EFTA Document EFTA01354426

GLDUSI 43 Henry Nicholas 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 it) Source' Cambric* Associates Secondaries Benchmark statistics as of September 30. 2017 based on data complied from 140 secondary turret with a miriirnain ci -: funds;or year. ;ntudina rc fully liquidated partnerships. funned between .Q04 aryl 2014 Each SOF Fund its shovm benchmarked against their respect vintage peer oiogp..This infoirmaian lett cts, a com iSi:i par n or s s II arid SO)- III performa e against one benchmark only: quart*es may differ when coral-Seed to other benchimarkin9 soirees. S ra OF. SOF J. SCir ii and SOF data isnot included Ins data sin reed to calculatethe SeriChltaitt data (21 Information vaunted in this chart itt based an the Lasikited results of SOF, SOF 0. SOF II and SOF In as c4 September 3D. 2017 ant sficuld be read and renewed in conitattion with the important Intramation" ant Nast to investinent Performance Intmrnabon' sections of this tiOctIlligrit 131 Past performance is rat a piethittion of the future IS0110MISt4:6 of SOF. SOF 0, SOF 11 or SOF HI but n; included to demonstrae the track record a the Gler4swer SOF Team. (4) internal rates of returns are net of fees. expenses and tamed interest. Cambridge .Assoaates research shows that most funds take et feast sa years to settle into their final quartile ranlong, anrA tareVIOUS to thin settling they lirwalPY rank in 2-3 attwi therefore fund or 0tbrOPtilik PrnfOtnr±ltite metres from more recent vintage years may be lass meaningful. Median, is the middle fund IRR of the, (gaup of individual fund tRits ii•rzEyiss m a vintage year imintinin 3 tundst. Upper Irevii.-r quartile are ti.e threshos for the upper 4t"X and (batois "Zr'tei quadias based on ins main-dual heat IRRs inc€uded in a cnr₹ape year and are iised in coniunclion with the median to determine quartile placement (minimum 3 finds). (33 DPI Distabdiorz to a,d-€n Capital: RtiFi Residual Vim!, to Paid-in Capita. Total Valve to Paid+1 Capital. TVPI. PliPt and Chi€ are p000l≥-3 rakon armegating all cash feiars and endir *Ws in a sample to calculate a dollarivirenahled return. Glendower Capital STRIC"FLY CONFIDENTIAL CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0039020 CONFIDENTIAL SDNY_GM_00185204 EFTA01354426