Preqin Private Equity Benchmarks: Venture Capital Benchmark Report

As of 30th September 2013

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

As of 30th September 2013

Report Produced on 22nd May 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 30th September 2013

Report Produced on 22nd May 2014

Median Benchmark - Venture Capital All Regions - As of 30th September 2013 ...... p4. Median Benchmark - Venture Capital North America - As of 30th September 2013 ...... p6. Weighted Benchmark - Venture Capital All Regions - As of 30th September 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 30th September 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 6,700 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 30th September 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 800 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]. Q3 2013 Preqin Private Equity Benchmarks: Venture Capital Benchmark Report

Preqin Median Benchmarks: Venture Capital All Regions as of 30th September 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 10 9.0 0.0 94.1 1.13 0.95 0.89 n/m n/m n/m n/m n/m 2012 24 29.4 0.0 89.0 1.02 0.92 0.80 n/m n/m n/m n/m n/m 2011 30 50.4 0.0 105.9 1.26 1.10 0.94 n/m n/m n/m n/m n/m 2010 20 66.4 3.3 106.7 1.31 1.16 0.96 17.0 10.0 -1.4 27.7 -10.2 2009 20 69.5 7.0 102.9 1.42 1.26 1.03 21.8 11.5 0.5 35.5 -10.5 2008 56 82.2 17.5 95.3 1.50 1.28 1.10 18.4 10.8 4.6 52.0 -26.1 2007 61 89.0 27.2 97.4 1.75 1.37 1.05 16.3 9.1 1.0 58.1 -18.0 2006 46 94.8 31.8 79.1 1.55 1.19 0.83 10.4 4.9 -4.7 27.8 -25.1 2005 36 97.1 38.4 66.8 1.55 1.20 0.75 10.3 4.3 -4.6 104.9 -62.3 2004 30 98.4 37.8 54.4 1.44 1.01 0.60 10.5 3.1 -3.2 65.7 -20.0 2003 19 97.9 83.7 48.0 1.62 1.32 1.04 9.8 7.9 0.0 35.1 -4.7 2002 29 100.0 65.7 22.4 1.64 1.05 0.71 8.7 0.6 -5.3 23.5 -47.2 2001 54 100.0 99.4 22.5 1.68 1.25 0.85 11.6 4.9 -1.6 29.9 -20.1 2000 84 100.0 75.7 16.6 1.35 1.01 0.66 7.2 1.0 -5.4 52.9 -96.0 1999 44 100.0 71.5 1.1 1.31 0.82 0.43 5.7 -2.1 -13.6 23.6 -40.6 1998 40 100.0 116.8 0.0 1.68 1.02 0.52 20.0 4.4 -9.2 514.3 -46.1 1997 42 100.0 206.2 0.0 3.60 2.07 1.23 79.3 32.2 4.8 267.8 -30.0 1996 26 100.0 163.8 0.0 2.48 1.71 0.92 52.6 14.5 -2.9 188.4 -33.3 1995 21 100.0 312.0 0.0 6.56 3.12 2.01 96.8 30.7 14.9 447.4 -10.6 1994 21 100.0 225.0 0.0 5.50 2.25 1.01 54.8 27.1 7.1 94.1 -19.4 1993 30 100.0 261.8 0.0 4.00 2.62 1.40 48.3 28.4 3.0 87.4 -29.1 1992 24 100.0 172.0 0.0 2.44 1.72 1.18 25.2 17.5 4.7 87.2 -20.1 1991 13 100.0 280.4 0.0 5.79 2.80 1.90 40.4 25.1 13.9 346.4 1.6 1990 21 100.0 178.0 0.0 2.36 1.78 1.18 20.8 13.0 2.6 74.4 -35.9 1989 39 100.0 219.1 0.0 3.07 2.19 1.51 26.0 14.6 8.8 198.5 -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 26 100.0 192.0 0.0 3.17 1.95 1.51 17.9 13.0 8.3 40.7 4.0 1984 20 100.0 204.3 0.0 2.61 2.04 1.55 13.7 11.4 7.6 45.7 1.7 1983 12 100.0 168.3 0.0 3.77 1.69 1.53 20.4 10.4 6.4 51.6 -3.5 1982 11 100.0 176.7 0.0 2.06 1.77 1.69 10.8 8.8 4.7 64.3 -1.6

Source: Preqin Performance Analyst

Preqin Median Benchmarks: Venture Capital All Regions is calculated using data for 980 funds of vintages between 1982 and 2013 with performance as of 30th September 2013 and includes liquidated funds. Preqin holds performance data for 1,626 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 30th September 2013

350

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 30th September 2013

120

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 30th September 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 9 10.1 0.0 94.5 1.13 0.95 0.91 n/m n/m n/m n/m n/m 2012 13 32.0 0.0 93.5 1.05 0.96 0.87 n/m n/m n/m n/m n/m 2011 18 48.1 0.0 106.2 1.28 1.15 0.97 n/m n/m n/m n/m n/m 2010 16 66.4 5.5 109.5 1.33 1.18 1.06 17.0 10.8 4.2 27.7 -10.2 2009 14 69.5 9.1 116.4 1.47 1.31 1.08 21.8 13.5 7.0 28.1 0.1 2008 39 82.0 20.3 95.9 1.50 1.29 1.06 18.7 11.0 4.0 38.6 -26.1 2007 46 90.4 37.5 98.8 1.79 1.43 1.11 18.9 11.2 2.8 58.1 -18.0 2006 40 93.9 31.8 82.4 1.55 1.19 0.83 10.4 4.9 -5.2 26.3 -25.1 2005 24 97.5 43.4 62.2 1.55 1.27 0.74 8.9 5.4 -5.4 37.9 -62.3 2004 25 99.4 39.2 55.0 1.44 1.06 0.87 10.2 2.7 -2.3 65.7 -19.2 2003 13 97.9 85.0 38.3 1.43 1.32 1.17 9.8 7.9 2.6 13.1 -4.4 2002 18 100.0 57.3 24.1 1.44 0.97 0.65 7.9 -0.8 -6.5 20.8 -47.2 2001 37 100.0 100.7 22.9 1.64 1.23 0.86 9.9 3.7 -2.3 29.9 -20.1 2000 65 99.8 76.9 21.3 1.40 1.06 0.70 7.7 1.3 -5.4 52.9 -96.0 1999 40 100.0 63.9 1.1 1.27 0.80 0.41 4.3 -3.0 -13.8 13.8 -40.6 1998 34 100.0 94.3 0.0 1.60 0.87 0.48 18.5 3.6 -9.8 514.3 -46.1 1997 29 100.0 220.9 0.0 3.96 2.31 1.16 100.1 36.4 8.8 267.8 -14.3 1996 22 100.0 163.8 0.0 2.88 1.71 0.95 53.7 18.7 -2.2 188.4 -33.3 1995 19 100.0 312.0 0.0 7.57 3.12 1.89 106.2 30.7 14.9 447.4 -10.6 1994 20 100.0 249.6 0.0 5.50 2.50 1.01 59.7 28.5 7.0 94.1 -19.4 1993 24 100.0 261.8 0.0 3.58 2.62 1.21 44.5 31.7 2.6 87.4 -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 9 100.0 299.5 0.0 7.48 3.00 1.90 48.9 23.4 13.9 346.4 12.5 1990 15 100.0 208.1 0.0 2.72 2.08 1.11 21.1 16.0 2.6 74.4 -35.9 1989 35 100.0 227.2 0.0 3.08 2.27 1.60 27.5 14.6 10.5 198.5 -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 18 100.0 191.1 0.0 3.00 1.91 1.36 17.7 10.4 4.4 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 742 funds of vintages between 1984 and 2012 with performance as of 30th September 2013 and includes liquidated funds. Preqin holds performance data for 1,213 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 30th September 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 30th September 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 30th September 2013

Weighted Fund IRR Max/Min (%) Vintage No. Funds Dist (%) Value (%) Called (%) Multiple (X) IRR (%) Max Min DPI RVPI 2013 10 13.9 0.0 93.0 0.93 n/m n/m n/m 2012 24 33.7 1.7 95.6 0.97 n/m n/m n/m 2011 30 61.0 11.2 103.9 1.15 n/m n/m n/m 2010 20 68.2 8.8 110.9 1.20 11.5 27.7 -10.2 2009 20 78.3 21.7 114.3 1.36 15.9 35.5 -10.5 2008 56 78.9 25.2 98.3 1.24 8.4 52.0 -26.1 2007 61 87.5 42.0 106.8 1.49 11.2 58.1 -18.0 2006 46 94.1 38.2 86.5 1.25 4.7 27.8 -25.1 2005 36 95.6 53.0 81.4 1.35 4.1 104.9 -62.3 2004 30 96.1 57.6 71.8 1.24 3.4 65.7 -20.0 2003 19 80.7 241.3 5.5 2.49 30.7 35.1 -4.7 2002 29 99.6 142.4 8.2 1.52 5.8 23.5 -47.2 2001 54 98.2 104.4 30.8 1.35 5.2 29.9 -20.1 2000 84 98.4 78.3 26.2 1.05 -0.1 52.9 -96.0 1999 44 98.2 70.1 6.8 0.77 -6.3 23.6 -40.6 1998 40 100.2 179.0 2.9 1.81 25.9 514.3 -46.1 1997 42 100.0 185.7 0.3 1.86 19.9 267.8 -30.0 1996 26 99.7 271.8 1.4 2.73 24.1 188.4 -33.3 1995 21 99.5 387.7 0.2 3.88 32.2 447.4 -10.6 1994 21 99.8 379.0 0.1 3.79 37.5 94.1 -19.4 1993 30 100.4 348.3 0.0 3.48 38.3 87.4 -29.1 1992 24 99.8 256.5 0.1 2.57 21.5 87.2 -20.1 1991 13 100.0 276.4 0.0 2.76 24.0 346.4 1.6

Source: Preqin Performance Analyst

Preqin Weighted Benchmarks: Venture Capital All Regions is calculated using data for 780 funds of vintages between 1991 and 2013 with performance as of 30th September 2013 and includes liquidated funds. Preqin holds performance data for 1,626 venture capital funds. All returns are net of management fees, expenses and carry.

Venture Capital All Regions - Weighted IRRs by Vintage as of 30th September 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 Multiples by Vintage as of 30th September 2013

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 13 12.6 0.0 91.8 0.92 n/m 2012 18 32.1 1.6 92.0 0.93 n/m 2011 24 29.0 0.8 89.8 0.91 11.2 2010 18 67.7 8.1 114.2 1.23 11.9 2009 13 77.0 23.3 106.5 1.30 18.1 2008 39 79.8 28.0 98.0 1.26 11.5 2007 53 86.4 39.4 101.2 1.41 11.2 2006 41 88.3 78.9 31.7 1.11 4.2 2005 30 99.5 59.9 29.1 0.89 6.3 2004 24 99.5 115.7 20.2 1.37 1.8 2003 16 90.0 157.4 12.5 1.71 -2.1 2002 23 99.1 136.2 11.5 1.49 3.1 2001 41 98.1 99.5 33.6 1.33 4.4 2000 72 98.4 80.4 16.4 0.97 -0.6 1999 37 98.0 73.0 11.2 0.86 -4.8 1998 27 100.0 154.9 5.0 1.59 26.7 1997 18 99.9 319.8 1.2 3.18 45.1 1996 16 99.9 281.8 3.4 2.85 57.9 1995 12 99.8 290.3 0.1 2.90 81.7 1994 7 100.0 638.1 0.1 6.38 46.7 1993 9 100.3 421.3 0.7 4.22 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 550 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

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 8 6.0 0.0 93.7 1.00 0.94 0.82 n/m n/m n/m n/m n/m 2012 18 27.4 0.0 86.3 0.95 0.88 0.78 n/m n/m n/m n/m n/m 2011 20 34.3 0.0 97.2 1.30 0.94 0.84 20.0 -5.7 -16.3 29.6 -87.5 2010 14 65.9 0.7 110.2 1.45 1.13 0.96 13.3 6.4 -1.2 83.0 -10.2 2009 11 80.0 4.1 95.6 1.69 1.25 0.95 32.7 15.9 -0.4 40.0 -33.0 2008 34 85.0 15.7 112.3 1.64 1.30 0.97 22.4 12.2 5.7 52.0 -22.1 2007 41 90.0 16.0 95.0 1.53 1.27 0.91 16.3 8.9 -2.7 58.1 -60.3 2006 32 92.7 22.0 82.4 1.43 1.12 0.88 11.3 3.8 -4.3 26.3 -22.0 2005 26 96.0 27.0 50.9 1.46 0.94 0.64 8.9 0.8 -9.9 18.0 -20.3 2004 25 97.4 24.6 70.8 1.45 1.17 0.83 12.7 3.4 -3.1 65.7 -20.0 2003 14 100.0 31.1 46.1 1.21 0.82 0.44 2.6 -1.2 -12.9 12.6 -29.9 2002 21 100.0 40.0 30.6 1.02 0.82 0.58 0.6 -3.2 -11.8 3.8 -47.2 2001 31 100.0 58.7 29.5 1.53 0.99 0.70 6.2 -0.7 -5.3 13.0 -23.9 2000 54 100.0 60.3 18.9 1.30 0.90 0.49 7.9 -1.4 -6.9 52.9 -96.0 1999 30 100.0 59.9 6.0 1.45 0.78 0.40 9.8 -2.1 -10.6 154.7 -40.6 1998 20 100.0 140.5 0.0 1.81 1.41 0.84 23.0 9.4 -1.2 1,015.7 -46.1 1997 15 100.0 136.3 0.0 3.77 1.36 1.17 67.8 16.9 8.0 127.6 -10.6 1996 9 100.0 249.0 0.0 4.33 2.49 2.00 62.4 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 423 early stage funds of vintages between 1996 and 2013 and includes liquidated funds. Preqin holds performance data for 510 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

80 70 60 50 40 30 20 10 0 Net IRR since Inception (%) -10 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 -20 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 8 4.8 0.0 88.2 0.88 n/m n/m n/m 2012 18 29.3 3.3 88.3 0.92 n/m n/m n/m 2011 20 37.9 1.6 101.2 1.03 -9.2 29.6 -87.5 2010 14 65.6 5.2 105.9 1.11 5.6 83.0 -10.2 2009 11 72.4 16.3 111.2 1.27 12.3 40.0 -33.0 2008 34 83.2 27.2 102.5 1.30 7.7 52.0 -22.1 2007 41 89.8 34.4 112.5 1.47 12.2 58.1 -60.3 2006 32 92.9 30.4 89.3 1.20 3.7 26.3 -22.0 2005 26 99.4 136.0 7.6 1.44 15.9 18.0 -20.3 2004 25 93.1 49.2 86.3 1.38 0.3 65.7 -20.0 2003 14 98.6 29.7 47.0 0.75 -7.5 12.6 -29.9 2002 21 96.5 49.0 42.5 0.91 -4.6 3.8 -47.2 2001 31 98.9 83.0 32.9 1.16 2.0 13.0 -23.9 2000 54 97.8 70.9 29.6 0.99 -0.5 52.9 -96.0 1999 30 98.2 66.3 11.3 0.78 -4.5 154.7 -40.6 1998 20 99.5 153.2 8.3 1.62 42.5 1015.7 -46.1 1997 15 100.0 412.6 2.9 3.13 51.9 127.6 -10.6 1996 9 99.8 466.9 2.4 4.69 46.3 98.1 6.7

Source: Preqin Performance Analyst

Preqin Weighted Benchmarks: All Regions Early Stage is calculated using data for 423 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

-10 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Weighted Net IRR since Inception (%) Weighted -20

Source: Preqin Performance Analyst

Early Stage All Regions - Weighted Multiples by Vintage

5.0 4.5 4.0 3.5 3.0 2.5 2.0 1.5 1.0 Weighted Net Multiple (X) Weighted 0.5 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 4.8 0.0 88.2 0.88 n/m 2012 8 29.3 3.3 88.3 0.92 n/m 2011 8 37.9 1.6 101.2 1.03 10.2 2010 6 65.6 5.2 105.9 1.11 5.9 2009 4 72.4 16.3 111.2 1.27 17.9 2008 15 83.2 27.2 102.5 1.30 10.2 2007 16 89.8 34.4 112.5 1.47 10.3 2006 16 92.9 30.4 89.3 1.20 3.6 2005 10 99.4 136.0 7.6 1.44 3.4 2004 11 93.1 49.2 86.3 1.38 3.5 2003 5 98.6 29.7 47.0 0.75 -8.1 2002 11 96.5 49.0 42.5 0.91 -0.6 2001 12 98.9 83.0 32.9 1.16 2.5 2000 27 97.8 70.9 29.6 0.99 -0.3 1999 13 98.2 66.3 11.3 0.78 -5.8 1996 4 99.8 466.9 2.4 4.69 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 171 early stage funds of vintages between 1996 and 2012. 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

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

-20

Source: Preqin Performance Analyst

Horizon IRRs by Fund Type as of 30th June 2013

Horizon All Private Equity Buyout Venture Capital Fund of Funds Mezzanine Distressed PE 1 Year to Sep 2013 15.5 16.8 16.3 11.7 12.6 15.2 3 Years to Sep 2013 14.2 15.3 12.5 11.2 11.8 12.0 5 Years to Sep 2013 11.8 15.8 6.0 7.5 5.2 12.1 10 Years to Sep 2013 19.2 25.4 6.5 9.1 20.4 22.5

Source: Preqin Performance Analyst

Horizon IRRs by Fund Type as of 30th Jun 2013

10 Horizon IRR (%)

0 1 Year to Sep 2013 3 Years to Sep 2013 5 Years to Sep 2013 10 Years to Sep 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 Sep 2013 15.5 16.8 16.3 11.7 12.6 16.5

Source: Preqin Performance Analyst

Rolling One-Year Horizon IRRs by Fund Type

Horizon IRR (%) -20

-40

-60 1 Year2013 to Sep 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 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 Sep 2013 14.2 15.3 12.5 11.2 11.8 12.0

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 Sep 2013 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 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 ARCH Venture Fund II Boston Capital Ventures II Copley Partners 2 Essex Woodlands Health Ventures VI 21st Century Communications ARCH Venture Fund III Boston Capital Ventures International Coral Partners Fund I European Medical Ventures Partners ARCH Venture Fund VI Boston Millennia Partners Cornerstone Equity Investors IV Euroventures Ukraine Fund II 5AM Ventures Fund ARCH Venture Fund VII Boston Millennia Partners II Correlation Ventures I Evergreen I 5AM Ventures Fund II Arral Pacifi c Equity Trust II BP Innovation Costella Kirsch V Evergreen II 5AM Ventures Fund III Arrow Development Fund BP Innovation 2 Cowen Healthcare Royalty Partners Evergreen III Aberdare II Annex Fund ArrowPath Fund II BP Innovation 3 Cowen Healthcare Royalty Partners II Evergreen IV Aberdare Ventures Artiman Ventures BP Innovation 4 Craton Equity Partners I Evergreen V Aberdare Ventures II Artiman Ventures II BP Innovation 5 Crescendo I Excelsior II Aberdare Ventures III Artiman Ventures III BP Innovation 6 Crescendo II FBR Technology Venture Partners II Aberdare Ventures IV Artiman Ventures Special Opportunities BP Innovation 7 Crescendo III First Century Partners III Abingworth Bioventures I Fund Braemar Energy Ventures II Crescendo IV First Hungary Fund Abingworth Bioventures III Ascent Venture Partners I Brandon Bioscience Fund No. 1 Crosslink Ventures III FirstMark Capital I Abingworth Bioventures IV Ascent Venture Partners II Brantley Venture Partners II Crosslink Ventures IV FirstMark Capital II Abingworth Ventures Ascent Venture Partners III Brantley Venture Partners III Crosslink Ventures V Flagship Ventures Fund III Academy Venture Fund I Ascent Venture Partners IV Brentwood Associates IV Crosslink Ventures VI Fleming Ventures Accel Europe Ascent Venture Partners V Brentwood Associates IX Crosspoint Venture Partners 1988 Fletcher Spaght Ventures Accel III Ashmore Asian Value Fund Brentwood Associates V Crosspoint Venture Partners 1993 Fletcher Spaght Ventures II Accel IV Asset Management Associates 82 Brentwood Associates VI Crown Associates III Focus Ventures I Accel V Asset Management Associates 84 Brentwood Associates VIII CRP Caderi Fund Focus Ventures II Accel VI Asset Management Associates 89 Bridgescale Partners I CT - Greene Ventures Focus Ventures III Accel VI - S Asset Management Associates 96 Bright Capital Digital Fund CT Financial Development Fund Fons Mediterrània Capital Accel VIII Asset Management Partners 2004 Bright Capital I CVM Equity Fund III Forbion Venture Fund II Access Venture Partners II Atlantic Medical Capital Brinson Venture Capital Fund III CVM Equity Fund IV Foresite Capital Fund I Adams Street 2008 Direct Fund Atlas Ventures VI British Columbia Technology CVM Equity Fund V Forward Ventures III Adams Street 2009 Direct Fund Austin Ventures IV Investment Fund Cypress Equity Fund Forward Ventures IV Adams Street 2010 Direct Fund Austin Ventures IX Brown Shipley Development Capital DAG Ventures Fund III Forward Ventures V Adams Street 2011 Direct Fund Austin Ventures V Fund Davis Venture Partners Fostin Capital I Adams Street Direct Fund V Austin Ventures VI Burrill Agbio Capital Fund DBL Equity Fund-BAEF II Foundation Capital IV Adams Street Direct Fund VI Austin Ventures VII Caduceus Private Investments II DCM VI Foundry Group Select Fund Adams Street Direct Fund VII Austin Ventures VIII Caduceus Private Investments III Delta Capital Growth Fund Foundry Group Venture Capital Fund I Advanced Tech Ventures VI Austin Ventures X Caduceus Private Investments IV Delta VC Foundry Venture Capital 2010 Advanced Tech Ventures VII Australian Mezzanine Investment No. CalCEF Angel Fund Delta VC 2 Foundry Venture Capital 2012 Advanced Technology Ventures VIII 1 Trust Canaan Equity IX DFJ Frontier Fund Fountain Healthcare Partners Fund I Advent Atlantic Australian Mezzanine Investment No. Canaan Equity VII DFJ Frontier II Frazier Healthcare II Advent Atlantic & Pacifi c I 2 Trust Canaan Equity VIII DGF CAPITAL 1 (REIF) Frazier Healthcare V Advent Chestnut II Australian Mezzanine Investment No. CapMan Equity VII C Divergent Ventures Partners I Frazier Technology Ventures II Advent Chestnut III 3 Trust CapMan Life Science IV DMP Fund I Galen Partners IV Advent Industrial Avalon Ventures I CapMan Technology 2007 Doll Capital IV Galen Partners V Advent Industrial II Avalon Ventures II Cardinal Health Partners Doll Capital V Garage California Entrepreneurs Fund Advent International Network Fund Avalon Ventures III Cardinal Health Partners II Doll Technology Investment Fund Gateway Venture Partners III Advent Private Equity Fund III Avalon Ventures IV Cardinal Health Partners III Doll Technology Investment Fund III Gemini Israel III Advent V Avalon Ventures IX Care Capital Investments III Domain II General Catalyst Group II Africa Agricultural Capital Avalon Ventures V Carlyle Asia Venture Partners I Domain III General Catalyst Group VI Aisling Capital III Avalon Ventures VII Carlyle Asia Venture Partners II Domain Partners Genesis Seed Fund Allegra III (LSH III) Avalon Ventures VIII Carlyle Venture Partners II Domain Partners IV Geocapital Eurofund Alliance ScanEast Fund Azure Capital Partners II Carlyle Venture Partners III Domain Partners V Geocapital III Allied Ventures Bain Capital Venture Fund Carmel Software Fund Domain Partners VI Geocapital IV Allos I Fund Bain Capital Venture Fund 2009 Carmel Venture Fund II Domain Partners VII GGV Capital IV Allos II Fund Bain Capital Venture Fund 2012 Carmel Ventures III Domain Partners VIII Giza Venture Fund V Alloy Ventures 2002 Bain Capital Venture Partners 2005 Castile Ventures III Dominion Fund III Glenwood Ventures II Alpha Venture Partners III Bain Capital Venture Partners 2007 Catalyst Ventures Dominion Fund V Global Catalyst Partners Alpine Technology Ventures Baird Venture Partners I Cauris Investissement Draper Fisher Jurvetson VII Global Catalyst Partners II Alta Biopharma Partners I Baird Venture Partners II CDH Venture Partners II Draper Fisher Jurvetson X Global Catalyst Partners III Alta Biopharma Partners II Baird Venture Partners III Celtic House Venture Partners III DSV Partners Global Life Science Venture Fund Alta California Partners II Baker Communications II Centennial Bus. Dev. Fund DT Capital China Growth Fund Globespan Capital Partners IV Alta California Partners III BaltCap Latvia Venture Capital Fund Centennial Fund DT Ventures China II Globespan Capital Partners V Alta Communications IV Baltic Investment Fund III Centennial Fund II Earlybird 2012 Gobi Fund II Alta Communications IX Baltic SME Fund Centennial Fund V Earlybird I/II Granite Global Ventures Alta II Band of Angels Fund Centennial Fund VI Earlybird III Granite Global Ventures II Alta IV Baring English Growth Fund CEO Venture Fund Earlybird IV Granite Global Ventures III Alta V Baronsmead Reorganisation Fund 1 Ceyuan Ventures II eCAPITAL III Cleantech Granite Ventures II Altos Ventures IV Battery Ventures CH Transition Fund eCAPITAL Technologies Fonds II Greycroft Partners AM Pappas Life Science Ventures I Battery Ventures II Charter Life Sciences Edison I Greycroft Partners II AM Pappas Life Science Ventures II Battery Ventures III Cherry Tree Ventures IV Edison II Grosvenor International Investors Fund AM Pappas Life Science Ventures III Battery Ventures IV ChinaVest IV Edison III Grotech Partners VII AM Pappas Life Science Ventures IV Battery Ventures IX Chrysalis Ventures Fund II Edison V Grotech Ventures II AMCVF Battery Ventures V Chrysalix Energy III Edison VI GSR Ventures III AMEV Venture Associates III Battery Ventures VI CID Equity Capital VIII Edison VII GVP I Ampersand 1994 Battery Ventures VII CID Fund V El Dorado Ventures I GVP II Ampersand 1995 Battery Ventures VIII CID Seed Fund El Dorado Ventures IV Halpern & Denny II Ampersand Specialty Materials Battery Ventures X Claremont Creek Ventures II El Dorado Ventures V Hambro International Venture Fund II Ventures BAVP Clarus Ventures El Dorado Ventures VI Harbert Venture Partners I AMV Partners I Bay City Capital Fund I Clarus Ventures II Elaia Ventures Harbert Venture Partners II Angeleno Investors III Bay City Capital Fund II Clearstone Venture Partners II Element I Harbert Venture Partners III Annapolis I Bay City Capital Fund III CMEA Ventures I Element Partners II HarbourVest Falcon Annapolis II Bay City Capital Fund IV CMEA Ventures III Elevar Equity II Headland Asian Ventures Fund 2 Annapolis IV Bay City Capital Fund V CMEA Ventures VII Emergence Capital Partners II Headland Asian Ventures Fund 3 Annapolis V Bay Partners IV Coates Myer Innovation Investment Energy Ventures IV Headland Technology Fund Annapolis VI Bay Partners X Fund EnerTech Capital Partners I Healthcap IV Apax Capital Risque III Bay Partners XI Colonial First State Private Capital EnerTech Capital Partners II Healthcare Focus Fund Apax Germany I Benchmark Capital Partners Columbia Capital Equity Partners I-A EnerTech Capital Partners III Healthcare Royalty Partners III Apax Partners - Germany II Benchmark Capital Partners II Columbia Capital Equity Partners I-B EnerTech Capital Partners IV HealthCare Ventures II Apax UK V Benchmark Capital Partners IV Columbia Capital Equity Partners II Enterprise Partners III HealthCare Ventures III/IV Apax UK VI Berry Cash Southwest Partnership Columbia Capital Equity Partners IV Enterprise Partners VI Highland Capital Partners Apax Ventures Capital Fund Beta Partners Columbia Capital Equity Partners V Enterprise Venture Fund I Highland Capital Partners II Apax Ventures II BioPacifi cVentures Columbine Venture Fund II Environmental Technologies Fund Highland Capital Partners V Apax Ventures III Blue Chip Capital Fund Commonwealth BioVentures II Epic Venture Partners IV Highland Capital Partners VI Apax Ventures IV Blue Chip Capital Fund II Commonwealth BioVentures III Espírito Santo Ventures II Highland Capital Partners VII Apex Investment Fund I Blue Chip Capital Fund III Commonwealth BioVentures IV Espírito Santo Ventures III Highland Capital Partners VIII Apex Investment Fund III Blue Chip Capital Fund IV Commonwealth BioVentures V Espírito Santo Ventures Innovation and Highland Consumer Fund I Aravis Biotech II Blue Chip Capital Fund V Commonwealth Capital Ventures I Internationalisation Fund Highway 12 Venture Fund II Aravis Venture I Blue Chip Opportunity Fund Commonwealth Capital Ventures II Essex Woodlands Health Ventures Hill Partnership III Arboretum Ventures I BlueRun Ventures III Commonwealth Capital Ventures IV Essex Woodlands Health Ventures II Hispania Private Equity Arboretum Ventures II BlueRun Ventures IV Connecticut Future Fund Essex Woodlands Health Ventures III Hispania Private Equity II Arboretum Ventures III Bluestream Ventures Consumer Venture Partners II Essex Woodlands Health Ventures IV Holtron Capital I Arch Development Fund I Boston Capital Ventures Copley Partners 1 Essex Woodlands Health Ventures V Holtzbrinck Ventures Fund V

Hopewell Ventures Lightspeed Venture Partners IX New Enterprise Associates XII Prime Enterprises II Fund III Horizon Techventures LitCapital I New Enterprise Associates XIII Prime Technology Ventures I Sunwestern Venture III Houston Venture Partners Lithuania SME Fund New Enterprise Associates XIV Prime Technology Ventures II SV Life Sciences Fund I HSBC Capital Canada Private Equity LiveOak Venture Partners I New Leaf Venture II Prime Technology Ventures III SV Life Sciences Fund II Fund London Development Capital Fund New Leaf Ventures I Prime Ventures II SV Life Sciences Fund III Hudson Venture Partners I Longitude Venture Partners NewMargin Partners I Prime VIII SV Life Sciences Fund IV Hyde Park Venture Partners Longitude Venture Partners II Newtek Ventures II Primus Capital Fund I SV Life Sciences Fund V I-Hatch Ventures Louisiana Fund I Nexit Infocom 2000 Primus Capital Fund II SVB India Capital Partners I IA Venture Strategies Fund I Loyalhanna Venture Fund NGEN Partners II Primus Capital Fund III Swedestart II IA Venture Strategies Fund II Mangrove II NGEN Partners III Prince Venture Partners II Syndicated Communications IAI Ventures I Mangrove III Nokia Ventures Fund (Blue Run Prince Venture Partners III Ventures II IB Australian BioSciences Fund I Mangrove NTVC I Venture) Prism Venture Partners I Syndicated Communications IDEA Energy Effi ciency and Marquette Venture I Nordic Biotech Prism Venture Partners II Ventures IV Sustainable Development Fund Marquette Venture II Nordic Biotech Opportunity Fund Prism Venture Partners III Syndicated Communications IDG Ventures India Materia Ventures Nordic Biotech Venture Fund II Prism Venture Partners IV Ventures V Illinois Emerging Technologies Fund Matrix Partners II Noro-Moseley Partners I Prism Venture Partners V Tallwood II Incitia Ventures II Matrix Partners III Noro-Moseley Partners II Productivity Fund I TBF Romania Index Ventures II Matrix Partners IV North Bridge Venture Partners IV Prospect Venture Partners TCW Special Placement II Index Ventures III Matrix Partners V North Bridge Venture Partners V Prospect Venture Partners II TCW Special Placement III Infi nity Capital Venture 1999 Matrix Partners VI Northern Investment Company Provender Opportunities Fund II Tech Ventures I Information Technology Ventures Matrix Partners VII Northwest Ohio Venture Fund Prudential Venture Partners Technocom Information Technology Ventures II Mayfi eld India I Novak Biddle Venture Partners I Prudential Venture Partners II Technologies for Information & Inman & Bowman Mayfi eld V Novak Biddle Venture Partners II Psilos Capital III Entertainment III InnoCal Mayfi eld VI Novak Biddle Venture Partners III PTV Sciences I Technology Crossover Ventures III InnoCal II Mayfi eld VII Novak Biddle Venture Partners IV PTV Sciences II Technology Operators Fund II Innovacom 1 Mayfi eld VIII Novak Biddle Venture Partners V PYMAR Fund Technology Partners Fund V Innovacom 2 Mayfi eld XIV Nth Power IV Quaker BioVentures II Technology Partners Fund VI Innovacom 3 Media / Communications Partners O’Donnell & Masur Redpoint Ventures I Technology Partners Fund VIII Insight Venture Partners (Cayman) II Media / Communications Partners II Oak Investment Partners IV Redpoint Ventures II Technology Partners West Fund IV Insight Venture Partners (Cayman) III Media / Communications Partners VI Oak Investment Partners IX RFG Private Equity 1 TechOperators I Insight Venture Partners (Cayman) Medical Research Commercialisation Oak Investment Partners V RHO Ventures V Telecom Partners II IV Fund IIF Oak Investment Partners VI Richland Ventures I Telecom Partners III Insight Venture Partners V Mediphase Venture Partners II Oak Investment Partners VIII Richland Ventures III Telesoft Partners I Insight Venture Partners VI Menlo Evergreen V Oak Investment Partners X RiverVest Venture Partners II Tenaya Capital VI Insight Venture Partners VII Menlo Ventures III Oak Investment Partners XI Riverwood Capital I Terra Venture Partners Insight Venture Partners VIII Menlo Ventures IV Oak Investment Partners XII Rockport Capital Partners III TH Lee Putnam Parallel Ventures Institutional Venture Partners III Menlo Ventures IX Oak Investment Partners XIII RRZ PA Fund I The Column Group Institutional Venture Partners V Menlo Ventures VI Olympic Venture Partners II RS & Co. Venture Partners IV The Second Brown Shipley Fund Institutional Venture Partners VI Menlo Ventures VII Olympic Venture Partners III RSV Venture Partners I The Third Brown Shipley Fund Institutional Venture Partners VII Menlo Ventures X Olympic Venture Partners IV Rust Ventures Third Rock Ventures Institutional Venture Partners VIII Menlo Ventures XI Olympic Venture Partners V Rustic Canyon/Fontis Partners Third Rock Ventures II Institutional Venture Partners X Mercury Capital Partners IV One Liberty Fund III Sail Venture Partners II Thomas McNerney & Partners II Institutional Venture Partners XII Meritech Capital Partners IV One Liberty Fund IV Salix Affi liates II Three Arch Capital Institutional Venture Partners XIII Merrill Pickard Anderson & Eyre V One Liberty Ventures 2000 Salix Ventures I Three Arch Partners III Institutional Venture Partners XIV Merus Capital Fund I OpenView Venture Partners Salix Ventures II Three Arch Partners IV Integral VII Mesirow Capital Partners III Opus Capital I Sanderling IV TL Ventures Inter-Asia Capital II Mesirow Capital Partners V Opus Capital VI Sanderling Venture Partners VI TL Ventures II Inter-Asia Capital III Mesirow Capital Partners VI OSCCO III Sante Healthcare Ventures II TL Ventures III Intersouth Partners I Mesirow Capital Partners VII OVP Venture Partners VI Scale Venture Partners II TL Ventures IV Intersouth Partners II Miami Valley Venture Fund OVP Venture Partners VII Scale Venture Partners IV TL Ventures V Intersouth Partners VII Midland Montagu Investissement Oxford Bioscience Partners I Schroder UK Venture Fund TMT Ventures InterWest Partners II Midtown Fund III Oxford Bioscience Partners III Schroder UK Venture Fund II Top Taiwan VII Venture Capital InterWest Partners III Mining Investments Separate Oxford Bioscience Partners IV SCP Private Equity I TPG Biotechnology Partners InterWest Partners IV Account Oxford Venture Fund III SCP Private Equity II TPG Biotechnology Partners II InterWest Partners IX Mobius Technology Ventures VI P/A Fund SEED Capital Denmark II K/S TPG Biotechnology Partners III InterWest Partners V Mohr Davidow Ventures III Pacven Ventures VI SEED Capital Denmark K/S TPG Ventures InterWest Partners VI Mohr Davidow Ventures IV Paladin III Selvaag Venture Capital Transatlantic Capital Bio-Sciences InterWest Partners VII Morgan Holland II Palomar Ventures II Sention Kasvurahasto Fund InterWest Partners VIII Morgan Stanley Venture Partners Paragon Partners SEP IV Triathlon Medical Ventures InterWest Partners X 2002 Paragon Venture Partners II Sequel Limited Partnership II Trident Capital Fund V Invention Development Fund I Morgan Stanley Venture Partners II Paribas International Ventures I Sequel Limited Partnership III Trident Capital Fund VI Invention Investment Fund II Morgan Stanley Venture Partners III Partech International Ventures II Sequoia Capital IV Trinity Ventures IX INVESCO Private Capital Fund I Morgan Stanley Venture Partners IV Partech International Ventures IV Sevin Rosen Fund II Trinity Ventures VI INVESCO Private Capital Fund II-A Morgan Stanley Ventures Capital Partners for Growth Sevin Rosen Fund III Trinity Ventures VII Investec Fund Pathfi nder Venture Capital Fund III Sevin Rosen Fund IV Trinity Ventures VIII IP Fund II Morgenthaler Venture Partners II Paul Capital Healthcare III Sevin Rosen Fund V Trinity Ventures X Israel Seed Partners IV Morgenthaler Venture Partners III Paul Royalty Fund I Sevin Rosen Fund VI Tritech Partners ISTART-1 Morgenthaler Venture Partners IV Paul Royalty Fund II Sevin Rosen Fund VII Triumph Investment Fund II JAFCO America Technology Fund III Morgenthaler Venture Partners V PCG Corporate Partners Fund Sevin Rosen Fund VIII True Ventures JAFCO G-7(A)(B) Morgenthaler Venture Partners VI Pelion Ventures V Shasta Ventures Fund True Ventures II JAFCO R-3 Morgenthaler Venture Partners VII Periscope Fund I Shawmut Equity Partners True Ventures III JatoTech Ventures Morgenthaler Venture Partners VIII Permira U.K. Venture I Extension Sherry Lane Partners TTP Ventures I Jerusalem Venture Partners I Morgenthaler Ventures IX Permira UK Venture Fund III Siam Investment Fund II TVI - 2 Jerusalem Venture Partners II MOST 5-1 Perseus Soros Bio Pharm Sierra Ventures III TVI - 3 Jerusalem Venture Partners IV MOST 5-2 Pharos Capital Fund I Sierra Ventures IV TVI - 4 JK&B Capital IV MPM BioVentures I Philadelphia Ventures II Sierra Ventures V TVM I JMI Equity Fund III MPM BioVentures II Phillips-Smith Specialty Retail Sierra Ventures VIII TVM II JVP Media V MPM BioVentures III Group III Sightline Healthcare I TVM III (German Fund) JVP Opportunity VI MPM BioVentures IV Phoenix Partners Skyline III TVM III (US Fund) KBA Partners MPM BioVentures V Phoenix Partners II Sofi nnova Venture Partners VI TVM IV KBA Partners II MPM SunStates Fund Phoenix Partners III Sofi nnova Venture Partners VII TVM Life Science Venture VI Kelso ASI Partners MTI Pinnacle Equity Fund I Sofi nnova Venture Partners VIII TVM Life Science Ventures VII Kentucky Seed Capital Fund MTI IV Pinnacle Equity Fund II Softbank China Venture Capital TVM Medical Ventures Kettle Partners II MTI Ventures Pinnacle Venture Debt I Fund III TVM V Information Technology Keystone IV Multinational Industrial Fund Pinnacle Venture Debt II South Atlantic Venture Fund II TVM V Life Science Keystone Minority Capital Fund Multinational Industrial Fund II Pinnacle Venture Debt III Southgate Partners Union Square Ventures Keystone V Murphree Venture Partners IV Pioneer Ventures Associates Spark Capital I Union Square Ventures II Keystone Ventures II Murphree Venture Partners VI Pitango Venture Capital Fund III Spark Capital II Union Square Ventures III Khosla Ventures IV MVP II Liquidating Trust Pitango Venture Capital Fund IV Spark Capital III United Utilities Venture Fund Khosla Ventures Seed Nauta Tech Invest I Pittsburgh Seed Fund SPEF Pre-IPO European Fund Unitus Equity Fund Kitty Hawk Capital III Nauta Tech Invest II Pittsford Ventures I SPTec fund University Ventures Fund I Kleiner Perkins Caufi eld & Byers III Nauta Tech Invest III Pittsford Ventures II StarVest Partners II Updata Partners IV Kleiner Perkins Caufi eld & Byers IV Nazem & Company II Pittsford Ventures III Sterling Venture Partners II Updata Venture Partners II Kleiner Perkins Caufi eld & Byers V Nazem & Company III Pittsford Ventures IVa Storm Ventures Fund I Upfront I Kleiner Perkins Caufi eld & Byers VI NeoMed II Pittsford Ventures IVb (Helvetia) Summit Accelerator Fund Upfront II Kleinwort Benson Ventures NeoMed III Pittsford Ventures IVc (Maple Leaf) Summit Partners Venture Capital Upfront III KLP NeoMed IV Plenus I Fund II Upfront IV L Capital 1 NeoMed V Plenus II Summit Partners Venture Capital US Venture Partners II Latterell Venture Partners II NEPA Venture I Plenus III Fund III US Venture Partners IV Lawrence Tyrrell Ortale NEPA Venture II Polaris Venture Partners Summit Ventures US Venture Partners V Lawrence Tyrrell Ortale II New Enterprise Associates IV Polaris Venture Partners IV Summit Ventures II US Venture Partners VI Lazard Technology Partners II New Enterprise Associates IX Polaris Venture Partners V Summit Ventures IV US Venture Partners VII LC Fund V New Enterprise Associates V Polaris Venture Partners VI Summit Ventures V US Venture Partners VIII Lehman Brothers Communications New Enterprise Associates VIII Pond Venture Partners III Summit Ventures VI UV Partners Fund III Partners New Enterprise Associates VIIIA Practica Seed Capital Fund SunBridge Fund I UV Partners Fund IV Lighthouse Capital Partners III New Enterprise Associates X Practica Venture Capital Fund SunBridge Fund II Valhalla Partners II Lighthouse Capital Partners IV New Enterprise Associates XI Prelude Technology Fund II SunBridge Partners Technology 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 Vector Fund IV 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 Versant Ventures II Vietnam Equity Fund Viridian Growth Fund Vista Group III Walden Venture Capital VI Walden Venture Capital VII Walnut Growth Partners Walnut Venture Fund Wanaka Capital Partners Israeli Mid-Tech I Wasatch Venture Corp Wellington Financial I Wellington Financial II Wellington Financial III Wellington Financial IV WHEB Ventures Private Equity WIIG Communications Partners William Blair Venture Partners III Worldview Technology Partners I Worldview Technology Partners II Worldview Technology Partners III Worldview Technology Partners IV WPG Enterprise Fund WPG Enterprise Fund II WPG Enterprise Fund III WPG Venture Associates IV WPG Venture Associates V XPV Water Fund Zephyr Korea Zero Stage Capital II Zesiger Capital Group ZN Mexico Trust