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portfolio funds.

The illustrative cash flows are not intended as a demonstration or forecast of investment returns. They are provided as an example of typical cash flows for the types of investment vehicles included in the cash flow simulation. No specific cash flow are guaranteed and past performance is not indicative of future performance. Investors should only base investment decisions on the official offering documents of the respective Moonfare feeder fund and the target fund materials. We produce this model for illustrative purposes only and it should not be used to evaluate any specific investment opportunity. All forward-looking calculations are based on assumptions that Moonfare believes to be reasonable, but are subject to a wide range of risks and uncertainties. Actual results may differ significantly. Investments in private equity products are high risk and investors may lose all capital. The different return scenarios are based on fund level benchmark data sourced from Cobalt LP for the respective investment strategies. The favourable scenario takes into account the average TVPI of the last 10 years (2011 to 2020) from fund managers performing in the Upper Fence. Upper Fence performance is defined by Cobalt as the Q1 lower boundary plus 1.5*the interquartile range. This datapoint is used to identify outliers. TVPI stands for 'Total Value to Paid In' capital and refers to the ratio of the current value of remaining investments within a fund, plus the total value of all distributions to date, relative to the total amount of capital paid into the fund to date. The moderate scenario takes into account the average TVPI of the last 10 years (2011 to 2020) from fund managers performing in the first quartile threshold, defined as the top 25 percent. The unfavourable scenario takes into account the average TVPI of the last 10 years (2011 to 2020) from fund managers performing in the third quartile threshold, defined as a range up to the median (25.1 percent to 50 percent)