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This Memorandum has been prepared for private information purposes only and it may not be used for,
document IMAGES-007-HOUSE_OVERSIGHT_024113.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…te information purposes only and it may not be used for, and shall not be deemed, a public offering of interests in the Fund. This Memorandum is strictly for private use by its holder and may not be passed on to third parties or otherwise distributed publicly. FRANCE This Memor...

Regulatory Changes
document IMAGES-007-HOUSE_OVERSIGHT_024082.txt Jun 22, 2011 House Oversight Committee — Epstein Estate Records (Nov 2025)

…ents of the Investment Advisers Act of 1940 (the “Advisers Act’), one of which is commonly known as the venture capital fund exemption. Neither the General Partner nor the Management Company is currently expected to register as an investment adviser with the SEC in reliance on th...

Portfolio Company Leverage
document IMAGES-007-HOUSE_OVERSIGHT_024076.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…icient cash flow to meet principal and interest payments on its indebtedness, the value of any equity investment by the Fund in such company could be significantly reduced or even eliminated. Investments in Public Companies The Fund may invest in public companies or take privat...

outside the Fund, by requiring some or all of the Limited
document IMAGES-007-HOUSE_OVERSIGHT_024065.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

outside the Fund, by requiring some or all of the Limited Partners to make such investment through a limited liability entity that will invest on a parallel basis with, or in lieu of, the Fund, as the case may be. Successor Fund: Without the prior written consent of the Advisory...

Proskauer Rose LLP (“Proskauer Rose”) acts as counsel to the Fund, the General Partner and
document IMAGES-007-HOUSE_OVERSIGHT_024099.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

XII. ADDITIONAL INFORMATION Legal Counsel Proskauer Rose LLP (“Proskauer Rose”) acts as counsel to the Fund, the General Partner and the Management Company in connection with the organization of the Fund and the offering of Limited Partner Interests therein. Proskauer Rose also...

prescription drug costs during the temporary “gap” from Medicare coverage until their
document IMAGES-007-HOUSE_OVERSIGHT_024072.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…¢ allowing government healthcare programs to negotiate prescription drug prices directly with manufacturers. While the Fund cannot predict which legislative or regulatory proposals will be adopted or what affect the adopted proposals, including the Act, may have on the biopharma...

COMPLIANCE DEADLINES — Second Quarter 2017
document IMAGES-005-HOUSE_OVERSIGHT_019861.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…ready have Form 13H filing obligation and have changes to any of the information reported. Form PF for Large Liquidity Fund Advisers. Large liquidity fund advisers must file Form PF with the U.S. Securities and Exchange Commission (“SEC”) on the IARD system within 15 days of ea...

New Leaf’s investment strategy is differentiated in the venture capital industry in terms of its
document IMAGES-007-HOUSE_OVERSIGHT_024042.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…d Information Convergence, and a secondary focus on Medical Devices and Biological Research Tools & Infrastructure. The Fund Managers believe that these are the sectors within the healthcare technology industry where, with a targeted and specific sector strategy, there is the pot...

charged to a Partner without regard to whether the General Partner made either of the elections
document IMAGES-007-HOUSE_OVERSIGHT_024086.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…o a Partner without regard to whether the General Partner made either of the elections described above on behalf of the Fund. Furthermore, each Partner will be required to provide the Fund with any information necessary to allow the Fund to comply with its obligations to make Sec...

New Leaf team five years ago and has made significant contributions to the NLV-II portfolio
document IMAGES-007-HOUSE_OVERSIGHT_024013.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

… experience and decades of operating experience in the industries in which they invest, this 6 member senior team (the “Fund Managers”) brings highly relevant and complementary experience to bear on this Fund. This team of partners is further strengthened by a group of additional...

returns, and might be liable for U.S. tax in excess of the amount collected by withholding
document IMAGES-007-HOUSE_OVERSIGHT_024092.txt Jul 1, 2014 House Oversight Committee — Epstein Estate Records (Nov 2025)

…e tax and tax return filing obligations, as a result of transfers of their Limited Partner Interests at a time when the Fund owned stock of any U.S. corporation that is a USRPHC, although certain exceptions may apply. Even if a company in which the Fund invests is not a USRPHC at...

New Leaf Ventures III, L.P. (““NLV-II” or the “Fund”) is being formed by New Leaf Venture
document IMAGES-007-HOUSE_OVERSIGHT_024012.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

I. EXECUTIVE SUMMARY FUND OVERVIEW New Leaf Ventures III, L.P. (““NLV-II” or the “Fund”) is being formed by New Leaf Venture Partners, L.L.C. (“New Leaf” or the “Management Company”), an established and proven leader in health care technology investing. NLV-III will be the seve...

Images 007 House Oversight 024007
document IMAGES-007-HOUSE_OVERSIGHT_024007.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…RNS SET FORTH HEREIN IN MAKING A DECISION WHETHER OR NOT TO PURCHASE THE INTERESTS OFFERED HEREBY. AN INVESTMENT IN THE FUND DOES NOT REPRESENT AN INTEREST IN ANY INDICATED INVESTMENT OR ANY INVESTMENT PORTFOLIO OF ANY RELATED OR OTHER INVESTMENT FUND, INCLUDING ANY INVESTMENT FU...

effective rate greater than 90% of the maximum U.S. corporate income tax rate is not taxable to a
document IMAGES-007-HOUSE_OVERSIGHT_024089.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

… indirectly owning an interest in a CFC is general in nature. The General Partner cannot provide any assurance that the Fund’s portfolio companies will not be CFCs. The CFC rules, however, generally should not affect tax-exempt U.S. Partners. U.S. Foreign Tax Credits - The Fund...