Endeavor

page 91 How does Endeavor Catalyst measure its financial returns? • Given the volume and frequency of investments, Endeavor Catalyst generally calls capital on an annual drawdown schedule vs. on an as-needed basis. Because of this, we report returns on a cash-on-cash basis and with a modified IRR. − We have calculated our net TVPI, DVPI, and IRR as of Q4 2015, taking into account both Endeavor Catalyst Philanthropy (First Investment: Q1 2012) and Endeavor Catalyst I LP (First Investment: Q3 2013). › Total Value to Paid-In Ratio (TVPI) 1 : 1.27X › Distributed Value to Paid-In Ratio (DVPI) 2 : 0.58X › Internal Rate of Return (IRR) 3 : 14.14% • Bain conducted a historical analysis on Endeavor Entrepreneurs who raised $10MM or more in financing rounds between 1998 and 2010. Had Endeavor Catalyst invested during this time period, these investments would have yielded a 2.9X Return on Invested Capital. Endeavor Entrepreneurs would have performed in the top quartile of growth equity capital funds. ANNUAL RETURNS (IRR) 4 48% Endeavor: $10M Threshold (1998–2010) Cambridge U.S. VC 1st Quartile (1998–2010) Cambridge U.S. VC 2nd Quartile (1998–2010) Cambridge EM VC/PE Avg. (2000–2010) MSCI EM Index 23% 8% 15% 14% 1 While Endeavor Catalyst values investments at cost, we have used Fair Market Value here for illustrative purposes only. This number is based on Follow-On Valuations. 2 While Endeavor Catalyst I LP has not had distributions to date, we have taken into account distributions to Endeavor Catalyst Philanthropy from Globant and Yemeksepti for this calculation. 3 For this calculation, we have assumed that capital is called on an 'as-needed' basis as opposed to on a draw-down schedule. 4 Potential investors should be aware that these estimates of past performance are not necessarily indicative of future results.

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