EFTA Document EFTA01391863

GLOUS142 Ironsides Asset Mgmt 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% t SOF III 30% 04 05 06 07 08 09 10 11 12 13 14 2 5x 2.0x - 'a .15 1.5x in a 1.0X - N 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 of September 30. 2017 based on data complied from 140 secondary tuneiiiI with a riled nuti.. ;! E±uncle.per veer. n.itelina fully liquidated partnerships. funned between .Q04 and 2014 E4011 SOF Fund its shown benchmarked against their respedra vintage peer aiogp..This inromsaion lett cts, a companSen of or s SOF I I arid SO)- di uerformarce against one benchmark a=y; quest*eS may differ When oorneared to ether benohniatkin9 soirees. SOF. SOF J. SCir und SOF data is non included in the date sew reed to calculate the beittillaitt data (21 Inlornielion presented in this chair is based on the results of SOF, SOF 0. SOF II and SOF c,4 September 3D. 2017 and st d be read and renewed in conjtettion with the 'Important Information" so* Nalii investinent Perframance Int rnation' sections of Otis tiOciallignt (31 Past performance is iv.* a perhotion of the future 1:4100f012t416 of SOF. SOF 0, SOF nor SOF HI but is included to denmnstrae the track record of the Gler45wer SOF Team. (41 internal rates of returns are net of fees. expenses and earned interest. Cambridge .Assoaates research snows that most funds take, et feast sa years to settle irto their final quartile rantung. and INE-VIOUS to tiro settling tay trntaffY rank in 2-3 WIWI .ftnalnkni. therefore fund or benchmark PratoirtrxXte metrics from more recent vintage years may be less meaningful. Median, is the middle fund IRR of the, (gaup of individual fund iRrts obrzssied in a as lag year imintintn 3 tundst. Upper Icon, quartile are lee threshos for the upper 4t"X and (batoto quarb*s based on the indent-fuel heed IRRs ins€uded in a cnr₹ape year and are tsed in corium-lion with the median to determine quartile placement (minimum 3 finds). CS3 Distiibdiorz to a,d-€n Capital: Rai'- Residual Vim!, to Paid-In Capita TYPI::: Totul Valve to Capita:!. TVPI. FIVPI and Chi€ are p.t.toted rehon awiegating all cast, lion and endir *Ws in a sample to catmilate a dollareac-eahled return. Glendower Capital STRIC"FLY CONFIDENTIAL CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0096947 CONFIDENTIAL SDNY_GM_00243131 EFTA01391863