This Summary is not an offer to sell or the solicitation of an offer to purchase any security. The contents of the Summary are not to be construed as legal, business, investment or tax advice; readers should consult their own attorney or accounting, business or tax advisors. Investors in a Summit fund may lose part or all of their invested capital. Statements made in the letter are as of December 12, 2024, unless otherwise stated, and there can be no assurance that the information contained herein is correct as of any other date. All information with respect to portfolio companies and industry data has been obtained from sources believed to be reliable and current, but accuracy cannot be guaranteed.

The cumulative and composite statistics in the Summary are with respect to calendar year 2024, and are not, and do not purport to be, performance metrics for any Summit Partners fund or group of investments. The statistics do not represent performance achieved by any investor and reflects investments and realizations that were made across multiple funds sponsored by Summit Partners during different economic cycles. Such stated statistics reflects neither a specific fund nor a group of investments managed as a single portfolio. The actual return realized by any investor in an individual fund may differ materially from those contemplated in the cumulative and composite statistics shown herein. Past performance is not necessarily indicative of future results.

Further, references to a portfolio company in the Summary should not be construed as a recommendation of any particular investment or security. Certain information was provided by third parties and certain statements reflect Summit’s beliefs as of the date hereof based on prior experience and certain assumptions that Summit believes are reasonable but may prove incorrect. An alphabetical list of Summit Partners growth equity portfolio companies can be found here.

The asset management approach of Summit to each portfolio company is unique and depends on the facts and circumstances of that particular company. The asset management approaches described in the Summary may or may not be used by Summit but are representative of the approaches Summit may employ. No assurances are given that any such asset management approach will be employed by Summit or will achieve any particular result. It should not be assumed that Summit will be able to effect similar changes or improvements in the strategies, business or operations of any future investments; or that decisions Summit will make in the future will be comparable.

This Summary identifies a number of benefits inherent in Summit Partners’ services and operations. Although Summit Partners believes that its personnel, Advisory Partners, and Executives-in-Residence used, employed or retained by Summit Partners will have competitive advantages in identifying, diligencing, monitoring, consulting, improving and ultimately selling investments, there can be no guarantee that Summit Partners will be able to maintain such advantages over time, outperform third parties or the financial markets generally, implement its investment strategy or achieve its investment objectives or any investment or avoid losses.

Further, Summit’s strategy includes targeting attractive equity (and equity-related) securities and debt in private growth-oriented companies. Investments entail significant risks and Summit Partners and its affiliates expect to be subject to potential or actual conflicts of interest. There is no assurance that any Summit investment will be profitable. The risks of an investment include, but are not limited to, the speculative nature of the Summit’s strategies. There can be no assurance that the investment strategy will be successful.

References herein to any “awards,” “ratings,” or “certifications” by third-party sources should not be construed or relied upon as an indication of future outcomes for such portfolio companies. Furthermore, the receipt of any awards by Summit, a Summit employee or the portfolio companies described herein is no assurance that Summit’s investment objectives have been achieved or successful. Further, such awards are not, and should not be deemed to be, a recommendation or evaluation of Summit’s alternative asset management business. The inclusion of any third-party firm and/or company names, brands, and/or logos does not imply any affiliation with these firms or companies. None of these firms or companies have endorsed Summit, Summit’s employees, Summit’s portfolio companies, or any of their respective affiliates.

Advisory Partners, Strategic Advisors, Executives-in-Residence as well as other individuals and third-party consultants who provide advice or other services to Summit Partners from time to time on specific transactions, including providing services to certain portfolio companies in which Summit invests, are expected to be utilized during such diligence, acquisition and investment process and throughout Summit’s investment holding period, as applicable, and are expected to receive compensation from portfolio companies, a Summit fund and/or Summit, as applicable, including, but not limited to, retainers, consulting fees, transaction fees, discretionary compensation (whether or not based on pre-determined milestones), reimbursements for insurance, legal fees incurred, out-of-pocket travel and related business expenses, equity incentives and board fees and are permitted to receive carried interest in one or more Summit funds.  Such compensation generally will not result in offsets to or reductions of, any management fee paid to Summit.  Furthermore, there can be no assurance that Summit will use an Executive-in-Residence, Strategic Advisor or Advisory Partner, and if used, that the utilization of such resource will result in a successful outcome for a portfolio company or Summit’s investors. Furthermore, although Summit Partners believes its Executives-in-Residence, Strategic Advisors or Advisory Partners may be useful long-term resources, there can be no assurance that such resources are more qualified or able than a third-party provider of similar services.  For completeness purposes, Neil C. Roseman serves a part-time Advisory Partner.

Summit Partners’ value enhancement resources, including its Peak Performance Group, is intended to provide collaborative, on-demand support to portfolio companies from pre-investment due diligence to post-investment value creation. However, there can be no assurance that each value enhancement resource will be deployed on behalf of a portfolio company investment, and if deployed, that the utilization of such resource will result in a successful outcome for a portfolio company. Furthermore, although Summit Partners believes its value enhancement resources represent an integral part of its investment strategy, there can be no assurance that such resources are more qualified or able than a third-party provider of similar services.