ANGEL MEDIAN ROUND SIZES ANGEL GROUP UPDATE 2016 ANNUAL REPORT $0k $200k $400k $600k $800k $1000k 2016 2015 2014 2013 2012 $500k $500k $510k $850k $950k 7.1% 2.3% 9.5% 9.4% 11% 12% 5.9% 4.8% 30% 7.8% WHERE DEALS ARE LOCATED CALIFORNIA REMAINS TOP SPOT FOR ANGEL-FUNDED DEALS PERCENTAGE DEALS IN REGION BY ANGEL GROUP HQ REGION (2016) 0% 20% 40% 60% 80% 100% Northeast New York Mid-Atlantic Southeast Great Lakes Great Plains Texas Southwest California Northwest 69% 58% 82% 67% 85% 73% 83% 66% 71% 93% MOST ACTIVE ANGEL GROUPS TOTAL DEALS 2016 (DESCENDING ORDER) MEDIAN PRE-MONEY VALUATION VALUATIONS COMING BACK TO EARTH IN 2016 (single group location) 1T Central Texas Angel Network 1T Houston Angel Network 3 Hyde Park Angel Network 4 Alliance of Angels 5 Launchpad Venture Group 6 New York Angels 7 Blu Venture Investors 8 RTP Capital 9T Queen City Angels 9T St. Louis Arch Angels (multiple group locations) 1 Keiretsu Forum 2 Tech Coast Angels 3 Investors Circle 4 Golden Seeds 5 Astia Angels FOLLOW-ON VS. NEW DEALS 49.6% New Co 50.4% Follow-on $2.5M $2.5M $3.0M $4.6M $3.6M $0M $1M $2M $3M $4M $5M 2016 2015 2014 2013 2012 COPYRIGHT 2017 | ANGEL RESOURCE INSTITUTE CONTACT: [email protected]