The investments referred to herein as “Foundational Fund” are not a traditional investment fund and represent a series of investments made by GPC with proprietary capital provided by affiliates of B-FLEXION. Each investment shown in the Foundational Fund is consistent with GPC’s go-forward investment strategy (and the strategy of Fund II). In managing the Foundational Fund , GPC was a non-discretionary manager, with decisions made by B-FLEXION, whereas GPC (through its investment committee that includes B-FLEXION representation) has investment authority for Fund II. There were four investments executed by GPC prior to 2016 and prior to formation of the current team (the “Pre-2016 Investments”) that do not fit the investment strategy previously employed, which is the go-forward investment strategy for Fund II, and therefore are not shown herein. All four investments were traditional biotechnology investments with generally binary clinical or scientific risk, and three of the four were and currently are not large enough positions to influence the underlying company’s operations through GPC’s active ownership approach.