USA 10-Year Treasury Yield = Low by Historical Standards USA 10-Year Treasury Yields, Nominal and Real, 1962 – 2016YTD 20% 15% ) % ( d 10% el i Y ear Y - 5% 10 0% (5%) 1962 1967 1972 1977 1982 1987 1992 1997 2002 2007 2012 Nominal Yield (%) Real Yield (%) Source: Morgan Stanley, Bloomberg, 5/16 Note: Real rates based on USGGT10Y Index on Bloomberg, which measures yield to maturity (pre-tax) on Generic 10-Year USA government inflation-index bonds. KPCB INTERNET TRENDS 2016 | PAGE 28