Cambridge Associates U.S. Venture Capital Index and Selected Benchmark Statistics

June 30, 2014

Cambridge Associates LLC U.S. Venture Capital Index速 and Selected Benchmark Statistics

Official Performance Benchmark of the

U.S. Venture Capital Index and Selected Benchmark Statistics

Data as of June 30, 2014

Disclaimer Our goal is to provide you with the most accurate and relevant performance information possible; as a result, Cambridge Associates’ research organization continually monitors the constantly evolving private investments space and its fund managers. When we discern material changes in the structure of an asset class and/or a fund’s investment strategy, it is in the interest of all users of our benchmark statistics that we implement the appropriate classification realignments.

In addition, Cambridge Associates is always working to grow our private investments performance database and ensure that our benchmarks are as representative as possible of investors’ institutional-quality opportunity set. As a result we continually add funds to the database (both newly-raised funds and backfill funds) and occasionally we must remove funds that cease reporting. Our private investments performance database is dynamic and will reflect both classification adjustments and changes to the underlying pool of contributing funds. As a result, you may notice quarter to quarter changes in the results of some historical benchmark return analyses.

U.S. Venture Capital Index and Selected Benchmark Statistics

Data as of June 30, 2014

Overview Cambridge Associates’ Private Investments Database is one of the most robust collections of institutional quality private fund performance. It contains the historical performance records of over 1,700 fund managers and their over 5,700 funds. In addition, we capture the performance information (gross) of over 66,000 investments underlying our venture capital, growth equity, buyout, mezzanine and private equity energy funds. This is one of the largest collections of portfolio-level performance information in the world and represents the investments of approximately 80% of these funds on a count basis and 86% on a total commitment basis. This fund and investment-level performance information is drawn from the quarterly and audited annual financial statements of the fund managers and each manager’s reported performance numbers are independently verified by Cambridge Associates.

Institutional Quality Data Cambridge Associates strives to include only institutional quality funds in our benchmarks. “Institutional quality” funds, in our definition, tend to meet the following criteria: closed-end funds, commingled funds that invest 3rd party capital (we exclude firms that invest off of their balance sheet, such as a bank’s principal investing group or a corporate’s venture capital arm), fund vehicles that are structured to be acceptable to typical sophisticated investors, and funds that are of a sufficient size relative to their asset class/geographic investment strategy in order to permit the entry of large institutional investors. This institutional quality screen provides investors with performance data consistent with their investible opportunity set.

Sources of Benchmark Data Our benchmark database utilizes the quarterly unaudited and annual audited fund financial statements produced by the fund managers (GPs) for their Limited Partners (LPs). These documents are provided to Cambridge Associates by the fund managers themselves. Unlike other data providers, Cambridge Associates does not use Freedom of Information Act (FOIA) requests, regulatory filings, manager surveys, or press “scrapings” to obtain information. For all funds in the benchmarks, we have complete historical quarterly cash flows and net asset values. We use a number of paths to encourage fund managers to submit their performance data to our database: our clients for whom we provide private investment performance reporting, our research organization’s regular meetings with thousands of managers, our special projects designed to enhance existing benchmarks or launch new ones, our exclusive relationships with over ten globally-diverse fund manager associations, and finally, our exclusive relationships with Thomson Reuters the Institutional Limited Partners Association (ILPA). By leveraging these varied sources and proprietary relationships, Cambridge Associates has constructed a rich and diversified benchmark data set.

Vintage Year Definition Vintage year is defined as the legal inception date as noted in a fund's financial statement. This date can usually be found in the first note to the audited financial statements and is prior to the first close or capital call.

U.S. Venture Capital Index and Selected Benchmark Statistics

Data as of June 30, 2014

Timing of Final Benchmarks and Data Evolution The Cambridge Associates’ benchmarks are reported on a one-quarter lag from the end of the performance quarter due to the reporting time frame of private investments fund managers.

Published Data: When all of a benchmark group’s (organized by asset class, e.g. Venture Capital or Real Estate) performance information is fully updated for a performance quarter, that benchmark is considered final and the data is “published” via the quarterly benchmark reports.

Changes to Data: After a benchmark group is published, any updates to historical data for these funds, which can include adding a fund and its performance history to the database (“backfills”) and/or updating past information for an existing fund due to late-arriving, updated, or refined information, would be reflected when that group is published for the next performance quarter.

In addition, Cambridge Associates may change the classification of certain funds; this often driven by the evolution of private investments and the resulting need to introduce new benchmarks or refine our classification scheme. For example, as buyout strategies have evolved over the years, the definition of what is a “large cap” buyout has changed and we have moved funds accordingly.

Survivorship Bias: In order to track the performance of a fund in our benchmarks, we require the complete set of financial statements from the fund’s inception to the most current reporting date. When an active fund stops providing financial statements, we reach out to the manager and make several attempts to encourage them to continue to submit their data. We may, during this communication period, roll forward the fund’s last reported quarter’s net asset value (NAV) for several quarters. When we are convinced that the manager will not resume reporting to us, the fund’s entire performance history is removed from the database.

When fund managers stop reporting before their fund’s return history is complete, an element of “survivorship bias” may be introduced to a performance database, which could skew the reported returns upwards if the funds dropping out had poorer returns than those funds that remained. Survivorship bias can affect all investment manager databases, including those for public stock managers and hedge funds.

Compared to public stocks and hedge funds, however, the illiquid nature of private investments can actually help limit this survivorship effect. Whereas an underperforming stock manager may simply close up shop or drop out of databases as clients liquidate their positions and fire the manager, private investment partnerships owning illiquid assets continue to exist and require reporting to the limited partners, even if the original manager ceases to exist.

Over the last six years the number of fund managers that stopped reporting to Cambridge Associates represented between 0.3% to 0.8% (per year) of the total number of funds in the database during the respective year, and 0.2% to 0.5% (per year) as a percentage of total NAV in the database during that respective year. During that same period the overall number of funds in our database increased by between 7-12% per year. The performance of the small number of funds that have stopped reporting has been spread amongst all quartiles and has not been concentrated consistently in the poorer performing quartiles.

U.S. Venture Capital Index and Selected Benchmark Statistics

Data as of June 30, 2014

Note on Performance Database Changes Our goal is to provide you with the most accurate and relevant performance information possible; as a result, Cambridge Associates’ research organization continually monitors the constantly evolving private investments space and its fund managers. When we discern material changes in the structure of an asset class and/or a fund’s investment strategy, it is in the interest of all users of our benchmark statistics that we implement the appropriate classification realignments.

Our private investments performance database will reflect any such adjustments, as well as any changes to the underlying pool of contributing funds. As a result, you may notice quarter to quarter changes in the results of some historical benchmark return analyses.

U.S. Venture Capital Index and Selected Benchmark Statistics

Data as of June 30, 2014

Table of Contents U.S. Venture Capital Fund Index Analysis mPME Returns Index Returns

2

Fund Since Inception Analysis mPME Returns Since Inception Returns

7

Company Analysis Methodology

18 21

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U.S. Venture Capital: Fund Index Analysis

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U.S. Venture Capital Index and Selected Benchmark Statistics

Data as of June 30, 2014

U.S. Venture Capital Fund Index Summary: End-to-End Pooled Return Net to Limited Partners Index

1-Quarter

Cambridge Associates LLC U.S. Venture Capital Index速1

YTD

1-Year

3-Year

5-Year

10-Year

15-Year

20-Year

25-Year

30-Year

2.99

8.08

29.15

13.75

14.77

10.32

13.05

33.96

21.36

17.43

3.26

8.10

31.06

14.33

15.24

9.65

23.37

52.21

28.15

20.87

-1.34

2.26

25.15

12.34

17.79

12.41

8.78

11.73

13.45

12.66

3.93

9.95

27.59

13.34

13.19

10.86

7.68

13.96

12.84

12.00

Barclays Government/Credit Bond Index

1.92

3.94

4.28

4.08

5.09

4.94

5.66

6.18

6.64

7.90

Dow Jones Industrial Average Index

2.83

2.68

15.56

13.57

17.83

7.63

5.34

10.48

10.75

12.45

Dow Jones U.S. Small Cap Index

3.48

6.63

25.70

15.61

22.02

10.07

9.92

11.52

NA

NA

Dow Jones U.S. TopCap Index

5.13

7.19

24.96

16.52

19.10

8.22

4.68

9.84

NA

NA

Nasdaq Composite Index*

4.98

5.54

29.53

16.70

19.16

7.97

3.36

9.59

9.70

10.19

Russell 1000速 Index

5.12

7.27

25.35

16.63

19.25

8.19

4.80

10.00

10.07

11.62

Russell 2000速 Index

2.05

3.19

23.64

14.57

20.21

8.70

8.01

9.81

9.74

10.30

S&P 500 Index

5.23

7.14

24.61

16.58

18.83

7.78

4.35

9.79

9.89

11.52

Wilshire 5000 Total Market Index

4.87

7.01

24.93

16.30

19.15

8.28

5.08

9.89

9.93

11.40

U.S. Venture Capital - Early Stage

Index1

U.S. Venture Capital - Late & Expansion Stage U.S. Venture Capital - Multi-Stage Index1

Index1

The Cambridge Associates LLC U.S. Venture Capital Index速 is an end-to-end calculation based on data compiled from 1,508 U.S. venture capital funds (963 early stage, 165 late & expansion stage, 374 multi-stage and 6 venture debt funds), including fully liquidated partnerships, formed between 1981 and 2014.

1Pooled end-to-end return, net of fees, expenses, and carried interest.

Sources: Cambridge Associates LLC, Barclays, Dow Jones Indexes, Frank Russell Company, Standard & Poor's, Thomson Reuters Datastream, and Wilshire Associates, Inc. *Capital change only.

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Data as of June 30, 2014

U.S. Venture Capital Index and Selected Benchmark Statistics

U.S. Venture Capital: Fund Index Summary: End-to-End Pooled Return Compared to CA Modified Public Market Equivalent (mPME) Net to Limited Partners CA Index Cambridge Associates LLC U.S Venture Capital Index®1

1-Year

3-Year

5-Year

10-Year

15-Year

20-Year

25-Year

30-Year

29.15

13.75

14.77

10.32

13.05

33.96

21.36

17.43

24.73

16.31

18.65

8.38

6.19

9.30

9.58

10.70

442

-256

-388

194

686

2,466

1,178

673

24.15

14.18

20.18

9.16

8.92

9.98

9.93

10.14

500

-43

-541

115

413

2,398

1,143

729

25.40

16.14

19.14

8.78

6.73

9.51

9.74

10.68

375

-239

-438

154

632

2,445

1,162

675

mPME Analysis2 S&P 500 Index Value-Add (bps) Russell 2000® Index Value-Add (bps) Russell 3000® Index Value-Add (bps)

The Cambridge Associates LLC U.S. Venture Capital Index® is an end-to-end calculation based on data compiled from 1,508 U.S. venture capital funds (963 early stage, 165 late & expansion stage, 374 multi-stage and 6 venture debt funds), including fully liquidated partnerships, formed between 1981 and 2014.

1 Pooled end-to-end return, net of fees, expenses, and carried interest.

2 CA Modified Public Market Equivalent (mPME) replicates private investment performance under public market conditions. The public index’s shares are purchased and sold according to the private fund cash flow schedule, with distributions calculated in the same proportion as the private fund, and mPME NAV is a function of mPME cash flows and public index returns. “Value-Add” shows (in basis points) the difference between the actual private investment return and the mPME calculated return. Refer to Methodology page for details.

Sources: Cambridge Associates LLC, Frank Russell Company, Standard & Poor's and Thomson Reuters Datastream.

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Data as of June 30, 2014

U.S. Venture Capital Index and Selected Benchmark Statistics U.S. Venture Capital Fund Index Details: One Quarter End-to-End Pooled Return Net to Limited Partners Quarter Ending

End to End Return

Quarter Ending

End to End Return

Quarter Ending

End to End Return

Quarter Ending

End to End Return

Quarter Ending

End to End Return

6.94

2002 Q1

-8.32

2009 Q1

-2.60

1981 Q1

0.00

1988 Q1

0.60

1995 Q1

1981 Q2

1.38

1988 Q2

1.96

1995 Q2

8.54

2002 Q2

-10.92

2009 Q2

0.20

1981 Q3

1.13

1988 Q3

0.01

1995 Q3

11.32

2002 Q3

-9.97

2009 Q3

2.03

1981 Q4

1.03

1988 Q4

1.01

1995 Q4

13.56

2002 Q4

-9.79

2009 Q4

3.22

1982 Q1

1.18

1989 Q1

0.82

1996 Q1

8.77

2003 Q1

-4.16

2010 Q1

0.64

1982 Q2

0.30

1989 Q2

2.07

1996 Q2

16.53

2003 Q2

0.46

2010 Q2

0.63

1982 Q3

1.02

1989 Q3

1.39

1996 Q3

4.69

2003 Q3

-1.46

2010 Q3

3.89

1982 Q4

2.73

1989 Q4

2.32

1996 Q4

6.49

2003 Q4

0.99

2010 Q4

8.26

1983 Q1

3.32

1990 Q1

0.70

1997 Q1

-0.15

2004 Q1

1.57

2011 Q1

5.02

1983 Q2

8.86

1990 Q2

2.20

1997 Q2

14.30

2004 Q2

0.01

2011 Q2

7.14

1983 Q3

-1.05

1990 Q3

-3.06

1997 Q3

14.24

2004 Q3

6.75

2011 Q3

-0.90

1983 Q4

6.09

1990 Q4

1.78

1997 Q4

2.94

2004 Q4

6.13

2011 Q4

1.55

1984 Q1

-0.53

1991 Q1

4.51

1998 Q1

10.09

2005 Q1

-2.08

2012 Q1

4.52

1984 Q2

-0.58

1991 Q2

1.56

1998 Q2

5.33

2005 Q2

2.30

2012 Q2

0.65

1984 Q3

-0.44

1991 Q3

6.18

1998 Q3

-1.99

2005 Q3

4.28

2012 Q3

0.76

1984 Q4

0.43

1991 Q4

7.24

1998 Q4

15.08

2005 Q4

2.32

2012 Q4

1.15

1985 Q1

1.53

1992 Q1

4.31

1999 Q1

19.37

2006 Q1

4.50

2013 Q1

2.58

1985 Q2

-2.00

1992 Q2

-1.23

1999 Q2

38.62

2006 Q2

0.32

2013 Q2

4.32

1985 Q3

-0.18

1992 Q3

2.57

1999 Q3

28.99

2006 Q3

2.24

2013 Q3

6.52

1985 Q4

2.65

1992 Q4

7.22

1999 Q4

84.06

2006 Q4

9.65

2013 Q4

11.91

1986 Q1

-0.01

1993 Q1

1.90

2000 Q1

29.44

2007 Q1

2.19

2014 Q1

4.93

1986 Q2

1.59

1993 Q2

4.88

2000 Q2

3.68

2007 Q2

6.23

2014 Q2

2.99

2.64

1986 Q3

0.29

1993 Q3

6.79

2000 Q3

10.67

2007 Q3

1986 Q4

5.15

1993 Q4

4.46

2000 Q4

-19.98

2007 Q4

3.42

1987 Q1

5.13

1994 Q1

4.12

2001 Q1

-14.98

2008 Q1

-1.78

1987 Q2

2.20

1994 Q2

0.74

2001 Q2

-7.21

2008 Q2

0.24

1987 Q3

1.96

1994 Q3

7.16

2001 Q3

-17.19

2008 Q3

-2.74

1987 Q4

-2.93

1994 Q4

4.25

2001 Q4

-7.80

2008 Q4

-12.34

The Cambridge Associates LLC U.S. Venture Capital Index速 is an end-to-end calculation based on data compiled from 1,508 U.S. venture capital funds, including fully liquidated partnerships, formed between 1981 and 2014. Pooled end-to-end return, net of fees, expenses, and carried interest. Historic quarterly returns are updated in each year-end report to adjust for changes in the index sample.

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U.S. Venture Capital Index and Selected Benchmark Statistics

Data as of June 30, 2014

U.S. Venture Capital Fund Index Details: End-to-End Pooled Return Net to Limited Partners Multi-Year Returns

One Year Rolling Returns

Years

End to End Return (%)

Years

End to End Return (%)

One Year Ended

End to End Return (%)

One Year Ended

End to End Return (%)

1 Year

29.15

21 Years

30.03

6/30/2014

29.15

6/30/1994

17.30

2 Years

18.26

22 Years

27.66

6/30/2013

8.97

6/30/1993

17.51

3 Years

13.75

23 Years

26.05

6/30/2012

5.92

6/30/1992

17.40

4 Years

16.96

24 Years

23.13

6/30/2011

26.55

6/30/1991

4.74

5 Years

14.77

25 Years

21.36

6/30/2010

6.63

6/30/1990

6.77

6 Years

9.04

26 Years

19.88

6/30/2009

-16.62

6/30/1989

4.13

7 Years

8.44

27 Years

18.67

6/30/2008

4.47

6/30/1988

1.58

8 Years

9.84

28 Years

18.43

6/30/2007

21.74

6/30/1987

13.61

9 Years

10.02

29 Years

17.92

6/30/2006

11.79

6/30/1986

4.18

10 Years

10.32

30 Years

17.43

6/30/2005

13.55

6/30/1985

-0.78

11 Years

9.63

6/30/2004

1.12

12 Years

7.46

6/30/2003

-21.30

13 Years

4.34

6/30/2002

-37.39

14 Years

2.12

6/30/2001

-28.96

15 Years

13.05

6/30/2000

238.27

16 Years

23.10

6/30/1999

84.98

17 Years

26.71

6/30/1998

37.31

18 Years

26.70

6/30/1997

26.67

19 Years

35.70

6/30/1996

59.46

20 Years

33.96

6/30/1995

29.53

The Cambridge Associates LLC U.S. Venture Capital Index速 is an end-to-end calculation based on data compiled from 1,508 U.S. venture capital funds, including fully liquidated partnerships, formed between 1981 and 2014. Pooled end-to-end return, net of fees, expenses, and carried interest.

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U.S. Venture Capital: Fund Since Inception Analysis

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Data as of June 30, 2014

U.S. Venture Capital Index and Selected Benchmark Statistics U.S. Venture Capital: Since Inception IRR & Multiples by Fund Vintage Year Net to Limited Partners Vintage Year

Pooled Return (%)

Arithmetic Mean (%)

Median (%)

Equal-Weighted Pooled Return (%)

Upper Quartile (%)

Lower Quartile (%)

Standard Deviation (%)

DPI

RVPI

TVPI

Number of Funds

1981

8.47

9.01

7.87

9.03

13.24

5.94

5.59

1.76

0.00

1.76

9

1982

7.38

7.20

7.90

7.36

9.11

4.87

3.29

1.79

0.00

1.79

11

1983

10.23

9.55

8.72

10.09

12.46

7.10

5.73

2.01

0.00

2.01

28

1984

8.65

7.76

6.27

8.11

12.92

3.78

8.82

1.77

0.00

1.77

32

1985

12.91

11.70

12.86

12.88

17.35

5.49

8.21

2.69

0.00

2.69

26

1986

14.52

8.82

9.43

9.11

12.90

5.27

5.13

2.89

0.01

2.90

30

1987

18.26

14.53

15.65

15.82

22.18

8.70

10.64

2.72

0.00

2.72

34

1988

18.89

14.30

11.87

14.70

21.65

6.58

13.77

2.41

0.09

2.50

26

1989

19.16

17.05

13.31

18.88

28.80

7.75

14.46

2.59

0.00

2.59

37

1990

33.11

24.07

21.54

26.28

31.19

14.28

19.60

3.15

0.00

3.15

17

1991

27.89

24.02

18.56

25.64

27.86

11.64

20.33

3.17

0.00

3.17

17

1992

32.60

28.23

19.65

37.29

35.86

10.85

30.55

3.09

0.00

3.09

22

1993

46.71

30.43

18.83

41.09

46.49

12.02

31.10

4.12

0.00

4.13

36

1994

59.26

34.24

26.45

44.87

46.45

6.73

47.15

5.39

0.01

5.40

42

1995

88.46

56.57

41.65

77.41

80.62

21.54

58.47

6.07

0.00

6.07

35

1996

100.73

60.46

37.06

87.55

81.49

7.19

78.00

4.89

0.02

4.91

42

1997

91.80

53.75

9.64

73.72

63.34

-2.60

102.06

3.08

0.03

3.11

71

1998

11.88

16.90

-0.38

15.69

15.70

-6.25

71.87

1.45

0.05

1.50

80

1999

-0.56

-3.07

-2.29

-1.04

3.46

-11.02

17.85

0.87

0.10

0.96

113

2000

0.79

-2.16

-1.33

0.43

4.44

-6.94

12.23

0.82

0.23

1.05

156

2001

2.95

-0.05

1.65

3.77

7.28

-5.03

18.68

0.87

0.32

1.19

54

2002

0.48

1.20

-0.05

3.12

7.82

-3.48

9.13

0.72

0.30

1.02

33

2003

9.45

0.99

1.80

7.20

8.72

-3.43

21.54

1.07

0.59

1.67

38

2004

8.95

3.26

1.83

9.61

8.99

-4.98

20.58

0.89

0.69

1.58

68

2005

7.29

2.80

4.76

6.60

10.48

-0.79

18.06

0.51

0.89

1.40

63

2006

9.84

5.90

7.31

7.81

13.18

-1.62

10.12

0.52

1.00

1.53

84

2007

16.90

15.41

13.88

18.18

21.58

7.80

17.93

0.62

1.17

1.79

63

2008

17.05

13.49

13.89

15.86

20.17

6.53

14.26

0.32

1.27

1.59

61

2009

20.79

15.05

15.71

18.41

25.26

6.77

18.40

0.23

1.41

1.64

21

2010

29.81

20.48

20.34

24.91

31.69

7.19

22.78

0.22

1.55

1.76

40

2011

29.85

12.88

1.22

16.44

38.75

-4.27

30.90

0.04

1.40

1.44

41

2012

24.63

6.51

3.68

10.92

26.90

-17.59

38.59

0.01

1.24

1.25

44

Notes: Based on data compiled from 1,474 U.S. venture capital funds, including fully liquidated partnerships, formed between 1981 and 2012. Internal rates of return are net of fees, expenses and carried interest. Vintage year funds formed since 2010 are too young to have produced meaningful returns. Analysis and comparison of partnership returns to benchmark statistics may be irrelevant.

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Data as of June 30, 2014

U.S. Venture Capital Index and Selected Benchmark Statistics U.S. Venture Capital: Since Inception IRR & Multiples Compared to CA Modified Public Market Equivalent (mPME) Net to Limited Partners Pooled IRR (%) and IRR-Based Value-Add (bps)

Vintage Year

1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Number of Funds

9 11 28 32 26 30 34 26 37 17 17 22 36 42 35 42 71 80 113 156 54 33 38 68 63 84 63 61 21 40 41 44

S&P 500 Index

CA Benchmark

Total Value to Paid In (TVPI)

Russell 2000速 Index

IRR

mPME IRR

Value-Add

mPME IRR

Value-Add

8.47 7.38 10.23 8.65 12.91 14.52 18.26 18.89 19.16 33.11 27.89 32.60 46.71 59.26 88.46 100.73 91.80 11.88 -0.56 0.79 2.95 0.48 9.45 8.95 7.29 9.84 16.90 17.05 20.79 29.81 29.85 24.63

17.66 17.25 16.12 15.46 14.40 14.68 13.61 15.20 16.65 15.81 18.76 20.45 23.27 22.03 19.33 12.11 5.76 1.52 1.83 4.86 6.51 6.89 6.82 7.08 9.11 10.04 12.85 16.93 18.14 18.95 21.55 22.30

-918 -987 -589 -681 -148 -16 466 368 251 1,730 913 1,215 2,344 3,723 6,913 8,861 8,604 1,036 -239 -407 -356 -641 263 186 -182 -20 405 11 265 1,086 830 233

13.32 11.73 10.47 10.22 9.98 11.69 12.02 13.66 14.34 15.48 15.04 14.17 14.33 12.64 10.10 8.29 7.33 7.51 6.84 7.92 8.59 8.41 7.69 7.78 9.91 10.94 13.79 17.43 18.22 18.51 21.23 21.30

-485 -435 -24 -157 293 283 625 523 483 1,763 1,285 1,843 3,238 4,661 7,836 9,243 8,447 438 -740 -712 -565 -794 176 116 -262 -110 311 -38 258 1,130 862 333

CA Benchmark TVPI

1.76 1.79 2.01 1.77 2.69 2.90 2.72 2.50 2.59 3.15 3.17 3.09 4.13 5.40 6.07 4.91 3.11 1.50 0.96 1.05 1.19 1.02 1.67 1.58 1.40 1.53 1.79 1.59 1.64 1.76 1.44 1.25

S&P 500 Index mPME TVPI

2.91 3.22 2.85 2.53 2.53 2.85 1.93 2.03 2.28 1.71 2.11 1.94 1.89 1.79 1.55 1.36 1.18 1.08 1.12 1.37 1.45 1.46 1.44 1.45 1.52 1.54 1.56 1.59 1.54 1.44 1.31 1.23

Distributions to Paid In (DPI)

Russell 2000速 Index

CA Benchmark

mPME TVPI

DPI

2.20 2.24 2.01 1.88 1.93 2.29 1.77 1.86 1.97 1.65 1.80 1.58 1.49 1.43 1.31 1.30 1.27 1.42 1.49 1.64 1.62 1.57 1.51 1.50 1.58 1.60 1.61 1.61 1.55 1.43 1.30 1.22

1.76 1.79 2.01 1.77 2.69 2.89 2.72 2.41 2.59 3.15 3.17 3.09 4.12 5.39 6.07 4.89 3.08 1.45 0.87 0.82 0.87 0.72 1.07 0.89 0.51 0.52 0.62 0.32 0.23 0.22 0.04 0.01

S&P 500 Index mPME DPI

2.91 3.22 2.85 2.53 2.53 2.84 1.93 1.98 2.28 1.71 2.11 1.94 1.89 1.79 1.55 1.34 1.16 1.03 1.00 1.03 1.02 0.89 0.94 0.78 0.52 0.52 0.55 0.32 0.22 0.19 0.04 0.01

Russell 2000速 Index mPME DPI

2.20 2.24 2.01 1.88 1.93 2.29 1.77 1.81 1.97 1.65 1.80 1.58 1.49 1.43 1.31 1.27 1.24 1.36 1.32 1.23 1.14 0.96 0.98 0.81 0.55 0.54 0.57 0.33 0.22 0.19 0.04 0.01

Notes: Based on data compiled from 1,474 U.S. venture capital funds, including fully liquidated partnerships, formed between 1981 and 2012. Internal rates of returns are net of fees, expenses and carried interest. Vintage year funds formed since 2010 are too young to have produced meaningful returns. Analysis and comparison of partnership returns to benchmark statistics may be irrelevant. mPME Note: Refer to Methodology page for further details on Cambridge Associates Modified PME (mPME).

Sources: Cambridge Associates LLC, Frank Russell Company, Standard & Poor's and Thomson Reuters Datastream.

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9

U.S. Venture Capital Index and Selected Benchmark Statistics

Data as of June 30, 2014

U.S. Venture Capital: Since Inception IRR & Multiples Compared to CA Modified Public Market Equivalent (mPME) Net to Limited Partners Pooled IRR (%) and IRR-Based Value-Add (bps) Vintage Year

1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Russell 3000速 Index

Total Value to Paid In (TVPI)

Distributions to Paid In (DPI)

Number of Funds

CA Benchmark IRR

mPME IRR

Value-Add

TVPI

mPME TVPI

DPI

mPME DPI

9 11 28 32 26 30 34 26 37 17 17 22 36 42 35 42 71 80 113 156 54 33 38 68 63 84 63 61 21 40 41 44

8.47 7.38 10.23 8.65 12.91 14.52 18.26 18.89 19.16 33.11 27.89 32.60 46.71 59.26 88.46 100.73 91.80 11.88 -0.56 0.79 2.95 0.48 9.45 8.95 7.29 9.84 16.90 17.05 20.79 29.81 29.85 24.63

16.77 16.33 15.22 14.72 13.76 14.32 13.57 15.12 16.37 15.80 18.13 19.44 21.94 20.68 18.04 11.72 6.25 2.40 2.56 5.43 7.03 7.34 7.18 7.39 9.43 10.38 13.22 17.28 18.42 19.17 21.92 22.66

-830 -894 -499 -607 -85 20 469 377 279 1,731 976 1,317 2,477 3,858 7,042 8,901 8,555 948 -312 -464 -408 -686 227 155 -214 -55 368 -24 237 1,063 793 197

1.76 1.79 2.01 1.77 2.69 2.90 2.72 2.50 2.59 3.15 3.17 3.09 4.13 5.40 6.07 4.91 3.11 1.50 0.96 1.05 1.19 1.02 1.67 1.58 1.40 1.53 1.79 1.59 1.64 1.76 1.44 1.25

2.76 3.04 2.71 2.43 2.44 2.77 1.92 2.01 2.23 1.70 2.05 1.88 1.82 1.74 1.52 1.36 1.20 1.12 1.17 1.42 1.50 1.49 1.47 1.47 1.54 1.57 1.58 1.60 1.55 1.45 1.31 1.23

1.76 1.79 2.01 1.77 2.69 2.89 2.72 2.41 2.59 3.15 3.17 3.09 4.12 5.39 6.07 4.89 3.08 1.45 0.87 0.82 0.87 0.72 1.07 0.89 0.51 0.52 0.62 0.32 0.23 0.22 0.04 0.01

2.76 3.04 2.71 2.43 2.44 2.77 1.92 1.97 2.23 1.70 2.05 1.88 1.82 1.73 1.52 1.33 1.18 1.07 1.04 1.06 1.04 0.91 0.96 0.79 0.53 0.52 0.55 0.32 0.22 0.19 0.04 0.01

CA Benchmark

Russell 3000速 Index

CA Benchmark

Russell 3000速 Index

Notes: Based on data compiled from 1,474 U.S. venture capital funds, including fully liquidated partnerships, formed between 1981 and 2012. Internal rates of returns are net of fees, expenses and carried interest. Vintage year funds formed since 2010 are too young to have produced meaningful returns. Analysis and comparison of partnership returns to benchmark statistics may be irrelevant. mPME Note: Refer to Methodology page for further details on Cambridge Associates Modified PME (mPME).

Sources: Cambridge Associates LLC, Frank Russell Company, Standard & Poor's and Thomson Reuters Datastream.

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10

U.S. Venture Capital Index and Selected Benchmark Statistics

Data as of June 30, 2014

U.S. Venture Capital: Total Value to Paid In Capital Multiple (TVPI) Net to Limited Partners Vintage Year

Pooled Return

Arithmetic Mean

Median

Upper Quartile

Lower Quartile

Number of Funds

1981

1.76

1.86

1.90

2.02

1.55

9

1982

1.79

1.94

1.74

2.20

1.54

11

1983

2.01

1.99

1.85

2.30

1.54

28

1984

1.77

1.70

1.71

2.04

1.27

32

1985

2.69

2.62

2.38

3.04

1.45

26

1986

2.90

1.83

1.87

2.07

1.46

30

1987

2.72

2.55

2.28

3.19

1.72

34

1988

2.50

2.15

2.12

2.53

1.47

26

1989

2.59

2.44

2.09

2.99

1.52

37

1990

3.15

2.72

2.44

2.80

1.60

17

1991

3.17

3.19

2.36

3.52

1.62

17

1992

3.09

3.50

2.22

3.18

1.55

22

1993

4.13

3.57

2.30

3.53

1.55

36

1994

5.40

3.78

2.16

4.43

1.34

42

1995

6.07

5.17

2.68

4.33

1.87

35

1996

4.91

4.44

2.19

4.61

1.27

42

1997

3.11

2.57

1.42

2.46

0.88

71

1998

1.50

1.58

0.98

1.59

0.63

80

1999

0.96

0.94

0.83

1.32

0.42

113

2000

1.05

1.03

0.91

1.31

0.62

156

2001

1.19

1.25

1.13

1.55

0.78

54

2002

1.02

1.19

1.00

1.48

0.80

33

2003

1.67

1.50

1.11

1.58

0.81

38

2004

1.58

1.62

1.12

1.57

0.79

68

2005

1.40

1.37

1.31

1.63

0.96

63

2006

1.53

1.40

1.38

1.68

0.92

84

2007

1.79

1.88

1.64

2.18

1.33

63

2008

1.59

1.55

1.39

1.65

1.20

61

2009

1.64

1.49

1.40

1.79

1.17

21

2010

1.76

1.60

1.39

1.87

1.14

40

2011

1.44

1.24

1.02

1.46

0.95

41

2012

1.25

1.10

1.03

1.26

0.88

44

Notes: Based on data compiled from 1,474 U.S. venture capital funds, including fully liquidated partnerships, formed between 1981 and 2012. Internal rates of return are net of fees, expenses and carried interest. Vintage year funds formed since 2010 are too young to have produced meaningful returns. Analysis and comparison of partnership returns to benchmark statistics may be irrelevant.

|

11

U.S. Venture Capital Index and Selected Benchmark Statistics

Data as of June 30, 2014

U.S. Venture Capital: Distribution to Paid In Capital Multiple (DPI) Net to Limited Partners Vintage Year

Pooled Return

Arithmetic Mean

Median

Upper Quartile

Lower Quartile

Number of Funds

1981

1.76

1.86

1.90

2.02

1.55

9

1982

1.79

1.94

1.74

2.20

1.54

11

1983

2.01

1.99

1.85

2.30

1.54

28

1984

1.77

1.70

1.71

2.04

1.27

32

1985

2.69

2.62

2.38

3.04

1.45

26

1986

2.89

1.83

1.87

2.07

1.46

30

1987

2.72

2.55

2.28

3.19

1.72

34

1988

2.41

2.11

2.08

2.52

1.43

26

1989

2.59

2.44

2.09

2.99

1.52

37

1990

3.15

2.72

2.44

2.80

1.60

17

1991

3.17

3.19

2.36

3.52

1.62

17

1992

3.09

3.49

2.22

3.18

1.55

22

1993

4.12

3.56

2.30

3.53

1.51

36

1994

5.39

3.76

2.13

4.43

1.34

42

1995

6.07

5.16

2.68

4.33

1.87

35

1996

4.89

4.42

2.16

4.58

1.27

42

1997

3.08

2.54

1.35

2.40

0.87

71

1998

1.45

1.52

0.97

1.54

0.62

80

1999

0.87

0.84

0.74

1.17

0.33

113

2000

0.82

0.81

0.70

1.09

0.41

156

2001

0.87

0.92

0.76

1.09

0.57

54

2002

0.72

0.84

0.70

1.18

0.43

33

2003

1.07

0.84

0.55

1.04

0.24

38

2004

0.89

0.94

0.39

0.88

0.19

68

2005

0.51

0.52

0.36

0.67

0.19

63

2006

0.52

0.44

0.37

0.71

0.12

84

2007

0.62

0.63

0.47

0.79

0.21

63

2008

0.32

0.34

0.28

0.49

0.06

61

2009

0.23

0.24

0.11

0.25

0.00

21

2010

0.22

0.19

0.10

0.23

0.00

40

2011

0.04

0.06

0.00

0.03

0.00

41

2012

0.01

0.00

0.00

0.00

0.00

44

Notes: Based on data compiled from 1,474 U.S. venture capital funds, including fully liquidated partnerships, formed between 1981 and 2012. Internal rates of return are net of fees, expenses and carried interest. Vintage year funds formed since 2010 are too young to have produced meaningful returns. Analysis and comparison of partnership returns to benchmark statistics may be irrelevant.

|

12

U.S. Venture Capital Index and Selected Benchmark Statistics

Data as of June 30, 2014

U.S. Venture Capital: Residual Value to Paid In Capital Multiple (RVPI) Net to Limited Partners Vintage Year

Pooled Return

Arithmetic Mean

Median

Upper Quartile

Lower Quartile

Number of Funds

1981

0.00

0.00

0.00

0.00

0.00

9

1982

0.00

0.00

0.00

0.00

0.00

11

1983

0.00

0.00

0.00

0.00

0.00

28

1984

0.00

0.00

0.00

0.00

0.00

32

1985

0.00

0.00

0.00

0.00

0.00

26

1986

0.01

0.00

0.00

0.00

0.00

30

1987

0.00

0.00

0.00

0.00

0.00

34

1988

0.09

0.04

0.00

0.00

0.00

26

1989

0.00

0.00

0.00

0.00

0.00

37

1990

0.00

0.00

0.00

0.00

0.00

17

1991

0.00

0.00

0.00

0.00

0.00

17

1992

0.00

0.01

0.00

0.00

0.00

22

1993

0.00

0.00

0.00

0.00

0.00

36

1994

0.01

0.01

0.00

0.00

0.00

42

1995

0.00

0.01

0.00

0.00

0.00

35

1996

0.02

0.03

0.00

0.03

0.00

42

1997

0.03

0.03

0.00

0.02

0.00

71

1998

0.05

0.05

0.00

0.06

0.00

80

1999

0.10

0.09

0.05

0.14

0.00

113

2000

0.23

0.22

0.15

0.27

0.05

156

2001

0.32

0.32

0.25

0.47

0.12

54

2002

0.30

0.35

0.22

0.49

0.14

33

2003

0.59

0.66

0.46

0.77

0.35

38

2004

0.69

0.68

0.56

0.96

0.33

68

2005

0.89

0.85

0.82

1.18

0.53

63

2006

1.00

0.96

0.90

1.11

0.66

84

2007

1.17

1.24

1.03

1.42

0.79

63

2008

1.27

1.21

1.17

1.36

0.87

61

2009

1.41

1.25

1.21

1.61

0.97

21

2010

1.55

1.41

1.20

1.63

1.01

40

2011

1.40

1.19

1.01

1.37

0.92

41

2012

1.24

1.10

1.03

1.26

0.88

44

Notes: Based on data compiled from 1,474 U.S. venture capital funds, including fully liquidated partnerships, formed between 1981 and 2012. Internal rates of return are net of fees, expenses and carried interest. Vintage year funds formed since 2010 are too young to have produced meaningful returns. Analysis and comparison of partnership returns to benchmark statistics may be irrelevant.

|

13

U.S. Venture Capital Index and Selected Benchmark Statistics

Data as of June 30, 2014

U.S. Venture Capital: Since Inception IRR Based on Fund Capitalization Net to Limited Partners (%) Vintage Year 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

All Funds1 Pooled Return 8.47 7.38 10.23 8.65 12.91 14.52 18.26 18.89 19.16 33.11 27.89 32.60 46.71 59.26 88.46 100.73 91.80 11.88 -0.56 0.79 2.95 0.48 9.45 8.95 7.29 9.84 16.90 17.05 20.79 29.81 29.85 24.63

Number of Funds 9 11 28 32 26 30 34 26 37 17 17 22 36 42 35 42 71 80 113 156 54 33 38 68 63 84 63 61 21 40 41 44

Capitalization <=$50mm Number of Pooled Return Funds 8.72 7.17 10.80 8.25 11.68 7.84 13.66 11.47 14.65 19.67 21.72 47.31 14.89 25.43 42.41 48.15 11.34 107.31 1.89 -1.28 4.56 2.45 2.51 5.52 6.72 5.06 11.20 14.60 NA 21.57 19.04 6.14

7 8 15 19 18 21 17 17 22 9 8 9 16 17 9 9 20 15 13 21 17 10 8 11 10 11 7 14 2 8 8 10

Capitalization >$50mm<=$150mm Number of Pooled Return Funds NA NA 8.94 10.51 13.32 11.36 19.62 18.27 24.38 39.24 29.90 49.08 57.22 49.01 103.29 105.35 78.36 8.02 -1.01 0.04 2.18 4.63 7.90 21.72 3.24 6.11 18.75 7.93 10.90 13.01 3.36 43.86

2 2 8 10 7 5 11 5 9 7 8 5 15 22 24 18 34 34 33 47 10 12 11 13 12 29 9 11 4 9 10 11

Capitalization >$150mm Number of Pooled Return Funds NA 0 NA 1 10.76 5 4.91 3 NA 1 16.36 4 19.95 6 27.49 4 18.94 6 NA 1 NA 1 22.67 8 43.32 5 89.63 3 NA 2 101.49 15 107.47 17 11.98 31 -0.56 67 0.90 88 2.93 27 -0.97 11 9.88 19 7.73 44 7.56 41 10.43 44 16.88 47 17.51 36 21.48 15 31.18 23 33.32 23 23.95 23

Notes: 1Based on data compiled from 1,474 U.S. venture capital funds, including fully liquidated partnerships, formed between 1981 and 2012. Returns are net of fees, expenses and carried interest. To reflect fundraising environment, returns for vintage year 1981 through 1991 are represented by capitalization amounts of <$50mm, >$50mm and <$100mm, and >$100mm. Vintage year funds formed since 2010 are too young to have produced meaningful returns. Analysis and comparison of partnership returns to benchmark statistics may be irrelevant. Benchmarks with NA (not applicable) have an insufficient number of funds in the vintage year sample to produce a meaningful return.

|

14

Data as of June 30, 2014

U.S. Venture Capital Index and Selected Benchmark Statistics U.S. Venture Capital: Since Inception IRR Based on Fund Initial Stage Net to Limited Partners (%) Vintage Year 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

All Funds1 Pooled Return 8.47 7.38 10.23 8.65 12.91 14.52 18.26 18.89 19.16 33.11 27.89 32.60 46.71 59.26 88.46 100.73 91.80 11.88 -0.56 0.79 2.95 0.48 9.45 8.95 7.29 9.84 16.90 17.05 20.79 29.81 29.85 24.63

Early Stage

Number of Funds 9 11 28 32 26 30 34 26 37 17 17 22 36 42 35 42 71 80 113 156 54 33 38 68 63 84 63 61 21 40 41 44

Pooled Return 10.74 7.67 8.87 8.42 13.65 9.25 17.81 21.56 24.51 40.15 29.61 36.78 56.41 71.64 102.19 130.09 117.56 16.90 -5.56 0.46 3.29 0.60 9.70 12.06 4.29 8.35 18.82 18.48 22.94 34.34 29.16 28.34

Late & Expansion Stage

Number of Funds 6 10 17 21 18 21 19 18 26 8 13 15 23 29 24 26 53 52 69 108 29 22 27 41 41 45 34 36 12 25 26 30

Pooled Return NA NA 10.47 NA NA NA 20.90 NA NA 23.27 NA 20.20 NA 22.44 33.82 44.60 106.40 6.24 4.05 4.65 5.77 0.49 11.80 3.82 26.61 12.24 14.24 6.60 NA 14.95 17.02 39.12

Multi-Stage

Number of Funds

Pooled Return

Number of Funds

0 0 4 2 2 2 6 1 2 3 1 3 2 5 3 3 6 6 20 17 3 6 4 9 5 14 6 8 1 6 5 6

4.75 NA 12.01 7.80 11.71 16.12 16.35 14.51 15.58 20.31 25.31 25.84 20.31 42.55 17.51 45.14 16.23 4.93 5.86 0.25 2.52 -0.75 3.44 3.42 6.88 10.46 15.85 18.54 19.68 23.31 35.18 14.50

3 1 7 9 6 7 9 7 9 6 3 4 11 7 8 12 12 22 23 30 22 4 7 18 17 25 22 17 8 9 10 8

Notes: 1Based on data compiled from 1,474 U.S. venture capital funds, including fully liquidated partnerships, formed between 1981 and 2012. Excludes 6 Venture Debt stage funds. Returns are net of fees, expenses and carried interest. Vintage year funds formed since 2010 are too young to have produced meaningful returns. Analysis and comparison of partnership returns to benchmark statistics may be irrelevant. Benchmarks with NA (not applicable) have an insufficient number of funds in the vintage year sample to produce a meaningful return.

|

15

Data as of June 30, 2014

U.S. Venture Capital Index and Selected Benchmark Statistics U.S. Venture Capital: Since Inception IRR Based on Fund Industry Net to Limited Partners (%) Focused

All Funds1

Multi-Industry

Vintage Year 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Pooled Return

Number of Funds

Pooled Return

Number of Funds

Pooled Return

8.47 7.38 10.23 8.65 12.91 14.52 18.26 18.89 19.16 33.11 27.89 32.60 46.71 59.26 88.46 100.73 91.80 11.88 -0.56 0.79 2.95 0.48 9.45 8.95 7.29 9.84 16.90 17.05 20.79 29.81 29.85 24.63

9 11 28 32 26 30 34 26 37 17 17 22 36 42 35 42 71 80 113 156 54 33 38 68 63 84 63 61 21 40 41 44

9.68 6.98 9.26 10.86 14.49 9.55 20.11 21.86 27.20 37.26 29.78 38.49 48.09 63.63 102.58 97.42 96.41 15.67 -0.74 0.33 2.55 -0.17 9.78 10.01 8.71 9.68 19.97 19.37 25.60 26.13 33.46 31.76

3 6 12 14 12 14 15 17 16 9 14 15 22 32 28 35 51 67 96 135 48 26 34 60 50 70 48 45 14 30 31 33

7.47 8.31 10.74 7.02 10.71 16.36 17.22 15.23 15.94 20.07 10.84 18.49 44.28 40.08 29.25 126.25 80.44 -1.25 1.20 4.52 7.35 4.44 3.40 2.23 0.03 10.67 8.47 13.72 14.37 40.57 14.61 16.36

Number of Funds 6 5 16 18 14 16 19 9 21 8 3 7 14 10 7 7 20 13 17 21 6 7 4 8 13 14 15 16 7 10 10 11

Notes: 1Based on data compiled from 1,474 U.S. venture capital funds, including fully liquidated partnerships, formed between 1981 and 2012. Returns are net of fees, expenses and carried interest. Vintage year funds formed since 2010 are too young to have produced meaningful returns. Analysis and comparison of partnership returns to benchmark statistics may be irrelevant. Benchmarks with NA (not applicable) have an insufficient number of funds in the vintage year sample to produce a meaningful return.

|

16

Data as of June 30, 2014

U.S. Venture Capital Index and Selected Benchmark Statistics U.S. Venture Capital: Since Inception IRR Based on Fund Region Net to Limited Partners (%) Focused

All Funds1

Multi-Region

Vintage Year 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Pooled Return

Number of Funds

Pooled Return

8.47 7.38 10.23 8.65 12.91 14.52 18.26 18.89 19.16 33.11 27.89 32.60 46.71 59.26 88.46 100.73 91.80 11.88 -0.56 0.79 2.95 0.48 9.45 8.95 7.29 9.84 16.90 17.05 20.79 29.81 29.85 24.63

9 11 28 32 26 30 34 26 37 17 17 22 36 42 35 42 71 80 113 156 54 33 38 68 63 84 63 61 21 40 41 44

6.89 8.37 9.27 9.51 14.67 8.90 18.68 17.01 26.64 27.76 19.35 52.43 54.10 79.44 112.01 161.38 152.97 24.16 1.07 0.38 2.95 1.89 10.97 8.55 2.29 6.92 23.18 21.40 22.85 35.45 25.78 34.65

Number of Funds 4 4 15 14 14 12 19 11 22 9 7 9 17 24 19 18 33 40 57 71 21 13 20 27 20 35 21 22 6 19 13 13

Pooled Return 9.50 6.80 10.88 7.96 11.95 15.36 17.66 20.68 15.21 35.91 36.71 18.92 38.79 27.73 55.38 34.78 43.52 3.64 -1.77 0.98 2.95 0.01 8.46 9.15 8.78 11.09 14.72 15.55 20.21 23.87 32.03 19.84

Number of Funds 5 7 13 18 12 18 15 15 15 8 10 13 19 18 16 24 38 40 56 85 33 20 18 41 43 49 42 39 15 21 28 31

Notes: 1Based on data compiled from 1,474 U.S. venture capital funds, including fully liquidated partnerships, formed between 1981 and 2012. Returns are net of fees, expenses and carried interest. Vintage year funds formed since 2010 are too young to have produced meaningful returns. Analysis and comparison of partnership returns to benchmark statistics may be irrelevant. Benchmarks with NA (not applicable) have an insufficient number of funds in the vintage year sample to produce a meaningful return.

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17

U.S. Venture Capital: Company Analysis

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18

Data as of June 30, 2014

U.S. Venture Capital Index and Selected Benchmark Statistics U.S. Venture Capital: Since Inception IRR by Company Initial Investment Year

By Industry Pooled Gross IRR (%) of Companies Receiving Initial Investment In: Industry

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

5.68

12.79

-8.48

-57.35

-19.60

-20.17

0.49

-15.15

8.91

-4.69

18.30

-0.89

2.87

13.66

119.25

27.47

Consumer/Retail

-6.43

6.99

0.49

-1.24

11.68

5.09

11.22

12.39

4.39

0.97

0.10

16.03

-2.83

18.53

19.44

30.86

Electronics

58.55

183.47

4.55

-13.83

-2.84

0.45

-6.25

3.47

-3.08

-5.26

-1.53

5.40

6.97

28.74

20.21

58.18

Energy

10.33

6.50

-2.47

5.31

-3.75

13.00

34.94

-0.14

-4.94

-7.86

13.19

-8.80

-5.71

6.38

-0.64

5.92

-100.00

NA

NA

NA

-44.77

21.63

-74.06

-50.68

-78.88

-60.58

-20.14

-2.45

-12.90

13.12

9.25

-15.92

Financial Services

9.57

32.22

5.64

12.81

21.78

18.78

19.15

28.73

5.58

18.53

1.32

11.23

17.29

19.52

24.65

63.76

Hardware/Systems

56.84

201.03

1.27

-8.01

14.36

6.73

4.25

17.58

-4.09

-2.21

45.14

20.28

57.40

52.61

64.00

33.08

7.71

17.52

13.04

2.44

8.71

6.92

14.71

9.05

11.01

5.93

12.82

15.50

24.03

27.52

32.70

58.71

Industrial

-99.89

16.32

10.89

-99.99 -100.00

NA

42.62

70.67

6.25

13.63

-0.02

24.97

NA

-9.31

59.49 -100.00

Information Technology *

272.55

276.87

33.61

-3.02

-1.02

9.57

15.62

16.17

24.96

18.13

21.72

27.80

49.50

40.92

26.32

40.70

Manufacturing

58.55

-14.77

8.42

-3.16

15.96

-13.52

21.36

-1.14

-12.51

15.78

5.38

11.79

20.32

5.88

33.51

9.06

Media/Communications

-0.99

206.60

13.38

-0.07

5.34

4.92

10.48

14.61

12.53

-6.85

3.01

21.84

31.32

43.44

19.59

35.28

121.57

106.49

-3.62

-5.49

1.55

17.92

9.58

25.51

6.28

13.67

13.45

24.65

45.35

37.84

37.43

41.60

32.54

4.32

-15.86

-8.85

2.14

-6.90

23.08

7.24

6.24

5.37

4.76

7.82

39.69

17.33

99.75

40.32

137.13

153.64

17.92

-2.69

3.91

9.96

11.54

14.24

12.41

8.61

13.98

18.96

33.21

32.82

33.38

43.90

1,067

1,541

2,369

3,083

1,544

1,323

1,313

1,558

1,483

1,684

1,790

1,594

1,020

1,378

1,692

1,458

Chemical/Materials

Environmental

Health Care/Biotech *

Software/Services Other/Fund of Funds

All Companies Number of Companies

* See following exhibit for industry subgroups.

NA indicates inadequate number of companies in sample.

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19

Data as of June 30, 2014

U.S. Venture Capital Index and Selected Benchmark Statistics U.S. Venture Capital: Since Inception IRR by Company Initial Investment Year

By Health Care/Biotech and Information Technology Subgroups Pooled Gross IRR (%) of Companies Receiving Initial Investment In: Subgroup

1997

1998

1999

10.27

51.57

74.48

-2.48

7.46

5.08

20.85

5.41

14.88

Health Care Devices

8.31

3.75

7.63

5.26

2.81

0.19

4.79

1.65

Health Care Services

2.61

9.74

6.10

9.78

14.35

13.74

19.21

Health Care Software/Systems

9.14

4.56

2.86

-0.31

2.87

-4.47

Pharmaceuticals

6.64

24.89

22.17

13.22

20.99

Internet-eBusiness

136.35

105.63

-5.46

-1.95

Internet-eCommerce

682.30

294.03

37.82

Telecom Network/Systems

238.19

359.07

Telecom Products

245.38

Telecom Services

138.95

Biotechnology/Biopharm/R&D

2007

2008

2009

2010

2011

2012

7.31

16.83

12.80

29.72

35.03

40.91

95.90

8.19

2.13

2.76

7.75

6.83

14.42

13.34

6.30

21.80

13.19

10.26

16.55

17.54

26.66

10.08

32.34

18.48

-14.50

21.94

10.89

6.33

22.49

56.25

16.91

20.15

41.45

-9.34

34.13

25.97

21.47

1.54

8.07

10.89

12.03

32.79

38.67

35.10

75.53

4.32

25.04

28.80

41.00

17.28

18.38

16.10

27.05

40.10

37.63

32.10

36.63

9.82

16.01

6.84

38.35

21.82

47.81

31.81

30.37

40.34

63.69

43.86

24.20

45.38

271.30

-9.22

-0.14

15.84

3.93

4.52

0.96

-7.61

24.79

16.23

16.32

19.65

0.02

19.77

306.06

52.02

-10.02

-8.26

-11.88

13.16

-5.78

-6.28

-22.96

-6.35

-3.26

29.43

46.87

4.77

10.75

101.45

-9.47

-2.94

3.40

7.86

11.05

4.23

-0.27

6.54

14.71

-4.78

-60.12

42.63

15.88

44.63

NA indicates inadequate number of companies in sample.

2000

2001

2002

2003

2004

2005

2006

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20

U.S. Venture Capital Index and Selected Benchmark Statistics

Data as of June 30, 2014

Description of Performance Measurement Methodology Cambridge Associates LLC (CA) has established a database to monitor investments made by venture capital and other alternative asset partnerships. On June 30, 2014, 1,508 U.S. venture capital funds from the years 1981 through 2014 were included in the sample. Users of the analysis may find the following description of the data sources and calculation techniques helpful to their interpretation of information presented in the report: 1. Partnership financial statements and narratives are the primary source of information concerning cash flows and ending residual/ net asset values (NAV) for both partnerships and portfolio company investments.

2.

Recognizing the alternative asset community's sensitivity to the distribution of information pertaining to individual fund investments, as a matter of policy CA only releases aggregated figures in its benchmark report.

3.

Vintage year is defined as the legal inception date as noted in a fund's financial statement. This date can usually be found in the first note to the audited financial statements and is prior to the first close or capital call.

4. CA uses both the since inception internal rate of return and the end-to-end or horizon performance calculation in its benchmark reports: a.

The since inception internal rate of return (SI IRR) is a since inception calculation that solves for the discount rate, which makes the net present value of an investment equal to zero. The calculation is based on cash-on-cash returns over equal periods modified for the residual value of the partnershipâ&#x20AC;&#x2122;s equity or portfolio companyâ&#x20AC;&#x2122;s NAV. The residual value attributed to each respective group being measured is incorporated as its ending value. Transactions are accounted for on a quarterly basis, and annualized values are used for reporting purposes. Please note that all transactions are recorded on the 45th day or midpoint of the quarter.

b.

Cambridge Associates uses the end â&#x20AC;&#x201C;to-end or horizon internal rate of return calculation to calculate the official quarterly, annual, and multi-year index figures. The horizon IRR performance calculation is a money-weighted return similar to the since inception IRR; however, it is measuring performance between two points in time. The calculation incorporates the beginning NAV (if any, treated as an inflow), interim cash flows and the ending NAV (if any, treated as an outflow). All interim cash flows are recorded on the mid-period date of the quarter. In order for a fund to be included in a horizon IRR calculation, the fund must have at least one quarterly contribution, distribution or NAV during the time frame being measured. Similar to the since inception IRR, the horizon IRR is annualized for time frames greater than one year. |

21

U.S. Venture Capital Index and Selected Benchmark Statistics

Data as of June 30, 2014

Description of Performance Measurement Methodology (Continued) 5. Additional Calculation Definitions: In order to provide meaningful statistics, Cambridge Associates has applied minimum fund count thresholds for each calculation.. See minimum counts in parenthesis after each calculation. a. Pooled return aggregates all cash flows and ending NAVs in a sample to calculate a dollar-weighted return.(minimum 3 funds) b. Arithmetic mean averages the individual fund IRRs included in a vintage year. (minimum 3 funds) c. Median is the middle fund IRR of the group of individual fund IRRs included in a vintage year. (minimum 5 funds) d. Equal-weighted pooled return equally weights all cash flows and ending NAVs based on paid in capital to calculate a dollarweighted return. (minimum 3 funds) e. Upper/ lower quartile are the thresholds for the upper (top 25%) and lower (bottom 25%) quartiles based on the individual fund IRRs included in a vintage year. Can be used in conjunction with the median to determine quartile placement. (minimum 8 funds) f. Standard deviation is measure of the dispersion of the individual returns. The calculation employs the standard methodology for calculating a sample mean (not a population mean). (minimum 3 funds) 6. Realization ratio exhibits (TVPI, DPI, RVPI): CA has independently calculated the proper realization ratio for each fund in each vintage year. Please note that each fund has been ranked within its respective vintage year by the corresponding realization ratio, as opposed to being ranked by IRR as they are ranked in the since inception IRR exhibit. As a result a fund's ranking within its vintage year may change. For example, it is possible that a vintage year can have a different median fund when ranked by IRR vs. when ranked

by TVPI, DPI or RVPI. 7. Cambridge Associates Modified Public Market Equivalent (mPME): The mPME calculation is a private-to-public comparison that seeks to replicate private investment performance under public market conditions. The public index’s shares are purchased and sold according to the private fund cash flow schedule, with distributions calculated in the same proportion as the private fund, and the mPME NAV (the value of the shares held by the public equivalent) is a function of mPME cash flows and public index returns. The mPME attempts to evaluate what return would have been earned had the dollars been deployed in the public markets instead of in private investments while avoiding the “negative NAV” issue inherent in some PME methodologies. “Value-Add” shows (in basis points) the difference between the actual private investment return and the mPME calculated return.

8. Exhibits detailing data for portfolio companies are grouped by year of the fund’s initial investment in a company, as opposed to vintage year. Returns are gross returns. |

22

Copyright Š 2014 by Cambridge Associates LLC. All rights reserved. Confidential.

This report may not be displayed, reproduced, distributed, transmitted, or used to create derivative works in any form, in whole or in portion, by any means, without written permission from Cambridge Associates LLC (â&#x20AC;&#x153;CAâ&#x20AC;?). Copying of this publication is a violation of U.S. and global copyright laws (e.g., 17 U.S.C. 101 et seq.). Violators of this copyright may be subject to liability for substantial monetary damages. The information and material published in this report are confidential and non-transferable. Therefore, recipients may not disclose any information or material derived from this report to third parties, or use information or material from this report, without prior written authorization. This report is provided for informational purposes only. It is not intended to constitute an offer of securities of any of the issuers that may be described in the report. No part of this report is intended as a recommendation of any firm or any security, unless expressly stated otherwise. Nothing contained in this report should be construed as the provision of tax or legal advice. Past performance is not indicative of future performance. Any information or opinions provided in this report are as of the date of the report and CA is under no obligation to update the information or communicate that any updates have been made. Information contained herein may have been provided by third parties, including investment firms providing information on returns and assets under management, and may not have been independently verified. CA can neither assure nor accept responsibility for accuracy, but substantial legal liability may apply to misrepresentations of results made by a manager that are delivered to CA electronically, by wire, or through the mail. Managers may report returns to CA gross (before the deduction of management fees), net (after the deduction of management fees), or both.

Cambridge Associates, LLC is a Massachusetts limited liability company with offices in Arlington, VA; Boston, MA; Dallas, TX; and Menlo Park, CA. Cambridge Associates Fiduciary Trust, LLC is a New Hampshire limited liability company chartered to serve as a non-depository trust company, and is a wholly-owned subsidiary of Cambridge Associates, LLC. Cambridge Associates Limited is registered as a limited company in England and Wales No. 06135829 and is authorised and regulated by the Financial Conduct Authority in the conduct of Investment Business. Cambridge Associates Limited, LLC is a Massachusetts limited liability company with a branch office in Sydney, Australia (ARBN 109 366 654). Cambridge Associates Asia Pte Ltd is a Singapore corporation (Registration No. 200101063G). Cambridge Associates Investment Consultancy (Beijing) Ltd is a wholly owned subsidiary of Cambridge Associates, LLC and is registered with the Beijing Administration for Industry and Commerce (Registration No. 110000450174972).