Investment (Public + Private) Into Technology Companies = High for Two Decades Global USA-Listed Technology IPO Issuance & Global Technology Venture Capital Financing l $200B 9,000 a b Glo , cing n site a o Fin p te Com a $100B 4,500 v ri P DAQ & O NAS IP y g lo o n ch e T $0 0 1990 1996 2002 2008 2014** 2019YTD* Technology Private Financing Technology IPO NASDAQ Source: Morgan Stanley Equity Capital Markets, *2019YTD figure as of 6/7/19, Thomson ONE. All global USA-listed technology IPOs over $30MM, data per Dealogic, Bloomberg, & CapitalIQ. 2012: Facebook ($16B IPO) = 75% of 2012 IPO $ value. 2014: Alibaba ($25B Internet Trends IPO) = 69% of 2014 IPO $ value. 2017: Snap ($4B IPO) = 34% of 2017 $ value. 2019: Uber ($8B IPO) = 56% of 2019YTD $ value. 44 2019