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# Returns Model • How many Investment Thesis Fundamentals (April 2016)

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Returns Model
• How many exits / what size do you expect and when?
CONFIDENTIAL /
/
FEBRUARY23,2016PAGE4
Legal review
Return Multiple
(Blended)
Gross Exit Value Per
Company
% of Companies that Yield
Return Multiple at Exit
Number of Companies Potential Returns2
50X \$500M+ 2% 18 \$360,000,000
20X \$100M+ 5% 45 \$360,000,000
5X \$20M+ 10% 90 \$180,000,000
1X \$3M 23% 207 \$31,050,000
0X \$0 60% 540 \$0
Total Returns \$931,050,000
Fund Multiple 4.7X
Theoretical Model Assumptions:
• Fund Size: \$200M
• Total Invested Capital: \$174M
• Number of Portfolio Companies: 900
Lots of Little Bets: we believe a large, diversified portfolio of early-stage investments
reduces risk and maximizespotential return relative to “traditional” VC funds
1. Model is theoretical and is provided for illustrative purposes only. Model is not based on past performance and makes certain material assumptions and projections which may or may not prove accurate. Model does not
purport to guarantee future returns, and returns for investors in Fund IV may be less or more than the returns reflected in this model. “Estimated Returns” and “Fund Multiple” represent theoretically possible results for
Fund IV in the aggregate and do not account for carry and certain other deductions and expenses, which would reduce the amountsreturned to investors.
2. Potential Returns = (Number of Companies) x (Average InvestmentPer Company) x (Return Multiple).
Theoretical Fund Returns Model1
• Generally investing between \$50,000 to \$250,000 on the first check
• Follow-on investments in top-performing companies, ~ 20% of the portfolio

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