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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
[Table Header: Gross Value | Gross Multiple | Gross IRR]
[Columns: 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 | $2,227.1 | $1,549.2 | $677.9 | 2.29x | 2.35x | 21.4% | 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-II, 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
[Table Header: Gross Value | Gross Multiple | Gross IRR]
[Columns: 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.

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