1. Where connections spark growth.
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Agenda
 VC Industry Trends
 Fund I Performance Review
 Cintrifuse Fund of Funds Overview

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2013 VC Industry Trends

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2013 Venture Industry Overview
• Total VC Capital Invested increased but Deal Flow fell slightly in 2013.
• VCs invested $34 Billion in 2013 - the 3rd Highest Level in 10 years.
• Overall Deal Flow dipped by 15% from 2012 to 2013.
$19.7
$22.6
$25.0
$31.4
$33.2
$23.0
$26.9
$38.4
$34.1
$34.0
2,049
2,344
2,532
3,233
3,459
3,037
3,579
4,431
4,804
4,067
0
1,000
2,000
3,000
4,000
5,000
6,000
$0
$5
$10
$15
$20
$25
$30
$35
$40
$45
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Capital Invested ($B) # of Deals Closed
U.S. VC Deal Flow

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U.S. VC Deals by Stage
• Investments by Stage have Evolved Over Time as Focus on Seed Stage has Increased.
• Early Stage Financings fell from 59% of VC Deal Flow in 2005 to 44% in 2013.
• Angel/Seed Financings increased from 5% to 27% of Total Deal Flow in the same period.
• Angel/Seed Financings accounted for $9.2B of the overall $34B in VC financing in 2013.
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
Seed/Angel Early Stage Late Stage
U.S. VC Deals by Stage

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VC Investments by Sector
• The healthcare share of total venture capital investments was 19%—
the lowest proportion since 2001.
• Hopeful uptick in exits and fundings in Q4 2013.
31%
32%
38%
21%
10%
6%
9%
9%
13%
24%
25%
19%
2%
5%
3%
14%
20%
21%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
2004
2009
2013
Software Non-Software IT Commercial Services Healthcare Energy Other
US VC Deals by Sector

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Cintrifuse Early Stage Venture Capital
Fund I, LLC
Performance Review

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Current Investors

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Fund I Highlights
• Total of $450M in Capital Under Management
• 44 companies
• ~150% average portfolio growth
Underlying Funds
• $51.1 million in committed capital
• 4 funds under management
• 8% called
• ~ One new fund per quarter
• Focus on early stage venture…
• …In technology, life sciences, consumer, energy
Cintrifuse Fund I

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Underlying Funds
 Location: Cincinnati, OH
 Stage: Series A/B
 Investment focus: B2B Software,
Medical Devices
 Location: Los Angeles, CA
 Stage: Seed/Series A/B
 Investment focus: Software,
Distribution, Financial Services, Digital
Media
 Location: Boston, MA
 Stage: Seed/Series A/B
 Investment Focus: SaaS, Cloud,
Mobile,, Technology-enabled service,
Digital Media
 Location: Houston, TX
 Stage: Seed/Series A
 Investment Focus: Software,
Ecommerce, Bioscience,
Manufacturing, Energy

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Fund Summary
$ Millions
$4.1
$2.3
$1.7
$0.3
$0.1
$3.3
$1.5
$0.3
$1.0
$1.2$1.2
$1.1
$1.2$1.2
$40.0 $40.0
$51.1 $51.1 $51.1
$0.0
$10.0
$20.0
$30.0
$40.0
$50.0
$60.0
$0.0
$0.5
$1.0
$1.5
$2.0
$2.5
$3.0
$3.5
$4.0
$4.5
Q4 '13Q3 '13Q2 '13Q1 '13Q4 '12
Paid in Capital Capital Drawn by Underlying Funds Residual Value Total Value Commi ed Capital

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Portfolio Distribution
$ Amount
GeographyIndustry
# of Companies
Consumer
13%
Technology
83%
Life
Sciences
5%
Consumer
11%
Technology
80%
Life
Sciences
9%
West
41%
South
18%
Northeast
20%
Midwest
20%
West
53%
South
4%
Northeast
32%
Midwest
11%

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Growing Activity with VCs
2
4
8
3 3
5
6
14
17
20
25
0
5
10
15
20
25
30
0
1
2
3
4
5
6
7
8
9
Nov '13 Dec '13 Jan '14 Feb '14 Mar '14 Apr '14
Cincinna Immersion Days
Immersion Days Monthly Cumula ve

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Cintrifuse Fund of Funds
Overview

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To create a global destination
where entrepreneurs’ dreams
are realized.
For the Fund:
Build an Effective Early Stage
Venture Network
Mission

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Attract, Engage, Invest
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VCs Corporations
STARTUPS
Deal Flow
Due Diligence

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Timeline
Q1
13
Q2
13
Q3
13
Q4
13
Q1
14
$40M
First
Close
$11M 2nd
Close
Sarah
Anderson
Joins
Acquired
2013 was a year of foundation building

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Ripple Effect
Seed Early Late
Engaging with more than 200 Funds

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Engagement Scorecard
ACTIVITY DESCRIPTION
Dealflow to
Members
Number of companies brought to Strategic LPs aligned with interests. Potential
for relationships such as beta test, customer, joint venture or investor.
Advisory
Boards/Ment
orships
Participation in mentoring, advisory and committee roles for a) LPs, b) startups,
c) research organizations, and d) industry/corporations.
Events
Participation, sponsoring and contributing thought leadership throughout the
year in events such as annual conference, Demo Day, Office Hours, etc.
Education/Cu
rriculum
Introduce content and programs for delivering education for startups and
entrepreneurs.
Media
Engagement
Social Media, Tweeting, Blogging, other press and statements about Cintrifuse
Presence Maintain a staffed office and/or partner-level activity in the region.
Direct
Investment
Activity in sourcing deals from the region and other regional investors, includes
startups met with, diligenced as well as actual investment.
Reporting
Provide timely, accurate reports on regional activity, invested capital, jobs and
other information as may be requested

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$1.0
$2.5
$0.0
$0.5
$1.0
$1.5
$2.0
$2.5
$3.0
Invested Capital
Outside Region Local Investments
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Economic Multiplier
Capital invested
outside region =
$2.74M
4 companies =
$6.85M combined
Per $1 invested outside the region, $2.5 has been
returned

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Goals for 2014
 Close the Fund.
 Invest in 3 to 4 additional funds.
 Link the Underlying Fund portfolios more directly
with our strategic investors
 LEAP Innovation Days
 Venture Liaison Program.
 Track and monitor the activity of funds coming
the region to optimize fund performance and
remain consistent with our mission.

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Questions