5 Epic Growth Drivers Over Past 2 Decades = Losing Mojo 1) Connectivity Growth Slowing – Internet Users rose to 3B from 35MM (1995) 2) Emerging Country Growth Slowing – Underdeveloped regions developed – including China / Emerging Asia / Middle East which rose to 69% of global GDP growth from 43%... 3) Government Debt Rising (& High) – Spending rose to help support growth...Government debt-to-GDP rose to 66% from 51% (2000) for 50 major economies 4) Interest Rates Have Declined – Helped fuel borrowing – USA 10-Year Nominal Treasury Yield fell to 1.9% (2016) from 6.6% (1995) 5) Population Growth Rate Slowing & Population Aging – Higher birth rates helped drive labor force growth – population growth rate continued to fall – to 1.2% from 1.6% (1995) Source: US Census, ITU, IMF, Stephen Roach, McKinsey, Bloomberg, US Bureau of Labor Statistics, UN Population Division KPCB INTERNET TRENDS 2016 | PAGE 38