From To: Jeffrey <jeevacationggmail.corn> Subject: Update and closing - Neoteny 3 Date: Sat, 07 Mar 2015 15:01:51 +0000 Neoteny 3, LP, do Neoteny 3 Management, LLC. do Prague & Company, M., Fifteen Walnut Street, Suite 150, Wellesley, MA 02481- Phone: +1.781.237.5555 ext. 202 - Fax: +1.781.237.7779 E-Mail: Web: Date: March 7, 2015 Dear Jeffrey: Based on investor feedback, we have revised the way distributions from the fund will work. Although distributions will still be done on a deal by deal basis, Limited Partners will be entitled to recoup losses on previously disposed of investments before the General Partner will receive distributions of carried interest with respect to a particular portfolio company investment. The General Partner will not, however, be EFTA01174450