Inception-to-date Gross / 32% Committed or Net IRR 39%/ 25% Deployed I PE Portfolio 73% Private / 27% Put Pah& Funky Moan Nonvegian (NCLH)ffi EP Energy (LPL) Car.vars Acquisition WACO"' Car.vars Enterlairument aRt Wei.97.01Corp (07.00 IN) Kehipten Ertlerprires (WEL IN) *no (PRP!" hand Shares H

rces $11.40 $5.01 $0.94 $3.58 $1.417 $2.67 $3.03 $9.74 1.61 Osmond Sack Energy 19.28 $1.86 $0.44 $4.10 0.05 $4.23 1275 $4.47 1.75 EP Energy $948 $1.34 $0.74 $4.04 $3.37 $1.64 $1.53 $586 3.22 Exco Resources Mc $4.52 $1.59 10,53 $1.91 50.0 $4.22 1627 57.14 0.24 Forest 00

is underappreciating the fact most of these names can deliver a stable cash flow model (neutral FCF at maintenance mode) at or below low-550s oil. EP Energy is the only exception but even here, we see possible upside from sizeable value of its vast undeveloped acreage position - the solid valuation on a