Biopharmaceutical and Information Convergence Investment Performance Summary for New Leaf Funds

INVESTMENT PERFORMANCE BY SECTOR BIOPHARMACEUTICAL RETURNS SUMMARY: The New Leaf team’s biopharmaceutical investment performance has been strong in all funds. In aggregate, the New Leaf team has invested $945 million in 64 biopharmaceutical investments, and the historic realized biopharmaceutical results are 2.29x gross realized cash- on-cash return (“Multiple”) and a 21.4% gross realized IRR. These realized returns have been driven by successful early and later stage investments. Table 1 summarizes the gross realized and unrealized returns from biopharmaceutical investments in each New Leaf fund and the Sprout Funds. Table 1: Gross Biopharmaceutical Performance by Fund Group $ amounts in millions, as of March 31, 2014 Deals Total Cost Total Realized Unrealized Realized Overall Realized Overall New Leaf Ventures II, L.P. (2008) 20 $209.0 $508.5 $218.0 $290.4 2.59x 2.43x 67.5% 58.3% New Leaf Ventures I, L.P. (2005) 14 $205.6 $501.6 $167.3 $334.4 1.68x 2.44x 22.8% 23.5% All Sprout Funds (1993, 1995, 1998, 2000) 30 $533.5 $1,217.0 — $1,163.9 $53.1 2.37x 2.28x 20.6% 20.0% Total 64 $948.2 $2,227.11 $1,549.2 $677.9 2.29% 2.35x 214% 21.6% Please see the endnotes in Appendix 4 for definitions of terms and/or methodology. Note that these gross returns are for portions of each fund, broken out by investment sector subfocus. Management fees, the general partner’s carried interest and other expenses are applied on a fund level and not based on individual investments or a portion of the investment portfolio. For net returns on each fund which would include these items, please see Appendix 2. INFORMATION CONVERGENCE RETURNS SUMMARY: While New Leaf restarted new investment activity in information convergence opportunities in NLV-IL, the Fund Managers already had an established track record in this sector from 9 investments in the Sprout Funds. In total, the Fund Managers have made 17 investments in this sector, for a combined total of $142 million of invested capital. The team has realized or partially realized nine investments for combined gross realizations of $262 million and a 2.62x gross realized Multiple and 18.8% gross realized IRR. Table 2 summarizes the gross realized and unrealized returns from information convergence investments in each New Leaf fund and the Sprout Funds: Table 2: Gross Information Convergence Performance by Fund Group $ amounts in millions, as of March 31, 2014 Deals Total Cost Total Realized Unrealized Realized Overall Realized Overall New Leaf Ventures II, L.P. (2008) 8 $46.0 $59.0 $12.5 $46.5 3.44x 1.28x 95.5% 16.0% New Leaf Ventures I, L.P. (2005) 0 $0.0 $0.0 $0.0 $0.0 N/A N/A N/A N/A All Sprout Funds (1993, 1995, 1998, 2000) 9 $96.2 $249.2 $249.2 $0.0 2.59x 2.59x 18.6% 18.6% Total 17 $142.1 $308.2 $261.7 $46.5 2.62x 2.17x 18.8% 18.5% Please see the endnotes in Appendix 4 for definitions of terms and/or methodology. Note that these gross returns are for portions of each fund, broken out by investment sector subfocus. Management fees, the general partner’s carried interest and other expenses are applied on a fund level and not based on individual investments or a portion of the investment portfolio. For net returns on each fund which would include these items, please see Appendix 2. 22 CONTROL NUMBER 257 - CONFIDENTIAL HOUSE_OVERSIGHT_024033