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2 EN D E AVO R C ATA LYST A N N UA L R EP O RT 20 1 8 –19 Disclaimer The performance shown is for the stated time period only and is current as of 3/31/19. Performance in this report is on a return-on-invested-capital basis and is gross of related fund expenses and profit sharing. Note, Endeavor Catalyst follows a tax-basis method of accounting for financial statement purposes, keeping all holdings at cost or impairment. For illustrative purposes of fund performance, Endeavor Catalyst currently re-values its investments upon (1) an event (i.e. follow-on round, secondary sale) where there is a new third party valuation and/or (2) a new valuation provided by the lead investor. Estimated figures from events that are near closing have also been included. Figures may be rounded for illustrative purposes. Differences in the methodology used to calculate performance may also lead to different performance results than those shown. Performance shown herein incorporates unrealized valuations of existing investments, which should not be viewed as a guarantee of future results. Actual realized returns on investments will depend on, among other factors, future operating results, the value of the assets and market conditions at the time of disposition, any related transaction costs and the timing and manner of sale. Investments and other transactions described herein are included as representative transactions for illustrative purposes only, and may not be representative of all transactions engaged in by a fund. Statements regarding operating results of any investment may not result in an investment being profitable, and no representation is made that any investment or transaction will or is likely to achieve profits or losses similar to those achieved in the past or that significant losses will be avoided. Past performance is not indicative of future results. Investors: We have removed confidential investment details from the printed version of this report. For additional investment details, please access the confidential version of this report via your Investor Portal. Should you have any questions, please contact jackie.carmel@endeavor.org.