GLDUS124 BBR Partners 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 [xi:: with a rniiiiinuin E±uncle;or vein. ;cr-hidingfully liquidated partnerships. funned between '04 aryl 2014 E4(11 SOF Fund its shovm benchmarked against their respect vintage peer atoup..This infortssion reflectsa comparison of or s s arid SO)- Ill performs-te against one benchmark a=y; quart*ea maydiffer wbon oorrrt4eed to other benthrnarking sotutes. SOF. ra SOF J. SCir ri and SOF data isnot included in ths data set reed to calculate the berictiriaitt data (21 Inlormation veserted this chart ie based an the uraudted results of SOF, SOF 0. SOF II and SOF lit as crt September :SD. 2017 and &'culd be read and renewed in conµ^xlion with the 'Important Information" and Nals to investinent Performance Int rnat-on' sections of this 40c0nlielt (31 Past peeks mars e is rat a prediction of the future I>0110fOtert6 et SOF. SOF 0, SOF II or SOF but is included to denionstrae the track record vi the Gler4swer SOF Team. (41 internal rates of returns are net of fees. expenses and tamed interest. Cambridge Assoaates research snows that most funds take et feast sty years to settle into their final 'scuttle Kunlun,/ anrA iXE-VIOUS to this settling they tra