Epstein Secrets

eutsche Bank, HSBC MSc Global Banking and Finance, European Business School, London JONATHAN ROOME Associate Deutsche Bank BSc Economics, LSE DOUGLAS O'CONNELL Associate Carlyle Metropolitan RE, Deutsche Bank BS Finance, Carnegie Mellon's Tepper School of Business Based in London, Victoria i

in Capital; IRR = Internal Rate of Return. STRICTLY CONFIDENTIAL 16 EFTA01398169 Greg Martin Consistent top returns among peers SOF Funds vs Cambridge Associates' secondary funds performance1,2,3 Secondary funds: Net IRR4 to limited partners Lower Quartile 10% 15% 20% 25% 30% 35% 40% 45% 50% 0% 5%

eutsche Bank, HSBC MSc Global Banking and Finance, European Business School, London JONATHAN ROOME Associate Deutsche Bank BSc Economics, LSE DOUGLAS O'CONNELL Associate Carlyle Metropolitan RE, Deutsche Bank BS Finance, Carnegie Mellon's Tepper School of Business Based in London, Victoria i

ernal Rate of Return. STRICTLY CONFIDENTIAL 16 EFTA01396809 GLDUS126 Pacific Life Insurance Co Consistent top returns among peers SOF Funds vs Cambridge Associates' secondary funds performance1,2,3 Secondary funds: Net IRR4 to limited partners Lower Quartile 10% 15% 20% 25% 30% 35% 40% 45% 50% 0% 5%

eutsche Bank, HSBC MSc Global Banking and Finance, European Business School, London JONATHAN ROOME Associate Deutsche Bank BSc Economics, LSE DOUGLAS O'CONNELL Associate Carlyle Metropolitan RE, Deutsche Bank BS Finance, Carnegie Mellon's Tepper School of Business Based in London, Victoria i

RR = Internal Rate of Return. STRICTLY CONFIDENTIAL 16 EFTA01397482 GLDUS127 Annandale Capital Consistent top returns among peers SOF Funds vs Cambridge Associates' secondary funds performance1,2,3 Secondary funds: Net IRR4 to limited partners Lower Quartile 10% 15% 20% 25% 30% 35% 40% 45% 50% 0% 5%

eutsche Bank, HSBC MSc Global Banking and Finance, European Business School, London JONATHAN ROOME Associate Deutsche Bank BSc Economics, LSE DOUGLAS O'CONNELL Associate Carlyle Metropolitan RE, Deutsche Bank BS Finance, Carnegie Mellon's Tepper School of Business Based in London, Victoria i

tal; IRR = Internal Rate of Return. STRICTLY CONFIDENTIAL 16 EFTA01396132 GLDUS125 Gerald Ford Consistent top returns among peers SOF Funds vs Cambridge Associates' secondary funds performance1,2,3 Secondary funds: Net IRR4 to limited partners Lower Quartile 10% 15% 20% 25% 30% 35% 40% 45% 50% 0% 5%