Cambridge Associates LLC Global ex U.S. Developed Markets and Emerging Markets Private Equity &...

Cambridge Associates LLC Global ex U.S. Developed Markets and Emerging Markets Private Equity & Venture Capital Index and Selected Benchmark Statistics

June 30, 2014

Data as ofJune 30, 2014

Note on Currency:

The Global ex U.S. benchmarks are calculated in U.S. Dollars. All funds denominated in other currencies are converted to U.S. Dollars by using the average quarterly exchange rate for cash flows and ending quarterly exchange rate for net asset value as provided by WM/Reuters and Global Financial Data. Approximately 50% percent of the number of funds and 38% of commitments in our sample are denominated in U.S. Dollars, 28% number of funds and 53% of commitments in Euros, 9% number of funds and 5% of commitments in U.K. Sterling and 6% of funds and 2% of commitments in Australia Dollars.

Global ex U.S. Developed Markets & Emerging MarketsPrivate Equity & Venture Capital Index and Selected Benchmark Statistics



Table of ContentsGlobal ex U.S. Developed Markets Private Equity & Venture Capital

Fund Index Analysis 2mPME ReturnsIndex Returns

Fund Since Inception Analysis 7mPME ReturnsSince Inception Returns

Global Emerging Markets Private Equity & Venture CapitalFund Index Analysis 14

mPME ReturnsIndex Returns

Fund Since Inception Analysis 19mPME ReturnsSince Inception Returns

Methodology 26

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Global ex U.S. Developed Markets Private Equity & Venture Capital:

Fund Index Analysis

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Index 1-Quarter YTD 1-Year 3-Year 5-Year 10-Year 15-Year 20-Year 25-Year

Global ex U.S. Developed Markets Private Equity & Venture Capital Index1 4.90 8.54 24.29 9.38 15.08 14.48 14.18 14.55 14.50

Europe Developed Private Equity & Venture Capital Index (US$)1 4.35 8.60 24.48 9.39 15.04 15.47 15.22 15.62 15.59

Europe Developed Private Equity & Venture Capital Index (€)1 5.05 9.30 17.91 12.00 15.76 14.62 12.93 14.00 14.05

Asia/Pacific Developed Private Equity & Venture Capital Index1 7.02 13.17 24.69 8.65 15.85 11.61 12.46 11.98 11.95

Barclays Capital Government/Credit Bond Index 1.92 3.94 4.28 4.08 5.09 4.94 5.66 6.18 6.64

Dow Jones Industrial Average Index 2.83 2.68 15.56 13.57 17.83 7.63 5.34 10.48 10.75

Dow Jones U.S. Small Cap Index 3.48 6.63 25.70 15.61 22.02 10.07 9.92 11.52 NA

Dow Jones U.S. TopCap Index 5.13 7.19 24.96 16.52 19.10 8.22 4.68 9.84 NA

MSCI Emerging Markets Index 6.71 6.32 14.68 -0.06 9.58 12.30 9.21 6.61 10.44

MSCI Europe Index (US$) 3.30 5.48 29.28 8.67 13.03 7.54 5.07 8.44 8.71

MSCI Europe Index (€) 3.99 6.15 22.74 10.77 13.58 6.27 3.10 7.82 7.87

MSCI Pacific Index 5.77 3.12 13.10 7.10 9.58 5.79 3.64 1.74 1.80

MSCI World ex U.S. Index 4.62 5.40 23.83 7.58 11.67 7.18 4.88 5.76 5.58

MSCI World Index 4.86 6.18 24.05 11.81 14.99 7.25 4.18 7.19 7.04

Nasdaq Composite Index* 4.98 5.54 29.53 16.70 19.16 7.97 3.36 9.59 9.70

Russell 1000® Index 5.12 7.27 25.35 16.63 19.25 8.19 4.80 10.00 10.07

Russell 2000® Index 2.05 3.19 23.64 14.57 20.21 8.70 8.01 9.81 9.74

S&P 500 Index 5.23 7.14 24.61 16.58 18.83 7.78 4.35 9.79 9.89

Global ex U.S. Developed Markets Private Equity & Venture Capital Index Summary: End-to-End Pooled ReturnNet to Limited Partners


The index is an end-to-end calculation based on data compiled from 713 global ex U.S. developed markets private equity and venture capital funds (includes funds investing primarily inin Asia/Pacific–Developed, Europe–Developed, Middle East–Developed and Canada), including fully liquidated partnerships, formed between 1986 and 2014. The Europe–DevelopedIndex consists of 452 funds and the Asia/Pacific–Developed Index consists of 103 funds.1Pooled end-to-end return, net of fees, expenses, and carried interest.Sources: Barclays, Dow Jones Indexes, Frank Russell Company, MSCI Inc., Standard & Poor's and Thomson Reuters Datastream. *Capital change only.Notes: Total returns for MSCI Emerging Markets indices are gross of dividend taxes. Total returns for MSCI Developed Markets indices are net of dividend taxes. | 3


CA Index 1-Year 3-Year 5-Year 10-Year 15-Year 20-Year 25-Year

Global ex U.S. Developed Markets Private Equity & Venture Capital Index1 24.29 9.38 15.08 14.48 14.18 14.55 14.50

mPME Analysis2

MSCI EAFE Index 23.95 7.93 11.28 6.37 5.91 6.04 6.08

Value-Add (bps) 34 144 380 812 827 852 842

MSCI Europe Index 29.80 8.47 12.46 6.95 6.38 6.93 6.97

Value-Add (bps) -550 91 262 753 779 763 753

Constructed Index: Global Financial Data Emerging Markets/MSCI Emerging Markets3 14.74 -0.53 9.20 10.67 10.00 9.59 10.27

Value-Add 955 991 588 381 418 497 423

Constructed Index: MSCI World/MSCI All Country World Index4 23.80 10.50 14.33 8.00 7.03 7.48 7.52

Value-Add 49 -112 75 648 715 707 698


The index is an end-to-end calculation based on data compiled from 713 global ex U.S. developed markets private equity and venture capital funds (includes funds investing primarilyin Asia/Pacific–Developed, Europe–Developed, Middle East–Developed and Canada), including fully liquidated partnerships, formed between 1986 and 2014.1 Pooled end-to-end return, net of fees, expenses, and carried interest.2 CA Modified Public Market Equivalent (mPME) replicates private investment performance under public market conditions. The public index’s shares are purchased and sold according to the private fund cash flow schedule, with distributions calculated in the same proportion as the private fund, and mPME NAV is a function of mPME cash flows and public index returns. “Value-Add” shows (in basis points) the difference between the actual private investment return and the mPME calculated return. Refer to Methodology page for details.3 Constructed MSCI EM Index: Data from 1/1/1986 to 12/31/1987 represented by GFD Emerging Markets price return. Data from 1/1/1988 to present represented by MSCI Emerging Markets total return gross.4 Constructed MSCI All Country World Index: Data from 1/1/1986 to 12/31/1987 represented by MSCI World index gross total return. Data from 1/1/1988 to present represented by MSCI ACWI gross total return.Sources: Cambridge Associates LLC, Global Financial Data, Inc., MSCI Inc., MSCI Inc. and Thomson Reuters Datastream. MSCI data provided "as is" without any express or impliedwarranties.

Global ex U.S. Developed Markets Private Equity & Venture Capital Index Summary: End-to-End Pooled Return Compared to CA Modified Public Market Equivalent (mPME)Net to Limited Partners

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Global ex U.S. Developed Markets Private Equity & Venture Capital Fund Index Details: One Quarter End-to-End Pooled ReturnNet to Limited Partners


The index is an end-to-end calculation based on data compiled from 713 global ex U.S. developed markets private equity and venture capital funds (includes funds investingprimarily in Asia/Pacific–Developed, Europe–Developed, Middle East–Developed and Canada), including fully liquidated partnerships, formed between 1986 and 2014. All returnsare net of fees, expenses, and carried interest. Historical quarterly returns were updated this quarter due to change in composition of the benchmark.

QuarterEnding

End to EndReturn

QuarterEnding

End to EndReturn

QuarterEnding

End to EndReturn

QuarterEnding

End to EndReturn

QuarterEnding

End to EndReturn

1986 Q1 NA 1992 Q1 4.39 1998 Q1 1.31 2004 Q1 1.15 2010 Q1 -1.99

1986 Q2 NA 1992 Q2 11.23 1998 Q2 12.33 2004 Q2 4.56 2010 Q2 -3.06

1986 Q3 NA 1992 Q3 3.56 1998 Q3 3.90 2004 Q3 4.62 2010 Q3 12.08

1986 Q4 3.64 1992 Q4 -15.52 1998 Q4 3.91 2004 Q4 17.97 2010 Q4 8.69

1987 Q1 8.26 1993 Q1 1.13 1999 Q1 0.02 2005 Q1 0.21 2011 Q1 6.49

1987 Q2 0.90 1993 Q2 7.42 1999 Q2 7.04 2005 Q2 5.21 2011 Q2 6.31

1987 Q3 0.61 1993 Q3 6.17 1999 Q3 7.54 2005 Q3 6.25 2011 Q3 -8.82

1987 Q4 7.32 1993 Q4 -1.14 1999 Q4 13.57 2005 Q4 12.07 2011 Q4 -0.01

1988 Q1 -8.53 1994 Q1 11.61 2000 Q1 6.58 2006 Q1 6.82 2012 Q1 7.35

1988 Q2 -5.36 1994 Q2 -1.68 2000 Q2 3.43 2006 Q2 17.47 2012 Q2 -1.53

1988 Q3 -10.59 1994 Q3 3.66 2000 Q3 -1.12 2006 Q3 4.37 2012 Q3 3.24

1988 Q4 13.60 1994 Q4 5.21 2000 Q4 5.36 2006 Q4 21.61 2012 Q4 4.79

1989 Q1 -3.86 1995 Q1 7.23 2001 Q1 -7.94 2007 Q1 5.53 2013 Q1 0.23

1989 Q2 -9.11 1995 Q2 3.70 2001 Q2 -1.68 2007 Q2 13.61 2013 Q2 2.20

1989 Q3 -1.79 1995 Q3 3.96 2001 Q3 1.71 2007 Q3 5.67 2013 Q3 6.83

1989 Q4 80.63 1995 Q4 -5.34 2001 Q4 -2.86 2007 Q4 3.57 2013 Q4 6.54

1990 Q1 0.57 1996 Q1 -0.49 2002 Q1 -1.56 2008 Q1 3.85 2014 Q1 3.39

1990 Q2 5.76 1996 Q2 4.56 2002 Q2 8.31 2008 Q2 -3.12 2014 Q2 4.90

1990 Q3 3.17 1996 Q3 0.07 2002 Q3 -1.85 2008 Q3 -16.08

1990 Q4 -9.48 1996 Q4 20.50 2002 Q4 6.63 2008 Q4 -22.57

1991 Q1 -9.44 1997 Q1 -1.93 2003 Q1 1.07 2009 Q1 -8.36

1991 Q2 -3.65 1997 Q2 -0.47 2003 Q2 7.99 2009 Q2 8.03

1991 Q3 9.31 1997 Q3 4.28 2003 Q3 1.78 2009 Q3 7.77

1991 Q4 12.06 1997 Q4 15.14 2003 Q4 13.86 2009 Q4 8.34

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Global ex U.S. Developed Markets Private Equity & Venture Capital Fund Index Details: End-to-End Pooled ReturnNet to Limited Partners

One Year Rolling Returns

One Year Ended

End to End Return (%)

One Year Ended


6/30/2014 24.29 6/30/1999 15.79

6/30/2013 11.00 6/30/1998 36.66

6/30/2012 -3.67 6/30/1997 17.20

6/30/2011 38.24 6/30/1996 2.57

6/30/2010 10.19 6/30/1995 20.78

6/30/2009 -34.42 6/30/1994 15.83

6/30/2008 9.35 6/30/1993 -3.95

6/30/2007 53.04 6/30/1992 41.97

6/30/2006 48.89 6/30/1991 -20.06

6/30/2005 30.12 6/30/1990 85.89

6/30/2004 22.57

6/30/2003 14.80

6/30/2002 5.59

6/30/2001 -6.00

6/30/2000 34.01

Multi-Year Returns

Years End to End Return (%) Years End to End Return

(%)

1 Year 24.29 16 Years 14.22

2 Years 17.18 17 Years 14.63

3 Years 9.38 18 Years 14.67

4 Years 16.30 19 Years 14.46

5 Years 15.08 20 Years 14.55

6 Years 5.69 21 Years 14.57

7 Years 6.10 22 Years 14.32

8 Years 9.99 23 Years 14.58

9 Years 13.06 24 Years 14.19

10 Years 14.48 25 Years 14.50

11 Years 15.14

12 Years 15.11

13 Years 14.56

14 Years 13.45

15 Years 14.18

The index is an end-to-end calculation based on data compiled from 713 global ex U.S. developed markets private equity and venture capital funds (includes funds investingprimarily in Asia/Pacific–Developed, Europe–Developed, Middle East–Developed and Canada), including fully liquidated partnerships, formed between 1986 and 2014. All returnsare net of fees, expenses, and carried interest. | 6

Global ex U.S. Developed Markets Private Equity & Venture Capital:

Fund Since Inception Analysis

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VintageYear

Pooled Return(%)

Arithmetic Mean (%)

Median (%)

Equal-WeightedPooled Return

(%)

UpperQuartile

(%)

Lower Quartile(%)

Standard Deviation

(%)DPI RVPI TVPI Number

of Funds

1986 NA NA NA NA NA NA NA NA NA NA 1

1987 7.79 8.86 NA 9.01 NA NA 6.41 1.45 0.00 1.45 4

1988 15.45 12.64 12.15 11.94 NA NA 6.90 1.76 0.00 1.76 7

1989 16.41 12.64 17.12 12.58 NA NA 7.09 2.00 0.00 2.00 5

1990 15.86 15.03 14.12 15.58 24.35 6.83 10.32 1.91 0.00 1.91 11


1992 13.10 10.75 12.75 11.16 NA NA 9.30 1.63 0.00 1.63 7

1993 19.18 15.74 15.38 18.71 24.66 9.88 13.58 2.13 0.00 2.13 8

1994 38.53 28.48 23.86 27.60 46.86 14.01 17.12 3.00 0.00 3.00 13

1995 31.74 22.36 19.45 20.95 24.70 11.08 24.32 2.25 0.00 2.25 12

1996 22.65 17.38 12.15 15.83 22.36 7.02 23.37 1.89 0.01 1.90 15

1997 15.50 19.45 16.27 19.39 25.40 10.26 19.66 1.91 0.05 1.96 33

1998 13.11 37.62 11.66 14.89 19.85 -2.99 157.20 1.84 0.02 1.86 29

1999 15.92 12.70 7.53 12.25 22.40 -0.18 17.93 1.85 0.05 1.90 41

2000 20.89 9.72 5.75 12.22 23.87 -2.09 24.05 2.03 0.12 2.15 62

2001 25.92 13.05 7.48 14.11 28.52 -4.55 20.04 1.86 0.14 2.00 35

2002 21.32 11.91 14.99 17.05 25.70 2.16 28.32 1.71 0.29 2.00 28

2003 21.43 23.13 23.10 22.65 35.32 10.43 18.45 1.40 0.32 1.72 19

2004 15.27 19.23 10.76 21.24 24.26 7.65 24.30 1.26 0.58 1.84 30

2005 4.94 3.99 5.42 4.92 9.99 -1.78 12.52 0.74 0.51 1.26 62

2006 5.90 5.91 6.72 7.53 13.40 0.57 12.07 0.51 0.78 1.30 64

2007 9.63 9.59 9.11 10.17 14.65 3.80 14.22 0.41 0.95 1.36 63

2008 15.64 11.04 10.25 14.12 19.68 7.90 21.63 0.39 1.15 1.54 39

2009 13.20 11.33 12.85 15.80 20.32 -2.12 20.62 0.13 1.18 1.31 20

2010 12.89 8.05 11.20 12.64 19.41 2.87 24.62 0.12 1.11 1.23 17

2011 11.70 1.06 3.08 4.37 20.61 -16.54 28.35 0.03 1.11 1.15 38

2012 18.78 7.91 7.96 9.66 26.81 -5.16 34.83 0.03 1.16 1.19 31

Global ex U.S. Developed Markets Private Equity & Venture Capital: Since Inception IRR & Multiples by Fund Vintage YearNet to Limited Partners


Notes: Based on data compiled from 696 global ex U.S. developed markets private equity and venture capital funds (Asia/Pacific–Developed, Europe–Developed, Middle East-Developed and Canada), including fully liquidated partnerships, formed between 1986 and 2012. Vintage year funds formed since 2010 are too young to have produced meaningfulreturns. Analysis and comparison of partnership returns to benchmark statistics may be irrelevant. Benchmarks with NA (not applicable) have an insufficient number of funds in thevintage year sample to produce a meaningful return.

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Global ex U.S. Developed Markets Private Equity & Venture Capital: Since Inception IRR & Multiples Compared to CA Modified Public Market Equivalent (mPME)Net to Limited Partners

Pooled IRR (%) and IRR-Based Value-Add (bps)

Vintage Year

Number of

Funds

CABenchmark MSCI EAFE Index MSCI Europe Index

IRR mPME IRR Value-Add mPME IRR Value-Add

1986 1 NA NA NA NA NA1987 4 7.79 4.97 282 10.72 -2931988 7 15.45 7.79 766 14.85 601989 5 16.41 7.80 861 12.25 4161990 11 15.86 8.86 700 14.21 1651991 2 NA NA NA NA NA1992 7 13.10 8.44 467 14.43 -1321993 8 19.18 7.58 1,160 17.38 1801994 13 38.53 6.21 3,233 15.05 2,3481995 12 31.74 6.52 2,522 12.74 1,9001996 15 22.65 5.79 1,686 8.35 1,4301997 33 15.50 2.51 1,298 2.74 1,2761998 29 13.11 3.62 948 3.87 9241999 41 15.92 6.36 956 6.96 8962000 62 20.89 10.23 1,066 10.70 1,0202001 35 25.92 13.63 1,229 14.09 1,1832002 28 21.32 8.83 1,248 9.35 1,1972003 19 21.43 7.04 1,439 7.80 1,3642004 30 15.27 3.90 1,136 4.31 1,0962005 62 4.94 2.11 283 2.28 2662006 64 5.90 3.70 221 3.95 1952007 63 9.63 7.43 219 8.12 1512008 39 15.64 10.39 524 11.40 4242009 20 13.20 13.17 2 14.89 -1692010 17 12.89 14.86 -197 16.73 -3842011 38 11.70 17.87 -617 20.49 -8782012 31 18.78 18.40 38 21.37 -259


Total Value to Paid In (TVPI)

CA Benchmark

MSCI EAFE Index

MSCI Europe Index

TVPI mPME TVPI mPME TVPI

NA NA NA1.45 1.27 1.701.76 1.31 1.722.00 1.35 1.631.91 1.35 1.66

NA NA NA1.63 1.34 1.662.13 1.33 1.843.00 1.16 1.402.25 1.18 1.341.90 1.21 1.301.96 1.11 1.131.86 1.18 1.201.90 1.28 1.312.15 1.41 1.432.00 1.42 1.442.00 1.32 1.341.72 1.23 1.261.84 1.17 1.191.26 1.10 1.111.30 1.18 1.191.36 1.27 1.301.54 1.33 1.371.31 1.31 1.351.23 1.26 1.301.15 1.23 1.271.19 1.19 1.22

Distributions to Paid In (DPI)

CA Benchmark

MSCI EAFE Index

MSCI Europe Index

DPI mPME DPI mPME DPI

NA NA NA1.45 1.27 1.701.76 1.31 1.722.00 1.35 1.631.91 1.35 1.66

NA NA NA1.63 1.34 1.662.13 1.33 1.843.00 1.16 1.402.25 1.17 1.331.89 1.20 1.291.91 1.08 1.091.84 1.17 1.191.85 1.25 1.282.03 1.35 1.361.86 1.34 1.361.71 1.16 1.171.40 0.98 1.001.26 0.86 0.870.74 0.65 0.650.51 0.47 0.470.41 0.39 0.390.39 0.35 0.360.13 0.13 0.130.12 0.13 0.130.03 0.04 0.040.03 0.03 0.03

Notes: Based on data compiled from 696 global ex U.S. developed markets private equity and venture capital funds (includes funds investing primarily in Asia/Pacific–Developed, Europe–Developed, Middle East–Developed and Canada), including fully liquidated partnerships, formed between 1986 and 2012. Internal rates of returns are net of fees, expenses and carriedinterest. Vintage year funds formed since 2010 are too young to have produced meaningful returns. Analysis and comparison of partnership returns to benchmark statistics may be irrelevant.Benchmarks with NA (not applicable) have an insufficient number of funds in the vintage year sample to produce a meaningful return.mPME Note: Refer to Methodology page for further details on Cambridge Associates Modified PME (mPME).Sources: Cambridge Associates LLC, MSCI Inc. and Thomson Reuters Datastream.

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Vintage Year

Number of

Funds

CABenchmark

Constructed IndexMSCI Emerging1

Constructed IndexMSCI All Country2


1986 1 NA NA NA NA NA1987 4 7.79 23.25 -1,546 8.50 -711988 7 15.45 13.30 215 12.28 3171989 5 16.41 19.65 -324 10.73 5681990 11 15.86 13.23 262 12.62 3231991 2 NA NA NA NA NA1992 7 13.10 4.65 845 12.15 951993 8 19.18 0.47 1,872 13.24 5951994 13 38.53 -2.71 4,124 11.56 2,6981995 12 31.74 0.68 3,106 10.33 2,1411996 15 22.65 5.78 1,687 7.62 1,5031997 33 15.50 9.26 624 2.33 1,3161998 29 13.11 12.42 69 2.69 1,0421999 41 15.92 15.31 61 5.24 1,0682000 62 20.89 21.11 -22 8.70 1,2202001 35 25.92 25.57 35 11.72 1,4202002 28 21.32 18.74 258 8.69 1,2632003 19 21.43 15.95 549 7.77 1,3662004 30 15.27 9.92 535 5.69 9582005 62 4.94 4.99 -5 4.67 272006 64 5.90 3.96 195 6.34 -442007 63 9.63 4.41 522 9.94 -312008 39 15.64 6.22 942 12.83 2802009 20 13.20 4.84 835 14.95 -1762010 17 12.89 5.29 760 16.26 -3372011 38 11.70 7.29 441 18.74 -7032012 31 18.78 8.10 1,068 19.37 -58



CA Benchmark

Constructed IndexMSCI

Emerging1

Constructed Index

MSCI All Country2


NA NA NA1.45 2.62 1.521.76 1.46 1.552.00 1.92 1.521.91 1.48 1.55NA NA NA

1.63 1.16 1.532.13 1.02 1.623.00 0.93 1.302.25 1.02 1.271.90 1.27 1.261.96 1.52 1.101.86 1.80 1.131.90 1.87 1.232.15 2.04 1.352.00 1.92 1.382.00 1.75 1.351.72 1.53 1.281.84 1.45 1.271.26 1.25 1.241.30 1.19 1.321.36 1.15 1.371.54 1.19 1.421.31 1.11 1.361.23 1.09 1.291.15 1.09 1.241.19 1.08 1.20


CA Benchmark


Emerging1

Constructed Index

MSCI All Country2


NA NA NA1.45 2.62 1.521.76 1.46 1.552.00 1.92 1.521.91 1.48 1.55NA NA NA

1.63 1.16 1.532.13 1.02 1.623.00 0.93 1.302.25 1.01 1.271.89 1.25 1.251.91 1.47 1.071.84 1.78 1.121.85 1.82 1.202.03 1.95 1.281.86 1.80 1.291.71 1.54 1.161.40 1.24 0.991.26 1.10 0.910.74 0.78 0.720.51 0.51 0.520.41 0.37 0.420.39 0.34 0.380.13 0.12 0.140.12 0.11 0.130.03 0.03 0.040.03 0.02 0.03

Notes: Based on data compiled from 696 global ex U.S. developed markets private equity and venture capital funds (includes funds investing primarily in Asia/Pacific–Developed, Europe–Developed, MiddleEast–Developed and Canada), including fully liquidated partnerships, formed between 1986 and 2012. Internal rates of returns are net of fees, expenses and carried interest. Vintage year funds formed since2010 are too young to have produced meaningful returns. Analysis and comparison of partnership returns to benchmark statistics may be irrelevant.1Constructed MSCI EM Index: Data from 1/1/1986 to 12/31/1987 represented by GFD Emerging Markets price return. Data from 1/1/1988 to present represented by MSCI Emerging Markets total return gross.2Constructed MSCI All Country World Index: Data from 1/1/1986 to 12/31/1987 represented by MSCI World index gross total return. Data from 1/1/1988 to present represented by MSCI ACWI gross total return.mPME Note: Refer to Methodology page for further details on Cambridge Associates Modified PME (mPME).Sources: Cambridge Associates LLC, Global Financial Data, Inc., MSCI Inc., MSCI Inc. and Thomson Reuters Datastream. MSCI data provided "as is" without any express or implied warranties.

Global ex U.S. Developed Markets Private Equity & Venture Capital: Since Inception IRR & Multiples Compared to CA Modified Public Market Equivalent (mPME)Net to Limited Partners

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Vintage Year Pooled Return Arithmetic Mean Median Upper Quartile Lower Quartile Number of Funds

1986 NA NA NA NA NA 1

1987 1.45 1.56 NA NA NA 4

1988 1.76 1.72 1.80 NA NA 7

1989 2.00 1.97 1.73 NA NA 5

1990 1.91 1.94 1.89 2.54 1.32 11


1992 1.63 1.55 1.46 NA NA 7

1993 2.13 2.25 1.80 2.88 1.62 8

1994 3.00 2.49 2.50 3.10 1.70 13

1995 2.25 2.01 1.76 2.00 1.60 12

1996 1.90 1.72 1.60 1.95 1.42 15

1997 1.96 1.94 1.89 2.14 1.58 33

1998 1.86 1.79 1.61 2.14 0.87 29

1999 1.90 1.74 1.38 2.18 0.99 41

2000 2.15 1.64 1.39 2.05 0.87 62

2001 2.00 1.66 1.65 2.21 0.79 35

2002 2.00 1.75 1.70 2.19 1.12 28

2003 1.72 1.86 1.92 2.25 1.37 19

2004 1.84 1.97 1.55 2.24 1.33 30

2005 1.26 1.24 1.25 1.57 0.90 62

2006 1.30 1.37 1.35 1.54 1.03 64

2007 1.36 1.40 1.36 1.56 1.17 63

2008 1.54 1.47 1.35 1.68 1.17 39

2009 1.31 1.37 1.28 1.62 0.95 20

2010 1.23 1.26 1.18 1.31 1.03 17

2011 1.15 1.06 1.05 1.23 0.82 38

2012 1.19 1.09 1.08 1.25 0.96 31

Global ex U.S. Developed Markets Private Equity & Venture Capital: Total Value to Paid In Capital Multiple (TVPI)Net to Limited Partners


Notes: Based on data compiled from 696 global ex U.S. developed markets private equity and venture capital funds (includes funds investing primarily in Asia/Pacific–Developed,Europe–Developed, Middle East–Developed and Canada), including fully liquidated partnerships, formed between 1986 and 2012. Vintage year funds formed since 2010 are tooyoung to have produced meaningful returns. Analysis and comparison of partnership returns to benchmark statistics may be irrelevant. Benchmarks with NA (not applicable) have aninsufficient number of funds in the vintage year sample to produce a meaningful return.

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Global ex U.S. Developed Markets Private Equity & Venture Capital: Distribution to Paid In Capital Multiple (DPI)Net to Limited Partners




1987 1.45 1.56 NA NA NA 4

1988 1.76 1.72 1.80 NA NA 7

1989 0.62 1.97 1.73 NA NA 5

1990 1.91 1.94 1.89 2.54 1.32 11


1992 1.63 1.55 1.46 NA NA 7

1993 2.13 2.25 1.80 2.88 1.62 8

1994 3.00 2.49 2.50 3.10 1.70 13

1995 2.25 2.00 1.76 2.00 1.59 12

1996 1.89 1.72 1.60 1.94 1.39 15

1997 1.91 1.91 1.87 2.14 1.50 33

1998 1.84 1.76 1.61 2.14 0.87 29

1999 1.85 1.69 1.37 2.18 0.95 41

2000 2.03 1.52 1.15 1.93 0.71 62

2001 1.86 1.43 1.12 2.08 0.61 35

2002 1.71 1.57 1.43 2.09 0.94 28

2003 1.40 1.59 1.55 2.00 1.20 19

2004 1.26 1.55 1.04 2.08 0.81 30

2005 0.74 0.68 0.61 0.97 0.26 62

2006 0.51 0.64 0.58 0.88 0.22 64

2007 0.41 0.50 0.35 0.67 0.15 63

2008 0.39 0.40 0.34 0.57 0.08 39

2009 0.13 0.24 0.05 0.21 0.00 20

2010 0.12 0.20 0.14 0.27 0.00 17

2011 0.03 0.05 0.00 0.01 0.00 38

2012 0.03 0.01 0.00 0.02 0.00 31

Notes: Based on data compiled from 696 global ex U.S. developed markets private equity and venture capital funds (includes funds investing primarily in Asia/Pacific–Developed,Europe–Developed, Middle East–Developed and Canada), including fully liquidated partnerships, formed between 1986 and 2012. Vintage year funds formed since 2010 are tooyoung to have produced meaningful returns. Analysis and comparison of partnership returns to benchmark statistics may be irrelevant. Benchmarks with NA (not applicable) have aninsufficient number of funds in the vintage year sample to produce a meaningful return.

| 12


Global ex U.S. Developed Markets Private Equity & Venture Capital: Residual Value to Paid In Capital Multiple (RVPI)Net to Limited Partners




1987 0.00 0.00 NA NA NA 4

1988 0.00 0.00 0.00 NA NA 7

1989 0.00 0.00 0.00 NA NA 5

1990 0.00 0.00 0.00 0.00 0.00 11


1992 0.00 0.00 0.00 NA NA 7

1993 0.00 0.00 0.00 0.00 0.00 8

1994 0.00 0.00 0.00 0.00 0.00 13

1995 0.00 0.01 0.00 0.00 0.00 12

1996 0.01 0.01 0.00 0.00 0.00 15

1997 0.05 0.03 0.00 0.00 0.00 33

1998 0.02 0.03 0.00 0.03 0.00 29

1999 0.05 0.05 0.00 0.07 0.00 41

2000 0.12 0.12 0.03 0.18 0.00 62

2001 0.14 0.23 0.17 0.39 0.08 35

2002 0.29 0.18 0.16 0.31 0.01 28

2003 0.32 0.27 0.31 0.39 0.14 19

2004 0.58 0.42 0.33 0.54 0.22 30

2005 0.51 0.57 0.50 0.73 0.36 62

2006 0.78 0.73 0.69 0.94 0.48 64

2007 0.95 0.90 0.87 1.14 0.63 63

2008 1.15 1.07 1.03 1.21 0.85 39

2009 1.18 1.13 1.18 1.35 0.77 20

2010 1.11 1.06 1.03 1.12 0.91 17

2011 1.11 1.01 0.91 1.23 0.80 38

2012 1.16 1.07 1.08 1.23 0.96 31

Notes: Based on data compiled from 696 global ex U.S. developed markets private equity and venture capital funds (includes funds investing primarily in Asia/Pacific–DevelopedEurope–Developed, Middle East–Developed and Canada), including fully liquidated partnerships, formed between 1986 and 2012. Vintage year funds formed since 2010 are tooyoung to have produced meaningful returns. Analysis and comparison of partnership returns to benchmark statistics may be irrelevant. Benchmarks with NA (not applicable) have aninsufficient number of funds in the vintage year sample to produce a meaningful return.

| 13

Global Emerging Markets Private Equity & Venture Capital:

Fund Index Analysis

| 14


Index 1-Quarter YTD 1-Year 3-Year 5-Year 10-Year 15-Year 20-Year 25-Year

Global Emerging Markets Private Equity & Venture Capital Index1 4.63 7.45 19.87 8.30 14.40 12.69 9.44 8.79 8.74

Asia/Pacific Emerging Markets Private Equity & Venture Capital Index1 5.31 9.62 24.87 9.92 16.46 13.53 10.74 9.79 9.71

Europe Emerging Private Equity & Venture Capital Index (US$)1,2 3.62 -2.38 14.16 5.19 12.30 14.65 12.53 11.28 NA

Europe Emerging Private Equity & Venture Capital Index (€)1,2 4.31 -1.72 8.11 6.96 12.63 14.35 10.72 10.04 NA

Latin America & Caribbean Private Equity & Venture Capital Index1 4.28 7.67 6.98 -0.38 9.41 12.76 3.34 3.17 NA

Africa Private Equity & Venture Capital 3.58 4.98 10.18 7.14 9.16 11.30 10.04 10.29 10.29

MSCI Emerging Markets Index 6.71 6.32 14.68 -0.06 9.58 12.30 9.21 6.61 10.44

MSCI Emerging Markets Asia Index 7.27 7.02 17.01 2.65 10.91 12.06 7.36 3.62 6.68

MSCI Emerging Markets Eastern Europe Index 7.58 -3.14 11.40 -6.19 8.51 7.62 10.93 NA NA

MSCI Emerging Markets Latin America Index 6.99 7.40 9.32 -5.86 5.79 15.78 12.41 10.37 15.27

MSCI Europe Index (US$) 3.30 5.48 29.28 8.67 13.03 7.54 5.07 8.44 8.71

MSCI Europe Index (€) 3.99 6.15 22.74 10.77 13.58 6.27 3.10 7.82 7.87

MSCI Pacific Index 5.77 3.12 13.10 7.10 9.58 5.79 3.64 1.74 1.80

MSCI World ex U.S. Index 4.62 5.40 23.83 7.58 11.67 7.18 4.88 5.76 5.58

MSCI World Index 4.86 6.18 24.05 11.81 14.99 7.25 4.18 7.19 7.04

Global Emerging Markets Private Equity & Venture Capital Fund Index Summary: End-to-End Pooled ReturnNet to Limited Partners


The index is an end-to-end calculation based on data compiled from 536 global emerging markets private equity and venture capital funds (includes funds investing primarily in Africa,Asia/Pacific–Emerging, Europe–Emerging, Latin America & Caribbean and Middle East–Emerging) including fully liquidated partnerships, formed between 1986 and 2014. The AsiaEmerging Markets Index consists of 301 funds, the Europe Emerging Markets Index consists of 57 funds, the Latin America & Caribbean Index consists of 50 funds and the Africa Indexconsists of 47 funds. Please note that the Global Emerging Markets Index contains 81 funds that do not fall into these specific regions stated above. A Middle East index is notcalculated because of insufficient sample size.1Pooled end-to-end return, net of fees, expenses, and carried interest.2Includes RussiaSources: Cambridge Associates LLC, MSCI Inc. and Thomson Reuters Datastream.Notes: Total returns for MSCI Emerging Markets indices are gross of dividend taxes. Total returns for MSCI Developed Markets indices are net of dividend taxes. | 15


CA Index 1-Year 3-Year 5-Year 10-Year 15-Year 20-Year 25-Year

Global Emerging Markets Private Equity & Venture Capital Index1 19.87 8.30 14.40 12.69 9.44 8.79 8.74

mPME Analysis2

MSCI EAFE Index 23.41 9.42 11.80 6.66 5.36 5.62 5.64

Value-Add (bps) -354 -112 260 604 408 317 310

MSCI Europe Index 29.11 10.23 13.11 7.37 5.85 6.75 6.77

Value-Add (bps) -924 -193 129 533 358 204 197

Constructed Index: Global Financial Data Emerging Markets/MSCI Emerging Markets3 14.61 0.69 8.79 9.37 8.05 7.62 7.86

Value-Add 526 762 561 333 139 117 88

Constructed Index: MSCI World/MSCI All Country World Index4 23.51 11.74 14.61 8.37 6.37 7.17 7.18

Value-Add -364 -343 -21 432 307 163 156


The index is an end-to-end calculation based on data compiled from 536 global emerging markets private equity and venture capital funds (includes funds investing primarily in Africa,Asia/Pacific–Emerging, Europe–Emerging, Latin America & Caribbean and Middle East–Emerging, including fully liquidated partnerships, formed between 1986 and 2014.1Pooled end-to-end return, net of fees, expenses, and carried interest.2 CA Modified Public Market Equivalent (mPME) replicates private investment performance under public market conditions. The public index’s shares are purchased and sold according to the private fund cash flow schedule, with distributions calculated in the same proportion as the private fund, and mPME NAV is a function of mPME cash flows and public index returns. “Value-Add” shows (in basis points) the difference between the actual private investment return and the mPME calculated return. Refer to Methodology page for details.3 Constructed MSCI EM Index: Data from 1/1/1986 to 12/31/1987 represented by GFD Emerging Markets price return. Data from 1/1/1988 to present represented by MSCI Emerging Markets total return gross.4 Constructed MSCI All Country World Index: Data from 1/1/1986 to 12/31/1987 represented by MSCI World index gross total return. Data from 1/1/1988 to present represented by MSCI ACWI gross total return.Sources: Cambridge Associates LLC, Global Financial Data, Inc., MSCI Inc., MSCI Inc. and Thomson Reuters Datastream. MSCI data provided "as is" without any express or impliedwarranties.

Global Emerging Markets Private Equity & Venture Capital Index Summary: End-to-End Pooled Return Compared to CA Modified Public Market Equivalent (mPME)Net to Limited Partners

| 16


Global Emerging Markets Private Equity & Venture Capital Fund Index Details: One Quarter End-to-End Pooled ReturnNet to Limited Partners


The index is an end-to-end calculation based on data compiled from 536 global emerging markets private equity and venture capital funds (includes funds investing primarily in Africa, Asia/Pacific–Emerging, Europe–Emerging, Latin America & Caribbean and Middle East–Emerging), including fully liquidated partnerships, formed between 1986 and 2014. All returns are net of fees, expenses, and carried interest. Historical quarterly returns were updated this quarter due to change in composition of the benchmark.

QuarterEnding

End to EndReturn

QuarterEnding

End to EndReturn

QuarterEnding

End to EndReturn

QuarterEnding

End to EndReturn

QuarterEnding

End to EndReturn

1986 Q1 NA 1992 Q1 4.28 1998 Q1 2.37 2004 Q1 6.32 2010 Q1 4.23

1986 Q2 NA 1992 Q2 -0.14 1998 Q2 -4.93 2004 Q2 1.07 2010 Q2 -0.21

1986 Q3 NA 1992 Q3 -0.32 1998 Q3 -4.07 2004 Q3 3.43 2010 Q3 8.89

1986 Q4 -1.32 1992 Q4 -4.58 1998 Q4 3.34 2004 Q4 10.99 2010 Q4 11.33

1987 Q1 1.91 1993 Q1 1.28 1999 Q1 -2.17 2005 Q1 6.56 2011 Q1 2.64

1987 Q2 0.00 1993 Q2 1.10 1999 Q2 3.50 2005 Q2 2.11 2011 Q2 3.11

1987 Q3 4.29 1993 Q3 2.06 1999 Q3 0.10 2005 Q3 5.46 2011 Q3 -7.99

1987 Q4 -4.77 1993 Q4 7.74 1999 Q4 12.07 2005 Q4 7.62 2011 Q4 0.94

1988 Q1 2.11 1994 Q1 -0.53 2000 Q1 3.22 2006 Q1 6.12 2012 Q1 6.10

1988 Q2 0.00 1994 Q2 -1.95 2000 Q2 2.35 2006 Q2 3.39 2012 Q2 -2.55

1988 Q3 -0.38 1994 Q3 1.71 2000 Q3 -1.11 2006 Q3 2.51 2012 Q3 2.41

1988 Q4 0.34 1994 Q4 -2.26 2000 Q4 -4.78 2006 Q4 12.97 2012 Q4 3.50

1989 Q1 5.04 1995 Q1 -0.59 2001 Q1 -1.41 2007 Q1 4.50 2013 Q1 2.39

1989 Q2 -3.55 1995 Q2 0.38 2001 Q2 -1.63 2007 Q2 13.94 2013 Q2 -0.22

1989 Q3 0.86 1995 Q3 1.07 2001 Q3 -4.22 2007 Q3 7.87 2013 Q3 3.62

1989 Q4 0.74 1995 Q4 -3.14 2001 Q4 -10.72 2007 Q4 12.65 2013 Q4 7.33

1990 Q1 1.15 1996 Q1 2.77 2002 Q1 -0.35 2008 Q1 -4.67 2014 Q1 2.69

1990 Q2 1.27 1996 Q2 3.76 2002 Q2 -2.51 2008 Q2 0.16 2014 Q2 4.63

1990 Q3 -0.72 1996 Q3 0.46 2002 Q3 -6.83 2008 Q3 -11.69

1990 Q4 1.63 1996 Q4 6.52 2002 Q4 -6.54 2008 Q4 -17.43

1991 Q1 0.58 1997 Q1 -0.83 2003 Q1 -2.25 2009 Q1 -1.60

1991 Q2 0.66 1997 Q2 1.54 2003 Q2 2.21 2009 Q2 11.73

1991 Q3 -1.62 1997 Q3 -1.61 2003 Q3 4.43 2009 Q3 9.11

1991 Q4 2.63 1997 Q4 -3.24 2003 Q4 5.02 2009 Q4 9.36

| 17



Global Emerging Markets Private Equity & Venture Capital Fund Index Details: End-to-End Pooled ReturnNet to Limited Partners

One Year Rolling Returns

One Year Ended


One Year Ended


6/30/2014 19.87 6/30/1999 1.20

6/30/2013 8.99 6/30/1998 -8.65

6/30/2012 -3.54 6/30/1997 7.20

6/30/2011 27.97 6/30/1996 5.36

6/30/2010 23.67 6/30/1995 -0.94

6/30/2009 -18.89 6/30/1994 6.60

6/30/2008 14.56 6/30/1993 -2.61

6/30/2007 38.74 6/30/1992 5.94

6/30/2006 23.77 6/30/1991 2.64

6/30/2005 25.56 6/30/1990 4.31

6/30/2004 18.11

6/30/2003 -12.71

6/30/2002 -16.98

6/30/2001 -8.49

6/30/2000 18.71

Multi-Year Returns

Years End to End Return (%) Years End to End Return

(%)

1 Year 19.87 16 Years 9.23

2 Years 14.30 17 Years 8.89

3 Years 8.30 18 Years 8.87

4 Years 12.50 19 Years 8.84

5 Years 14.40 20 Years 8.79

6 Years 9.09 21 Years 8.79

7 Years 9.64 22 Years 8.76

8 Years 11.45 23 Years 8.75

9 Years 12.04 24 Years 8.75

10 Years 12.69 25 Years 8.74

11 Years 12.96

12 Years 11.57

13 Years 10.02

14 Years 9.11

15 Years 9.44

The index is an end-to-end calculation based on data compiled from 536 global emerging markets private equity and venture capital funds (includes funds investing primarily inAfrica, Asia/Pacific–Emerging, Europe–Emerging, Latin America & Caribbean and Middle East–Emerging), including fully liquidated partnerships, formed between 1986 and 2014.All returns are net of fees, expenses, and carried interest. | 18

Global Emerging Markets Private Equity & Venture Capital:

Fund Since Inception Analysis

| 19


VintageYear

Pooled Return(%)

Arithmetic Mean (%)

Median (%)

Equal-WeightedPooled Return

(%)

UpperQuartile

(%)

Lower Quartile(%)

Standard Deviation

(%)DPI RVPI TVPI Number

of Funds




1989 10.39 9.73 NA 12.00 NA NA 6.36 1.67 0.00 1.67 4



1992 13.45 11.50 16.30 12.78 NA NA 12.18 1.97 0.00 1.97 7

1993 2.84 4.41 1.67 6.53 9.21 -0.69 8.15 1.22 0.00 1.22 8

1994 1.95 4.11 4.40 5.44 9.36 -0.53 5.59 1.11 0.01 1.12 16

1995 0.60 -0.10 -1.35 0.21 6.67 -4.56 7.72 1.03 0.00 1.03 13

1996 4.50 4.84 2.24 7.25 12.89 -3.01 13.97 1.29 0.02 1.30 15

1997 3.73 4.05 5.89 7.88 10.29 -3.01 21.56 1.22 0.02 1.23 26

1998 14.50 11.00 14.87 15.81 19.83 -1.54 15.45 1.97 0.14 2.11 18

1999 1.92 1.79 -1.80 2.98 4.01 -6.67 14.72 1.04 0.07 1.11 21

2000 10.46 7.22 6.57 8.35 12.60 -0.05 12.74 1.51 0.21 1.72 24

2001 12.15 10.65 10.58 11.70 18.03 -2.85 18.24 1.50 0.21 1.71 11

2002 25.13 18.26 12.19 16.97 19.77 7.60 28.98 1.92 0.25 2.17 10

2003 15.71 15.16 16.43 18.67 24.96 8.58 16.55 1.48 0.21 1.68 10

2004 8.87 21.46 8.90 12.29 16.77 1.85 48.19 0.95 0.52 1.47 28

2005 12.51 10.66 8.62 13.04 16.21 3.40 13.47 1.08 0.70 1.78 44

2006 10.54 7.78 7.02 10.83 14.39 0.28 13.22 0.51 1.04 1.56 50

2007 9.39 7.66 8.16 9.30 13.70 2.90 10.05 0.42 0.98 1.40 67

2008 11.07 7.72 5.33 13.76 11.90 0.64 14.81 0.19 1.18 1.37 47

2009 9.78 6.45 7.12 12.85 13.79 0.01 13.12 0.10 1.12 1.22 17

2010 11.29 7.46 6.08 10.24 16.93 -1.85 13.51 0.07 1.14 1.21 27

2011 10.56 7.87 7.67 10.42 17.74 -0.23 18.67 0.02 1.11 1.13 33

2012 4.04 4.47 -3.47 10.35 10.63 -17.12 42.39 0.01 1.02 1.04 20

Global Emerging Markets Private Equity & Venture Capital: Since Inception IRR & Multiples by Fund Vintage YearNet to Limited Partners


Notes: Based on data compiled from 523 global emerging markets private equity and venture capital funds (includes funds investing primarily in Africa, Asia/Pacific–Emerging,Europe–Emerging, Latin America & Caribbean and Middle East–Emerging), including fully liquidated partnerships, formed between 1986 and 2012. Internal rates of return are net offees, expenses and carried interest. Vintage year funds formed since 2010 are too young to have produced meaningful returns. Analysis and comparison of partnership returns tobenchmark statistics may be irrelevant. Benchmarks with NA (not applicable) have an insufficient number of funds in the vintage year sample to produce a meaningful return. | 20


Global Emerging Markets Private Equity & Venture Capital: Since Inception IRR & Multiples Compared to CA Modified Public Market Equivalent (mPME)Net to Limited Partners


Vintage Year

Number of

Funds

CABenchmark MSCI EAFE Index MSCI Europe Index


1986 1 2.24 7.62 -538 11.26 -9021987 1 -1.36 5.33 -668 10.34 -1,1701988 1 15.62 5.84 977 10.28 5331989 4 10.39 5.56 483 11.41 -1031990 2 1.16 9.08 -791 13.61 -1,2451991 2 4.55 8.20 -366 13.92 -9371992 7 13.45 7.89 556 15.77 -2321993 8 2.84 5.97 -314 10.53 -7691994 16 1.95 5.52 -358 12.11 -1,0161995 13 0.60 3.24 -265 7.27 -6671996 15 4.50 4.48 3 5.41 -911997 26 3.73 4.38 -65 4.69 -971998 18 14.50 4.44 1,005 4.81 9691999 21 1.92 6.08 -417 6.72 -4802000 24 10.46 7.19 327 7.48 2992001 11 12.15 10.12 203 10.64 1512002 10 25.13 8.34 1,679 9.03 1,6102003 10 15.71 5.33 1,039 5.93 9782004 28 8.87 2.71 615 3.01 5862005 44 12.51 1.77 1,075 2.01 1,0502006 50 10.54 4.30 624 4.67 5872007 67 9.39 6.28 311 6.84 2552008 47 11.07 10.62 45 11.73 -662009 17 9.78 12.93 -316 14.66 -4882010 27 11.29 15.07 -377 17.15 -5852011 33 10.56 16.46 -591 18.65 -8092012 20 4.04 18.20 -1,417 21.42 -1,739



CA Benchmark

MSCI EAFE Index

MSCI Europe Index


1.16 1.87 2.610.89 1.92 3.292.58 1.35 1.681.67 1.33 1.791.08 1.79 2.451.28 1.84 2.671.97 1.39 1.901.22 1.52 2.031.12 1.32 1.771.03 1.18 1.421.30 1.28 1.341.23 1.27 1.292.11 1.20 1.221.11 1.38 1.431.72 1.38 1.391.71 1.46 1.492.17 1.29 1.311.68 1.22 1.251.47 1.14 1.151.78 1.09 1.101.56 1.20 1.221.40 1.26 1.291.37 1.35 1.401.22 1.31 1.351.21 1.29 1.331.13 1.20 1.231.04 1.16 1.19


CA Benchmark

MSCI EAFEIndex

MSCI Europe Index


1.16 1.87 2.610.89 1.92 3.282.58 1.35 1.681.67 1.33 1.791.08 1.79 2.451.28 1.58 2.271.97 1.39 1.901.22 1.52 2.031.11 1.32 1.771.03 1.18 1.421.29 1.26 1.331.22 1.25 1.271.97 1.17 1.191.04 1.29 1.331.51 1.24 1.251.50 1.33 1.351.92 1.13 1.151.48 1.03 1.050.95 0.70 0.701.08 0.66 0.660.51 0.40 0.400.42 0.37 0.370.19 0.19 0.190.10 0.11 0.110.07 0.08 0.080.02 0.02 0.020.01 0.02 0.02

Notes: Based on data compiled from 523 global emerging markets private equity and venture capital funds (includes funds investing primarily in Africa, Asia/Pacific–Emerging, Europe–Emerging,Latin America & Caribbean and Middle East–Emerging), including fully liquidated partnerships, formed between 1986 and 2012. Internal rates of returns are net of fees, expenses and carriedinterest. Vintage year funds formed since 2010 are too young to have produced meaningful returns. Analysis and comparison of partnership returns to benchmark statistics may be irrelevant.Benchmarks with NA (not applicable) have an insufficient number of funds in the vintage year sample to produce a meaningful return.mPME Note: Refer to Methodology page for further details on Cambridge Associates Modified PME (mPME).Sources: Cambridge Associates LLC, MSCI Inc. and Thomson Reuters Datastream. | 21



Vintage Year

Number of

Funds

CABenchmark

Constructed IndexMSCI Emerging1

Constructed IndexMSCI All Country2


1986 1 2.24 24.65 -2,241 10.58 -8341987 1 -1.36 11.66 -1,301 8.47 -9831988 1 15.62 22.80 -718 9.17 6451989 4 10.39 19.87 -949 9.08 1311990 2 1.16 12.24 -1,108 12.71 -1,1541991 2 4.55 7.66 -312 11.76 -7211992 7 13.45 0.69 1,277 12.55 901993 8 2.84 5.64 -280 8.14 -5311994 16 1.95 1.81 14 9.25 -7301995 13 0.60 3.13 -254 5.39 -4801996 15 4.50 10.15 -564 4.30 211997 26 3.73 11.68 -795 3.72 11998 18 14.50 13.20 129 3.64 1,0851999 21 1.92 15.25 -1,333 5.14 -3222000 24 10.46 17.68 -721 6.46 4002001 11 12.15 21.69 -954 9.12 3032002 10 25.13 19.24 589 8.20 1,6932003 10 15.71 14.16 156 6.43 9282004 28 8.87 7.97 90 4.79 4072005 44 12.51 5.88 664 4.19 8322006 50 10.54 4.04 650 6.83 3712007 67 9.39 3.94 545 8.79 602008 47 11.07 5.71 536 13.01 -1942009 17 9.78 4.69 509 14.72 -4942010 27 11.29 5.99 530 16.45 -5162011 33 10.56 7.26 329 17.71 -7152012 20 4.04 8.43 -440 19.50 -1,546



CA Benchmark


Emerging1

Constructed Index

MSCI All Country2


1.16 5.13 2.420.89 3.94 2.752.58 2.86 1.591.67 2.44 1.591.08 2.16 2.251.28 1.88 2.331.97 1.03 1.681.22 1.56 1.731.12 1.12 1.561.03 1.20 1.301.30 1.81 1.261.23 1.95 1.222.11 1.75 1.161.11 2.26 1.321.72 2.20 1.351.71 2.21 1.432.17 1.73 1.301.68 1.62 1.281.47 1.42 1.261.78 1.31 1.231.56 1.18 1.341.40 1.15 1.381.37 1.18 1.451.22 1.10 1.351.21 1.11 1.321.13 1.09 1.221.04 1.08 1.18


CA Benchmark


Emerging1

Constructed Index

MSCI All Country2


1.16 5.13 2.420.89 3.92 2.742.58 2.86 1.591.67 2.44 1.591.08 2.16 2.251.28 1.49 1.971.97 1.03 1.681.22 1.56 1.731.11 1.11 1.561.03 1.20 1.301.29 1.79 1.241.22 1.92 1.201.97 1.71 1.131.04 2.10 1.221.51 1.98 1.201.50 2.02 1.281.92 1.54 1.131.48 1.39 1.070.95 0.91 0.751.08 0.84 0.730.51 0.43 0.440.42 0.37 0.400.19 0.17 0.200.10 0.10 0.110.07 0.07 0.080.02 0.02 0.020.01 0.01 0.02

Notes: Based on data compiled from 523 global emerging markets private equity and venture capital funds (includes funds investing primarily in Africa, Asia/Pacific–Emerging, Europe–Emerging, Latin America &Caribbean and Middle East–Emerging), including fully liquidated partnerships, formed between 1986 and 2012. Internal rates of returns are net of fees, expenses and carried interest. Vintage year funds formedsince 2010 are too young to have produced meaningful returns. Analysis and comparison of partnership returns to benchmark statistics may be irrelevant.1Constructed MSCI EM Index: Data from 1/1/1986 to 12/31/1987 represented by GFD Emerging Markets price return. Data from 1/1/1988 to present represented by MSCI Emerging Markets total return gross.2Constructed MSCI All Country World Index: Data from 1/1/1986 to 12/31/1987 represented by MSCI World index gross total return. Data from 1/1/1988 to present represented by MSCI ACWI gross total return.mPME Note: Refer to Methodology page for further details on Cambridge Associates Modified PME (mPME).Sources: Cambridge Associates LLC, Global Financial Data, Inc., MSCI Inc., MSCI Inc. and Thomson Reuters Datastream. MSCI data provided "as is" without any express or implied warranties.

Global Emerging Markets Private Equity & Venture Capital: Since Inception IRR & Multiples Compared to CA Modified Public Market Equivalent (mPME)Net to Limited Partners

| 22






1989 1.67 1.95 NA NA NA 4



1992 1.97 1.89 2.40 NA NA 7

1993 1.22 1.37 1.13 1.56 0.95 8

1994 1.12 1.44 1.31 1.56 0.98 16

1995 1.03 1.01 0.92 1.19 0.82 13

1996 1.30 1.56 1.06 1.83 0.78 15

1997 1.23 1.55 1.34 1.78 0.76 26

1998 2.11 2.48 1.65 2.27 0.92 18

1999 1.11 1.17 0.92 1.30 0.61 21

2000 1.72 1.56 1.44 2.05 1.00 24

2001 1.71 1.82 1.51 2.66 0.88 11

2002 2.17 2.07 1.80 2.05 1.52 10

2003 1.68 2.11 1.71 2.09 1.54 10

2004 1.47 1.61 1.47 1.74 1.11 28

2005 1.78 1.82 1.51 2.00 1.18 44

2006 1.56 1.61 1.35 1.76 1.01 50

2007 1.40 1.43 1.36 1.64 1.10 67

2008 1.37 1.48 1.17 1.43 1.01 47

2009 1.22 1.32 1.17 1.29 1.00 17

2010 1.21 1.20 1.09 1.34 0.96 27

2011 1.13 1.14 1.11 1.24 0.99 33

2012 1.04 1.10 0.97 1.09 0.84 20

Global Emerging Markets Private Equity & Venture Capital: Total Value to Paid In Capital Multiple (TVPI)Net to Limited Partners


Notes: Based on data compiled from 523 global emerging markets private equity and venture capital funds (includes funds investing primarily in Africa, Asia/Pacific–Emerging,Europe–Emerging, Latin America & Caribbean and Middle East–Emerging), including fully liquidated partnerships, formed between 1986 and 2012. Internal rates of return are net offees, expenses and carried interest. Vintage year funds formed since 2010 are too young to have produced meaningful returns. Analysis and comparison of partnership returns tobenchmark statistics may be irrelevant. Benchmarks with NA (not applicable) have an insufficient number of funds in the vintage year sample to produce a meaningful return.

| 23


Global Emerging Markets Private Equity & Venture Capital: Distribution to Paid In Capital Multiple (DPI)Net to Limited Partners







1989 1.67 1.95 NA NA NA 4



1992 1.97 1.89 2.40 NA NA 7

1993 1.22 1.37 1.13 1.56 0.95 8

1994 1.11 1.40 1.27 1.56 0.96 16

1995 1.03 1.01 0.92 1.19 0.82 13

1996 1.29 1.52 1.06 1.80 0.78 15

1997 1.22 1.48 1.34 1.78 0.74 26

1998 1.97 2.32 1.64 2.27 0.92 18

1999 1.04 1.10 0.92 1.13 0.52 21

2000 1.51 1.32 1.08 1.76 0.55 24

2001 1.50 1.69 1.51 2.64 0.67 11

2002 1.92 1.77 1.34 1.92 1.00 10

2003 1.48 1.96 1.52 1.89 1.39 10

2004 0.95 1.11 0.91 1.35 0.71 28

2005 1.08 1.00 0.87 1.26 0.42 44

2006 0.51 0.58 0.38 0.97 0.15 50

2007 0.42 0.33 0.30 0.46 0.10 67

2008 0.19 0.25 0.16 0.30 0.03 47

2009 0.10 0.12 0.10 0.19 0.00 17

2010 0.07 0.06 0.00 0.07 0.00 27

2011 0.02 0.02 0.00 0.01 0.00 33

2012 0.01 0.03 0.00 0.00 0.00 20

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Global Emerging Markets Private Equity & Venture Capital: Residual Value to Paid In Capital Multiple (RVPI)Net to Limited Partners







1989 0.00 0.00 NA NA NA 4



1992 0.00 0.00 0.00 NA NA 7

1993 0.00 0.00 0.00 0.00 0.00 8

1994 0.01 0.04 0.00 0.00 0.00 16

1995 0.00 0.00 0.00 0.00 0.00 13

1996 0.02 0.04 0.00 0.03 0.00 15

1997 0.02 0.07 0.00 0.01 0.00 26

1998 0.14 0.16 0.00 0.00 0.00 18

1999 0.07 0.08 0.00 0.06 0.00 21

2000 0.21 0.24 0.04 0.32 0.00 24

2001 0.21 0.13 0.00 0.10 0.00 11

2002 0.25 0.30 0.13 0.47 0.02 10

2003 0.21 0.15 0.10 0.23 0.01 10

2004 0.52 0.50 0.39 0.58 0.21 28

2005 0.70 0.82 0.58 0.98 0.40 44

2006 1.04 1.04 0.96 1.12 0.63 50

2007 0.98 1.10 0.92 1.30 0.74 67

2008 1.18 1.23 1.02 1.23 0.79 47

2009 1.12 1.20 1.04 1.12 0.90 17

2010 1.14 1.15 1.07 1.20 0.92 27

2011 1.11 1.12 1.05 1.19 0.96 33

2012 1.02 1.08 0.95 1.09 0.84 20

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Cambridge Associates LLC (CA) has established a database to monitor investments made by venture capital and other alternative asset partnerships On June 30, 2013, 1,249 global ex U.S. developed markets & emerging markets private equity and venture capital funds from the years 1986 through 2014 were included in the sample. Users of the analysis may find the following description of the data sources and calculation techniques helpful to their interpretation of information presented in the report:

1. Partnership financial statements and narratives are the primary source of information concerning cash flows and ending residual/ net asset values (NAV) for both partnerships and portfolio company investments.

2. Recognizing the alternative asset community's sensitivity to the distribution of information pertaining to individual fund investments, as a matter of policy CA only releases aggregated figures in its benchmark report.

3. Vintage year is defined as the legal inception date as noted in a fund's financial statement. This date can usually be found in the first note to the audited financial statements and is prior to the first close or capital call.

4. CA uses both the since inception internal rate of return and the end-to-end or horizon performance calculation in its benchmark reports:

a. The since inception internal rate of return (SI IRR) is a since inception calculation that solves for the discount rate, whichmakes the net present value of an investment equal to zero. The calculation is based on cash-on-cash returns over equalperiods modified for the residual value of the partnership’s equity or portfolio company’s NAV. The residual value attributedto each respective group being measured is incorporated as its ending value. Transactions are accounted for on a quarterlybasis, and annualized values are used for reporting purposes. Please note that all transactions are recorded on the 45th day ormidpoint of the quarter.

b. Cambridge Associates uses the end –to-end or horizon internal rate of return calculation to calculate the official quarterly,annual, and multi-year index figures. The horizon IRR performance calculation is a money-weighted return similar to the sinceinception IRR; however, it is measuring performance between two points in time. The calculation incorporates the beginningNAV (if any, treated as an inflow), interim cash flows and the ending NAV (if any, treated as an outflow). All interim cashflows are recorded on the mid-period date of the quarter. In order for a fund to be included in a horizon IRR calculation, thefund must have at least one quarterly contribution, distribution or NAV during the time frame being measured. Similar to thesince inception IRR, the horizon IRR is annualized for time frames greater than one year.

Description of Performance Measurement Methodology


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5. Additional Calculation Definitions:In order to provide meaningful statistics, Cambridge Associates has applied minimum fund count thresholds for each calculation.. See

minimum counts in parenthesis after each calculation.a. Pooled return aggregates all cash flows and ending NAVs in a sample to calculate a dollar-weighted return.(minimum 3 funds)b. Arithmetic mean averages the individual fund IRRs included in a vintage year. (minimum 3 funds)c. Median is the middle fund IRR of the group of individual fund IRRs included in a vintage year. (minimum 5 funds)d. Equal-weighted pooled return equally weights all cash flows and ending NAVs based on paid in capital to calculate a dollar-

weighted return. (minimum 3 funds)e. Upper/ lower quartile are the thresholds for the upper (top 25%) and lower (bottom 25%) quartiles based on the individual

fund IRRs included in a vintage year. Can be used in conjunction with the median to determine quartile placement. (minimum8 funds)

f. Standard deviation is measure of the dispersion of the individual returns. The calculation employs the standardmethodology for calculating a sample mean (not a population mean). (minimum 3 funds)

6. Realization ratio exhibits (TVPI, DPI, RVPI): CA has independently calculated the proper realization ratio for each fund in eachvintage year. Please note that each fund has been ranked within its respective vintage year by the corresponding realization ratio, asopposed to being ranked by IRR as they are ranked in the since inception IRR exhibit. As a result a fund's ranking within its vintageyear may change. For example, it is possible that a vintage year can have a different median fund when ranked by IRR vs. when rankedby TVPI, DPI or RVPI.

7. Cambridge Associates Modified Public Market Equivalent (mPME): The mPME calculation is a private-to-public comparison that seeks to replicate private investment performance under public market conditions. The public index’s shares are purchased and sold according to the private fund cash flow schedule, with distributions calculated in the same proportion as the private fund, and the mPME NAV (the value of the shares held by the public equivalent) is a function of mPME cash flows and public index returns. The mPME attempts to evaluate what return would have been earned had the dollars been deployed in the public markets instead of in private investments while avoiding the “negative NAV” issue inherent in some PME methodologies. “Value-Add” shows (in basis points) the difference between the actual private investment return and the mPME calculated return.

8. Exhibits detailing data for portfolio companies are grouped by year of the fund’s initial investment in a company, as opposed to vintageyear. Returns are gross returns.

Description of Performance Measurement Methodology (Continued)


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Copyright © 2014 by Cambridge Associates LLC. All rights reserved. Confidential.

This report may not be displayed, reproduced, distributed, transmitted, or used to create derivative works in any form, in whole or in portion, by any means, without written permission from Cambridge Associates LLC (“CA”). Copying of this publication is a violation of U.S. and global copyright laws (e.g., 17 U.S.C. 101 et seq.). Violators of this copyright may be subject to liability for substantial monetary damages. The information and material published in this report are confidential and non-transferable. Therefore, recipients may not disclose any information or material derived from this report to third parties, or use information or material from this report, without prior written authorization. This report is provided for informational purposes only. It is not intended to constitute an offer of securities of any of the issuers that may be described in the report. No part of this report is intended as a recommendation of any firm or any security, unless expressly stated otherwise. Nothing contained in this report should be construed as the provision of tax or legal advice. Past performance is not indicative of future performance. Any information or opinions provided in this report are as of the date of the report and CA is under no obligation to update the information or communicate that any updates have been made. Information contained herein may have been provided by third parties, including investment firms providing information on returns and assets under management, and may not have been independently verified. CA can neither assure nor accept responsibility for accuracy, but substantial legal liability may apply to misrepresentations of results made by a manager that are delivered to CA electronically, by wire, or through the mail. Managers may report returns to CA gross (before the deduction of management fees), net (after the deduction of management fees), or both.

Cambridge Associates, LLC is a Massachusetts limited liability company with offices in Arlington, VA; Boston, MA; Dallas, TX; and Menlo Park, CA. Cambridge Associates Fiduciary Trust, LLC is a New Hampshire limited liability company chartered to serve as a non-depository trust company, and is a wholly-owned subsidiary of Cambridge Associates, LLC. Cambridge Associates Limited is registered as a limited company in England and Wales No. 06135829 and is authorised and regulated by the Financial Conduct Authority in the conduct of Investment Business. Cambridge Associates Limited, LLC is a Massachusetts limited liability company with a branch office in Sydney, Australia (ARBN 109 366 654). Cambridge Associates Asia Pte Ltd is a Singapore corporation (Registration No. 200101063G). Cambridge Associates Investment Consultancy (Beijing) Ltd is a wholly owned subsidiary of Cambridge Associates, LLC and is registered with the Beijing Administration for Industry and Commerce (Registration No. 110000450174972).

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