HOUSE_OVERSIGHT_024029.jpg

Il. SUMMARY OF HISTORICAL INVESTMENT PERFORMANCE The Fund Managers’ long term track record in healthcare technology investing clearly establishes the team as one of the most successful in the venture capital industry over the last two decades. Over an 18 year period and across the portfolios of six distinct venture funds focused on healthcare technology investments, the Fund Managers have delivered net performance that has consistently outperformed venture industry benchmarks and relevant public equity market indices!5!6, The Fund Managers’ track record is notable for the following reasons: e Performance has’ been consistently top-quartile since the mid-1990s: NLV-I, NLV-II and the healthcare technology portfolios in the Sprout Capital funds have invested over $1.6 billion in healthcare technology companies since 1995. Over this time, The Fund Managers’ returns have consistently exceeded Cambridge Associates’ top-quartile benchmarks for U.S. venture capital healthcare and/or U.S. total venture capital.1¢ e Exceeded relevant public equity indices by substantial margins on all realized funds: The Fund Managers invested $1.02 billion in the portfolios of healthcare technology investments in four Sprout Capital funds (Sprout Capital IX, L.P., Sprout Capital VIIL L.P., Sprout Capital VIL, L.P. and Sprout Growth IIL, L.P.), and these are now fully realized (or near fully realized in the case of Sprout Capital IX). The net annual IRR’s on these four funds outperformed the S&P 500 (568 - 2,259 bps), S&P Healthcare (302 - 2,066 bps), NASDAQ Composite (451 - 2,125 bps), and the Russell 3000 (502 - 2,215 bps) using the Public Market Equivalent Plus (PME+) methodology!”. Although PME+ methodology is most informative when used to analyze funds whose returns are mature, the PME+ methodology shows that NLV-I is outperforming these same indices, and shows encouraging results for NLV-II despite its relative immaturity. It is this consistently high level of return over an 18 year period, spanning several challenging investment cycles, that creates a truly unique track record within the venture capital sector. INVESTMENT PERFORMANCE WITHIN INDIVIDUAL FUNDS The New Leaf team has invested over $1.67 billion in 126 healthcare technology companies within 6 distinct funds since 1995. These funds included NLV-I and NLV-II and the healthcare technology investments in four Sprout Capital funds (Sprout Capital IX, L.P., Sprout Capital VIL L.P., Sprout Capital VII, L.P., and Sprout Growth II, L.P., together the “Sprout Funds”). In aggregate, the team has exited or partially exited investments in 92 companies, generating gross realizations of over $2.6 billion and a gross realized cash-on-cash return and internal rate of return (IRR) of 2.1x and 17%, respectively. Corresponding net returns on the portfolios in each of these funds are provided in Appendix 2. 15 Please see Section XIII: “Appendices” and the endnotes in Appendix 4. Disclosure of past performance herein is for informational purposes only and is not indicative of future results. 16 Please refer to Section III: “Summary of Historical Investment Performance” and Section XIII: “Appendices” and endnote C (regarding information provided by Cambridge Associates) in Appendix 4. lV” Please refer to Section III: “Summary of Historical Investment Performance” and Section XIII: “Appendices; Appendix 3” (regarding the PME+ methodology) and endnotes B, D E and F in Appendix 4. 18 CONTROL NUMBER 257 - CONFIDENTIAL HOUSE_OVERSIGHT_024029