Non US & Secondary Investing Finding Alpha in a Dynamic And

ASP PE Perspectives: Non US & Secondary Investing Finding Alpha in a Dynamic and Volatile Market May 2019 Presented by: Michael Taylor and John Gray, CFA Confidentiality Statement and Other Important Considerations

Adams Street Partners has provided this presentation (the “Presentation”) to the recipient on a confidential and limited basis. This Presentation is not an offer or sale of any security or investment product or investment advice. Offerings are made only pursuant to a private offering memorandum containing important information regarding risk factors, performance and other material aspects of the applicable investment; the information contained herein should not be used or relied upon in connection with the purchase or sale of any security.

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Statements in the Presentation are made as of the date of the Presentation unless stated otherwise, and there is no implication that the information contained herein is correct as of any time subsequent to such date. All information with respect to primary and secondary investments of Adams Street Partners funds (the “Funds”) or Adams Street Partners’ managed accounts (collectively, the “Investments”), the Investments’ underlying portfolio companies, Fund portfolio companies, and industry data has been obtained from sources believed to be reliable and current, but accuracy cannot be guaranteed.

The Presentation contains highly confidential information. In accepting the Presentation, each recipient agrees that it will (i) not copy, reproduce or distribute the Presentation, in whole or in part, to any person or party (including any employee of the recipient other than an employee or other representative directly involved in evaluating the Funds) without the prior written consent of Adams Street Partners, (ii) keep permanently confidential all information not already public contained herein, and (iii) use the Presentation solely for the purpose set forth in the first paragraph.

The Presentation is not intended to be relied upon as investment advice. The contents herein are not to be construed as legal, business or tax advice, and each investor should consult its own attorney, business advisor and tax advisor as to legal, business and tax advice.

The internal rate of return (IRR) data and multiples provided in the Presentation are calculated as indicated in the applicable notes to the Presentation, which notes are an important component of the Presentation and the performance information contained herein. IRR performance data may include unrealized portfolio investments; there can be no assurance that such unrealized investments will ultimately achieve a liquidation event at the value assigned by Adams Street Partners or the General Partner of the relevant Investment, as applicable. References to the Investments and their underlying portfolio companies and to the Funds should not be considered a recommendation or solicitation for any such Investment, portfolio company, or Fund.

Past performance is not a guarantee of future results. References to outperformance are by comparison to PME or the benchmark indicated herein since-inception (January 2004) on a historical, composite basis that does not reflect performance of any Adams Street Partners fund. References to positive performance achieved by investors in Asia private equity are historical in nature and are not intended to suggest that similar performance will be achieved going forward. Projections or forward looking statements contained in the Presentation are only estimates of future results or events that are based upon assumptions made at the time such projections or statements were developed or made. There can be no assurance that the results set forth in the projections or the events predicted will be attained, and actual results may be significantly different from the projections. Also, general economic factors, which are not predictable, can have a material impact on the reliability of projections or forward looking statements.

Private equity funds involve a high degree of risk and, therefore, should be undertaken only by prospective investors capable of evaluating and bearing the risks such an investment represents. Interests in private equity funds should be considered as long-term, illiquid investments, and investors must be willing to bear the economic risk of an investment in the Fund for an indefinite period of time, with no certainty of return or repayment of the invested amount.

In the United Kingdom, this presentation is directed only at persons who have professional experience in matters relating to investments, falling within article 19(5) (“investment professionals”) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) (the “Order”), persons falling within article 49(2)(a) to (d) (“high net worth companies, unincorporated associations etc.”) of the Order, or persons to whom this presentation may otherwise lawfully be directed (together, “Relevant Persons”). The contents of this presentation must not be acted on or relied on by persons who are not Relevant Persons. Any investment or investment activity to which this presentation relates is available only to Relevant Persons and will be engaged in only with Relevant Persons. 2 Introduction

Michael Taylor John Gray, CFA

Principal, Primary Investments Partner, Investor Relations Amherst College, BA Education: DePaul University, BS, MBA University of Pennsylvania, The Years of Investment/ Wharton School, MBA, with honors Operational Experience: 34 Years of Investment/ Operational Experience: 9

3 A Premier Global Private Markets Platform

Adams Street Partners is a global private markets investment manager with over $36 billion of assets under management across five dedicated strategies: primaries, secondaries, co-investments, venture/growth equity, and private credit.

Privately held and independent, Adams Street has partnered with venture capital and private equity sponsors for over 45 years and is one of the leading sources of capital to the sponsor community.

Global Private 10 offices across Asia, US and Europe employees and investment professionals globally Markets Platform 195+ 75+ 100% Employee-owned

LONDON BOSTON 1997 2016 BEIJING MUNICH 2011 NEW 2017 MENLO CHICAGO YORK SEOUL TOKYO PARK 1972 2016 2017 2014 2006

SINGAPORE 2006

As of September 30, 2018 4 Over Four Decades of Private Markets Experience

1970s 1980s 1990s 2000s 2010s

1972: 1984: 1992: 2000: 2011: Began direct investing First separate account Helped establish Inducted into Private Opened Beijing office AIMR/CFA performance Equity Hall of Fame guidelines for the industry 1979: 1985: 2014: Established industry’s first Established first private 2001: Opened Tokyo office fund of funds equity performance 1996: Became independent, benchmarks with Began annual fundraising employee-owned firm Venture Economics process 2016: (predecessor to the 2004: Established dedicated Thomson Reuters Private 1997: First commitment to India Private Credit Team Equity Fund Performance Opened London office Opened New York office Survey) (began international 2005: investing program) First commitment to China Opened Boston office 1986: Began secondary investing 1999: 2006: 2017: Began dedicated research Opened Menlo Park and 45 Years in Private Equity 1988: in Asia Singapore offices Helped NVCA establish Opened Munich office valuation guidelines for 2007: PE industry Opened Seoul office First commitment to Russia Established one of first dedicated secondary funds 2009: First commitment to Latin 1989: America Formalized buyout co-investment program

5 Global Private Equity Landscape

6 Deep Expertise Around the World

Jeff Diehl Bon French Managing Partner & Chairman Head of Investments Chicago Chicago

FUND INVESTMENTS DIRECT INVESTMENTS

PRIMARY Mark Ross SECONDARY CO-INVESTMENTS GROWTH EQUITY PRIVATE CREDIT Hourihan Morrison Kelly Meldrum Boston London Jeff Akers Dave Brett Terry Gould Bill Sacher Head of Primary Head of Head of Head of Head of Investments Secondary Co-Investments Growth Equity Private Credit Menlo Park Yimin Calum Investments Chicago Investments New York Huang Paterson Chicago Chicago Beijing London

Matthew Troy Pinal Paul TJ Robin Shahab Jim Sergey Auran Barnett Nicum Cappelli Biegger Murray Rashid Korczak Sheshuryak Menlo Park Chicago London Chicago Chicago Menlo Park New York Chicago London

Matt Brijesh Brandon Jason Kristof Alex Tom Luke Michael Autrey Jeevarathnam Shirk Frank Van Kessel Bremner Prioleau Allen Chicago Menlo Park Chicago Chicago Overloop Chicago Chicago Menlo Park New York London

Kushal Carol Alex Alex Yar-Ping Samuel Jeff Sam Fred Shah Rusin Bozoglou Lesch Soo Gage Diehl Shanley Chung London London London Chicago Singapore Chicago Chicago Chicago New York

Jeff Alexander Marcus Joe Alexander Sachin Brian Davis Dennis Burgis Tatham Lindroos Goldrick Silver Tulyani Dudley Thacker Kan Chicago Chicago Menlo Park Chicago London London Menlo Park Menlo Park New York

Spencer Saguna Michael Greg Mark Benjamin Fred Justin Chernus Ali Malhotra Taylor Holden Terwilliger Wallwork Wang Lawrence Menlo Park Menlo Park Menlo Park Lauer New York London Chicago London Menlo Park Menlo Park

Mattias Sam Emily Andy Eric Arjun Craig de Beau McCartney Shiau Wang Klen Thakkar Waslin London Chicago New York Beijing Chicago Chicago Chicago

Jonathan Sunil Ling Jen Ervis Faylynn Goh Mishra Wu Clinton Vukaj Wang Singapore Singapore Singapore Miller New York Chicago London

Doris Matthew (Yiyang) Wachtel Guo New York INVESTMENT STRATEGY AND RISK MANAGEMENT Beijing

Morgan Miguel Gonzalo Luke Alex Alex Jana Toby Jian Holzaepfel Head of Investment Frey Lesch Storer Tortora True Zhang Boston Strategy and Risk Chicago Chicago Chicago Chicago Chicago Chicago Management Chicago 7 Private Equity Presents a Global Opportunity Set Global private equity fundraising by geography

2000

2018

North North America America 76% 56% Europe Europe 16% 22% Asia -Pacific Asia -Pacific 5% 19%

ROW ROW 3% 4%

US Europe Asia-Pacific

Equity Market Equity Market Equity Market Capitalization (2018)*: Capitalization (2018)**: Capitalization (2018): $34.2 T (46% of Global) $16.4 T (22% of Global) $23.9 T (32% of Global)

GDP (2018): GDP (2018): GDP (2018): $20.5 T (24% of Global) $21.8 T (26% of Global) $30.2 T (36% of Global)

GDP per Capita (2018): GDP per Capita (2018): GDP per Capita (2018): $62,517 $29,453 $7,092

Source: 2019 Preqin Global PE and VC Report (Apr 2019), IMF (updated 2018), World Federation of Exchanges (2/12/2019). May not add up to 100% due to rounding. * refers to North America instead of US only (but US forms the bulk). ** refers to EMEA instead of Europe only (but Europe forms the bulk) 8 Asia in a Snapshot

Asia-Pacific Active Regional Private at a Glance Equity Activity

22% >550 Global Land Area1 Active Institutional GPs2 6 hours

26 US$184b Countries Invested in 20182 4 hours 5.5 hours

53% Growing Number Global Population1 of Spinout Groups

8 hours 8 hours Relatively Higher 2,104 bps Growth Economy Difference between top and 3rd quartile performance2

US$849 – US$81k Access-constrained 1 GDP per Capita Range Top Managers

Red cities: ASP Offices in Asia. Blue Cities: Selected commonly visited major cities in Asia. Time refers to flight duration between two locations. 1. World Bank, World Development Indicators (Retrieved Feb’19) 2. ASP estimates/AVCJ Data (3Q18) 9 An Evolving Market of Regional Opportunity Then versus now

Poor Fair Good Excellent

Asia Target Markets

2009 2019

Enforceability of rights

Accounting, tax and legal issues

Disclosure and due diligence standards

Extent of equity culture

Extent of entrepreneurial culture

Public market exits

Availability of attractive investment opportunities

Availability of experienced investors

China India Southeast Japan Korea Asia

ASP analysis. Australasia 1) Developing Asia refers to China, India and Southeast Asia 2) Developed Asia refers to Japan and Korea 3) Australasia refers to Australia and New Zealand 10 Subclass Assessment by Market 2019

Poor Fair Good Excellent Improving

Asia Target Markets

Venture Capital

Growth Capital

Buyout

Special Situations

China India Southeast Japan Korea Asia

Australasia1

ASP analysis. 1) Australasia refers to Australia and New Zealand 11 Asia PE Fundraising Strong interest sustaining positive momentum in fundraising

■ Strong interest in Asia with Asia focused funds averaging ~US$100bn p.a. fundraising level since 2014. ‒ In 2018, while China country funds saw material reduction in capital supply, Asia regional funds raised record amount of capital.

■ Buyout funds continued to grow steadily with deepening market as country-focused buyout funds emerge and grow. VC fundraising is robust.

Fundraising by Region Asia Regional (US$ billion) 128 Southeast Asia 107 94 96 India 75 73 South Korea 54 50 49 52 51 Japan 38 32 27 Greater China 12 Australia/New Zealand

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Fundraising by Subclass (US$ billion) 128 107 94 96 75 73 VC Fund 54 52 50 49 51 Special Situation Fund 38 32 27 PE Fund 12 Buyout Fund

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Source: AVCJ (4Q18) 12 Asia PE Investments Active deployment on the back of steady fundraising momentum

■ 2018 investment activity remained robust, despite slight taper from a year prior. ‒ Investments in Greater China came down in 2018, and Japan deal volume has been lumpy.

■ Buyout and growth strategies are mainstays of the Asia PE landscape.

■ Venture investments have picked up in recent years, but are still a very small part of the market, representing scarce opportunities for outsized returns.

Amount Invested by Geography (US$ billion) Other Asia 207 Southeast Asia 184 149 145 India 101 104 82 South Korea 65 63 78 72 73 53 Japan 22 37 Greater China 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Australia/New Zealand

Amount Invested by Strategy 207 (US$ billion) 184 Venture 149 145 Special Situations 101 104 78 82 72 73 Buyout 65 63 53 37 22 Growth

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Source: AVCJ (4Q18). 13 Asia PE Exits Robust exits from a maturing exit environment

■ Increasing exits over the years with 2018 at record high, helped by the active M&A activities and IPO market. ‒ Good realizations from Greater China, India and Korea investments in 2018. ■ Trade sale remains the main exit route, thus less susceptible to swing in public market sentiment. ■ Increasingly diversified exit channel, with rising PE secondary.

Exits by Region Other Asia (US$ billion) 118 93 Southeast Asia 79 75 India 59 63 46 51 49 South Korea 38 33 26 25 Japan 16 21 Greater China Australia/New Zealand 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

118 Exits by Type (US$ billion) 93 Written off 75 79 Trade Secondary 59 63 46 51 49 Trade sale 38 33 Share buyback 26 21 25 16 Open market sale IPO

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Source: AVCJ (4Q18). 14 Asia PE Return Dispersion Potential for outperformance with right manager selection

■ Asia PE displayed a wide dispersion in performance outcome, pointing to the importance of right manager selection in capturing the outsized return.

Asia PE Return Dispersion - Between Top Quartile and Third Quartile 40.0% Median Quartile

35.0% 31.9% 31.0% 30.0% 24.9% 25.0% 21.9% 20.3% 19.9% 19.2% 20.0% 16.9% 17.1% 15.7% 13.7%

15.0% 12.1% Net Net IRR 10.0% 10.4% 10.0% 8.9% 5.0% 7.4% 8.2% 6.0% 5.4% 0.0% 2.4% -0.4% 0.5% 0.9% -0.9% -5.0%

-10.0% 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2,524 1,641 1,485 1,452 966 969 995 1,387 1,372 1,296 2,366 2,104

Difference between top and third quartile (basis points)

Source: Cambridge Associates (3Q18). References to positive performance achieved by investors in Asia private equity are historical in nature and are not intended to suggest that similar performance will be achieved going forward. 15 Performance Over Time: Asia Primary Investments As of September 30, 2018

Global Representative ASP Subscriber (2004-2015 Vintage)1 – Asia Performance

30% Adams Street Partners 27.9% 26.1%

25% 22.9% 22.7%

2 20% 19.0% 17.9% 16.8%

15% 13.8% 13.1% 12.5% 10.8% 10.7%

10% Internal Rate of RateReturnInternal

0% 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Subscriber Year 1

1. This chart, in USD, shows representative subscriber composite performance of private equity fund investments by subscription year in the annual Adams Street Partners Global Program and contains primary Asia investments, which in turn invest a substantial portion of their assets in Asia markets. A representative subscriber is a subscriber that followed Adams Street Partners’ recommended allocation and pays the highest fees for that subscription year. For Adams Street Partners funds’ net returns, please see the Adams Street Partners Net Performance (Including Primary Asia) chart in this presentation. Composite performance does not represent performance of any Adams Street Partners fund or any investor in such a fund. 2. IRRs are net of fees, carried interest and expenses charged to the underlying private equity funds, but are gross of Adams Street Partners’ fees, carried interest and expenses, which reduce returns to investors. For the effect of Adams Street Partners’ fees, carried interest and expenses on Adams Street Partners’ fund returns to investors, please see the Adams Street Partners Net Performance chart in this presentation. There can be no guarantee that unrealized investments will ultimately be liquidated at the values reflected in this return data. Past performance is not a guarantee of future results.

The page entitled “Notes to Performance: Asia Primary Investments,” included in this presentation, is an important component of this performance data. 16 Selected High Profile PE Exits in 2018

PDD Exit Method: IPO (Nasdaq) Market Capitalization1: USD 28 billion

Exit Method: Acquired by Walmart

Valuation2: USD 20 billion

Exit Method: IPO (Hong Kong/ Shanghai)

Market Capitalization3: Wuxi Apptec (Shanghai): USD 16 billion Wuxi Biologics (Hong Kong): USD 12 billion

Sources: 1. CapitalIQ (based on March 31, 2019 pricing) 2. The Economic Times (10 May 2018) 3. Exchange Rate: 0.129 USD/CNY; 0.127 USD/HKD (Based on Mar 31, 2019 pricing) 17 Asia in the Media – A Climate of Panic and Strife

18 Asia PE in Reality – A Story of Opportunity and Growth

19 Asia PE Market – 2019 Opportunities Macro uncertainties to persist necessitating caution and “flight to quality”

What to Expect ASP Outlook and Strategy

Market and macro uncertainty may slow down Impact of Trade War on Asian economies deployment

Populism and Nationalism: Elections in Australia, Correction in the market can lead to more attractive India and Indonesia valuation for new investments

Heightened geopolitics, e.g. Sino-US trade tension Higher dispersion of returns expected

Higher capabilities (e.g. value creation, structuring, Potential bottoming out of China slow-down etc.) from GPs required to drive return and liquidity

Challenging market environment should lay the Digital Divide between Old and New Economy foundation for some GP shake-up

Millennials with diverse wants become mainstream Manager selection/access would be more difficult as consumers GP polarization manifests

20 European PE Fundamentals are Attractive

Large Untapped Global Brand Economy Market Potential Leader

Large Private Fragmented Buyout Friendly Equity Universe Markets Ecosystem

21 Market Dynamics Favor Private Equity

■ Europe is a large and diverse economic region ‒ The region accounts for nearly a quarter of the worlds GDP United States, 24% Europe, 23% ‒ Unemployment has declined to 6.9% and China, 15% 2 is at its lowest level in 10 years Share Japan, 6% of Global ‒ Increased competitiveness for European exports GDP3 India, 3% Brazil, 3% has arisen due to weaker currencies 23% Russia, 2% Other, 24%

Europe1 US ■ Europe is culturally and linguistically Countries 30 1 complex Official Languages 25 1 ‒ The region is highly fragmented with a diversity of mentalities, cultures and Currencies 12 1 business practices Legal jurisdictions >30 1 ‒ In spite of this, market conditions are Accounting codes >50 2 investor friendly owing to robust regulatory, legal and tax frameworks Stock exchanges 51 11

1. Europe includes The European Union, Norway and Switzerland. 2. Source: Eurostat accessed August 2018 for June 2018 data 3. Source: World Bank Data Bank accessed August 2018 for 2017 data 22 European PE Volumes Continuation of pattern of strong transaction volumes

Aggregate European PE Transactions (Enterprise Value, € billions) 118 120

100

80 74 75 73 67 65 58 60 56 53 50 50 € Billion € 49 46 43 44 43 39 40 37 28 25 21 20 7

- H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 Q3 2007 2008 2008 2009 2009 2010 2010 2011 2011 2012 2012 2013 2013 2014 2014 2015 2015 2016 2016 2017 2017 2018 2018

Growth Small Buyout Medium Buyout Large Buyout

2018 PE activity on track to exceed that of 2017

Source: Unquote, September 2018 Note: Large Buyout EV >€1bn; Medium Buyout >€100m

Median Buyout Multiples for European LBOs (EV / EBITDA) 11.8x 12.0

11.0 9.8x 10.0x 10.0 9.6x 9.0x 8.7x 9.0 8.5x 8.4x 8.5x 8.3x 8.0

7.0

6.0 5.0x 5.0

4.0 Debt / EBITDA multiple EBITDA / Debt 3.0

2.0

1.0

- 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Debt/EBITDA Equity/EBITDA

Median buyout multiple at 11.8x by Q4 2018, with increased debt levels

Source: PitchBook 2018 European PE Breakdown as of Q4 2018 24 European LBO Leverage Slower, more measured increase in leverage post GFC

Avg. Pro Forma Leverage for European LBOs (Pro Forma Debt / EBITDA) 7.0 6.1x

6.0 5.4x 5.5x 5.2x 5.4x 5.3x 5.4x 5.2x 5.1x 5.0 4.6x 4.7x 4.5x 4.4x 4.2x 4.2x 4.3x 4.0x 4.6x 4.0

3.0

Debt / EBITDA multiple EBITDA / Debt 2.0

1.0

- 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 First Lien / EBITDA Second Lien / EBITDA Other Debt / EBITDA

Average leverage reaching 5.4x by Q4 2018, share of first lien continues to increase

Source: S&P, Q4 2018 25 Emphasis on Mid-Market

■ Large investable universe with 200+ managers focused on the European SMB space ■ Healthy level of activity in the small and mid-market ■ Small and mid-market transactions accounted for over 85% of deals by number and 46% of deals by equity value in 2017

European Buyout Investments by Equity Value European Buyout Investments by Number

60,000,000 1,600 1,400 50,000,000 1,200 40,000,000 1,000 30,000,000 800 600 20,000,000 400 10,000,000 200 0 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Small (< €15m) Mid-market (€15 - 150m) Small (< €15m) Mid-market (€15 - 150m) Large (€150 - 300m) Mega (> €300m) Large (€150 - 300m) Mega (> €300m)

Networks and sourcing capabilities are critical to successfully navigate complex local markets

Source: Invest Europe 2017 Yearbook, 2008-2017 Activity Tables 26 European Small Buyout Performance Over Time Intraperiod returns as compared to Public Market Equivalent as of September 30, 2018

Primary Performance of ASP European Buyout Funds Vintage Years 1997-2014 Up To €1.5 Billion1

2 25% ASP European SMB PME (MSCI Europe)

20.0% 20% 17.6%

14.8% 14.9% 15% 12.1%

10% 7.8% 8.2% 7.8%

4.7% 5% 2.3%

0% 1-Yr IRR 3-Yr IRR 5-Yr IRR 10-Yr IRR Since Inception IRR (October 1997)

1. This chart, in EUR, includes all investments made on a primary basis by Core Portfolios in European Buyout Funds from Vintage Years 1997-2014 up to €1.5 billion in fund size. “Core Portfolios” are funds and separate accounts (excluding special mandate funds and non-discretionary separate accounts) of which Adams Street Partners is the general partner, manager or investment adviser (as applicable) and for which Adams Street Partners makes discretionary investments in private equity funds. Core Portfolios include separate accounts no longer with Adams Street Partners. The returns presented in this chart are composite returns and do not represent returns achieved by any particular Adams Street Partners fund or any investor in an Adams Street Partners fund. For Adams Street Partners funds’ net returns, please see the Adams Street Partners Net Performance chart in this presentation. IRRs are net of fees, carried interest and expenses charged to the underlying private equity funds, but are gross of Adams Street Partners’ fees, carried interest and expenses, which reduce returns to investors. For the effect of Adams Street Partners’ fees, carried interest and expenses on Adams Street Partners’ fund returns to investors, please see the Adams Street Partners Net Performance chart in this presentation. There can be no guarantee that unrealized investments will ultimately be liquidated at the values reflected in this return data. Past performance is not a guarantee of future results. 2. PME is calculated using MSCI Europe Total Return Index. The PME calculation is based on the underlying partnership cash flows, which are net of management fees, carried interest and expenses charged to the underlying private equity funds, but gross of Adams Street Partners’ management fees, carried interest and expenses, which reduce returns to investors. For the Since Inception calculations, it was not possible to calculate traditional PME because the pace of distributions would have created a short position in the public index. In these cases PME is calculated using the "Direct Alpha" PME methodology (Gredil, Griffiths, Stucke, "Benchmarking Private Equity: The Direct Alpha Method," 2014). Mathematically, Direct Alpha PME is equal to the IRR of the future value of the cash flows underlying the IRR calculation, where future value is based on the return of the benchmark index, less the IRR of the actual value of the cash flows. 27 Introduction to Secondary Private Equity Markets

28 Traditional Ways of Investing in Private Equity

Primary Secondary Co-Investment

Strategy Description LP commits to an original Acquires private equity Invests into operating issuance of a fund assets by making a purchase companies alongside general of a fund or asset from an partners existing owner (i.e., an original primary investor)

Why Invest? ■ Access to premier ■ Diversification across ■ Lower cost access to managers prior vintage years private equity ■ Building blocks of a ■ Exposure to mature ■ Opportunity to generate private equity program portfolios alpha ■ Long-term driver of ■ J-curve mitigation returns Investment Profile ■ Fund manager invests ■ Invested more quickly ■ Investments are more over 3-5 years due to purchase of concentrated existing assets ■ Realizations usually begin ■ Realizations usually begin around years 4-5 ■ Realizations can begin around years 4-5 immediately because of ■ Typically have negative the purchase of more IRRs early in the mature portfolios investment period

29 What is a Secondary? A purchase and sale of a Limited Partner (LP) interest in an existing PE/VC fund

Secondary Transaction

Purchase Price Adams Street LP Interest LP Interest LP Interest Partners LP Interest (Including Unfunded Commitment)

PE/VC Fund

Company 1 Company 2 Company 3 Company 4

30 Secondary Asset Class Offers Attractive Attributes

■ J-curve mitigation via earlier cash flows Investment Period Harvest Period

■ Vintage-year diversification through purchase of older Representative Fund Cash Flows* vintages

■ Capital efficiency as early distributions used to fund later capital calls

■ Greater exposure to known survivor assets, often leading to lower loss rates and more consistent returns

■ Ability to capitalize on tactical opportunities and market inefficiencies

Target Secondary Purchase Period

1 2 3 4 5 6 7 8 9 10 11 12 Fund Age (Years)

Contributions Distributions

*Cash flow depiction is for illustrative purposes only; does not reflect actual performance of Adams Street Partners’ secondary investments. 31 A Secondary Allocation Can Reduce Portfolio Volatility

■ Secondary investments have narrowed the return dispersion for private equity ■ For the years shown on this chart, the bottom quartile IRR performance has historically been positive*, and above the level for primary investments in the same calendar year

35 Net IRR by Calendar Year Secondaries vs Primaries 30

15 Net Net % IRR

0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Vintage Year

Global Secondaries Global PE/VC

Source: CAIA Introductory Guide to Investing in Private Equity Secondaries. Data provided by Cambridge Associates Global Private Equity & Venture Capital Index and Benchmark Statistics as of December 31, 2015. Cambridge Associates Secondary Funds Index as of December 31, 2014. Quartile information for Secondary Funds was not available for vintage years before 2002. The chart shown above is for illustrative purposes and does not represent past or future performance for an actual product. There is no guarantee performance will match this illustration. * Based on Cambridge Associates data. Cambridge Associates is a recognized source of private equity data that does not include all funds. 32 Why the Secondary Market Exists Secondary market evolution

Infancy Adolescence Establishment Acceptance (Inception* – 1990) (1990 – 2000) (2000 – 2008) (2008-Present)

Financial institutions, Banks, some endowments and Increasingly all LP types at all Sellers Very few, reluctant sellers corporations, individuals (i.e., foundations, pensions (i.e., times more opportunistic PE investors) more long-term PE investors)

Distress, regulatory changes, Liquidity needs, regulatory Rationale Distress Portfolio management goals M&A changes

Increasing intermediation Expanded addressable Pricing / Non-existent competition and Very limited transparency on and transparency, particularly market provides choice for Competition typically large discounts pricing and competition for larger funds – higher wide-ranging pricing and average pricing exposure goals

Increasingly involved in Increasingly an General Helped sellers identify Often last to know, creating targeting best buyers and accommodating info provider best-fit buyers transaction friction exerting more control over Partners and transfer agent confidential info and consent

* Broadly defined as the mid-1980s 33 ASP Secondary Strategy Positioning

Targeted Strategic Approach Strategic

Levered Beta

Less Developed More Robust Primary Platform

ASP Competitors: Fund Size $1Bn-$4Bn Fund Size $4Bn-$10Bn Fund Size >$10Bn

Source: Preqin, October 2018 34 GP Relationships Underpin ASP’s Competitive Edge

Information Edge Limited Competition ASP Influence through through as a deep access restricted process desired relationship

■ Advisory board ■ GP introduces ■ GP wants ASP to become participation transactions LP

■ Qualitative assessment ■ GP limits transfers to ■ GP commands substantial critical select buyers influence over process

A complete list of Adams Street Partners’ Secondary investments is available upon request. 35 Secondary Market Continues to Grow, Evolve Key trends driving market activity

Market Volume & Pricing Trend 1,2

■ Buyer, Seller and General Partner $90 110% participation at record levels 99% 96% 97% 100% $80 94% 95% 91% $74 ■ Robust fundraising with continued 90% 84% 83% market segmentation $70 81% 83% 79% 78% 75% 80% 73% Market Price Market as % Price of NAV ■ Clear distinction between return $60 $58 70% expectations for large, diversified portfolios versus smaller, $50 $50 60% cultivated transactions $42 $40 50% $40 $37 ■ Buyout pricing stable close to par; $42 Market Volume in Billionsin Volume Market 40% continued price improvement for $30 $28 $25 venture assets $33 $31 30% $30 $20 ■ Despite high valuations, informed $24 20% $23 selection generating attractive $24 $10 risk/return opportunities $16 10% $9 $9 $8 $3 $0 $2 0% ■ GP-driven solutions now a 2012 2013 2014 2015 2016 2017 2018 meaningful portion of the market

GP-Led Volume Venture Pricing Buyout Pricing

Source: Greenhill, “Global Secondary Market & Trends Outlook” January 2019. 1. Market volume defined as total dollar value of all closed secondary deals. 2. Secondary market pricing based on the average % of NAV in the high first round bids received. 36 GPs and LPs Alike Gain from Secondaries Market creativity allows for mutually beneficial liquidity options

GP Goals Descriptions

Create new vehicle to acquire quality assets ahead of fund expiration where Extend Life of existing LPs sought liquidity but GP sees potential for substantial uplift with longer Quality Assets hold period

Manage Risk in Create new vehicle to acquire or recapitalize a portion of a portfolio that allows the Existing Portfolio GP to rebalance risk in legacy fund(s) or create liquidity

LP Liquidity / Offer accelerated liquidity to entire LP base to optimize IRR. Potentially staple a Fundraising primary fundraise to the transaction

Spin Out from Spin out GP from a corporate parent and establish a more independent entity Legacy Parent

Maintain Control Provide targeted liquidity solution to individual LPs as part of GP-sourced or GP- of LP Roster restricted secondary deal flow

37 GPs and LPs Alike Gain from Secondaries Increasingly balanced seller mix and rationale in current market

50% 46% 45%

40%

35%

30% 29%

25% 24% 20% 20% 18%

Proportion of Funds of Proportion 15%

10%

0% Used as a Portfolio Regulatory Changes Distressed Investor GP Recapitalizations Other Management Tool (or fund restructurings)

Source: DowJones Guide to the Secondary Market, 2017 38 Experience, Relationships Keys to Investment Success How ASP leverages depth, breadth of platform to assess risk and return in secondary investments

Building an Investment Thesis Evaluating Key Risks / Considerations

■ High-quality General Partner(s) with strong ■ Company concentration historical performance track record(s) ■ Leverage ■ Market-leading companies ■ Duration ■ Strong core earnings growth potential ■ Manager quality and ASP relationship ■ Accretive M&A opportunities ■ Aggressiveness of GP commentary, projections ■ Attractive free cash flow characteristics and valuations, particularly amidst a primary fundraising ■ Near-term company sales or cash flow ■ Various idiosyncratic risks at the company level ■ Conservative valuations or mark-to-market (customer concentration, CEO changes, etc.) arbitrage ■ Degree of public equity exposure ■ Information advantages ■ GP fee and carry structure and preferred hurdle ■ GP-restricted processes considerations

■ Downside scenario analysis

ASP secondary value proposition stems from unique combination of deep resources and relationships, a focused, disciplined underwriting strategy, and a long-term track record in the market

39 Appendix: Notes to Performance

40 Notes to Performance: The Result: Performance Over Time: Asia Primary Investments As of September 30, 2018

1. This chart, in USD, shows composite performance of Asia Fund Investments (as defined in Note 1 of “Notes to Performance: Asia Primary Investments”). The returns presented in this chart do not represent returns achieved by any particular Adams Street Partners fund or any investor in an Adams Street Partners fund. For Adams Street Partners funds’ net returns, please see the Adams Street Partners Net Performance chart in this presentation.

2. IRRs are net of fees, carried interest and expenses charged to the underlying private equity funds, but are gross of Adams Street Partners’ fees, carried interest and expenses, which reduce returns to investors. For the effect of Adams Street Partners’ fees, carried interest and expenses on Adams Street Partners’ fund returns to investors, please see the Adams Street Partners Net Performance chart in this presentation. There can be no guarantee that unrealized investments will ultimately be liquidated at the values reflected in this return data.

3. Since Inception (January 2004) refers to the date when Adams Street Partners made its first investment in Asia.

4. Public Market Equivalent (PME) is calculated using MSCI All Country Asia Pacific and S&P 500 Index except as noted. The PME calculation is based on the underlying partnership cash flows, which are net of management fees, carried interest and expenses charged to the underlying private equity funds, in the case of primary funds, but gross of Adams Street Partners’ management fees. For some periods, it was not possible to calculate traditional PME because the pace of distributions would have created a short position in the public index. In these cases, denoted by the symbol "^", PME is calculated using the “Direct Alpha” PME methodology (Gredil, Griffiths, Stucke, “Benchmarking Private Equity: The Direct Alpha Method,” 2014). Mathematically, Direct Alpha PME is equal to the IRR of the future value of cash flows, where future value is based on the return of the benchmark index, less than the IRR of the actual value of the cash flows.

5. The Burgiss data presented here includes a set of funds in Asia (and excludes funds investing in US, Israel, Africa, Latin America and Europe) which are invested on a primary basis in venture capital, buyout, and other strategies and excludes secondary investments. Burgiss’ definition of what constitutes an Asia market may differ from Adams Street Partners’ definition. Numbers are subject to updates by Burgiss. Burgiss is a recognized source of private equity data, and the Burgiss Manager Universe includes funds representing the full range of private capital strategies; it may not include all private equity funds and may include some funds which have investment focuses that Adams Street Partners does not invest in. Calculations prepared by Adams Street Partners using Burgiss data, sourced on January 12, 2019.

Past performance is not a guarantee of future results

41 Notes to Performance: Asia Primary Investments Performance composite

1. Asia Investments Composite - A portfolio of Asia private equity funds as defined by Adams Street Partners, which currently includes Asia and Australia across various subclasses which include venture capital, buyouts, mezzanine and special situation funds. Includes primary investments by all funds and other portfolios over which Adams Street Partners exercises investment discretion (including separate accounts no longer with the firm) in private equity funds that in turn invest a substantial portion of their assets in Asia markets (“Asia Fund Investments”). Performance of Asia Fund Investments is reported as cumulative internal rate of return on a vintage year basis. These are capital weighted annualized returns from inception through quarter-end, and these returns may not be linked. 2. The Firm is defined as all portfolios managed by Adams Street Partners, LLC. 3. Returns include the stock distributions received from the underlying Asia Fund Investments and are gross of management and performance fees and expenses paid to Adams Street Partners but net of management and performance fees and expenses paid to the general partners of the underlying private equity funds. The underlying private equity funds are audited annually by an independent third party. Due to the graduated nature of Adams Street Partners fees, as investor account size increases, the annual percentage fee will decline. Investment returns will be reduced by management and performance fees and expenses payable to Adams Street Partners, which are described in Adams Street Partners’ Form ADV, Part 2.

4. Fee schedule for 2019 fund of funds program: During the first three years of the Fund, fees are based on the Credit for Prior Subscriptions actual amount of capital committed to underlying investments, A credit amount for prior Subscription Amount Average Annual Fee* and fees decline in the later years of the Fund. subscriptions (including other First $25 million 69 basis points Adams Street offerings) may be Over $25 million up to $50 million 62 10% carried interest on secondary and co-investments (with 7% applied towards the management Over $50 million up to $100 million 52 preferred return); 15% carried interest on private credit and fee schedule. Over $100 million up to $150 million 34 private market manager investments (with 7% preferred return); Over $150 million 28 no carried interest on primary investments.

5. No alterations of composites have occurred due to changes in personnel. Portfolios are included in the composite beginning with the first full month of performance to present. Investments made for terminated discretionary separate accounts are included in the vintage years through the date at which these investments are liquidated. 6. Prior to January 1, 2001, the Firm was the Private Equity Group of Brinson Partners Inc. On January 1, 2001, a separate legal entity, Adams Street Partners, LLC, was formed to manage the legacy private equity assets. Total Firm assets under management at September 30, 2018 are $36.4 billion.

Past performance is not a guarantee of future results. * Average Annual Fee refers to the rate charged on subscription amount, assumes a 15-year life and a commitment pace of 45% year one, 40% year two and 15% in year three. For example, an investor committing $50 million would have an average Annual Fee of 69 bps on the first $25 million and 62 bps on the second $25 million. 42 Adams Street Partners Net Performance: (Including Asia Primary)

As of September 30, 2018 Asia Primary Performance in USD Performance in USD1 Gross Net # of IRR Net IRR PME* Multiple Gross IRR Net IRR Partnerships Brinson Partnership 1996 Subscription 16.91% 14.20% 6.8% ^ 1.69x 37.34% 21.17% 3 Brinson Partnership 1997 Subscription 15.06% 12.12% 3.4% ^ 1.62x 37.83% 22.76% 5 Brinson Partnership 1998 Subscription 6.86% 5.03% 3.2% ^ 1.35x 39.81% 25.43% 5 Brinson Partnership 1999 Subscription 7.63% 5.79% 4.3% ^ 1.42x 40.55% 28.05% 5 Brinson Partnership 2000 Subscription 9.37% 7.33% 5.4% ^ 1.51x 40.63% 29.63% 5 Brinson Partnership 2001 Subscription 10.85% 8.65% 6.7% ^ 1.59x 48.19% 37.76% 5 Adams Street Partnership Fund - 2002 U.S. Fund, LP 10.62% 8.59% 7.0% ^ 1.66x Adams Street Partnership Fund - 2002 Non-U.S. Fund, LP 14.05% 11.61% 8.0% ^ 1.73x 30.84% 26.23% 9 Adams Street Partnership Fund - 2003 U.S. Fund, LP 9.88% 7.99% 6.8% 1.62x Adams Street Partnership Fund - 2003 Non-U.S. Fund, LP 12.15% 9.68% 5.5% ^ 1.60x 24.87% 21.28% 16 Adams Street Partnership Fund - 2004 U.S. Fund, LP 8.90% 7.17% 7.4% 1.55x Adams Street Partnership Fund - 2004 Non-U.S. Fund, LP 8.10% 6.14% 3.9% ^ 1.42x 17.88% 15.65% 13 Adams Street Partnership Fund - 2005 U.S. Fund, LP 8.65% 7.08% 8.7% 1.55x Adams Street Partnership Fund - 2005 Non-U.S. Fund, LP 6.79% 5.24% 3.1% 1.40x 13.10% 11.62% 22 Adams Street 2006 Direct Fund, L.P. 11.90% 8.58% 8.0% 2.05x Adams Street Partnership Fund - 2006 U.S. Fund, LP 9.12% 7.48% 9.6% 1.54x Adams Street Partnership Fund - 2006 Non-U.S. Fund, LP 7.79% 6.27% 3.9% 1.47x 10.84% 9.42% 29 Adams Street 2007 Direct Fund, L.P. 16.42% 12.26% 9.2% 2.33x Adams Street Partnership Fund - 2007 U.S. Fund, LP 13.94% 11.94% 11.6% 1.80x Adams Street Partnership Fund - 2007 Non-U.S. Fund, LP 10.15% 8.40% 5.2% 1.57x 10.65% 9.02% 31 Adams Street 2008 Direct Fund, L.P. 21.37% 16.12% 12.9% 2.49x Adams Street Partnership Fund - 2008 U.S. Fund, L.P. 18.17% 15.64% 13.7% 1.93x Adams Street Partnership Fund - 2008 Non-U.S. Fund, L.P. 13.53% 11.23% 6.2% 1.64x 12.46% 10.50% 36 Adams Street 2009 Direct Fund, L.P. 21.68% 15.50% 14.9% 2.04x Adams Street Partnership Fund - 2009 U.S. Fund, L.P. 16.46% 13.79% 14.4% 1.71x Adams Street Partnership Fund - 2009 Non-U.S. Developed Markets, L.P. 15.03% 12.06% 7.0% 1.53x 14.18% 9.75% 5 Adams Street Partnership Fund - 2009 Non-U.S. Emerging Markets Fund, L.P. 11.57% 9.65% 4.3% 1.54x 13.74% 12.04% 27 Adams Street 2010 Direct Fund, L.P. 19.74% 13.78% 13.9% 1.81x Adams Street Partnership Fund - 2010 U.S. Fund, L.P. 17.25% 14.57% 14.2% 1.68x Adams Street Partnership Fund - 2010 Non-U.S. Developed Markets Fund, L.P. 14.81% 11.94% 7.0% 1.49x 16.89% 12.76% 6 Adams Street Partnership Fund - 2010 Non-U.S. Emerging Markets Fund, L.P. 13.71% 11.89% 4.8% 1.59x 16.83% 15.05% 25 Adams Street 2011 Direct Fund LP 24.73% 17.79% 13.4% 1.98x Adams Street 2011 US Fund LP 16.45% 14.08% 14.5% 1.59x Adams Street 2011 Non-US Developed Markets Fund LP 15.59% 12.86% 7.3% 1.52x 17.51% 13.85% 4 Adams Street 2011 Emerging Markets Fund LP 15.69% 13.81% 4.5% 1.66x 19.17% 17.30% 27 Adams Street 2012 Global Fund LP 14.66% 11.55% 9.9% 1.41x 22.87% 19.28% 21 Adams Street 2012 US Fund LP 13.23% 10.85% 13.6% 1.37x Adams Street 2012 Developed Markets Fund LP 15.37% 12.58% 6.3% 1.41x 12.51% 9.23% 4 Adams Street 2012 Emerging Markets Fund LP 18.59% 16.45% 6.2% 1.69x 25.95% 23.30% 17 Adams Street 2012 Direct Fund LP 18.91% 11.74% 13.6% 1.48x Adams Street 2013 Global Fund LP 15.32% 12.52% 10.2% 1.39x 26.09% 23.09% 28 Adams Street 2013 US Fund LP 12.83% 10.61% 13.7% 1.33x Adams Street 2013 Developed Markets Fund LP 16.09% 13.52% 6.5% 1.40x 12.52% 10.19% 4 Adams Street 2013 Emerging Markets Fund LP 23.61% 21.52% 7.1% 1.62x 28.63% 26.25% 24 Adams Street 2013 Direct Fund LP 16.33% 10.02% 13.9% 1.35x Adams Street 2014 Global Fund LP 17.45% 14.12% 10.6% 1.36x 27.91% 24.25% 27 Adams Street 2014 US Fund LP 14.47% 12.03% 13.9% 1.32x 24.34% 17.36% 2 Adams Street 2014 Developed Markets Fund LP 16.39% 13.02% 7.0% 1.28x 4.80% 2.03% 4 Adams Street 2014 Emerging Markets Fund LP 26.80% 24.29% 6.8% 1.53x 31.98% 29.10% 23 Adams Street 2014 Direct Fund LP 23.45% 15.47% 14.1% 1.44x Adams Street 2015 Global Fund LP 43.46% 33.71% 12.4% 1.33x 22.75% 20.18% 11 Adams Street 2015 US Fund LP 42.80% 35.17% 17.2% 1.33x Adams Street 2015 Non-US Fund LP 50.09% 41.57% 6.1% 1.35x 22.75% 20.95% 11 Adams Street 2015 Direct Venture/Grow th Fund LP 34.28% 18.78% 16.8% 1.28x

The page entitled “Notes to Performance: Adams Street Partners Net Performance (Including Asia Primary)” included on the following page of this presentation, is an important component of this performance data. Past performance is not a guarantee of future results. 43 Notes to Performance: Adams Street Partners Net Performance (Including Asia Primary) As of September 30, 2018

1. Where applicable, gross and net composite performance is provided for all primary investments in private equity funds that invest predominantly in Asia (including Japan, Korea, and Australasia) made by the Brinson Partnership Subscription or Adams Street Partners fund. Composite performance does not reflect performance of any Adams Street Partners fund or any investor in an Adams Street Partners fund. Performance is calculated using cash flows (a) in the case of Adams Street Partners funds, between each Asia Fund and the applicable Adams Street Partners fund, and (b) in the case of Brinson Partnership Subscriptions, between each Asia Fund and a representative subscriber (as described on this page) in the applicable Brinson Partnership Subscription. Gross IRRs are net of underlying partnership fees, carried interest, and expenses, but gross of Adams Street Partners fees and expenses which reduce returns to investors. Net IRRs are net of underlying partnership fees, carried interest, and expenses and reflect the deduction of estimated Adams Street Partners’ management fees (but not expenses). Management fees are estimated by determining the percentage of each applicable Brinson Partnership Subscription and Adams Street Partners fund invested in Asia Funds and calculating the same percentage of management fees charged by the applicable Brinson Partnership Subscription and Adams Street Partners fund.

Note: Brinson Partnership Subscription gross and net IRR presents representative subscription performance of a subscriber that followed Adams Street Partners’ recommended allocation and pays the highest fees. For Adams Street Funds, actual commingled fund performance gross and net IRR are presented. Gross IRRs are net of management fees, carried interest and expenses charged to the underlying private equity funds, in the case of primary and secondary funds, but gross of Adams Street Partners’ management fees and carried interest, which reduce returns to investors. Net IRRs are net of Adams Street Partners’ management fees, carried interest and expenses as well as net of management fees, carried interest and expenses charged to the underlying private equity funds (in the case of primary and secondary funds). The group of funds shown on this slide invests in primary investments, secondary investments, growth equity investments and co-investments. Capital-weighted annualized returns from inception through quarter end. There can be no guarantee that unrealized investments will ultimately be liquidated at the values reflected in this return data. Each Brinson Partnership Subscription includes fund allocations made within a series of pooled investment vehicles. Performance for vintage years later than 2015 is not shown because performance early in a fund’s life is not generally meaningful due to fee drag and immature investments. Past performance is not a guarantee of future results.

*Public Market Equivalent (PME) is calculated using the S&P 500 Index for Brinson Partnership Subscription, US Funds and Direct Funds; MSCI EAFE (Europe, Australasia, Far East) for Non-US and Non-US Developed Funds; MSCI Emerging for Emerging Markets Funds; and MSCI All Country World for Global Funds. The PME calculation is based on the Net IRR cash flows which reflects the payments of fees, carried interest and expenses.

^ During some periods in which Adams Street Partners investments outperformed the benchmark by a substantial margin, PME could not be calculated because the tracking position in the underlying benchmark index would have resulted in a short position. In these cases, the PME is calculated using the “Direct Alpha” PME methodology (Gredil, Griffiths, Stucke, “Benchmarking Private Equity: The Direct Alpha Method,” 2014). Mathematically, Direct Alpha PME is equal to the IRR of the future value of the cash flows underlying the IRR calculation, where future value is based on the return of the benchmark index, less the IRR of the actual value of the cash flows.

44 Adams Street Partners Net Performance (Including European Small & Medium Market Buyout)

Adams Street Partners As of September 30, 2018 Net Performance European Small & Medium Market Buyout Performance Performance in Performance Performance in USD USD1 in EUR1 Gross Net Net Gross Net Gross Net # of IRR IRR Multiple IRR IRR IRR IRR PME * Partnerships Brinson Partnership 1996 Subscription 16.91% 14.20% 1.69x ^ 21.12% 18.22% 18.20% 15.47% 3.32%^ 16 Brinson Partnership 1997 Subscription 15.06% 12.12% 1.62x ^ 19.62% 17.25% 16.66% 14.37% 4.94%^ 19 Brinson Partnership 1998 Subscription 6.86% 5.03% 1.35x ^ 16.56% 15.20% 14.27% 12.93% 5.9%^ 17 Brinson Partnership 1999 Subscription 7.63% 5.79% 1.42x ^ 15.67% 14.58% 13.56% 12.46% 6.69%^ 16 Brinson Partnership 2000 Subscription 9.37% 7.33% 1.51x ^ 17.36% 16.18% 15.46% 14.24% 7.22%^ 13 Brinson Partnership 2001 Subscription 10.85% 8.65% 1.59x ^ 12.44% 11.37% 11.64% 10.51% 5.54%^ 8 Adams Street Partnership Fund - 2002 U.S. Fund, LP 10.62% 8.59% 1.66x ^ Adams Street Partnership Fund - 2002 Non-U.S. Fund, LP 14.05% 11.61% 1.73x ^ 13.88% 11.44% 13.07% 10.68% 5.75%^ 11 Adams Street Partnership Fund - 2003 U.S. Fund, LP 9.88% 7.99% 1.62x Adams Street Partnership Fund - 2003 Non-U.S. Fund, LP 12.15% 9.68% 1.60x ^ 13.22% 10.32% 13.24% 10.47% 4.51%^ 14 Adams Street Partnership Fund - 2004 U.S. Fund, LP 8.90% 7.17% 1.55x Adams Street Partnership Fund - 2004 Non-U.S. Fund, LP 8.10% 6.14% 1.42x ^ 5.57% 3.63% 6.87% 4.94% 2.67% 11 Adams Street Partnership Fund - 2005 U.S. Fund, LP 8.65% 7.08% 1.55x Adams Street Partnership Fund - 2005 Non-U.S. Fund, LP 6.79% 5.24% 1.40x 7.91% 6.32% 9.68% 8.08% 2.99%^ 11 Adams Street 2006 Direct Fund, L.P. 11.90% 8.58% 2.05x Adams Street Partnership Fund - 2006 U.S. Fund, LP 9.12% 7.48% 1.54x Adams Street Partnership Fund - 2006 Non-U.S. Fund, LP 7.79% 6.27% 1.47x 10.75% 8.94% 13.24% 11.38% 3.99%^ 14 Adams Street 2007 Direct Fund, L.P. 16.42% 12.26% 2.33x Adams Street Partnership Fund - 2007 U.S. Fund, LP 13.94% 11.94% 1.80x Adams Street Partnership Fund - 2007 Non-U.S. Fund, LP 10.15% 8.40% 1.57x 11.50% 9.16% 14.52% 12.07% 5.74% 14 Adams Street 2008 Direct Fund, L.P. 21.37% 16.12% 2.49x Adams Street Partnership Fund - 2008 U.S. Fund, L.P. 18.17% 15.64% 1.93x Adams Street Partnership Fund - 2008 Non-U.S. Fund, L.P. 13.53% 11.23% 1.64x 13.44% 10.54% 16.48% 13.44% 6.50% 16 Adams Street 2009 Direct Fund, L.P. 21.68% 15.50% 2.04x Adams Street Partnership Fund - 2009 U.S. Fund, L.P. 16.46% 13.79% 1.71x Adams Street Partnership Fund - 2009 Non-U.S. Developed Markets, L.P. 15.03% 12.06% 1.53x 14.42% 11.42% 17.19% 14.05% 6.18% 16 Adams Street Partnership Fund - 2009 Non-U.S. Emerging Markets Fund, 11.57% 9.65% 1.54x Adams Street 2010 Direct Fund, L.P. 19.74% 13.78% 1.81x Adams Street Partnership Fund - 2010 U.S. Fund, L.P. 17.25% 14.57% 1.68x Adams Street Partnership Fund - 2010 Non-U.S. Developed Markets Fund, 14.81% 11.94% 1.49x 14.39% 11.48% 16.80% 13.75% 6.04% 14 Adams Street Partnership Fund - 2010 Non-U.S. Emerging Markets Fund, 13.71% 11.89% 1.59x Adams Street 2011 Direct Fund LP 24.73% 17.79% 1.98x Adams Street 2011 US Fund LP 16.45% 14.08% 1.59x Adams Street 2011 Non-US Developed Markets Fund LP 15.59% 12.86% 1.52x 16.31% 13.29% 17.88% 14.83% 6.18% 10 Adams Street 2011 Emerging Markets Fund LP 15.69% 13.81% 1.66x Adams Street 2012 Global Fund LP 14.66% 11.55% 1.41x 13.03% 9.31% 13.53% 9.84% 6.11% 12 Adams Street 2012 US Fund LP 13.23% 10.85% 1.37x Adams Street 2012 Developed Markets Fund LP 15.37% 12.58% 1.41x 13.03% 9.98% 13.53% 10.50% 6.11% 12 Adams Street 2012 Emerging Markets Fund LP 18.59% 16.45% 1.69x Adams Street 2012 Direct Fund LP 18.91% 11.74% 1.48x Adams Street 2013 Global Fund LP 15.32% 12.52% 1.39x 14.12% 10.74% 13.38% 10.13% 6.39% 7 Adams Street 2013 US Fund LP 12.83% 10.61% 1.33x Adams Street 2013 Developed Markets Fund LP 16.09% 13.52% 1.40x 14.12% 11.35% 13.38% 10.71% 6.40% 7 Adams Street 2013 Emerging Markets Fund LP 23.61% 21.52% 1.62x Adams Street 2013 Direct Fund LP 16.33% 10.02% 1.35x Adams Street 2014 Global Fund LP 17.45% 14.12% 1.36x 11.86% 6.02% 9.90% 4.35% 8.00% 9 Adams Street 2014 US Fund LP 14.47% 12.03% 1.32x Adams Street 2014 Developed Markets Fund LP 16.39% 13.02% 1.28x 11.86% 7.09% 9.90% 5.35% 8.05% 9 Adams Street 2014 Emerging Markets Fund LP 26.80% 24.29% 1.53x Adams Street 2014 Direct Fund LP 23.45% 15.47% 1.44x Adams Street 2015 Global Fund LP 43.46% 33.71% 1.33x 16.64% 10.25% 14.13% 8.01% 8.07% 8 Adams Street 2015 US Fund LP 42.80% 35.17% 1.33x Adams Street 2015 Non-US Fund LP 50.09% 41.57% 1.35x 16.64% 12.04% 14.13% 9.72% 8.06% 8 Adams Street 2015 Direct Venture/Grow th Fund LP 34.28% 18.78% 1.28x

The page entitled “Notes to Performance: Adams Street Partners Net Performance (Including European Small & Medium Market Buyout)” included on the following page of this presentation, is an important component of this performance data. Past performance is not a guarantee of future results. 45 Notes to Performance: Adams Street Partners Net Performance (Including European Small & Medium Market Buyout) As of September 30, 2018

1. Where applicable, gross and net composite performance is provided for all primary investments made by the Brinson Partnership Subscription or Adams Street Partners fund in European Developed Market funds of €1.5 billion or less in fund size ("SMB Fund"). Composite performance does not reflect performance of any Adams Street Partners fund or any investor in an Adams Street Partners fund. Performance is calculated using cash flows (a) in the case of Adams Street Partners funds, between each SMB Fund and the applicable Adams Street Partners fund, and (b) in the case of Brinson Partnership Subscriptions, between each SMB Fund and a representative subscriber (as described on this page) in the applicable Brinson Partnership Subscription. Gross IRRs are net of underlying partnership fees, carried interest, and expenses, but gross of Adams Street Partners fees and expenses. Net IRRs are net of underlying partnership fees, carried interest, and expenses and reflect the deduction of estimated Adams Street Partners’ management fees (but not expenses). Management fees are estimated by determining the percentage of each applicable Brinson Partnership Subscription and Adams Street Partners fund invested in SMB Funds and calculating the same percentage of management fees charged by the applicable Brinson Partnership Subscription and Adams Street Partners fund.

Note: Brinson Partnership Subscription gross and net IRR presents representative subscription performance of a subscriber that followed Adams Street Partners’ recommended allocation and pays the highest fees. For Adams Street Funds, actual commingled fund performance gross and net IRR are presented. Gross IRRs are net of management fees, carried interest and expenses charged to the underlying private equity funds, in the case of primary and secondary funds, but gross of Adams Street Partners’ management fees and carried interest, which reduce returns to investors. Net IRRs are net of Adams Street Partners’ management fees, carried interest and expenses as well as net of management fees, carried interest and expenses charged to the underlying private equity funds (in the case of primary and secondary funds). Capital-weighted annualized returns from inception through quarter end. There can be no guarantee that unrealized investments will ultimately be liquidated at the values reflected in this return data. Each Brinson Partnership Subscription includes fund allocations made within a series of pooled investment vehicles. Performance for vintage years later than 2015 is not shown because performance early in a fund’s life is not generally meaningful due to fee drag and immature investments. Past performance is not a guarantee of future results.

* Public Market Equivalent (PME) is calculated using the MSCI Europe Index.

46 Michael Taylor Principal, Primary Investments, Menlo Park

■ Mike is responsible for all aspects of the primary investment process, including fund selection, due diligence, negotiations, monitoring, and general partner relationship management.

■ Prior to joining Adams Street, Mike worked at Bank of America Merrill Lynch as an Investment Banking Analyst within their Global Industrials Group. His work focused on the automotive sector.

EDUCATION: ■ Mike represents the Primary Investment Team on Adams Street’s Strategic Amherst College, BA Digital Initiatives Committee.

University of Pennsylvania, The Wharton School, MBA, with honors

YEARS OF INVESTMENT/ OPERATIONAL EXPERIENCE: 9

47 John Gray, CFA® Partner, Investor Relations, Chicago

■ John works closely with clients in the management of their portfolios, and provides assistance in the development and monitoring of their private equity programs. Additionally, he is actively involved in the portfolio construction and ongoing review of the firm’s various fund of funds programs and separate accounts, as well as the development of consultant relationships.

■ John spent 11 years with the Adams Street Partners predecessor organization, Brinson Partners/UBS, as a senior client relationship manager. During his time EDUCATION: with the organization, he was responsible for the management and business DePaul University, BS, MBA development of large institutional clients in Canada and the Northwest US. He spent two years in Toronto helping to organize and manage a Canadian YEARS OF INVESTMENT/ OPERATIONAL EXPERIENCE: Investment organization that was purchased by UBS. 34 ■ Earlier in his career John was the Controller for a global institutional commodities dealer, overseeing the financial activity of three foreign offices.

■ John is a member of the CFA Societies of Chicago and Toronto and the CFA Institute.