EFTA01391237.pdf

GLDUS139 Third Lake Capital 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% - 2 5x +Upper Quartile Lower Quartile • Median 45% - SOF D SOF TVPI = 2.3x 40% - 2.0x - DPI = 2.1x SOF II 'a TVPI = 1.84x SOF III DPI = 1.80x TVPI = 1 5x TVPI = 1 3x 35% SOF III DPI= 1.2x SOF D DPI = 0.3x 29% 30% et 30% - ix T..1. 1.5x S0F SOF II 1; 25% - 22% in 20% a 1.0X - N 0.5x • 5% - t 0% 0.0x 04 05 06 07 08 09 10 11 12 13 14 '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 ol September 30. 2017 based on data complied from 140 seconda,y tu with a rnirii sl ancis ;or year. ;ccitirting fully liquidated partnerships. formed between .Q04 and 2014 E4(11 SOF Fund its shovm tAnichinarked against their respectra vintage peer units. This informaion inflects, a compalition sor s II arid SO)- III performarce against one benchMark OnlY: quait*ee may <Idler When comb:reed to other bench.marking soirees. S OF. SOF J. SCir and SOF Ili data snot included in Iv* data set teed to calculatethe berichnlait data (2) Inlormation yes/sited in this chair It based on the inaudted results of SOP, SOF 0. SOF II and SOF III as cd September :SD. 2017 and should be read and renewed in cvnµ^xban with the important iniumation" and "Nast to investinent Performance Information` sections of this d-OGOnl:.7rit 131 Past performance S n'$ a prediction of the future 1:4900Mtert6 of SOF. SOF 0, SOF hoc SOF HI but n; included to denmnstrae the track record of the Gler4ower SOF Team. (41 internal rates of returns are net of fees. expenses and tamed interest. Cambridge Assoaates research silos's that most funds tots et feast se years to settle irto their final quartile ranking. and IXE-VIOUS to this settling they travail' flank in 2-3 WIWI .fflailitiltni. therefore fund or berdYnalk PfnfolnrxXte metrics fluin morel event vintage years may be less ineenieged. Median, is the middle fund IRR of thy, Tam of inityidual hand IRErs mrzEidea m a witage year imasinin 3 tunds1. Upper/ Iowa quartile are lit threshos for the upper 4t"X and (batom "4%1 quartiXs based on ths indrinclual fteM IRRs included m a snr₹ape year and ar ksed in conjundlon with the median to determine quartile placement (minimum 3 finds). CS3 DPI Distiibslaws to aid-€n Capital; FIMPi '4 Residual Vats to Paid-in Capita TYPI::: Total Maks to Paidym Capta TVPI. RsPI ard ;ham€ are poled fawn armegating all cast: fears and endilv *Ws in a sample to calculate a dollaowc-mhted return. Glendower STRICTLY CONFIDENTIAL Capital CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0096052 CONFIDENTIAL SDNY_GM_00242236 EFTA01391237