Several Up / Down Cycles in Past 2 Decades = Internet 1.0 (2000)...Property / Credit (2008)... Stock / Commodity Markets Performance (% Change From 1/93), 1/93 – 5/16 800% 700% ) 600% 100% 500% 1993 =400% 1/ 1/ e ( 300% u al V 200% ex d n I 100% 0% 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 19 19 19 19 19 19 19 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 S&P 500 NASDAQ China Shanghai Composite MSCI Europe Source: Capital IQ. Note: All values are indexed to 1 (100%) on Jan 1, 1993. Data as of 5/2716. KPCB INTERNET TRENDS 2016 | PAGE 39