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H (Distributed + Liquid Public) to Paid-in Capital: Calculated based on (1) called capital of a fund (based on individual called capital percentages and fund sizes across multiple funds) and (2) distributed capital of a fund (based on aggregating individual funds distributed capital amounts, as calculated using DPI and called individual fund called amounts) plus the unrealized value of freely tradable publicly traded securities based on the closing market price of the security. This is based on the assumption that NLV can trade out of 10% of daily trading volume over next 30 days based on last 30 days ADTV.

For the purposes of this ratio for NLV-I and NLV-II, the “deemed contribution” of the general partner is included in the total amount of capital contributions made by the fund’s partners.

I Realized Cost: Represents the cost of investment attributable to the realized portion of such investment.

J Total Cost: Represents the overall cost of investment.

K Realized Value: Represents gross proceeds received from the sale of an underlying investment or group of investments.

L Unrealized Value, Unrealized/(Public) or Unrealized/(Private): All private investments are fair value as determined in good faith by the General Partner. Fair value is based on the best information available and is determined by reference to information including, but not limited to, the following: operating results, financial condition, public or private transactions, valuations for publicly-traded compatible companies, recent purchases of the same or similar securities, progress of clinical trials or other operational progress of an investment’s product, and/or other measures, and consideration of any other pertinent information including the types of securities held and restrictions on disposition. Public represents a portfolio company whose securities are traded on a public exchange such as NASDAQ. The unrealized value of publicly traded securities held shown in parenthesis is valued at the closing market price. The unrealized value of warrants for any publicly traded companies is valued based on the Black-Sholes Method.

M Total Value: Represents realized value plus Unrealized Value.

N Multiple: Represents the ratio of Total Value, Realized Value or Unrealized Value to the corresponding amount of capital invested, expressed as a multiple.

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CONTROL NUMBER 257 - CONFIDENTIAL
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