EFTA01354857

GLD0S125 Gerald Ford Consistent top returns among peers SOF Funds vs Cambridge Associates' secondary funds performance' 7'3 Secondary funds: Net IRR4 to limited partners Secondary funds: Net multiples to limited partners 50% - 45% - 40% - 35% et 30% - ix 1; 25% - 5% - 0% + Upper Quartile S0F 22% t Lower Quartile • Median SOF D 29% SOF II 20% SOF III 30% 04 05 06 07 08 09 10 11 12 13 14 2 5x 0.5x • 0.0x SOF TVPI = 1.84x DPI = 1.80x SOF D TVPI =2.3x DPI = 2.1x SOF II TVPI = 1 5x DPI= 1.2x SOF III TVPI = 1 3x DPI = 0.3x '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 • Index DPI Index RVPI SOF funds DPI SOF funds RVPI 11) Source' Cambridge Associates Secondaries Benchmark statistics as of September 30. 2017 based on data complied from 140 secondary tune1.1 with a rni:ii 4ncis ;or ,ear. ;r\-iuding fully liquidated partnerships. formed between Ld04 awl 2014 ES(11 SOF Fund its shovm bendunteked against co their respeet vintage peer uttyyp.This infoossion utter...m.(1 rnpanei.1n Si SOF. son s I arid SOF performance against one benchmark a=y;quart*ea MaY differ When ocifillsred to other benchmarking sotates. S we OF. SOF J. SCir ri and SO+ Ili data son included in Ws data set reed to calculatethe SeriChltaitt data (21 +damnation yes/sited in this chart is based on the marched results of SOF, SOF 0. SOF II and SOF III as c4 September 3D. 2017 and st d be read and renewedin conitattion With the 'Important Information" and Nast to investinent Performance Int rnabon' sections of this tiOGIIIISrit (31 Past performance is n'$ a prediction of the future IS0110MISt4:6 of SOF. SOF 0, SOF b or SOF ill but n; included to denemstrae the track record L4 the Sallower SOF Team. (41 internal rates of returns are net of fees. expenses and tamed interest. Cambridge .Assoaates research shows that most funds take et feast sly years to settle irto their final quartile ranlong, and iNeVIOUS to this settling 111, tYP•IalfY rank in 2-3 oliWi.ftWIlinink therefore fund or ber10‘4113ik P•ddn'ivalee Metrics from more recent vintage years may be less ineenieged. Median, is the muddle fund !RI? or the (gaup of individual fund iRRs recteded m a vin wag year imintintn 3 fundsL Lipper/ Iowa quartile are Vs threske.- for the epee-T(1c* 25%) and (batois "4%) quartis+ based on €r fteMIRRs inc€uded in a cnr₹ ape year and are iised in conjunellon with the median to determine quartile placement (minimum 3 finds). CS3 CiPi Distiibetiors to a,d-€n Capital: P,Mr1i 'a Residual Vats to Paid-in Capita TYPE:: Total Valve to Paid+1 Captal. TAN. Rs PI and shy€ are p4oted reken awiegating all cash le:4 vs and endiiv *Ws in a sample to calmilate a dollar4ac-ighterl return. Glendower Capital STRICTLY CONFIDENTIAL CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0039455 CONFIDENTIAL SDNY_GM_00185639 EFTA01354857