EFTA01355554

GL00S141 Greg Martin 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 • Media n 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 km 140 seconda'y tu with a rni:ii f dricis ;or vear. ;n.-ititling fully fictuidated partnerships. funned between '04 are! 2014 E4(11 SOF Fund its shown bensienteked against their respeet vintage, peer coxyg oThis inforrusion lett ets, acomparison of St: or r. s s I arid SOF rc performa e against one benchmark OnlY: qualtaeS may differ When tomPlued to other benthrnarking souses.S we OF. SOF J. SCir ti and SOF Ili data isnot included in It * data set reed to calculatethe berichnlaitt data (21 Inlormation vesterted in this chair ie based an the inaudted results of SOF, SOF 0. SOF II and SOF In as vi September :SD. 2017 and stould be read and reviewed in cvnµexlian with the important Information" and P:a.es to investment Performance Intmmaton' sections of this 40c0nlielt (31 Past performance is n'$ a prediction of the future I>0110fOtert6 of SOF. SOF 0, SOF b or SOF III but is included to denionstrae the track rectad of the Glen 4ower SOF Team. (41 internal rates of returns are net of fees. expenses and caused interest. Cambridge. Assoaates research shows that most funds taste et feast so years to settle irto their final quartile Kunlun,/ anti preVirAn to this settling !hey WaxIalfY flank in 2-3 WIWI .ftlaIlinISX. laxi•ftre fund of bencl‘4nalk lamintrivxtof Maims from more recent. vintage years may be less nteaniegful. Median, is the middle fund IRR of the (gaup of individual fund iRRe ne:xeded m a suit age year rrninimtn 3 (undsf. Upper/ Iowa quartile are Its threshos for the upper: 25%1 and (batom "ZsIe1quartiXas based on las indrodual fteS.1114.Rs inc€uded in a :utile year and ar ksed in conjundlon with the median to determine quartile placement (minimum 3 finds/. CS3 DFI Distiibeliors to a,d-€n Capital: Rini at Residual Vats to Paid-in Capita TYPlai Total Valve to Paid-s Capital. TVPI. RVPI and shy€ are voted retton armegating all cash lion and endiiv *Ws in a sample to talmilate a dollar•wc-ohled return. Glendower Capital STRIC"FLY CONFIDENTIAL CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0040760 CONFIDENTIAL SDNY_GM_00186944 EFTA01355554