X0306 4 2020-01-07 0001365038 LEAF GROUP LTD. LEAF 0001365607 OAK INVESTMENT PARTNERS XII L P 901 MAIN AVENUE SUITE 600 NORWALK CT 06851 0 0 0 1 less than 10% owner 0001299239 Oak Investment Partners XI L P 901 MAIN AVENUE SUITE 600 NORWALK CT 06851 0 0 1 0 Common Stock 2020-01-07 4 S 0 99 4.01 D 4236339 I See Note Represents 99 shares of Common Stock sold by Oak Investment Partners XII, L.P ("Oak XII"). Oak Associates XII, L.L.C. is the General Partner of Oak XII and may be deemed to beneficially own the reported securities. Represents 2,948,287 shares of Common Stock beneficially owned by Oak Investment Partners XI, L.P. ("Oak XI"), and 1,288,052 shares of Common Stock beneficially owned by Oak XII. This Form 4 report is being filed by Oak XII and Oak Associates XII, L.L.C., Oak XI and Oak Associates XI, L.L.C. (together the "Reporting Persons"). However, each Reporting Person disclaims the existence of a "group" and disclaims beneficial ownership (as defined in Rule 16a-1(a)(2)) of any securities (except to the extent of such Reporting Person's pecuniary interest in such securities) other than any securities reported herein as being directly owned by such Reporting Person, and this report shall not be deemed an admission that such Reporting Person is the beneficial owner of any such securities for purposes of Section 16 or for any other purpose. Oak Associates XII, LLC, General Partner of Oak Investment Partners XII, Limited Partnership 2020-01-09 Oak Associates XII, LLC 2020-01-09 Oak Associates XI, LLC, General Partner of Oak Investment Partners XI, Limited Partnership 2020-01-09 Oak Associates XI, LLC 2020-01-09