EFTA00593752.pdf

BIOMATICS CAPITAL INVESTING AT THE INTERSECTION OF HEALTHCARE & TECHNOLOGY EFTA00593752 Disclosures This presentation (the "Presentation") is provided for reference and information purposes only. It is not intended to be, and must not be, taken as the basis for an investment decision. This presentation does not constitute an offer to sell or a solicitation of an offer to buy any securities and may not be used or relied upon in evaluating the merits of investing in Biomatics. Offers and sales are made only pursuant to any confidential private placement memorandum, the limited partnership agreement, subscription agreements and other definitive documentation of Biomatics (the "Biomatics Documentation") and in accordance with applicable securities laws. The information set forth herein does not purport to be complete and is qualified in its entirety by reference to the Biomatics Documentation. This Presentation is not a part of or supplemental to such definitive documentation. This Presentation is superseded in its entirety by the Biomatics Documentation. Please see the Appendix for further disclosures BIOMATICS CAPITAL PARTNERS, LP HIGHLY CONFIDENTIAL - NOT FOR DISTRIBUTION EFTA00593753 In the next decade breakthrough science and technology will fundamentally transform the practice of medicine and delivery of healthcare. Biomatics Capital partners with the leading innovators and entrepreneurs translating science and technology into the next generation of world-class healthcare companies By integrating the best of science with sound investment practice, the Fund will create extraordinary financial value for our investors and health outcomes for our communities. BIOMATICS CAPITAL PARTNERS, LP HIGHLY CONFIDENTIAL - NOT FOR DISTRIBUTION EFTA00593754 Biomatics Capital Partners, L.P. • $150-200mm venture fund investing at the intersection of healthcare and technology; $150mm in commitments to date, with final close in September • Exceptional deal flow based on the team's seven years of investing together in these types of businesses • Focused investment thesis on sectors with greatest potential for disruption: genomics and digital health • Diversifying early-stage (Series A and B) risk across portfolio of 15-20 companies, with opportunity to double-down on successful pre-IPO growth capital investments through SPV structure • Significant GP contribution ($10rnm) aligning interest with LPs • Existing portfolio of eight warehoused companies transferred to the Fund at cost (despite anticipated near-term valuation increase) BIOMATICS CAPITAL PARTNERS, LP HIGHLY CONFIDENTIAL - NOT FOR DISTRIBUTION EFTA00593755 Investment Team We have invested together in the technology, healthcare and life sciences sectors for the last seven years within institutions supported by Bill Gates, allowing us to establish: • Demonstrated track record of integrating the best of science with sound investment practice to generate outsized returns • Relationships with leading academics, pharma executives and VCs built on history of co- investments and partnerships BIOMATICS CAPITAL PARTNERS, LP DR. BORIS NIKOLIC Managing Director Notable deals • Editas • Foundation Medicine • Shrodinger Experience • Chief Advisor for Science and Technology to Bill Gates Faculty at Harvard Medical School Co-founder of biotech companies (IMDx, Aquatrove) Education • Harvard (Post-Doc) • University of Zagreb (MD) HIGHLY CONFIDENTIAL -NOT FOR DISTRIBUTION JULIE SUNDERLAND Managing Director Notable deals • Anacor • CureVac • bKash • Abraaj Growth Markets Health Fund Experience • Director of Gates Foundation's $1.5B strategic investment pool (Chair of investment committee; funded 50 investments, including 30 in healthcare) Education • Wharton (MBA) • Harvard (BA) EFTA00593756 Biomatics Unique Advantages ESTABLISHED NETWORK generating extraordinary deal flow Global investors as LPs, including Bill Gates Leading scientists in academic center (e.g., Harvard, Stanford and MIT) Pharma companies, industry experts and venture capitalists (e.g., Khosla and ARCH) TEAM AND ADVISORY BOARD WITH DEEP TECHNICAL KNOWLEDGE allowing for differentiation and validation of underlying science, data and management teams BIOMATICS CAPITAL PARTNERS, _itNTIAL - NO CAPACITY TO PROVIDE OPERATIONAL SUPPORT to companies through technical expertise, access to strategic relationships, and Board participation 6 EFTA00593757 Areas of Opportunity New medicine offers an alternative path to sustainably shifting healthcare costs, and genomics and digital health systems are central to this transformation. GENOMICS REVOLUTION driving low cost DNA sequencing that is transforming the development of diagnostics and therapeutics • Molecular diagnostics allowing for highly precise and accurate diagnosis and prevention • Next generation therapeutics developed based gene mapping, new mechanisms of action and optimization of clinical trials • Personalized medicine customizing treatments to the genetic profile of patient DIGITAL HEALTH REVOLUTION allowing for new data-driven business models that are transforming the delivery of healthcare: • Accountable care organizations and other outcome-based delivery models • Medically recommended sensors enabling fast, cheap and continuous monitoring of numerous health parameters of high risk patients • Wireless data collection, cheap data storage, and cloud computing allowing for big data analysis and solutions *The Fund does not plan to invest in traditional drug-discovery, diagnostic, or medical-device companies. BIOMATICS CAPITAL PARTNERS, LP HIGHLY CONFIDENTIAL - NOT FOR DISTRIBUTION EFTA00593758 Structural Change 6 5 4 U) O • 3 U) 1 0 OLD MEDICINE is contributing to unsustainable rise in healthcare costs... • Doctor-driven disease management of acute conditions • Symptom / point of origin diagnostics • Expensive, broad-based hit or drug development • High cost physical infrastructure with price-insensitive reimbursement ...but we are in a transformative period... CAGR% 8.2 GDP 19.6 ...where NEW MEDICINE can dramatically improve outcomes at lower costs • Patient-driven health management based on data • • Targeted drug development based on molecular profiling • Low cost cloud-based data infrastructure with outcome-based pricing Molecular diagnosis based on gene targeting and cell biology 1970 1974 1978 1982 1986 1990 1994 1998 2002 2006 2010 2014 2018 2022 2024 *Source: CMS BIOMATICS CAPITAL PARTNERS, LP US National Health Expenditures* HIGHLY CONFIDENTIAL — NOT FOR DISTRIBUTION Historical (1970-2013) Projected (2014-24) EFTA00593759 Potential Value Creation DIGITAL HEALTH REVOLUTION $1 Trillion in value shifting to new big data and patient- centric delivery models (with $500mm in cost savings) $23B in Healthcare IT $59B in Global mHealth GENOMICS REVOLUTION $1.6 Trillion in economic impact from genomics revolution in health (and agriculture and substance production) $20B in Sequencing Technology and Apps $8B in Molecular Diagnostics REGULATORY & REIMBURSMENT PATHWAYS RIGHT PEOPLE to navigate complexity of regulatory and reimbursement ecosystem DEEP UNDERSTANDING of regulatory environment CLEAR VALUE PROPOSITION and use case for payors Sources: Mckinsey, IIlumina, BCC Research, Research and Markets' North American Healthcare IT Market Report BIOMATICS CAPITAL PARTNERS, LP HIGHLY CONFIDENTIAL — NOT FOR DISTRIBUTION Outsized value creation opportunities for new companies EFTA00593760 Biomatics Investment Approach • Early evaluation of CRISPR Cas-9 technology • Institutional relationships (MIT, Broad, Harvard) • Series A Investors (Flagship, Polaris, Third Rock) • Academic network (Eric Lander, Feng Zhang) Built relationship with CEO Katrine Boseley • Led $120mm Series B • Negotiated term sheet/ valuation • Mobilized investors for $31mm SPV (e.g., Gates. Petersons, Bonderman) ; • Board member • Active engagement in IP-related issues • Tapped network to build team and Board Weekly support and advice for CEO 3X Valuation >400% IRR • Company IPOed Jan 2016 • -6X over- subscribed at $16/share in challenging market editas MEDICINE HIGHLY CONFIDENTIAL - NOT FOR DISTRIBUTION BIOMATICS CAPITAL PARTNERS, LP 10 EFTA00593761 Warehoused Portfolio Investments completed by members and funded by Biomatics' Partners have been transferred at Cost to the Fund despite near-term anticipated valuation increases Company To-date Total* Investment Thesis Description GRAIL $7.5mm $17.5mm Genomics — Diagnostics Breakthrough pan cancer screening test using genomics sequencing Twist $2.5mm $2.5mm Genomics - Synthetic DNA Scale production of synthetic DNA for biological applications, with potential for data storage AlCure $1mm $6mm Digital Health — Remote Monitoring Advanced medication adherence solutions powered by artificial intelligence Aledade $2.5mm $10mm Digital Health - New Models New data-driven business model for accountable health care from primary health care physicians Omniome $1.5mm $5mm Genomics - Sequencing Next generation low-cost sequencing platform Denali $12mm $12mm Genomics — Next Gen Therapeutics Focus on neurodegenerative diseases such as Parkinson's and Alzheimer's DIgISight $4.2mm $7.5mm Digital Health — mHealth mHealth application enabling mobile diagnostics for ophthalmology, connecting physicians to patients Blue Talon $0.5mm $5mm Digital Health — Data Security Enterprise-level data security for healthcare TOTAL $31.7mm $65.5mm *Total expected investment including current commitment and follow-on rounds BIOMATICS CAPITAL PARTNERS, LP HIGHLY CONFIDENTIAL — NOT FOR DISTRIBUTION 11 EFTA00593762 Diversifying Risk / Return I O i__, = Z Ow c Y }— co w < > Iii Z Ce — m ii O w _i E ur F- 2 f/) w LIJ < O Z EXECUTION-DRIVEN TECHNOLOGY-DRIVEN BIOMATICS CAPITAL PARTNERS, LP HIGHLY CONFIDENTIAL - NOT FOR DISTRIBUTION 12 EFTA00593763 Advisory Board We have strategically selected advisors who will: • Act as entry points to broader networks, whether VC, academic or pharma • Help validate science and business issues • Provide active support on a weekly basis on a range of issues (rather than formal meetings) ROBERT NELSEN Co-Founder, Managing Director of ARCH Venture Partners • Leading biotech investor in US • Long-term supporter on range of issues TREVOR MUNDEL President Global Health, Bill and Melinda Gates Foundation • Former Global Head of Development at Novartis • Advisor on scientific and pharma-related issues BIOMATICS CAPITAL PARTNERS, LP HIGHLY CONFIDENTIAL - NOT FOR DISTRIBUTION ROBERT S. LANGER David H. Koch Institute Professor at MIT Prolific inventor, company creator and node of Boston entrepreneurial network Advisor on scientific and company- building issues MARK S. BLUMENKRANZ Professor and Chairman of the Department of Ophthalmology, Stanford University • Founding director of the Byers Eye Institute at Stanford • Prolific company creator and node of Stanford entrepreneurial network • Advisor on scientific and company- building issues EFTA00593764 Team Development • Recruiting two investment professionals 1. Identified PhD scientist with investment experience 2. Search for candidate with strong finance/ diligence skills • Team and support in place: Marco Fiorese Role • Senior Advisor, European and Asian partnerships & investor relations Experience • Strategic advisor to US & European tech companies • Covered direct investments with global investors from US, Europe, Asia and Middle East Yeon Cramer Role • Business Operations Manager Experience • Bill Gates Family Office (bgC3) • Farallon Capital BIOMATICS CAPITAL PARTNERS, LP HIGHLY CONFIDENTIAL - NOT FOR DISTRIBUTION Standish MANAGEMENT El Standish Management Role • CFO function, including capital calls, distributions, reporting, coordination of accounting Team • Bill Hughlett (CFO), ex-CFO Voyager Capital • Bradford Smith (Controller), ex-PWC • Stone Connell (Controller), ex-PWC EFTA00593765 Terms and Fund-raising • Standard VC terms: - 2.5% management fees — 20% carry — 10+1+1 year term — $10mm GP commitment • Fund-raising: — Currently $125mm in commitments, out of $150mm target — Targeting strategically and philosophically aligned investors with unique perspectives, expertise and/or regional coverage for final close — Based on investor interest, may increase fund size beyond target, with hard cap at $200mm BIOMATICS CAPITAL PARTNERS, LP HIGHLY CONFIDENTIAL - NOT FOR DISTRIBUTION EFTA00593766 DISCLOSURES EFTA00593767 Disclosures THE LIMITED PARTNERSHIP INTERESTS IN THE FUND DESCRIBED HEREIN (THE INTERESTS') HAVE NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE 'SECURITIES ACT) OF THE UNITED STATES OF AMERICA (THE "U.S.") OR THE SECURITIES LAWS OF ANY OTHER COUNTRY OR JURISDICTION. THE ISSUER IS RELYING ON EXEMPTIONS FROM SUCH REGISTRATION OR QUALIFICATION. INVESTORS MAY BE REQUIRED TO HOLD THE INVESTMENT FOR AN INDEFINITE PERIOD OF TIME. OTHER IMPORTANT RISK FACTORS ARE EXPLAINED IN DETAIL IN THIS DOCUMENT. NO GOVERNMENTAL AUTHORITY HAS APPROVED. DISAPPROVED. ENDORSED. OR RECOMMENDED THIS OFFERING. NO INDEPENDENT PERSON HAS CONFIRMED THE ACCURACY OR TRUTHFULNESS OF THIS DISCLOSURE, NOR WHETHER IT IS COMPLETE. ANY REPRESENTATION TO THE CONTRARY IS ILLEGAL. THIS PRESENTATION DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY THE INTERESTS AS TO ANY PERSON IN ANY JURISDICTION IN WHICH IT IS UNLAWFUL TO MAKE SUCH AN OFFER OR SOLICITATION. WITHIN THE U.S. THIS OFFERING IS MADE AS A PRIVATE PLACEMENT PURSUANT TO SECTION 4(2) OF THE SECURITIES ACT, AND ONLY TO PARTIES THAT ARE "ACCREDITED INVESTORS' AS DEFINED IN RULE 501(A) OF REGULATION D UNDER THE SECURITIES ACT. OUTSIDE THE U.S.. THIS OFFERING IS MADE PURSUANT TO REGULATION S UNDER THE SECURITIES ACT. ONLY TO PARTIES THAT ARE NOT "U.S. PERSONS" AS DEFINED IN SUCH REGULATION, AND PURSUANT TO EXEMPTIONS FROM APPLICABLE SECURITIES LAWS OF OTHER COUNTRIES ("NON-U.S. SECURITIES LAWS"). THIS PRESENTATION IS NOT A PROSPECTUS OR AN ADVERTISEMENT, AND THE OFFERING IS NOT BEING MADE TO THE PUBLIC. THIS OFFERING IS MADE IN RELIANCE UPON EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND NON-U.S. SECURITIES LAWS AS DESCRIBED ABOVE. THE FUND DOES NOT INTEND TO REGISTER THE INTERESTS UNDER THE SECURITIES ACT OR ANY NON-U.S. SECURITIES LAWS IN THE FUTURE. THERE CURRENTLY IS NO PUBLIC OR OTHER MARKET FOR THE INTERESTS AND THE GENERAL PARTNER OF THE FUND (THE "GENERAL PARTNER') DOES NOT EXPECT THAT ANY SUCH MARKET WILL DEVELOP. ALL OF THE INTERESTS. WHETHER ACQUIRED WITHIN THE U.S. OR OUTSIDE THE U.S. WILL BE RESTRICTED SECURITIES" WITHIN THE MEANING OF RULE 144 UNDER THE SECURITIES ACT AND THEREFORE MAY NOT BE TRANSFERRED BY A PURSU ANTEREOF WITHIN THE U.S. OR TO A "U.S. PERSON' UNLESS SUCH TRANSFER IS MADE PURSUANT TO REGISTRATION UNDE REGULATION ITIES ACT, TO AN EXEMPTION THEREFROM. OR IN A TRANSACTION OUTSIDE THE U.S. PURSUANT TO THE RESALE PROVISIONS OF S. MOREOVER. THE INTERESTS MAY BE TRANSFERRED ONLY WITH THE CONSENT OF THE GENERAL PARTNER AND THE SATISFACTION OF CERTAIN OTHER CONDITIONS. THE INTERESTS ARE SPECULATIVE AND PRESENT A HIGH DEGREE OF RISK. INVESTORS IN THE FUND ("INVESTORS') MUST BE PREPARED TO BEAR SUCH RISK FOR AN INDEFINITE PERIOD OF TIME AND ABLE TO WITHSTAND A TOTAL LOSS OF THE AMOUNT INVESTED. THE FUND IS EXPECTED AND INTENDED TO PURSUE A VENTURE CAPITAL STRATEGY. THE INTERESTS ARE BEING OFFERED SUBJECT TO VARIOUS CONDITIONS, INCLUDING: (A) WITHDRAWAL. CANCELLATION OR MODIFICATION OF THE OFFER WITHOUT NOTICE; (B) THE RIGHT OF THE GENERAL PARTNER TO REJECT ANY SUBSCRIPTION FOR AN INTEREST, IN WHOLE OR IN PART, FOR ANY REASON; AND (C) THE APPROVAL OF CERTAIN MATTERS BY LEGAL COUNSEL. EACH PROSPECTIVE INVESTOR IS RESPONSIBLE FOR ITS OWN COSTS IN CONSIDERING AN INVESTMENT IN AN INTEREST. NEITHER THE GENERAL PARTNER NOR THE FUND SHALL HAVE ANY LIABILITY TO A PROSPECTIVE INVESTOR WHOSE SUBSCRIPTION IS REJECTED IN WHOLE OR IN PART. THE INFORMATION SET FORTH IN THIS PRESENTATION IS CONFIDENTIAL AND INCLUDES TRADE SECRETS THE DISCLOSURE OF WHICH WOULD CAUSE HARM TO THE FUND, THE GENERAL PARTNER AND OTHER PARTIES. RECEIPT AND ACCEPTANCE OF THIS PRESENTATION SHALL CONSTITUTE AN AGREEMENT BY THE RECIPIENT THAT THIS PRESENTATION SHALL NOT BE REPRODUCED OR USED FOR ANY PURPOSE OTHER THAN IN CONNECTION WITH THE RECIPIENTS EVALUATION OF AN INVESTMENT IN AN INTEREST. THIS PRESENTATION IS THE PROPERTY OF THE GENERAL PARTNER AND. EXCEPT AS HELD BY A LIMITED PARTNER OF THE FUND, MUST BE RETURNED UPON REQUEST. BIOMATICS CAPITAL PARTNERS, LP HIGHLY CONFIDENTIAL - NOT FOR DISTRIBUTION 1 EFTA00593768 Disclosures NO PERSON HAS BEEN AUTHORIZED TO MAKE ANY REPRESENTATIONS OR TO GIVE ANY INFORMATION WITH RESPECT TO THE FUND, THE GENERAL PARTNER, OR THE INTERESTS, OTHER THAN AS CONTAINED IN THIS PRESENTATION, THE FUND'S CONFIDENTIAL PRIVATE PLACEMENT MEMORANDUM, THE FUND'S AGREEMENT OF LIMITED PARTNERSHIP, THE SUBSCRIPTION AGREEMENT TO BE EXECUTED BY EACH INVESTOR, OR AN OFFICIAL WRITTEN SUPPLEMENT TO THIS PRESENTATION APPROVED BY THE GENERAL PARTNER. PROSPECTIVE INVESTORS ARE CAUTIONED AGAINST RELYING UPON INFORMATION OR REPRESENTATIONS FROM ANY OTHER SOURCE. NOTWITHSTANDING THE FOREGOING. A PROSPECTIVE INVESTOR MAY RELY UPON WRITTEN RESPONSES TO ITS INQUIRIES THAT ARE CLEARLY MARKED BY AN OFFICER OF THE GENERAL PARTNER AS INTENDED TO BE RELIED UPON BY SUCH PROSPECTIVE INVESTOR. PROSPECTIVE INVESTORS ARE NOT TO CONSTRUE THIS PRESENTATION AS INVESTMENT. LEGAL OR TAX ADVICE AND THIS PRESENTATION IS NOT INTENDED TO PROVIDE THE SOLE BASIS FOR ANY EVALUATION OF AN INVESTMENT IN AN INTEREST. PRIOR TO ACQUIRING AN INTEREST. A PROSPECTIVE INVESTOR SHOULD CONSULT WITH ITS OWN LEGAL, INVESTMENT, TAX. ACCOUNTING. AND OTHER ADVISORS TO DETERMINE THE POTENTIAL BENEFITS, BURDENS AND OTHER CONSEQUENCES OF SUCH INVESTMENT. IN PARTICULAR, IT IS THE RESPONSIBILITY OF EACH INVESTOR TO ENSURE THAT THE LEGAL AND REGULATORY REQUIREMENTS OF ANY RELEVANT JURISDICTION OUTSIDE THE U.S. ARE SATISFIED IN CONNECTION WITH SUCH INVESTOR'S ACQUISITION OF AN INTEREST. EXCEPT AS OTHERWISE DETERMINED BY THE GENERAL PARTNER OR ITS AFFILIATES, NO ACTION HAS BEEN OR WILL BE TAKEN IN ANY JURISDICTION OUTSIDE THE UNITED STATES THAT WOULD PERMIT AN OFFERING OF THESE SECURITIES. OR POSSESSION OR DISTRIBUTION OF OFFERING MATERIAL IN CONNECTION WITH THE ISSUE OF WISHINGECURITIE$„IN ANY COUNTRY OR JURISDICTION WHERE ACTION FOR THAT PURPOSE IS REQUIRED. IT IS RELEVANT TERRITORY OF ANY PERSON TO PURCHASE THESE SECURITIES TO SATISFY ITSELF AS TO FULL OBSERVANCE OF THE LAWS OF ANY RELEVANT TERRITORY OUTSIDE THE UNITED STATES IN CONNECTION WITH ANY SUCH PURCHASE, INCLUDING OBTAINING ANY REQUIRED GOVERNMENTAL OR OTHER CONSENTS OR OBSERVING ANY OTHER APPLICABLE FORMALITIES. CERTAIN DOCUMENTS RELATING T ASSESSND WILL BE COMPLEX OR TECHNIC AND CONDITI0NSD PROSPECTIVE INVESTORS MAY REQUIRE THE ASSISTANCE OF LEGAL COUNSEL TO PROPERLY THE IMPLICATIONS OF THE TERMS SET FORTH THEREIN. LEGAL COUNSEL TO THE FUND AND THE GENERAL PARTNER WILL REPRESENT THE INTERESTS SOLELY OF THE FUND AND THE GENERAL PARTNER. NO LEGAL COUNSEL HAS BEEN ENGAGED BY THE FUND OR THE GENERAL PARTNER TO REPRESENT THE INTERESTS OF PROSPECTIVE INVESTORS. EACH PROSPECTIVE INVESTOR IS URGED TO ENGAGE AND CONSULT WITH ITS OWN LEGAL COUNSEL IN REVIEWING DOCUMENTS RELATING TO THE FUND. EXCEPT WHERE OTHERWISE SPECIFICALLY INDICATED. THIS PRESENTATION SPEAKS AS OF THE DATE HEREOF. NEITHER THE SUBSEQUENT DELIVERY OF THIS PRESENTATION THE FUND SALE OF INTERESTS HEREOF. ALL DUTIES TO REPRESENTA PRESENTATIONE HAS BEEN NO CHANGE IN THE AFFAIRS, PROSPECTS OR ATTRIBUTES OF THE FUND SINCE THE DATE HEREOF. ALL DUTIES TO UPDATE THIS ARE HEREBY DISCLAIMED. EXCEPT AS EXPRESSLY STATED TO THE CONTRARY THEREIN. ANY OFFICIAL SUPPLEMENT OR UPDATE TO THIS PRESENTATION SHALL BE DEEMED TO ADDRESS ONLY THE SPECIFIC SUBJECT MATTER THEREOF AND SHALL NOT BE DEEMED A REPRESENTATION THAT THERE HAS BEEN NO OTHER CHANGE IN THE AFFAIRS, PROSPECTS OR ATTRIBUTES OF THE FUND SINCE THE DATE HEREOF. THIS PRESENTATION SUPERSEDES ALL PRIOR VERSIONS. FROM AND AFTER THE DATE OF THIS PRESENTATION, PRIOR VERSIONS OF THIS PRESENTATION MAY NOT BE RELIED UPON. BIOMATICS CAPITAL PARTNERS, LP HIGHLY CONFIDENTIAL - NOT FOR DISTRIBUTION 18 EFTA00593769 Disclosures NOTHING CONTAINED HEREIN IS, OR SHOULD BE RELIED UPON AS, A PROMISE OR REPRE PERFORMANCE THE FUTURE PERFORMANCE OF THE FUND. STATEMENTS, ESTIMATES, TARGETS AND PROJECTIONS WITH RESPECT TO SUCH FUTUR SET FORTH IN THIS PRESENTATION ARE BASED UPON ASSUMPTIONS MADE BY THE GENERAL PARTNER WHICH MAY OR MAY NOT PROVE TO BE CORRECT. NO REPRESENTATION IS MADE AS TO THE ACCURACY OF SUCH STATEMENTS, ESTIMATES, TARGETS AND PROJECTIONS. SIMILkRLY, NOTHING CONTAINED HEREIN IS, OR SHOULD BE RELIED UPON AS, A PROMISE OR REPRESENTATION AS TO THE EXTERNAL CONDITIONS AND CIRCUMSTANCES UNDER WHICH THE FUND WILL OPERATE (INCLUDING, WITHOUT LIMITATION, OVERALL MARKET CONDITIONS, TECHNOLOGY DEVELOPMENTS AND OTHER MATTERS OUTSIDE THE CONTROL OF THE GENERAL PARTNER). OVERALL PROSPECTIVE INVESTORS MUST NOT RELY UPON ANY MATTERS DESCRIB CONTROL PRESENTATION PARTNEROT WHOLLY WITHIN THE OF THE GENERAL PARTNER. EVEN WITH REGARD TO MATTERS WHOLLY WITHIN THE OF THE GENERAL THE ACTIVITIES UNDERTAKEN BY THE GENERAL PARTNER IN MANAGING THE FUND MAY DIFFER FROM THOSE DESCRIBED IN THIS PRESENTATION DUE TO UNE)(PECTED EXTERNAL CONDITIONS OR OTHERWISE. THIS PRESENTATION DOES NOT SUBJECT THE GENERAL PARTNER TO BINDING OBLIGATIONS. ONLY THOSE OBLIGATIONS EXPRESSLY SET FORTH IN A DEFINITIVE AGREEMENT EXECUTED BY THE GENERAL PARTNER SHALL BE BINDING UPON THE GENERAL PARTNER. PROSPECTIVE INVESTORS ARE CAUTIONED NOT TO RELY UPON ANY INFORMATION IN THIS PRESENTATION REGARDING THE PAST PERFORMANCE OF THE GENERAL PARTNER ITS MEMBERS OR THEIR RESPECTIVE AFFILIATES AS INDICATIVE OF THE FUTURE PERFORMANCE OF THE FUND. PAST PERFORMANCE DOES NOT ENSURE LITURE PERFORMANCE. CERTAIN OF THE FACTUAL STATEMENTS MADE IN THIS PRESENTATION ARE BASED UPON INFORMATION FROM VARIOUS SOURCES BELIEVED BY THE GENERAL PARTNER TO BE RELIABLE. THE GENERAL PARTNER, ITS OFFICERS, THE FUND AND THEIR RESPECTIVE AFFILIATES HAVE NOT INDEPENDENTLY VERIFIED ANY OF SUCH INFORMATION AND SHALL HAVE NO LIABILITY ASSOCIATED WITH THE INACCURACY OR INADEQUACY THEREOF. EACH INVESTOR THAT ACQUIRES AN INTERE PROVISIONS OME SUBJECT TO THE FUND'S PARTNERSHIP AGREEMEN AGREEMENTLICABLE SUBSCRIPTION AGREEMENT. IN THE EVENT ANY TERMS OR OF SUCH PARTNERSHIP AGREEMENT OR SUBSCRIPTION CONFLICT WITH THE INFORMATION CONTAINED IN THIS PRESENTATION, SUCH PARTNERSHIP AGREEMENT OR SUBSCRIPTION AGREEMENT SHALL CONTROL. THIS PRESENTATION CONTAINS FORWARD-LOOKING STATEMENTS WITHIN THE MEANING OF SECTION 27A OF THE SECURITIES ACT. THESE STATEMENTS INCLUDE THE PLANS AND OBJECTIVES OF MANAGEMENT FOR FUTURE OPERATIONS, INCLUDING PLANS AND OBJECTIVES RELATING TO FUTURE GROWTH OF THE FUND. THE FORWARD-LOOKING STATEMENTS INCLUDED HEREIN ARE BASED ON CURRENT EXPECTATIONS THAT INVOLVE NUMEROUS RISKS AND UNCERTAINTIES IDENTIFIED IN THIS PRESENTATION. ASSUMPTIONS RELATING TO THE FOREGOING INVOLVE JUDGMENTS WITH RESPECT TO IMPOSSIBLEER THINGS, FUTURE ECONOMIC, COMPETITIVE AND MARKET CONDITIONS AND FUTURE BUSINESS DECISIONS, ALL OF WHICH ARE DIFFICULT OR O PREDICT ACCURATELY AND MANY OF WHICH ARE BEYOND THE FUND'S CONTROL. ALTHOUGH THE FUND BELIEVES THAT THE ASSUMPTIONS UNDERLYING THE FORWARD-LOOKING STATEMENTS ARE REASONABLE, ANY OF THE ASSUMPTIONS COULD BE INACCURATE AND THEREFORE THERE CAN BE NO ASSURANCE THAT THE FORWARD-LOOKING STATEMENTS INCLUDED IN THIS PRESENTATION WILL PROVE TO BE ACtURATE. IN LIGHT OF THE SIGNIFICANT UNCERTAINTIES INHERENT IN THE FORWARD-LOOKING STATEMENTS INCLUDED HEREIN, THE INCLUSION OF SUCH INFORMATION SHOULD NOT BE REGARDED AS A REPRESENTATION BY THE FUND OR ANY OTHER PERSON THAT THE FUND'S OBJECTIVES AND PROJECTIONS WILL BE ACHIEVED. BIOMATICS CAPITAL PARTNERS, LP HIGHLY CONFIDENTIAL - NOT FOR DISTRIBUTION 19 EFTA00593770