CCMFI Fund Investment Strategy and Process

1. CACHETTE VENTURE PARTNERS I, LP - FUND STRATEGY CCMFI was designed for and with institutional investors in mind looking to gain global access in competitive early stage and seed stage venture capital funds. Our philosophy is to invest in the best and fastest growing areas in which we have a strategic advantage. Most members of CCMFI have experience building companies, raising venture capital for those companies, and raising venture capital for venture funds themselves and consider our leading advantage in understanding fund investment quality at the granular level. When optimized, fund-of-funds for venture capital can help investors diversify risk, gain access otherwise unknown, and assist with innovation. The Partnership has been established to take advantage of historical timing of innovation, the stabilization and application of venture capital, and the rise of potential and opportunities for investment primarily focused in the United States and Europe. Investment Strategy and Process V E N T U R E PA RT N E R S I , L P

2. CACHETTE VENTURE PARTNERS I, LP - FUND STRATEGY - 9 - - 9 - INVESTMENT OBJECTIVES The objectives of CCMFI are to capitalize on emerging markets, create repeatable processes for accessing innovation, and diversifying risk strategies on a portfolio scale. Accessing Innovation Since institutional investors are often looking for particular ideas to partner with or learn about, CCMFI garners a large “net” of access to early stage information. CCMFI seeks to invest into the world’s leading venture capital funds, many of which have already vetted tens of thousands of startups to select only a few worthy of investment. CCMFI’s portfolio at any time can have data on hundreds if not thousands of potential startups and technologies. Capitalizing on Emerging Markets As venture capital as an asset class stabilizes and expands, certain regions and industries that are under-exposed to venture capital present remarkable opportunities for early stage investors not only to get in “early,” but to have chance to shape the growth and scale of these early-stage ventures. This can mean more affordably-priced venture capital rounds than traditionally available. Diversifying Risk CCMFI evaluates venture capital funds on a diligent level in order to understand every fund’s quality, health, and “star life.” By evaluating and calculating various risk points as well as optimal risk exposure, CCMFI seeks to take the risk of one venture fund investment position and counter-balance it across dozens of venture capital fund investment positions.

3. CACHETTE VENTURE PARTNERS I, LP - FUND STRATEGY - 10 - MARKET OPPORTUNITY We believe several market and industry conditions make a fund of fund specializing in global early venture capital funds ideally timed. 2012 2013 2014 2015 2016 2017 4.1 4.6 8.6 13.2 14.4 19.1 1,838 25 20 15 10 5 0 3600 3000 2400 1800 1200 600 2,247 2,837 3,20 3,449 CapitalInvested($B) #ofDeals capital invested ($BN) and # deals in europe number of $bn eu companies founded since 2010 source: state of european tech 2017, atomico Recent data in KPMG’s venture capital report suggests there are almost 100 “unicorn” companies, or companies which have raised venture capital and have a valuation size of over $1 billion - and are still privately-held.

4. CACHETTE VENTURE PARTNERS I, LP - FUND STRATEGY - 11 - Access to Innovation There is a common myth that “most startups fail;” however, historical data does not support this. Of the hundreds of venture capital funds that were reviewed by CCMFI, many had shutdown rates ranging from 0% to 30%. Shutdowns can be cheaper and more efficient than acquisitions, allowing further capital to fund a more promising startup and thus yield positive returns for funds as a whole. While understanding shutdown rates are related to past performance and not necessarily indicative of profitability and future outcomes, CCMFI aims to keep an overall shutdown rate of 10% or less as a portfolio at any given time. CCMFI plans to invest in 20-25 venture capital funds, which will have, on average, 20-25 investments each. VC FUND VC FUND VC FUND VC FUND VC FUND VC FUND VENTURE CAPITAL 500K + COMPANIES Cachette Capital Management FAMILY OFFICES PENSION FUNDS INDIVIDUALS FOUNDATIONS Cachette Capital Management 1204 Broadway, 4th Floor New York, New York 10001 cachettecapital.com info@cachettecapital.com office | +1 (347) 454 4180 Venture Knowledge Scarcity One thing that is apparent with all this growth of capital infusing itself into Europe is actual venture capital expertise: knowledge on how to build and scale companies, reasonable valuations, standard reporting metrics. If 150+ U.S-based venture capital firms have placement in Europe, surely it’s time for European venture funds to start to emerge.

5. CACHETTE VENTURE PARTNERS I, LP - FUND STRATEGY - 12 - - 12 - Unlimited Possibilities CCMFI believes the dissonance between the data that has been collected, reported, and known about the potential of European venture capital serves as a new space and mechanism for investing monies across Europe. Venture Capital is a Highly Competitive Field The average startup in the U.S has a 3/100 chance of receiving venture capital funding. Of those 100, it’s usually professional startups actively seeking venture capital, not necessarily the businesses most deserving of venture capital. The chances of being venture funded for a European startup are even lower than the U.S with data showing the predominance of European startups having revenues early on in business life because of lack of access to capital, making the quality of viable European startups higher than the U.S which is a benefit to active investors in this space. Early-Stage Venture Capital As a Path to Innovation Because of the competitiveness of early-stage venture funding, CCMFI investing into the best venture capital funds, of which have already vetted and invested into some of the world’s more promising early stage companies, positions CCMFI as a lead investor into all early stage venture capital in a diversified and global manner. 1.74.8 10 28 101 1. VC Considers the investment 2. Meets the management team 3. Reviews with VC Partners 4. Exercices due diligence typical venture capital flow for companies

6. CACHETTE VENTURE PARTNERS I, LP - FUND STRATEGY - 13 - Europe in Particular While a certain heartbeat of venture capital originates from Silicon Valley, there are several flourishing industries in need of venture capital outside of the Americas; further data shows that venture capital investing is on the rise in Europe with no signs of slowing down. In 2016, there were 150+ U.S venture funds investing into Europe - when only five years earlier there had been nearly one third of that present. The latest numbers by Atomico’s European State of European Tech 2017 reflect the steady rise of venture capital being invested into Europe. Capitalizing on Emerging Markets CCMFI believes in the practice of globalization and that com- merce can quickly spread across regions internationally at record paces not seen in the historic past. Bearing in mind the importance of global synergy CCMFI believes that certain areas are “ripe” for growth and present unique and undervalued opportunities for venture capital investing. Without explicitly identifying those areas, one can see how regional placement can present lower startup valuations and thus present greater opportunities for venture capital funds that have access to those regions. Investing into Early Stage capital funds gives better access to reasonably priced investments.

7. CACHETTE VENTURE PARTNERS I, LP - FUND STRATEGY - 14 - - 14 - Undervalued Areas Within Europe Looking at Europe and venture capital trends, some areas have identified themselves as ripe for innovation and only missing capital, or with capital but missing innovation. In this way, undervalued areas can be exploited for opportunistic investing. The EDF Startup Report of 2017 ranked Netherlands ranked #1 in Access to Talent, Framework and Thought Leadership - yet scored #8 in access to capital. For the full report see, EDF Startup Nation Scorecard 2016 http://bit.ly/2nqVO1f United Kingdom Germany France Sweden Spain Netherlands Russia Switzerland Ireland Finland Denmark Belgium Romania Italy Norway Lithuania Iceland Turkey Estonia Luxembourg Poland Portugal Cyprus Croatia Austria Ukraine Greece Czech Republic Hungary Rest of Europa 02 .5 5 7.5 CAPITAL INVESTED ($B) 2017 (YTD) 10 12.5 15 17.5 2012 - 2016 Market Opportunity Emerging capital invested by country

8. CACHETTE VENTURE PARTNERS I, LP - FUND STRATEGY - 15 - Venture Capital Outlook for Europe When looking at the macro-European scale, Netherlands places in the top first quartile of countries who receive capital, yet expressed in several surveys there was not “enough” capital. Several areas of Europe have yet to be fully explored or capitalized. For these reasons, CCMFI believes that there are ample opportunities in several regions that are not fully apparent yet because they are still emerging and growing. Current Investor Sources in Europe When reviewing where venture capital currently comes from in Europe, there are several trends that we believe are likely to change in the coming years: one of them being governmental funding for venture capital. vc funds raised by lp type and region Venture Knowledge Scarcity One thing that is apparent with all this growth of capital infusing itself into Europe is actual venture capital expertise: knowledge on how to build and scale companies, reasonable valuations, standard reporting metrics. If 150+ U.S based venture capital firms had placement in Europe surely its time for European venture funds to start to emerge. Furthermore if we look at where venture capital in Europe is coming from compared to the U.S we see several themes: • European pension funds are underexposing themselves to venture capital the way that U.S firms have figured out how to leverage • Europe has a stronger relationship with its corporate investors than the U.S does • European governmental funding is nearly double the U.S, and likely not to carry with it the venture capital expertise needed to properly manage or optimize investment opportunities Opportunity

9. CACHETTE VENTURE PARTNERS I, LP - FUND STRATEGY - 16 - - 16 - If we look at venture capital in Europe compared to the U.S we see several themes: • European pension funds are underexposing themselves to venture capital while American pension funds are leveraging venture capital • Europe has a stronger relationship with corporate investors, offering vital conditions for venture capital-funded startups to expand into larger markets • European governmental funding is nearly double the U.S and likely not to carry with it the venture capital expertise needed to properly manage or optimize investment opportunities. Venture capital backed by governmental agencies in Europe is expected to decline rapidly over time. We believe that the overall ecosystems around venture capital and startups in Europe pose immense opportunities for early-stage investors. 70-80% of all venture capital for startups comes directly or indirectly from the government. That percentage should be much lower. We have no investment funds investing from small to large, which will need to be involved beginning to end for startups. Prince Constantijn, Startup Delta Netherlands

10. CACHETTE VENTURE PARTNERS I, LP - FUND STRATEGY - 17 - Diversifying Risk and Opportunistic Investments The concept behind CCMFI is to provide investors with a large range of positions with the mechanism of one fund. Considerations around fund portfolio strategy take into account: • Monte Carlo simulations • Power of Diversification • Law of Distributed Returns • The value of Cash-on-Cash as more relevant than NPV Other specific criteria used to address risk are applied to venture capital on an asset-class level, venture capital-fund level, and startups within those venture capital funds as “micro-investments.” Opportunistic Investments The approaches described herein are those that the Manager primarily expects the Designated Managers to employ on behalf of the Underlying Funds, but the Manager generally intends to invest opportunistically in seeking to achieve CCMFI’s investment objective and, therefore, retains the right to continue to develop and invest in additional strategies within venture capital over time. The Manager recognizes that any particular strategy may be incapable of remaining profitable indefinitely. Accordingly, the Manager may allocate and re-allocate capital between or among strategies and/or Designated Managers, including, without limitation, between or among Designated Managers employing strategies focused on public markets, on the one hand, and private markets, on the other hand, as dictated by opportunity. Venture Capital as an Asset Class is High Performing Historically, returns for venture capital as an asset class are in the top quartile by percentage compared to other asset classes.

11. CACHETTE VENTURE PARTNERS I, LP - FUND STRATEGY - 18 - - 18 - Expected Returns Compared to Other investments Since some funds are earlier stage or shorter in term, some investments can be expected to pay back dividends before others. There are no guarantees there will be any returns; however CCMFI takes into consideration diversifying its revenues as well as investments out in our overall vision of a healthy and well-performing fund. Higher Returns Expected Based Upon Fund Size Historically, the smaller the venture capital fund. the better the returns for investors can be. CCMFI works hard on finding small to medium sized funds with the best opportunities available to our investors. Funds that are under $400MM can often be difficult to access for large institutional investors. Early-Stage Venture Funds Outperform Later Stage Although early-stage capital can have a higher standard of deviation, risk can be managed through diversification. Early-stage funds traditionally perform better than later-stage venture capital funds. Understanding Venture Capital On The Micro Level Since most of CCMFI has experience building startups, CCMFI intends to invest into venture capital funds that invest into startups operating in the areas CCMFI members’ expertise. This means that not only are the underlying investments comprised of investments that are known to CCMFI, but investments in which CCMFI can hopefully influence a positive outcome on the startup level as well, enhancing venture fund’s ability to manage their own portfolios well. CONFIDENTIAL © CACHETTE CAPITAL MANAGEMENT 2017 Early stage Venture Capital Outperforms later stag ● Early stage outperformed later stage by roughly 800 basis points since 1969 ● Late stage is exposed to down rounds, and reliant on less frequent, outsized ● Although early stage standard deviation is higher, can manage risk through diversification: Average early stage fund invests in 25-75 companies A fund of early stage funds could include 500+ companies 3 3 CONFIDENTIAL © Cachette Capital Management 2017

12. CACHETTE VENTURE PARTNERS I, LP - FUND STRATEGY - 19 - Thoughtful Investments on a Portfolio Level Taking into account venture capital fund size and industry position, CCMFI also intends to review all potential investments on a holistic level to be sure there is enough diversity and that the portfolio is performing as expected. Investment Selection Criteria There are several core areas of measurement CCMFI uses for evaluating the eligibility of a venture capital investment opportunity. Because the fund is designed to diversify risk, CCMFI often evaluates stability against potential upside of early-stage risk. Besides looking at funds and business that focus on providing some sort of “good” or benefit to society, CCMFI also takes into account several investment narratives that support the fund’s greater vision. Example of Deployment Planning $100M $100M - $400M $400M - $1B $1B 25% 20% 1%5 %10 5% %0

13. CACHETTE VENTURE PARTNERS I, LP - FUND STRATEGY - 20 - - 20 - The General Partner will invest the assets of the Partnership with Designated Managers by becoming an investor in Underlying Funds and/or by placing assets in a managed account with a Designated Manager. By pooling the funds invested by the Partners in the Partnership, Partners will be able to obtain the potential benefit of having their investment diversified among the various Designated Managers selected by the Manager to an extent they may not otherwise be able to achieve. Venture Fund High Level Criteria Given the landscape of more venture capital needed in Europe as well as venture capital expertise,CCMFI plans not only to get access to European venture dealflow but the best dealflow possible. When investigating investment opportunities, CCMFI heavily weighs the following criteria on investment opportunities (venture funds): • Fund size of $30MM-$150MM focused on Early Stage venture • Emerging managers or emerging markets: economic gains vs. present political stability • Preference for software or technology scalable businesses • Shutdown rate: previous indicators of “failures” or investments that shut down • Star life: when the fund is projected to start paying dividends vs. other potential investments in the fund vs. maximum benefit to CCMFI • Co-investors: co-investment cross check so that CCMFI is not over-exposed to any one investment position at any given time • Access to innovation as related to any CCMFI investors and priorities The Partnership’s investment objective is to generate long-term capital appreciation by investing in and employing strategies focused on early-stage and innovative venture capital firms investing in the consumer web and software industries. 6 8 39 200 VC Firms 500 + VC Firms 1.2% Qualified For Potential Investments Diligence Potential Diligence Funds Available

14. CACHETTE VENTURE PARTNERS I, LP - FUND STRATEGY - 21 - Venture Fund Dealflow CCMFI plans initially to invest in 20-25 venture capital funds, which will have on average 20-25 investments themselves, equating to almost 700+ startups or “micro-investments.” To meet the demands of six potentially worthy venture fund investments, CCMFI ana- lyzed and considered nearly 300 venture funds. By the time CCMFI’s last investment is made, the fund expects it will have vetted or throughly investigated more than 1000 venture capital funds. Venture Fund Diligence Of the more than 300 venture funds examined by CCMFI, 74 funds were inbound or referred within the CCMFI network: While the number of venture funds raising capital changes each year, CCMFI expects the annual inbound funds to continue to expand. CCMFI performs rigorous diligence to measure the health and state of a venture fund without hampering its ability to function or generate revenues. Once a fund is found to be be a fit on a high level, CCM performs and tracks other traditional forms of diligence.

15. CACHETTE VENTURE PARTNERS I, LP - FUND STRATEGY - 22 - - 22 - Venture Fund Diligence Checklist Initial Phone Screening Fund pitchdeck review In-person meeting with firm Additional fund materials requested Diligence screening specific to fund Fund Quality Check | investments sizes, outcomes, current portfolio companies Screening with CCMFI advisory board member CCMFI GP in-person meeting with fund GP Background check | social media, references, vendors, investments, cross-check of co-investments Subscription documents reviewed Investment reviewed against overall CCMFI fund portfolio Capital call schedule reviewed and if a fit for CCMFI: Capital call schedule examined against fund portfolio and cashflow Potential investment reviewed by Investment Advisory Board

16. CACHETTE VENTURE PARTNERS I, LP - FUND STRATEGY - 23 - Characteristics of Underlying Funds and Partnership Investments The General Partner has identified several core target attributes of potential Underlying Funds in which it will seek to make an investment. Such Underlying Funds will typically be the first (or “debut”) fund of a Designated Manager and will focus on investing in early-stage portfolio companies (i.e., Series A and Series B rounds) in the U.S. and/or in Europe or emerging markets. Such target funds will also typically be moder- ately sized, with approximately One Hundred Fifty Million Dollars ($150,000,000) (or less) in commitments. The Partnership expects that the size of its initial investment in each Underlying Fund will range from Five Million Dollars ($5,000,000) to Twenty-Five Million Dollars ($25,000,000), although the General Partner, in its sole and absolute discretion, may elect to make larger or smaller initial investments. The Manager will typically invest in Underlying Funds that are taxed as pass- through entities for U.S. federal income tax purposes. Temporary Investments In addition, the Manager may, from time to time, cause some of the Partnership’s assets to be held in cash and/or cash equivalents pending an allocation to Designated Managers, to pay expenses, or to fund reserves. THERE CAN BE NO ASSURANCES THAT THE INVESTMENT OBJECTIVE OF THE PARTNERSHIP WILL BE ACHIEVED. THE PARTNERSHIP’S INVESTMENT PROGRAM INVOLVES SUBSTANTIAL RISKS, INCLUDING THE RISK OF A COMPLETE LOSS OF CAPITAL.

17. CACHETTE VENTURE PARTNERS I, LP - FUND STRATEGY - 24 - w w w . c a c h e t t e c a p i t a l . c o m Thank you! Merci Vielen Danke vriendelijke Groeten Gracias

CCMFI Fund Investment Strategy and Process

CCMFI Fund Investment Strategy and Process

CCMFI Fund Investment Strategy and Process

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