The material contained in this document, including without limitation the statistical information herein, is provided for informational purposes only and is not intended to forecast or predict future performance or events, including in relation to the performance and outlook of SVB Financial Group and its subsidiaries. The material is based in part on information from third-party sources that we believe to be reliable but which have not been independently verified by us, and for this reason, we do not represent that the information is accurate or complete. The information should not be viewed as tax, investment, legal or other advice, nor is it to be relied on in making an investment or other decision. You should obtain relevant and specific professional advice before making any investment decision. Nothing relating to the material should be construed as a solicitation, offer or recommendation to acquire or dispose of any investment or to engage in any other transaction.

All non-SVB named companies listed throughout this document, as represented with the various statistical, thoughts, analysis and insights shared in this document, are independent third parties and are not affiliated with SVB Financial Group. Any predictions are based on subjective assessments and assumptions. Accordingly, any predictions, projections or analysis should not be viewed as factual and should not be relied upon as an accurate prediction of future results.

The views expressed in this report are solely those of the authors and do not necessarily reflect the views of SVB.

Silicon Valley Bank is an authorized foreign bank branch under the Bank Act (Canada).

SPD, SHANGHAI PUDONG DEVELOPMENT BANK, and 浦发银行有限公司 are trademarks, separately and in combination, of Shanghai Pudong Development Bank, Ltd. in China, and are used under license. SPD Silicon Valley Bank is a Sino-U.S. joint-venture bank of Silicon Valley Bank, the California bank subsidiary and commercial banking operation of SVB Financial Group, and Shanghai Pudong Development Bank.

Silicon Valley Bank UK Limited is registered in England and Wales at Alphabeta, 14-18 Finsbury Square, London EC2A 1BR, UK (Company Number 12546585). Silicon Valley Bank UK Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority (Firm Reference Number 543146).

Silicon Valley Bank UK Limited is a subsidiary of Silicon Valley Bank, a Delaware corporate and subsidiary of SVB Financial Group. SVB Financial Group and its subsidiary Silicon Valley Bank are members of the Federal Reserve System and Silicon Valley Bank is a member of the FDIC.

Silicon Valley Bank UK Limited is not licensed to undertake banking business in Denmark or to undertake any other regulated activity in Denmark.

Silicon Valley Bank UK Limited is not licensed to undertake banking business in Sweden or to undertake any other regulated activity in Sweden.

Silicon Valley Bank Germany Branch is a branch of Silicon Valley Bank.

Silicon Valley Bank, a public corporation with limited liability (Aktiengesellschaft) under the laws of the U.S. federal state of California, with registered office in Santa Clara, California, U.S.A. is registered with the California Secretary of State under No. C1175907, Chief Executive Officer (Vorstand): Gregory W Becker, Chairman of the Board of Directors (Aufsichtsratsvorsitzender): Beverley Kay Matthews.

Silicon Valley Bank Germany Branch with registered office in Frankfurt am Main is registered with the local court of Frankfurt am Main under No. HRB 112038, Branch Directors (Geschäftsleiter):Phillip Lovett, Dayanara Heisig.

Silicon Valley Bank, Silicon Valley Bank UK Ltd and SVB Financial Group UK Limited are not licensed in Ireland to undertake banking business in Ireland or to undertake any other regulated activity in Ireland. SVB Financial Group UK Ltd is registered in England and Wales at Alphabeta, 14-18 Finsbury Square, London EC2A 1BR, UK under No. 5572575.

SVB Israel Advisors Ltd. is a subsidiary of SVB Financial Group. Neither SVB Israel Advisors nor SVB Financial Group is licensed to conduct banking business or provide other financial services in Israel and neither engages in unlicensed banking activities. Banking services are provided by Silicon Valley Bank, a member of FDIC. Silicon Valley Bank is not supervised by the Supervisor of Banks in the Bank of Israel but by the US Federal Reserve Bank and the California Department of Financial Protection and Innovation (DFPI).