Partnership Holdings III and Secondary Strategy Overview

1 Overview of Industry Ventures LLC $2 billion+ SEC-registered investment firm with two complementary strategies Partnership Holdings Funds Strategy Return Profile • Early/mid-stage assets with high multiple potential via early secondary LP interests, primary commitments, direct co-invest and special situations with small venture funds J-curve mitigation with high multiple potential • Strategy Secondary Liquidity Later-stage venture capital investments via secondary direct, LP interest and special situation transactions Funds Return Profile . J-curve mitigation with high IRR potential Large team with scale to consistently cover inefficient areas in the venture capital market Information Advantages and Synergies Large Team with Deep Experience in VC • • With investments in over 120 private companies and 140 venture capital funds, the firm has unmatched scale in information flow, sourcing strategies and due diligence capabilities Eleven investment professionals headquartered in San Francisco with an office in Washington D.C. area Experience in VC at all levels: operating, secondary and direct investments, and capital markets Aggressive sourcing and creative structuring approach creates unique value oriented investments Impressive Track Record Over 20% Net IRR across all Secondary and Partnership Holdings funds since inception INDUSTRY Ventures

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