Exhibit 1. Perpetual Fund+ Valuation Exercise. The perpetual fund share price reflects the value of the underlying ventures / assets, but as a mix of subjective progress evaluations and objective market valuations. Share price is reconciled top-down and bottom-up.

Additional notes:

• Independent evaluation⁺ of team progress is a key component for investment appraisals. It provides a measure of progress that is subjective, but seen by all as consistent and reliable for use in valuing the investment.
• Recall market price realized on the above chart only contains information from the current Open Season⁺ (and does not overly influence the market value of the other 80% of non-trading shares)
• Investees stay within the fund even should they go IPO⁺. Successful fund exit is contingent on repeated commercial success, not achievement of an IPO. During an IPO we sell shares with cash flow rights, but not voting rights (i.e., We sell Class B shares). IPO sales do provide a valuable objective input during extrapolation of fund share prices (i.e., a market signal).
• We use any objective information we can get, but our final valuation is a blend of market signals⁺ and imputed valuations.
• The valuation mechanism⁺ looks forward to ensure the agency’s ability to support future fund share pricing, and not just today’s pricing. For example, the agency's credit rating is an important determinant of share pricing. Can we support this share pricing, and increases over this price we would like over the next few open seasons, given our current cash position, credit availability and the likelihood of cash inflows from other investments during the coming period? Reconciliation is not mechanical nor formulaic.