For Capital That Looks
Beyond Public Markets.

¹ The $33B figure is an estimated addressable market based on unexercised employee stock options at top private companies (Cap-U internal estimate, based on Forge & Carta unexercised-equity data, 2023–2024) — not a projection of fund size or investor returns.

Not an offer. This material has been prepared by Capital United and Fuel Venture Capital for informational purposes only. It is intended solely for accredited investors as defined under U.S. securities laws. This is not an offer to sell or a solicitation of an offer to buy any security. Any such offer will be made only pursuant to a confidential Private Placement Memorandum (PPM), subscription agreement, and related definitive documents, which should be carefully reviewed and which supersede all information contained herein.

Forward-looking statements & risk of loss. Discount ranges, liquidity windows, fee structures, portfolio characteristics, and all other figures are illustrative targets or estimates only — not guarantees. Past performance is not indicative of future results. Investment in the Fund involves a high degree of risk, including possible loss of the entire principal amount invested. The Fund is highly illiquid, involves long holding periods, and is not suitable for investors requiring short-term liquidity. Prospective investors should consult their own financial, legal, tax, and accounting advisors before investing.

Illustrative companies. Company names and logos shown are illustrative of the types of companies the Fund may target and are not confirmed holdings, portfolio commitments, or endorsements. Logos are the property of their respective owners and are shown for context only; no affiliation with, or endorsement by, any company referenced is implied. The Fund makes no representation that it will invest in any of the companies shown; the final portfolio may include some, none, or different companies, and investors should not rely on company names in making investment decisions. Individual company outcomes, valuations, discount ranges, and exit timing are uncertain and will vary.

Discount methodology & accredited investor status. Discount ranges shown (approximately 30%–40% to latest 409A valuations and ~50%–70% to latest secondary/financing valuations) reflect discounts Fuel Venture Capital’s affiliated funds captured on past employee stock-option financing trades; the Fund seeks to capture similar — past transactions are not actual fund pricing terms and not a guarantee of future pricing, and realized discounts may differ materially. These ranges reflect the illiquidity premium typical of employee stock-option financing transactions, employee time constraints (e.g., 90-day exercise windows), and diversification across employee cohorts. Discounts do not guarantee returns and may narrow or disappear depending on market conditions and exit timing. A discount to valuation at entry does not protect against principal loss if the company's valuation declines prior to exit. These discount percentages are not comparable to public market valuations and should not be interpreted as undervaluation relative to public company multiples. The Cap-U Fuel Innovation 100 is offered only to accredited investors as defined under SEC Regulation D. Prospective investors must demonstrate accredited investor status prior to investment. Accredited investor status has specific income and net worth requirements that vary by individual circumstances.

Advisory & regulatory. Capital United, LLC (CRD #285616) is a state-registered investment adviser with its principal place of business in Puerto Rico, registered as an investment adviser in Puerto Rico, Florida, Oregon, and Wisconsin, not with the SEC; registration does not imply a particular level of skill or training. No federal or state regulator has passed upon the merits of this offering or the accuracy of this material.