Summary of key investment criteria for Symfonie Angel Ventures, LP.

1. Private and confidential. Unauthorised distribution strictly prohibited. ©2013 Symfonie Capital LLC
Angel Fund Key Investment Factors
 The entrepreneur has a demonstrated understanding of the product and
the industry in which he/she operates.
 The Angel Fund investment committee understands the product and the
industry in which the company operates.
 The proposed product or service is readily marketable in the near term.
 There is an identifiable, proven demand for the product or service.
 The product or service has unique features and benefits that provide
competitive advantage versus similar products and services.
 The product or service can be produced cost efficiently in small quantities.
 Changes in technology are likely to positively impact the product, the
service and the company – either by fostering new demand or by
improving the ease and cost of production and delivery.
 The project is not highly capital intensive. Capital investment by the Angel
Fund is sufficient to fund the company’s next stage of growth and
development.
 The project’s success is not contingent on a series of continual capital
raising.
 The company can be financially self sustaining in the near term.
 The Angel Fund can add value to the project by taking an active role in the
management and development of the company.
 The business plan includes putting in place the processes and company
organisation that will attract additional capital or facilitate an exit strategy.
 A clearly identifiable roadmap to an exit within 5 years must be in place.
 The business is scaleable – it can be developed, and grown over time.

2. Private and confidential. Unauthorised distribution strictly prohibited. ©2013 Symfonie Capital LLC
 The business can be saleable – either via a trade sale or management
buyout, sale via the private equity markets or sale via IPO.
 The business must be capable of generating profits that would be the
catalyst for fundamental, cash-flow based valuation.
 Corporate governance, fiscal transparency and legal protections for the
Angel Fund must be in place.
 The company’s founders and key managers successfully pass due
diligence and background checks.
 The company has no significant potential legal challenges to its property
and intellectual capital.
 The company faces no significant legal or regulatory barriers to its
business plan in the near term.
 Minimum return threshold is 35% per annum for the Angel Fund.
This document has been prepared by Symfonie Capital Investment Management LLC (“Symfonie
Capital”) for persons reasonably believed by Symfonie Capital to be persons of the categories to whom
Symfonie Capital are permitted to communicate financial promotions. This document does not
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purchase any investment. Symfonie Capital believes that the information it provides is accurate as at
the date of publication, but no warranty of its accuracy or completeness is given and no liability in
respect of errors or omissions is accepted by Symfonie Capital or any partner or employee of Symfonie
Capital. Past performance is not necessarily a guide to future performance.
This presentation is for illustration and discussion purposes only and is not intended to be, neither
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solicitation of any offer to buy, an interest in any of the funds managed by Symfonie Capital (the
“Funds”).
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risk management will be successful. Investors may lose money. No representation is made that any of
the Funds will or are likely to achieve their respective objectives or that any investor will or is likely to
achieve results comparable to any that may be shown or will make any profit at all or will be able to
avoid incurring substantial losses. Past performance is no guarantee of future results.
This presentation does not take into account the particular investment objectives or financial
circumstances of any specific person who may receive it. Before making any investment, you should
thoroughly review the particular fund’s Confidential Offering Memorandum with your financial and tax
advisor to determine whether an investment in the fund is suitable for you in light of your financial
situation.
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