Slides from a recent talk at a Chinese Accelerator in Silicon Valley and Chinese MBAs.

1. Confidential and not for Distribution
Strictly for Institutional and Accredited Investors Only
Ufrate
Chinese Accelerator
Silicon Valley
August 30, 2016

2. AUTHOR OF LEADING BOOK ON VENTURE CAPITAL
2

3. NEW BOOK ON CORPORATE VENTURE CAPITAL - CVC - THIS MONTH
3

4. FUND II INVESTMENT FOCUS
GEOGRAPHY
ENTERPRISE &
CONSUMER
SECTOR FOCUS STAGE
US-Focused and
opportunistic
internationally with
active LPs throughout the
world
Investing in B2B and
B2C companies
Broad range of software
/ internet sector
investments. Ex: Mobile,
IoT, MarTech, Big Data,
FinTech, Hospitality
Tech, Enterprise SaaS
Late-Seed, Series A
and Series B
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LATE SEED,
A, B
B2B B2C

5. RUBICON’S LP NETWORK IS A PLATFORM FOR DOING BUSINESS
5
We leverage our network to source deals and help our portfolio companies expand into new markets in the US
and across the globe

6. DIVERSE LP NETWORK ADDS VALUE TO STARTUPS
6
Rubicon raises capital from corporates, individual
high net worth angel investors, family offices and
institutional LPs creating a powerful network ready to
help and go to bat for our startup portfolio.

7. FUND PORTFOLIO CONSTRUCTION ENABLES DOUBLE DONWN STRATEGY
7
• Investing in 25 companies per fund lowers the risk of any single investment
• If you invest “all chips in” investing 10% of the fund into one deal and do that with
5 you have invested 50% of fund dollars into 5 of your 25 - second wave to de-risk
• Fund investing enables the strategy of double down on your winners
ADD VALUE TO YOUR
PORTFOLIO
GOOD FOR DEAL FLOW
INVEST MORE CAPITAL INTO
YOUR WINNERS
GAIN INSIDE INFORMATION
WHILE HELPING PORTFOLIO

8. GUIDING INVESTMENT PRINCIPLES
8
We adhere to these ten basic rules when evaluating a new investment
1. Must have a
Minimum
Viable Product
(MVP) that
shows early
market traction
3. Must
address a
large, high-
value market
opportunity
5. Must be
revenue model-
focused with
highly scalable,
positive unit
economics
7. Must have a
definable and
realistic three-
to-five year
potential exit
path
9. Rubicon
must be able
to add real
and significant
value
10. In
exceptional
cases, break
the rules
8. Must have the
potential to
return our capital
at least 10x
6. Must be
capital efficient
with at least 18
months of cash
runway from
current financing
round
2. Excellent
management team
with experience,
domain
knowledge and
leadership
qualities
4.The core
product must be
software /
technology-
focused

9. INVESTORS IN FUND II MAY CO-INVEST WITH FUND I AND FUND II CO’S
Investor in Fund II may co-invest with our VC fund in any Fund II or Fund I
companies
Our investors have control of which companies they want to invest more into
INVESTMENT
RUBICON
FUND
SIDECAR
FUND
COMPANY
9
MGMT
FEE
CARRYCARRY
MGMT
FEE

10. MAXIMIZE INTERACTION AND INFORMATION AMONG LPS AND PORTFOLIO
• Classic VC has zero contact from big LPs and the portfolio
• Rubicon facilitates contact among LPs and the portfolio companies with sidecar
real-time transparency and culture of events and introductions
ANGEL INVESTOR
LPs
CORPORATE
LPs
FAMILY OFFICE
LPs
GENERAL PARTNERS
& VENTURE PARTNERS
RUBICON PORTFOLIO COMPANIES

11. ACTIVE PRIVATE & PUBLIC EVENTS & SPEAKERS & TV
Rubicon organizes and produces a busy calendar of public and private events
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All members of our team speak on
panels and keynotes at major events on
a weekly basis locally and around the
world including recent events in:
Beijing
Shanghai
Chongqing
Chengdu
London
Stockholm
Gothenburg
Amsterdam
Eindhoven
Madrid
Moscow
Johannesburg
Boston
New York
Washington DC
Chicago
Austin
San Francisco
Silicon Valley
Los Angeles
San Diego
2 events per
year in SF
2 events per
year in NYC
Annual LP & portfolio
co. BBQ in Palo Alto
Private holiday parties
in New York and SF
Private LP - Portfolio lunches
and dinners in many cities Andrew Romans is a
frequent speaker on ABC,
CNBC and MSNBC on
topics related to Venture
Capital and author of a top
selling book on VC

12. GO TO JAIL OR GO TO THE BANK
12
• The venture capital market
benefits from the ability to
trade on inside information
• Venture Capital is a clear
way to beat the stock market
Gordon Gekko went to jail for inside trading (Michael Douglas in the movie Wall Street)

13. FUND I PORTFOLIO COMPANIES
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Stealth Stealth

14. CO-INVESTORS
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Fund I has co-invested with
Plus individual investors
Eric Schmidt, Peter Thiel, Joe Lonsdale, Mark Pincus,The Rockefeller Family, Danny Meyer, Mark Cuban, Ashton Kutcher,The
Zuckerberg Family, Semil Shah, David Tisch, Dustin Moskovitz, Jason Calacanis, Gary Vaynerchuk, Don Dodge

15. TRACK RECORD
* IRR is unrealized and measured by company valuations as defined by each company’s most recent round of funding
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(1 exit) 66% 3.2x 82%
Portfolio co’s to date
(25 total expected in Fund I)
Sectors: Mobile, IoT, FinTech,
Hospitality Tech, MarTech,
Enterprise SaaS, Big Data, etc.
(Lifetime Fund I IRR)*
96% IRR
(2014 cohort)*
23% IRR
(2015 cohort)*
Avg. markup of 2014
investments
146% cash-on-cash return
with zero losses in
Fund I since inception*
of Fund I’s 2014
cohort have raised
up-round capital from
institutional investors

16. ANIMATING THE NETWORK THROUGH EVENTS
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Our event speakers have included senior venture capitalists and corporate development
executives from the following firms

17. RUBICON IS DESIGNED TO MAXIMIZE VALUE
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We’ve designed every aspect of Rubicon around delivering value to our LPs and portfolio co’s
We only invest in
companies where we can
add tangible, difference-
making value (and then we
get our hands dirty)
VALUE
We draw upon our
industry-leading LPs
throughout the investment
process, from sourcing to
diligence to portfolio
support
ACTIVE LPs
We animate and cross-
pollinate our founder and
LP network via unique and
engaging events
EVENTS
The Fund + Sidecar model
gives LPs greater control
over risk and capital, and
encourages active LP
involvement in the
portfolio
FUND + SIDECAR

18. FULL-TIME INVESTMENT TEAM > HIRING ONE CHINESE IN SAN FRANCISCO
Joshua Siegel
General Partner
NewYork
• General Partner of Georgetown Angels (former)
• Director of Market Intelligence at Citicorp Debt Capital Markets
• Manager Eastern European Banking Platform at Citibank
• Established successful real-estate business in 2002 – focusing on Historic Real Estate development
• Became an active angel investor and board advisor in 2007 in NewYork
• Mentor at Entrepreneurs Roundtable Accelerator (ERA) in NewYork City
• Mentor at StartupBootCamp Fintech NYC
• Mentor and Judge at Virtual Enterprises International, Inc.
• MBA Georgetown University, BA Boston University and a Degree in Gastronomy from the Institute of Culinary Education in NewYork.
Andrew Romans
General Partner
San Francisco
• General Partner of Georgetown Angels (former),The Founders Club & Georgetown Venture Partners
• Author of best selling book on Venture Capital (McGraw Hill), finishing new book on CVC in coming weeks
• Founder & President of The Global TeleExchange (The GTX), a $50M venture-backed telecom VoIP venture
• Managing Director EMEA at VC-backed Sentito Networks (acquired by Verso Technologies), Sales Director at VC-backed Motive Communications (NASDAQ IPO)
• Began career in 1993 working in the UNIX computing industry
• Fluent in English, German & French, conversant in Czech & Slovak
• MBA in Finance Georgetown University on scholarship, BA University of Vermont
• Technology Investment Banking Analyst at Cowen and Company in NewYork (former)
• Sales Intern at Barclays IPRS Group in NewYork
• Business Development Intern at WePay, a finch startup in Palo Alto backed by August Capital, Highland Capital andYC
• Three year member of the Boston College Venture Competition while an undergrad
• BS in Finance, Minor in International Studies for Management with a focus on Eastern Europe, Cum Laude
Mat Kaliski
Associate
NewYork
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19. 17 VENTURE PARTNERS AND GROWING
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• Board Member, Adveq, $5.5 billion venture capital
fund of funds, retired MD, founder of Adveq’s
European business
• Chairman Board of Trustees of Swiss pension fund
Alvoso
• Member of the Board of Northern Horizon Capital, a
Danish real estate fund with EUR 1,5bn+ assets
under management
• General Partner, Mohr Davidow Ventures
• Venture Partner, Morgan Stanley Venture Partners
• CEO, Zip2 (Elon Musk's 1st company), sold for $307m
cash
• CEO, LensVector, raised $37.5m VC funding
• Stanford University, MBA, MS, BS, BA
André Jaeggi
Zurich, Switzerland
Derek Proudian
Silicon Valley, CA
• CEO of multiple technology companies, raised over
$500 million, including private equity, IPOs in U.S. and
E.U., and secondary follow-on and PIPE transactions
while growing market capitalizations from $15 million
to $1.7 billion
• Recognized expert in Board Governance
•Early employee & Vice-President of Worldwide Sales,
Software-Defined Storage at VMware
•Head of M&A at Patni Systems ($200m revenues)
•Stanford EE, Harvard MBA
Larry Stambaugh
San Diego, CA
Parag Patel
Silicon Valley, CA
• EMEA Director at LinkedIn, leading team spanning
20+ markets. Part of the LinkedIn EMEA LMS
Leadership team
• Previously VP Online at IDG Sweden, including
investments for IDG Ventures in the Nordics
• Previously Editor-in-Chief and Publisher, IT and
biotech
• MBA from INSEAD
•Chief of Staff, Legal Department, Goldman Sachs
•Managing Director, New Business Development,
Corporate Executive Board
•Founding Partner,The Forefront Law Group
•Williams College, Harvard LawFredrik Bernsel
London, UK
Donald Carlson
NewYork, NY

20. 17 VENTURE PARTNERS AND GROWING
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• Chairman and Managing Partner,WM Partners Inc.
Japan
• CEO and Chairman, Japan Asia Investment Co.., Ltd
• Member of the Investment Committee , DBJ Capital
• Member of the Board, JVCA
• Keio University, B.A. in Law
• Chairman, Swiss San Francisco Chamber of
Commerce
• Professor of Venture Capital, University of Santa Clara
• Advisor to VC funds & VC backed startups:
Ecosystem Ventures, Natural Ma, Neurotune, Hera
Biomedical, Prionics, Hyseq/Nuvelo
• Professor, Johns Hopkins University School of
Medicine
Moriyoshi Matsumoto
Tokyo, Japan
Fabio Rupp
Silicon Valley, CA
• Counsel at Palantir Technologies
• Jacobson Fellow of Social Entrepreneurship at NYU
Law
• Advisor/GC, AGI Partners
• Portfolio Manager, Archangel Venture Capital
• Previously practiced at Shearman & Sterling LLP
• NewYork University School of Law
• Managing Director - Jones Lang LaSalle
• President - Cornish & Carey Commercial
• Executive Vice President
• CB Richard Ellis
• Founder of real estate private equity fund
• Stanford University
Shawn Pelsinger
NewYork, NY
Erik Doyle
Silicon Valley, CA
• President, LATISTA-Textura (NYSE:TXTR)
• Co-founder and CEO, LATISTA, mobile cloud
software (Acq. by NYSE:TXTR)
• Senior VP, NIC, Inc. (NASDAQ: EGOV), successful IPO
• Senior Manager, IBM, ran $300m distribution channel
• MBA, Georgetown University McDonough School of
Business
• Awarded patent and patents pending, mobile
solutions area
• Founder and CEO of ServeMeNow
• Senior Sales and Product Management at Siebel
Systems
• Senior Sales and Product Management at Silicon
Graphics
• Product Line Manager & Senior Account Executive
Oracle Corporation
• Product Marketing Hewlett-Packard
• BS Stanford University Electrical Engineering
Christopher Ramsey
NewYork, NY
Don Galles
London, UK

21. 17 VENTURE PARTNERS AND GROWING
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• EIR at Blackstone NC
• Former CEO ofYap,VC backed cloud computing
company
acquired by Amazon.com
• 10 years at IBM, Program Director at Pervasive
Computing
• Serves on advisory boards at Pennsylvania State
University
& University of North Carolina
• LP at DreamIt Ventures
• Eisenhower Fellow & Truman National Security Fellow
Igor Jablokov
Raleigh, NC & Charleston,
SC
Amos Ben-Meir
Silicon Valley, CA
• Member Investor at Sand Hill Angels
• Serial silicon valley startup technologist - 6 startups
of which 4 had successful exits, most recent one in
2012
• Founder & VP Engineering at Veloce Technologies
(Acquired by Applied Micro in 2012)
• Managed small to large 100+ engineering teams at
AMD, Redback Networks / Siara Systems (acquired
by Ericsson), AppliedMicro / Veloce Technologies,
Agami Systems & Tera Microsystems
• Led engineering teams at National Semiconductor in
Israel & Silicon Valley
• B.S.Technion - Israel Institute of Technology
• Founder and CEO, CrankWheel
• Partner, Investa angel fund
• Senior Staff Software Engineer at Google (9+ years),Tech
Lead for teams in Google Desktop,Toolbar and Chrome
• Senior Engineer at GreenBorder, acquired by Google
• Co-founder, CTO
Michael Lucente
NewYork, NY
Jói Sigurðsson
Iceland & Silicon Valley
• CEO, Decision Machine
• Former Managing Director, Merril Lynch
• Early Investor in Facebook
• Former manager of a $5bn family office
• 30+ years of experience in international finance
• Advisor, investor and board member at several companies
and funds
Greg Schmergel
Boston, MA
• Cofounder and CEO, Nantero, Inc.
• Raised over $90m in VC funding from Globespan, CRV, DFJ,
etc.
• Former SVP, Strategy, About.com
• Former Founder & CEO, ExpertCentral.com
• Board Member, Massachusetts Technology Leadership
Council
• Winner, Ernst &Young Entrepreneur of the Year, New
England, Emerging Technology, 2006
• Judge in business plan competitions such as
MassChallenge, MIT Business Plan Competition
• MBA, Harvard Business School

22. FIRST TRIP TO CHINA WAS AMAZING!
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http://s613.photobucket.com/user/Andrew_Romans/library/

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24. WELCOME SIGN WITH MY NAME ON SIDE OF BUILDING
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25. 25

26. PLANS FOR CHINA
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1) Raise LP dollars from Chinese LPs
2) Introduce our existing portfolio companies to them for growth in China
3) Recruit Chinese (PRC natives) team for Rubicon China
4) Raise Rubicon China RMB Fund and launch Mirror
www.mirror.vc

27. RUBICON VENTURE CAPITAL
27
In the centuries since Julius Caesar led a
Roman legion across the Rubicon River,
“crossing the Rubicon” has become
synonymous with irrevocably committing
oneself to a bold and revolutionary course of
action. At Rubicon we’re committed to
revolutionizing venture capital and building
an enduring VC franchise.

28. ANDREW@RUBICON.VC