In This Issue:

- The Numbers

Set forth below are analysis and commentary regarding the information reported in the various tables throughout this issue of Venture Perspectives.

- Activity Levels

During Q1 2012, the total number of New England Seed transactions was flat compared with Q4 2011 and decreased 20% from Q1 2011. The life sciences, cleantech, technology and “other” sectors each represented 25% of the total Q1 2012 transactions.

- Deal Size

Of the New England Seed transactions during Q1 2012, 50% involved investments under $250,000 and one involved an investment of more than $750,000.

- Implied Pre-Money Valuations

Seed Round

There were two reported New England Seed transactions in Q1 2012, with implied pre-money valuations of $500,000 and $3.8 million.

- Terms

The bar graph relating to terms for New England Series A transactions shows the following trends in Q1 2012 as compared to the immediately preceding quarter and the comparable prior year quarter...

- Conclusion

Like recent quarters, Q1 2012 presents a mixed picture, with some encouraging signs and some not so encouraging signs.