Investment Lifecycle and Strategies

HAYDEN'S TYPICAL INVESTMENT LIFECYCLE BY FOCUSING ON THIS SEGMENT OF THE MARKET, WE'RE ALSO ABLE TO GET AN EDGE VERSUS THE MARKET, SINCE MANY PUBLIC MARKET INVESTORS TEND TO WANT RESULTS TO BE EVIDENT IN THE FINANCIALS, BEFORE FEELING COMFORTABLE MAKING AN INVESTMENT. • By diving deeper, the goals is to determine what the future business economics will look like a few years out, before it becomes evident to other investors. Public Market's Assumed Return Distribution for Early-Stage Companies The distribution curve public market investors tend to bucket most early-stage companies into Expected Return Time The distribution of potential outcomes is too wide + the angle is unknowable, making this early-stage company un- investable. The public markets tend to lump most early-stage companies into this category. Expected Returns for Hayden's Early-Stage Companies The distribution curve for select early-stage companies, that we find as attractive investments Expected Return Time The width of the potential distributions is similar, but the angle is positive. Deep research is required to distinguish between the two scenarios. This company is investable, if the market is lumping it in with the previously described 0% expected return "base rate” scenario. HAYDEN CAPITAL 17

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