GL0US137 Forrestal Capital LLC 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 ml:: S kinds ;or vedi. fully liquidated partnerships. fanned between .d04 and 2014 E4(11 SOF Fund its shovm ben chmarked against their respoct vintage peer fuotip..This infoonsion elects, a comparison of SOF'. son s It arid SO)- Ill performarcie against one benchmark a=y; quartree may differ when corn0ceed to other benohmarking soirees. SOF. ra SOF J. SCir ii and SOF data son included in the data set reed to calculate the berictiriaitt data Intormation yes/sited in this chair its based on the Luaudted results of SOF, SOF 0. SOF II and SOF ill as c4 September i3D. 2017 and itheuld be read and reviewed in cvnµexlian with the imecortant Information's and Nast to investinent Perframance Intimation' sections of this 40c0nlielt 131 Past performance is n'$ a prediction of the future I>0110fOtert6 el SOF. SOF 0, SOF X or SOF HI but is included to oeniont;trae the track record el the Gler4-swer SOF Team. (41 internal rates of returns are net of fees. expenses and canned interest. Cambridge Assoaates research show that most funds take et least six years to settle irto their final 'scuttle ranking, anrA IXE-VIOUS to this settling !hey tYPx1rfifY rank in 2-3 WIWI .ftrailltilnk therefore fund or ben&Plifik livildh1l±Xte Metrics turn more recent vintage years may be less ineeniesed. Median, is the middle fund !RR or theToo of individual fund iRRs s•rzsyiss m a vintage year trnintintn 3 fundsi. Upper/ lows- quartile are lit threshos for the upper (Min 25%1 and (batoir. "Zir41quartiksis based on les Inds-dual feed III2Rs inc€uded in a cnr₹ape year and are ksed in conjunclion with the median to determine quartile placement (minimum 3 finds). CS3 CI 1 Distiibstiors to aid-€n Capital; FIVPi Residual Vim!, to Paid-In Capita. Total Valve to Paid-tie:2*mi. TVPI. RVPI ar4 ;ham€ are pooled retisn aggregating all cacti Pews and endilv *Ws in a sample to calculate a dollarivireighted return. Glendower Capital STRIC"FLY CONFIDENTIAL CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0099916 CONFIDENTIAL SDNY_GM_00246100 EFTA01393995