European VC Horizon pooled return (net) by fund index, December 31, 2022 returns outperforming 20 Year 15 Year 10 Year 5 Year 3 Year 1 Year over long-term Europe Developed Venture 12.1 12.7 20.0 27.5 30.1 -18.8 Capital Index $B US Venture Capital Index 12.2 12.7 18.7 22.5 25.0 -20.8 Europe Developed Private 14.7 10.9 15.2 16.0 17.9 -6.1 Equity Index Source: Cambridge Associates MSCI Europe Index 5.3 2.4 4.6 2.1 1.5 -14.0 Notes: Data is as of 31 December 2022. 2022 MSCI Source: Atomico ( powered by Dealroom and Europe Index is derived from the CA Modified Public Crunchbase) Market Equivalent (mPME), which replicates private investment performance under public market conditions.