Preqin Private Equity Benchmarks: Venture Capital Benchmark Report

As of 31st December 2013

alternative assets. intelligent data. Preqin Private Equity Benchmarks: Venture Capital Benchmark Report

As of 31st December 2013

Report Produced on 21st July 2014

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While reasonable efforts have been used to obtain information from sources that are believed to be accurate, and to conﬁ rm the accuracy of such information wherever possible, Preqin Ltd. Does not make any representation or warranty that the information or opinions contained in the report are accurate, reliable, up-to-date or complete.

Although every reasonable effort has been made to ensure the accuracy of this publication Preqin Ltd. does not accept any responsibility for any errors or omissions within the report or for any expense or other loss alleged to have arisen in any way with a reader’s use of this publication. Preqin Private Equity Benchmarks: Venture Capital Benchmark Report

As of 31st December 2013

Report Produced on 21st July 2014

Median Benchmark - Venture Capital All Regions - As of 31st December 2013 ...... p4. Median Benchmark - Venture Capital North America - As of 31st December 2013 ...... p6. Weighted Benchmark - Venture Capital All Regions - As of 31st December 2013 ...... p8. Pooled Benchmark - Venture Capital All Regions ...... p10. Median Benchmark - Early Stage All Regions ...... p12. Weighted Benchmark - Early Stage All Regions ...... p14. Pooled Benchmark - Early Stage All Regions ...... p16. Horizon IRRs - As of 31st December 2013 ...... p18. List of Constituent Funds ...... p22.

Preqin Private Equity Benchmarks ® are calculated using performance information available from our online Performance Analyst database, the world’s most extensive, transparent database of private equity fund performance. Users of the online database have access to all of the underlying fund performance data used to calculate these benchmarks. With performance for over 7,000 private equity funds, the Performance Analyst online database is regularly updated and fully searchable. Further information can be found at www.preqin.com/pa.

All the performance ﬁgures used to generate the Preqin Private Equity Market Benchmarks are net position to investor – i.e. all commitments, contributions, distributions, remaining values and IRRs are all based on the net position for the institutional investor before tax but after the management fees and carry of the general partner.

The Preqin Venture Capital Market Benchmark is based on performance data for 1013 venture funds of vintages 1984 to 2013 as of 31st December 2013

Preqin gathers fund returns information from a very wide and diverse range of sources, including public institutions via freedom of information legislations, published reports of a number of listed fund of funds vehicles and GP voluntary contributions. The sheer extent of the data sources that we now use provides many opportunities to crosscheck and verify data for an individual partnership from different sources, and increases our conﬁdence in the data.

A growing number of GPs have concluded that it is in their best interests to voluntarily share information on their partnerships: given that many prospective investors are seeing this information, it is better that they should have access to the most current and accurate figures possible. Even where data comes direct from the GP, however, our aim is still to show the net position for LPs, after management fees and carry. We are again very grateful to the significant number of GPs who now share data with us in this way; currently 1,000 GPs are contributing data on their funds. If you would like further details on contributing information on your firm please contact us at [email protected]. Q4 2013 Preqin Private Equity Benchmarks: Venture Capital Benchmark Report

Preqin Median Benchmarks: Venture Capital All Regions as of 31st December 2013

Median Fund Multiple Quartiles (X) IRR Quartiles (%) IRR Max/Min (%) No. Called Dist Value Vintage Q1 Median Q3 Q1 Median Q3 Max Min Funds (%) (%) DPI (%) RVPI 2013 20 11.4 0.0 89.5 0.99 0.90 0.71 n/m n/m n/m n/m n/m 2012 30 36.8 0.0 93.3 1.11 0.94 0.74 n/m n/m n/m n/m n/m 2011 35 51.0 0.0 107.7 1.30 1.18 0.98 n/m n/m n/m n/m n/m 2010 24 72.0 5.0 119.1 1.47 1.28 1.15 23.2 10.7 7.2 60.9 -8.1 2009 22 73.8 20.9 103.5 1.80 1.31 1.04 27.7 14.4 8.5 40.0 -15.1 2008 60 85.7 20.6 94.8 1.52 1.31 0.99 17.9 11.8 3.9 42.1 -19.6 2007 62 92.2 18.4 98.5 1.66 1.34 1.03 14.5 8.4 1.5 58.2 -20.6 2006 54 94.2 33.4 73.6 1.48 1.15 0.85 10.4 4.9 -3.5 27.1 -32.2 2005 42 97.0 43.8 63.4 1.74 1.16 0.76 13.2 6.8 -3.6 104.9 -61.6 2004 30 100.0 38.1 50.5 1.21 1.05 0.60 4.8 1.2 -4.9 24.0 -17.3 2003 21 100.0 76.1 56.9 1.58 1.19 0.92 8.8 5.7 -1.1 35.1 -12.7 2002 30 100.0 58.7 17.4 1.75 1.02 0.64 8.7 0.6 -7.4 42.7 -47.2 2001 55 100.0 104.5 19.8 1.69 1.29 0.94 11.5 6.0 -0.9 29.9 -19.4 2000 91 100.0 76.0 15.3 1.27 0.98 0.64 5.7 0.2 -5.5 52.9 -96.0 1999 47 100.0 79.0 1.0 1.40 0.83 0.45 8.3 -1.6 -13.0 154.7 -40.6 1998 48 100.0 128.0 0.0 1.71 1.28 0.71 20.0 8.0 -6.2 1015.7 -46.1 1997 48 100.0 206.2 0.0 3.94 2.11 1.35 79.3 36.9 14.8 267.8 -30.0 1996 27 100.0 160.9 0.0 2.26 1.61 0.93 40.7 11.1 -2.1 188.4 -33.3 1995 26 100.0 269.0 0.0 5.47 2.78 1.77 84.9 27.0 11.9 447.4 -22.0 1994 22 100.0 249.6 0.0 5.71 2.50 1.01 59.3 25.6 13.3 94.1 -19.4 1993 33 100.0 269.3 0.0 4.00 2.70 1.40 57.9 34.1 3.0 105.7 -29.1 1992 26 100.0 163.0 0.0 2.44 1.63 1.17 24.0 14.2 3.9 87.2 -20.1 1991 16 100.0 279.6 0.0 3.86 2.80 1.76 40.4 24.3 12.6 346.4 1.2 1990 24 100.0 166.0 0.0 2.45 1.66 1.06 21.0 13.2 2.6 74.4 -35.9 1989 41 100.0 215.5 0.0 3.04 2.16 1.43 26.0 14.4 7.0 198.5 -42.1 1988 26 100.0 264.0 0.0 3.40 2.64 1.69 32.0 22.5 9.8 54.5 -9.3 1987 23 100.0 186.0 0.0 2.30 1.86 1.20 17.5 8.9 5.1 28.0 -12.4 1986 22 100.0 182.1 0.0 2.35 1.82 1.39 15.3 10.3 5.5 34.4 -0.7 1985 29 100.0 214.6 0.0 3.17 2.15 1.60 17.9 13.0 8.8 40.7 4.0 1984 21 100.0 209.3 0.0 2.79 2.09 1.57 13.8 12.0 7.8 45.7 1.7 1983 13 100.0 169.6 0.0 4.45 1.70 1.53 17.2 10.9 8.2 51.6 -3.5 1982 13 100.0 191.3 0.0 2.68 1.91 1.72 13.1 9.3 7.0 64.3 -1.6

Source: Preqin Performance Analyst

Preqin Median Benchmarks: Venture Capital All Regions is calculated using data for 1081 funds of vintages between 1982 and 2013 with performance as of 31st December 2013 and includes liquidated funds. Preqin holds performance data for 1,677 venture capital funds. All returns are net of management fees, expenses and carry.

Venture Capital All Regions - Median Called, Distributions and Residual Value Ratios by Vintage as of 31st December 2013

300

250

200

% 150

100

0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Distributions to Paid-in Capital (%) Residual Value to Paid-in Capital (%) Called-up to Committed Capital (%)

Source: Preqin Performance Analyst

Venture Capital All Regions - Median Net IRRs and Quartile Boundaries by Vintage as of 31st December 2013

100

Net IRR since Inception (%) 0

-20 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Top Quartile IRR Boundary Median IRR Bottom Quartile IRR Boundary

Source: Preqin Performance Analyst

Preqin Median Benchmarks: Venture Capital North America as of 31st December 2013

Median Fund Multiple Quartiles (X) IRR Quartiles (%) IRR Max/Min (%) No. Vintage Called Dist Value Funds Q1 Median Q3 Q1 Median Q3 Max Min (%) (%) DPI (%) RVPI 2013 16 11.4 0.0 91.5 0.99 0.92 0.73 n/m n/m n/m n/m n/m 2012 16 35.8 0.0 94.4 1.08 0.97 0.94 n/m n/m n/m n/m n/m 2011 19 51.0 0.0 119.0 1.35 1.25 1.04 n/m n/m n/m n/m n/m 2010 21 72.4 7.8 121.0 1.51 1.29 1.16 23.4 13.1 7.9 60.9 -7.1 2009 16 72.2 24.0 118.4 1.82 1.34 1.25 26.4 15.2 10.4 40.0 2.4 2008 41 86.4 20.0 97.4 1.54 1.35 1.00 16.8 11.7 0.5 42.1 -19.6 2007 42 93.2 37.2 96.9 1.80 1.43 1.08 16.0 9.4 3.6 58.2 -20.6 2006 43 95.0 35.4 75.3 1.49 1.25 0.92 9.7 4.9 -3.5 26.2 -25.1 2005 28 97.5 48.0 70.0 1.63 1.32 0.81 11.0 6.6 -5.8 38.3 -61.6 2004 26 100.0 38.1 49.1 1.33 0.99 0.60 5.7 1.2 -6.6 24.0 -17.3 2003 15 100.0 83.7 51.2 1.58 1.37 0.94 8.8 7.9 -1.2 24.3 -12.7 2002 16 100.0 46.6 20.1 1.11 0.82 0.49 3.4 -4.0 -13.6 9.2 -47.2 2001 38 100.0 105.3 24.1 1.68 1.28 0.95 11.3 5.6 -1.1 29.9 -19.4 2000 66 99.3 76.0 18.9 1.39 1.01 0.70 7.5 1.0 -5.5 52.9 -96.0 1999 39 100.0 65.2 0.7 1.32 0.79 0.43 5.5 -3.7 -13.5 154.7 -40.6 1998 36 100.0 117.0 0.0 1.67 1.17 0.60 20.0 8.9 -9.8 514.3 -46.1 1997 34 100.0 209.1 0.0 3.96 2.31 1.36 100.1 42.9 20.4 267.8 -14.1 1996 21 100.0 160.9 0.0 2.38 1.61 0.95 46.3 11.1 -2.8 188.4 -33.3 1995 22 100.0 294.5 0.0 6.56 3.06 1.73 95.4 28.3 14.8 447.4 -22.0 1994 20 100.0 249.6 0.0 5.50 2.50 1.01 59.7 25.6 11.6 94.1 -19.4 1993 27 100.0 269.3 0.0 4.00 2.70 1.17 62.7 36.5 3.0 105.7 -29.1 1992 20 100.0 172.0 0.0 2.86 1.72 1.10 31.8 17.5 2.8 87.2 -20.1 1991 10 100.0 330.3 0.0 7.48 3.31 1.90 56.5 25.8 13.9 346.4 12.5 1990 16 100.0 218.8 0.0 2.80 2.19 1.16 21.6 17.0 3.2 74.4 -35.9 1989 36 100.0 223.7 0.0 3.07 2.24 1.60 26.0 14.4 8.7 198.5 -42.1 1988 23 100.0 282.0 0.0 3.51 2.82 1.69 34.0 23.5 10.9 54.5 1.2 1987 17 100.0 196.1 0.0 3.67 1.96 1.29 17.8 11.9 3.7 28.0 -12.4 1986 21 100.0 182.8 0.0 2.35 1.83 1.41 15.0 9.9 5.5 34.4 -0.7 1985 21 100.0 214.6 0.0 3.17 2.15 1.61 17.9 13.0 8.8 40.7 4.0 1984 15 100.0 199.2 0.0 2.43 1.99 1.57 13.9 13.1 7.4 45.7 6.0

Source: Preqin Performance Analyst

Preqin Median Benchmarks: Venture Capital North America is calculated using data for 781 funds of vintages between 1984 and 2013 with performance as of 31st December 2013 and includes liquidated funds. Preqin holds performance data for 1,234 North American venture capital funds. All returns are net of management fees, expenses and carry.

Venture Capital North America - Median Called, Distributions and Residual Value Ratios by Vintage as of 31st December 2013

350

300

250

200 % 150

100

0 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Distributions to Paid-in Capital (%) Residual Value to Paid-in Capital (%) Called-up to Committed Capital (%)

Source: Preqin Performance Analyst

Venture Capital North America - Median Net IRRs and Quartile Boundaries by Vintage as of 31st December 2013

120

100

Net IRR since Inception (%) 0

-20 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Top Quartile IRR Boundary Median IRR Bottom Quartile IRR Boundary

Source: Preqin Performance Analyst

Preqin Weighted Benchmarks: Venture Capital All Regions as of 31st December 2013

Weighted Fund IRR Max/Min (%) Vintage No. Funds Dist (%) Value (%) Called (%) Multiple (X) IRR (%) Max Min DPI RVPI 2013 20 16.7 0.0 109.5 1.10 n/m n/m n/m 2012 30 40.8 1.6 96.6 0.98 n/m n/m n/m 2011 35 67.6 11.9 118.1 1.30 n/m n/m n/m 2010 24 71.2 12.3 127.3 1.40 17.8 60.9 -8.1 2009 22 77.0 31.6 112.6 1.44 17.1 40.0 -15.1 2008 60 82.3 24.3 106.9 1.31 9.4 42.1 -19.6 2007 62 88.9 42.1 114.6 1.57 11.4 58.2 -20.6 2006 54 94.1 43.9 85.3 1.29 5.2 27.1 -32.2 2005 42 99.2 129.6 16.0 1.46 15.0 104.9 -61.6 2004 30 98.2 42.5 58.9 1.01 -0.2 24.0 -17.3 2003 21 80.2 244.5 6.5 2.51 31.2 35.1 -12.7 2002 30 99.5 143.2 8.1 1.52 5.9 42.7 -47.2 2001 55 98.7 113.5 27.9 1.41 6.3 29.9 -19.4 2000 91 98.9 83.9 13.5 0.98 -0.4 52.9 -96.0 1999 47 98.1 75.8 7.8 0.84 -4.1 154.7 -40.6 1998 48 100.2 178.5 5.2 1.84 32.1 1015.7 -46.1 1997 48 100.0 327.2 0.2 3.28 37.9 267.8 -30.0 1996 27 99.7 265.1 0.7 2.66 22.0 188.4 -33.3 1995 26 99.8 290.5 0.1 2.90 20.3 447.4 -22.0 1994 22 100.0 656.8 0.0 6.57 59.8 94.1 -19.4 1993 33 100.3 435.9 0.9 4.37 42.0 105.7 -29.1 1992 26 100.0 173.2 0.0 1.73 8.3 87.2 -20.1 1991 16 99.9 130.8 0.0 1.31 3.9 346.4 1.2

Source: Preqin Performance Analyst

Preqin Weighted Benchmarks: Venture Capital All Regions is calculated using data for 869 funds of vintages between 1991 and 2013 with performance as of 31st December 2013 and includes liquidated funds. Preqin holds performance data for 1,677 venture capital funds. All returns are net of management fees, expenses and carry.

Venture Capital All Regions - Weighted IRRs by Vintage as of 31st December 2013

0 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 -5 Weighted Net IRR since Inception (%) Weighted -10

Source: Preqin Performance Analyst

Venture Capital All Regions - Weighted IRRs by Vintage as of 31st December 2013

3.5

3.0

2.5

2.0

1.5

1.0 Weighted Multiple (X) Weighted 0.5

0.0 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Source: Preqin Performance Analyst

Preqin Pooled Benchmarks: Venture Capital All Regions

No. of Funds Weighted Fund Pooled Fund Vintage (Pooled) Called (%) Dist (%) DPI Value (%) RVPI Multiple (X) IRR (%) 2013 14 16.2 0.0 107.7 1.07 n/m 2012 17 39.4 1.6 94.6 0.96 n/m 2011 24 31.4 7.6 94.3 1.02 14.8 2010 18 71.4 11.7 124.4 1.36 16.2 2009 13 78.2 26.7 110.2 1.37 19.0 2008 40 82.5 31.5 101.0 1.32 13.5 2007 53 87.4 41.3 105.8 1.47 12.6 2006 41 88.5 79.5 31.7 1.11 4.4 2005 29 99.7 58.6 29.6 0.88 7.1 2004 23 99.5 121.3 22.5 1.45 3.8 2003 15 89.9 162.2 14.1 1.77 -2.2 2002 23 99.1 136.8 12.0 1.49 3.4 2001 42 98.1 104.2 30.7 1.35 4.5 2000 73 98.4 81.1 15.8 0.97 -0.7 1999 37 98.1 73.3 10.5 0.86 -4.7 1998 26 100.1 152.1 5.0 1.57 27.9 1997 18 99.9 320.8 0.9 3.18 45.1 1996 16 99.9 283.7 1.3 2.82 57.9 1995 12 99.8 290.3 0.1 2.90 81.7 1994 7 100.3 632.2 0.1 6.32 45.5 1993 9 100.3 421.2 0.9 4.22 44.1 1992 9 100.0 194.7 0.0 1.95 35.7

Source: Preqin Performance Analyst

Preqin Pooled Benchmarks: Venture Capital All Regions is calculated using cash ﬂ ow data for 559 venture funds of vintages between 1992 and 2013. Preqin holds cash ﬂ ow data for more than 2,500 private equity funds. All returns are net of management fees, expenses and carry.

Venture Capital All Regions - Pooled IRRs by Vintage

90 80 70 60 50 40 30 20 10

Pooled IRR since Inception (%) 0 -10 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Source: Preqin Performance Analyst

Preqin Median Benchmarks: Early Stage All Regions

Median Fund Multiple Quartlies (X) IRR Quartiles (%) IRR Max/Min (%) No. of Value Vintage Called Dist Funds (%) Q1 Median Q3 Q1 Median Q3 Max Min (%) (%) DPI RVPI 2013 14 8.0 0.0 92.9 1.00 0.91 0.62 n/a n/m n/a n/m n/m 2012 22 35.0 0.0 90.1 1.04 0.92 0.78 n/m n/m n/m n/m n/m 2011 22 40.0 0.0 100.0 1.34 1.01 0.90 19.0 0.0 -7.3 29.6 -87.5 2010 18 77.9 0.7 117.3 1.57 1.18 0.98 24.8 8.7 1.2 60.9 -6.0 2009 11 84.5 5.0 99.0 1.85 1.31 0.89 34.6 15.9 -2.3 36.6 -33.0 2008 33 88.4 17.5 104.0 1.61 1.30 0.96 23.7 12.6 4.5 52.0 -22.1 2007 41 90.0 18.0 95.6 1.58 1.30 0.91 14.8 9.6 0.6 58.2 -60.3 2006 33 95.4 22.0 82.3 1.47 1.17 0.86 12.6 4.8 -3.5 26.1 -20.7 2005 26 96.5 21.8 53.5 1.51 0.93 0.53 9.5 -0.3 -14.2 18.4 -19.8 2004 24 97.5 29.7 67.4 1.71 1.18 0.80 13.5 3.4 -2.6 65.7 -20.0 2003 13 100.0 39.3 52.5 2.00 0.99 0.63 13.3 0.0 -6.5 20.0 -12.7 2002 20 100.0 40.3 42.4 1.06 0.82 0.60 0.7 -2.8 -6.1 4.5 -47.2 2001 31 100.0 59.6 29.7 1.57 0.98 0.73 6.4 -0.4 -5.2 13.0 -23.9 2000 55 100.0 62.2 18.9 1.27 0.89 0.52 8.5 -1.4 -6.6 52.9 -96.0 1999 30 100.0 59.9 6.1 1.45 0.78 0.40 10.0 -2.1 -10.6 154.7 -40.6 1998 18 100.0 140.5 0.0 1.82 1.41 0.72 21.0 9.4 -1.8 1015.7 -46.1 1997 15 100.0 136.3 0.0 3.77 1.36 1.17 101.2 20.8 8.1 195.7 -10.6 1996 9 100.0 249.0 0.0 4.26 2.48 1.99 62.3 29.7 14.8 98.1 6.7

Source: Preqin Performance Analyst

Preqin Median Benchmarks: Early Stage All Regions is calculated using performance data for 435 early stage funds of vintages between 1996 and 2013 and includes liquidated funds. Preqin holds performance data for 525 early stage funds. All returns are net of management fees, expenses and carry.

Early Stage All Regions - Median Called, Distributions and Residual Value Ratios by Vintage

275 250 225 200 175 150 % 125 100 75 50 25 0 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Distributions to Paid-in Capital (%) Residual Value to Paid-in Capital (%) Called-up to Committed Capital (%)

Source: Preqin Performance Analyst

Early Stage All Regions - Median Net IRRs and Quartile Boundaries by Vintage

120

100

Net IRR since Inception (%) 0

-20 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Top Quartile IRR Boundary Median IRR Bottom Quartile IRR Boundary

Source: Preqin Performance Analyst

Preqin Weighted Benchmarks: Early Stage All Regions

Weighted Fund IRR Max/Min (%) No. of Vintage Dist (%) Value (%) Funds Called (%) Multiple (X) IRR (%) Max Min DPI RVPI 2013 14 7.7 0.0 87.7 0.77 n/m n/m n/m 2012 22 34.3 3.2 90.4 0.94 n/m n/m n/m 2011 22 41.4 2.2 108.7 1.11 -6.4 29.6 -87.5 2010 18 76.2 5.7 117.2 1.23 10.5 60.9 -6.0 2009 11 76.3 13.9 116.8 1.31 13.4 36.6 -33.0 2008 33 86.1 29.2 103.7 1.33 8.3 52.0 -22.1 2007 41 90.4 36.5 123.2 1.60 13.0 58.2 -60.3 2006 33 94.3 36.1 87.3 1.23 3.9 26.1 -20.7 2005 26 99.5 135.1 8.1 1.43 15.5 18.4 -19.8 2004 24 93.2 51.7 89.0 1.43 0.9 65.7 -20.0 2003 13 98.2 43.4 81.7 1.26 -0.5 20.0 -12.7 2002 20 96.7 50.0 46.0 0.96 -3.8 4.5 -47.2 2001 31 99.0 84.5 32.9 1.17 2.2 13.0 -23.9 2000 55 97.9 70.8 30.0 0.99 -0.4 52.9 -96.0 1999 30 98.2 66.8 10.8 0.78 -4.4 154.7 -40.6 1998 18 99.7 135.6 6.2 1.42 36.9 1015.7 -46.1 1997 15 100.0 412.6 2.9 3.13 90.4 195.7 -10.6 1996 9 99.8 466.9 2.5 5.35 46.3 98.1 6.7

Source: Preqin Performance Analyst

Preqin Weighted Benchmarks: All Regions Early Stage is calculated using data for 435 funds of vintages between 1996 and 2013 and includes liquidated funds. All returns are net of management fees, expenses and carry.

Early Stage All Regions - Weighted IRRs by Vintage

100

0 Weighted Net IRR since Inception (%) Weighted 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 -20

Source: Preqin Performance Analyst

Early Stage All Regions - Weighted Multiples by Vintage

6.0

5.0

4.0

3.0

2.0

Weighted Net Multiple (X) Weighted 1.0

0.0 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Source: Preqin Performance Analyst

Preqin Pooled Benchmarks: Early Stage All Regions

Weighted Fund Pooled Fund Vintage No. of Funds Called (%) Dist (%) DPI Value (%) RVPI Multiple (X) IRR (%) 2013 5 7.7 0.0 87.7 0.77 n/m 2012 8 34.3 3.2 90.4 0.94 n/m 2011 8 41.4 2.2 108.7 1.11 12.3 2010 6 76.2 5.7 117.2 1.23 6.8 2009 4 76.3 13.9 116.8 1.31 17.8 2008 15 86.1 29.2 103.7 1.33 12.9 2007 16 90.4 36.5 123.2 1.6 12.8 2006 16 94.3 36.1 87.3 1.23 3.4 2005 10 99.5 135.1 8.1 1.43 3.6 2004 10 93.2 51.7 89.0 1.43 9.2 2003 4 98.2 43.4 81.7 1.26 -4.8 2002 11 96.7 50.0 46.0 0.96 -0.2 2001 12 99.0 84.5 32.9 1.17 2.8 2000 27 97.9 70.8 30.0 0.99 -0.2 1999 13 98.2 66.8 10.8 0.78 -5.8 1996 4 99.8 466.9 2.5 5.35 42.0 1997 13 100.0 347.9 3.7 2.05 53.5 1996 9 99.8 467.1 2.2 4.69 46.3

Source: Preqin Performance Analyst

Preqin Pooled Benchmarks: Early Stage All Regions is calculated using cash ﬂ ow data for 169 early stage funds of vintages between 1996 and 2013. Preqin holds cash ﬂ ow data for more than 2,300 private equity funds. All returns are net of management fees, expenses and carry.

Early Stage All Regions - Pooled IRRs by Vintage

0 Pooled Net IRR since Inception (%) 1996 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 -10

Source: Preqin Performance Analyst

Horizon IRRs by Fund Type as of 31st Dec 2013

Horizon All Private Equity Buyout Venture Capital Fund of Funds Mezzanine Distressed PE 1 Year to Dec 2013 18.0 19.2 19.7 13.1 10.4 16.6 3 Years to Dec 2013 13.9 14.8 11.7 10.6 12.6 13.0 5 Years to Dec 2013 13.5 16.4 9.2 9.7 8.5 16.1 10 Years to Dec 2013 20.0 23.9 5.3 10.8 20.3 21.0

Source: Preqin Performance Analyst

Horizon IRRs by Fund Type as of 31st Dec 2013

10 Horizon IRR (%)

0 1 Year to Dec 2013 3 Years to Dec 2013 5 Years to Dec 2013 10 Years to Dec 2013 All Private Equity Buyout Venture Capital Fund of Funds Mezzanine Distressed PE Source: Preqin Performance Analyst

Rolling One-Year Horizon IRRs by Fund Type

All Buyout Venture Capital Fund of Funds Mezzanine Real Estate 1 Year to Dec 2000 10.1 3.6 38.1 -1.3 14.0 11.4 1 Year to Dec 2001 -2.7 -3.2 -34.3 -5.2 13.8 7.8 1 Year to Dec 2002 -9.1 -4.0 -31.6 -23.2 -2.1 6.7 1 Year to Dec 2003 17.5 24.3 -6.0 -15.1 6.8 14.9 1 Year to Dec 2004 25.0 30.3 7.1 7.5 20.4 19.8 1 Year to Dec 2005 27.0 29.7 4.5 16.9 13.6 60.8 1 Year to Dec 2006 29.1 32.3 15.8 17.9 31.7 42.6 1 Year to Dec 2007 26.0 30.7 21.3 23.2 18.8 13.5 1 Year to Dec 2008 -27.6 -31.0 -16.2 -12.0 4.0 -39.9 1 Year to Dec 2009 13.8 16.7 5.0 0.2 2.3 -25.3 1 Year to Dec 2010 18.8 22.6 10.9 13.3 8.6 4.7 1 Year to Dec 2011 9.2 8.4 8.4 7.8 15.7 14.6 1 Year to Dec 2012 12.9 15.1 7.0 8.7 10.0 6.5 1 Year to Dec 2013 18.0 19.2 19.7 13.1 10.4 17.9

Source: Preqin Performance Analyst

Rolling One-Year Horizon IRRs by Fund Type

Horizon IRR (%) -20

-40

-60 1 Year2000to Dec 1 Year2001to Dec 1 Year2002to Dec 1 Year2003to Dec 1 Year2004to Dec 1 Year2005to Dec 1 Year2006to Dec 1 Year2007to Dec 1 Year2008to Dec 1 Year2009to Dec 1 Year2010to Dec 1 Year2011to Dec 1 Year2012to Dec 1 Year2013to Dec All Buyout Venture Capital Fund of Funds Mezzanine Real Estate

Source: Preqin Performance Analyst

Rolling Three-Year Horizon IRRs by Fund Type

All Buyout Venture Capital Fund of Funds Mezzanine Real Estate 3 Years to Dec 2000 14.9 11.7 62.4 21.9 16.8 3.2 3 Years to Dec 2001 10.6 4.0 87.3 8.9 12.2 7.3 3 Years to Dec 2002 -4.9 -4.9 -17.6 -13.1 1.2 7.4 3 Years to Dec 2003 4.3 6.0 -19.0 -10.6 5.4 8.6 3 Years to Dec 2004 10.2 15.8 -8.5 -4.5 7.2 12.5 3 Years to Dec 2005 23.0 27.8 3.0 8.3 12.6 23.4 3 Years to Dec 2006 26.2 30.4 8.6 20.3 19.0 38.0 3 Years to Dec 2007 30.2 34.4 14.3 23.5 21.1 36.9 3 Years to Dec 2008 11.3 14.1 5.4 7.0 26.5 0.0 3 Years to Dec 2009 0.3 0.2 0.3 1.3 6.5 -18.3 3 Years to Dec 2010 0.8 0.9 -0.7 0.8 3.4 -12.2 3 Years to Dec 2011 13.9 15.7 7.0 8.0 9.3 -2.6 3 Years to Dec 2012 13.3 15.3 8.9 10.4 10.0 6.4 3 Years to Dec 2013 13.9 14.8 11.7 10.6 12.6 12.9

Source: Preqin Performance Analyst

Rolling Three-Year Horizon IRRs by Fund Type

100 80 60 40 20 0 Horizon IRR (%) -20 -40 3 YearstoDec 2000 3 Years to Dec 2001 3 Years to Dec 2002 3 Years to Dec 2003 3 YearstoDec 2004 3 Years to Dec 2005 3 Years to Dec 2006 3 Years to Dec 2007 3 Years to Dec 2008 3 Years to Dec 2009 3 Years to Dec 2010 3 Years to Dec 2011 3 Years to Dec 2012 3 Years to Dec 2013 All Buyout Venture Capital Fund of Funds Mezzanine Real Estate

Source: Preqin Performance Analyst

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List of Constituent Funds

2003 KIF-KTAC IT Fund Apex Investment Fund IV Bay Partners XI Clarus Ventures El Dorado Ventures VII 21st Century Communications Apex Investment Fund V Benchmark Capital Partners Clarus Ventures II Elderstreet Capital Partners Partners Apex Investment Fund VI Benchmark Capital Partners II Clearstone Venture Partners I-B Element Partners II 5AM Ventures Fund Aravis Biotech II Berry Cash Southwest Partnership CMEA Ventures I Elevar Equity II 5AM Ventures Fund II Aravis Venture I BES PME Capital Growth CMEA Ventures II Emerald Stage2 Ventures 5AM Ventures Fund III Arboretum Ventures I Beta Partners CMEA Ventures III Emergence Capital Partners II 5AM Ventures IV Arboretum Ventures II BioDiscovery II Coates Myer Innovation Investment EnerTech Capital Partners I Aberdare II Annex Fund Arboretum Ventures III BioDiscovery III Fund Enterprise Partners III Aberdare Ventures Arch Development Fund I BioDiscovery IV Colonial First State Private Capital Enterprise Venture Fund I Aberdare Ventures II ARCH Venture Fund II BioPacifi cVentures Columbia Capital Equity Partners I-A Epic Venture Partners IV Aberdare Ventures III ARCH Venture Fund III Biotechnology Venture Fund Columbia Capital Equity Partners I-B ePlanet Ventures II Aberdare Ventures IV Arral Pacifi c Equity Trust II Blue Chip Capital Fund Columbia Capital Equity Partners II Espírito Santo Ventures II Abingworth Bioventures I Arrow Development Fund Blue Chip Capital Fund III Columbia Capital Equity Partners III Espírito Santo Ventures III Abingworth Bioventures IV ArrowPath Fund II Blue Chip Opportunity Fund Columbia Capital Equity Partners IV Espírito Santo Ventures Innovation and Abingworth Ventures Artiman Ventures BlueRun Ventures III Columbia Capital Equity Partners V Internationalisation Fund Academy Venture Fund I Artiman Ventures II BlueRun Ventures IV Columbine Venture Fund II Esprit Capital I Fund Accel Europe Artiman Ventures III Bluestream Ventures Commonwealth BioVentures II Essex Woodlands Health Ventures Accel III Artiman Ventures Special Opportunities Boston Capital Ventures Commonwealth BioVentures III Essex Woodlands Health Ventures II Accel IV Fund Boston Capital Ventures II Commonwealth BioVentures IV Essex Woodlands Health Ventures V Accel V Ascent Venture Partners I Boston Capital Ventures International Commonwealth BioVentures V Essex Woodlands Health Ventures VI Acorn General Fund One Ascent Venture Partners II Boston Millennia Partners Commonwealth Capital Ventures I EUROMED Fund Acorn Venture Technology Fund I Ascent Venture Partners III Boston Millennia Partners II Commonwealth Capital Ventures II European Medical Ventures Adams Capital Management Ascent Venture Partners IV BP Innovation Commonwealth Capital Ventures IV Evergreen I Adams Street 2008 Direct Fund Ascent Venture Partners V BP Innovation 2 Connecticut Future Fund Evergreen II Adams Street 2009 Direct Fund Ashmore Asian Value Fund BP Innovation 3 Consumer Venture Partners II Evergreen III Adams Street 2010 Direct Fund Asia Pacifi c Healthcare Fund II BP Innovation 4 Copley Partners 1 Evergreen IV Adams Street 2011 Direct Fund Asset Management Associates 82 BP Innovation 5 Copley Partners 2 Evergreen V Adams Street Direct Fund V Asset Management Associates 84 BP Innovation 6 Coral Partners Fund I Excelsior II Adams Street Direct Fund VI Asset Management Associates 89 BP Innovation 7 Cornerstone Equity Investors IV FBR Technology Venture Partners II Adams Street Direct Fund VII Asset Management Associates 96 Braemar Energy Ventures II Costella Kirsch V ff Blue Venture Capital Fund Advent Atlantic Asset Management Partners 2004 Brandenburg Früphasen Fonds Cottonwood Technology Fund ff Rose Innovate NY Fund Advent Atlantic & Pacifi c I Asset Management Ventures Fund Brandon Bioscience Fund No. 1 Cottonwood Technology Fund II ff Rose Venture Capital Fund Advent Chestnut II Athenian Venture Partners Brantley Venture Partners II Craton Equity Partners I ff Silver Venture Capital Fund Advent Chestnut III Athenian Venture Partners II Brantley Venture Partners III CREAFUND I First Century Partners III Advent Company Athenian Venture Partners III Brentwood Associates II Crescendo I First Hungary Fund Advent II Atlante Private Equity Brentwood Associates IV Crescendo II FirstMark Capital I Advent III Atlante Seed Brentwood Associates V Crescent Capital I FirstMark Capital II Advent Industrial Atlante Ventures Brentwood Associates VI Crosslink Ventures III Flagship Ventures Fund I Advent Industrial II Atlante Ventures Mezzogiorno Bright Capital Digital Fund Crosslink Ventures IV Flagship Ventures Fund II Advent International Network Fund Atlantic Medical Capital Bright Capital I Crosslink Ventures V Flagship Ventures Fund III Advent IV Atlas Ventures VI Brinson Venture Capital Fund III Crosslink Ventures VI Fleming Ventures Advent V Atlas Ventures VII British Columbia Technology Crosspoint Venture Partners 1988 Fletcher Spaght Ventures Africa Agricultural Capital Austin Ventures IV Investment Fund Crosspoint Venture Partners 1993 Fletcher Spaght Ventures II African Lion Austin Ventures IX Brown Shipley Development Capital Crown Associates III Flywheel I Aisling Capital III Austin Ventures V Fund CRP Caderi Fund Focus Ventures I Allegra III (LSH III) Austin Ventures VI Burrill Agbio Capital Fund CRP Fund Focus Ventures II Alliance ScanEast Fund Austin Ventures VII Caduceus Private Investments II CT - Greene Ventures Focus Ventures III Allied Ventures Austin Ventures VIII Caduceus Private Investments III CT Financial Development Fund Fondo per il Mezzogiorno Allos I Fund Austin Ventures X Caduceus Private Investments IV CVM Equity Fund III Fons Mediterrània Capital Allos II Fund Australian Mezzanine Investment No. CalCEF Angel Fund CVM Equity Fund IV Foresite Capital Fund I Alloy Ventures 2002 1 Trust Canaan Equity IX CVM Equity Fund V Forward Ventures III Alpha Venture Partners III Australian Mezzanine Investment No. Canaan Equity VII Cypress Equity Fund Forward Ventures IV Alpine Technology Ventures 2 Trust Canaan Equity VIII DAG Ventures Fund III Forward Ventures V Alta Biopharma Partners I Australian Mezzanine Investment No. CAP Healthcare Fund Davis Venture Partners Fostin Capital I Alta Biopharma Partners II 3 Trust CAP Healthcare Fund II DBL Equity Fund-BAEF II Foundry Group Venture Capital Fund I Alta Communications IV Avalon Ventures I CAP Healthcare Fund III Delta Capital Growth Fund Fountain Healthcare Partners Fund I Alta Communications IX Avalon Ventures II CapMan Equity VII C Delta VC Frazier Healthcare II Alta Communications VII Avalon Ventures III CapMan Life Science IV Delta VC 2 Frazier Healthcare III Alta Communications VIII Avalon Ventures IV CapMan Technology 2007 DFJ ePlanet Ventures Frazier Healthcare V Alta Company Avalon Ventures IX Cardinal Health Partners DFJ Frontier Fund Frazier Healthcare VI Alta II Avalon Ventures V Cardinal Health Partners II DFJ Frontier II Frazier Healthcare VII Alta IV Avalon Ventures VII Cardinal Health Partners III DGF CAPITAL 1 (REIF) Frazier Technology Ventures II Alta Partners VIII Avalon Ventures VIII Carlyle Asia Venture Partners I Divergent Ventures Partners I Galen Partners V Alta V AVP Ohio Technology I Carlyle Asia Venture Partners II DMP Fund I Garage California Entrepreneurs Fund Alta Ventures Mexico Fund I Avrio Ventures II Carlyle Venture Partners II DN Capital - Global Venture Capital III Gateway Venture Partners III Altira Technology Fund IV Azure Capital Partners II Carlyle Venture Partners III Doll Technology Investment Fund Gemini Israel III Altos Ventures IV b-to-v Fund I Carmel Software Fund Doll Technology Investment Fund III General Catalyst Group II AM Pappas Life Science Ventures I Bain Capital Venture Fund Carmel Venture Fund II Domain II General Catalyst Group VI AM Pappas Life Science Ventures II Bain Capital Venture Fund 2009 Carmel Ventures III Domain III Genesis Seed Fund AM Pappas Life Science Ventures III Bain Capital Venture Fund 2012 Catalyst Ventures Domain Partners Geocapital Eurofund AM Pappas Life Science Ventures IV Bain Capital Venture Partners 2005 Cauris Investissement Domain Partners IV Geocapital III AMCVF Bain Capital Venture Partners 2007 Celtic House Venture Partners III Domain Partners V Giza Venture Fund V AMEV Venture Associates III Baird Venture Partners I Centennial Bus. Dev. Fund Domain Partners VI Glenwood Ventures II Ampersand 1994 Baird Venture Partners II Centennial Fund Domain Partners VII Glilot Capital Partners I Ampersand 1995 Baird Venture Partners III Centennial Fund II Domain Partners VIII Global Catalyst Partners Ampersand Specialty Materials BaltCap Latvia Venture Capital Fund Centennial Fund V Dominion Fund III Global Catalyst Partners II Ventures Baltic Investment Fund III Centennial Fund VI Draper Atlantic Venture Fund II Global Catalyst Partners III AMV Partners I Baltic SME Fund Centro Impresa Draper Fisher Jurvetson X Global Life Science Venture Fund AMWIN Innovation Fund Baring Iberia Inversión en Capital CEO Venture Fund Drug Royalty II Global Venture Capital Fund I Annapolis I Baronsmead Reorganisation Fund 1 Ceyuan Ventures II DSV Partners Global Venture Capital II Annapolis II Battery Ventures CH Partners II DT Capital China Growth Fund Globespan Capital Partners IV Annapolis III Battery Ventures II CH Transition Fund DT Ventures China II Globespan Capital Partners V Annapolis IV Battery Ventures III CHAMP Ventures Investments Trust Earlybird 2012 Granite Global Ventures Annapolis V Battery Ventures IV No. 5 Earlybird I/II Granite Global Ventures II Annapolis VI Battery Ventures IX Charter Life Sciences Earlybird IV Granite Global Ventures III Apax Capital Risque III Battery Ventures VI Cherry Tree Ventures IV East Midlands Regional Venture Granite Ventures II Apax Germany I Battery Ventures VII ChinaVest IV Capital Fund Greycroft Partners Apax Partners - Germany II Battery Ventures VIII Chrysalix Energy III Edison I Grosvenor International Investors Fund Apax UK V Battery Ventures X CID Equity Capital VIII Edison II Grotech Partners VII Apax UK VI BAVP CID Fund V Edison III Grotech Ventures II Apax Ventures Capital Fund Bay City Capital Fund I CID Seed Fund Edison IV GSR Ventures III Apax Ventures II Bay City Capital Fund II CIG Capital Partners Edison V GVP I Apax Ventures III Bay City Capital Fund III Clairvest Equity Partners I Edison VI GVP II Apax Ventures IV Bay City Capital Fund IV Clairvest Equity Partners II Edison VII Halpern & Denny II Apex Investment Fund I Bay City Capital Fund V Clairvest Equity Partners III El Dorado Ventures I Hambro International Venture Fund II Apex Investment Fund II Bay Partners IV Clairvest Equity Partners IV El Dorado Ventures IV Harbert Venture Partners I Apex Investment Fund III Bay Partners X Claremont Creek Ventures II El Dorado Ventures V Harbert Venture Partners II

Harbert Venture Partners III JAFCO G-8(A)(B) Morgan Stanley Ventures Capital Paragon Partners SCP Private Equity I HarbourVest Falcon JAFCO No 1 Fund Paragon Venture Partners II SCP Private Equity II Headland Asian Ventures Fund 2 JAFCO No 2 Morgenthaler Venture Partners II Paribas International Ventures I Second Eko Fund Headland Asian Ventures Fund 3 JAFCO No 3 Morgenthaler Venture Partners III Partech International Ventures II Selvaag Venture Capital Headland Technology Fund JAFCO No 4 Morgenthaler Venture Partners IV Partech International Ventures IV Sention Kasvurahasto Healthcap IV JAFCO No 5 Morgenthaler Venture Partners VII Partners for Growth SEP IV Healthcare Focus Fund JAFCO No 6 MOST 5-1 Partners for Growth II Sequel Limited Partnership II HealthCare Ventures II JAFCO R-3 MOST 5-2 Partners for Growth III Sequel Limited Partnership III HealthCare Ventures III/IV JAFCO R1(A)(B) MPM BioVentures I Partners for Growth IV Sequoia Capital IV Highland Capital Partners JAFCO R2 MPM BioVentures II Pathfi nder Venture Capital Fund III Sevin Rosen Fund I Highland Capital Partners II JATF MPM BioVentures III PCG Corporate Partners Fund Sevin Rosen Fund II Highland Capital Partners IX JatoTech Ventures MPM BioVentures IV Periscope Fund I Sevin Rosen Fund III Highland Capital Partners V JAVP MPM BioVentures V Permira U.K. Venture I Extension Sevin Rosen Fund IV Highland Capital Partners VI JAVP 2 MPM SunStates Fund Permira UK Venture Fund III Sevin Rosen Fund V Highland Capital Partners VII Jerusalem Venture Partners I MTI Permira UK Venture Fund IV Sevin Rosen Fund VIII Highland Capital Partners VIII JK&B Capital IV MTI IV Perseus Soros Bio Pharm Shasta Ventures Fund Highland Consumer Fund I JMI Equity Fund III MTI Ventures Pharos Capital Fund I Shawmut Equity Partners Highway 12 Venture Fund II KBA Partners Murphree Venture Partners IV Philadelphia Ventures II Sherry Lane Partners Hill Partnership III KBA Partners II Murphree Venture Partners V Phillips-Smith Specialty Retail Siam Investment Fund II Hispania Private Equity KEC Ventures I Murphree Venture Partners VI Group III Sierra Ventures III Hispania Private Equity II Kelso ASI Partners Mutual Capital Partners Fund I Phoenix Partners Sierra Ventures IV Holtron Capital I Kentucky Seed Capital Fund Mutual Capital Partners Fund II Phoenix Partners II Sierra Ventures V Hopewell Ventures Kettle Partners II MVP II Liquidating Trust Phoenix Partners III Sierra Ventures VIII Horizon Techventures Keystone IV National Pension 05-2 Korea Pinnacle Equity Fund I Sightline Healthcare I Houston Venture Partners Keystone Minority Capital Fund Investment Venture Capital Fund X Pinnacle Equity Fund II Skyline III HSBC Capital Canada Private Equity Keystone V Natixis Ventech China Pinnacle Venture Debt I Sofi nnova Venture Partners VII Fund Keystone Ventures II Nauta Tech Invest I Pinnacle Venture Debt II Sofi nnova Venture Partners VIII Hudson Venture Partners I Keystone VI (Novo Vita) Nauta Tech Invest II Pinnacle Venture Debt III Softbank China Venture Capital Hyde Park Venture Partners Khosla Ventures IV Nauta Tech Invest III Pioneer Ventures Associates Fund III IAI Ventures I Khosla Ventures Seed Nazem & Company II Pitango Venture Capital Fund III South Atlantic Venture Fund II IB Australian BioSciences Fund I Khosla Ventures Seed B Nazem & Company III Pitango Venture Capital Fund IV Southeast Interactive Technology IDG Ventures India Kitty Hawk Capital III NCT Ventures Fund I Pittsburgh Seed Fund Fund I Illinois Emerging Technologies Fund Kleiner Perkins Caufi eld & Byers III NeoMed II Pittsford Ventures I Southeast Interactive Technology Index Ventures II Kleiner Perkins Caufi eld & Byers IV NeoMed III Pittsford Ventures II Fund II Index Ventures III Kleiner Perkins Caufi eld & Byers V NeoMed IV Pittsford Ventures III Southeastern Technology Fund I Infi nity Capital Venture 1999 Kleiner Perkins Caufi eld & Byers VI NEPA Venture I Pittsford Ventures IVa Southeastern Technology Fund II Information Technology Ventures Kleinwort Benson Ventures NEPA Venture II Pittsford Ventures IVb (Helvetia) Southgate Partners Information Technology Ventures II KLP New Atlantic Venture Fund III Pittsford Ventures IVc (Maple Leaf) Spark Capital IV Inman & Bowman L Capital 1 New Atlantic Venture Fund IV Polaris Venture Partners SPEF e-Fund Innkap I Lawrence Tyrrell Ortale New Court Ventures Polaris Venture Partners II SPEF Pre-IPO European Fund Innkap II Lawrence Tyrrell Ortale II New Enterprise Associates I Polaris Venture Partners III SPTec fund Innkap III Lazard Technology Partners II New Enterprise Associates II Polaris Venture Partners IV StarVest Partners II Innkap IV LC Fund V New Enterprise Associates IV Polaris Venture Partners V Storm Ventures Fund I InnoCal Lehman Brothers Communications New Enterprise Associates IX Polaris Venture Partners VI Storm Ventures Fund II Innogest Capital Partners New Enterprise Associates V Practica Seed Capital Fund Storm Ventures Fund III Innogest Capital II Lighthouse Capital Partners III New Enterprise Associates VIII Practica Venture Capital Fund Summit Accelerator Fund Innovacom 1 Lighthouse Capital Partners IV New Enterprise Associates X Prelude Technology Fund II Summit Partners Venture Capital Innovacom 2 Lightspeed Venture Partners IX New Enterprise Associates XII Prime Enterprises II Fund II Innovacom 3 Lightspeed Venture Partners VI New Enterprise Associates XIII Prime Technology Ventures I Summit Partners Venture Capital Innovacom 4 LitCapital I New Enterprise Associates XIV Prime Technology Ventures II Fund III Innovacom 5 Lithuania SME Fund New Europe Venture Equity Fund Prime Technology Ventures III Summit V Companion Fund Innovacom 6 LiveOak Venture Partners I New Europe Venture Equity II Prime Ventures II Summit Ventures Innovation Capital Fund I London Development Capital Fund New Leaf Venture II Prime VIII Summit Ventures II Innovation Capital Fund II Longitude Venture Partners New Leaf Ventures I Primus Capital Fund I Summit Ventures III InnoVentures Capital Partners I Longitude Venture Partners II NewMargin Partners I Primus Capital Fund II Summit Ventures IV InnoVentures Capital Partners II Loyalhanna Venture Fund Newtek Ventures II Primus Capital Fund III Summit Ventures V Inroads Capital Partners Mangrove II NGEN Partners II Prince Venture Partners II Summit Ventures VI Insight Venture Partners (Cayman) II Mangrove III NGEN Partners III Prince Venture Partners III SunBridge Fund I Insight Venture Partners (Cayman) III Mangrove NTVC I Nokia Ventures Fund (Blue Run Prism Venture Partners I SunBridge Fund II Insight Venture Partners (Cayman) Marquette Venture I Venture) Prism Venture Partners II SunBridge Partners Technology IV Marquette Venture II Nord Ovest Impresa Prism Venture Partners III Fund III Insight Venture Partners V Materia Ventures Nordic Biotech Venture Fund II Prism Venture Partners IV Sunwestern Venture III Insight Venture Partners VI Matrix Partners II Noro-Moseley Partners I Productivity Fund I SV Life Sciences Fund I Insight Venture Partners VII Matrix Partners III Noro-Moseley Partners II Provender Opportunities Fund II SV Life Sciences Fund II Insight Venture Partners VIII Matrix Partners IV North Bridge Venture Partners IV Prudential Venture Partners SV Life Sciences Fund III Institutional Venture Partners III Matrix Partners V North Bridge Venture Partners V Prudential Venture Partners II SV Life Sciences Fund IV Institutional Venture Partners V Mayfi eld India I Northern Investment Company Psilos Capital III SV Life Sciences Fund V Institutional Venture Partners VI Mayfi eld IV Northern Venture Partnership Fund PTV Sciences Annex SVB India Capital Partners I Institutional Venture Partners X Mayfi eld V Northwest Ohio Venture Fund PTV Sciences I Swedestart II Institutional Venture Partners XIII Mayfi eld VI Novak Biddle Venture Partners I PTV Sciences II Swedestart Life Science Institutional Venture Partners XIV Mayfi eld VII Novak Biddle Venture Partners II PTV Sciences III Syndicated Communications Inter-Asia Capital I Mayfi eld VIII Novak Biddle Venture Partners III QAT ARKIV NV Ventures II Inter-Asia Capital II Mayfi eld XI Novak Biddle Venture Partners V QAT I Investments Syndicated Communications Inter-Asia Capital III Mayfi eld XIV Nth Power IV QAT II Investments Ventures V International Venture Fund I Media / Communications Partners II O’Donnell & Masur QAT III Tallwood II Intersouth Partners I Media / Communications Partners V Oak Investment Partners I Quadrant Capital Fund I Target Partners Fund I Intersouth Partners II Media / Communications Partners VI Oak Investment Partners IV Quaker BioVentures II Target Partners Fund II Intersouth Partners IV Medical Research Commercialisation Oak Investment Partners IX Red River Ventures TBF Romania Intersouth Partners V Fund IIF Oak Investment Partners V Redpoint Ventures II TCW Special Placement II Intersouth Partners VI Menlo Evergreen V Oak Investment Partners VIII Rembrandt Venture Partners TCW Special Placement III Intersouth Partners VII Menlo Venture Partners Oak Investment Partners X RFG Private Equity 1 Tech Ventures I InterWest Partners I Menlo Ventures III Oak Investment Partners XI RHO Canada Ventures I Tech Ventures II InterWest Partners II Menlo Ventures IV Oak Investment Partners XII RHO Canada Ventures II Tech Ventures III InterWest Partners III Menlo Ventures IX Oak Investment Partners XIII RHO Ventures I Technocom InterWest Partners IV Menlo Ventures VI Old Court Ventures RHO Ventures II Technocom 2 InterWest Partners IX Menlo Ventures VII Olympic Venture Partners II RHO Ventures III Technologies for Information & InterWest Partners V Menlo Ventures VIII Olympic Venture Partners III RHO Ventures IV Entertainment III InterWest Partners VI Menlo Ventures X Olympic Venture Partners IV RHO Ventures V Technology Crossover Ventures InterWest Partners VII Menlo Ventures XI Olympic Venture Partners V RHO Ventures VI Technology Crossover Ventures II InterWest Partners VIII Meritech Capital Partners IV One Liberty Fund III Richland Ventures I Technology Crossover Ventures III InterWest Partners X Merrill Pickard Anderson & Eyre V OpenView Venture Partners RiverVest Venture Partners II Technology Partners Fund VI INVESCO Private Capital Fund I Merus Capital Fund I Opus Capital I Riverwood Capital I Technology Partners West Fund IV INVESCO Private Capital Fund II-A Mesirow Capital Partners III Opus Capital VI Rockport Capital Partners III Telecom Partners II INVESCO Private Capital Fund III Mesirow Capital Partners V OrbiMed Private Investments V RRZ PA Fund I Telecom Partners III Investec Mesirow Capital Partners VI OSCCO III RS & Co. Venture Partners IV Telesoft Partners I IP Fund I Mesirow Capital Partners VII OVP Venture Partners VI Rust Ventures Tenaya Capital VI IPV Capital I Miami Valley Venture Fund OVP Venture Partners VII Rustic Canyon/Fontis Partners Terra Venture Partners IPV Capital II Midland Montagu Investissement Oxford Bioscience Partners I Sail Venture Partners II The Column Group Israel Seed Partners IV Midtown Fund III Oxford Bioscience Partners III Salix Ventures I The Second Brown Shipley Fund ISTART-1 Mining Investments Separate Oxford Bioscience Partners IV Sanderling IV The Third Brown Shipley Fund ITU Ventures WEST I Account Oxford Venture Fund III Sanderling Venture Partners VI Third Rock Ventures JAFCO America Technology Fund III Mobius Technology Ventures VI P/A Fund Scale Venture Partners II Third Rock Ventures II JAFCO G-3 Mohr Davidow Ventures III P/S BankInvest New Energy Scale Venture Partners III Thomas McNerney & Partners II JAFCO G-4 Mohr Davidow Ventures IV Solutions II Scale Venture Partners IV Three Arch Capital JAFCO G-5 Morgan Holland II Pacifi c Synergies IV Schroder UK Venture Fund Three Arch Partners II JAFCO G-6(A)(B) Morgan Stanley Venture Partners II Paladin III Schroder UK Venture Fund II Three Arch Partners III JAFCO G-7(A)(B) Morgan Stanley Venture Partners III Palomar Ventures II Scope Venture Capital I Three Arch Partners IV

Ticonderoga e-Services Fund II Zephyr Korea Ticonderoga SBIC Zero Stage Capital II TL Ventures Zesiger Capital Group TL Ventures II ZN Mexico II TL Ventures III ZN Mexico Trust TL Ventures IV TL Ventures V TMT Ventures TPG Biotechnology Partners III TPG Ventures Transatlantic Capital Bio-Sciences Fund Triathlon Medical Ventures Trident Capital Fund V Trident Capital Fund VII Trinity Ventures VIII Tritech Partners Triumph Investment Fund II TTV Capital I TTV Capital II TTV Capital III Tullis-Dickerson Capital Focus II Tullis-Dickerson Capital Focus III TVI - 2 TVI - 3 TVI - 4 TVM I TVM II TVM III (German Fund) TVM III (US Fund) TVM IV TVM Life Science Venture VI TVM Life Science Ventures VII TVM Medical Ventures TVM V Information Technology TVM V Life Science Union Square Ventures II United Utilities Venture Fund Unitus Equity Fund University Venture Fund Updata Partners IV Updata Venture Partners II Upfront I Upfront II Upfront III Upfront IV US Venture Partners II US Venture Partners IV US Venture Partners V US Venture Partners VI US Venture Partners VII US Venture Partners VIII USIT I USIT II Valhalla Partners II Valley Ventures II Valley Ventures III Vantage Capital Technology Fund VantagePoint Cleantech Partners VantagePoint CleanTech Partners II VantagePoint Venture Partners III VantagePoint Venture Partners IV VantagePoint Venture Partners V Vector Capital II Vector Fund IV Ventech Capital F Ventech Capital I Ventech Capital II Ventech Capital III Ventech Partners Venture Capital Fund of New England II Venture Capital Fund of New England III Venture Investors of Wisconsin Venture Lending & Leasing III Ventures West 7 Verge I Vietnam Equity Fund Village Ventures II Vista Group III vSpring Capital Fund II vSpring Capital Fund III Walden Venture Capital VI Walden Venture Capital VII Walnut Growth Partners Walnut Venture Fund Wanaka Capital Partners Mid-Tech Opportunity Fund Wasatch New Mexico Fund Wasatch Venture Corp Wasatch Venture Fund III Wellington Financial I Wellington Financial II Wellington Financial III Wellington Financial IV WIIG Communications Partners William Blair Venture Partners III Worldview Technology Partners II WPG Enterprise Fund WPG Enterprise Fund II WPG Enterprise Fund III WPG Venture Associates IV WPG Venture Associates V XPV Water Fund Yellow&Blue Clean Energy Investments