GLDUS132 EverWatch Financial 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% criir t SOF Ill 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 with a riledit-ruin ;I ±unds;or vear. nil-dingfully liquidated partnerships. funned between '04 and 2014 E4(11 SOF Fund its shown Lenchmarked against their respoctra vintaite. peer aioup..This inforre&ian ivet cts, a cornparison St':rtr. s or s I arid SO)- III performarce aghast one henchdrark a=y; quertrea may differ when cornPared to other benchniarkinq soirees. SOF. SOF J. SCir ri and SOF Ill data snot included in Ws data set ised to calculate the berictiriait data (21 Interne lion vest:raid in this chart its based an the Leaudted results of SOP, SOF 0. SOF II and SOF III as vi September t'sD. 2017 and etculd be read and re:eel/red in cvnµ^xban with the important Information" and Nast to investinent Perframance Intimation' sections of this d-OGOnl:.7rit (31 Past petrol rnance is me a prediction of the future 1:49,10Mtert6 of SOF. SOF 0, SOF II or SOF Ill but is included to dettionstrae the track record vi the Sallower SOF Team. (41 internal rates of returns are net of fees. expenses and tamed interest. Cambridge Assoaates research snows that most funds toss at feast six" years to settle irto their final quartile ranking, anrA IXE-VI