q1 2018 recon report - wordpress.com

Q1 2018 Prime Unicorn IndexReconstitution Report

[email protected] www.primeunicornindex.com 646-429-0949

PRIME UNICORN INDEXLAGNIAPPE LABS

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Introducing 9 new components to the Index

Prime Unicorn Index LAGNIAPPE LABSIN PARTNERSHIP WITH

RETURN AND RISK

OVERVIEW

INDEX INFORMATION INDEX CHARACTERISTICS

*As of December 31, 2017. The Inception Date of the Index is August 17, 2017. Historical returns prior to that date are backtested and therefore hypothetical in nature. Past performance is not an indicator of future outcomes.

The Prime Unicorn Index is an equally-weighted price return index that measures the share price performance of U.S. privatecompanies valued at $500 million or more. The price changes of component companies are derived from publicly availableinformation associated with company transactions, filings, and other disclosures. The index provides empirical data to assetmanagers and financial advisors interested in tracking today’s private capital markets. The index is designed for use in thecreation of financial products and as a performance benchmark.

Annualized Volatility*

1 year 4%

3 year 9%

5 year 11%

Full History 30%

Year Return (%)

2017* 9.29%

2016 3.00%

2015 46.55%

2014 76.38%

2013 59.45%

2012 50.85%

2011 250.33%

2010 40.09%

2009 6.41%


Component Universe US private companies valued at $500 million or more

Base Value 100

Base Date December 31, 2008

Inception Date August 17, 2017

Reconstitution Cycle January, April, July, October

Currency USD

Calculation Frequency Daily values, distributed weekly

Index Calculation Agent Solactive AG

Data File Distribution Via FTP and email

Bloomberg Code PUNICORN

Reuters Code .PUNICORN

Number of Components 93

Component Weighting Equal

Total Market Value $241,752,297,751

Largest Component $44,271,240,905

Smallest Component $509,154,112

Average Component $2,599,487,008

Median Component $961,249,997

Top 10 Components Valuation (as a % of Total Combined Valuation)

63%

Prime Unicorn Index Returns


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Round Series A SeriesB Series C SeriesD SeriesE

InvestmentDate 9/25/2013 7/17/2014 9/10/2015 8/30/2016 11/3/2017

InvestmentAmount $28.24M $40.00M $55.00M $75.00M $100.00M

Direction NotApplicable UpRound UpRound UpRound UpRound

Liq.Pref. NotApplicable Pari Passu Pari Passu Pari Passu Pari Passu

Liq.Multiple 0-1X 0-1X 0-1X 0-1X 0-1X

StockType Conv. Convertible Conv. Convertible Conv. Convertible Conv. Convertible Conv. Convertible

Anti-Dilution WeightedAvg. WeightedAvg. WeightedAvg. WeightedAvg. WeightedAvg.

Redemption No No No No No

DividendRate NotStated NotStated NotStated NotStated NotStated

Valuation $127,336,870 $378,174,918 $816,262,191 $966,374,672 $1,672,441,113

PreferredPPS $10.00 $20.7655 $40.50 $42.6320 $67.4782

INDEX COMPARISON

Urban Compass develops a technology-driven real estate platform that enables agents and clients to streamline andtransform the process of finding a home.

URBAN COMPASS DEAL BREAKDOWN


IN PARTNERSHIP WITH


Round Series A SeriesB Series C SeriesD SeriesE SeriesF

Invt Date 10/20/2000 3/25/2003 10/9/2012 4/28/2014 11/15/2016 11/16/2017

Invt Amount $3.25M $2.80M $0.93M $10.00M $157.5M $302.5M

Direction Not Applicable DownRound UpRound UpRound UpRound UpRound

Liq.Pref. Not Applicable Senior Pari Passu Senior Senior Senior

Liq.Multiple 0-1X 0-1X 0-1X 0-1X 0-1X 0-1X

StockType Conv.Convertible Conv.Convertible Conv.Convertible Conv.Convertible Conv.Convertible Conv.Convertible

Anti-Dilution NotStated NotStated WeightedAvg. WeightedAvg. WeightedAvg. WeightedAvg.

Redemption Yes Yes Yes Yes Yes Yes

DividendRate NotStated NotStated NotStated NotStated NotStated NotStated

Valuation $23,250,862 $9,194,593 $20,440,716 $134,975,397 $487,291,240 $1,243,910,659

PreferredPPS $2.00 $0.5220 $1.07549 $6.82 $17.96 $34.5454

INDEX COMPARISON

AvidXchange revolutionizes the way companies pay their bills by providing a solution that streamlines the entire Accounts Payable process--from invoice receipt through vendor payment.

AVIDXCHANGE DEAL BREAKDOWN


IN PARTNERSHIP WITH



InvestmentDate 11/8/2013 4/13/2015 12/4/2015 6/23/2016 2/14/2017

InvestmentAmount $8.79M $6.77M $20.00M $23.53M $47.5M




StockType Conv. Convertible Conv. Convertible Conv. Convertible Conv. Convertible Conv. Convertible


Redemption No No No No No

DividendRate NotStated 8% 8% 8% 8%

Valuation $23,338,461 $48,605,670 $108,416,104 $282,283,600 $808,792,639

PreferredPPS $1.94573 $3.39214 $5.91703 $14.11418 $37.11848

INDEX COMPARISON

Discord is a personal computer (PC) gaming company focused on building a voice and text chat application for gamers that works on both desktop and phone. DiscordApp enables users to download the free mobile app to chat on the go or summon their AFK friends by sending a push notification with an @mention.

DISCORD DEAL BREAKDOWN


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Round Series A SeriesB Series C SeriesD

InvestmentDate 8/12/2011 4/11/2014 12/11/2015 1/23/2018

InvestmentAmount $5.12 M $32.39M $34.87M $124.29M

Direction NotApplicable UpRound UpRound UpRound

Liq.Pref. NotApplicable Pari Passu Pari Passu Pari Passu

Liq.Multiple 0-1X 0-1X 0-1X 0-1X

StockType Conv. Convertible Conv. Convertible Conv. Convertible Conv. Convertible

Anti-Dilution WeightedAvg. WeightedAvg. WeightedAvg. WeightedAvg.

Redemption No No No No

DividendRate 8% 8% 8% 8%

Valuation $15,913,640 $95,864,891 $280,511,838 $677,311,154

PreferredPPS $0.9342 $3.39105 $8.4716 $16.03926

INDEX COMPARISON

Bolt Threads is creating the next generation of performance fibers and fabrics using proprietary breakthroughs in industrial biotechnology. Working at the molecular level, Bolt Threads is transforming the textiles market, turning renewable raw materials into products with outstanding properties that meet specific consumer needs.

BOLT THREADS DEAL BREAKDOWN


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Round Series 1 Series2 Series 3 Series4 Series5 Series6

Invt Date 6/9/2011 11/5/2012 12/23/2013 6/17/2015 11/10/2016 3/14/2017

Invt Amount $37.70 M $23.00M $34.21 $30.00M $142.99M $55.00M

Direction Not Applicable UpRound UpRound DownRound UpRound UpRound

Liq.Pref. Not Applicable Pari Passu Pari Passu Pari Passu Senior Pari Passu

Liq.Multiple 0-1X 0-1X 0-1X 0-1X 0-1X 0-1X

StockType Conv. Convertible Conv. Convertible Conv. Convertible Conv. Convertible Conv. Convertible Conv. Convertible

Anti-Dilution Weighted Avg. Weighted Avg. Weighted Avg. Weighted Avg. Weighted Avg. Weighted Avg.

Redemption No No No No No No

DividendRate 8% 8% 8% 8% 8% 8%

Valuation $49,515,791 $101,634,807 $158,611,839 $203,431,033 $467,026,832 $583,050,748

PreferredPPS $2.729862 $4.11146 $4.78821 $3.45536 $5.03624 $5.539864

INDEX COMPARISON

Proterra is a leading designer and manufacturer of zero-emission heavy-duty vehicles, enabling bus fleet operators to significantly reduce operating costs while delivering clean, quiet transportation to local communities across the United States.

PROTERRA DEAL BREAKDOWN


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Round Series B SeriesC Series D SeriesD-1 SeriesD-2 SeriesD-3/D-4

SeriesE/E-1

SeriesE-2, E-3,E-4

Invt Date 3/26/2013 12/13/2013 10/1/2014 5/8/2015 8/5/2015 11/20/2015 9/15/2016 10/5/2017

Invt Amt $18.71 $22.09M $25.00M $21.34M $45.00M $38.00M $43.54M $73.02M

Direction DownRound UpRound UpRound UpRound UpRound FlatRound DownRound FlatRound

Liq.Pref. Senior Senior Senior Pari Passu Senior Pari Passu Senior Senior

Liq.Multiple 0-1X 0-1X 0-1X 0-1X 0-1X 0-1X 0-1X 0-1X

StockTypeParticipatingPreferred,2XCap

ParticipatingPreferred,2XCap





ParticipatingPreferred,NOCap


Anti-Dilution WeightedAvg. WeightedAvg.

WeightedAvg.

WeightedAvg. WeightedAvg.

WeightedAvg. WeightedAvg.

WeightedAvg.

Redemption Yes Yes Yes Yes Yes Yes Yes No

DividendRate 8% 8% 8% 8% 8% 8% 8% 8%

Valuation $43,108,819 $122,427,716 $216,235,520 $284,593,747 $371,140,674 $415,846,379 $468,612,104 $554,520,409

PreferredPPS

$2.70 $6.04 $8.53 $10.236 $11.4447 $11.4447 $11.1465 $11.1465

INDEX COMPARISON

WellTok has developed the 'CafeWell' Health Optimization Platform which enables population health managers to guide and incentivize consumers to optimize their health. The platform assists payers, health systems, accountable care organizations, and other population health managers in connecting with their members and rewarding them for healthy physical, emotional, and financial behaviors.

WELLTOK DEAL BREAKDOWN


IN PARTNERSHIP WITH


Round Series A SeriesB Series C

InvestmentDate 1/15/2013 5/7/2014 1/8/2016

InvestmentAmount $8.00M $130.00M $175.00M

Direction NotApplicable DownRound UpRound

LiquidationPreference NotApplicable Pari Passu Pari Passu

LiquidationMultiple 0-1X 0-1X 0-1X

StockType ConventionalConvertible ConventionalConvertible ConventionalConvertible

Anti-Dilution WeightedAverage WeightedAverage WeightedAverage

Redemption No No No

DividendRate 8% 8% 8%

Valuation - - $1,260,901,661

PreferredPPS $4.9442 $2.3358 $6.5590

INDEX COMPARISON

Flatiron Health is a healthcare technology and services company focused on accelerating cancer research and improving patientcare. Flatiron’s platform enables cancer researchers and care providers to learn from the experience of every patient.

FLATIRON HEALTH DEAL BREAKDOWN


IN PARTNERSHIP WITH



Invt Date 9/22/2011 2/28/2013 12/30/2014 3/17/2015 2/9/2016

Invt Amount $14.35M $39.16M $54.52M $70.00M $70.00 M




StockType Conv.Convertible Conv.Convertible Conv.Convertible Conv.Convertible Conv.Convertible


Redemption Yes Yes Yes Yes Yes

DividendRate NotStated NotStated NotStated NotStated NotStated

Valuation - - - - $638,640,519

PreferredPPS $2.00 $3.926 $5.686 $10.597 $10.599

INDEX COMPARISON

Health Catalyst is a next-generation data, analytics, and decision-support company committed to being a catalyst for massive, sustained improvements in healthcare outcomes. Health Catalyst's enterprise data warehouse (EDW) and analytics platform helps improve quality, add efficiency and lower costs. The company uses a late-binding bus architecture allowing for the adaptive datamodel to be agile, flexible, and implemented in a matter of weeks compared to the months or years traditional approaches require.

HEALTH CATALYST DEAL BREAKDOWN


IN PARTNERSHIP WITH


Round SeriesA Series B SeriesC

InvestmentDate 6/12/2013 2/17/2015 3/15/2017

InvestmentAmount $10.87M $30.00M $85.80M

Direction NotApplicable UpRound UpRound

LiquidationPreference NotApplicable Pari Passu Pari Passu

LiquidationMultiple 0-1X 0-1X 0-1X

StockType ConventionalConvertible Conventional Convertible ConventionalConvertible

Anti-Dilution WeightedAverage WeightedAverage WeightedAverage

Redemption No No No

DividendRate 8% 8% 8%

Valuation - - $615,577,449

PreferredPPS $0.7975 $4.9915 $11.3634

INDEX COMPARISON

Pindrop Security provides enterprise solutions to protect enterprise call centers and voice communications. Pindrop’s unique Acoustic Fingerprinting™ technology is the first of its kind to analyze and fingerprint individual phone calls, providing the caller’s true location and calling device and matching them to Pindrop’s CallDNA™ fraud database.

PINDROP SECURITY DEAL BREAKDOWN

Preferred Stock - A class of capital stock that may pay dividends at a specified rate and that has priority overcommon stock in the payment of dividends and the liquidation of assets. Many venture capital investments usepreferred stock as their investment vehicle. This preferred stock is convertible into common stock at the time ofan IPO.

Round of Financing – The Series of Preferred or Common that is being authorized and issued in the currentround.

Round Direction – Direction of the series preferred being issued based off of the current series issue price VS.the prior series issue price:• UP = current round is priced HIGHER than the prior round• FLAT = current round is priced the SAME as the prior round• DOWN = current round is priced LOWER than the prior round

Liquidation Preference – the order at which the assets or funds are dispersed upon a liquidation, dissolution, orwinding up of a corporation, either voluntary or involuntary• Senior - the Series of Preferred being issued is SENIOR in liquidation preference to all other Preferred Stock

and Common Stock• Pari Passu - the Series of Preferred being issued shares equally with one or more other Series of Preferred

Stock but prior to the Common Stock• Junior - the Series of Preferred being issued is JUNIOR to one or Series of Preferred• N/A - Not Applicable is used if there is not a previous round of Preferred issued (EX: Series A round)

Multiple of the Liquidation Preference – The amount per share that a holder of a given series of PreferredStock will receive prior to distribution of amounts to holders of other series of Preferred Stock or Common Stockbased on the amount invested. This is usually designated as a multiple of the Issue Price, for example 2X or 3X.

Type of Preferred Stock –• Participating Preferred Stock - A Preferred stock in which the holder is entitled to receive the appropriate

liquidation preference and after all payments have been made to the various Series of Preferred, theParticipating Preferred Stock can participate in receiving any remaining funds or assets, on an “as if”converted basis, alongside the Common Stock shareholders.

• Conventional Convertible Preferred - non-Participating, can convert to common and receive Pro Ratadistribution, but CANNOT participate with the common on an “as if” converted basis.

Liquidation Cap – The Cap or Max Participation amount that the Participating Preferred Stock can receivedwhen participating, usually designated as a multiple of the Issue Price, for example 2X or 3X.

Anti-Dilution – Contractual measures that allow investors to keep a constant share of a firm's equity in light ofsubsequent equity issues. These may give investors preemptive rights to purchase new stock at the offeringprice.• Weighted Average - The investor's conversion price is reduced, and thus the number of common shares

received on conversion increased, in the case of a down round; it takes into account both: (a) the reducedprice and, (b) how many shares (or rights) are issued in the dilutive financing.

• Full Ratchet - The sale of a single share at a price less than the favored investors paid reduces theconversion price of the favored investors' convertible preferred stock "to the penny". For example, from $1.00to 50 cents, regardless of the number of lower priced shares sold.


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DEFINITION OF TERMS


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TOP 10 COMPONENTS (RANKED BY VALUATION)

The Prime Unicorn Index is owned by Lagniappe Labs (“LL”). All rights reserved. Lagniappe Labs and Prime Unicorn Index are trademarks of LL.Redistribution, reproduction and/or photocopying in whole or in part are prohibited without written permission. This document does not constitute anoffer of services in jurisdictions where LL or its respective affiliates do not have the necessary licenses. All information provided by LL is impersonaland not tailored to the needs of any person, entity or group of persons. LL receives compensation in connection with licensing its indexes to thirdparties. Past performance of an index is not a guarantee of future results.

LL does not sponsor, endorse, sell, promote or manage any investment fund or other investment vehicle that is offered by third parties and that seeksto provide an investment return based on the performance of any index. These materials have been prepared solely for informational purposes basedupon information generally available to the public and from sources believed to be reliable.

THE CONTENT IS PROVIDED ON AN “AS IS” BASIS, LL DISCLAIMS ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOTLIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, FREEDOM FROM BUGS,SOFTWARE ERRORS OR DEFECTS, THAT THE CONTENT’S FUNCTIONING WILL BE UNINTERRUPTED OR THAT THE CONTENT WILL OPERATEWITH ANY SOFTWARE OR HARDWARE CONFIGURATION.

Please visit www.primeunicornindex.com for full disclaimers associated with the index and website.

Disclaimer

INDEX METHODOLOGY

The rules for component eligibility, index composition, calculation, and maintenance are based on the Prime Unicorn IndexMethodology. The index universe includes all US private companies with market valuations that are equal to or greater than $500million. Component eligibility and price inputs are derived from publicly available information, such as federal filings (e.g., Form D),state filings (e.g., amendments to Certificates of Incorporation, Limited Offering Exemption Notices, Employee Plan ExemptionNotices) and company disclosures (e.g., press releases, other public statements). The index calculation model is based on actual orderived prices of preferred stock and common stock, which are validated by the index operations team. Corporate actions, such asbankruptcies, stock splits, reorganizations, mergers and acquisitions, and spinoffs are monitored on a daily basis. Index values arecalculated for each day, but distributed on a weekly basis each Thursday. The index is reviewed and reconstituted on a quarterlybasis on the third Wednesday of each January, April, July and October. For more detailed methodology information, please see thePrime Unicorn Index Methodology Guide.

The Prime Unicorn Index was designed and developed by Lagniappe Labs and Level ETF Ventures’ Prime Indexes group. ThePrime Unicorn Index Committee provides oversight of index calculation and maintenance, as well as ongoing evaluation of theindex methodology and related rules.

Company Sector Valuation* Weight (%)*

Uber Technologies, Inc. Software $44,271,240,905 1.17%

AirBnb, Inc. Consumer Products and Services, Software $29,252,091,441 1.17%

Space Exploration Technologies Corp Industrial/Energy $18,402,468,776 1.17%

WeWork Companies, Inc. Business Products and Services $11,255,230,718 1.17%

Pinterest, Inc. Media and Entertainment, Software $10,447,526,463 1.17%

Lyft, Inc. Consumer Products and Services, Software $9,623,402,325 1.45%

Dropbox Inc Software $9,379,097,564 1.17%

Magic Leap, Inc. Computers and Peripherals, Software $4,984,103,961 1.17%

Social Finance, Inc. Financial Services $4,497,866,541 1.17%

Tanium Inc. IT Services, Software $3,847,707,751 1.17%

* As of December 31, 2017

q1 2018 recon report - wordpress.com

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