EFTA01392201

GL0US144 Glenn Warren 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 2.0x - 'a T:1 1.5x 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 ti with a ml: of E fancis.pci vear. \-itxting fully liquidated partnerships. fanned between .Q04 aryl 2014 ES(11 SOF Fund its shown bencienteked against their respect vintage peer oiotip..This infoninsion eliects, a contpari+i.‘n son sC,F I arid SO)- III performarce against one benchmark a=y; quad*eS may differ when coral-Seed to ether benohnuirking soirees. S ra OF. SOF J. SCir ri and SOF data isnot included in the data set reed to calculate the SeriChltaitt data (21 Inlormation vescirted in this chart ie based an the waudted results of SOF, SOF 0. SOF II and SOF Hi as c4 September i3D. 2017 and skeuld be read and reviewed in conµ^xlion with the imprortant information" ant Nast to investinent Perfremance lot rnabon' sections of this tiOGIIIISrit 131 Past performance is n'$ a prediction of the future IS0110MISt4:6 of SOF. SOF 0, SOF or SOF but n; included to dettiont;trae the track record of the Gler4ower SOF Team. (41 internal rates of returns are net of fees. expenses and tamed interest. Cambridge Assaaates research shoes that most funds take et feast sa years to settle irto their final quartile ranking, anrA INSVIOUS to this settling they tretififY rank in 2-3 WIWI .ffialfifilni. therefore fund or ben&Pfilik PfsfunmWrite Metrics turn more recent. vintage years may be less meaningful. Median, is the, !middle fund !RR or thy,(gaup of individualfund tRits inzaided m a ;int age year treintintn 3 functsL Lipper/ lower quartile are lit threskirs for the upper 4t"X and (batois "Zicie)quartikse based on the. indrodual ftekit iliARs inc€uded in a :nitage year and am iised in conjunillon with the median to determine quartile placement (minimum 3 finds). CS: DPI Distirbeliors to Find-€n Capital; Residual Vim!, to Paid-in Capita. TVPI::: Total Valve to Paid+1 Capita:!. TVP1. RVPI ar4 ;ham€ are rAtol≥-3 rokon awiegatinp all cast: tfovs and endilv *Ws in a sample to calculate a dollariwc-ighted return. Glendower Capital STRIC"FLY CONFIDENTIAL CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0097379 CONFIDENTIAL SDNY_GM_00243563 EFTA01392201