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FEBRUARY4,2016PAGE5
/
Since July 20101,500+ investments2
500 Startupsは、シリコンバレーで最もアクティブなシー
ド投資ファンドであり、世界20ヶ国以上に拠点を擁します1
$205MM in AUM2
The various geographies highlighted in the map result from investments we have made across all 500 Startups funds.
1. The Silicon Valley Tech Venture Capital Almanac, Fall 2013 and TechCrunch Article May 5, 2015, “500 Startups Aims To Be The Largest VC Shop In The World” http://techcrunch.com/2015/05/05
/500-startups-aims-to-be-the-largest-vc-shop-in-the-world/
2. Approximated as of 11/17/2015 and includes the following 500 Startups funds: (a) 500 Startups, L.P. and 500 Startups-A, L.P. (together, “Fund I”), (b) 500 Startups II, L.P. and 500 Startups II-A, L.
P. (together, “Fund II”), (c) 500 Startups III, L.P. and 500 Startups III-A, L.P. (together, “Fund III”), (d) 500 Startups IV, L.P. and 500 Startups IV-A, L.P. (together, “Fund IV”), (e) 500 Startups Annex Fu
nd, L.P. (“Annex”), (f) 500 Luchadores, L.P. (“Luchadores”), (g) 500 Durians, L.P. (“Durians”), (h) 500 Mobile Collective, L.P. (“Mobile Collective”, (i) 500 Kimchi, L.P. (“Kimchi”), (j) 500 TukTuks, L.P. (“
TukTuks”), (k) 500 Startups JP, L.P. ("Japan”), (l) 500 Istanbul, L.P. ("Istanbul”), and (m) 500 Nordics, L.P. (“Nordics”)
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FEBRUARY4,2016PAGE6
/
The title “Partner” is used in accordance with customary business practice in the venture capital industry and does not indicate a legal status in a partnership.
Dave McClure Christine Tsai
FOUNDING PARTNERFOUNDING PARTNER
Khailee Ng
MANAGING PARTNER
Bedy Yang
MANAGING PARTNER
SOUTHEAST ASIA LATIN AMERICA
500 Startups マネジメント&インベストメントパートナー
100 people, 18 countries
Hasan Haider
MIDDLE EAST
Santiago Zavala
LATIN AMERICA
Rui Ma
CHINA/SF
Marvin Liao
SF
Elizabeth Yin
SILICON VALLEY
Edith Yeung
SF/SILICON VALLEY
Sean Percival
NORDICS
Tim Chae
SOUTH KOREA
Yohei Sawayama
JAPAN
Sheel Mohnot
SF
Pankaj Jain
NYC/INDIA
Matt Lerner
UK
Adam Benayoun
TEL AVIV
Krating Poonpol
THAILAND
Natavudh P. (Moo)
THAILAND
Binh Tran
VIETNAM
James Riney
JAPAN
Mat Johnson
SF
Eddie Thai
VIETNAM
Erhan Erdogan
TURKEY
SILICON VALLEYGLOBAL / SILICON VALLEY
25 yrs in SV as
entrepreneur + investor
Early Googler, strong
operational experience
Founded and exited two
startups
Recognized by Forbes as a
multi-lingual, startup
community leader
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/
FEBRUARY4,2016PAGE8
/ Micro Fundsにより世界中からイノベーションを発掘
The co-investment strategy shown represents 500 Startups and Fund IV’s current investment strategy and may vary at the discretion of 500 Startups Management or Fund IV’s general partner.
The Micro Funds listed refer to the following 500 Startups funds: 500 Luchadores, L.P., 500 Durians, L.P., 500 Kimchi, L.P., 500 TukTuks, L.P., 500 Startups JP, L.P., 500 Istanbul, L.P., 500 Nordics, L.P.,
and 500 Mobile Collective, L.P.
Main Fund
Micro Funds
LP投資
アドバイザリー、サポート 共同投資
• 特定地域やセクターにおけるシードステージスタートアップの発掘と投資
• Micro Fundのマネージャーは、500のグローバルなネットワークとリソース
にフルアクセス可能
• 7地域および 1領域におけるファンドからのグローバルかつバーティカルな
ディールフロー
• 南米、東南アジア、韓国、タイ、日本、トルコ、ノルウェー、モバイル
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/
FEBRUARY4,2016PAGE10
/
セクター 主な投資先
E-COMMERCE
B2B & SAAS
VIDEO
MOBILE & TABLET
EDUCATION
FINTECH
DATA SCIENCE (AI/MACHINE LEARNING)
IoT & HARDWARE
REAL ESTATE TECH
Companies are representative of investments across all 500 Startups funds and are not necessarily held in Fund IV.
Investment themes represented are indicative of 500 Startups’ previous investment themes and while they represent Fund IV’s current investment strategy, this may vary at the
discretion of Fund IV’s general partner.
主な投資領域
11. /
/
FEBRUARY4,2016PAGE11
/
3 Unicorns ($1B+ in valuation)
Companies are a select sampling of investments across 500 Startups funds and will not be held in Fund IV. While Fund IV has not invested in the rounds of financing shown on this slide, at least one
500 Startups fund has invested in one or more rounds of financing for each of these companies. The valuations listed herein are estimated as at 11/17/2015 based on 500 Startups Valuation Policy as
set out in the Appendix to this presentation. These numbers provide a snapshot of estimated valuation as at a particular time and may change. Further detail with regard to financing of companies
listed on this slide can be found on Crunchbase.
30+ Centaurs ($100M+ in valuation)
主なポートフォリオ企業 - The Active #500Stable
… and 300+ Ponies ($10M+ in valuation)
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/
FEBRUARY4,2016PAGE18
R&DとM&Aの中間としての「Corporate Startup Engagement」
TIMING RISK COST
R&D Long Term High High
Corporate Startup Engagement
(CSE)
Medium Term Average Low
M&A Short Term Low High
Volkswagen、Samsung、Intel、Microsoft、Roche、Novartis、
Johnson& Johnson、Google、Merckといった、R&D投資額のグローバル
TOP10企業でさえもスタートアップとの連携を進めています
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/
FEBRUARY4,2016PAGE20
How: スタートアップと関わるための5つの戦略オプション
スタートアップと関わる手段は多岐にわたります
大企業はこのうちの一つ以上を選択する必要があります
戦略オプション 概要 例
A. エンゲージ
メント
スタートアップとの簡易な交流
カンファレンス
ハッカソン
ワークショップ
B. 提携
特定のスタートアップとの、双方に利益があ
る提携や契約
ディストリビューション契約
サービス契約
ノウハウ共有など
C. 投資 戦略的もしくはフィナンシャルな投資
間接投資 (例:ファンド出資)
直接投資 (例:CVC)
D. 事業開発
スペース、トレーニング、メンタリング、
サービス提供などを組み合わせた
スタートアップとの事業創出
インキュベーター
アクセラレーター
E. 買収 イノベーティブな企業を買収する
買収
売却、スピンアウトなど
Source: Preliminary findings of joint research between INSEAD and 500 Startups, tentatively titled “How Corporations Engage the Startup Ecosystem”. The Companies and Firms listed have not confirmed the
information set forth on this slide. As such, they may interact with startups in other ways not reflected herein.
24. /
/
FEBRUARY4,2016PAGE24
How: (Q3) リスク許容度は高いのか、低いのか?
言うまでもなく、スタートアップへの投資はその他の手法と比べリスクが高い
さらに初期の投資は、よりリスクが高い
戦略オプション リスク
D. 事業開発
(例:アクセラレーター)
High
E. 買収 Medium
C. 投資
(例:VCへのLP出資)
Medium
A. エンゲージメント
(例:イベント)
Low
B. 提携
(例:販売契約)
Low
リスク
許容度
低
リスク
許容度
高
“アクセラレーターの過半数はスタートアップにとって良い存在ではなく、
失敗するだろう。アクセラレーターが多すぎる” 2 - David Tisch, TechStars
“北米の200以上のアクセラレーターのうち、わずか3∼4社のみがEXIT事
例の創出に成功している。一方、多くはその後の資金調達や具体的な価値
創出などの結果をほぼ全く作り出せていない
Kauffman Foundationの29のアクセラレーターを対象にした研究によれば、
45%のアクセラレーターがVCからの調達に成功する企業を1社も創出でき
なかった” 1
東南アジアにおける最も著名なアクセラレーターであるシンガポールの
JFDIでさえも、現地マーケットのダイナミクスの不足とオペレーションコ
ストの重さから、アクセラレーターの中止を計画している3
Note: The information provided on this slide is the venture partners' estimation regarding corporate engagement with startups.
1: http://gvalaunch.guru/en/about/blog/33
2: http://www.fastcompany.com/3000561/techstars-david-tisch-most-accelerators-will-fail-so-choose-wisely
3: Conversations with Hugh Mason, co-founder of JFDI, in June 2015 and November 2015
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FEBRUARY4,2016PAGE25
How: (Q4) スタートアップと幅広く関わるための人員・時間
はあるのか?
戦略オプションの選定時に、マネジメントのリソースをどれだけ費やせるのか
および、その費用対効果について慎重な検討が必要
戦略オプション 人的リソース
D. 事業開発
(例:アクセラレーター)
High
E. 買収 Medium
A. エンゲージメント
(例:イベント)
Medium
B. 提携
(例:販売契約)
Low
C. 投資
(例:VCへのLP出資)
Low
一定の人的
リソースで
対応可能
多大な人的
リソースが
必要
提携は、交渉、実施、監視のプロセスの際にマネジメントの協力が得ら
れさえすれば実行可能
ファンドへのLP投資は、初期のレビューやファンド選定の際にマネジメ
ントの協力が得られれば実行可能
アクセラレーターの運営には、スタートアップ選定、トレーニング、メ
ンタリング、追加投資獲得の支援など多大な人的リソースやインフラが
必要となる。また、小規模なアクセラレーターと100社を超えるような大
規模アクセラレーターでもプロセスはさほど変わらない
Source: The information provided on this slide is the venture partners' estimation regarding corporate engagement with startups.
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FEBRUARY4,2016PAGE26
How: (Q5) 予算はどの程度か?
予想通りではあるが、コストとベネフィットには
明確な相関が存在する
戦略オプション コスト
E. 買収 High
D. 事業開発
(例:アクセラレーター)
High
C. 投資
(例:VCへのLP出資)
Medium
A. エンゲージメント
(例:イベント)
Low
B. 提携
(例:販売契約)
Low予算少
予算多
買収は最もコストのかかる方法です (例:Facebookは 、ユーザ数30MM
従業員数13名だったInstagramの買収に$1Bを投じた1)
アクセラレーターなどの事業開発は、一見低コストに見えますが、VCへ
のLP投資と比べ、管理コストや投資の失敗など他の投資家に共有されな
い多くの隠れたコストが存在します
相対的にエンゲージメントや提携は少ない予算で実行可能。提携は多く
の場合、少ないリスクでポジティブなキャッシュフローを創出できる
Source: The information provided on this slide is the venture partners' estimation regarding corporate engagement with startups.
1” http://www.dailymail.co.uk/news/article-2127343/Facebook-buys-Instagram-13-employees-share-100m-CEO-Kevin-Systrom-set-make-400m.html
27. /
/
FEBRUARY4,2016PAGE27
How: まとめ (1/2)
特効薬的な方法は存在しません。自社の状況や優先順位に応じて、
どの活動でポートフォリオを組むか検討する必要があります
Q1. ベネフィット その他
戦略オプション
イノベーション
へのアクセス
金銭的リターン
カルチャー
の取り込み
Q2.
タイミング
Q3.
リスク
Q4.
人的リソース
Q5.
コスト
A. エンゲージメント
(例:イベント)
Low Low Medium Medium Low Medium Low
B. 提携
(例:販売契約)
Medium Medium Low Near Low Low Low
C. 投資
(例:VCへのLP出資)
High High Low Long Medium Low Medium
D. 事業開発
(例:アクセラレーター)
High High High Long High High High
E. 買収 High High High Near Medium Medium High
Source: The information provided on this slide is the venture partners' estimation regarding corporate engagement with startups.
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/
FEBRUARY4,2016PAGE31
自社チームの 拡張 としての500 Startups
どの戦略オプションに対しても、500 Startupsはサポートが可能です
戦略オプション 500 Startupsがご提供できること(抜粋)
エンゲージメント
500が開催するイベントへの参加
- Pre-Money Conference (投資家向けの大規模One-dayカンファレンス)
- Geeks on a Plane (投資家と起業家向けの招待制ツアー)
提携 500のポートフォリオへの紹介、Demo Dayへの参加
投資 500 fundへのLP投資
事業開発
「Accelerator management education」への参加(アクセラレーター参加企業の選定、カリ
キュラムの構築と実施、投資家へのプレゼン指導などを4週間のOJTで学ぶプログラム)
買収
500 Startupsのポートフォリオ企業をM&A候補として紹介
500 Startupsがスタンフォード大学と共同で実施する VC101 などのInvestor Education
Programを通してベンチャー投資におけるベストプラクティスを獲得
一定金額以上を出資す
るLP投資家は、500
Startupsが提供する
他のサポートへの優先
アクセスを獲得可能
例:エンゲージメント、
提携、事業開発、買収
Conferences and Events are produced by 500 Startups Incubator, L.L.C. The 500 Startups funds do not participate in any revenue generated by these activities.
32. /
/
FEBRUARY4,2016PAGE32
The title “Partner” is used in accordance with customary business practice in the venture capital industry and does not indicate a legal status in a partnership.
/
Dave McClure
Christine Tsai
MANAGING PARTNER
ACCELERATOR
& MENTOR PROGRAMS
James Riney
MANAGING PARTNER AND HEAD, 500 STARTUPS JP, L.P.
FOUNDING PARTNER
INVESTING
& INTERNATIONAL
Yohei Sawayama
MANAGING PARTNER, 500 STARTUPS JP, L.P.
500 Startups Japan マネジメント&インベストメントパートナー
35. /
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FEBRUARY4,2016PAGE35
/ 500 Accelerator Program
Accelerator Overview
• 4-month program in San Francisco / Silicon Valley (4 cohorts x 40 startups = 160
companies / year)
• $125K investment for 5% equity + option to do $500K follow-on1
• 1000+ applications for batch 14 -> ~200 live interviews -> 40 accepted = <5%
acceptance rate
• Typically post-launch, revenue-generating companies (no “idea-only” companies)
• Hands-on curriculum focused on growth and fundraising with mentor network who offers
expertise on various topics including design and engineering
• Demo Day in front of hundreds of investors
Investment strategy and criteria represent current investment model and may vary at the discretion of each Fund's general partner. Terms noted on this slide may vary by investment.
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FEBRUARY4,2016PAGE36
/ 500 Distribution Team (“Distro”)
Dedicated Growth Marketing Team
• 10+ member team of growth marketing experts invest in companies and help
them grow rapidly
• ~1-3 month growth marketing programs in multiple metros around the world such
as Miami, London, South East Asia, Toronto, Middle East, LA, Berlin, Stockholm
• Strong companies that are oversubscribed choose 500 Startups as an investor
over other competitors because of the benefits of participating in a Dojo program
Investment strategy and criteria represent current investment model and may vary at the discretion of each Fund's general partner. Terms noted on this slide may vary by investment.
The 500 Startups Distribution Team ("Distro") is involved in both the Accelerator programs as well as the growth marketing ("Dojo") programs.
37. /
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FEBRUARY4,2016PAGE37
/
CONFERENCES + EVENTS1
TEAM
More than 50 events with 300-1,000 attendees
per event, for a total reach of over 35,000 people
in person + digital channels
Design, technology, marketing,
and product experts from
top companies in Silicon Valley
and elsewhere
From 50+ countries around
the world, our founders provide peer
review and feedback on products,
industry verticals, platforms, etc.
250+ 3,000+
MENTORS FOUNDERS
7
ATTENDEES
35,000
EVENTS
50+
1. Conferences and Events are produced by 500 Startups Incubator, L.L.C. The 500 Startups funds do not participate in any revenue generated by these activities
2. The numbers represented on this page provide a snapshot of some of our Community-building platforms as at a particular time. They are estimated as of 9/1/2015 and may change.
#500Strong Events and Community Platforms
COMMUNITY
38. /
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FEBRUARY4,2016PAGE38
/ 500 Proprietary Event: PreMoney and Geeks On A Plane (GOAP)
Geeks On A Plane
投資家と起業家向けの招待制ツアー
Conferences and Events are produced by 500 Startups Incubator, L.L.C. The 500 Startups funds do not participate in any revenue generated by these activities.
Learn about global trends, meet international
companies and gain access to foreign markets
Hear and share insights on the most disruptive strategies,
models and technologies for the future of venture capital
PreMoney
投資家向けOne-dayカンファレンス
GOAP
39. /
/
FEBRUARY4,2016PAGE39
/ 500 Investor Education Program
Venture Capital Unlocked: Secrets to Silicon Valley Investing
Next Session: February 8 - 19, 2016
Venture Capital Unlocked” is a 2-week crash course on investing strategies, tools and tactics for VCs and angel investors
who want to learn how Silicon Valley really operates. In this course, participants work closely with faculty from Stanford
University to develop their investment theses and learn from 500 Startups’ partners about early stage investing. For more
information, please visit http://www.500.vc/
Participants will:
• Explore recent changes in VC investing, understand the structure
of VC funds and the dynamics of multi-stage financing
• Dive into key trends and learn to assess opportunities and source
deals using AngelList and other platforms
• Refine investment theses and conduct due diligence; understand
cap tables and legal documents
• Get priority access to founders and screen pitches at our invite-
only investor events, Preview Day and Demo Day
• Build relationships with key players in Silicon Valley
• Earn a Certificate of Completion from the Stanford Center for
Professional Development
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/
THIS PRESENTATION IS BEING DELIVERED TO PROSPECTIVE INVESTORS ON A CONFIDENTIAL BASIS SO THAT THEY MAY CONSIDER AN INVESTMENT IN 500 STARTUPS IV, L.P. OR 500 STARTUPS IV-A, L.P.
(TOGETHER, THE “FUND”). THESE MATERIALS DO NOT PURPORT TO BE ALL-INCLUSIVE OR TO CONTAIN ALL THE INFORMATION THAT A PROSPECTIVE INVESTOR MAY DESIRE IN INVESTIGATING THE FUND. IN
ADDITION TO THIS PRESENTATION, PROSPECTIVE INVESTORS SHOULD RELY ON THE DEFINITIVE LIMITED PARTNERSHIP AGREEMENTS OF THE FUND, AS AMENDED (TOGETHER, THE “PARTNERSHIP
AGREEMENT”), THE PRIVATE PLACEMENT MEMORANDUM, THE STATEMENT OF INVESTMENT CONSIDERATIONS AND THEIR OWN INDEPENDENT INVESTIGATION OF THE FUND, 500 STARTUPS IV, L.L.C. (THE
“GENERAL PARTNER” AND TOGETHER WITH ITS AFFILIATES, THE “FIRM”) AND THE MANAGERS THEREOF AS THE BASIS FOR MAKING AN INVESTMENT IN THE FUND.
THIS PRESENTATION IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO THE PARTNERSHIP AGREEMENT. IN ORDER TO EFFECTUATE ITS INVESTMENT IN THE FUND, A PROSPECTIVE INVESTOR WILL BE REQUIRED
TO EXECUTE THE PARTNERSHIP AGREEMENT AND OTHER SUBSCRIPTION DOCUMENTS, AS APPLICABLE. IN THE EVENT THAT ANY OF THE TERMS OF THIS PRESENTATION ARE INCONSISTENT WITH OR
CONTRARY TO THE PARTNERSHIP AGREEMENT, THE PARTNERSHIP AGREEMENT SHALL CONTROL.
THE OFFER AND SALE OF THE LIMITED PARTNERSHIP INTERESTS IN THE FUND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR UNDER ANY
APPLICABLE STATE OR FOREIGN SECURITIES LAWS (AND THE FUND IS UNDER NO OBLIGATION TO REGISTER THE LIMITED PARTNERSHIP INTERESTS IN THE FUTURE), NOR HAVE SUCH LIMITED PARTNERSHIP
INTERESTS BEEN APPROVED OR DISAPPROVED BY THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION (THE “SEC”) OR THE SECURITIES REGULATORY AUTHORITY OF ANY STATE OR FOREIGN
JURISDICTION. NEITHER THE SEC NOR ANY COMMISSIONER OF ANY SUCH STATE OR NON-U.S. AUTHORITY HAS PASSED UPON THE ACCURACY OR ADEQUACY OF THIS PRESENTATION, AND ANY
REPRESENTATION TO THE CONTRARY IS UNLAWFUL. THIS PRESENTATION DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF INTEREST TO PURCHASE ANY SECURITIES OR INVESTMENT
ADVISORY SERVICES IN ANY STATE OR IN ANY OTHER JURISDICTION IN WHICH SUCH OFFER OR SOLICITATION IS NOT PERMITTED BY LAW.
THIS PRESENTATION MAY CONTAIN “FORWARD-LOOKING STATEMENTS” WITHIN THE MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995, AS AMENDED. BECAUSE SUCH FORWARD-
LOOKING STATEMENTS INVOLVE RISKS AND UNCERTAINTIES, ACTUAL RESULTS OF THE FUND MAY DIFFER MATERIALLY FROM ANY EXPECTATIONS, PROJECTIONS OR PREDICTIONS MADE OR IMPLICATED IN
SUCH FORWARD-LOOKING STATEMENTS. PROSPECTIVE INVESTORS ARE THEREFORE CAUTIONED NOT TO PLACE UNDUE RELIANCE ON SUCH FORWARD-LOOKING STATEMENTS. IN ADDITION, IN CONSIDERING
THE PRIOR PERFORMANCE INFORMATION CONTAINED IN THIS PRESENTATION, PROSPECTIVE INVESTORS SHOULD BEAR IN MIND THAT PAST RESULTS ARE NOT NECESSARILY INDICATIVE OF FUTURE RESULTS,
AND THERE CAN BE NO ASSURANCE THAT THE FUND WILL ACHIEVE RESULTS COMPARABLE TO THOSE OF ANY PRIOR OR EXISTING FUND OF THE FIRM OR ITS PRINCIPALS.
THE FIRM MAY CAUSE THE FUND TO MAKE VENTURE CAPITAL INVESTMENTS AND QUALIFY AS A “VENTURE CAPITAL FUND” AS DEFINED IN THE FINAL RULES ADOPTED BY THE SEC PROMULGATED UNDER TITLE
IV OF THE DODD-FRANK WALL STREET REFORM AND CONSUMER PROTECTION ACT OF 2010, AND DOES NOT EXPECT TO REGISTER AS AN INVESTMENT ADVISER UNDER THE INVESTMENT ADVISERS ACT OF
1940. COMPLIANCE WITH THE RULES FOR SUCH EXEMPTION FROM REGISTRATION MAY ADVERSELY IMPACT DEAL SELECTION AND, CONSEQUENTLY, ADVERSELY IMPACT THE FUND’S INVESTMENT RETURNS.
PROSPECTIVE INVESTORS ARE NOT TO CONSTRUE THE CONTENTS OF THIS PRESENTATION OR ANY PRIOR OR SUBSEQUENT COMMUNICATION FROM THE GENERAL PARTNER OR ANY OF ITS REPRESENTATIVES
OR AFFILIATES, AS LEGAL, TAX, OR INVESTMENT ADVICE. EACH INVESTOR SHOULD CONSULT WITH AND RELY ON HIS, HER OR ITS OWN PERSONAL COUNSEL, ACCOUNTANT, OR OTHER ADVISORS AS TO LEGAL,
TAX, AND ECONOMIC IMPLICATIONS OF AN INVESTMENT IN THE FUND AND ITS SUITABILITY FOR SUCH INVESTOR.
Legal Notices
41. /
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FEBRUARY4,2016PAGE41
/
THE SUBJECT MATTER OF THIS PRESENTATION IS EVOLVING AND SUBJECT TO FURTHER CHANGE BY THE FIRM AND/OR THE GENERAL PARTNER IN ITS/THEIR SOLE AND ABSOLUTE DISCRETION; PROVIDED,
HOWEVER, THAT, EXCEPT AS OTHERWISE INDICATED HEREIN, THIS PRESENTATION SPEAKS AS OF THE DATE HEREOF AND NEITHER THE FIRM NOR THE GENERAL PARTNER, NOR ANY AFFILIATE OR
REPRESENTATIVE THEREOF, ASSUMES ANY OBLIGATION TO PROVIDE ANY RECIPIENT OF THIS PRESENTATION WITH SUBSEQUENT REVISIONS OR UPDATES TO ANY HISTORICAL OR FORWARD-LOOKING
INFORMATION CONTAINED IN THIS PRESENTATION TO REFLECT THE OCCURRENCE OF EVENTS AND/OR CHANGES IN CIRCUMSTANCES AFTER THE DATE HEREOF. THE INFORMATION CONTAINED IN THIS
PRESENTATION HAS BEEN COMPILED FROM SOURCES REASONABLY BELIEVED RELIABLE.
THIS PRESENTATION IS EXCLUSIVELY FOR THE USE OF THE PARTY OR PARTIES TO WHOM IT HAS BEEN PROVIDED BY THE FIRM. BY ACCEPTING THIS PRESENTATION, THE RECIPIENT ACKNOWLEDGES AND
AGREES THAT HE, SHE OR IT (A) WILL MAINTAIN THE INFORMATION AND DATA CONTAINED HEREIN IN THE STRICTEST OF CONFIDENCE AND WILL NOT, IN ANY CIRCUMSTANCES WHATSOEVER, REPRODUCE
THESE MATERIALS, IN WHOLE OR IN PART, OR DISCLOSE ANY OF THE CONTENTS HEREOF TO ANY OTHER PERSON WITHOUT THE PRIOR WRITTEN CONSENT OF THE GENERAL PARTNER, (B) IS NOT SUBJECT TO
ANY CONTRACTUAL OR OTHER OBLIGATION TO DISCLOSE THIS PRESENTATION TO ANY OTHER PERSON OR ENTITY, (C) WILL RETURN THIS PRESENTATION, AND ANY OTHER MATERIALS THAT THE RECIPIENT
MAY HAVE RECEIVED IN THE COURSE OF CONSIDERING AN INVESTMENT IN THE FUND, TO THE GENERAL PARTNER IMMEDIATELY UPON REQUEST OR IF THE RECIPIENT DOES NOT WISH TO PURSUE AN
INVESTMENT IN THE FUND, AND (D) WILL PROMPTLY NOTIFY THE GENERAL PARTNER OF ANY UNAUTHORIZED RELEASE, DISCLOSURE OR USE OF THIS PRESENTATION.
A LIMITED PARTNERSHIP INTEREST MAY NOT BE OFFERED, SOLD, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED (TO INCLUDE WITHIN THE UNITED STATES OR TO A "U.S. PERSON," WITHIN THE
MEANING OF REGULATION S UNDER THE SECURITIES ACT) IN THE ABSENCE OF AN EFFECTIVE REGISTRATION UNDER THE SECURITIES ACT OR A VALID EXEMPTION FROM REGISTRATION THEREUNDER.
ADDITIONAL RESTRICTIONS ON THE TRANSFER OF INTERESTS ARE CONTAINED IN ARTICLE VII OF THE PARTNERSHIP AGREEMENT. HEDGING TRANSACTIONS INVOLVING LIMITED PARTNERSHIP INTERESTS MAY
NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE SECURITIES ACT.
THE LIMITED PARTNERSHIP INTERESTS IN THE FUND WILL BE OFFERED ONLY TO INVESTORS WHO MEET CERTAIN QUALIFICATIONS. THE GENERAL PARTNER RESERVES THE RIGHT TO APPROVE EACH
INVESTOR. AN INVESTMENT IN THE FUND WILL INVOLVE SIGNIFICANT RISKS DUE TO, AMONG OTHER THINGS, THE NATURE OF ITS INVESTMENTS. INVESTORS SHOULD HAVE THE FINANCIAL ABILITY AND
WILLINGNESS TO ACCEPT THE RISKS AND LACK OF LIQUIDITY INHERENT IN AN INVESTMENT IN THE FUND. INVESTORS MUST BE ABLE TO WITHSTAND A TOTAL LOSS OF THEIR INVESTMENT. THERE WILL BE NO
PUBLIC MARKET FOR THE LIMITED PARTNERSHIP INTERESTS IN THE FUND. BASED UPON THE FOREGOING, EACH ACQUIRER OF A LIMITED PARTNERSHIP INTEREST MUST BE PREPARED TO BEAR THE
ECONOMIC RISK OF INVESTMENT IN THE FUND FOR AN INDEFINITE PERIOD OF TIME.
EXCEPT FOR THE GENERAL PARTNER AND CERTAIN OTHER IDENTIFIED REPRESENTATIVES OF THE FIRM, NO PERSON HAS BEEN AUTHORIZED TO GIVE ANY INFORMATION OR TO MAKE ANY REPRESENTATION
RELATING TO THE FUND OR THE LIMITED PARTNERSHIP INTERESTS THEREIN. EACH PROSPECTIVE INVESTOR WILL BE AFFORDED THE REASONABLE OPPORTUNITY TO: (A) OBTAIN ALL ADDITIONAL
INFORMATION WHICH HE, SHE OR IT MAY REASONABLY REQUEST RELATING TO THE FUND OR THE OFFERING OF ITS LIMITED PARTNERSHIP INTERESTS; AND (B) ASK QUESTIONS OF THE GENERAL PARTNER
AND CERTAIN OTHER IDENTIFIED REPRESENTATIVES OF THE FIRM CONCERNING THE TERMS AND CONDITIONS OF THE PARTNERSHIP AGREEMENT, ANY INFORMATION SET FORTH IN THIS PRESENTATION, AND
ANY SUPPLEMENTAL INFORMATION THAT MAY BE PROVIDED TO PROSPECTIVE INVESTORS BY THE FIRM.
“500”, “500 STARTUPS”, “#500STRONG”, “GEEKS ON A PLANE”, “500 DURIANS”, “500 LUCHADORES”, “500 MOBILE COLLECTIVE”, “500 KIMCHI”, “500 TUKTUKS”, “500 ISTANBUL”, “500 STARTUPS JP”, AND
"500 NORDICS" AS WELL AS THE CORRESPONDING LOGOS, ARE TRADEMARKS OF 500 STARTUPS MANAGEMENT COMPANY, L.L.C.
Legal Notices (continued)