E X C L U S I V E A C C E S S T O. Growth Equity. Funds Single Investments Bespoke Sourcing of Shares

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1 E X C L U S I V E A C C E S S T O Growth Equity Funds Single Investments Bespoke Sourcing of Shares

2 Important Disclaimer This presentation is for the use of investment firms and their clients who are Qualified Investors. The contents are not to be reproduced, photocopied, or distributed to any other party and is for your personal use only. InvestX offerings are intended for Canadian investors who qualify under available prospectus exemptions pursuant to National Instrument , Prospectus and Registration Exemptions, and for United States accredited investors as defined under Regulation D of the Securities Act of 1933, and similar laws and regulations in other jurisdictions. This presentation is for information purposes only and does not constitute an offer to sell or a solicitation to buy the securities referred to herein. Offers to sell, or the solicitations of offers to buy, any security can only be made through official offering documents that contain important information about risks, fees and expenses. In furnishing this document, the Issuer and Agent reserve the right to amend or revise this document at any time and undertake no obligation to provide the recipient with any additional information. The information contained in this document is selective and does not purport to contain all the information relating to InvestX Series Limited Partnership (the Issuer ). In all cases parties should conduct their own investigation and analysis of the Issuer and the data contained herein. There has not been a review of the current financial statements of the underlying issuer. The information presented within is from publicly sourced and selective documents. No securities regulatory authority has expressed an opinion about these securities and it is an offense to claim otherwise. Investors should conduct their own due diligence, not rely on the financial assumptions or estimates made in this document and are encouraged to consult with a financial adviser, lawyer, accountant, and any other professional that can help to understand and assess the risks associated with any investment opportunity. All amounts are expressed in US funds. The information contained herein, while obtained from sources which we believe to be reliable, none of InvestX Capital Ltd., InvestX Master GP1 Inc., nor InvestX Financial (Canada) Ltd. (the Agent ), guarantee as to its accuracy or completeness. 2/25

3 3/25 I. Why Growth Equity

4 IPO Landscape has Dramatically Changed INDICATOR 2000* 2017 (YTD)* CHANGE Number of $1B Private Companies Total Value of $1B Private Companies Total Amount Raised as Private Company $920.8B - $176 B Median Time to IPO 5 years 10 years + 5 Years Average Market Cap $446.9M $1,222.5M 2.74 times Total IPOs % Average IPO Company s Revenue $19.9M $128.8M + 540% 4/25 *All data in table based on US VC-backed IPOs as of 11/3/2017 *Source: g 2 ; The Global Silicon Valley Handbook by Michael Moe, GSV

5 Companies are Larger - Staying Private Longer HISTORICAL MEDIAN TIME Seed Series A Series B Series C Series D IPO or M&A Public Market Returns 5 Years TODAY Seed Series A Series B Series C Series D Growth Equity accelerate issuer with more capital IPO or M&A 10 Years Growth Equity = Sweet Spot of Private Equity 5/25

6 Value Shifted from Public to Private Markets 100% Public Market Value Creation vs. Private Market Value Creation 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% AAPL (1980) MSFT (1986) AMZN (1997) GOOG (2004) CRM (2004) LNKD (2011) FB (2012) SNAP (2017) Private Market Value Creation Public Market Value Creation 6/25

7 Yale Endowment 31% In PE / VC 30-Year Return: 12.5% vs. MSCI World Index 6.91% US Shares Natural Resources Venture Capital Bonds & Cash 7.5 % 7.0% 4 % 17.0% PE - LBO 10.0% 14.0% Real Estate Non-US Shares 15.5% 25.0% Absolute Return 2018 Target Investment Weightings 7/25 Yale Endowment Returns As of June 2017; MSCI World Index Annual Performance as of December ; Annual Performance as of December 2017

8 II. InvestX 5 Factor Investment Model 8/25

9 IPO 2 Return Profile - Private and Public Market $1 Billion+ Company Month IPO REDUCE RISK FACTORS 40%+ Ave Growth Rate Inefficient Odd Lot Private Market GENERATE RETURN IPO Price to Market Price PUBLIC MARKET RETURN Business Risk Liquidity Risk Premium Return Invest at Discount Category Leader 9/25

10 InvestX Current Investments Purchase Date Underlying Issuer Valuation Invested ($B) Last Primary Valuation ($B) Days Invested Sept 2015 $3.2 $15.1 1,057 Feb 2016 $2.3 $ Oct 2016 $57.8 $ Apr 2017 $11.6 $ Jul 2017 $6.9 $ Jul 2017 $7.1 $ Oct 2017 $11.8 $ Nov 2017 $1.3 $ Dec 2017 $12.2 $ Jun 2018 $2.0 $ Jul 2018 $3.7 $ Days invested as of Aug 1, Only includes investments that meet the 5 factor investment strategy 10/25

11 InvestX Exits Purchase Date Underlying Issuer Entry Price IPO Opening Price Aug 1 st Closing Price Days Invested Annualized Return After All Fees IPO date to Aug 1st Close Price Sep 2015 $61.55 $ $ % 1 H$ L$ Aug 2016 $44.48 $ $ % 1 H$ L$ Oct 2016 $43.64 $ $ % 1 H$ L$ Mar 2017 $50.44 $ $ % 1 H$ L$ InvestX Exits Currently Held under Lockup May 2017 $23.00 $29.00 $ % 2 H$42.00 L$26.77 Jul 2017 $18.31 $38.00 $ % 2 H$63.95 L$ Calculated on the IPO opening price and IPO exit date. 2. Calculated assuming the August 1, 2018 share price and date. 11/25

12 Case Study Spotify is the world s #1 music streaming service with over 150M 1 active users and over 70M paying subscribers. 2 Original Investment: Sept Preferred Series G shares via a sidecar; $8.53B valuation 2016 revenues of 2.9B; up 52% over previous year 3 Follow-on Investments: 3X in secondary market 18-29% discounts from last primary round Continued rapid growth, faster than Apple Music, which launched off of itunes, the largest music customer platform in history 4 Return Snapshot for Clients: April 3, 2018 direct listing on NYSE 5 Ave weighted investment period: 15 months Ave weighted entry price: US$49.59 Exit price: US$165.90* Ave annualized weighted return: 171.3% 12/25 *Calculated based on the IPO Opening Share Price

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15 Palantir Technologies, Inc. ( Palantir ) is a big data analytics company founded in 2003 by a group of computer scientists and analysts from the intelligence community, with the initial impetus provided by PayPal co-founder Peter Thiel. 15/25 *Quote: Palantir PrivCo Report

16 The Problem Palantir Solved Palantir is working to radically change how groups analyze information. Its data analytics software addresses fraud prevention, counterterrorism, and other business intelligence risks. 6 16/25

17 Big Data Analytics - $210 Billion Market Opportunity Worldwide revenues for big data and business analytics is forecast to grow from $150.8B in 2017 to $210B in 2020 with CAGR of 11.9%. 7 The worldwide cybersecurity market was estimated to be $77B in Over the past decade, the U.S. Government has spent $100B on cybersecurity initiatives and had $14B budget allocated for cybersecurity in U.S. federal, state, and local IT spending is expected to exceed $200B in Roughly 30 35% is dedicated to IT in defense, public safety, and justice departments, in which Palantir predominantly focuses. 6 17/25

18 Category Leader March 2018, Palantir and Raytheon Co. won a $876 million decade-long contract to replace the Army's outdated DCGS. 9 February 2018, Palantir s CEO stated that the company signed Fiat Chrysler joining a roster of clients which include Airbus, BP and Merck. 10 Increasing number of customers: as of October 2016, Palantir had roughly 20 contracts that are more than $100M compared to the 2 comparable contracts in Palantir had a diverse selection of commercial customers circa May 2016 as showcased by the group of logos below /25

19 Billions Rapidly Growing Since 2011, Palantir has grown revenues from $30M to near $850M in In 2017, Palantir had bookings of $3.2B up from $2.4B in $3.5 $3.0 $2.5 $2.0 $1.5 $1.0 $0.5 $ Revenue $30.5M $63.1M $130.5M $242.2M $420.0M $615.3M $853.1M Bookings $129.0M $266.0M $551.0M $1,000.0M $1,700.0M $2,380.0M $3,213.0M 19/25 *Table Source: Rainmaker Securities Palantir Report available from InvestX upon request

20 Experienced Leaders in Scaling Technology Platforms Peter Thiel (Co-founder & Chairman) Co-founded, Chairman and CEO PayPal sold to Ebay $1.2B, Founded VC firm Founders Fund with $3B in AUM and hedge fund Clarium Capital. Mr. Thiel is on the Forbes 400 list of the world s wealthiest people and has a law degree from Stanford. Alex Karp (Founder & CEO) Founded the Caedmon Group, an asset management firm and later founded Palantir. Bachelor degree from Harvard College, law degree from Stanford and a Ph.D. in Neoclassical Social Theory from Frankfurt University. In October of 2013, the Atlantic Magazine named Karp as One of the World s Top 50 Most Important Inventors. Colin Anderson (CFO) Formerly Clarium Capital Management Vice President, Research and Trading. Analyst at Morgan Stanley. Undergraduate degree from Stanford. 20/25

21 IPO Ready Palantir is a 15-year-old company. The average time to exit for a VC-backed company is 11 years. 13 In 2016, Palantir discussed a possible sale to Oracle. 14 Investment bank Goldman Sachs Group pitched Palantir in 2015 about a potential $30 billion IPO /25

22 Summary Large growing market - Global revenue for big data and business analytics is forecast to grow from $150.8B in 2017 to $210B by Since 2011, Palantir has grown revenues from $30M to near $850M in In 2017, Palantir had bookings of $3.2B up from $2.4B in Experienced leadership team who built and sold PayPal 22/25

23 Other Important Information Clear ROFR up to 45 days after LP Closing Date IPO Expect 180 day underwriter lock up Notice Clients must be informed that there may be a refund or a pro-rated portion of their investment refunded in the event shares are unable to be purchased 23/25

24 Summary of InvestX Series Palantir Type of Security: Limited Partnership Units, USD$1.00 per unit Maximum Offering: US$8,000,000 Minimum Investment Size: US$20,000 GP Fees: 1% annual management fee (paid 3 years in advance) 15% carried interest fee (only payable on the profit of the investment) Eligibility for investment: Accredited Investors Canada and USA; no registered accounts Timing: Closing October 9, 2018 Asset: The price per share including fees is $6.26 ($11.27B valuation) 45% discount from the last round of $11.40 ($20.5B valuation) 24/25

25 INACCESSIBLE INVESTMENTS FOR YOUR PORTFOLIO Visit

26 Slide 4 Appendix References *All data in table based on US VC-backed IPOs as of 11/3/2017 *Source: g 2 ; The Global Silicon Valley Handbook by Michael Moe, GSV: Slide Slide SharesPost Palantir Company Report

27 Appendix - References RMS Palantir Research Report 2018 Q