1 13 1.2x Europe - buyout 16- Cecconi Proprietary HNW/ Ferret office Fund Secondary 4 73 12.8 11.0 02 13 1.8x Global - diversified 17- Batley Proprietary Alternate° Funds GPIed Secondary 1 4 30.2 30.5 02 13 2.4X Europe - growth equity 18- Stembeck Proprietary Financial Institu

13 1.2x Europe - buyout 16- Cecconi Proprietary HNW/ Farah/ office Fund Secondary 4 73 12.8 11.0 02 13 1.8x Global - diversified 17- Batley Proprietary AlternatNo Funds GP4ed Secondary 1 4 30.2 30.5 02 13 2.4x Europe - growth equity 18- Stembeck Proprietary Financial Institu

01 13 1.2x Europe - buyout 16- Cecconi Proprietary HNW/ Fame office Fund Secondary 4 73 12.8 11.0 02 13 1.8x Global - diversified 17- Batley Proprietary Alternate° Funds Gated Secondary 1 4 30.2 30.5 02 13 2.4X Europe - growth equity 18- Stembeck Proprietary Financial Institu

f my or the Mari addrostee here. or let the pumas of oecer et U.S. In mined Pre Aim From: Harrison, VAlken X Sent: Monday, AO 15, 2013 8:48 AM To: Batley, Drew X; 3PMS Credit; Katz, Ira L; Sylvester, Michael; Hughes, William Cc GO Middle Office Subject RE: TEF • Short Sale Journal vs. cash - Firancia

cr anrcnut fiifl Iflfl artfurgar thaw L Ca c arid, ekr flatlet!. aeze,...e,vj sasre4r fn. *40 surpo's rfay.:- 11401gIJ,esia-satiates pe mines From: Batley, (New X Sent: Tuesday, Asprl 16, 2013 1143 AN To: Ea: ey, Drew X,: liarriscn, X; PhIS O&M, Kati Ira L; Sylvester, Viciact; tfughes, Cc: 6:0 Middl

01 13 1.2x Europe - buyout 16- Caton, Proprietary HNW/ Forret office Fund Secondary 4 73 12.8 11.0 02 13 1.8x Global - diversified 17- Batley Proprietary Alternate° Funds GRIed Secondary 1 4 30.2 30.5 02 13 2.4x Europe - growth equity 18- Stembeck Proprietary Financial Institu

1 13 1.2x Europe - buyout 16- Cecconi Proprietary HNW/ Fent/ office Fund Secondary 4 73 12.8 11.0 02 13 1.8x Global - diversified 17- Batley Proprietary Alternatiro Funds GP-led Secondary 1 4 30.2 30.5 02 13 2.44 Europe - grov4h equity 18- Stembeck Proprietary Financial Insti

1 13 1.2x Europe - buyout 16- Cecconi Proprietary HNW/ Fent/ office Fund Secondary 4 73 12.8 11.0 02 13 1.8x Global - diversified 17- Batley Proprietary AlternalNo Funds GP-led Secondary 1 4 30.2 30.5 02 13 2.4x Europe - growth equity 18- Stembeck Proprietary Financial Instit

13 1.2x Europe - buyout 16- Cecconi Proprietary HNW/ Farrel/ office Fund Secondary 4 73 12.8 11.0 02 13 1.86 Global - diversified 17- Batley Proprietary Migmatite Funds GP-led Secondary 1 4 30.2 30.5 02 13 2.4x Europe - growth equity 18- Stembeck Proprietary Financial Institu