GLDUS124 BBR Partners Buyout-like returns with a secondary risk profile' SOF Funds outperform Cambridge Associates buyout top-quartile benchmark TVPI in line with top-quartile buyout funds... ...With a secondary cashflow profile SOF III 2005 2008 2007 2008 2009 2010 2011 2012 2013 2014 2015 Vintage Year DPI2 2Sx 2.0x 1.5x 1.0x 0.5x 0.0x 2005 2008 2007 2008 2009 2010 2011 2012 2013 2014 2015 Buyout Top Otani* *SOF Program Vintage Year Delivering a compelling risk / reward profile Net IRR2 2005 2008 2007 2008 2009 2010 2011 2012 2013 2014 2015 Vintage Year (1) Source: Cambridge Ae=tcsates Global Buyout Benchmark as of September 30. 2017. This information toffees a comparison of SOF. SOP D. SOF II & SOF III performance amainst one benchmark only Past petiole:co is na atrelktion c' the kittge portorrnareo of SOF. SOF D, SOP Cit SOF III Sit nil is ; d ernonstisite the tracklecord of 11-* Glleoloyier SOP Teens. Irecumeeion-teesonted in this thart is based on it* unaudited results of SOF. SOF D. SOF if and $012 III as of September 30.'017 and should be read and reviewed ei conjunction with the important Information and 'Notes to 1m:oi(men? Performance information" set.11CSIS r.tt ties presentation (2) TVPI= Total Value to Pard-ln Capital, DPI = Distiihtitions to Petrie) Capital: Net IRR = Net Internal Rate of Return. TVPI and DPI are pooled return awiegating all cash flows and ending NAVs in a sample to calculate a doier-vonghted renew. Net IRRts ate nut of fees. eve:ruses and veried tilt:rest Cambridge Associates research shows that most funds take al least sue yearsto set% into tires final quartile ranking. and pivyrous to lies setthng they typoally :al* in 24 other quartiles. the. fund or teconmark perfemuirr_o: met ICS tcnrit more rearrit yolage years mar be Xrilei Meiwinciftg. Top quartiw the thresrcid fo the upper Oct °A-.) quart* bused co the Individual fund IRRs included in a vintage year and are used in conjunction with the median