Incumbents = Increasingly Betting on Technology Companies to Fuel Growth... Non-Tech Acquisitions of Tech Companies +2.6x Since 2012 Select Acquisitions by Non-Tech Incumbents • Auto Consortia / Nokia Here • Liberty Interactive / Zulily • Avis / Zipcar • Monsanto / Climate • AxelSpringer / Business Corporation Tech Acquisitions by Non-Tech Corporate Buyers Insider • Neiman Marcus / • Disney / Maker Studios, Mytheresa.com Volume ($B) Playdom • Nordstrom / HauteLook • Disney + Fox + • Northwestern Mutual / NBCUniversal / Hulu Learnvest • First Data / Perka, Clover • Staples / Runa $28 • Ford / Livio • Target / DermStore.com • General Motors / Cruise • Under Armour / Automation MapMyFitness, MyFitnessPal $21 • Hudson Bay / Gilt Groupe • Walmart / Kosmix $19 Select Investments by Non-Tech Incumbents $11 • American Express / Concur • Lowes / Porch • Citi / Ayasdi, Betterment • NBCUniversal / BuzzFeed, • Coca-Cola / OneWeb Vox Media • Ford / Pivotal • Nikkei / Evernote • Fox Sports / DraftKings • Turner Sports / FanDuel 2012 2013 2014 2015 • General Motors / Lyft • USAA / TRUECar • Goldman Sachs / Dataminr, • Visa / Square Kensho, Symphony • Whole Foods / Instacart • J.P. Morgan / Prosper Marketplace Source: Morgan Stanley, CapitalIQ, Thomson Reuters Note: Includes technology targets >$100MM in value. KPCB INTERNET TRENDS 2016 | PAGE 189