The information contained herein has been obtained from sources that we believe to be reliable, but its accuracy and completeness are not guaranteed by Pantheon Ventures. We reserve the right at anytime and without notice to change, amend, or cease publication of the information. It has been prepared solely for informational purposes and is made available on an "as is" basis. Pantheon Ventures does not make any warranty or representation regarding the information. Under the terms specified here, Pantheon grants you a non-exclusive, non-transferable, license to access and use its web site for your personal, noncommercial use. The material is proprietary and without the prior written permission from Pantheon Ventures, it may not be reproduced, copied, modified, performed, published, distributed or broadcast, in whole or in part, in any form, other than for your own personal, noncommercial use. The Content on its web site, unless otherwise noted, is the property of Pantheon and is protected by intellectual property laws including copyright law. Failure to comply with these terms will terminate the license.

This is a publication of Pantheon Ventures. Nothing in this publication is intended to constitute legal, tax, securities, or investment advice, or an opinion regarding the appropriateness of any investment, nor a solicitation of any type. The contents of this publication are intended for general information purposes only and nothing in these pages constitutes an offer or a solicitation to buy or sell a security nor is it to be construed as investment advice. Pantheon Ventures' investment advisory services are provided to a limited number of investment funds and clients; it does not make its services available to the public. The general opinions and information contained in these pages should not be acted upon without obtaining specific legal, tax, and investment advice from a licensed professional concerning your own situation and any specific investment questions you may have. Pantheon cannot guarantee the future performance of any investment.

Pantheon Ventures, Pantheon, and the Pantheon logo are service marks of Pantheon Ventures Limited, which may not be used without permission except as provided by these terms. Russell Private Equity and logo is a service mark of Russell Investments. Other product, company names and trademarks are the trade names and trademarks of their respective owners.

Limited Linking License for Other Site and Other Uses
Commercial and other Web sites may include a link to Pantheon Ventures' Web site (www.pantheonventures.com) so long as any such link satisfies all five of the following requirements:

• Directs users to the homepage of Pantheon Ventures at www.pantheonventures.com;
• Indicates clearly that the link will lead to the Web site of Pantheon Ventures;
• Does not falsely represent or suggest any relationship between the linking site and Pantheon Ventures (including suggestions of affiliation, endorsement, or sponsorship);
• Does not deliver Pantheon Ventures's content inside a framed environment; and
• Maintains the integrity of Pantheon Ventures's layout, content, and look and feel.

This Limited License expressly prohibits the framing of Pantheon's content in any way or any other activity, specifically including but not limited to referencing "Pantheon Ventures" or "Pantheon" as a metatag, or any other use, that may create a misimpression or confusion among users with respect to any third parties' sponsorship or affiliation with Pantheon.

Intended Audience
The content of the Website is intended as a source of general information for professional investment advisers and clients that are classified as professional clients for the purpose of the UK Financial Services and Markets Act 2000 unless specifically indicated otherwise. It is not intended for use by private clients.

Regulatory Information
Pantheon Ventures Inc., a company incorporated in United States of America, is registered as an investment advisor with the U.S. Securities and Exchange Commission (SEC No.: 801-32850), and whose registered office is at Transamerica Center 600 Montgomery Street, 23rd Floor San Francisco, CA 94111 (Corporation Number C1542341).

Pantheon Ventures Limited is authorised and regulated by the Financial Services Authority in the United Kingdom (FSA Reference Number 126321) and has permission under Part 4 FSMA 2000. The registered address is Norfolk House, 31 St James's Square, London SW1Y 4JR (Company Number: 2052746).

Pantheon Capital (Asia) Limited is regulated by the Securities and Futures Commission (SFC) in Hong Kong (CE Number ABM918) for Advising in Securities. The registered address is Suite 3001-2, 30/F, Two Exchange Square, 8 Connaught Place, Central, Hong Kong (Corporation Number: 383509).

Pantheon Ventures (Guernsey) Limited is regulated by the Guernsey Financial Services Commission (GFSC). The registered address is PO Box 105, Trafalgar Court, Admiral Park, St Peter Port, Guernsey, GY1 3EP, Channel Islands (Company Number: 24917)