Investment (Public + Private) Into Technology Companies = High for Two Decades Global USA-Listed Technology IPO Issuance & Global Technology Venture Capital Financing $200B 8,000 obal Gl ing, $150B 6,000 ite nc Fina mpos te a Co $100B 4,000 iv r Q P DA & S O NA IP $50B 2,000 hnology c e T $0 0 1990 1995 2000 2005 2010 2015 2018YTD* Technology Private Financing Technology IPO NASDAQ Source: Morgan Stanley Equity Capital Markets, *2018YTD figure as of 5/25/18, Thomson ONE. All global USA-listed technology IPOs over $30MM, data per Dealogic, Bloomberg, & Capital IQ. 2012: Facebook ($16B IPO) = 75% of 2012 38 IPO $ value. 2014: Alibaba ($25B IPO) = 69% of 2014 IPO $ value. 2017: Snap ($4B IPO) = 34% of 2017 $ value.