EWM Alternative Investments SPV, LLC-Series 2-Unicorn ... · For Use Only With Accredited Investors 2017.07.31 EWM Alternative Investments SPV, LLC-Series 2 Unicorn Technology Fund

For Use Only With Accredited Investors 2017.07.31

EWM Alternative Investments SPV, LLC-Series 2

Unicorn Technology FundPrivate & Confidential

Diversified Exposure to Late Stage technology companies

For Discussion Purposes Only

July 31, 2017

Approved for Client Use

(page intentionally left blank)

For Use Only With Accredited Investors

EWM Alternative Investment Management, LLC-Series 2-Unicorn Technology

2017.07.31

DisclaimerInterests in any alternative investment vehicle are offered only pursuant to the terms of a Confidential Private Placement Memorandum (the "Memorandum"), which is furnished only to

qualified investors on a confidential basis for their consideration in connection with the private offering of limited partnership interests. The Information contained in this presentation may

not be reproduced or redistributed without the written approval of Endowment Wealth Management, Inc.

Before making an investment decision with respect to EWM Alternative Investments SPV, LLC-Series 2-Unicorn Technology (“Unicorn Tech” or “Fund”), potential investors are advised to

carefully read Unicorn Tech’s confidential private placement memorandum and associated offering documents (collectively, the “Offering Documents”), and to consult with their legal,

accounting, and financial advisors. Endowment Wealth Management, Inc, a Wisconsin corporation that is registered as an investment adviser in the State of Wisconsin, will serve as the

Manager of Unicorn Tech (the “Manager”). This document contains a summary of the purpose and principal business terms of an investment in Unicorn Tech, along with research

intended to support the Manager’s investment philosophy. However, as a summary, it does not purport to be complete and is qualified in its entirety by reference to the more detailed

discussions that will be contained in the Offering Documents.

Investment Terms

The specific terms of an investment in Unicorn Tech are subject to the Offering Documents. Such terms may change from the time you receive this document and the time you receive

the Offering Documents.

No Securities Offering

Nothing set forth herein shall constitute an offer to sell any securities or a solicitation of an offer to purchase any securities in any jurisdiction. Any such offer to sell or solicitation of an

offer to purchase shall be made only through the Offering Documents. The Offering Documents will contain additional information not set forth herein, including a description of certain

risks of investing, which will be material to any decision to invest in Unicorn Tech. This document is being furnished solely for the consideration of eligible investors who are “accredited

investors,” as such term is defined in Regulation D under the U.S. Securities Act of 1933, as amended, and who have sufficient knowledge and experience in financial and business

matters and the capability to conduct their own due diligence evaluation in connection with their potential investment.

Contents Subject to Change; Forward-Looking Statements

No information is warranted by the Manager or its affiliates as to completeness or accuracy, express or implied, and the information contained herein is subject to change without notice.

This document contains forward-looking statements, including observations about markets and industry and regulatory trends as of the original date of this document. Forward-looking

statements may be identified by, among other things, the use of words such as “expects,” “anticipates,” “believes,” or “estimates,” or the negatives of these terms, and similar

expressions. Forward-looking statements reflect the Manager’s views as of such date with respect to possible future events. Actual results could differ materially from those in the

forward-looking statements as a result of factors beyond the Manager’s control. Potential investors are cautioned not to place undue reliance on such statements. No party has an

obligation to update any of the forward-looking statements in this document.

Timeliness of Information; Use of Charts and Graphs

These materials should only be considered current as of the date of publication without regard to the date on which you may receive or access the information. The Manager maintains

the right to delete or modify information without prior notice. Charts, tables and graphs contained in this document are not intended to be used to assist the reader in determining which

securities to buy or sell or when to buy or sell securities. This document may contain charts and graphs that present information based on the Manager’s general experience and

knowledge and may not necessarily be an expression of fact corroborated by third party research or statistical evidence. Information contained in this document that is not based on third

party research or statistical evidence is either labeled as such or contains no citation to third party sources.

Past Performance

The past performance of the Manager, its principals, members, or employees, and any other fund sponsored by the Manager or its affiliates (including ETF Model Solutions LLC), is not

indicative of the future returns of Unicorn Tech. There is no guarantee that the Manager will be successful in achieving Unicorn Tech investment objectives. There are inherent risks in

making an investment in Unicorn Tech, including the risk of loss of the entire investment and the risk of fluctuations in value and return.

Any opinions expressed in this document may be subject to change without notice. Endowment Wealth Management is not soliciting or recommending any action based on this material.



2017.07.31

Important Information

All oral and written materials prepared or presented, including the information contained herein (collectively, the “Information”) have been prepared solely for the purpose of assisting the

intended recipient (the “Recipient”) in conducting its own independent evaluation and analysis of an investment in the instruments described herein. All projections, predictions, opinions,

forecasts and return on investment illustrations delivered by or on behalf of the Issuer or its affiliates to the Recipient have been prepared for illustrative purposes only, are subject to change

continually and without notice of any kind, and may no longer be true after the date indicated. Any forward-looking statements speak only as of the date they are made, and the Issuer and its

affiliates assume no duty to, and do not undertake to, update forward-looking statements. Forward-looking statements are subject to numerous assumptions, risks and uncertainties, which

change over time. Actual results may differ materially from those projected in these materials due to factors including, without limitation, economic and market conditions, political events and

investor sentiments, liquidity of secondary markets, level and volatility of interest rates, currency exchange rates, and competitive conditions

The Information is not all-inclusive, nor does it contain all information that may be desirable or required in order to properly evaluate the investment (direct or indirect) or the issuer discussed

herein. No representations or warranties are made by the Issuer or any of their respective members, partners, shareholders, affiliates, directors, officers, employees, advisors, or agents

(collectively, the “Parties”) as to the accuracy, adequacy, timeliness, completeness or reasonableness of any of the Information herein (or any subsequent oral or written Information), and

none of the Parties will have any liability to any person with respect to any use of, or reliance upon, any such Information.

This presentation and any attachments is for information purposes only, and shall not constitute an offer to purchase or sell, or the solicitation of an offer to purchase or sell, any securities in

any jurisdiction where such an offer or solicitation would be in violation of any local laws. It does not constitute a recommendation or take into account the particular investment objectives,

financial conditions, or needs of specific investors. The price and value of the investments referred to herein and the income from such investments may fluctuate, and investors may realize

losses on these investments, including a loss of principal.

Past performance is not indicative or a guarantee of future performance. Nothing contained herein constitutes tax, accounting, financial, investment, regulatory, legal or other advice, and all

investors are advised to consult with their tax, accounting, financial, investment, regulatory or legal advisers regarding any potential investment. The information presented in these materials

has been developed internally and/or obtained from sources believed to be reliable; however, the parties do not guarantee or give any warranty as to the accuracy, adequacy, timeliness or

completeness of such information, and assumes no responsibility for independent verification of such information.

This presentation is for the sole use of the Recipient. By accepting delivery of this publication, Recipient agrees not to distribute, offer or sell this publication or any copies hereof, nor make

use of this publication except in the ordinary course of Recipient’s business.

This communication is solely for the intended recipient’s benefit and may not be relied upon by any other person or entity. Target returns are hypothetical in nature and are shown for

illustrative, informational purposes only. This material is not intended to forecast or predict future events, but rather to indicate the returns for the asset classes listed above that the manager

has observed in the market generally. It does not reflect the actual or expected returns of any portfolio strategy and does not guarantee future results. The target returns are based upon the

Manager’s view of the potential returns for investments of the asset classes listed above, are not meant to predict the returns for the Fund nor any accounts advised by the Manager, and are

subject to the following assumptions: Manager considers a number of factors, including, for example, observed and historical market returns relevant to the applicable asset class, projected

cash flows, projected future valuations of target assets and businesses, relevant other market dynamics (including interest rate and currency markets), anticipated contingencies, and

regulatory issues. Certain of the assumptions have been made for modeling purposes and are unlikely to be realized. No representation or warranty is made as to the reasonableness of the

assumptions made or that all assumptions used in achieving the returns have been stated or fully considered. Changes in the assumptions may have a material impact on the projected

returns presented. All data is shown before fees, transactions costs and taxes and does not account for the effects of inflation. Management fees, transaction costs, and potential expenses

are not considered and would reduce returns. Actual results experienced by clients may vary significantly from the hypothetical illustrations shown. Target Returns May Not Materialize.

The information in this presentation may contain projections or other forward-looking statements regarding future events, targets or expectations and is only current as of the date indicated.

There is no assurance that such events or projections will occur, and may be significantly different than that shown here. The information in this presentation, including projections concerning

financial market performance, is based on current market conditions, which will fluctuate and may be superseded by subsequent market events or for other reasons



2017.07.31

Private Fund DisclosureInvestors should consider the following regarding the EWM Alternative Investments SPV-Series 2 Unicorn Technology (the

‘Fund”):

Fund is FOR ACCREDITED INVESTORS ONLY that can satisfy certain minimum income and net worth qualifications.

Fund is not subject to the same regulatory requirements as mutual funds, including mutual fund requirements to provide

certain periodic and standardized pricing and valuation information to investors;

Fund is speculative and involve a high degree of risk;

Investors could lose all or a substantial amount of their investment;

Interests may be illiquid and there may be significant restrictions in transfer. There is no secondary market for interests,

and none is expected to develop;

Fund performance may be volatile;

Fund fees and expenses will reduce returns;

Fund may involve complex tax structures; (K-1) and may delay the filing of your personal tax return

Fund may involve structures or strategies that may cause delays in important tax information being sent to investors;

Fund and its managers/advisers may be subject to various conflicts of interest;

Fund may hold concentrated positions with a limited number of investments;

The list set forth here is not a complete list of the risks and other important disclosures associated with such

investments and is subject to the more complete risk and disclosures contained in the applicable confidential offering

documents. For a more complete discussion of risks relating to the Fund, qualified prospective investors should consult

the Memorandum.



2017.07.31

Table of Contents What is Venture Capital? Page 7

Objective/Status of Fund Page 8

Fund’s Current Investments Page 9

Fund’s Target Allocation Page 10

Target Company Profile Page 11

Target Company Characteristics Page 12

Market Opportunity Page 13

Investment Thesis Page 14

Private Tech Growth: Is It a New Asset Class? Page 15-16

What Are Unicorns? And Unicorn Trends Page 17-20

IPO Trends Page 20-24

Fund’s Current Investments Profiles Page 25-36

Fund’s Key Terms Page 37

Fund Manager Summary/Experience Page 38-45

Fund Manager Team Bios Page 46



2017.07.31

“Venture capital is about

capturing the value between

the startup phase and the

public company phase” Fred Wilson

Co Founder, Union Square Ventures

Venture capital aims to target the most promising and fastest

growing companies within the “innovative economy”.

7



2017.07.31

Objective/Status of Fund

The Fund seeks to opportunistically acquire a diversified

portfolio of primarily late stage, venture-backed technology

companies with an anticipated near-to-medium-term liquidity

event

Fund to generally source investments in the Secondary

Market through its proprietary network of intermediaries

Target Fund Size: $5-25 million

Raised to-date: $1.875 million (as of 7/31/2017)

Fund has made four investments to-date (Slack

Technologies, SpaceX, Postmates & Cloudera) with a fifth

investment in Sprinklr in-progress.

8



2017.07.31

Fund Investments

Current investments as of 7/31/2017. Investments subject to change without notice.

1 Fund currently holds $165,000. An additional $500,000 purchase is pending, is not yet

closed and there is no guarantee it will be added to the Fund as of 7/31/17. 2 Fund currently holds $252,000. An additional $250,000 purchase is pending, is not yet

closed and there is no guarantee it will be added to the Fund as of 7/31/17. 3 Purchase is in ROFR (Right of First Refusal) process by the Company, is not yet closed and

there is no guarantee it will be added to the Fund as of 7/31/17.

Company

Amount

Invested Category

Slack Technologies $475,000 Momentum

Space Exploration

Technologies (SpaceX)$665,000 1 Momentum

Postmates $502,000 2 Pre-Unicorn

Cloudera $191,000 Discounted

Sprinklr (in ROFR) $225,000 3 Discounted

TOTAL $2,058,000

9



2017.07.31

Fund’s Target Allocation*

Fund Target allocations as of 7/31/2017. At any given time, allocations to each category may be higher or lower than

target. Target allocations are subject to change without notice.

*Illustrative purposes only. Not all companies listed are or will be fund holdings

Momentum33%

Deeply Discounted

33%

Mispriced14%

Pre-Unicorn

20%

Examples: Slack,

SpaceX, Wish,

Lyft

Examples:

Cloudera,

Sprinklr, Dropbox

Example:

Palantir

Example:

Postmates

MomentumCompanies with consistent, accelerating growth and

increasing valuations

Deeply Discounted Companies with shares that can be bought at a

reasonable discount from the last financing round

Pre-UnicornCompanies trading at a sub-billion valuation that have

the potential to be a Unicorn in the foreseeable future

Mispriced Companies that are temporarily discounted for a

variety of reasons, such as distressed sellers or ex-

employees seeking liquidity

10



2017.07.31

Target Company Profile

Individual Fund holdings may possess all, some, or none of the above characteristics

Target Company Profile

Technology sector bias

$100 million in venture

capital raised

$100 million revenue run

rate

At least a $500 million last round evaluation

A recent financing

round within the last 24-36 months

Anticipated exit time-

horizon of 2-4 years

Preferably at a discount to last round's

price

11



2017.07.31

Target Company Characteristics

Target Company

Characteristics

Strong management teams with a

growth-oriented approach

Backed by reputable venture capital and private

equity firms

Substantial market opportunity with

positive long-term trends for the

respective industry

Potential for increased equity values through

growth, consolidation, or public offerings

Growing revenues and/or user-related key performance

indicators

Successful new product

introductions

12



2017.07.31

Market Opportunity

Secondary Direct Venture Investment

The Sellers

Growing Market

13

o Purchasing shares of late-stage venture-backed companies from

existing shareholders

o Capital is used to provide liquidity and diversification to shareholders

o Employees who receive a large portion of their compensation in the

form of equity

o Angel investors and early-stage VCs wanting to gain liquidity either to

return capital to investors or engage in other deals

o Traditional VCs, to divest holdings in order to wind down their funds

o Companies are staying private longer than before in order to

avoid premature IPO or acquisition

o Private technology companies are now larger, more diverse, and

better funded than at any time in recent history

o Scale, agility, and global reach create multibillion dollar

valuations, allowing these companies to raise billions without

going public

o Employees and early investors desire liquidity

o Companies demand mission-critical talent



2017.07.31

Investment Thesis There has been a growing focus and investor/capital concentration around a

select group of mature, very late stage private tech companies. Limited

liquidity based on conditions the past few years has placed pressure on the

management of these firms to provide early-stage investors from 7-10 years

ago and longer term employees a liquidity event (secondary market sales,

IPO, buyout, etc.).

Lackluster performance in global equity markets has limited private

companies from going public in 2015-2016, creating a backlog of companies in

position to IPO.

Same poor equity market conditions in 2015-2016 caused investors to lower

valuations on many private companies, creating mispricing opportunities.

Late-stage venture companies with “proven” concepts, sales growth, multiple

prior financing rounds, proven VC backers, and/or potential profit visibility

reduces investment risk compared to early-stage venture investments.

Economic backdrop appears favorable: low interest rates, low inflation,

modest economic growth.

Investment in late-stage growth companies offers an opportunity to earn

greater returns than public equity and bond markets, which appear to be

over-valued at this time.

14



2017.07.31

Private Tech Growth:

Is It A New Asset Class?

Approx. $200 billion has been invested in U.S. Private Tech Companies since 2009 at a 28% CAGR* from 2009 to 2015

Number of $100+ million financings have increased over 800% since 2013

2015 and 2014 ranked No. 3 and No. 4 in past 20 years as far as dollars invested in U.S. based Private Tech Companies

There has been a growing focus and investor/capital concentration around a select group of mature, very late stage Private Tech Companies

*CAGR = Compound Annual Growth Rate

Sources: CB Insights, Pitchbook, TechCrunch

15



2017.07.31

Late Stage Private Growth

Companies Are A Growing

Asset Class

Seed, Series A-B-C to Pre-IPO to IPO / Acquisition

Companies are staying private longer contributing to a 37%

decline in the number of U.S.- listed companies since its

1997 high

IPOs Are Dwindling, so is the Number of Public Companies

Sources: Fortune (Jan 20, 2017) National Venture Capital Association 2016 Yearbook, Nasdaq

Seed CapitalFunding Series (A,B,C, etc.)

Pre-IPO

UnicornsIPO/Acquisition

16



2017.07.31



2017.07.31

What are Unicorns?

Any venture-backed startup that crosses the $1 billion valuation mark is considered a “Unicorn”

This term was first coined by Aielee Lee in 2013, after the mythical animal to represent the statistical rarity of such successful ventures

Unicorn Stats:

196 Global Unicorns with total cumulative valuation of $678 billion as of May’17 (Source: CB Insights)

There are 221 Global Unicorns with $796 billion valuation and have raised a total of $140 billion(Source: Crunchbase)

There are 157 Global Unicorns as of May’17 with very few in the $40 billion plus camp (Uber, Didi Chuxing, Xiaomi). (Source: Wall Street Journal)

Early-stage, investor-backed startups (seed stage) have a 1.28% chance of becoming a Unicorn (Source: CB Insights)

18



2017.07.31

Global Unicorn Club

19



2017.07.31

Newly-Minted Global Unicorns in 2017

20



2017.07.31

Unicorn Trends Not As

Positive in 2015-2016

While 76 companies globally became unicorns in 2015,

only 41 acquired this distinction in 2016 (CB Insights)

Reduced Valuations

Down rounds included: Jawbone, Zenefits, and Doordash

Acquired at/or below peak valuation: Gilt Groupe, Living

Social and One Kings Lane

Shut down operations in 2016: Mode Media and Powa

Technologies

40% of unicorns taken public or sold in 2016 occurred at

lower valuations than their last private financing round

(Source: Fenwick & West)

21



2017.07.31

Poor IPO Market in 2016 2016 marked the worst year for IPOs since 2009; 37 venture

backed companies went public in 2016, 46% less than in 2015 and the median market cap held steady at $310 million (Source: CB Insights)

Numerous factors were responsible for the slow IPO market in 2016:

Early market sell off in January

Brexit vote

US elections

Lowering of public equity valuations

Twilio’s debut in 2nd quarter of 2016 was the first technology unicorn to IPO since Nov’15 (Square) followed by Nutanix and Coupa

Technology IPOs gained an average of 40% over their IPO price, much higher than the 23% gain for overall IPOs in 2016 (Source: TrueBridge)

(Source: Renaissance Capital)

22



2017.07.31

While IPO Success Limited,

2016 M&A Market Remained

Healthy

The five largest venture exits in 2016 were a result of

corporate acquisitions, three of which were life science

companies. Stemcentrx was the largest deal of the year

with a $10 billion acquisition by Abbvie; the largest venture

backed technology deal was Walmart’s acquisition of

Jet.com for $3.3 billion (Source: Pitchbook)

There were 18 $1 billion plus acquisitions in 2016 including

Dollar Shave Club (bought for $1 billion by Unilever) and

Cruise Automation (bought by GM for $1 billion)

In total 561 venture backed companies were acquired with

an average acquisition value of $147 million, resulting in a

6% YOY increase in volume and a 34% increase in valuation

23



2017.07.31

IPO Market Improving in 2017 As of 6/22/2017, 14 tech companies have gone public in the U.S. so

far this year, raising a total of $5.87 billion (of which Snap raised $3.9 billion)

2017 started with tech IPOs involving Snap and Cloudera, and bankers and investors believe, overall, 2017 will be busier than last year

Nine VC-backed tech companies have pursued IPOs so far in 2017, and all of them (Cloudera, Okta, Mulesoft, Yext, Appian, Alteryx, and Carvana) are trading above their respective private valuation

Cable operator Altice raised more money during its IPO than any other US-listed telecom since 2000.

Companies such as Blue Apron and Spotify are expected to be Bellwether IPOs in the second half of 2017

Spotify is considering simply listing its existing shares on the stock exchange (direct listing)

Snap, the largest tech IPO, has seen its stock drop to around the IPO price of $17 after initially peaking at $27

Cloudera, which priced its IPO at $15, has been trading around $17.50, after peaking at $22.99 on June 8th

24

Source: The Information



2017.07.31

Median Time to exit

reaches 8.2 years

Liquidity continues to be the single biggest challenge for VCs

Median Time to exit for VC-backed companies in the U.S. has crept up to 8.2 years for an IPO and 5 years for acquisitions/buyouts, the highest in the last decade

Many startups are opting to raise a down or flat round or finding ways to lengthen their cash runway

Source: Venturebeat, Dow Jones VentureSource, SEC Filings

3.1 3.1 2.8 2.9 3.2

4.5

3.6

5.7 5.6 5.66.2

6.8

8.7

7.9 8.1

6.4

7.36.9 7

6.3

7.78.2

0

1

2

3

4

5

6

7

8

9

10

Tim

e t

o IPO

(Years

)

Year

25



2017.07.31

Fund Investment 1:

Slack Technologies, Inc .San Francisco, CA

Slack is a team collaboration platform that

integrates with dozens of services including

Dropbox, Google Docs, GitHub and Twitter to

collect all files, messages, and notifications

in one searchable platform.

Founded in 2009

Investors: Accel, Andreesen Horowitz, Kleiner Perkins, Thrive Capital, Social Capital

Last Round (Series F) Raised in March 2016 at

a Post Money Valuation of $3.8 billion

In 2016, Slack was ranked #1 on the Forbes

Cloud 100 list

Fund Holding: $475,000 in common shares

(Indirect)

26



2017.07.31

Slack Technologies, Inc.

Valuations

$23.5MM$77.4MM

$280MM

$1.12B

$2.8B

$3.8B

$0

$500,000,000

$1,000,000,000

$1,500,000,000

$2,000,000,000

$2,500,000,000

$3,000,000,000

$3,500,000,000

$4,000,000,000

Series AMar-10

Series BApr-11

Series CApr-14

Series DOct-14

Series EApr-15

Series FMar-16

Post

Money V

alu

ati

on

27

Past performance not necessarily indicative of future results.



2017.07.31

Fund Investment 2: Space Exploration Technologies, Inc. (SpaceX) Hawthorne, CA

Manufactures and launches advanced rockets and spacecraft

Founded in 2002 by Elon Musk; 4000+ Employees

Investors: Draper Fisher Jurvetson, Google Ventures, Fidelity, Sherpa Ventures, 137 Ventures, DBL Ventures, Frontier Tech Ventures

Last Round (Series G) Raised in January 2015 at a Post Money Valuation of $10 billion

In 2017, SpaceX successfully achieved the first reflight of an orbital class rocket-a historic milestone on the road to full and rapid rocket reusability

Fund Holding: $165,000 incommonshares (Indirect)

28



2017.07.31

SpaceX, Inc. Valuations

$18.82MM

$70.5MM

$316.5MM

$544.5MM

$796.4MM

$1.02B

$10.07B

$0

$2,000,000,000

$4,000,000,000

$6,000,000,000

$8,000,000,000

$10,000,000,000

$12,000,000,000

Series ADec-02

Series BMar-05

Series CMar-07

Series DAug-08

Series EJun-09

Series FOct-10

Series GJan-15

Post

Money V

alu

ati

on

29




2017.07.31

Fund Investment 3:

Postmates, Inc.San Francisco, CA

Postmates provides on-demand delivery via a revolutionary Urban Logistics platform that connects customers with local couriers who can deliver anything from any store or restaurant in minutes. They empower communities to shop local with no waiting, and empower businesses to offer delivery through Postmates API.

Founded in 2011

Investors: GSV Ventures, Founders Fund, Huron River Ventures, WP Global Partners, Fontinalis Partners, Tiger Global, Matrix Partners, Crosslink Capital

Last Round (Series E) Raised in October 2016 at a Post Money Valuation of $624 million

Took 2 years to do 1 million cumulative deliveries; now doing 2 million deliveries per month and achieved a $1 billion run rate of gross merchandise value in 1Q-2017; Fleet of over 60,000 drivers and riders that serve customers in 44 metropolitan markets in the U.S.

Fund Holding: $252,000 in common shares

30



2017.07.31

Postmates, Inc. Valuations

$13.5MM

$81.5MM

$120MM

$458MM

$623.82MM

$0

$100,000,000

$200,000,000

$300,000,000

$400,000,000

$500,000,000

$600,000,000

$700,000,000

Series ADec-12

Series BFeb-14

Series CFeb-15

Series DJun-15

Series EOct-16

Post

Money V

alu

ati

on

31




2017.07.31

Fund Investment 4:

Cloudera, Inc.Palo Alto, CA

Developer of a platform for data management and enterprise Hadoop infrastructure. The company offers Cloudera Desktop, a unified graphical user interface for Hadoop applications that allows business analysts, developers and administrators to create and submit jobs, monitor cluster health and browse the data stored on a Hadoop cluster. It also provides enterprise-level support and training services.

Founded in 2008

Filed for IPO Mar 31, 2017 and started trading on Apr 28, 2017

Investors: Intel Capital, Accel, DAG Ventures, Greylock Partners, Firsthand Capital, Fidelity, T. Rowe Price, MSD Capital

Last Round (Series F) Raised in May-2014 at a Post Money Valuation of $4.1 billion with Intel Capital as the only investor

Cloudera’s revenues have grown from $109 million in 2015, to $166 million in 2016 to $261 million in 2017 (FYE Jan)

Fund Holding: common shares –CLDR currently trading at $20.91 as of May 22, 2017 (Fund basis: $15.92/share)

$191,000 in shares locked up for 12 months from Fund’s date of purchase

32



2017.07.31

Cloudera, Inc. Valuations

$13.9MM $23.5MM$159.9MM

$348.14MM

$718.4MM

$4.16B

$0

$500,000,000

$1,000,000,000

$1,500,000,000

$2,000,000,000

$2,500,000,000

$3,000,000,000

$3,500,000,000

$4,000,000,000

$4,500,000,000

Series AMar-06

Series BMay-09

Serices COct-10

Series DNov-11

Series EDec-12

Series F-1May-14

Post

Money V

alu

ati

on

33




2017.07.31

Fund Investment

(Pending)*: Sprinklr, Inc.New York, NY

Sprinklr is the most complete enterprise social media management technology in the world, purpose-built for large companies to drive business outcomes and manage customer experiences across all touch points. With nearly 700 employees globally, Sprinklr is revolutionizing customer engagement for almost 800 of Fortune’s top enterprise brands, including IHG, Intel, Microsoft, Samsung, and Virgin America, and partners like Accenture, Havas, and Razorfish.

Founded in 2009

Investors: Battery Ventures, ICONIQ Capital, Intel Capital, EDB Investments, Temasek Holdings, Wellington Management, Capnova

Last Round (Series F) for $105 million raised in Jun-2016 at a Post Money Valuation of $1.9 billion with Temasek as the lead investor; Total VC$ raised to-date $247 million

Sprinklr’s revenues passed the $100 million run rate in Fall of 2015 with 150% growth rate; estimated by PrivCo at $260 million in 2016

Called "the most powerful technology in the market" by Forrester, Sprinklr's fully integrated social experience management software powers more than four billion social connections across 77 countries.

Fund in process of purchasing $225,000 in common shares

*As of 7/31/2017, the Fund’s offer to purchase shares was under review and is subject to Rights of First Refusal (ROFR) by the Company There is no guarantee Sprinklr shares acquisition will be consummated

34



2017.07.31

Sprinklr, Inc. Valuations

$22.7MM$76.5MM

$261.25MM

$531.5MM

$1.14B

$1.81B

$0

$200,000,000

$400,000,000

$600,000,000

$800,000,000

$1,000,000,000

$1,200,000,000

$1,400,000,000

$1,600,000,000

$1,800,000,000

$2,000,000,000

Series AMar-12

Series BFeb-13

Series CFeb-15

Series DMay-14

Series EMar-15

Series FJul-16

Post

Money V

alu

ati

on

35




2017.07.31

Fund’s Key Terms

Investment: EWM Alternative Investments SPV, LLC-Series 2-Unicorn

Technology

Manager: Endowment Wealth Management, Inc.

Minimum Investment: $100,000

Targeted Fund Size: $5-25 million (current commitments - $1.875 million)

Targeted Close Date: December 31, 2017

Capital Contributions 100% upfront

Management Fees: Year 1: 2% of Assets

Year 2+: 1% of Assets

Manager Incentive: 10% of profits after investors have been returned 100% of

their capital contribution

Distributions: Distributions of shares/cash will be made upon liquidity of

underlying holdings

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2017.07.31

Fund Manager: Endowment Wealth Management, Inc.

Registered Investment Adviser serving clients in multi-family office format

Founded in 1996, Rebranded in 2013 to Endowment Wealth Management®

under current management team

Current management team has worked together since 2007

Track Record: EWM has raised $25 million through SPVs

Previous Venture/PE experience: launched/managed funds involved in

Technology, Retail, Energy, Real Estate, Entertainment, Co-Investments,

Hedge Fund of Funds


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2017.07.31

Endowment Investment

Philosophy®

We add a risk-managed

allocation (liquid

alternatives) as a Third

Dimension

to the traditional Stock and

Bond portfolio in order to

improve long-term Risk-

Adjusted Returns

Late-stage Pre-IPO

Venture

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2017.07.31

The Endowment Index®

Fund manager (Endowment Wealth Management, Inc.) is co-founder of the Endowment Index®, calculated by Nasdaq OMX®.

The Endowment Index® represents the investable opportunity for managers of portfolios utilizing the Endowment Investment Philosophy® or otherwise incorporate alternative investments within a comprehensive asset allocation. The index provides an objective tool used for portfolio comparison, investment analysis, and research and benchmarking by fiduciaries, trustees, portfolio managers, consultants and advisers to endowments, foundations, trusts, defined benefit/defined contribution plans, pension plans and individual investors.

The Endowment Index® uses an objective, rules-based construction methodology based upon the portfolio allocations of over 800 educational institutions managing over $500 billion in total assets. Each of the 19 sub-indexes that currently comprise the index are investable, and contained within those sub-indexes are over 30,000 underlying securities. The current target allocation is 35% Equity/53% Alternatives/8% Fixed Inc./4% Cash.

The ticker on Yahoo Finance is: ENDOW

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2017.07.31

Fund Manager Alternative

Investment Experience

Over the last 10 years the management team has

directly been involved in the launch of several private

equity funds.

Over the last two years the manager has launched and

advised five private funds:

SPV/Type Date Amt. Raised

Retail Co-Invest Feb. 2016 $8,685,000

Defense/Aerospace

Co-Invest (Europe)Nov. 2016 $5,800,000

Palantir Dec. 2016 $5,000,000

Unicorn Feb. 2017 $1,825,000

Telecom Infrastructure

Co-InvestJun. 2017 $4,125,000

TOTAL $25,435,000

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2017.07.31

Fund Manager Private

Investments Allocation

Private Credit (Direct)

19%

Private Equity (Direct)

2%

Private Equity (Secondary

Direct)6%Private Equity

EWM SPV57%

Hedge Fund of Funds (Direct)

8%

Private Real Estate (Direct)

8%

Private Credit (Direct) $8.4 million

Private Equity (Direct) $1 million

Private Equity (Secondary Direct) $2.5 million

Private Equity EWM SPV $25.4 million

Hedge Fund of Funds (Direct) $3.3 million

Private Real Estate (Direct) $3.7 million

TOTAL $44.3 million

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2017.07.31

EWM History With Investing

In Late-Stage Tech Companies

Prior to launching the Unicorn Fund, Endowment Wealth Management® has been involved in investments with two other Private Tech Unicorns: Bloom Energy, Inc. and Palantir Technologies, Inc.

Bloom Energy, Inc: EWM began investing in October 2016, and its clients currently hold $2.5 million worth of shares at cost.

Shares were purchased at an approx. 38% discount from the last round

Palantir Technologies, Inc.: EWM began investing in January 2017, and currently holds approx. $4.7 million worth of shares at cost through an SPV.

Shares were purchased at an approx. 40% discount to the last round

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Past performance no guarantee of future results



2017.07.31

EWM Investment 1:Bloom Energy, Inc. S u n n y v a l e , C A

Bloom Energy’s unique on-site power generation systems utilize an innovative new fuel cell technology with roots in NASA's Mars program. Derived from a common sand-like powder, and leveraging breakthrough advances in materials science, Bloom's solid oxide fuel cell technology is able to produce clean, highly efficient on-site power from multiple fuel sources.

Founded in 2002

Investors: Advanced Equities, New Enterprise Associates, Apex Venture Partners, Credit Suisse, DAG Ventures, GSV Capital, Goldman Sachs, Kleiner Perkins Caufield & Byers, Mobius Venture Capital, New Venture Capital, Sunbridge Partners

Filed for an IPO in October 2016.

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2017.07.31

EWM Investment 2: Palantir Technologies, Inc. Pa l o A l t o , C A

Palantir Technologies is working to change how

groups analyze information through the

company’s suite of software applications for

integrating, visualizing and analyzing data of all

kinds, including structured, unstructured,

relational, temporal, and geospatial.

Founded in 2004

Investors: Founders Fund, In-Q-Tel, Glynn

Capital

Last round (Series K) raised in Dec. 2015 at a

Post Money Valuation of $20.4 billion.

The company was founded by former PayPal

executives, such as Peter Thiel, a current

advisor to President Trump on technology, and

Stanford computer science professors.

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2017.07.31

Management TeamPrateek Mehrotra, MBA, CFA®, CAIA® Chief Investment Officer

Prior to joining Endowment Wealth Management, Inc., Prateek worked at Sumnicht & Associates, LLC (and its affiliate iSectors, LLC) a SEC-registered investment advisory firm for over ten (10) years as Chief Investment Officer and as a Member of its Investment Committee. His prior employer won numerous accolades and rankings from Bloomberg and Worth magazines during his tenure there. Prior to coming to Wisconsin, Prateek was a principal with GTG Ventures, Inc., in Palo Alto, California, where he was responsible for sourcing and analyzing investment opportunities across various technology sectors. He also worked overseas at a boutique investment company and was involved in co-managing a PIPE fund and a hedge fund-of-funds, among other alternative investing activities. He has over 20 years of experience in the financial services industry involved in areas as diverse as sell-side investment banking, leasing, portfolio management, and buy-side alternative assets investing. Prateek has lived and worked in India and the Middle East, and brings a wealth of global experience and perspective to the Company.

Robert Riedl, CPA, CFP®, AWMA® Director of Wealth Management

Rob’s 30 years of professional experience is key when consulting with client families, businesses and institutions. He began his career at Arthur Andersen & Co., as a staff accountant, serving the needs of small business clients. He was the founder and President of Fox Valley Spring Company and President of Oak-Bay Corporation. Additionally, Rob held a consultant role providing strategic advice to entrepreneurs in areas such as corporate structure, customer base, product mix and systems. From 2003-2013, Rob was the Director of Wealth Management and a Member of the Investment Committee at Sumnicht & Associates, LLC.

Tim Landolt, MBA Director of Institutional Services

Tim brings an extensive background in the investment management and financial services industry to the Firm. Prior to joining the firm, Tim previously managed nearly all business functions for an SEC-registered ETF model management firm, including ongoing research and analysis of tactical asset allocation strategies, model trading, operations, compliance, performance reporting, and marketing collateral and web content development during his 6+ year tenure. Tim previously held roles as a portfolio manager and research analyst. Tim also worked at William O’Neil+Co., in Los Angeles, CA, where he served in various capacities, including fundamental research, institutional marketing, and National Sales Manager for the firm’s $300 million mutual fund. Tim has been quoted in national business publications and has appeared on CNBC.

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2017.07.31

Risks/Considerations/

Mitigating Factors

Long Term Investment: Investors should consider this a 5+ year investment

Mitigating Factor: Manager expects to distribute cash/securities as underlying holdings experience liquidity events

Fund investment, as well as underlying holdings are unregistered securities. No current market currently exists and there is no assurance one will materialize for investors to liquidate their holdings.

K-1 Tax Reporting. It is highly likely that the Fund will not be able to provide its investors with K-1 tax reports prior to April 15th, requiring investors to file an extension.

Fees/expenses. Private funds typically have higher fees than most other investments. Acquiring shares of non-publicly traded companies in the secondary market involves higher costs, commissions and expenses.

Other risks include Technology Risk, Dilution Risk, Equity Risk, Concentration Risk, Political Risk, Economic Risk and other unforeseen risks that may not be predictable.

Loss of Investment. Private funds and venture capital investments involve a high degree of risk, including loss of investment.

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2017.07.31

Manager Contact

Prateek Mehrotra, MBA, CFA®, CAIA®

Chief Investment Officer

[email protected]

Robert Riedl, CPA, CFP®, AWMA®

Director of Wealth Management

[email protected]

Tim Landolt, MBA

Director of Institutional Services

[email protected]

Endowment Wealth Management, Inc.

2200 North Richmond Street, Suite 200, American National Bank Building

Appleton, WI 54914

(920) 785-6010

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