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31 CONFIDENTIAL I}} Private Equity Investment Strategy Comparison Portfolio Objective and Strategy Capital Deployment Pace Diversification Blind Pool Risk Historical Return and Risk Profile Cash Flow Profile J-Curve Secondary Fund Strategy Build a highly diversified portfolio of private equity investments through the acquisition of mature private equity fund interests from motivated sellers, typically at a discount from Net Asset Value ("NAV") Investor's full capital is at work quickly due to the purchase of portfolios of mature funds and investments Diversification occurs rapidly, as portfolios of multiple funds are acquired Blind Pool Risk is virtually eliminated, as the acquired funds are substantially invested. In addition, follow-on investments are made in existing, identified assets Private equity returns with lower observed volatility and lower loss ratios Mature portfolios with assets at or near the Harvest Phase typically generate near-term cash flows from acquisition. Highly diversified portfolios can result in relatively consistent cash yields, even in down-markets Mature portfolio acquired at discounts from NAV or intrinsic value effectively eliminate or mitigate the J- Curve Private Equity Portfolio Strategy Build a diversified portfolio of private equity assets either through the direct investment in the securities of private companies or the investment in newly formed private equity funds Capital is deployed gradually after the investor's commitment - typically over a five to seven-year horizon as the funds make new company investments Diversification occurs slowly as the investor invests in multiple funds over time. Furthermore, each fund's capital is invested over four years, or more New fund investing involves 100% Blind Pool Risk Comparable returns but historically with higher volatility and loss ratios Newly formed funds typically do not generate positive cumulative cash flows for the first five to seven years of a fund's life Newly formed funds generally experience a significant J-Curve The Secondary strategy is ideal for investors building exposure to the excess return potential of private equity on a highly diversified basis and with an appropriate risk profile. Disclosure: Diversification does not ensure a profit or protect against loss. Past performance does not guarantee future results.

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