Preqin Private Equity Benchmarks: Venture Capital Benchmark Report

As of 31st March 2014

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

As of 31st March 2014

Report Produced on 9th October 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 March 2014

Report Produced on 9th October 2014

Median Benchmark - Venture Capital All Regions - As of 31st March 2014 ...... p4. Median Benchmark - Venture Capital North America - As of 31st March 2014 ...... p6. Weighted Benchmark - Venture Capital All Regions - As of 31st March 2014 ...... 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 March 2014 ...... 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 7,100 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 1,013 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]. Q1 2014 Preqin Private Equity Benchmarks: Venture Capital Benchmark Report

Preqin Median Benchmarks: Venture Capital All Regions as of 31st March 2014

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 2014 9 5.2 0.0 94.5 1.00 0.94 0.27 n/m n/m n/m n/m n/m 2013 23 13.0 0.0 92.5 1.00 0.93 0.75 n/m n/m n/m n/m n/m 2012 29 41.6 0.0 100.0 1.12 1.01 0.76 n/m n/m n/m n/m n/m 2011 31 54.5 0.0 108.2 1.39 1.15 1.00 24.8 8.8 1.7 77.0 -11.5 2010 27 79.3 6.7 121.7 1.87 1.37 1.14 24.9 16.9 6.0 69.0 -6.0 2009 19 73.3 22.6 112.5 1.89 1.35 1.01 22.6 16.8 5.5 35.8 -20.4 2008 55 87.5 22.3 91.5 1.60 1.23 0.95 17.4 10.0 0.6 54.8 -18.0 2007 61 93.6 19.3 93.7 1.76 1.35 0.94 14.3 8.3 0.6 58.1 -45.3 2006 50 95.3 33.9 71.0 1.52 1.22 0.84 9.9 5.0 -4.3 26.1 -25.1 2005 41 97.8 51.0 64.0 1.73 1.31 0.80 12.6 6.4 -4.2 104.9 -59.7 2004 37 100.0 37.4 49.4 1.48 1.03 0.70 9.0 0.7 -3.6 70.6 -38.2 2003 22 100.0 84.6 49.2 2.00 1.50 1.14 14.0 7.9 2.2 35.1 -42.3 2002 28 100.0 59.2 17.9 1.77 0.92 0.67 9.4 0.9 -5.4 42.7 -47.2 2001 53 100.0 104.8 18.8 1.70 1.27 0.93 11.1 4.9 -0.3 29.8 -19.3 2000 91 100.0 76.0 9.8 1.31 0.95 0.60 8.2 0.1 -6.0 52.9 -96.0 1999 49 100.0 74.9 0.0 1.37 0.83 0.44 6.5 -2.3 -13.2 154.7 -40.6 1998 50 100.0 124.4 0.0 1.72 1.32 0.60 17.6 8.1 -6.2 1015.7 -46.1 1997 53 100.0 190.0 0.0 3.61 1.90 1.34 75.7 32.7 8.6 267.8 -30.0 1996 33 100.0 166.0 0.0 2.48 1.66 1.04 52.6 13.3 -1.3 188.4 -33.3 1995 29 100.0 241.2 0.0 5.25 2.41 1.49 80.0 26.3 6.1 447.4 -22.0 1994 27 100.0 212.0 0.0 5.59 2.12 0.88 59.1 25.5 7.7 73.2 -19.4 1993 39 100.0 252.8 0.0 3.56 2.53 1.09 53.0 30.8 3.0 105.7 -29.1 1992 30 100.0 163.0 0.0 2.65 1.63 1.13 29.8 17.5 3.9 110.4 -20.1 1991 18 100.0 279.5 0.0 3.86 2.80 1.76 43.7 26.7 12.6 346.4 1.2 1990 27 100.0 183.0 0.0 2.55 1.83 1.11 21.6 14.7 2.6 74.4 -35.9 1989 47 100.0 220.2 0.0 3.11 2.20 1.43 26.0 14.6 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 28 100.0 193.9 0.0 3.28 1.94 1.20 22.0 14.7 7.2 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 17.5 12.4 8.8 40.7 4.0 1984 23 100.0 201.1 0.0 2.61 2.01 1.55 13.8 12.0 7.6 45.7 1.7 1983 14 100.0 168.3 0.0 4.45 1.69 1.39 16.3 10.4 6.4 51.6 -3.5

Source: Preqin Performance Analyst

Preqin Median Benchmarks: Venture Capital All Regions is calculated using data for 1,120 funds of vintages between 1983 and 2014 with performance as of 31st March 2014 and includes liquidated funds. Preqin holds performance data for 1,700 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 March 2014

200

150

% 100

0 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 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 March 2014

100

Net IRR since Inception (%) 0

-20 1995 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 Median Benchmarks: Venture Capital North America as of 31st March 2014

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 2014 8 6.4 0.0 95.7 1.00 0.96 0.67 n/m n/m n/m n/m n/m 2013 19 13.2 0.0 93.9 1.00 0.94 0.79 n/m n/m n/m n/m n/m 2012 16 49.0 0.0 104.2 1.18 1.08 1.00 n/m n/m n/m n/m n/m 2011 23 54.5 0.0 111.3 1.40 1.20 1.00 26.5 13.3 0.1 77.0 -11.5 2010 23 79.3 8.8 124.2 2.22 1.42 1.20 26.3 17.7 6.3 69.0 -6.0 2009 13 75.0 22.6 126.9 1.97 1.54 1.27 22.6 17.8 9.1 35.8 4.3 2008 38 88.4 22.1 93.9 1.67 1.38 0.96 18.9 11.9 -1.7 54.8 -18.0 2007 42 94.7 37.0 96.0 1.90 1.51 1.08 16.5 10.7 2.2 58.1 -45.3 2006 42 95.0 33.9 73.2 1.52 1.34 0.79 9.7 5.6 -4.7 26.1 -25.1 2005 25 97.8 51.0 70.6 1.69 1.26 0.80 10.0 5.6 -4.6 40.7 -59.7 2004 28 100.0 37.1 52.2 1.51 1.02 0.70 10.3 0.3 -5.6 70.6 -38.2 2003 15 100.0 85.4 45.2 2.00 1.53 1.19 16.5 8.4 5.0 23.8 -42.3 2002 15 100.0 57.2 28.0 1.42 0.90 0.66 5.5 -1.7 -6.7 21.1 -47.2 2001 37 100.0 106.5 19.8 1.65 1.27 0.97 11.0 4.5 -0.3 29.8 -19.3 2000 64 100.0 76.5 15.4 1.41 1.00 0.64 8.6 0.5 -5.9 52.9 -96.0 1999 41 100.0 62.7 0.7 1.31 0.82 0.42 4.4 -3.0 -13.4 154.7 -40.6 1998 37 100.0 113.2 0.0 1.59 1.17 0.54 17.6 8.7 -9.8 514.3 -46.1 1997 39 100.0 187.3 0.0 3.63 1.87 1.34 77.4 32.3 11.1 267.8 -14.3 1996 25 100.0 180.1 0.0 4.26 1.86 1.04 68.0 23.5 -1.4 188.4 -33.3 1995 25 100.0 252.0 0.0 5.33 2.52 1.34 89.7 28.3 3.4 447.4 -22.0 1994 21 100.0 274.2 0.0 5.64 2.74 0.67 59.1 27.1 0.7 73.2 -19.4 1993 31 100.0 259.9 0.0 3.56 2.60 1.09 53.1 34.1 3.0 105.7 -29.1 1992 22 100.0 203.8 0.0 3.90 2.04 1.14 36.1 18.6 7.0 110.4 -20.1 1991 12 100.0 330.3 0.0 5.79 3.31 2.19 48.9 28.7 16.0 346.4 12.5 1990 19 100.0 219.9 0.0 3.02 2.20 1.38 23.5 19.0 3.2 74.4 -35.9 1989 42 100.0 229.5 0.0 3.20 2.30 1.60 27.5 14.6 6.9 198.5 -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 21 100.0 222.0 0.0 3.93 2.22 1.43 22.1 14.9 5.1 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 17.5 13.0 8.8 40.7 4.0

Source: Preqin Performance Analyst

Preqin Median Benchmarks: Venture Capital North America is calculated using data for 808 funds of vintages between 1985 and 2014 with performance as of 31st March 2014 and includes liquidated funds. Preqin holds performance data for 1,256 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 March 2014

300

250

200

% 150

100

0 1994 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 North America - Median Net IRRs and Quartile Boundaries by Vintage as of 31st March 2014

100

0 Net IRR since Inception (%)

-20 1994 1995 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: Venture Capital All Regions as of 31st March 2014

Weighted Fund IRR Max/Min (%) Vintage No. Funds Dist (%) Value (%) Called (%) Multiple (X) IRR (%) Max Min DPI RVPI 2014 9 12.7 0.0 100.9 1.01 n/m n/m n/m 2013 23 21.1 0.0 89.2 0.89 n/m n/m n/m 2012 29 48.9 6.2 98.2 1.04 n/m n/m n/m 2011 31 66.6 11.4 112.4 1.24 16.6 77.0 -11.5 2010 27 75.6 15.9 134.5 1.51 20.2 69.0 -6.0 2009 19 78.8 44.1 114.2 1.59 15.6 35.8 -20.4 2008 55 86.3 31.3 100.9 1.32 8.0 54.8 -18.0 2007 61 92.2 46.3 114.6 1.61 11.6 58.1 -45.3 2006 50 95.5 47.6 81.1 1.29 4.9 26.1 -25.1 2005 41 99.5 102.1 20.4 1.22 14.7 104.9 -59.7 2004 37 99.7 143.8 20.5 1.65 -0.2 70.6 -38.2 2003 22 86.2 199.8 12.4 2.12 22.7 35.1 -42.3 2002 28 99.5 145.6 8.1 1.54 6.1 42.7 -47.2 2001 53 97.9 116.0 27.9 1.44 6.0 29.8 -19.3 2000 91 99.3 82.6 12.8 0.96 -1.1 52.9 -96.0 1999 49 98.9 236.7 5.1 2.42 -5.1 154.7 -40.6 1998 50 100.1 177.8 3.1 1.80 30.8 1015.7 -46.1 1997 53 100.0 327.8 0.2 3.28 37.7 267.8 -30.0 1996 33 99.8 291.4 0.8 2.92 26.4 188.4 -33.3 1995 29 99.9 290.4 0.0 2.90 20.2 447.4 -22.0 1994 27 100.0 652.6 0.1 6.53 60.0 73.2 -19.4 1993 39 100.3 422.5 0.5 4.23 40.8 105.7 -29.1 1992 30 99.9 194.7 0.0 1.95 9.9 110.4 -20.1

Source: Preqin Performance Analyst

Preqin Weighted Benchmarks: Venture Capital All Regions is calculated using data for 886 funds of vintages between 1992 and 2014 with performance as of 31st March 2014 and includes liquidated funds. Preqin holds performance data for 1,700 venture capital funds. All returns are net of management fees, expenses and carry.

Venture Capital All Regions - Weighted IRRs by Vintage as of 31st March 2014

0 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 -5 Weighted Net IRR since Inception (%) Weighted -10

Source: Preqin Performance Analyst

Venture Capital All Regions - Weighted Multiples by Vintage as of 31st March 2014

3.5

3.0

2.5

2.0

1.5

1.0 Weighted Multiple (X) Weighted 0.5

0.0 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

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 19.9 0.0 91.7 0.90 n/m 2012 17 46.3 4.7 98.8 1.03 n/m 2011 24 29.7 1.0 90.1 0.91 19.8 2010 18 75.9 14.4 135.1 1.50 20.0 2009 13 79.5 34.9 111.6 1.47 21.5 2008 40 85.0 34.5 102.5 1.37 13.0 2007 53 88.5 47.1 106.6 1.54 13.9 2006 40 88.6 79.9 31.4 1.11 4.8 2005 29 99.7 59.0 29.4 0.88 7.6 2004 23 99.6 119.4 22.3 1.43 1.2 2003 15 90.1 162.3 13.7 1.77 -1.9 2002 23 99.1 138.1 11.7 1.50 9.5 2001 41 98.1 105.3 29.9 1.35 4.5 2000 73 98.5 82.0 14.8 0.97 -0.6 1999 37 98.6 166.5 9.1 1.82 -4.6 1998 26 100.0 151.5 5.0 1.56 27.9 1997 19 100.0 319.9 0.9 3.21 43.8 1996 16 99.7 278.2 1.1 2.76 57.9 1995 12 99.8 290.3 0.1 2.90 81.7 1994 7 100.2 637.4 0.1 6.33 45.5 1993 9 100.3 422.6 0.6 4.23 44.1 1992 9 99.9 194.7 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 558 venture funds of vintages between 1992 and 2013. Preqin holds cash ﬂ ow data for more than 2,360 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 9.5 0.0 91.5 1.00 0.92 0.75 n/m n/m n/m n/m n/m 2012 23 37.5 0.0 93.1 1.02 0.93 0.76 n/m n/m n/m n/m n/m 2011 24 46.2 0.0 100.7 1.37 1.01 0.89 16.2 2.9 -3.3 55.3 -87.5 2010 19 79.8 0.0 129.2 1.66 1.33 1.13 18.2 12.4 5.5 60.9 -9.4 2009 10 86.6 9.0 97.7 1.71 1.24 0.89 31.7 14.5 -2.5 32.5 -33.0 2008 34 89.4 19.7 102.0 1.69 1.31 0.90 19.4 11.4 3.3 54.8 -22.3 2007 40 92.7 19.2 92.3 1.63 1.29 0.92 14.6 9.1 -0.8 58.1 -45.3 2006 33 95.9 23.7 82.4 1.55 1.26 0.86 14.3 5.8 -3.3 26.3 -16.7 2005 26 97.5 21.8 66.7 1.51 0.98 0.80 8.7 0.0 -5.1 18.4 -18.9 2004 24 97.5 29.7 65.5 1.64 1.18 0.89 12.6 3.7 -2.0 70.6 -22.0 2003 13 100.0 40.4 50.9 2.11 0.95 0.63 15.5 -0.8 -11.7 20.0 -12.7 2002 21 100.0 51.4 28.5 1.08 0.84 0.63 1.1 -2.9 -7.3 4.8 -47.2 2001 31 100.0 61.5 27.0 1.55 0.98 0.69 5.8 -0.3 -5.0 13.0 -23.9 2000 55 100.0 61.8 15.3 1.27 0.89 0.52 8.0 -1.2 -5.6 52.9 -96.0 1999 30 100.0 59.9 4.5 1.40 0.80 0.43 7.9 -2.0 -11.8 154.7 -40.6 1998 18 100.0 140.5 0.0 1.65 1.41 0.73 18.5 9.4 -1.8 1015.7 -46.1 1997 15 100.0 136.3 0.0 3.94 1.62 1.34 101.2 21.8 11.1 195.7 -10.6 1996 9 100.0 249.0 0.0 4.26 2.48 1.98 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 439 early stage funds of vintages between 1996 and 2013 and includes liquidated funds. Preqin holds performance data for 533 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 2013 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 9.0 0.0 78.5 0.78 n/m n/m n/m 2012 23 37.4 2.9 98.4 1.01 n/m n/m n/m 2011 24 47.3 5.7 108.1 1.15 0.8 55.3 -87.5 2010 19 78.8 5.4 128.3 1.34 13.1 60.9 -9.4 2009 10 81.9 22.2 121.4 1.44 16.4 32.5 -33.0 2008 34 88.4 32.1 105.3 1.38 7.8 54.8 -22.3 2007 40 88.9 33.7 110.6 1.44 4.4 58.1 -45.3 2006 33 95.3 36.2 91.6 1.28 4.9 26.3 -16.7 2005 26 95.0 43.9 78.8 1.23 1.5 18.4 -18.9 2004 24 95.0 57.5 124.6 1.86 4.6 70.6 -22.0 2003 13 98.3 44.2 79.1 1.24 -1.2 20.0 -12.7 2002 21 96.6 54.7 41.7 0.96 -3.7 4.8 -47.2 2001 31 99.2 84.2 33.2 1.17 2.1 13.0 -23.9 2000 55 97.9 72.6 28.1 0.99 -0.3 52.9 -96.0 1999 30 98.2 68.0 10.7 0.79 -4.3 154.7 -40.6 1998 18 99.7 132.1 6.2 1.38 27.6 1015.7 -46.1 1997 15 100.0 411.7 2.8 4.32 94.7 195.7 -10.6 1996 9 99.8 466.7 2.4 5.34 46.3 98.1 6.7

Source: Preqin Performance Analyst

Preqin Weighted Benchmarks: All Regions Early Stage is calculated using data for 439 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 2013

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 6 9.0 0.0 78.5 0.78 n/m 2012 6 37.4 2.9 98.4 1.01 n/m 2011 6 47.3 5.7 108.1 1.15 5.8 2010 7 78.8 5.4 128.3 1.34 16.7 2009 3 81.9 22.2 121.4 1.44 21.4 2008 15 88.4 32.1 105.3 1.38 12.6 2007 13 88.9 33.7 110.6 1.44 19.7 2006 16 95.3 36.2 91.6 1.28 4.1 2005 9 95.0 43.9 78.8 1.23 6.7 2004 12 95.0 57.5 124.6 1.86 13.1 2003 4 98.3 44.2 79.1 1.24 -4.6 2002 11 96.6 54.7 41.7 0.96 0.2 2001 12 99.2 84.2 33.2 1.17 2.9 2000 28 97.9 72.6 28.1 0.99 0.0 1999 13 98.2 68.0 10.7 0.79 -4.0 1998 3 99.7 132.1 6.2 1.38 -9.0

Source: Preqin Performance Analyst

Preqin Pooled Benchmarks: Early Stage All Regions is calculated using cash ﬂ ow data for 164 early stage funds of vintages between 1998 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

-5 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

-10 Pooled Net IRR since Inception (%)

-15

Source: Preqin Performance Analyst

Horizon IRRs by Fund Type as of 31st Mar 2014

Horizon All Private Equity Buyout Venture Capital Fund of Funds Mezzanine Distressed PE 1 Year to Mar 2014 18.1 17.8 27.0 15.4 9.5 16.1 3 Years to Mar 2014 13.1 14.3 12.7 10.2 8.2 9.9 5 Years to Mar 2014 14.7 17.4 10.9 12.1 6.4 15.1 10 Years to Mar 2014 17.3 22.4 6.8 10.0 17.5 28.6

Source: Preqin Performance Analyst

Horizon IRRs by Fund Type as of 31st Mar 2014

Horizon IRR (%) 10

0 1 Year to Mar 2014 3 Years to Mar 2014 5 Years to Mar 2014 10 Years to Mar 2014

All Buyout Venture 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 1 Year to Mar 2014 18.1 17.8 27.0 15.4 9.5 19.4

Source: Preqin Performance Analyst

Rolling One-Year Horizon IRRs by Fund Type

Horizon IRR (%) -20

-40

-60 1 Year2014to Mar 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 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 3 Years to Mar 2014 13.1 14.3 12.7 10.2 8.2 14.4

Source: Preqin Performance Analyst

Rolling Three-Year Horizon IRRs by Fund Type

100 80 60 40 20 0 Horizon IRR (%) -20 -40 3 Years to Mar 2014 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 YearstoDec 2008 3 Years to Dec 2009 3 Years to Dec 2010 3 Years to Dec 2011 3 YearstoDec 2012 3 Years to Dec 2013 All Buyout Venture Fund of Funds Mezzanine Real Estate

Source: Preqin Performance Analyst

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List of Constituent Funds

2003 KIF-KTAC IT Fund ARCH Venture Fund II Boston Millennia Partners Columbia Capital Equity Partners I-B Enterprise Venture Fund I 21st Century Communications ARCH Venture Fund III Boston Millennia Partners II Columbia Capital Equity Partners II Environmental Technologies Fund Partners ARCH Venture Fund VI BP Innovation Columbia Capital Equity Partners IV Environmental Technologies Fund 2 5AM Ventures Fund ARCH Venture Fund VII BP Innovation 2 Columbia Capital Equity Partners V Epic Venture Partners IV 5AM Ventures Fund II Arral Pacifi c Equity Trust II BP Innovation 3 Columbine Venture Fund II Episode 1 Enterprise Capital Fund 5AM Ventures Fund III Arrow Development Fund BP Innovation 4 Commonwealth BioVentures II Ersel Investment Club 5AM Ventures IV ArrowPath Fund II BP Innovation 5 Commonwealth BioVentures III Espírito Santo Ventures II Aberdare II Annex Fund Artiman Ventures BP Innovation 6 Commonwealth BioVentures IV Espírito Santo Ventures III Aberdare Ventures Artiman Ventures II BP Innovation 7 Commonwealth BioVentures V Espírito Santo Ventures Innovation and Aberdare Ventures II Artiman Ventures III Braemar Energy Ventures II Commonwealth Capital Ventures I Internationalisation Fund Aberdare Ventures III Artiman Ventures Special Opportunities Brandenburg Früphasen Fonds Commonwealth Capital Ventures II Essex Woodlands Health Ventures Aberdare Ventures IV Fund Brandon Bioscience Fund No. 1 Commonwealth Capital Ventures IV Essex Woodlands Health Ventures II Abingworth Bioventures I Ascent Venture Partners III Brantley Venture Partners II Communications Ventures III Essex Woodlands Health Ventures III Abingworth Bioventures IV Ascent Venture Partners V Brantley Venture Partners III Connecticut Future Fund Essex Woodlands Health Ventures IV Abingworth Bioventures V Ashmore Asian Value Fund Brentwood Associates IV Consumer Venture Partners II Essex Woodlands Health Ventures V Abingworth Ventures Asia Pacifi c Healthcare Fund II Brentwood Associates IX Copley Partners 1 Essex Woodlands Health Ventures VI ABS Ventures III Asset Management Associates 84 Brentwood Associates V Copley Partners 2 Euclid Partners III Academy Venture Fund I Asset Management Associates 89 Brentwood Associates VI Coral Partners Fund I European Medical Ventures Accel Europe Asset Management Associates 96 Brentwood Associates VII Coral Partners Fund II Evergreen I Accel III Asset Management Partners 2004 Bridgescale Partners I Cornerstone Equity Investors IV Evergreen II Accel IV Asset Management Ventures Fund Bright Capital Digital Fund Correlation Ventures I Evergreen III Accel V Athenian Venture Partners Bright Capital I Cottonwood Technology Fund I Evergreen V Access Venture Partners II Athenian Venture Partners II British Columbia Technology Cottonwood Technology Fund II Excelsior II Adams Capital Management Athenian Venture Partners III Investment Fund Craton Equity Partners I Excelsior III Adams Street 2006 Direct Fund Athyrium Opportunities Fund Brown Shipley Development Capital CREAFUND I FBR Technology Venture Partners II Adams Street 2007 Direct Fund Atlantic Medical Capital Fund Crescendo I First Analysis Private Equity Fund IV Adams Street 2008 Direct Fund Atlas Ventures VI Burrill Agbio Capital Fund Crescendo II First Century Partners III Adams Street 2009 Direct Fund Audax Venture Fund BVCF III Crescendo IV First Hungary Fund Adams Street 2010 Direct Fund Austin Ventures III BVCF IV Crescent Capital I FirstMark Capital I Adams Street 2011 Direct Fund Austin Ventures IV Caduceus Private Investments II Crosslink Ventures III FirstMark Capital II Adams Street 2012 Direct Fund Austin Ventures IX Caduceus Private Investments III Crosslink Ventures IV FirstMark Capital III Adams Street 2013 Direct Fund Austin Ventures V Caduceus Private Investments IV Crosslink Ventures V Flagship Ventures Fund I Adams Street 2014 Direct Fund Austin Ventures VI CalCEF Angel Fund Crosslink Ventures VI Flagship Ventures Fund III Adams Street V Austin Ventures VII Calvert Social Venture Partners Crosspoint Venture Partners 1988 Fleming Ventures Advent Atlantic & Pacifi c I Austin Ventures VIII Cambridge Gateway Fund Crosspoint Venture Partners 1993 Fletcher Spaght Ventures Advent Chestnut II Austin Ventures X CAP Healthcare Fund Crown Associates III Fletcher Spaght Ventures II Advent Chestnut III Australian Mezzanine Investment No. CAP Healthcare Fund II CRP Caderi Fund Focus Ventures I Advent Industrial 1 Trust CAP Healthcare Fund III CRP VI Focus Ventures II Advent Industrial II Australian Mezzanine Investment No. CAP Healthcare Fund IV CSK-VC bio-incubation Focus Ventures III Advent International Network Fund 2 Trust CAP Healthcare Fund V CT - Greene Ventures Foresite Capital Fund I Advent Israel (Bermuda) Australian Mezzanine Investment No. CAP Note Holdings CT Financial Development Fund Foresite Capital Fund II Advent Private Equity Fund II 3 Trust Capital North East CVM Equity Fund III Formula Ventures I Advent Private Equity Fund IV Avalon Ventures I CapMan Equity VII C CVM Equity Fund IV Forward Ventures III Advent V Avalon Ventures II CapMan Life Science IV CVM Equity Fund V Forward Ventures IV African Lion Avalon Ventures III CapMan Technology 2007 DAG Ventures Fund III Forward Ventures V Aisling Capital III Avalon Ventures IV Cardinal Health Partners Davis Venture Partners Fostin Capital I Allegra III (LSH III) Avalon Ventures V Cardinal Health Partners II DBL Equity Fund-BAEF II Foundation Capital IV Alliance ScanEast Fund Avalon Ventures VIII Cardinal Health Partners III Delta Capital Growth Fund Foundry Group Select Fund Allied Ventures AVP Ohio Technology I Care Capital Investments III Delta VC Foundry Group Venture Capital Fund I Alloy Ventures 2002 Avrio Ventures I Carlyle Asia Venture Partners I Delta VC 2 Foundry Venture Capital 2010 Alpha Venture Partners III Avrio Ventures II Carlyle Venture Partners II DFJ Frontier Fund Foundry Venture Capital 2012 Alpine Technology Ventures Baird Venture Partners I Carlyle Venture Partners III DFJ Frontier II Franklin Capital Associates III Alta Biopharma Partners I Baird Venture Partners II Carmel Software Fund Divergent Ventures Partners I Frazier Healthcare II Alta Biopharma Partners II Baird Venture Partners III Carmel Venture Fund II DMP Fund I Frazier Healthcare III Alta California Partners Baird Venture Partners IV Carmel Ventures III Doll Technology Investment Fund Frazier Technology Ventures II Alta Communications IV Baker Communications II Castile Ventures III Doll Technology Investment Fund III Galen Partners V Alta Communications VII Band of Angels Fund Catalyst Ventures Domain II Garage California Entrepreneurs Fund Alta IV Bank of Montreal Technology Catapult Growth Fund Domain III Garden State Life Sciences Venture Alta V Investment Program Cauris Investissement Domain Partners Fund Altos Ventures IV Baring Communications Equity Limited CDH Venture Partners Domain Partners IV Gateway Venture Partners III AM Fund Baring English Growth Fund CDH Venture Partners II Domain Partners V Gemini Israel III AM Pappas Life Science Ventures I Baronsmead Reorganisation Fund 1 CDH Venture Partners III Domain Partners VI General Catalyst Group II AM Pappas Life Science Ventures II Battery Ventures Celtic House Venture Partners III Domain Partners VII General Catalyst Group VI AM Pappas Life Science Ventures III Battery Ventures II Centennial Bus. Dev. Fund Domain Partners VIII Genesis Seed Fund AM Pappas Life Science Ventures IV Battery Ventures III Centennial Fund II Dominion Fund III Geocapital Eurofund AMCVF Battery Ventures IV Centennial Fund III Dominion Fund IV Geocapital III AMEV Venture Associates III Battery Ventures VI Centennial Fund IV Draper Atlantic Venture Fund II Giza Venture Fund V Ampersand 1994 Battery Ventures VII Centennial Fund V Draper Fisher Jurvetson X GLE Development Capital II Ampersand 1995 Battery Ventures VIII Centennial Fund VI Draper Triangle Glenwood Ventures II Ampersand Specialty Materials BAVP CEO Venture Fund Draper Triangle II Glilot Capital Partners I Ventures Bay City Capital Fund I Ceyuan Ventures II Draper Triangle III Global Catalyst Partners AMV Partners I Bay City Capital Fund II CH Transition Fund Drug Royalty II Global Catalyst Partners II AMWIN Innovation Fund Bay City Capital Fund III CHAMP Ventures Investments Trust Drug Royalty III Global Catalyst Partners III Angeleno Investors III Bay City Capital Fund IV No. 5 DSV Partners Global Life Science Venture Fund Annapolis I Bay City Capital Fund V Charles River VI DT Capital China Growth Fund Global Venture Capital Fund I Annapolis II Bay Partners IV Charles River VII DT Ventures China II Global Venture Capital II Annapolis III Bay Partners X Charles River VIII eCAPITAL III Cleantech Globespan Capital Partners IV Annapolis IV Bay Partners XI Charter Life Sciences eCAPITAL Technologies Fonds II Globespan Capital Partners V Annapolis V Benchmark Capital Partners Cherry Tree Ventures IV Edison I Gobi Fund II Annapolis VI Benchmark Capital Partners II China Walden Venture Investment Edison II GP Tecnologia Fund Apax Capital Risque III Berry Cash Southwest Partnership ChinaVest IV Edison III Grand Ouest Amorçage Apax Germany I Beta Partners Chrysalix Energy III Edison IV Granite Global Ventures Apax Partners - Germany II BioAdvance Ventures CID Equity Capital VIII Edison V Granite Global Ventures II Apax UK V BioDiscovery II CID Fund V Edison VI Granite Global Ventures III Apax UK VI BioDiscovery III CID Seed Fund Edison VII Granite Ventures II Apax Ventures II BioDiscovery IV Claremont Creek Ventures II El Dorado Ventures I Greycroft Partners II Apax Ventures III BioPacifi cVentures Clarus Ventures El Dorado Ventures III Grosvenor International Investors Fund Apax Ventures IV Biotechnology Venture Fund Clarus Ventures II El Dorado Ventures IV Grotech Partners VII Apex Investment Fund I Birchmere Ventures I Clearstone Venture Partners I-B El Dorado Ventures V Grotech Ventures II Apex Investment Fund III Blue Chip Capital Fund Cleveland Venture Fund Elaia Ventures GSR Ventures III Apex Investment Fund IV Blue Chip Capital Fund III CMEA Ventures I Element I GVP I Aravis Biotech II Blue Chip Opportunity Fund CMEA Ventures II Element Partners II GVP II Aravis Venture I Bluestream Ventures CMEA Ventures III Emergence Capital Partners II Halpern & Denny II Arboretum Ventures I Boston Capital Ventures Coates Myer Innovation Investment Energy Ventures IV Hambro International Venture Fund II Arboretum Ventures II Boston Capital Ventures II Fund EnerTech Capital Partners I Harbert Venture Partners I Arboretum Ventures III Boston Capital Ventures III Colonial First State Private Capital Enterprise Partners III Harbert Venture Partners II Arch Development Fund I Boston Capital Ventures International Columbia Capital Equity Partners I-A Enterprise Venture Fund Harbert Venture Partners III

HarbourVest Falcon JAFCO G-5 Mining Investments Separate OpenView Venture Partners RHO Ventures V HarbourVest Falcon II JAFCO G-6(A)(B) Account Opus Capital I RHO Ventures VI Headland Asian Ventures Fund 2 JAFCO G-7(A)(B) MK Capital I Opus Capital VI Richland Ventures I Headland Asian Ventures Fund 3 JAFCO G-8(A)(B) Mobius Technology Ventures VI OrbiMed Private Investments V Richland Ventures III Headland Technology Fund JAFCO G9(B) Mohr Davidow Ventures III OSCCO III Rising Stars Growth Fund II Healthcap IV JAFCO No 3 Mohr Davidow Ventures IV Ouest Ventures RiverVest Venture Partners II Healthcare Focus Fund JAFCO No 4 Mohr Davidow Ventures IX Ouest Ventures II Riverwood Capital I HealthCare Ventures II JAFCO No 5 Mohr Davidow Ventures VI OVP Venture Partners VI Rockport Capital Partners III HealthCare Ventures III/IV JAFCO No 6 Mohr Davidow Ventures VII OVP Venture Partners VII RRE Ventures II Helmet SME Ventures JAFCO R-3 Mohr Davidow Ventures VIII Oxford Bioscience Partners I RRE Ventures IV Highland Capital Partners JAFCO R1(A)(B) Morgan Holland II Oxford Bioscience Partners III RRE Ventures V Highland Capital Partners II JAFCO R2 Morgan Stanley Venture Partners II Oxford Bioscience Partners IV RRZ PA Fund I Highland Capital Partners IX JAFCO Technology Partners I Morgan Stanley Venture Partners III Oxford Venture Fund III RS & Co. Venture Partners IV Highland Capital Partners V JAFCO Technology Partners II Morgan Stanley Ventures Capital P/A Fund RSTec Fund Highland Capital Partners VI JAFCO Technology Partners III Fund P/A Fund III Rust Ventures Highland Capital Partners VII JAFCO Technology Partners IV Morgenthaler Venture Partners II Pacifi c Synergies IV Rustic Canyon/Fontis Partners Highland Capital Partners VIII JAFCO V1(B) Morgenthaler Venture Partners III Paladin III Sail Venture Partners II Highland Consumer Fund I JAFCO V2 Series B Morgenthaler Venture Partners IV PALgenesis I Salix Affi liates II Highway 12 Venture Fund II JATF Morgenthaler Venture Partners V Palomar Ventures II Salix Ventures I Hill Partnership III JatoTech Ventures Morgenthaler Venture Partners VI Paragon Partners Salix Ventures II Hispania Private Equity JAVP Morgenthaler Venture Partners VII Paragon Venture Partners II Sanderling IV Hispania Private Equity II JAVP 2 Morgenthaler Venture Partners VIII Paribas International Ventures I Sanderling Venture Partners VI Holtron Capital I Jerusalem Venture Partners I Morgenthaler Ventures IX Partech International Ventures II Sante Healthcare Ventures II Hopewell Ventures Jerusalem Venture Partners IV MOST 5-1 Partech International Ventures IV Scale Venture Partners II Horizon Techventures JK&B Capital I and II MOST 5-2 Partners for Growth Scale Venture Partners III Houston Venture Partners JK&B Capital IV MPM BioVentures 2014 Partners for Growth II Scale Venture Partners IV HSBC Capital Canada Private Equity JMI Equity Fund III MPM BioVentures I Partners for Growth III Schroder UK Venture Fund Fund KBA Partners MPM BioVentures II Partners for Growth IV Schroder UK Venture Fund II Hudson Venture Partners I KBA Partners II MPM BioVentures III Path4 Innovations SCTec Fund Hudson Venture Partners II KEC Ventures I MPM BioVentures IV Pathfi nder Venture Capital Fund III SEAVI Advent Equity VI Hummer Winblad Venture Partners Kelso ASI Partners MPM BioVentures V PCG Corporate Partners Fund Second Eko Fund III Kettle Partners II MPM SunStates Fund Pelion Ventures V Second London Enterprise Fund Hyde Park Venture Partners Keystone IV MSIF Small Firms Fund Periscope Fund I SEED Capital Denmark II K/S I&P Afrique Entrepreneurs Fund Keystone Minority Capital Fund MTI Permira U.K. Venture I Extension SEED Capital Denmark K/S I-Hatch Ventures Keystone V MTI III Permira UK Venture Fund III Selvaag Venture Capital IA Venture Strategies Fund I Keystone Ventures II MTI IV Permira UK Venture Fund IV Sention Kasvurahasto IA Venture Strategies Fund II Keystone VI (Novo Vita) MTI Ventures Perseus Soros Bio Pharm SEP IV IAI Ventures I Khosla Ventures IV Murphree Venture Partners IV Pharos Capital Fund I Sequel Limited Partnership II IB Australian BioSciences Fund I Khosla Ventures Seed Murphree Venture Partners VI Philadelphia Ventures II Sequel Limited Partnership III IDEA Energy Effi ciency and Khosla Ventures Seed B Mutual Capital Partners Fund I Phillips-Smith Specialty Retail Sequoia Capital Growth Fund Sustainable Development Fund Kitty Hawk Capital III MVP II Liquidating Trust Group III Sequoia Capital IV IDG Ventures India Kleiner Perkins Caufi eld & Byers National Pension 05-2 Korea Phoenix Partners II Sequoia Capital V Index Ventures II II Ann Investment Venture Capital Fund X Phoenix Partners III Sequoia Capital VI Index Ventures III Kleiner Perkins Caufi eld & Byers IV Nauta Tech Invest I Pinnacle Equity Fund I Serra Capital I Infi nity Capital Venture 1999 Kleiner Perkins Caufi eld & Byers V Nauta Tech Invest II Pinnacle Equity Fund II Sevin Rosen Fund II Information Technology Ventures Kleiner Perkins Caufi eld & Byers VI Nauta Tech Invest III Pinnacle Venture Debt I Sevin Rosen Fund III Information Technology Ventures II Kleinwort Benson Ventures NAV Opportunity Fund II Pinnacle Venture Debt II Sevin Rosen Fund IV Inman & Bowman KLP Nazem & Company II Pinnacle Venture Debt III Sevin Rosen Fund V Innkap I L Capital 1 Nazem & Company III Pioneer Ventures Associates Sevin Rosen Fund VIII Innkap II LAUNCHub Fund NCT Ventures Fund I Pitango Venture Capital Fund III Shawmut Equity Partners Innkap III Lawrence Tyrrell Ortale NCT Ventures Fund II Pitango Venture Capital Fund IV Sherry Lane Partners Innkap IV Lawrence Tyrrell Ortale II NeoMed II Pittsburgh Seed Fund Siam Investment Fund II InnoCal Lazard Technology Partners II NeoMed III Pittsford Ventures II Sierra Ventures III Innovacom 1 LC Fund V NeoMed IV Pittsford Ventures III Sierra Ventures IV Innovacom 2 Lehman Brothers Communications NeoMed V Pittsford Ventures IVa Sierra Ventures V Innovacom 3 Partners NEPA Venture I Pittsford Ventures IVb (Helvetia) Sierra Ventures VIII Innovacom 4 Lehman Brothers Venture Partners NEPA Venture II Pittsford Ventures IVc (Maple Leaf) Sightline Healthcare I Innovacom 5 2003 New Atlantic Venture Fund III Polaris Venture Partners Sigma Partners II Innovacom 6 Lighthouse Capital Partners III New Atlantic Venture Fund IV Polaris Venture Partners II Skyline III Innovation Capital Fund I Lighthouse Capital Partners VI New Court Ventures Polaris Venture Partners III Sofi nnova Venture Partners VII Innovation Capital Fund II Lightspeed Venture Partners Select New Enterprise Associates III Polaris Venture Partners IV Sofi nnova Venture Partners VIII InnoVentures Capital Partners I Lightspeed Venture Partners VI New Enterprise Associates IV Polaris Venture Partners V Softbank China Venture Capital Inroads Capital Partners London Development Capital Fund New Enterprise Associates V Polaris Venture Partners VI Fund III Insight Venture Partners (Cayman) II London Enterprise Venture Fund New Enterprise Associates X Prelude Technology Fund II Solstice Capital I Insight Venture Partners (Cayman) III Longitude Venture Partners New Enterprise Associates XII Prime Enterprises II South Asian Regional Apex Fund Insight Venture Partners (Cayman) Louisiana Fund I New Enterprise Associates XIII Prime Technology Ventures I South Atlantic Venture Fund II IV Loyalhanna Venture Fund New Enterprise Associates XIV Prime Technology Ventures II Southeast Interactive Technology Insight Venture Partners V Mangrove II New Europe Venture Equity II Prime Technology Ventures III Fund II Insight Venture Partners VI Mangrove III New Leaf Venture II Prime Ventures II Southeastern Technology Fund I Insight Venture Partners VII Mangrove NTVC I New Leaf Ventures I Prime VIII Southeastern Technology Fund II Insight Venture Partners VIII Marquette Venture I NewMargin Partners I Primus Capital Fund I Southgate Partners Institutional Venture Partners III Marquette Venture II Newtek Ventures II Primus Capital Fund II Spark Capital I Institutional Venture Partners V Materia Ventures NGEN Partners II Primus Capital Fund III Spark Capital II Institutional Venture Partners VI Matrix Partners II NGEN Partners III Prince Venture Partners II Spark Capital IV Institutional Venture Partners X Matrix Partners III Nordic Biotech Venture Fund II Prince Venture Partners III SPEF Pre-IPO European Fund Institutional Venture Partners XIII Matrix Partners IV Noro-Moseley Partners I Prism Venture Partners I SPTec fund Integral VII Matrix Partners V Noro-Moseley Partners II Prism Venture Partners II StarVest Partners II Inter-Asia Capital II Mayfi eld India I North Bridge Venture Partners I Prism Venture Partners III Sterling Venture Partners II Inter-Asia Capital III Mayfi eld V North Bridge Venture Partners II Prism Venture Partners IV STIC Pioneer Fund I Intersouth Partners I Mayfi eld VI North Bridge Venture Partners IV Productivity Fund I Storm Ventures Fund I Intersouth Partners II Mayfi eld VII North Bridge Venture Partners V Productivity Fund II Storm Ventures Fund II InterWest Partners III Mayfi eld VIII Northcoast Fund Productivity Fund III Storm Ventures Fund III InterWest Partners IV Mayfi eld XIV Northern Investment Company Productivity Fund IV Storm Ventures Fund IV InterWest Partners IX Media / Communications Partners II Northern Venture Partnership Fund Prospect Venture Partners II Summit Accelerator Fund InterWest Partners V Media / Communications Partners VI Northwest Ohio Venture Fund Provender Opportunities Fund II Summit Partners Venture Capital InterWest Partners VI Medical Innovation Fund II Novak Biddle Venture Partners I Prudential Venture Partners Fund II InterWest Partners VII Medical Research Commercialisation Novak Biddle Venture Partners II Prudential Venture Partners II Summit Partners Venture Capital InterWest Partners VIII Fund IIF Novak Biddle Venture Partners III Psilos Capital III Fund III InterWest Partners X Menlo Evergreen V Novak Biddle Venture Partners IV PTV Sciences Annex Summit V Companion Fund Invention Development Fund I Menlo Ventures III Novak Biddle Venture Partners V PTV Sciences I Summit Ventures Invention Investment Fund II Menlo Ventures IV Nth Power IV PTV Sciences II Summit Ventures II INVESCO Private Capital Fund I Menlo Ventures IX O’Donnell & Masur PTV Sciences III Summit Ventures III INVESCO Private Capital Fund II-A Menlo Ventures VI Oak Investment Partners III PTV Special Opportunities I Summit Ventures IV INVESCO Private Capital Fund II-B Menlo Ventures VII Oak Investment Partners IV Quadrant Capital Fund I Summit Ventures V INVESCO Private Capital Fund III Menlo Ventures VIII Oak Investment Partners IX Quaker BioVentures II Summit Ventures VI IP Cathy One Menlo Ventures X Oak Investment Partners V Quaker BioVentures Tobacco Fund SunBridge Fund I IP Cathy Two Menlo Ventures XI Oak Investment Partners VIII Redpoint Ventures II SunBridge Fund II IP Fund I Meritech Capital Partners IV Oak Investment Partners X Regional VC Fund Yorkshire and SunBridge Partners Technology IP Fund III Merrill Pickard Anderson & Eyre V Oak Investment Partners XI The Humber Fund III Israel Seed Partners IV Mesirow Capital Partners III Oak Investment Partners XII Rembrandt Venture Partners Sunwestern Venture III JAFCO America Technology Fund III Mesirow Capital Partners V Oak Investment Partners XIII RFG Private Equity 1 SVB India Capital Partners I JAFCO Asia Technology Fund II Mesirow Capital Partners VI Old Court Ventures RHO Canada Ventures I SVE Star Venture Enterprise II JAFCO Asia Technology Fund III Mesirow Capital Partners VII Olympic Venture Partners II RHO Canada Ventures II Swedestart II JAFCO Asia Technology Fund IV Miami Valley Venture Fund Olympic Venture Partners III RHO Ventures I Swedestart Life Science JAFCO Asia Technology Fund V Middlewest Ventures II Olympic Venture Partners IV RHO Ventures II Syndicated Communications JAFCO G-3 Midland Montagu Investissement Olympic Venture Partners V RHO Ventures III Ventures II JAFCO G-4 Midtown Fund III One Liberty Fund III RHO Ventures IV Syndicated Communications

Ventures V Viridian Growth Fund Tallwood II Vista Group III Target Partners Fund I vSpring Capital Fund Target Partners Fund II vSpring Capital Fund II TBF Romania vSpring Capital Fund III TCW Special Placement II vSpring II Growth Fund TCW Special Placement III Walden Israel Ventures TDH II Walden Venture Capital VI Tech Ventures I Walden Venture Capital VII Tech Ventures II Walnut Growth Partners Tech Ventures III Walnut Venture Fund Technocom Wanaka Capital Partners Mid-Tech Technocom 2 Opportunity Fund Technologies for Information & Wasatch Venture Corp Entertainment III Wellington Financial I Technology Crossover Ventures Wellington Financial II Technology Crossover Ventures II Wellington Financial III Technology Crossover Ventures III Wellington Financial IV Technology Operators Fund II WIIG Communications Partners Technology Partners Fund VI William Blair Venture Partners III Technology Partners West Fund IV Worldview Technology Partners II TechOperators I WPG Enterprise Fund Telecom Partners II WPG Venture Associates IV Telecom Partners III WPG Venture Associates V Telesoft Partners I XPV Water Fund Tenaya Capital VI Yellow&Blue Clean Energy TEXO Pledge Fund Investments The Column Group Zephyr Korea The Second Brown Shipley Fund Zero Stage Capital II The Third Brown Shipley Fund Zesiger Capital Group Third Rock Ventures ZN Mexico II Third Rock Ventures II ZN Mexico Trust Thomas McNerney & Partners II Thompson Clive International Three Arch Capital Three Arch Partners II Three Arch Partners III Three Arch Partners IV Timberline Ventures TL Ventures TL Ventures II TL Ventures III 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 VI Trinity Ventures VIII Tritech Partners Triumph Investment Fund II True Ventures III TVI - 3 TVI - 4 TVM I TVM II 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 Union Square Ventures II Union Square Ventures III United Utilities Venture Fund University Ventures Fund I University Ventures Fund II Upfront I US Venture Partners II US Venture Partners III US Venture Partners IV US Venture Partners V US Venture Partners VI US Venture Partners VII US Venture Partners VIII USIT I USIT II UV Partners Fund III UV Partners Fund IV Valley Ventures II 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 Velos Partners Fund I Ventech Partners Venture Capital Fund of New England II Venture Capital Fund of New England III Venture Investors of Wisconsin Venture Lending & Leasing I Venture Lending & Leasing II Venture Lending & Leasing III Ventures West 6 Ventures West 7 Vietcombank Partners Fund 1 Vietcombank Partners Fund 3 Vietnam Equity Fund