EFTA Document EFTA01390941

GLOUS113 Oat lig 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 SOF 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' Cambric* Associates Secondaries Benchmark statistics as ol September 30. 2017 based on data complied from 140 secondary tune1.1 with a (Wail funds ;or ,ear. nnuding fully liquidated partnerships. formed between Ld04 aryl 2014 ES(11 SOF Fund its shovm bensisnarked against their respoet vintage peer uttyyp.This infoossi)n lett eters comparitV.1n or s s I I arid SOF performrc a e against one benchmark a=y; qualt*ea may differ When coral-Awed to other benctenarking soirees. SOF. we SOF J. SCir ri and SOF Ili data is not included in the data se used to calculate the SeriChltaitt data (21 Inlormation yes/sited in this chart is based on the ursocited results of SOP, SOF 0. SOF II and SOF In as vi September :31). 2017 and stud be read and motel/fed in conjtesnion with the important Information" and "Nast to investinent Performance Int=nat-on' sections of this tiOGIIIISrit (31 Past performance is rat a prediction of the future IS0110MISt4:6 of SOF. SOF 0, SOF If or SOF but is included to denionstrae the track record vi the Gler4ower SOF Team. (41 internal rates of returns are net of fees. expenses and tamed interest. Cambridge .Assoaates research shows that most funds take at feast se years to settle irto their final quartile ranking. and INSVIOUS to this settling 111, trhcalfY flank in 2-3 dliWr.ftWIII1aCk therefore fund or bend-411fmk Pfdfdolvalee metres from more recent. vintage years may be less it:rend-04 Median, is the middle fund IRR of ths (gaup of individual fund iRrte ac r skied m a slit age year irnasintn 3 functsL Upper/ low, quartile are tie thresiess for the upper .:4p 4t"X and (batois "ZsIe)quartikss based on te+ indrodual ftekd IRRs inc€uded in a :stile year and am used in conjundlon with the median to determine quartile placement (minimum 3 finds). CS3 DPI a Distiibetiors to aid-€n Capital: P,VPi 'a Residual Vats to Paid-in Capita Pc-PI:" Total Valve to Paid+1 Capital. Rs PI and ;ham€ are pooled reken araregating all cash 11cel. vs and endilv *Ws in a serple to calculate a dollanensghted return. Glendower Capital STRIC"FLY CONFIDENTIAL CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0095620 CONFIDENTIAL SDNY_GM_00241804 EFTA01390941