New England by Stage of Development
		2003		2004		2005		2006		2007
	Investment Sequence	# Deals	Amount Invested	# Deals	Amount Invested	# Deals	Amount Invested	# Deals	Amount Invested	# Deals	Amount Invested
1	Early Stage	24	$105,588,000	27	$113,767,300	22	$89,101,000	29	$103,260,300	28	$99,670,900
	Expansion	56	$480,286,600	42	$313,801,200	35	$185,848,000	39	$270,879,300	32	$377,082,500
	Later Stage	20	$160,490,800	28	$381,911,000	32	$347,684,700	38	$553,168,000	32	$478,996,800
	Startup/Seed	7	$13,017,000	3	$8,500,000	8	$35,289,900	8	$32,152,000	9	$16,802,000
1 Total		107	$759,382,400	100	$817,979,500	97	$657,923,600	114	$959,459,600	101	$972,552,200
2	Early Stage	38	$178,116,800	28	$144,130,100	23	$93,604,200	29	$95,519,100	48	$213,426,600
	Expansion	35	$239,588,100	48	$431,424,500	35	$217,950,500	37	$308,814,700	41	$241,105,100
	Later Stage	16	$147,069,900	34	$432,465,700	43	$337,089,200	33	$292,509,700	43	$380,726,900
	Startup/Seed	6	$13,560,000	4	$13,622,000	7	$16,075,000	8	$19,307,100	9	$27,176,900
2 Total		95	$578,334,800	114	$1,021,642,300	108	$664,718,900	107	$716,150,600	141	$862,435,500
3	Early Stage	35	$179,215,000	17	$96,382,800	17	$81,398,100	21	$102,418,100
	Expansion	62	$504,587,300	34	$227,689,600	36	$253,863,400	38	$303,842,500
	Later Stage	22	$222,926,600	26	$222,591,600	43	$337,528,200	27	$213,922,800
	Startup/Seed	7	$18,950,000	3	$6,600,000	4	$12,450,000	12	$35,742,000
3 Total		126	$925,678,900	80	$553,264,000	100	$685,239,700	98	$655,925,400
4	Early Stage	22	$122,948,200	36	$168,633,000	24	$135,232,500	35	$176,978,000
	Expansion	54	$386,641,700	40	$334,598,500	36	$193,501,100	33	$310,165,800
	Later Stage	28	$262,032,100	34	$335,865,100	42	$424,637,400	30	$219,639,700
	Startup/Seed	6	$5,352,000	5	$24,314,900	1	$2,000,000	9	$28,117,900
4 Total		110	$776,974,000	115	$863,411,500	103	$755,371,000	107	$734,901,400
Grand Total		438	$3,040,370,100	409	$3,256,297,300	408	$2,763,253,200	426	$3,066,437,000	242	$1,834,987,700
Source: PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report based on data from Thomson Financial