

$0 $15 $30 $45 $60 $75 $90 $105

Q2 2009 Total: $274.4 million in 42 deals

Silicon Valley 39%

LA/Orange County 11%

0% 10% 20% 30% 40% 50%

Visit www.pwcmoneytree.com for Region definitions Q2 2009

Later Stage $1,155.2

Expansion Stage 172 19.44%

Early Stage 183 43.83%

$0 $500 $1,000 $1,500 $2,000

Q2 2009 Total: $3674.4 million in 612 deals Q2 2009

Complete MT Presentation Q2 '09 Final From 9.3.09

Complete MT Presentation Q2 '09 Final From 9.3.09