GL0US140 Lawrence Hirsch 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 with a rniisrnain fssocispia ,ear. ;rk.-iuding rc fully fiouidated partnerships. funned between .u04 sal 2014 E4(11 SOF Fund its shovm bencluntaked against their respect vintage peer This inforresion lett crake comparitson cif St': or r. s s I I arid SO)- III performa e agarrst one benchmark a=y; quedfee may differ When swill:cued to other benchnuirking sorates. S ra OF. SOF J. SCir ri and SOF Ili data isnot included in the data set used to calculate the benchmark data (21 Information yes/sated in this chart ie bused an the urauelted results of SOF, SOF 0. SOF II and SOF In as vi September I3D. 2017 and stieuld be read and reviewed in cvnµexbon with the 1mb-ore:Int Information's and Name to inyeslinent Performance 1i-drama-bon' sections of this 40c0nlielt (31 Past performance is n'$ a prediction of the future I>0110fOtert6 of SOF. SOF 0, SOF b or SOF III but n; included to denionstrae the track record vi the Glter4oseer SOF Team. (41 internal rates of returns are net of fees. expenses and tamed interest. Cambridge rAssoaates research shows that most funds take et feast six years to settle irto their final quartile ranking. anrA iNeVIOUS to th