@Woody Butler Why does my decilepro.com page show this spew on the right side of my page in preview mode?  "The Pharmacy Innovator Fund is a $5M seed-stage fund investing in technology companies modernizing U.S. pharmacy infrastructure. Our focus spans both B2B and B2C solutions that improve pharmacy economics and enable pharmacists to expand their clinical service offerings at scale. FUND SHEET - PHARMACY INNOVATOR FUND FUND OVERVIEW Fund Name: Pharmacy Innovator Fund Fund Structure: Start Fund (Series of Decile Start Fund, LP) Fund Size: $5,000,000 Investment Stage: Seed (Pre-seed to Seed) Target Sectors: Pharmacy technology, healthcare infrastructure, B2B/B2C software Geography: United States Fund Life: 10 years (+ 2 one-year extensions) Vintage Year: 2025 Close Minimum: $100,000 ECONOMICS Management Fee Structure: 1% annually (Start Fund model) - Year 1: 5% of fund size ($250,000) - Year 2: 5% of fund size ($250,000) - Years 3-10: 0% - Total Management Fees: $500,000 (10% of fund) Carried Interest: 18% (to Decile Group as fund sponsor) Preferred Return (Hurdle): 8% annually to LPs Fund Expenses: $0 (all operational costs covered by Decile Group) Investible Capital: $4,500,000 (90% of fund size) INVESTMENT STRATEGY Target Number of Investments: 20 companies Average Investment Size: $225,000 Target Ownership Range: 3-5% per company Reserve Ratio: 30% for follow-on investments Initial Investment Capital: $3,150,000 (70% of investible capital) Follow-on Reserve Capital: $1,350,000 (30% of investible capital) PORTFOLIO CONSTRUCTION Stage Focus: Pre-seed to Seed Target Entry Valuation Range: $3M - $8M post-money Check Size Range: $150K - $350K initial investment Expected Dilution at Exit: 50-70% from initial ownership Target Hold Period: 5-8 years Investment Pace: 8-10 companies Year 1, 6-8 companies Year 2, 4-6 companies Year 3 ALLOCATION TABLE | Metric | Value | | Number of Portfolio Companies | 20 | | Average Investment Amount | $225,000 | | Target Entry Valuation | $5,500,000 | | Target Ownership at Investment | 4.1% | RETURN PROJECTIONS - CONSERVATIVE CASE Failure Rate: 70% (14 companies return $0) Exit Distribution: - Failures: 14 companies @ $0 = $0 - Low Exits: 4 companies @ $8M exit value = $738,000 (4.1% initial ownership × 50% dilution = 2.05% at exit) - Medium Exits: 1 company @ $25M exit value = $256,250 (4.1% initial ownership × 60% dilution = 1.64% at exit) - High Exits: 1 company @ $75M exit value = $922,500 (4.1% initial ownership × 70% dilution = 1.23% at exit) Total Portfolio Returns: $1,916,750 Less Preferred Return (8% × $5M × 7 years avg): $2,800,000 Preferred Return Shortfall: ($883,250) Carried Interest: $0 (no carry until preferred return met) Net LP Returns: $1,916,750 TVPI: 0.38x IRR: -11% RETURN PROJECTIONS - BASE CASE Failure Rate: 60% (12 companies return $0) Exit Distribution: - Failures: 12 companies @ $0 = $0 - Low Exits: 5 companies @ $10M exit value = $1,025,000 (4.1% initial ownership × 50% dilution = 2.05% at exit) - Medium Exits: 2 companies @ $30M exit value = $984,000 (4.1% initial ownership × 60% dilution = 1.64% at exit) - High Exits: 1 company @ $100M exit value = $1,230,000 (4.1% initial ownership × 70% dilution = 1.23% at exit) Total Portfolio Returns: $3,239,000 Less Preferred Return (8% × $5M × 7 years avg): $2,800,000 Profit Above Preferred: $439,000 Carried Interest (18%): $79,020 Net LP Returns: $3,159,980 TVPI: 0.63x IRR: -6% RETURN PROJECTIONS - UPSIDE CASE Failure Rate: 50% (10 companies return $0) Exit Distribution: - Failures: 10 companies @ $0 = $0 - Low Exits: 6 companies @ $15M exit value = $1,845,000 (4.1% initial ownership × 50% dilution = 2.05% at exit) - Medium Exits: 3 companies @ $50M exit value = $2,460,000 (4.1% initial ownership × 60% dilution = 1.64% at exit) - High Exits: 1 company @ $150M exit value = $1,845,000 (4.1% initial ownership × 70% dilution = 1.23% at exit) Total Portfolio Returns: $6,150,000 Less Preferred Return (8% × $5M × 7 years avg): $2,800,000 Profit Above Preferred: $3,350,000 Carried Interest (18%): $603,000 Net LP Returns: $5,547,000 TVPI: 1.11x IRR: 1.5% RETURN PROJECTIONS - OPTIMISTIC CASE Failure Rate: 40% (8 companies return $0) Exit Distribution: - Failures: 8 companies @ $0 = $0 - Low Exits: 7 companies @ $20M exit value = $2,870,000 (4.1% initial ownership × 50% dilution = 2.05% at exit) - Medium Exits: 3 companies @ $75M exit value = $3,690,000 (4.1% initial ownership × 60% dilution = 1.64% at exit) - High Exits: 2 companies @ $200M exit value = $4,920,000 (4.1% initial ownership × 70% dilution = 1.23% at exit) Total Portfolio Returns: $11,480,000 Less Preferred Return (8% × $5M × 7 years avg): $2,800,000 Profit Above Preferred: $8,680,000 Carried Interest (18%): $1,562,400 Net LP Returns: $9,917,600 TVPI: 1.98x IRR: 10.5% FUND-RETURNING SCENARIO (3.0x TVPI TARGET) To achieve 3.0x TVPI ($15M total returns to LPs): Required Gross Portfolio Returns: $18,300,000 Realistic Path: - 2 companies exit at $250M+ with 1.2% ownership = $6,000,000 - 3 companies exit at $75-100M with 1.6% ownership = $4,200,000 - 5 companies exit at $25-50M with 2.0% ownership = $6,500,000 - 10 companies fail or return minimal capital = $1,600,000 Total: $18,300,000 gross returns COMPETITIVE ADVANTAGES 1. Market Foresight: 18-24 month advance visibility through NCPDP, NABP, NCPA board positions providing early insight into regulatory changes and payment pathway developments 2. Proprietary Deal Flow: Direct access to pharmacy ecosystem founders through governance roles and standards organizations 3. Value-Add Capabilities: Regulatory guidance, standards adoption support, and deployment assistance in community, rural, and underserved practice settings 4. Network Effects: Deep connections across independent pharmacies, chains, and pharmacy organizations for customer introductions and pilot programs 5. Timing Advantage: Policy enablement (CMS ACCESS, LEAD models) creating immediate infrastructure demand INVESTMENT CRITERIA Must-Haves: - Addresses pharmacy workflow, payment infrastructure, data interoperability, compliance, or care delivery enablement - Founder with pharmacy/healthcare domain expertise or deep understanding of pharmacy operations - Clear path to revenue within 12 months of investment - Defensible technology, network effects, or regulatory moat - Strong alignment with regulatory trends and reimbursement pathway evolution Nice-to-Haves: - Existing pharmacy customer traction or pilot programs - Standards-based approach (NCPDP, HL7, FHIR compliance) - Native integration capabilities with existing pharmacy management systems - Pharmacist founder or co-founder on the team - Participation from strategic pharmacy industry angels DEPLOYMENT TIMELINE Year 1 (2025): $1,800,000 deployed (8-10 initial investments) Year 2 (2026): $1,350,000 deployed (6-8 initial investments) Year 3 (2027): $900,000 deployed (4-6 initial investments + follow-ons) Years 4-5 (2028-2029): $450,000 reserved (follow-on investments in top performers) EXIT TIMELINE Years 1-5 (2025-2029): Active investment period Years 6-8 (2030-2032): Early exits begin (strategic acquisitions, secondary sales) Years 9-12 (2033-2036): Major exits expected (larger acquisitions, potential IPOs) FUND PERFORMANCE METRICS Target Metrics: - TVPI: 3.0x+ (top quartile) - DPI: 2.5x+ (cash returned to LPs) - IRR: 25%+ (top quartile) - Loss Ratio: <50% (better than industry average) Benchmark Comparison: - Top Quartile Seed Funds: 3.5x+ TVPI, 30%+ IRR - Median Seed Funds: 1.8x TVPI, 15% IRR - Healthcare Seed Funds: 2.2x TVPI, 18% IRR - Pharmacy Innovator Fund Target: 3.0x TVPI, 25% IRR RISK FACTORS 1. Regulatory Risk: Changes to pharmacy scope of practice, reimbursement models, or federal healthcare policy could impact portfolio company viability 2. Market Consolidation Risk: Continued consolidation of independent pharmacies could reduce addressable market for B2B solutions 3. Technology Integration Risk: Legacy pharmacy systems and resistance to change could slow adoption of new infrastructure 4. Competition Risk: Large healthcare IT vendors (Epic, Cerner, Surescripts) entering pharmacy infrastructure space 5. Execution Risk: First-time fund manager without prior institutional fund track record MITIGATION STRATEGIES 1. Portfolio Diversification: 20 companies across multiple pharmacy infrastructure subsectors reduces single-point failure risk 2. Infrastructure Focus: Targeting enabling infrastructure vs. consumer-facing solutions provides more defensible positioning 3. Regulatory Expertise: Deep involvement in standards organizations and policy development provides advance warning and adaptation capability 4. Founder Selection: Rigorous screening for domain expertise, execution capability, and market timing 5. Conservative Modeling: Base case assumes 60% failure rate and modest exit multiples, with upside scenarios requiring achievable outcomes LP REPORTING SCHEDULE Quarterly Reports: Portfolio updates, NAV calculations, capital call notices, distribution notices Annual Reports: Audited financial statements, K-1 tax documents, comprehensive performance review Ad Hoc Communications: Material events, new investments, exits, significant portfolio developments FUND ADMINISTRATION Administrator: Decile Group (full-service fund administration) Legal Counsel: Provided through Decile Start Fund structure Accounting: Provided through Decile Start Fund structure Compliance: Provided through Decile Start Fund structure Banking: Established through Decile Start Fund structure CONTACT INFORMATION Christian Tadrus, PharmD Investment Lead, Pharmacy Innovator Fund Tadrus Advisory Group, LLC Email: christian@tadrusadvisory.group Phone: 660.998.0291 Fund Website: https://decilepro.com/access/tag This Fund Sheet was prepared for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities. The Pharmacy Innovator Fund is offered only to qualified investors pursuant to applicable exemptions from registration under federal and state securities laws.

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