Total Debt-to-GDP Ratios = High & Up in Most Major Countries... @ 202% Average vs. 147% (2000)* Change in Real Economy Debt / GDP (%), 2007 – Q2:15 140 Leveraging 130 Developed Emerging Increasing leverage Ireland 120 Singapore Hong Kong ) (% 90 China Greece Portugal P D 80 Belgium G France t / b 70 Finland e D Australia Canada Spain y 60 Slovakia m Colombia Malaysia Netherlands Japan o Italy n 50 Turkey Thailand Sweden o c Russia Brazil Chile Korea United Kingdom E 40 l a Mexico Switzerland Denmark e 30 Poland R Czech Republic Austria Norway n Morocco i Hungary e 20 Peru United States g Indonesia n South Africa Vietnam a 10 Philippines h Saudi Arabia Romania C Germany 0 Nigeria India -10 Argentina Egypt Deleveraging -20 Deleveraging 0 30 60 90 120 150 180 210 240 270 300 330 360 390 420 Q2:15 Real Economy Debt / GDP (%) Source: McKinsey Global Institute (3/16). Debt includes that owed by households, non-financial corporates, and governments (i.e. excludes financial sector debt). *Country inclusion per McKinsey; includes top developed countries by GDP and representative geographic selection of emerging countries. KPCB INTERNET TRENDS 2016 | PAGE 32