#16 SIXTH STREET™ TAO OVERVIEW PRESENTATION TO STATE OF CONNECTICUT RETIREMENT PLANS AND TRUST FUNDS August 2020 SIXTH STREET HIGHLY CONFIDENTIAL#2DISCLAIMER This presentation (the "Presentation") is provided for informational purposes and reference only and is not intended to be, and must not be, taken as the basis for an investment decision. By acceptance hereof, you agree that (i) the information contained herein may not be used, reproduced or distributed to others, in whole or in part, for any other purpose without the prior written consent of Sixth Street; (ii) you will keep confidential all information contained herein not already in the public domain; (iii) the information contains highly confidential and proprietary "trade secrets" (some of which may constitute material non-public information); and (iv) you will only use the information contained in this Presentation for informational purposes and will not trade in securities on the basis of any such information. The contents hereof should not be construed as investment, legal, tax or other advice and you should consult your own advisers as to legal, business, tax and other related matters concerning an investment in any of the parallel investment vehicles within Sixth Street. Unless otherwise noted, the information contained herein has been compiled as of the date that appears on the cover page of this Presentation, and there is no obligation to update the information. The delivery of this Presentation will under no circumstances create any implication that the information herein has been updated or corrected as of any time subsequent to the date of publication or, as the case may be, the date as of which such information is stated. This Presentation does not constitute an offer to sell or a solicitation of an offer buy any securities and may not be used or relied upon in evaluating the merits of investing in Sixth Street. Offers and sales are made only pursuant to a confidential private placement memorandum, the limited partnership agreement, subscription agreement and other definitive documentation of respective Sixth Street-sponsored investment vehicles (collectively the "Sixth Street Documentation") and in accordance with applicable securities laws. The information set forth herein does not purport to be complete and is qualified in its entirety by reference to the Sixth Street Documentation. This Presentation is not a part of or supplemental to such Sixth Street Documentation. This Presentation is superseded in its entirety by the Sixth Street Documentation. The Sixth Street Documentation will be made available and must be received prior to subscribing for an interest in a Sixth Street fund. The Sixth Street Documentation contains additional information about the investment objectives, terms and conditions of an investment in Sixth Street and risk disclosures that are important to any investment decision regarding Sixth Street. You should read the Sixth Street Documentation (including the risk disclosures) in its entirety before making an investment in a Sixth Street fund. An investment in a private investment partnership is speculative and involves significant risks, including that there will be no public or private market for the interests in the partnership and such interests will not be transferable without the consent of the general partner. Investors should carefully review the information provided regarding such risk factors in the Sixth Street Documentation (including the private placement memorandum). Investors should understand these risks and have the financial ability and willingness to accept them for an extended period of time before making an investment. Please note this Presentation contains various examples or subsets of investments. As the investments shown are intended to be examples or subsets demonstrating a particular theme or process, they inherently may not represent all investments that could be categorized or described on a particular page and in the aggregate may represent only a small percentage of existing and historical investments led by Sixth Street. Investments in other companies may have materially different results. There is no assurance that any investments discussed herein will remain in the applicable fund at the time you receive this information. It should not be assumed that any investment not shown would perform similarly to the examples shown. It should not be assumed that recommendations made in the future will be profitable, will equal the performance of the investments in this Presentation, or will not incur losses. Future investments may be under materially different economic conditions, including interest rates, market trends and general business conditions, affecting different investments and using different investment strategies and these differences may have a significant effect on the results portrayed. Each of these material market or economic conditions may or may not be repeated. Further investments may be made under different economic conditions, using different strategies, and may have materially different results. Please see the notes to historical performance summaries for important information and detail relating to the performance history presented in this Presentation. The market analysis, estimates and similar information, including all statements of opinion and/or belief, contained herein are subject to inherent uncertainties and qualifications and are based on a number of assumptions. All statements in this Presentation (and oral statements made by Sixth Street personnel regarding the subjects of this Presentation) other than historical facts are forward-looking statements, which rely on a number of assumptions concerning future events and are subject to a number of uncertainties and factors outside of Sixth Street's control which could cause actual results to differ materially from such statements. See the disclaimer on forward-looking statements on the following page. No representation or warranty, express or implied, is made as to the accuracy or completeness of the information contained herein, and nothing shall be relied upon as a promise or representation as to the future performance of any investment. Past performance is not necessarily indicative of future results. Differences between past performance and actual results may be material and adverse. 6 [Continued on Next Page] SIXTH STREET HIGHLY CONFIDENTIAL 2#3DISCLAIMER (CONT.) Sixth Street generally presents performance-related data and returns at the fund level, which may not be indicative of an individual Limited Partner's results. Limited Partners should refer to their capital account statements for individual results. Unless otherwise noted, "Gross IRR" and "gross returns" refer to an aggregate, annual, compound, gross internal rate of return on investments. Gross returns do not reflect management fees and carried interest born by investors in a fund, which will reduce returns and in the aggregate may be substantial. Additional disclosures on Sixth Street's management fees are described in Part 2 of its Form ADV. In the case of portfolios of realized and unrealized investments, the gross returns are based on a combination of realized value and internal valuations by Sixth Street of unrealized investments as of a particular date. The actual realized returns on a fund's unrealized investments will depend on, among other factors, future operating results, the value of the assets and market conditions at the time of realization, any related transaction costs and the timing and manner of disposition, all of which may differ from the assumptions on which the valuations used in the prior performance data contained herein are based. Accordingly, the actual realized return of these unrealized investments may differ materially from the returns indicated thereon. Where gross performance figures are noted in this document please refer to the full track record for further detail. Financial indices and benchmarks are unmanaged, do not reflect management or performance fees, assume reinvestment of income, are shown for illustration purposes only, and have limitations when used for such purposes because they may have volatility, credit or other material characteristics that are different from the Fund. Indices should not be relied upon as a fully accurate measure of comparison. Benchmarks are used solely for purposes of comparison and the comparison does not mean that there will necessarily be a correlation between the returns described herein and the benchmarks. There are limitations in using financial indices for comparison purposes because, among other reasons, such indices may have different volatility, diversification, credit, and other material characteristics (such as number or type of instrument or security). Information throughout the Presentation derived from sources other than Sixth Street have not been independently verified. Future investments may be under materially different economic conditions, including interest rates, market trends and general business conditions, affecting different investments and using different investment strategies and these differences may have a significant effect on the results portrayed. Each of these material market or economic conditions may or may not be repeated. Further investments may be made under different economic conditions, using different strategies, and may have materially different results. Valuation marks are as of 3/31/2020, unless otherwise noted. Since that time, as a result of the COVID-19 pandemic and actions intended to slow the pandemic, the value of certain assets may have declined. Securities are offered through Sixth Street BD, LLC, 2100 McKinney Avenue, Suite 1500, Dallas, TX 75201, an affiliate of Sixth Street and a member of FINRA. It should not be assumed that recommendations made in the future will be profitable or will equal the performance of the investments in this Presentation. Complaints concerning services provided by Sixth Street BD may be directed to Sixth Street [email protected]. TRADEMARKS Sixth Street owns the marks "Sixth Street," "TOP," "TAO," and "TSLX". The "TSSP" mark is a mark being used by Sixth Street under an exclusive license from TPG. The "TCS," "TSL," "TSLE," "TIP," "TAG," "TSCO," and "TICP" marks are marks of TPG and are being used by Sixth Street under an exclusive license. Sixth Street and TPG are not affiliates. The products and services referred to herein are managed exclusively by Sixth Street, which is entirely responsible for their nature and performance. NOTE ON FORWARD LOOKING STATEMENTS All statements in this Presentation (and oral statements made regarding the subjects of this presentation) other than historical facts are forward-looking statements, which rely on a number of estimates, targets and assumptions concerning future events. Such statements are also subject to a number of uncertainties and factors outside Sixth Street's control. Such factors include, but are not limited to, uncertainty regarding and changes in global economic or market conditions, including those affecting the industries of Sixth Street portfolio companies, and changes in U.S. or foreign government policies, laws, regulations and practices. Opinions expressed are current opinions as of the date of this Presentation. Should Sixth Street's estimates, targets and assumptions or these other uncertainties and factors materialize in ways that Sixth Street did not expect, actual results could differ materially from the forward-looking statements in this Presentation, including the possibility that investors may lose all, or a material portion, of the amounts invested. While Sixth Street believes the assumptions underlying these forward-looking statements are reasonable under current circumstances, investors should bear in mind tha such assumptions are inherently uncertain and subjective and that past or projected performance is not necessarily indicative of future results. No representation or warranty, express or implied, is made as to the accuracy or completeness of the information contained in this Presentation, and nothing shall be relied upon as a promise or representation as to the performance of any investment. Investors are cautioned not to place undue reliance on such forward-looking statements and should rely on their own assessment of an investment. 6 SIXTH STREET HIGHLY CONFIDENTIAL 3#4AGENDA 6 1. 2. Introduction to Sixth Street TAO Overview SIXTH STREET HIGHLY CONFIDENTIAL#5SIXTH STREET EXECUTIVE SUMMARY OVERVIEW SIXTH STREET PLATFORMS SIXTH STREET TEAM Note: As of June 2020. 6 • Multi-asset class platform dedicated to pursuing special situations, middle market direct lending and credit oriented adjacent opportunities on a global basis Founded in 2009, a continuation of the strategy employed by the Sixth Street leadership team at Goldman Sachs Alan Waxman was Chairman of the Investment Committee and co-head of Goldman Sachs Americas Special Situations Group ● 1. Opportunities Platform - Focus on special situations and opportunistic credit with private equity-like base case target returns 2. Fundamental Strategies Platform - Focus on secondary credit opportunities in large corporate capital structures under stress or distress 3. Growth Platform - Focus on structured financing solutions for late stage growth companies underwritten as credit but with upside optionality to base case returns 4. Specialty Lending Platform - Focus on direct credit origination at the top of capital structure with inflation / reinvestment protection 5. Infrastructure Platform - Focus on stressed, highly structured and niche areas within infrastructure 6. Agriculture Platform Focus on North American cash yielding assets, predominantly in permanent crops 7. Credit Market Strategies Platform - Focus on the broadly syndicated leveraged market both directly and through CLO equity and liabilities 8. Adjacencies Platform - "Between the box" investments outside the mandates of the other Sixth Street platforms, as well as participation in larger deals alongside them Over 270 dedicated professionals primarily based in North America, Europe, and Asia Collectively, the senior investment team has over 250 years of investing experience Senior investment team based in San Francisco, New York, Dallas, London, and Hong Kong 9 of the 18 Partners worked together at Goldman Sachs prior to forming Sixth Street Sixth Street leverages captive sourcing / servicing platforms to source and execute deals and manage investments O SIXTH STREET HIGHLY CONFIDENTIAL 5#6SIXTH STREET PLATFORM Opportunities Corporate Distressed- for-Control 6 Corporate Dislocations Asset Special Situations Fundamental Strategies Stressed Public Credit Distressed Public Credit "2-step" and Other Opportunistic Situations Growth Growth Debt Stapled Solutions "Sixth Street Playbook" Structured Equity 61 SIXTH STREET™ Specialty Lending European Mid Market Direct Lending US Mid Market Direct Lending 1. AUM presented as of 3/31/2020 plus additional capital commitments closed through 7/9/2020. Infrastructure Stressed Structurally Complex TAO Vehicles Niche Agriculture SIXTH STREET HIGHLY CONFIDENTIAL Cash Yielding Assets Uncorrelated Return Characteristics Adjacencies Defensive Yield Uncorrelated Assets $46 BILLION¹ ACROSS 8 SIXTH STREET FUND FAMILIES Stressed Opportunities Credit Market Strategies Bank Loans CLOS Structured Credit 6#7SIXTH STREET ALPHA Performance vs. Index SIXTH STREET GROSS IRR PERFORMANCE Overlaid with High Yield Spread-to-Maturity 2,000 1,800 1,600 1,400 1,200 1,000 800 6 600 400 200 TOP I 26% TOP II 25% TSLX¹ 10% TOP III 17% TSLE² 20% TAO 2012 TAO 2013 TAO 2014 TAO 2015 TAO 2016 TAO 2017 TAO 2018 TAO 2019 26% 11% 18% 10% 10% 15% 11% 21% TOP IV 17% TCS (A) 11% SIXTH STREET HIGHLY CONFIDENTIAL TAO 2020 NM TCS (B) 10% TAG NM Opportunities Specialty Lending Adjacencies 3/31/20: 994bps Growth Dec-09 Feb-11 Apr-12 Jun-13 Aug-14 Oct-15 Dec-16 Feb-18 Apr-19 Jun-20 Oct-08 1. TSLX Net IRR represents the annualized return rate (implied discount rate), calculated using investor cash flows, including cash received from capital called from investors, equity raised in public markets or through private placements, DRIP issuances, cash distributed to investors and the ending book net asset value or ending total market capitalization of TSLX as of 3/31/2020 2. Represents TSLE I gross IRR, levered as of 3/31/2020 Note: Performance as of 3/31/2020 unless otherwise noted. Past performance is not necessarily indicative of the future performance of such funds or future funds, and such funds' investments may be made under materially different circumstances and under a different mix of investment strategies. Performance is shown on a gross basis in order to show asset-level rates of return which are comparable to the High Yield Index and are not distorted by timing of a fund's payback of management fees and expenses. Gross returns do not reflect management fees and carried interest born by investors in a fund, which will reduce returns and in the aggregate may be substantial. Please refer to the track record for a detailed historical performance summary and related notes including net returns and information regarding the calculation of all performance figures represented herein. This is available subject to the execution of a confidentiality agreement Source: Credit Suisse High Yield Index II, shown as of 3/31/2020 CONSISTENT ALPHA RETURN GENERATION ACROSS SIXTH STREET PLATFORM Agriculture 7#8KEY ELEMENTS OF SIXTH STREET INVESTMENT PHILOSOPHY 6 5 Risk Management 4 Flexible Capital to Match Assets/Liabilities 1 Development and Migration of Platform Themes 6 SIXTH STREET™ "One Team" 2 Sixth Street "Pentagon" Sourcing Machine SIXTH STREET HIGHLY CONFIDENTIAL 3 Downside Protection / Upside Nodes 5 KEY ELEMENTS OF SIXTH STREET INVESTMENT PHILOSOPHY 8#9SIXTH STREET TEAM SIXTH 6 STREET™ BOFOR1220303200 2002 2000e98222RADEGAS BROCHOCOOLELSESDEALSERAS 6 2080880 COPLANERA Note: As of June 19, 2020 CHLOPROSS0 272 PERSON TEAM (148 INVESTMENT PROFESSIONAL, 124 FEDERATION) SIXTH STREET HIGHLY CONFIDENTIAL 9#10DIVERSITY & INCLUSION COMMITTEE 6 Mission Statement Sixth Street is built on great judgement, hard work, and a culture of collaboration. We seek colleagues that bring an original perspective and differentiated insight. Diversity of experience, thought, and background are integral to platform success and investment judgement. The Committee will seek to promote and advance a culture of diversity and inclusion to better represent and serve our communities, investors, and counterparties. Key 2020 Partnerships paradigm MLT IN AFRICANA STUDIES 1000 1754 COLUMBIA COLLEGE SIXTH STREET HIGHLY CONFIDENTIAL SEO JOPWELL Unlocking Opportunity girls who invest. Amherst College Charles Hamilton Houston Internship Program rare DIVERSITY RECRUITMENT EXCELLENCE 10#11SIXTH STREET BREADTH OF PORTFOLIO Chobani 6 Project Lundy tent Project Bills CREDIT SUISSE Kensington ((( iHeartMEDIA GE Servihabitat CaixaBank Spotify CAPITAL CROSSING AGRIGLOBE Note: As of June 2020. Investments selected to represent variety of transaction structures and investment strategies and is not comprehensive SIXTH STREET HIGHLY CONFIDENTIAL AIRTRUNK Ironwood Project Pine / Project Forest OMNIVOROUS, THEMATICALLY DRIVEN STRATEGY SPANNING SIXTH STREET PLATFORM 11#12SIXTH STREET ILLUSTRATIVE INVESTMENTS Project Lundy Chobani ((( Spotify PET SMART ▪ 2012 purchase of a ~$2.5B notional portfolio of securities in distressed European companies, primarily based in the UK ■ ▪ 2014 rescue financing for the leading producer of Greek yogurt and third-largest overall yogurt producer in the U.S. $750M second lien debt facility plus warrants for up to 35% of the business ■ Largely senior secured debt, with some junior / mezzanine exposure (typically held pro rata with senior exposure) ▪ 2016 pre-IPO financing for a global leader in on-demand music streaming $1B debt financing which converted to equity upon the company's direct listing in 2018 ■ ▪ 2018 investment in North America's leading provider of pet products and services, with over 1,500 brick and mortar stores and an internet retailer, Chewy ■ $310M acquisition of the publicly traded term loan and unsecured bonds, which had traded off due to investor concerns about earnings and capital structure Note: Investments are shown for illustrative purposes only and is not intended to be, and must not be, taken as the basis for an investment decision. It should not be assumed that any investment not shown would perform similarly to the examples shown. Past performance does not guarantee future results. 6 SIXTH STREET HIGHLY CONFIDENTIAL 12#13AGENDA 6 1. 2. Introduction to Sixth Street TAO Overview SIXTH STREET HIGHLY CONFIDENTIAL 13#14TAO OVERVIEW STRATEGY STRUCTURE PERFORMANCE² ● ● Reincarnation of highly opportunistic "balance sheet" from the Goldman Sachs Americas Special Situations Group platform TAO is designed to flexibly allocate across multiple sub-strategies within credit and special situations and generate attractive risk adjusted returns at each point in the credit cycle Today, the portfolio is weighted towards "defensive yield" investments which generate cash yield and are generally uncorrelated to financial markets We believe the COVID 19 crisis may result in an increased volume of rescue financings, portfolio acquisitions, and distressed for control opportunities, and may therefore result in a shift of weightings in the TAO portfolio in the near term Differentiated fund structure J-curve sensitive fee structure Modified promote structure LP commitment duration management Initial capital raising and investments beginning in 2012, with total commitments to TAO vehicles today of $21.4 billion¹ $13,699 million equity invested and committed³ Strong TAO track record with intense focus on managing risk units at this part of the late cycle 2012 1.7x gross MoM, 26% gross IRR, 19% net IRR 2013 - 1.3x gross MoM, 11% gross IRR, 7% net IRR 2014 - 1.6x gross MoM, 18% gross IRR, 13% net IRR 2015 1.2x gross MoM, 10% gross IRR, 6% net IRR 2016-1.3x gross MoM, 15% gross IRR, 10% net IRR 2017-1.1x gross MoM, 10% gross IRR, 6% net IRR 2018 - 1.1x gross MoM, 11% gross IRR, 7% net IRR 2019 1.1x gross MoM, 21% gross IRR, 15% net IRR 2020 - 1.0x gross MoM, NM gross IRR, NM net IRR 1. Total TAO commitments exclude (i) commitments made by Sixth Street-affiliated and "friends and family" investors as well as (ii) commitments for which a termination election has been submitted. 2. As of 3/31/2020. Please refer to the following two pages for additional disclaimers on the estimation of net IRRS by TAO vintage, along with the performance summaries in the Appendix for further performance detail and disclosure 3. Includes TAO 1.0 and TAO Global as of 6/24/2020. Includes committed capital that is not yet funded Note: For each of the TAO annual vintages represented, please see the applicable historical performance summary and related notes for each fund which includes a fund description and important information regarding the calculation of all performance figures represented herein. Past performance is not indicative of future results 6 SIXTH STREET HIGHLY CONFIDENTIAL 14#15TAO GLOBAL CURRENT PORTFOLIO Current Portfolio Characteristics HUNTING GROUND BREAKDOWN¹ Infrastructure 14% Fundamental Strategies 18% Modified 1st Dollar Risk 22% Specialty Lending Adjacencies 35% Other 20% 14% Growth 9% Opportunities 5% Agriculture 4% Credit Market COMMITTED INVESTMENTS BY CAPITAL STRUCTURE² Strategies 1% 1st Dollar Risk 58% GEOGRAPHIC MIX³ UK 9% Other EMEA 7% Spain -APAC 2% Italy 5% 6% CASH YIELD Non-Cash Yield 23% North America 71% O Cash Yield 77% DIFFERENTIATED PORTFOLIO SIXTH STREET HIGHLY CONFIDENTIAL Overlap with One GP 8% Overlap with More Than One GP 13% No Overlap / Differentiated 78% 1. Hunting Grounds are based on the Sixth Street Platforms. Given specific investments may, and often do, fall under multiple Sixth Street Platforms, for the purpose of this analysis each investment has been assigned to one primary Hunting Ground based on the following criteria. The Infrastructure, Agriculture, Growth, and Credit Market Strategies Hunting Grounds include all investments in Infrastructure, Agriculture, Growth, and Credit Market Strategies, respectively. The Fundamental Strategies Hunting Ground includes all investments in Fundamental Strategies that do not overlap with the Infrastructure, Agriculture, Growth, or Credit Market Strategies Platforms. The Specialty Lending Hunting Ground includes all Specialty Lending investments that do not overlap with the Infrastructure, Agriculture, Growth, Credit Market Strategies, and/or Fundamental Strategies Platforms. The Opportunities Hunting Ground includes all Opportunities investments that do not overlap with the Infrastructure, Agriculture, Growth, Credit Market Strategies, Fundamental Strategies, and/or Specialty Lending Platforms. Adjacencies includes all remaining investments 2. First dollar risk represents top of the capital structure. Modified first dollar includes investments with attachment points at less than 25% LTV. Other includes unsecured debt, mezzanine, structured finance and certain equity positions 3. The geographic location(s) of investments for purposes of this presentation are determined at the General Partner's discretion based on a variety of factors including, but not limited to, (a) the location(s) in which the borrower/issuer is domiciled, headquartered, conducts significant operations and/or derives significant revenues, and/or (b) the location(s) of key assets of the borrower/issuer (including assets providing security in respect of the relevant investment). Regarding Sixth Street cross-over transactions (i.e., those investment consummated by two or more Sixth Street Funds), the geographic designation(s) of particular investments may vary across discrete Funds (e.g., if an investment has as strong nexus to both the UK and the U.S., it may be designated as a U.S. investment by a Fund that focuses on the U.S., whereas a Fund that focuses on Europe may designate it as a European investment). With regard to the pie chart above, Europe was selected as the sole geographic designation for certain investments that had nexuses to Europe and one or more other regions Note: Based on Unrealized Value for TAO Global as of 3/31/2020 6 15#16TAO PERFORMANCE VS. CERTAIN PUBLIC BENCHMARKS As of December 31, 2019 2. Net IRR 18.9% 6 4.2%3 2012 3.3% Net IRR 7.4% 4.3% 2013 3.2% Public Market Equivalent ("PME") Benchmark Analysis Net IRR 13.0% ■TAO Vintage 3.7%3.3% 2014 Net IRR 1 6.3% 7.1% 2015 4.4% HY PME Net IRR 12.3% 6.7% 2 4.5% 2016 Net IRR 9.5% ☐LL PME 4.5%4.0% 2017 2 SIXTH STREET HIGHLY CONFIDENTIAL Net IRR 10.9% 6.7% 4.2% 2018 Net IRR 25.1% 8.6% 5.1% 2019 Net IRR 10.5% 6.1% Source: Bloomberg Finance, as of 12/31/2019 Note: Past performance does not guarantee future results, which may vary. Unless otherwise noted, all performance numbers are as of 12/31/2019 and are subject to change. 1. For TAO annual vintages, Net IRR calculations are hypothetical. These calculations are not actual returns to limited partners and do not reflect the actual returns of any single investor. Returns are based on a set of fee and expense assumptions applicable to a TAO Limited Partner with a commitment of less than $200 million and who elected to a 5.5-year minimum commitment period. These hypothetical performance results are being presented for illustrative purposes only and actual results may vary significantly. Please refer to the track record for a detailed historical performance summary and related notes including net returns and information regarding the calculation of all performance figures represented herein. This has been separately provided to North Dakota on the TAO virtual data site. ▪ The management fee assumptions include annual fee rates of (i) 1.35% on equity invested and (ii) 0.65% on unused capital commitments. ▪ The expense impact assumption represents the actual gross to net TAO expense impact during the quarter ended 12/31/2019 which is 1.04%. To note, this figure can fluctuate higher or lower over time. Additionally, the calculation assumes a carried interest rate of 17.5% ■ 4.2% Total (2012-2019) The J.P. Morgan Domestic High Yield Index ("HY PME") and J.P. Morgan U.S. Leveraged Loan Index ("LL PME") benchmarks shown above are presented as a Public Market Equivalent ("PME") analysis based on the actual timing of investor cash flows in the TAO vehicles. Index performance has been adjusted to include 75bps impact from management fees, as these indices cannot be accessed directly. Please refer to the disclaimers at the beginning of this presentation for additional disclosure regarding the use of benchmark indices. Strong historical outperformance vs. comparable public benchmarks 16