The New Leaf team is one of the most experienced and proven teams in this sector. The Fund Managers’ combination of proven track record, in-depth knowledge of the medical device and diagnostics fields, a strong current ILC. portfolio, and a thought-leading network of LC. advisors, puts New Leaf in a position of leadership within this sector. MEDICAL DEVICES INVESTMENT STRATEGY NLV-III’s investment strategy in medical devices will focus on identifying a limited number of investment opportunities in companies with compelling later stage risk profiles. The Fund will seek to identify investments in companies that are developing innovative and differentiated medical devices, targeting large market opportunities, that offer the potential to meaningfully reduce overall patient treatment costs in high morbidity disease settings through substantial efficacy and safety benefits versus existing standards of care. Investments in this sector will have established regulatory approval pathways and clear regulatory precedents, or are already at the commercial stage at the time of initial investment. The objective will be to identify companies that because of their specific therapeutic area or technology focus, or because the company already has received key regulatory approvals, that they will be less affected by the headwinds that are challenging the sector more broadly. Importantly, these investments will be in therapeutic areas that are known to be of high strategic interest to a number of larger medical device companies, and thus have a high potential of generating M&A interest. The primary risks in these investments will be mostly operational execution, competition, and other market related risks. Similar to the second half of the investment period for NLV-I, the Fund will have a more limited focus on medical device investments in NLV-II compared to previous funds. The slower projected pace of investment is based on the view that the operating and exit environment for companie