How should you evaluate this data?

The height of the bar for each company represents the IRR realized for an investment in that company, net-of-fees. 33% of exited companies experience negative returns net-of-fees, while 67% of exited companies experience positive returns net-of-fees.

The annualized return information provided is provided solely for illustrative purposes. For illustration, $10,000 invested in a portfolio with an annualized return of 50% would generate gains equivalent to $5,000 per year. The annualized returns presented are across 243 single-company vehicles in 57 companies that have had exits since 2015, with an average hold period of 23 months. No individual vehicle achieved exactly the average annualized returns. Investments in individual vehicles may have annualized returns and hold periods that are higher or lower than this average.

You should not place undue reliance on IRR or annualized return calculations. We provide these for illustrative purposes, and you should regard these metrics as indicative of general trends and as subject to numerous limitations. Any calculation of IRR entails certain assumptions, such as, for example, an assumption that any distributions, if any are reinvested immediately, that investments are made and held continuously, and also a certain compounding of returns. Similarly, a calculation of annualized returns also assumes certain compounding. There are many factors, outside of our and your control, which affect the potential and actual returns that you may expect in connection with any investment, such as market conditions and the timing of any exit.

What is the basis of this presentation?

Information shown above regarding realized returns, on a time- and dollar-weighted basis, net of fees, is provided for informational purposes only and is calculated based on exits for those SPVs owning share of underlying companies that have had exits.

Other Factors that Affect Results

Performance for any individual SPV or underlying company may not be consistent with the overall information shown above. Each underlying company will be subject to particular risks associated with its sector, its management, and other factors, which will be described in detail in connection with an investment in the securities of that company. Historical performance, particularly short-term performance, is no guarantee of future returns. Investment returns will vary over time, depending on many factors outside of our and outside of your control, including, but not limited to, overall economic conditions.

Returns on actual investments also will fluctuate depending on the timing of your investment, the length of your holding period, and the timing of a liquidity event, if any, for the particular company, among other factors. As a result, individual investors may experience a gain or a loss on their investment. Return information gives no effect to tax treatment. Consequently, you should not place undue reliance on the return information, which may not be representative of any individual investor’s experience, and which is provided for illustrative purposes only.

Current performance for any individual investment may be higher or lower than the performance data shown above.

Any investor who engaged in sales of their interests at prices above (or below) the exit price of the vehicle may have received a lower (or higher) investment return and paid additional fees (typically 5% of the sale amount). Any investor who purchased existing investors' interests at prices above (or below) the entry price of the vehicle may have received lower (or higher) investment returns and paid additional fees (typically 5% of the purchase amount).

Risks

All investments are subject to risks and you should read carefully the offering materials related to any particular proposed investment. For example, you should consider that:

• Investments in the single-purpose vehicles are not diversified investments;
• You will have limited rights as an investor in a single-purpose vehicle;
• The securities will be restricted securities and will not be readily transferable;
• The securities of private companies are subject to heightened risks;
• Private companies are not subject to regulatory oversight and supervision by the Securities and Exchange Commission or by a national securities exchange;
• A private company may not have formalized corporate governance policies and procedures;
• A private company may not have ready access to capital or to funding and may not be able to withstand economic downturns;
• Investors in the securities of private companies must be willing to suffer the loss of their entire investment;
• Many private companies fail long before they are able to pursue a liquidity event, like an IPO, direct listing, or M&A opportunity; and
• Many private companies will not adequately provide for D&O and other insurance.