EFTA Document EFTA01393745

GL0US131 Bright Group 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' Cambric* Associates Secondaries Benchmark statistics as of September 30. 2017 based on data complied from 140 secondary tu nej t; with a rniiii cit (uncle pa vear. ;cr.-Ridingfully liquidated partnerships. formed between .d04 aryl 2014 Edith SOF Fund its shown benchinarked against their respeelpe virtairts peer oioup..This inforresion lett cake cornpariet'in or s s GE I arid SOF Ill oeiformarce against one benchmark a=y; guadree may differ when coral-seed to other benctenerking soixtes SOF. SOF o. sor ti and SOF data isnot included in Iv* data sin tsed to calculate the beittittaitt data (21 Inlormation vestrited in this chart is based an the 'marched results of SOF, SOF 0. SOF II and SOF HI as vi September i3D. 2017 and skeuld be read and reviewed in conµmtion with the important Ina-Ametion" and Nast to inveslinent Performance Int rnat-on' sections of ttlit3 40c0ttlielt (31 Past peeks roars is rat a olfaction of the future itt0110fOletat Ot SOF. SOF 0, SOF Il or SOF HI but is included to denionstrae the track record cd the Gler4ower SOF Team. (41 internal rates of returns are net of fees. expenses and canned interest. Cambridge Assoaates research snow that most funds take et feast so years to settle irto their final quartile !anion/ anti pfeVIOUO to this settling they travail): rank in 2-3 WIWI .ftlaildikai therefore fund or ber(l‘Palik PaddalrxXle Metrics tarn more recent vintage years may be less meaningful. Median, is the middle fund !RR of Ms Tarp of indirificlual fund IREte ;yr:spies in a set age year irnesintn 3 fundsI. Upper/ lower- quartile are tit threshias for t:-* uppe+ 25%) and (batoto guartiXis based on its Indnertual Peat III2Rs inc€uded in a :nriage year and are ',sod in conlundlon with the median to determine quartile placement (minimum 3 finds). CS3 DPI ir Distribstiors to aid-€n Capital; P.VPi Residual Vim!, to Paid-in Capita. Total Valve to Paid-meaprtai. TVPI. RVPI and ;ham€ are pooled retiden ar-iregating all cacti Fe:era and endilv *Ws in a sample to ciatmlate a dollariercsghted return. Glendower Capital STRIC"FLY CONFIDENTIAL CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0099483 CONFIDENTIAL SDNY_GM_00245667 EFTA01393745