2023 outlook Challenging macro will persist, but the reset has created a healthier 01 ecosystem as the industry is stripped back to first principles More founders will return to market in H2 as runways narrow, sustaining 02 investment volumes, but also more down rounds and consolidation Exit market could re-open at the end of the year, with a potential IPO 03 window in Q4. Strong pipeline of companies waiting in readiness Quality of talent at both founder and operator level will continue to 04 strengthen, as fewer, but higher quality new companies are created 05 AI supercycle to drive a golden age of innovation. European tech will have a key role, and the potential for huge value creation CONFIDENTIAL