SHARESPOST 100 FUND. Seeking growth through America s private companies. SP Investments Management, LLC, a Registered Investment Advisor

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1 SHARESPOST 100 FUND Seeking growth through America s private companies SP Investments Management, LLC, a Registered Investment Advisor

2 MASSIVE POTENTIAL GROWTH IN THE PRIVATE MARKETS A trend you may not be aware of that you can now participate in. THE PRIVATE COMPANY INDUSTRY 18,500 private companies with 500+ employees There is an 8x increase of $100mm plus financings in the private market since % of new jobs are created and approximately 50% Gross Domestic Product (GDP)* employed by private companies The total gross revenue of $1billion plus companies is now $600 billion, 5x growth just since 2013 Sources: US Census Bureau; Forbes.com, May 2013; SharesPost Research, Private Tech Growth Emerges as an Asset Class, September 2016 *Gross domestic product (GDP) is the monetary value of all the finished goods and services produced within a country s borders in a specific time period. THE EVER-SHRINKING PUBLIC MARKET Compliance and reporting requirements such as Reg. FD and Sarbanes Oxley have become increasingly complex and burdensome for publicly traded companies. At the same time, the JOBS Act eased many securities regulations for small businesses. DOMESTIC COMPANIES LISTED ON US EXCHANGES, THOUSANDS 9,000 Public Companies Reg. FD 2000 All publicly traded companies must disclose material information to all investors at the same time 6,000 3,000 Dec ,025 Jun ,333 Sarbanes Oxley 2002 Strict reforms to improve financial disclosures from corporations and prevent accounting fraud JOBS Act 2012 Encourage funding for small businesses by easing many of the country s securities regulations % Of publicly listed companies have disappeared in the last 20 years Source:

3 REGULATORY IMPACT - COMPANIES ARE STAYING PRIVATE LONGER Companies are staying private longer motivated by their ability to finance privately while maintaining growth. Private company age years ㅑㅖㅒ IPO Average Market Value at 1st Closing Market Price B 6 $ 4 years M $ 2 369% INCREASE Source: Initial Public Offerings: Updated Statistics, Jay R. Ritter, Cordell Professor of Finance, University of Florida Growth is moving from the public to the private sector. PRIVATE COMPANIES WITH $1B+ VALUATION SINCE 2009 Private companies with $1B+ valuation grew from 23 in 2011 to 184 in 2017 JOBS Act 2012 Passed Source:

4 Founded in 2009 as a trading platform for private * shares of companies Monitors 14,000 Largest US private companies and * founded the SharesPost 100 list company trading platform Nearly $3B in transactions in over 180 private technology companies** *Refers to SharesPost, Inc. ** Includes securities transactions conducted through Emerson Equity LLC, Member FINRA/SIPC, which acted as the broker-dealer for SharesPost Financial Corporation in SHARESPOST 100 FUND Sven Weber Managing Director, SP Investments Management Lead portfolio manager and member of investment committee with 25 years of investment experience and 17 years of venture-based investing experience Served as President of SVB Capital at Silicon Valley Bank, where he managed the company s venture capital investing business At SVB Capital, managed $1.5 billion in direct, secondary, and fund of fund investments

5 THE SHARESPOST 100 PROPRIETARY INVESTMENT PROCESS Identifying what we believe are the most compelling opportunities for private investors: VENTURE CAPITAL SCREEN INDUSTRY SEARCH 1 TARGET MARKET 2 SharesPost Investment Management actively monitors: universe of Private Companies venture capital investors for high performance Identifies late stage private innovation companies FUNDAMENTAL REVIEW 3 Screens company by management team, market potential/sector and revenue growth Form SharesPost 100 List Examples of companies on the SharesPost 100 List THE VENTURE CAPITAL J-CURVE Early Venture Capital Stage Growth Late Stage Exit Stage (IPO/M&A) Public Market Risk During Lock-up Potential Valuation Time Life Stages A lock-up is defined as a period of time following the ipo or acquisition of a company in which stockholders, who owned the stock prior to the liquidity event, are prohibited from selling their shares. The length of time varies based on the circumstances of the liquidity event. This chart is for illustrative purposes and does not represent an actual investment. Please note, there is no assurance any private company will achieve the exit stage either through an ipo, m&a or other means. FOR FINANCIAL PROFESSIONAL USE ONLY. NOT FOR PUBLIC DISTRIBUTION.

6 CURRENT HOLDINGS Order based on 10/13/2017 weightings: Investors should consider the investment objectives, risks, charges and expenses carefully before investing. For a prospectus with this and other information about the Fund, please call or visit our website at Read the prospectus carefully before investing. All investing involves risk including the possible loss of principal. Shares in the Fund are highly illiquid, and you may not be able to sell your shares when, or in the amount that, you desire. The Fund intends to primarily invest in securities of private, late-stage, venture-backed growth companies. There are significant potential risks relating to investing in such securities. Because most of the securities in which the Fund invests are not publicly traded, the Fund s investments will be valued by the Investment Adviser pursuant to fair valuation procedures and methodologies adopted by the Board of Trustees. While the Fund and the Investment Adviser will use good faith efforts to determine the fair value of the Fund s securities, value will be based on the parameters set forth by the Prospectus. As a consequence, the value of the securities, and therefore the Fund s NAV, may vary. The Fund focuses its investments in a limited number of securities, which could subject it to greater risk than that of a larger, more varied portfolio. There is a greater focus in technology securities that could adversely affect the Fund s performance. If the Fund does not have at least 500 Members for an entire taxable year, you could receive an adverse tax treatment. The Fund maintains a quarterly redemption program which is limited to 5% of the outstanding shares based on NAV. In the event that there is an over subscription of the tender offer, shares will be repurchased on a pro-rata basis. Please see the Fund s prospectus for details. The Fund s quarterly repurchase policy may require the Fund to liquidate portfolio holdings earlier than the Investment Adviser would otherwise do so, and may also result in an increase in the Fund s expense ratio. Certain potential conflicts of interest involving the Fund s Investment Adviser and its affiliates could impact the Fund s investment returns and limit the flexibility of the implementation of its investment policies. Prospective investors should review the conflicts of interest described in the section entitled Conflicts of Interest in the Prospectus prior to making an investment in the Fund. This is not a complete enumeration of the Fund s risks. Please read the Fund prospectus for other risk factors related to the Fund, its investment strategy and your investment in the Fund, and other additional details. The SharesPost 100 Fund is distributed by FORESIDE FUND SERVICES, LLC