SAPPHIRE VENTURES, L.P.

A. Overview of Sapphire Sapphire Ventures, L.P. (“Sapphire”), a Delaware limited partnership formed in 2010, is a venture capital firm registered as an investment adviser with the SEC that manages private funds focused on backing highgrowth technology companies. Sapphire serves as the investment adviser for, and provides discretionary investment advisory services to, private funds (the “Funds”) that are exempt from registration under the Investment Company Act of 1940 (the “Investment Company Act”), and whose securities are not registered under the Securities Act of 1933 (the “Securities Act”). Sapphire’s advisory services consist of investigating, identifying, and evaluating investment opportunities, structuring, negotiating, and making investments on behalf of the Funds, managing, and monitoring the performance of such investments and disposing of such investments. Nino Marakovic is the principal owner of Sapphire by virtue of an indirect ownership through an estate planning vehicle. Sapphire provides investment advice directly to the Funds, subject to the discretion and control of each Fund’s general partner (a “General Partner”). Each General Partner is an affiliate of Sapphire and has full and exclusive management authority over all investments, asset dispositions, distributions, and other affairs of the Fund it manages. Where context permits, references in this Brochure to “Sapphire” should be read to include the General Partners and vice versa. B. Advisory Services Sapphire provides investment management and advisory services to the Funds, which primarily invest in (A) private equity securities issued by venture capital stage operating companies (each, a “Portfolio Company”) and (B) limited partner interests in third-party venture capital funds (each, a “Portfolio Fund”). Although investments into Portfolio Companies predominantly consist of private securities, the Funds hold public securities from time to time. Sapphire’s investment advice and authority for each Fund are tailored to the investment objectives, strategies and guidelines of such Fund, which are described in and governed by, as applicable, the private placement memorandum, limited partnership agreement, subscription agreements, side letters entered into between the General Partner and the Fund’s investors (the “Investors”), and other Governing Documents thereof (collectively, “Governing Documents”). Investors are generally not permitted to impose restrictions on a Fund’s investment activities, although in limited circumstances certain Investors may be excused or excluded from particular investments due to legal, regulatory, or other considerations, as provided in the applicable Governing Documents. C. Regulatory Assets Under Management As of July 1, 2026 2026, Sapphire managed approximately $10.4 billion in regulatory assets under management on a discretionary basis. Sapphire does not manage any assets on a non-discretionary basis.

Sapphire typically receives a management fee and carried interest in connection with the provision of advisory services to the Funds. As discussed in more detail below, Sapphire is permitted to receive additional compensation in connection with management and other services performed for Portfolio Companies and such additional compensation generally will offset subsequent management fees otherwise payable to Sapphire by the Funds to the extent provided by, and subject to certain exceptions in, the Governing Documents. Investors in a Fund also bear certain expenses. The Funds that primarily invest in Portfolio Funds typically pay management fees and carried interest to the managers of such funds, as well as Sapphire. Additionally, certain Funds invest in special purpose vehicles managed by third parties that charge management fees and/or carried interest. As a result, Investors in these vehicles will generally incur two layers of fees and carried interest. Please see the “Additional Portfolio FundSpecific Risk Factors” discussed in Item 8 for more information regarding multiple layers of fees and carried interest arising from fund-of-fund investments. The actual fees and expenses applicable to each Fund are set forth in detail in such Fund’s Governing Documents. Investors will receive copies of the Governing Documents (with the exception of subscription agreements, side letters, and other documents that only pertain to specific Investors) before investing in any Fund and may have an opportunity to negotiate certain terms under certain circumstances. Investors should refer to the Governing Documents of the applicable Fund for a complete understanding of how Sapphire is compensated for its advisory services. The information contained herein is a summary only and is qualified in its entirety by the Governing Documents. A. Management Fees As compensation for investment supervisory services rendered to the Funds, each Fund (other than coinvestment vehicles) generally pays Sapphire a management fee calculated in accordance with such Fund’s Governing Documents. Management fees are generally reduced during the life of a Fund. The management fees and other fees and distributions described herein are generally subject to modification, waiver, or reduction by Sapphire in its sole discretion, both voluntarily and on a negotiated basis with Investors. Fees differ from one Fund to another. The management fees paid by the Funds will generally be reduced by certain fees and expenses, such as (i) transactional fees, monitoring fees, directors’ fees, financial consulting fees and other similar fees received by Sapphire personnel from a Portfolio Company or Portfolio Fund (less any reimbursement amounts), (ii) private placement or finders’ fees paid to placement agents, finders or other third parties performing similar services in connection with a Fund’s formation, offering and/or capitalization (excluding any out-of-pocket fees and expenses for services required under applicable non-U.S. law or regulation in connection with the issuance or sale of interests in the corresponding non-U.S. jurisdiction), (iii) breakup fees and litigation proceeds received from transactions not consummated by the Fund in connection with a proposed investment (less any reimbursement amounts), and (iv) organizational expenses in excess of any applicable cap, in each case in accordance with the Funds’ Governing Documents. Management fees will generally not be reduced by expense reimbursements, compensation received for services provided in connection with a Portfolio Company’s business, compensation for services provided as an employee or in a similar capacity, directors’ fees from a public company that don’t exceed amounts paid to other directors, amounts received as publicly traded securities, breakup fees, or other amounts otherwise approved by a Fund’s advisory board as not constituting transaction fees. The amount and manner of any such management fee reductions are set forth in each Fund’s Governing Documents. Certain Funds’ Governing Documents permit the applicable General Partner to make deemed contributions to fulfill its capital commitment through reductions in the management fee. Under these arrangements, a designated percentage of each capital contribution that would otherwise be required from the General Partner in cash instead constitutes a deemed contribution. The Investors of the relevant Fund are required to fund the

deemed contributions pro rata according to their respective capital commitments, which in turn offsets the management fee by a corresponding amount. The use of deemed contributions by the applicable General Partners could result in an acceleration of capital contributions by the Investors of the relevant Funds. The management fee reductions and the corresponding deemed contributions have the potential to be significant. Certain Investors that are employees, former employees, business associates and other “friends and family” of Sapphire, its affiliates or their personnel (including any related entity established by any of the foregoing, such as trusts, charitable programs, endowments or related programs, family investment vehicles and other estate planning vehicles) will not typically pay management fees or carried interest in connection with their investment in a Fund. Furthermore, Sapphire may from time to time in the future establish certain investment vehicles through which such Investors or other third parties may invest alongside Funds, which generally will not pay management fees or carried interest. Management fees billed to and received from the Funds are generally payable quarterly in advance on the first day of each fiscal quarter. If a Fund were to terminate prior to the end of a quarter, management fees paid in respect of such quarter would be returned on a pro rata basis. B. Carried Interest The General Partner of each Fund will generally receive a performance-based fee in the form of carried interest from such Fund’s Investors. The precise amount, the manner of calculation, and the timing of payment of such carried interest is detailed in each Fund’s Governing Documents. The carried interest varies across the Funds, as more fully described in the Governing Documents. The General Partner of a Fund will, from time to time, waive or reduce carried interest for certain vehicles or Investors in certain Funds, as permitted by the applicable Governing Documents. C. Expenses Sapphire Expenses As a general matter, Sapphire will pay all ordinary overhead and administrative expenses of the Fund incurred by the General Partner or Sapphire in connection with maintaining and operating its offices (including salaries, rent and equipment expenses) to the extent not borne or reimbursed by a Portfolio Company or Portfolio Fund, but not including any Fund Expenses or blocker expenses. Fund Expenses Subject to its applicable Governing Documents, each Fund will pay, or reimburse any person advancing payment of, all Fund Expenses. While differences exist among Funds, “Fund Expenses” generally include, together with the management fee, all costs relating to the Fund’s activities, business, AIVs, actual or prospective Portfolio Companies, Portfolio Funds or other investments (to the extent not otherwise borne or reimbursed), including all costs relating or attributable to: (i) expenses incurred in connection with identifying, evaluating, sourcing, structuring, negotiating, executing, monitoring, managing, hedging, valuing, and disposing of actual and potential Fund investments, whether or not consummated, including broken deal expenses and any fees paid to attorneys, accountants, investment bankers, consultants and other professionals in connection therewith; (ii) brokerage commissions, investment banking fees, private placement fees, finder’s fees and other transaction-related charges; (iii) interest, fees and other charges incurred in connection with any Fund borrowing or credit facility; (iv) legal, compliance, regulatory and governmental filing fees and expenses, including expenses related to securities law compliance, CFIUS reviews, AIFMD, CISA, FinSA, ERISA, FATCA and comparable foreign account reporting regimes; (v) expenses associated with the offer and sale of Fund interests, including placement agent fees and costs of marketing and distributing interests in applicable jurisdictions; (vi) audit, accounting, bookkeeping, tax preparation, valuation and financial reporting expenses; (vii) fund administration, custody, depositary and transfer agent fees; (viii) expenses associated with the preparation and delivery of tax returns, Schedule K-1s and other tax-related filings and estimates;

(ix) legal and other expenses incurred in connection with actual or threatened litigation, regulatory investigations, arbitration or dispute resolution involving the Fund, its General Partner or its investments; (x) indemnification obligations and related insurance premiums, including directors and officers liability, errors and omissions, cyber, fiduciary and representation and warranty insurance; (xi) costs associated with Fund advisory committee and limited partner meetings, including reasonable travel and related expenses; (xii) expenses related to protecting the confidentiality of Fund information, including responding to FOIA and similar requests; (xiii) costs of any Fund restructurings, amendments or dissolutions; (xiv) expenses relating to the admission, transfer or departure of limited partners, including investor due diligence, KYC and AML compliance costs; (xv) costs of third-party data, research, diligence software, subscription services and expert networks; (xvi) taxes, governmental charges and assessments applicable to the Fund on account of its operations or investments; (xvii) costs associated with co-investment vehicles and aggregator entities related to Fund investments; (xviii) expenses incurred in connection with ESG, sustainability and similar reporting or regulatory requirements; (xix) compensation, fees and expenses of venture partners, operating partners and similar advisors engaged on behalf of the Fund; and (xx) any other expenses that are directly related to the operation, management and activities of the Fund and that are not normal administrative and overhead expenses of Sapphire. Organizational Expenses The Funds will also bear all the organization costs, fees and expenses incurred by or on behalf of the Fund, in an amount not to exceed a threshold specified in the Funds’ Governing Documents. “Organizational Expenses” generally include all expenses, including travel, meals, lodging, and entertainment, printing, mailing and courier, legal, filing, capital raising, accounting fees and expenses, regulatory compliance, or any administrative or other filings incurred in connection with the structuring, organization, negotiating, funding, and start up of a Fund and its related vehicles, including, the preparation and negotiation of the Governing Documents, Investor presentations and other marketing materials, agreements entered into in connection with the fundraise, fees for services required under applicable non-U.S. law or regulation in connection with the issuance or sale of interests in a non-U.S. jurisdiction, and other organizational expenses; but not including any costs or expenses incurred in connection with the side letter MFN process. Allocation of Fees and Expenses Sapphire faces a variety of potential conflicts of interest when it determines allocations of various fees and expenses among the Funds. Sapphire, in its sole discretion, generally allocates fees and expenses, subject to applicable legal, contractual, or similar restrictions, in reliance on Sapphire’s expense allocation policy, and in consideration of such factors as it deems relevant, and as further provided in the Governing Documents. The allocations of such expenses are not always proportional, and any such determinations involve inherent matters of discretion, e.g., in determining whether to allocate pro rata based on the number of co-investors or Funds receiving related benefits or proportionately in accordance with asset size, or in certain circumstances determining whether a particular expense has a greater benefit to the Funds or Sapphire and/or its affiliates, and Sapphire will have a financial incentive to favor allocations that benefit itself and/or its affiliates. Further, Sapphire is permitted to consider the Funds’ strategies or stages of investment as a component of allocation of investment expenses. For example, Sapphire is permitted not to allocate expenses associated with a Fund’s earlier round investment in a Portfolio Company to another Fund’s later round investment in such Portfolio Company, or vice versa, notwithstanding that such investments are in the same Portfolio Company. As a general matter, expenses typically will be allocated among all relevant Funds eligible to reimburse expenses of that kind. In all such cases, subject to applicable legal, contractual, or similar restrictions, expense allocation decisions generally will be made by Sapphire or its affiliates in reliance on Sapphire’s expense allocation policy. It is critical that Investors refer to the applicable Governing Documents for a complete understanding of a Fund’s fees and expenses. The information contained herein is a summary only, qualified in its entirety by such documents, and does not preclude materially different fee and expense terms for future

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A. Methods of Analysis and Investment Strategy Sapphire’s flagship direct strategy focuses on investing in high-growth enterprise software companies that have achieved meaningful revenue scale and demonstrated product/market fit. Sapphire’s fund-of-funds strategy primarily focuses on investing in other venture capital funds, with a focus on early-stage venture capital fund investing, targeting managers that are investing in technology companies at the leading edge of innovation. While a majority of Sapphire’s investments have been, and are expected to be, based in the United States, Sapphire also invests across Europe and Israel, and has selectively invested in companies headquartered in countries such as Australia, Canada, and India, so long as they serve the global enterprise market. Sapphire maintains comprehensive processes for sourcing, screening, due diligence, investment committee review, approving, structuring, negotiating, and closing investments. For the direct strategy, the investment team evaluates prospective opportunities based on factors such as business quality, growth and efficiency metrics, industry fundamentals, competitive positioning, competitive advantages and disadvantages, management team performance, potential valuation, transaction dynamics and competitiveness, potential upside and downside risks, Sapphire’s ability to win the deal, and its ability to provide post‑investment value and support, among other similar considerations. For the fund-of-funds strategy, the investment team assesses opportunities using factors such as portfolio construction, fund strategy and organization, historic track record, investment period, management fees, carried interest, references, fund size, available commitment size, and other similar factors. In both strategies, the investment teams’ findings will culminate in a formal recommendation and approval process before commitments are made. More information regarding a Fund’s methods of analysis and investment strategy can be found in its Governing Documents. B. Certain Risk Factors Investment in the Funds will involve significant risks due to, among other things, the nature of the Funds’ investments. The summary below does not purport to be all-inclusive or contain all of the risk factors that a prospective Investor should use in evaluating an investment in a Fund. The order in which these risk factors are presented does not reflect the likelihood of their occurrence or the magnitude or significance of the individual risks. Each prospective investor should consult with his, her or its personal legal, business, tax, accounting, financial and other professional advisors and consider and evaluate the risks and conflicts of interest associated with an investment in the Fund before executing any subscription agreement or other agreements with respect to the Fund. Investors must have the financial ability and willingness to accept the risks and lack of liquidity characteristic of the investments described herein. Prospective Investors should be aware that they will be required to bear the financial risks of an investment in a Fund for an indefinite period of time and that any investment in a Fund is subject to risk of loss, including a total loss of the amount invested. There will be no public market for the Fund interests and such interests, subject to certain limited exceptions as set forth in the Governing Documents, will not be transferable. Where context permits, references in this section to risk factors involving Portfolio Companies should be read to apply to Portfolio Funds. Business Risks The Funds’ investment portfolios are expected to consist primarily of securities issued by privately held companies, and operating results in a specified period will be difficult to predict. Such investments involve a high degree of business and financial risk that can result in substantial losses. General Risks of Investments Many of the Funds’ Portfolio Companies will be developing or rapidly growing companies in high-growth sectors that entail significant risk. Many such Portfolio Companies will be at an early stage of development with little or no operating history, no established products or services, and a smaller market share or undeveloped market relative to larger businesses. Such companies generally have less predictable operating

results and are often engaged in rapidly changing businesses with products subject to a substantial risk of obsolescence. Growth-stage companies may not be able to effectively scale or otherwise grow at the rate that was projected in determining the price the Fund paid for an interest in such companies. Many of the Funds’ Portfolio Companies will need substantial additional capital (which may not be available or, if available, which could dilute a Fund’s ownership) to support additional research and development activities, expansion or to achieve or maintain a competitive position. The Funds’ Portfolio Companies will face intense competition, including from companies with greater financial resources, greater brand recognition, more relevant experience, greater willingness to take on risk, more extensive development, manufacturing, marketing and service capabilities and a larger number of qualified managerial and technical personnel. There will be substantially less information available about the Funds’ Portfolio Companies than is ordinarily available regarding publicly traded companies, and such information should be expected not to be of the same quality. A Fund may have limited or no information rights with respect to one or more of its Portfolio Companies and, as a result, will receive less information regarding such Portfolio Company than some or all of the other equity holders in such company. Non-Control Investments The Funds’ investments will typically represent minority positions in Portfolio Companies (or positions in which disproportionate voting control (relative to economic ownership) remains with such Portfolio Companies’ founders and/or other investors in such Portfolio Company), and, although the Funds, in some cases, expect to have representatives that serve on the boards of directors, the Funds will not typically have the power to exert significant control over such Portfolio Companies’ boards of directors and management and, therefore, will have a limited ability to protect its position in such Portfolio Companies. While certain rights will generally be sought to protect a Fund’s interests, these rights often will not permit the Fund to cause a Portfolio Company to take actions that the General Partner believes would maximize the value of a Fund’s investment, or refrain from taking actions that the General Partner believes would impair the value of a Fund’s investments. In such cases, a Fund will rely significantly on the existing management and boards of directors of such companies, which many times consists of a small group of unseasoned managers and representatives of other investors with whom the Fund is not affiliated, and whose interests or views potentially will conflict with the interests of the Fund. This is especially true in the case of seed investments and certain growth venture investments (particularly those in companies where there are pre-existing institutional investors) where a Fund may have less active involvement with the management of the Portfolio Company, no representative on the board of directors, fewer protective provisions (e.g., limited information rights and less (or no) dilution protection) and/or a smaller ownership stake in the Portfolio Company. To the extent that the management of a Portfolio Company performs poorly, or if a key manager of a Portfolio Company terminates employment, a Fund’s investment in such Portfolio Company could be adversely affected. As is the case with minority holdings in general, such minority stakes that a Fund will hold will have neither the control characteristics of majority stakes nor the valuation premiums accorded majority or controlling stakes. Where a Fund holds a minority stake, it may be more difficult for the Fund to liquidate its interests than they would be had it owned a controlling interest in such company. Even if a Fund has contractual rights to seek liquidity of its minority interests in such companies, it may be very difficult to sell such interests or seek a sale of such company upon terms acceptable to the Fund, especially in cases where the interests of the other investors in such company have different business and investment objectives and goals. Technology and Software Concentration Risk The Funds’ investments generally will be concentrated in equity and equity-related securities of information technology companies, particularly in the enterprise software sector, and the Funds will not be broadly diversified. These companies will generally be small and less-seasoned and their equity securities will tend to be more volatile than the overall stock market. As a result, events affecting these companies – for example, intellectual property issues (including litigation over proprietary rights to technology or an inability to adequately protect intellectual property rights), product roll-out delays or failures, rapid obsolescence,

constant technical innovation, shifting technical standards, disproportionately large research budgets, increasing government regulation and oversight (some of which may be complex and costly to comply with, or increase barriers to entry), including data protection and patient privacy laws, policy changes at government health administration authorities, shifting consumer tastes and preferences, marketing expenses, market penetration by competitors and the inability to attract and retain qualified technical and managerial personnel – are expected to affect the value of the Funds’ portfolios more than they would likely affect a portfolio that was not similarly concentrated. Equity Investments Equity securities held by the Funds will typically include common and preferred stocks and, in some cases, warrants, rights, and equivalents. The value of equity securities of a Portfolio Company held by a Fund will be adversely affected by actual or perceived negative events relating to such Portfolio Company, the industry, or geographic areas in which such Portfolio Company operates and the financial markets generally. However, equity securities are often even more susceptible to such events given their subordinate position in the issuer’s capital structure. Lack of Diversification A Fund’s investment portfolio could become highly concentrated, and the performance of a few holdings or of a particular industry may substantially affect its aggregate return. Furthermore, to the extent that the capital raised is less than the targeted amount, a Fund may invest in fewer Portfolio Companies and thus be less diversified, and each Investor would bear a comparatively higher portion of expenses. As a result of the foregoing, the Funds will be subject to more volatility and a greater risk of loss than a more broadly diversified investment fund that focuses on a broader array of industries or security types. In addition, a Fund will participate in a limited number of investments and, as a consequence, the aggregate returns of the Fund may be affected by the performance of a single investment. Furthermore, to the extent a Fund becomes concentrated in a particular geographic area or particular sector, Sapphire is permitted to raise other investment vehicles (i.e., future funds or co-investment vehicles) or seek co-investor participation, in each case, in such geographic area or particular sector. Such geographic- or sector-focused funds are permitted to invest in Portfolio Companies of certain Funds or make investments in companies that may have been suitable for investment by such Funds. Venture and Start-Up Companies The Funds are authorized to make investments in Portfolio Companies, including, but not limited to, venture and start-up companies, which involve a number of particular risks that may not exist in the case of investments in large public companies or established private companies, including: •

These companies may have limited financial resources and limited access to additional financing, which may be accompanied by a deterioration in the value of a Fund’s investment, reduce the likelihood of a Fund realizing an investment return thereon, and increase the risk of their defaulting on their obligations, leaving creditors dependent on any guarantees or collateral they may have obtained;

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These companies typically have shorter operating histories, narrower product lines, and smaller market shares than larger businesses, which tend to render them more vulnerable to competitors’ actions and market conditions, as well as general economic downturns;

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There will not be as much information publicly available about these companies as would be available for public companies and such information may not be of the same quality;

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These companies often face intense competition, often from established companies with much greater financial, manufacturing, and technical resources, more marketing and service capabilities and a greater number of qualified personnel;

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These companies are more likely to depend on the management talents and efforts of a small group of persons; as a result, the death, disability, resignation, or termination of one or more of these persons could have a material adverse impact on these companies’ ability to meet their obligations;

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Sapphire provides investment advisory services to the Funds, which are pooled investment vehicles operating as private investment funds and exempt from registration under the Investment Company Act. Sapphire does not provide investment advisory services directly to Investors in the Funds on an individualized basis. Such Investors generally include high net worth individuals, banks, insurance companies, fund-of-funds, pension and profit-sharing plans, corporations, limited partnerships, and limited liability companies, among other entities. Investment in the Funds is generally limited to persons who meet the applicable eligibility requirements set forth in each Fund’s Governing Documents. Depending on the Fund, an Investor must generally qualify as an “accredited investor” under Regulation D of the Securities Act and “qualified purchaser” or “knowledgeable employee” under the Investment Company Act, and, if applicable, a “qualified client” under the Advisers Act. The minimum capital commitment for investment in a Fund, where applicable, is set forth in such Fund’s Governing Documents. The General Partner of each Fund retains discretion to accept commitments below any stated minimum amount.

The General Partners generally receive performance-based compensation in the form of carried interest distributions with respect to realized profits in the Funds. The percentage of carried interest received by a General Partner varies by Fund and certain Funds and Investors are subject to lower or no carried interest. Sapphire receives a portion of the carried interest distributions in certain funds it formerly managed. The existence of performance-based compensation has the potential to create an incentive for Sapphire to make riskier or more speculative investments on behalf of a Fund than it would otherwise make in the absence of such arrangement. Sapphire generally attempts to mitigate any potential conflicts of interest through, among other things, (i) the requirement that contributed capital be returned to Investors before the General Partners are entitled to receive any carried interest distributions, (ii) the requirement that the General Partners have capital commitments to the Funds, and (iii) the implementation of a clawback obligation, determined at the end of the life of the Fund, with respect to excess distributions received by the General Partner. Sapphire’s side-by-side management of Funds that pay differing rates of performance-based compensation gives rise to conflicts of interest, including an incentive for Sapphire to allocate a disproportionate share of its attention or investment opportunities to Funds that pay higher performance-based compensation retained by Sapphire. Sapphire seeks to address these conflicts by making investment and allocation decisions in accordance with the Funds’ Governing Documents and Sapphire’s allocation and conflicts‑management policies and procedures, which are designed to allocate opportunities among the Funds in a manner Sapphire believes is fair and equitable over time, taking into account each Fund’s investment objectives, strategies, restrictions, available capital, diversification considerations, and other relevant factors. Sapphire does not base investment or allocation decisions solely on the potential for performance‑based compensation.

The General Partners are affiliates under common control with Sapphire and are responsible for managing the business and affairs of the applicable Funds, including making investment decisions in accordance with the Funds’ Governing Documents. The General Partners typically receive performance‑based compensation (such as carried interest) and generally receive management or other fees from the Funds. These affiliations create conflicts of interest in connection with the allocation of investment opportunities, expenses, and time and attention among the Funds. These conflicts are described in the Funds’ Governing Documents and are addressed through Sapphire’s policies and procedures regarding allocation of investment opportunities and side‑by‑side management, as well as through disclosure to Investors. Sapphire owns a non‑controlling minority interest in 359 Capital, LLC (“359 Capital”), which manages private funds focused on sports, media, and entertainment technology investments that were previously advised by Sapphire. Sapphire has certain management fee, carried interest, and protective governance rights, among others, with respect to its interest in 359 Capital. Additionally, a Sapphire affiliate holds minority equity interests in certain general partner entities affiliated with 359 Capital and certain Sapphire personnel hold limited partnership interests in funds managed by 359 Capital. Sapphire also engages the part-time services of one operating partner who is employed by 359 Capital. Such operating partner is required to abide by the policies and procedures in Sapphire’s Compliance Manual and Code of Ethics applicable to operating partners, including with respect to MNPI and other confidentiality restrictions. Sapphire personnel and a Sapphire affiliate hold minority equity interests in certain general partner entities of funds managed by LGT Capital Partners (“LGT”) that were previously advised by Sapphire. Sapphire and LGT are party to a transition services agreement pursuant to which Sapphire and LGT provide each other with certain ongoing transitional and operational services. Sapphire does not provide investment advisory services to 359 Capital or LGT or to their advised funds; however, these relationships create potential conflicts of interest because Sapphire and its personnel have economic interests in 359 Capital, 359 Capital-managed-funds, and LGT-managed funds that are separate from, and potentially different than, the interests of the Funds. For example, Sapphire personnel are incentivized to make investments that benefit investments held by 359 Capital and LGT funds, which will benefit the economic interests of such personnel. Sapphire addresses any potential conflicts through its administration of its Code of Ethics and its policies and procedures with respect to investment allocations and conflict disclosures, which are discussed in more detail in Items 8 and 11. These conflicts are further mitigated by the fact that the Funds’ investment mandates have minimal overlap with the 359 Capital and LGT funds. The flagship Funds invest primarily in later-stage enterprise software companies and the fund-of-funds Funds primarily invest in established venture capital funds, whereas the 359 Capital funds invest primarily in early stage sports, media and entertainment technologies and the applicable LGT funds invest primarily in emerging venture capital funds. Neither Sapphire nor any of its management persons are registered, or have an application pending to register, as a broker-dealer or a registered representative of a broker-dealer. Neither Sapphire nor any of its management persons are registered as a futures commission merchant, commodity pool operator, or commodity trading advisor.

Code of Ethics

Sapphire has adopted a Code of Ethics (the “Code”) designed to comply with Rule 204A-1 under the Advisers Act that establishes the standard of business conduct that must be followed by all Sapphire’s employees, officers, partners, contractors, consultants and certain other persons with access to nonpublic information pertaining to the Funds’ securities (“Access Persons”). The Code establishes guidelines for professional conduct and personal trading procedures, including certain pre-clearance and reporting obligations, and requires Access Persons to place the interests of the Funds ahead of Sapphire’s interests and to maintain full compliance with federal securities laws. Access Persons and their families and households may purchase investments for their own accounts, including the same investments as may be purchased or sold for a Fund, subject to the terms of the Code. The Code helps Sapphire prevent and detect potential conflicts of interest. Sapphire distributes the Code to each Access Person upon the commencement of employment, annually on a calendar basis, and following any change to the Code. All Access Persons must acknowledge that they have received, read, understood, and agree to comply with the Code at the commencement of their engagement with Sapphire and attest to the same on an annual basis thereafter. Access Persons must also file certain periodic reports with the Chief Compliance Officer as required by Rule 204A-1 under the Advisers Act. Access Persons who violate the Code of Ethics are generally subject to remedial actions, including, but not limited to, a fine payable to Sapphire, enhanced trade supervision, disgorgement of profits or gifts, a letter of caution or warning, a formal compliance exception notice, reporting to the Access Person’s supervisor, suspension of personal trading rights, suspension of employment, a civil referral to the SEC, a criminal referral, termination of employment for cause, and/or a combination of the foregoing. Access Persons are required to promptly report any violation of the Code of Ethics of which they become aware. Sapphire will provide a copy of the Code to any Investor or prospective Investor upon written request to the Chief Compliance Officer at robert@sapphireventures.com. B. Participation or Interest in Client Transactions Access Persons from time to time invest in or alongside a Fund, either through a Sapphire affiliate, as direct investors in a Fund, or otherwise. In such cases, Sapphire retains discretion to reduce all or a portion of the fees and carried interest related to such persons’ investments below those charged to other Investors. Such Access Persons will have access to information that is not available to other Investors and/or will have access to information on a timelier basis than other Investors. This raises potential conflicts between and among Sapphire, such Access Persons, the Funds, and the other Investors. Additionally, Sapphire and such Access Persons will have an incentive to favor accounts in which they have a more proprietary interest, including in the allocation of investments, time, and attention. Sapphire takes reasonable steps to manage these conflicts and to prevent the misuse of material information about the Funds and their investments. C. Conflicts of Interest The Governing Documents contain a number of detailed provisions designed to address certain actual and potential conflicts of interest and other activities and considerations that are applicable to Sapphire’s business and strategy. The Governing Documents alone, however, cannot and do not fully anticipate and address all situations, developments, scenarios, investment opportunities, investment considerations, investment allocations, investment structures, disposition opportunities, disposition considerations, and disposition decisions, as the foregoing can vary on a case-by-case basis depending on a variety of facts and circumstances. While the disclosures below are not intended to be exhaustive, they are an attempt to provide prospective investors in the Funds with further disclosure, transparency, visibility, and understanding of Sapphire’s

business and strategy and certain actual and potential conflicts of interest that arise or may arise in connection with the Funds. Where context permits, references in this section to conflicts of interest involving Portfolio Companies should be read to apply to Portfolio Funds. Conflicts of Interest Generally If any matter arises that Sapphire determines in its good faith judgment constitutes an actual or potential conflict of interest, Sapphire may take such actions as it determines may be necessary or appropriate, within the context of the Governing Documents, to mitigate the conflict. In mitigating such conflicts, Sapphire seeks to satisfy fully its fiduciary duties to each of the Funds. Although Sapphire is not obligated to pursue any such actions, these actions may (but are not required to) include, by way of example and without limitation, (i) disposing of the security giving rise to the conflict of interest, (ii) appointing an independent fiduciary to act with respect to the matter giving rise to the conflict of interest, or (iii) in connection with a matter giving rise to a conflict of interest with respect to an investment, consulting with a Fund’s advisory board regarding the conflict of interest and either obtaining a waiver from such advisory board of such conflict of interest or acting in a manner, or pursuant to standards or procedures, approved by such advisory board with respect to such conflict of interest. However, there is no assurance that Sapphire or its affiliates will identify or resolve all conflicts of interest and, if resolved, that such conflicts will be resolved in a manner that is favorable to the Funds. Other Activities; Devotion of Time; Scale Sapphire and its affiliates expect in their sole discretion to manage and/or provide other services to future Funds or other similar arrangements with overlapping or entirely different investment mandates as the Funds. In connection with managing multiple Funds, partners of Sapphire, and other Sapphire personnel expect to spend a portion of their business time and attention pursuing investment opportunities for multiple Funds. Additionally, the partners of Sapphire and other Sapphire personnel will devote time and attention to, and have material participation in connection with, certain outside interests and activities unrelated to investing in securities, board positions, and other relationships and engagements with companies that are not affiliated with Sapphire and customary family office activities. These activities will create conflicts of interest in the allocation of such Sapphire partners’ and personnel’s time and attention to the Funds. Sapphire believes that its significant investment alongside third-party Investors, as well as the interest of Sapphire’s partners in the carried interest, operate to align, to some extent, the interest of such persons with the interest of the Investors, although such persons have or may obtain economic interests in multiple Funds and investments and receive fees, carried interest, or other compensation and/or equity interests relating to these interests. At such time as required by the Governing Documents, Sapphire will continue to manage a Fund’s investments (together with the investments of other Funds, as applicable) but also will focus investment activities on opportunities other than on behalf of such Fund and areas unrelated to such Fund’s investments. Sapphire is authorized, subject to any restrictions in the Governing Documents, to manage multiple Funds with similar investments, and expects to direct certain relevant investment opportunities and/or resources to certain Funds and investments, as described below. Additionally, Sapphire considers the promotion and maintenance of its industry standing and reputation to be critical to its long-term success and the success of its clients, including the Funds. As a result, in the course of managing a Fund’s investments, Sapphire and its affiliates will face a conflict of interest when having to decide whether to take (or not take) actions to protect the reputation and long-term success of Sapphire at the expense of that of an individual Portfolio Company (and a Fund’s interest therein). The incentive to do so is expected to be magnified as Sapphire’s investment platform grows. Any such decision, which would be undertaken by Sapphire in consideration of applicable legal, regulatory, fiduciary, or contractual duties, which disadvantages a Portfolio Company vis-à-vis Sapphire could have a material adverse effect on the value of a Fund’s investment in such Portfolio Company and the returns of the Investors.

In addition, Sapphire personnel are permitted to manage their own personal investments, whether or not through a formal family office or estate planning structure, to establish trusts, endowments, charitable programs, foundations, or similar arrangements, and to pay or receive compensation relating to the foregoing. Unless restricted by the Governing Documents, Sapphire personnel are permitted to serve on boards or act in other roles unaffiliated with Sapphire, the Funds, or the Portfolio Companies, including boards of charitable and educational institutions, public companies, and former portfolio investments, and receive compensation in connection with such services and roles, none of which will offset or otherwise reduce a Fund’s management fee or be shared with Investors. Capital Structure Conflicts The Funds are permitted to, from time to time, invest in conjunction with an investment being made by other Funds, and/or invest in the securities of a Portfolio Company in which any such other Fund has already made an investment, including when such Funds invest in different types of securities or, with respect to growth investments, in different funding rounds of the same Portfolio Company. Where multiple Funds invest at the same, different, or overlapping levels of a Portfolio Company’s capital structure or funding round, there is a potential for conflicts of interest in determining the terms of each such investment (potentially including conflicting fiduciary duties). In the event that one Fund has a controlling or significantly influential position in a Portfolio Company, it will have the ability to elect some or all of the board of directors of such a Portfolio Company, thereby controlling the policies and operations, including the appointment of management, future issuances of securities, payment of dividends, incurrence of debt and entering into extraordinary transactions. In addition, a controlling Fund is likely to have the ability to determine, or influence, the outcome of operational matters and to cause, or prevent, a change in control of such a company. Such management and operational decisions may, at times, be in direct conflict with other Funds that have invested in the same Portfolio Company that do not have the same level of control or influence over the Portfolio Company. If a Fund enters into any indebtedness with another Fund on a joint and several basis, the applicable General Partners would expect to enter into one or more agreements that provide each Fund with a right of contribution, subrogation, or reimbursement. In administering, or seeking to reinforce, these agreements, Sapphire expects to be subject to potential conflicts of interest, for example between a Fund with a reimbursement obligation and other Funds seeking reimbursement. In certain circumstances, Sapphire is expected to be prohibited from exercising (or Sapphire may deem it appropriate to refrain from exercising) voting or other rights in order to mitigate the relevant potential conflicts, notwithstanding the fact that the investments of one Fund or the other may be subject to creditor claims regarding subordination of interests. Sapphire generally intends to mitigate any potential conflicts by structuring such agreement in a manner intended to cause each Fund to bear its proportionate share of the applicable indebtedness. In addition, if additional capital is necessary as a result of financial or other difficulties, or to finance growth or other opportunities, a Fund may or may not provide such additional capital, and if provided, each Fund generally will supply such additional capital in such amounts, if any, as determined by Sapphire in its sole discretion. Investment Allocations Certain investment opportunities suitable for a Fund are likely also to be suitable for other Funds. In determining which Funds should participate in particular investment opportunities, subject to the Governing Documents, Sapphire, its partners, and their affiliates are subject to potential and actual conflicts of interest among the Investors. To determine whether a Fund will participate in the relevant investment opportunity, the investment committee of a Fund will determine whether such investment opportunity is suitable for such Fund

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A. Selection of Broker-Dealers As the Funds invest primarily in private Portfolio Companies and Portfolio Funds, Sapphire only utilizes broker‑dealers in limited circumstances where Fund transactions involve public securities, such as money market instruments pending investment in a Portfolio Company, securities held as a result of initial public offerings of Portfolio Companies, or in‑kind distributions from Portfolio Funds, among others. However, to meet its fiduciary duties to the Funds, Sapphire maintains written policies to address issues that might arise with respect to brokerage practices to the extent it engages in securities transactions facilitated through brokers. Sapphire must seek best execution of any transaction it directs for a Fund involving a broker-dealer. In seeking best execution, the determinative factor is not the lowest possible commission cost, but whether the transaction as a whole represents the best qualitative execution for the applicable Fund, taking into account the full range of a broker‑dealer’s services and the specific circumstances of the trade. Sapphire will consider a variety of factors when selecting a broker-dealer, including, but not limited to: (i) the broker-dealer’s ability to effect prompt and reliable execution at favorable prices (including the applicable dealer spread or commission, if any); (ii) the operational efficiency with which transactions are effected, taking into account the size of order and difficulty of execution; (iii) the financial strength, integrity and stability of the broker-dealer; and (iv) the competitiveness of commission rates in comparison with other broker-dealers. When engaging a broker-dealer for such transactions, Sapphire is authorized to determine, without the consent of the Fund or its Investors, (i) the securities or other instruments to buy or sell; (ii) the amount of securities or other instruments to buy or sell; (iii) the broker or dealer to be used; and (iv) the commission rates paid to the broker or dealer. Investors in the Funds do not have the ability to direct Sapphire to execute transactions through particular broker-dealers. Sapphire does not participate in any “soft dollar” arrangements and does not use client brokerage commissions (or mark-ups/mark-downs) to pay for research or other products or services beyond execution. From time to time, Sapphire receives research and market commentary that is made available generally to institutional investors by broker-dealers, but Sapphire does not separately compensate any broker-dealer for such research and does not believe that it “pays up” to obtain any such services. Sapphire does not select or recommend broker‑dealers based on whether Sapphire expects to receive client or investor referrals from such broker‑dealers or their affiliates, and Sapphire does not have any arrangements under which brokerage transactions are directed to any broker‑dealer in return for referrals. B. Aggregation of Trades In the limited circumstances where multiple Funds hold, or are seeking to buy or sell, the same public security at or about the same time, Sapphire may aggregate orders for such Funds when Sapphire believes that aggregation is likely to result in overall better execution than if orders were placed separately, and when Sapphire determines that aggregation is in the best interests of all participating Funds. When transactions are aggregated, the execution price for each participating Fund will generally be the average price of all securities purchased or sold in the aggregated order, and any commissions and other transaction costs will generally be allocated among the participating Funds on a pro‑rata basis, such as based on the relative cost or value of each Fund’s portion of the aggregated transaction. In the event that Sapphire determines not to aggregate trades, one Fund may pay a different price or commission than another Fund transacting in the same security on the same day.

Sapphire does not compensate any non-supervised person for client referrals. While not a client referral arrangement, Sapphire generally maintains agreements with certain placement agents in connection with distribution of interests in the Funds. The placement agents have a financial incentive to solicit Investors to commit capital to the applicable Funds because they receive compensation for doing so, which creates a conflict of interest. Sapphire has entered into written agreements governing the placement agents’ solicitation activities and requires that prospective Investors receive disclosures regarding the placement agents’ compensation and related conflicts of interest.

Sapphire has no legal or other disciplinary events to report that are material to a current or prospective Investor’s evaluation of Sapphire’s advisory business or the integrity of its management.

The Funds’ investments are generally private, illiquid, and long-term in nature. Accordingly, Sapphire does not review the Funds’ portfolios with a view towards frequent trading or short-term dispositions. Sapphire’s investment professionals monitor the Funds’ portfolio investments on an ongoing basis, including reviewing Portfolio Company and Portfolio Fund performance, valuations, and material developments. Portfolio valuations are generally reviewed on a quarterly basis by a committee that includes partners from Sapphire’s finance, investment, legal, and compliance departments. Sapphire also periodically reviews each Fund’s overall portfolio composition and adherence to the investment guidelines set forth in the applicable Governing Documents. Sapphire generally provides Investors with the following written reports for each of its Funds: (i) annual audited financial statements prepared in accordance with GAAP within 90 days; (ii) unaudited financial statements for the first three quarters of each fiscal year within 45 to 90 days; and (iii) annual tax information necessary for the completion of an Investor’s tax returns within 90 to 120 days; provided, that the Governing Documents for Funds that are fund-of-funds generally provide for longer timelines for such reports.

Sapphire is deemed to have custody of the Funds’ assets under Rule 206(4)-2 of the Advisers Act (the “Custody Rule”) because the General Partners have authority over the Funds’ assets and investment decisions. Sapphire utilizes a qualified third-party custodian to custody physical shares issued by Portfolio Companies and an SEC-registered transfer agent to custody digital shares issued by Portfolio Companies and manage equity records related thereto. Investors in the Funds will not receive quarterly account statements directly from a qualified custodian. Instead, Sapphire will satisfy its obligations under the Custody Rule by ensuring that the Funds are audited at least annually and upon liquidation by an independent public accountant that is registered with, and subject to regular inspection by, the Public Company Accounting Oversight Board. Each Fund’s audited financial statements will be prepared in accordance with GAAP and generally distributed to investors within 120 days of the close of each Fund’s fiscal year (or longer in the case of a fund of funds) and promptly after completion of any liquidating audit. Investors should carefully review the audited financial statements provided by the Funds’ auditors and should compare these statements with any account information provided by Sapphire. Investors should promptly notify Sapphire of any questions or discrepancies by contacting the Chief Compliance Officer at robert@sapphireventures.com.

In accordance with the terms and conditions of each Fund’s Governing Documents and subject to the direction and control of the applicable General Partner, Sapphire has discretionary authority to manage the investment activities on behalf of the Funds. Sapphire’s discretionary authority with respect to each Fund is established through the execution of such Fund’s Governing Documents. Investors generally do not have the ability to impose limitations on such discretionary authority; however, certain Funds’ Governing Documents include investment guidelines, restrictions and other terms that define the scope of permitted investments and actions.

Sapphire maintains written policies and procedures that set forth the guidelines pursuant to which Sapphire votes with respect to securities owned by the Funds. Sapphire will vote each proxy in accordance with its fiduciary duty to the Funds in a way that generally seeks to maximize the value of the Funds’ assets. Sapphire may abstain from voting on a proxy vote if it deems that doing so is in a Fund’s best interest. Investors generally do not have the ability to direct how the Funds vote on a particular matter. Because the Funds primarily invest in private equity securities and limited partner interests in third-party venture capital funds, public security proxy solicitations are infrequent. Sapphire more commonly exercises voting, consent, and similar rights in connection with corporate actions relating to Portfolio Companies and Portfolio Fund matters. To the extent a Fund holds public securities, Sapphire will vote proxies on such securities in accordance with its policies and procedures, including with respect to “say on pay” and other executive compensation proposals where applicable. Sapphire does not regularly direct the Funds’ participation in class actions. Prior to a proxy vote, Sapphire’s Chief Compliance Officer will determine whether Sapphire is subject to any material conflict of interest in connection with such vote. If a material conflict is identified, the Chief Compliance Officer will describe the matter and the conflict to the Sapphire investment team primarily responsible for managing the applicable investment. The investment team will review any documentation associated with the proxy vote, evaluate the proposal, and vote the proxy in accordance with Sapphire’s policies and procedures in the best interest of the applicable Fund. If no material conflict is identified, the Chief Compliance Officer will determine how to vote the proxy based on input received from the applicable Sapphire investment team. The Chief Compliance Officer will ensure delivery of the proxy in accordance with the applicable instructions in a timely and appropriate manner and retain appropriate records in connection with such vote. Investors may obtain a copy of Sapphire’s proxy voting policies and procedures and information regarding how Sapphire voted securities on behalf of a Fund, by contacting the Chief Compliance Officer at robert@sapphireventures.com.

Sapphire does not require or solicit prepayment of fees by Investors six months or more in advance. Sapphire has not been the subject of a bankruptcy petition and is not currently aware of any financial condition that is reasonably likely to impair its ability to meet contractual commitments to the Funds or the Investors.