Unlocking Your Financial Potential With Alumni Ventures

Unlocking Your Financial Potential With Alumni Ventures Loyalty Rewards, Performance, and Fees

Alumni Ventures Professional-Grade Venture Portfolios Unlocking Your Financial Potential with Alumni Ventures | 2 Thanks for your interest in Alumni Ventures and our funds. We have helped more than 10,000 individual investors add venture capital to their personal portfolio. In the coming pages, we’ll cover three main topics: 1. What are the economic advantages of AV’s Loyalty Rewards Program? 2. What is AV’s track record of investing performance? 3. What fees do investors pay, and what do investors get for those fees? Introduction

Alumni Ventures Professional-Grade Venture Portfolios Unlocking Your Financial Potential with Alumni Ventures | 3 We have built our firm around serving the needs of our individual investors, and we are proud to offer a Loyalty Rewards program that offers fee reductions: 1. Committed Capital Rewards: Fee reductions for those who cumulatively have $500K+ committed capital with our funds and equity in the AV management company 2. Timing Rewards: Fee reductions for those who invest earlier in the fundraise process Fee reductions earned by investors are automatically re-allocated towards additional investable capital for the investment to which the reduction applies. The application of these programs is reflected clearly within every investor’s secure online Investor Portal. Investors who are eligible for both types of Rewards may earn them in combination and simultaneously. Loyalty Rewards are based on the timing of when an investor signs subscription documents. Investors must fund their investment within 30 days to remain eligible, with some limited exceptions. 1. Loyalty Rewards in the Form of Fee Reductions

Alumni Ventures Professional-Grade Venture Portfolios Unlocking Your Financial Potential with Alumni Ventures | 4 Tier Lifetime Committed Capital Fee Reduction Effective Fee Rate Tier 1 $0 to $500K 0% 20% Tier 2 >$500K to $750K 1% 19.8% Tier 3 >$750K to $1M 2% 19.6% Tier 4 >$1M to $3M 3% 19.4% Tier 5 >$3M to $5M 4% 19.2% Tier 6 >$5M to $10M 5% 19.0% Tier 7 >$10M 7.5% 18.5% AV may offer different fee reductions for funds offered through or in conjunction with financial partners or with respect to certain bespoke funds for certain institutional investors or other specialized or new investment funds or offerings. All tier rewards remain subject to change at the discretion of AV without notice to investors. Lifetime Committed Capital includes all capital committed to Alumni Ventures funds and management company. Committed Capital Rewards1 Your cumulative Committed Capital is available on your Dashboard in your Investor Portal. The associated Tier and fee rate will be locked in for a particular investment upon the day that you sign your subscription agreement. If your investment crosses you into a subsequent threshold, you will earn the larger of the two fee reductions for that investment. 1 As of January 1, 2024. Previous program sunsetted 12/31/2023.

Alumni Ventures Professional-Grade Venture Portfolios Unlocking Your Financial Potential with Alumni Ventures | 5 Timing Rewards Starting in January 2024, most of our fundraises are split into three distinct closing periods. Investors joining the fund during the First or Second Close will be rewarded with a reduction of Management Fees as shown below. Eligible Funds & Ineligible Funds Eligible Funds: Alumni Funds, Foundation Funds, Focused Funds, Community Funds2 Ineligible Funds (due to inherently short timelines): Syndication Funds, Opportunity Funds, Apex Funds Why We Incentivize Early Funding 1. We start deploying the fund’s capital around the First Close of the fund. The more capital certainty we have of the fund size, the better job we can do in constructing a diversified and balanced portfolio over the subsequent 12-18 months. 2. We believe that an appropriate way to invest in venture is to seek time diversification by consistently deploying capital each year.3 Some vintages will be stronger than others. With advanced notice of fund closings, investors can plan accordingly to fulfill their personal allocation plans. The Committed Capital Rewards and the Timing Rewards operate independently of one another and can be earned together on the same investment. Your Dashboard and Fund Details page within your Investor Portal will show you exactly which rewards have been earned for each investment. The result of these Loyalty Rewards is that our investors will be putting more money to work in their portfolio, and therefore have the opportunity to make more money back over the life of the fund. Close Fee Reduction Effective Fee Rate First Close 10% 18% Second Close 5% 19% Final Close 0% 20% 2 As of 12/1/23, Community Funds include: Allen Street Ventures, Arbor Street Ventures, Bleecker Street Ventures, Comm Ave Ventures, Emmet Street Ventures, Expo Ventures, The Fence Ventures, Fowler Street Ventures, Franklin Street Ventures, Mirror Lake Ventures, Potomac Ventures, Provo Ventures, Stadium Avenue Ventures, Two Lakes Ventures, & Yoshino Ventures 3 AV does not provide investment advice; please consult your advisors to determine whether an investment or investments in venture capital is appropriate for you.

Alumni Ventures Professional-Grade Venture Portfolios Unlocking Your Financial Potential with Alumni Ventures | 6 QSBS - Potential Significant Tax Advantage In addition to fee reductions, AV investors may in some cases be eligible for a significant tax advantage through the QSBS program. This benefit can potentially eliminate all Federal (and some state) capital gains taxes. To be eligible, investors must have been fully signed and funded in the fund prior to when the fund actually made a qualifying investment. Alumni Ventures funds typically start deploying capital from the date of the First Close. Therefore, investors who join in the First Close are more likely to be eligible on any qualifying investments made by the fund. Alternatively, investors who join after investments have already begun may not be eligible for this tax advantage on certain investments made before the date of funding. When a qualifying investment exits, AV will provide the relevant information in the annual Schedule K-1 sent to each investor. Please consult your tax advisor on how or whether QSBS can benefit you. Alumni Ventures and its affiliates do not provide legal or tax advice, and AV does not guarantee the availability of any tax benefit in any circumstance. Eligibility for QSBS tax benefits depends on a number of factors in addition to those described here. You are strongly encouraged to consult with your tax professional and other advisors to confirm your eligibility for any tax benefit including QSBS.

Alumni Ventures Professional-Grade Venture Portfolios Unlocking Your Financial Potential with Alumni Ventures | 7 2. Performance We’re proud of our track record and believe that making this type of venture investing accessible to individuals is a substantial disruption of the venture industry. Vintage DPI 2016 ~Top Quartile 2017 Top Quartile 2018 Top Quartile 2019 Top Quartile 2020 Top Quartile 4 AV 2016 DPI was .72 and Top Quartile was .80. Performance measures based on Cambridge Associ- ates Venture Benchmarks data and are as of 6/30/2024. For additional information, please see av-funds. com/disclosures. DPI is net of management fees and incentive allocations applied to amounts distributed to investors. Current Valuation reflects the fair value of investments as determined in good faith by AV in accor- dance with its valuation policy. We Are a Top-Quartile Venture Firm4 DPI - Distributions Paid in Capital Measures realized gains (how much capital we have returned)

Alumni Ventures Professional-Grade Venture Portfolios Unlocking Your Financial Potential with Alumni Ventures | 8 Alumni Ventures Investing Performance Alumni Ventures is recognized as performing in the top quartile of all venture firms. Funds typically have a 10-year lifecycle and venture capital investment performance tends to significantly improve in years 6-10. Investors may consider consistent annual allocations to maximize opportunities for growth and diversification over time. 5 The funds are long-term investments that involve a substantial risk of loss, including the loss of all capital invested. Past performance is not indicative of future results. 6 MOIC (Multiple on Invested Capital) is equivalent to the multiple of return gross of fees and equals (Current Valuation + Amounts Returned) / Total Investable Capital. Reported performance would be lower if the impact of fees were reflected. 7 TVPI (Total Value to Paid-In Capital) is equivalent to the multiple of return after the impact of management fees, taking into account any incentive allocations paid, but does not take into account incentive allocations unpaid and accrued in connection with Current Valuation. TVPI equals (Current Valuation + Amounts Returned) / Total Paid-In Capital. Reported performance would be lower if the impact of potential incentive allocations were reflected. 5 6 7

Alumni Ventures Professional-Grade Venture Portfolios Unlocking Your Financial Potential with Alumni Ventures | 9 Investment Performance Summary Alumni Ventures has been ranked the #1 Most Active Venture Firm in the U.S. (PitchBook ’22 & ’23) and #4 Most Active Venture Firm in the World (PitchBook ’23). Performance Record of All Alumni Ventures Funds As of September 30, 2024. Each row includes all Alumni Ventures Funds that held their final close date, as provided in their offering documents, in the calendar year listed in the first column. FUND VINTAGE8 # OF INVEST- MENTS TOTAL PAID-IN CAPITAL TOTAL INVESTABLE CAPITAL9 INVESTED CAPITAL10 AMOUNTS RETURNED CURRENT VALUATION11 MOIC12 TVPI13 2014 13 $ 885,000 $ 752,250 $ 752,249 $ 450,698 $ 1,165,434 2.15 1.83 2015 14 $ 1,512,500 $ 1,210,001 $ 1,210,001 $ 1,162,628 $ 2,125,283 2.72 2.17 2016 11 $ 5,309,187 $ 4,319,324 $ 4,247,350 $ 3,796,768 $ 2,532,800 1.47 1.19 2017 43 $ 24,396,488 $ 20,310,973 $ 19,732,490 $ 40,714,579 $ 11,735,154 2.59 2.15 2018 102 $ 71,553,157 $ 59,445,302 $ 57,974,018 $ 34,018,948 $ 66,592,068 1.69 1.41 2019 227 $ 148,356,848 $ 123,160,379 $ 120,794,094 $ 39,368,778 $ 173,190,822 1.73 1.43 2020 241 $ 247,064,815 $ 199,949,507 $ 197,330,897 $ 22,930,748 $ 278,816,713 1.51 1.22 2021 262 $ 308,294,003 $ 248,235,923 $ 234,204,952 $ 10,503,563 $ 240,268,004 1.01 0.81 2022 270 $ 275,514,685 $ 223,307,523 $ 200,627,544 $ 1,337,274 $ 227,732,454 1.03 0.83 2023 266 $ 168,805,764 $ 138,353,049 $ 111,572,312 $ 974 $ 143,972,937 1.04 0.85 202414 69 $ 91,620,819 $ 76,087,976 $ 40,077,197 $ - $ 77,795,351 1.02 0.85 8 Fund Vintage is defined as the year in which a fund was closed to investors. 9 Total Investable Capital is the capital available to invest after management fees for the 10-year life of the funds have been removed. 10 Invested Capital is the capital that the AV funds invested through the end of the period. 11 Current Valuation includes uninvested cash and any interest or similar amounts earned or received, and it reflects the fair value of the investments as determined in good faith by AV according to its valuation policy. Unrealized investments are priced at cost and then re-priced upon consummation of an arm’s length transaction or written off as a total loss. Current Valuation of unrealized investments represents the market value as of the last day of the period of any owned publicly traded investments (including holdings with alternative markets such as tokens where liquidity and price certainty may be more limited compared to traditional exchanges), escrow(s), and/or estimated proceeds receivable at a future date. Current Valuation of Exits does not reflect any potential contingent consideration that could increase gains received on the investment or incentive allocations payable to AV in accordance with applicable investment terms, which would reduce the amount of distributions payable to investors upon realization of fund holdings. 12 MOIC (Multiple on Invested Capital) is equivalent to the multiple of return gross of fees and equals (Current Valuation + Amounts Returned) / Total Investable Capital. Reported performance would be lower if the impact of fees were reflected. 13 TVPI (Total Value to Paid-In Capital) is equivalent to the multiple of return after the impact of management fees, taking into account any incentive allocations paid, but does not take into account incentive allo- cations unpaid and accrued in connection with Current Valuation. TVPI equals (Current Valuation + Amounts Returned) / Total Paid-In Capital. Reported performance would be lower if the impact of potential incen- tive allocations were reflected. 14 2024: Partial year. Considerations for you as you evaluate these numbers: This annual performance data reflects the aggre- gated performance of every AV fund which began investing in each year. Individual fund returns may be higher or lower than the aggregated perfor- mance. All AV funds are materially different from one another, whether due to investment focus, alumni connection, vintage, investor base, or other factors.* Current Valuation, MOIC (Multiple on Invested Capital), and TVPI (Total Value to Paid-In Capital) are metrics describing the total “paper valuation” of the portfolio. This includes realized distribu- tions already paid out and unrealized changes to a company’s valuation based upon a closed round of financing. Except for Amounts Returned there is no assurance that any additional value can be obtained in the future. Often, one can expect the MOIC to be around one and the TVPI to be less than one in the early years. Winning companies typically take some time to shine, while losing companies usually struggle to scale and fail early. All funds are 10-year funds, and most need 6+ years to mature before a clear view of performance can be seen. According to Cambridge Associates, fund perfor- mance takes quite some time to become mean- ingful: Based on analysis of over 2,000 private investment funds raised between 1995 and 2005, “most funds require about six years before they ‘settle’ into their ultimate quartile rankings as mea- sured by IRR.” Interpreting the Data * In some cases AV may offer the same fund through a 3(c)(1) exempt entity, and another 3(c)(7) entity.

Alumni Ventures Professional-Grade Venture Portfolios Unlocking Your Financial Potential with Alumni Ventures | 10 Summary of Alumni Ventures Pricing Events as of September 30, 2024 Below is an overview of the current status of all venture investments made by all Alumni Ventures Funds, since inception. CATEGORY NUMBER OF INVESTMENTS TOTAL INVESTED CAPITAL AMOUNTS RETURNED CURRENT VALUATION AMOUNTS RETURNED + CURRENT VALUATION $-WEIGHTED TIME SINCE INVESTMENT15 Down 105 $ 76,544,388 $ - $ 28,889,437 $ 28,889,437 3.86 Exits 202 $ 114,531,539 $ 152,662,907 $ 58,916,882 $ 211,569,789 5.14 Total Loss 160 $ 73,027,628 $ - $ - $ - 4.43 Up-Round16 355 $ 220,181,749 $ - $ 501,280,171 $ 501,280,171 3.95 SUBTOTAL 822 $ 484,655,041 $ 152,982,644 $ 589,086,490 $ 742,069,134 4.29 No Change17 1,245 $ 505,285,322 $ - $ 534,830,136 $ 534,830,136 2.25 GRAND TOTAL 2,067 $ 989,940,363 $ 152,982,644 $ 1,123,916,627 $ 1,276,899,271 3.25 15 $-Weighted Time Since Investment is in years and is based on the sum of the following for all investments: each investment’s original invested amount multiplied by the time since investment, divided by the aggregate invested amount. 16 Includes Converted Notes. 17 No Change includes any changes in value due to accrued interest on convertible notes. A note about valuation Valuations reflect the total fair value of the portfolio as determined in good faith by AV according to its valua- tion policy. Unrealized investments are recorded at cost, and are only re-valued upon consummation of an arm’s-length transaction, either an Up-round or Down-round in a portfolio company, in accordance with this policy, or written off as a total loss if AV so determines. Up-round generally means a financing subsequent to AV’s in- vestment has occurred at a higher per-share valuation (more favorable) than AV’s original investment. Down- round generally means a subsequent financing has occurred at a lower per-share valuation (less favorable) than AV’s original investment. Amounts Returned is based upon an amount received in the event of an Exit (such as an acquisition by an acquirer) or an initial public offering (IPO), or similar proceeds. Exits include es- crows and amounts receivable at a future date but do not include contingent compensation that may not be realized. Public holdings are publicly traded securities priced at market value as of the last day of the period. Please visit our Vintage Details, Pricing Events, and Exit Information web page for updates. Alumni Ventures Unique Investments as of September 30, 2024 We’ve made 2,067 investments, 557 of which have already had an Up-round or Exit. Important Disclosure Information The manager of the AV Funds is Alumni Ventures (AV), a venture capital firm. AV and the funds are not affiliated with or endorsed by any college or university. These materials are provided for informational purposes only. Offers of securities are made only to accredited investors pursuant to each fund’s offering documents, which describe among other things the risks and fees associated with the Fund that should be considered before investing. The funds are long-term investments that involve a substantial risk of loss, including the loss of all capital invested. Past performance is not indicative of future results. Opportunities to invest in any security (of a Fund, of AV, or in a syndication offering) do not guarantee that you will be able to invest and are subject to all terms of the specific offering. Any investment performance or outcomes discussed with you is provided for illustrative purposes only. Except where expressly noted, no representation is intended that any investment outcome shown or discussed is, or would be, representative of results obtained by any fund or investor associated with AV. 1,245 Unchanged 355 Up-rounds 202 Exits 160 Total Losses 105 Down-rounds

Alumni Ventures Professional-Grade Venture Portfolios Unlocking Your Financial Potential with Alumni Ventures | 11 Management Fees AV charges an amount equivalent to a 2% annual management fee for the fund’s 10-year term. The fund collects and typically pays to AV the entire amount — 20% of the capital commitment — up front. We recognize that many of our investors are not familiar with this type of fee structure. We offer our investors the type of professional-grade access to venture investing that institutions get, but we have designed our fee structure to be more advanta- geous than many venture capital firms over the long run.18 AV Traditional Venture Management Fees19 20% 20%, up to 30% Profit Sharing20 20% 20%, up to 30% Additional Fund Costs21 No Yes 3. Fees & Profit Sharing Alumni Ventures, like many other investment firms, earns revenue primarily from two sources: Management Fees and Profit Sharing. The following provides brief summaries. For more information, please visit our detailed Fees & Profit Sharing document. Fees Go Towards: Performance • Getting into elite deals and delivering strong performance • Constructing portfolios that meet the thoughtful strategy of each fund • Maintaining a staff of ~40 investment professionals to source and review thousands of deals each year • Rigorous diligence leading to investments in several hundred portfolio companies per year • Monitoring our growing list of 1,100+ portfolio companies for opportunities to make follow-on investments into our highest performers Fund Organization and Administration • All expenses incurred in creating and offering the funds, including all ordi- nary legal costs and regulatory filing fees • Quarterly financial fund reporting updates, exit memos, and fund distribu- tions • Semiannual Investor Reports • Production of all required tax documentation via Schedule K-1s • Personalized Portfolio News Feed • 24/7 online & secure Investor Portal Education & Engagement • Special opportunities to engage with Founders & other investors • In-person events held at our five offices across the US • Optional participation in our Expert Network SOURCE: CoreSignal, March 2022 18 For additional information, please see av-funds.com/disclosures. 19 While AV charges the full 20% up front, traditional venture firms typically 2% per year for a 10-year fund. 20 Traditional venture often utilizes “fund carry” while AV utilizes both fund carry and “deal carry.” For more information, please see our fees & profit sharing policy. 21 Traditionally many venture capital funds have typically paid organizational and operational expenses out of fund assets, and these hidden fees can materially degrade fund performance. Unlike this traditional model, AV typically pays all of these types of expenses out of its management fees, which can materially benefit fund performance.

Alumni Ventures Professional-Grade Venture Portfolios Unlocking Your Financial Potential with Alumni Ventures | 12 Profit Sharing The other way that Alumni Ventures can make money is by sharing in the profits of our investments. AV has two types of profit sharing. Check the fund offering documents to confirm which type governs the investment that you’re considering. 22 The following fund families with closing dates on or before July 15, 2024 incorporated the Deal Carry formula for profit sharing: Allen Street Ventures, Arbor Street Ventures, Bleecker Street Ventures, Comm Ave Ventures, Emmet Street Ventures, Expo Ventures, Fowler Street Ventures, Franklin Street Ventures, Mirror Lake Ventures, Potomac Ventures, Provo Ventures, Stadium Avenue Ventures, The Fence Ventures, Two Lakes Ventures, and Yoshino Ventures. 23 With Deal Carry, AV might receive profit share even if your capital commitment and management fees are not returned in full. “Fund Carry” After all capital contributions are returned to investors, including the entire management fee, AV and the fund share profits 80/20 (80% to investors and 20% to AV) from all remaining investments. Qualifying funds: • Alumni Funds22 • Total Access Funds “Deal Carry” The 80/20 profit share is calculated for each investment. So, after investors are returned the capital contribution (including management fees) allocable to an individual investment, 80% of additional returns for that investment are paid to investors and 20% to AV. A similar calculation is applied to each separate investment, and AV earns a profit share on those investments that are profitable regardless of the overall performance of the fund.23 Qualifying funds: • Focused Funds • Opportunity Funds • AV Foundation Funds Connect with us Important Disclosure Information: This communication is not an offer to sell, or a solicitation of an offer to purchase, any security, which opportunities are only available through the official offering documents for the applicable investment funds. Such offering documents discuss important information about an investment with AV Funds, including risk factors. For additional information, please see here. Venture capital investing involves substantial risk, including risk of loss of all capital invested. The description of AV’s investment evaluation process is a general summary only and is not intended to be exhaustive or comprehensive. The information incorporated in AV’s review process may differ in certain appropriate cases. Alumni Ventures does not provide tax or legal advice. All tax benefits should be confirmed with your tax professional.