Good afternoon

Direct investments · Wednesday, 28 October 2026 · figures as of 8 Sep 2025

Direct holdings · marked value · 8 Sep 2025

$9.43mm

ProvisionalIncubayt's share at the workbook's marks · 25 tickets (the Summary counts 23)

TVPI2.64xprovisional

IRR34.6%provisional

Invested$3.76m25 tickets

DPI0.13xrealised

View full performance

Cash invested since inception · by quarterIRR workbook

$4.06m$2.71m$1.35mQ3 19Q3 21Q3 23$3.76mm

TVPI (prov.)2.64xDPI0.13x IRR (prov.)34.6%Realised$501.4k

Portfolio health Open portfolio

14 active 3 exited 4 written off 3 not in workbook

Deployment pace Open capital

71% of fund commitments called3.6 direct tickets a year (2019–2025)$400.4k uncalled

Runway watch Bars show runway against an 18-month safe lineAll holdings

Wisewell1.2 monthsCash at 31 Dec 2023, burn 2024 Jan–Apr · staleCash and burn are known for 1 of 21 holdings

Allocation by sector vs mandate

Consumer hardware 46%Venture building 13%Banking 7%AgTech / circular economy 5%LegalTech / AI 5%Other 24%

Where value came from Open bridge

Wisewell+$5.0m Waste+$760k Baraka+$366k Sauce+$247k Imagry+$150k Sentia-$105k hatch-$478k

Upcoming Calendar

Nothing dated after 8 Sep 2025 is recorded in the data room

Pipeline Open pipeline

Deal folders63 with a memo or diligence

In the workflow0tracked opportunities

Sourced0 Screening0 Memo0 Diligence0 IC0 Closing0

At IC: none recorded

Concentration All guardrails

Largest sector · Consumer hardware72.1% of value Largest country · UAE93.2% of value Largest company · Wisewell72.1% of value Fund commitments called71.0% of committed Shares of Incubayt's marked value. No concentration limits are recorded for Incubayt.

Data and audit readiness Sources

Unrealised marks with a stated source47%

Data-room files readable64%

Data issues needing action11 Days since the workbook valuation date407 Fund calls with no date12

What changed this week Sectors & themes

Qadi AI8dLetter of Engagement - Zest Equity Holdings SPC x Incubayt Investments Ltd. (QADI AI).docx.pdflegal agreement Qadi AI8dSAFE_Seed_Round_2025_vSigned.pdfsafe Qadi AI8dOverview of Market Size-Legal AI.docxresearch Qadi AI8dAdvisory Agreement with Sofia.docadvisory agreement