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New Leaf team five years ago and has made significant contributions to the NLV-II portfolio.
Jim Niedel MD PhD has worked with the team continuously for over twelve years and will
continue to be a senior member of the NLV investment team for NLV-III, but will change his
status to Venture Partner with the closing of NLV-III. In this role, Jim will work full-time with
NLV during the NLV-III investment period in building and managing the NLV-III portfolio,
and he will continue with full oversight and portfolio management responsibilities for NLV-I
and NLV-II. With 80+ years of venture investing experience and decades of operating
experience in the industries in which they invest, this 6 member senior team (the "Fund
Managers") brings highly relevant and complementary experience to bear on this Fund. This
team of partners is further strengthened by a group of additional investment professionals who
add highly relevant scientific and life sciences investment experience and have made significant
contributions to the NLV-II portfolio.

The New Leaf team is distinctive in that its members have played a leadership role in the
healthcare venture capital industry over the last two decades. During this time, the Fund
Managers have demonstrated the ability to source high quality investments at all stages,
including start-ups, follow-on private investments, company restructurings, and structured
public investments. The Fund Managers source deals through a range of activities that rely on
their deep relationships in academia, industry, and the investment community (private and
public), resulting in differentiated and, in many cases, proprietary deal flow. Once initial
investments are made, the Fund Managers are focused on building value in technology based
healthcare companies by creating strong management teams and then collaborating with them
to develop, manage, and execute capital efficient business plans. Through these efforts, the
Fund Managers have earned a reputation as value-added investors and have created some of
the best performing portfolios of healthcare technology investments in the industry.

LONG TERM TRACK RECORD
Over an 18 year period and across the portfolios of 6 distinct venture funds focused on
healthcare technology investments, the Fund Managers have delivered net performance that
has consistently outperformed venture industry benchmarks and relevant public equity market
indices5,6. The Fund Managers' track record is notable for the following reasons:

• Performance has been consistently top-quartile since the mid-1990s:
NLV-I, NLV-II and the healthcare technology portfolios in the Sprout Capital funds
have invested over $1.6 billion in healthcare technology companies since 1995. Over
nearly two decades, returns have consistently exceeded Cambridge Associates' top-

5 Except as otherwise expressly noted, all performance information contained herein, including rates of return, is as of March 31,
2014 and is unaudited. The performance information is based on the cumulative invested capital, cumulative cash dividends and
realized and unrealized sales proceeds in portfolio companies. Where designated as "gross", the performance information is
presented on a gross basis with regard to expenses and does not reflect deductions for any management fees, the general partner's
carried interest or other expenses. Where designated as "net", the performance information is presented on a net basis after giving
effect to management fees, the general partner's carried interest and other expenses. Please refer to Section III: "Summary of
Historical Investment Performance" and Section XIII: "Appendices" and the endnotes in Appendix 4 for a more detailed description
of the performance of the NLV-I, NLV-II and the Sprout Funds. An investment in the Fund does not represent an interest in any
indicated investment or any investment portfolio of any related or other investment fund, including any investment or fund
managed by the Fund Managers. Disclosure of past performance herein is for informational purposes only and is not indicative of
future results.
6 Please refer to Section III: "Summary of Historical Investment Performance" and Section XIII: "Appendices; Appendix 3"
including endnote C (regarding information provided by Cambridge Associates).

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