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Leadership: NLV_ are leaders in biopharmaceutical investing across all stages and transaction types The New Leaf team is well positioned to continue to play a leadership role in the sector. Over the last two decades, the Fund Managers have demonstrated an ability to access high quality biopharmaceutical investments at all stages, by sourcing opportunities through a range of activities that result in differentiated and in many cases proprietary deal flow. Deal flow is generated by relying on New Leaf’s extensive network of relationships that span senior executives in the pharmaceutical and biotech companies, top scientists at world-class academic institutions, and leading investors in the venture capital, private equity, and small cap public sectors. By leveraging this network the Fund Managers gain visibility to interesting investment ideas, and develop insight into the long term strategic interests of the larger pharmaceutical and biotech companies and the evolving attitudes about value and risk of public market investors. Through this continuous process the Fund Managers seek to ensure that they are able to view the widest range of high quality opportunities and have a highly informed and discerning screen to determine which of the opportunities have the greatest long term investment potential. It is these efforts that have allowed the New Leaf team to create some of the best performing portfolios of biopharmaceutical investments in the industry in the Sprout Funds and in NLV-I and NLV-II, and has resulted in successful and consistent track records of returns in the sector. The Fund Managers have demonstrated leadership in the sector over the long term through transactions that span the full range of stages and transaction types, including: e Start-Ups: The Fund Managers have played important roles and have been founding investors in a number of successful start-up companies. These have included Pearl Therapeutics (NLV-I, exited in sale to Astra Zeneca, 2.5x multiple plus milestones), Relypsa (NLV-I,_ private initially, now public on NASDAQ: RLYP), Convergence/Calchan Pharmaceuticals (NLV-IL, one start up that subsequently split to become 2 separate companies), Durata Therapeutics (NLV-II: IPO - July, 2012, NASDAQ: DRTX), and Ilypsa (Sprout IX, exited in sale to Amgen, 6.9x multiple). e Established Private Companies: The New Leaf Team has played the role of lead investor in a large number of private investments. These have included Cerexa (NLV-I, exited in sale to Forest Labs, 5.4x multiple), Stromedix (NLV-I, exited in sale to Biogen Idec, 1.8x multiple plus milestones), Chimerix (NLV-II, IPO - April, 2013, NASDAQ: CMRxX), and Auxilium (Sprout IX, NASDAQ: AUXL, exited at 4.6x). e Restructuring Private Companies: The Fund Managers have led financings that have restructured private companies, providing capital to fund business plans that have refocused company’s business plans on certain key assets and product development programs and significantly reducing or terminating investments into others. Examples of this type of investment include Intarcia Therapeutics (NLV-I) and Synageva Biopharma (NLV-II, reverse merger to become public - November, 2011, NASDAQ: GEVA,; exited at 7.3x). e Restructuring & Recapitalizing Public Companies: The New Leaf team has created interesting investment opportunities through restructuring and recapitalizing public companies. Examples include MEI Pharma (NLV-I], NASDAQ: MEIP) and Sirna 34 CONTROL NUMBER 257 - CONFIDENTIAL HOUSE_OVERSIGHT_024045