Global 10-Year Treasury Yields = Have Trended Down 10-Year Real Sovereign Bond Yields (%), Various Countries, 2001 – 2016YTD 8% ) % s ( 6% d el i Y d n o 4% B n g ei er v 2% o S eal R ear 0% Y - 10 (2%) 2001 2003 2005 2007 2009 2011 2013 2015 USA Canada UK Japan France Germany Italy Source: Morgan Stanley, Bloomberg, 5/16. Note: Real rates based on yield to maturity on 10-year inflation-indexed treasury security for each country. KPCB INTERNET TRENDS 2016 | PAGE 29