Overview for Nebraska Investment Council

Overview for Nebraska Investment Council

March 14, 2019 Suzanne King and Ed Mathers

CONFIDENTIAL ? NEA 2019

GENERAL This presentation ("presentation") is for information purposes only and does not constitute investment advice or an offer to sell, or a solicitation of an offer to buy, any securities of any new enterprise associates ("NEA") affiliated investment partnership (each, an "NEA partnership"). It is the policy of NEA that no oral or implied contracts or legal obligations exist in the absence of a final written agreement signed by authorized individuals.

PERFORMANCE INFORMATION Past performance or projected performance is not indicative of future results. There can be no assurance that investments made by any NEA partnership will be profitable or will equal the performance of prior investments described in this presentation, and investors could lose money. Please see the fund report cards and the investment performance ? end notes in the appendix of this presentation for the investment performance of each NEA partnership and additional detail regarding the methodologies used to calculate the investment performance results contained in this presentation and certain limitations and disclaimers with respect thereto.

CONFIDENTIALITY STATEMENT The pages found within this presentation, whether or not marked "CONFIDENTIAL," contain highly confidential information, including trade secret, commercial and financial information regarding the NEA partnerships and the business, operations and financial condition of their respective portfolio companies (the "portfolio companies"). The information found within this presentation shall be maintained in strict confidence. Any disclosure of this information could cause competitive harm to NEA, the NEA partnerships, and their portfolio companies. By receiving the information found within this presentation, each recipient agrees that this information shall not, without the prior express written consent of the managing general partner at NEA, be reproduced in any manner for, or disclosed to, any other person, and shall be retained for only so long as is necessary.

DESCRIPTION OF GLOBAL OPERATIONS NEA is a global investment group comprising, among other entities, a management company, its consulting affiliates, and associated investment vehicles.

CONFIDENTIAL ? NEA 2019 2

NEA: Diversified Venture Capital at Scale

40

YEARS SINCE INCEPTION

$25B+

REALIZED RETURNS

121

EMPLOYEES

Data updated as of 12/31/18

17

FUNDS RAISED

23%

NET IRR ON $ INVESTED NEA 6-16

60

FULL-TIME INVESTORS

$20B+

COMMITTED CAPITAL

~230

IPOs

14

YEARS AVG GP TENURE

1

GLOBAL PLATFORM

>385

M&A EXITS

4

OFFICES

CONFIDENTIAL ? NEA 2019 3

NEA: A Winning Platform Built on Core Strengths

CONSISTENCY

Top tier returns sustained over 40 years and multiple market cycles

SCALE DIVERSIFICATION TEAM INSTITUTION

Global platform optimized for performance; $20B+ in committed capital over 17 funds and 600+ exits

One-fund model diversified across stage, sector, and geography, leveraging four decades of technolgoy and healthcare expertise

60+ investing professionals and 60+ operations and portfolio services team members drive NEA's ability to deliver best-in-class returns at scale

Strong governance and management, robust infrastructure and a history of smooth leadership transitions over four decades

CONFIDENTIAL ? NEA 2019 4

NEA: Positioned to Win in a Growing Market

$200 In expanding VC market, NEA is optimally structured to capitalize on value creation opportunities across the spectrum

? Technology and Healthcare expertise well-matched to

$160

innovation landscape

? Excellence in early-stage and growth-stage investing

? Investing and company building activities amplified by vast global network

$120

? Track record of building companies at scale

$80

$197B

2018 US Venture Capital TAM

VENTURE GROWTH $ INVESTED

GLOBAL VC MARKET ACCELERATING

? VC funding topped $254B worldwide in 2018

? Over $24B was invested in Europe

? Over $83B was invested in Asia, with China leading the region

$40

VENTURE CAPITAL $ INVESTED

? In 2018, MENA startups raised

over $893M in funding across

366 deals

$0

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

Source: Pitchbook-NVCA Venture Monitor Q4 2018 TAM reflects total dollars invested into venture capital and venture growth equity

CONFIDENTIAL ? NEA 2019 5

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