THE PRIVATE MARKETS COO - THE BOOK'S INPUTS FOR THE BLANK SET
Type these back into the blue cells and the book's figures come back.

Workbook 1 is itself the template: its blank twin only has the sample rows emptied.

1. The_Private_Markets_COO_Workbook_2_Capital_Events_Blank.xlsx

   Sheet Investors
   C4    Cutoff date                                                             2026-09-04
   A6    Harlow State Pension Plan / Investor ID                                 LP-201
   B6    Harlow State Pension Plan / Legal holder                                Harlow State Pension Plan
   C6    Harlow State Pension Plan / Commitment                                  30000000
   D6    Harlow State Pension Plan / Contributed to date                         18600000
   E6    Harlow State Pension Plan / Recallable added back to date               0
   G6    Harlow State Pension Plan / Fee-paying (Y/N)                            Y
   H6    Harlow State Pension Plan / Excused from this investment (Y/N)          N
   I6    Harlow State Pension Plan / Facility-eligible (Y/N)                     Y
   J6    Harlow State Pension Plan / Transfer pending at cutoff (Y/N)            N
   A7    Meridian Mutual Insurance Co. / Investor ID                             LP-202
   B7    Meridian Mutual Insurance Co. / Legal holder                            Meridian Mutual Insurance Co.
   C7    Meridian Mutual Insurance Co. / Commitment                              20000000
   D7    Meridian Mutual Insurance Co. / Contributed to date                     12400000
   E7    Meridian Mutual Insurance Co. / Recallable added back to date           0
   G7    Meridian Mutual Insurance Co. / Fee-paying (Y/N)                        Y
   H7    Meridian Mutual Insurance Co. / Excused from this investment (Y/N)      N
   I7    Meridian Mutual Insurance Co. / Facility-eligible (Y/N)                 Y
   J7    Meridian Mutual Insurance Co. / Transfer pending at cutoff (Y/N)        N
   A8    Aster Family Office Ltd / Investor ID                                   LP-203
   B8    Aster Family Office Ltd / Legal holder                                  Aster Family Office Ltd
   C8    Aster Family Office Ltd / Commitment                                    12000000
   D8    Aster Family Office Ltd / Contributed to date                           7440000
   E8    Aster Family Office Ltd / Recallable added back to date                 0
   G8    Aster Family Office Ltd / Fee-paying (Y/N)                              Y
   H8    Aster Family Office Ltd / Excused from this investment (Y/N)            N
   I8    Aster Family Office Ltd / Facility-eligible (Y/N)                       Y
   J8    Aster Family Office Ltd / Transfer pending at cutoff (Y/N)              N
   A9    Calloway University Endowment / Investor ID                             LP-204
   B9    Calloway University Endowment / Legal holder                            Calloway University Endowment
   C9    Calloway University Endowment / Commitment                              10000000
   D9    Calloway University Endowment / Contributed to date                     6200000
   E9    Calloway University Endowment / Recallable added back to date           0
   G9    Calloway University Endowment / Fee-paying (Y/N)                        Y
   H9    Calloway University Endowment / Excused from this investment (Y/N)      N
   I9    Calloway University Endowment / Facility-eligible (Y/N)                 Y
   J9    Calloway University Endowment / Transfer pending at cutoff (Y/N)        N
   A10   Norrland Fund of Funds IV SCSp / Investor ID                            LP-205
   B10   Norrland Fund of Funds IV SCSp / Legal holder                           Norrland Fund of Funds IV SCSp
   C10   Norrland Fund of Funds IV SCSp / Commitment                             8000000
   D10   Norrland Fund of Funds IV SCSp / Contributed to date                    4960000
   E10   Norrland Fund of Funds IV SCSp / Recallable added back to date          0
   G10   Norrland Fund of Funds IV SCSp / Fee-paying (Y/N)                       Y
   H10   Norrland Fund of Funds IV SCSp / Excused from this investment (Y/N)     N
   I10   Norrland Fund of Funds IV SCSp / Facility-eligible (Y/N)                Y
   J10   Norrland Fund of Funds IV SCSp / Transfer pending at cutoff (Y/N)       N
   A11   Pell Charitable Foundation / Investor ID                                LP-206
   B11   Pell Charitable Foundation / Legal holder                               Pell Charitable Foundation
   C11   Pell Charitable Foundation / Commitment                                 6000000
   D11   Pell Charitable Foundation / Contributed to date                        3720000
   E11   Pell Charitable Foundation / Recallable added back to date              0
   G11   Pell Charitable Foundation / Fee-paying (Y/N)                           Y
   H11   Pell Charitable Foundation / Excused from this investment (Y/N)         Y
   I11   Pell Charitable Foundation / Facility-eligible (Y/N)                    Y
   J11   Pell Charitable Foundation / Transfer pending at cutoff (Y/N)           N
   A12   Brightwater Holdings LLC / Investor ID                                  LP-207
   B12   Brightwater Holdings LLC / Legal holder                                 Brightwater Holdings LLC
   C12   Brightwater Holdings LLC / Commitment                                   5000000
   D12   Brightwater Holdings LLC / Contributed to date                          3100000
   E12   Brightwater Holdings LLC / Recallable added back to date                0
   G12   Brightwater Holdings LLC / Fee-paying (Y/N)                             Y
   H12   Brightwater Holdings LLC / Excused from this investment (Y/N)           N
   I12   Brightwater Holdings LLC / Facility-eligible (Y/N)                      Y
   J12   Brightwater Holdings LLC / Transfer pending at cutoff (Y/N)             Y
   A13   Northbridge Fund II GP LP / Investor ID                                 GP-200
   B13   Northbridge Fund II GP LP / Legal holder                                Northbridge Fund II GP LP
   C13   Northbridge Fund II GP LP / Commitment                                  2000000
   D13   Northbridge Fund II GP LP / Contributed to date                         1240000
   E13   Northbridge Fund II GP LP / Recallable added back to date               0
   G13   Northbridge Fund II GP LP / Fee-paying (Y/N)                            N
   H13   Northbridge Fund II GP LP / Excused from this investment (Y/N)          N
   I13   Northbridge Fund II GP LP / Facility-eligible (Y/N)                     N
   J13   Northbridge Fund II GP LP / Transfer pending at cutoff (Y/N)            N

   Sheet Call
   B5    Follow-on investment                                                    6050000
   B6    Fund expenses                                                           210000
   B7    Management fee                                                          390000
   B8    Reserve                                                                 150000
   B10   Run identifier                                                          FII-CALL-2026-09

   Sheet Timing and Facility
   C4    Investment committee approval                                           2026-09-01
   C5    Administrator notice cutoff for this event                              2026-09-04
   C6    Final funding instructions received                                     2026-09-08
   C7    Administrator processing, business days                                 1
   C8    Notice period, business days (governing agreement)                      10
   C9    Investment funding date                                                 2026-09-18
   C17   Facility commitment                                                     25000000
   C18   Drawn at the event date                                                 15400000
   C19   Advance rate on eligible unfunded commitments                           0.65

   Sheet Distribution
   C4    Distribution amount                                                     24600000
   C5    Of which designated recallable (final run only)                         600000

   Result: call 6,800,000 (Harlow 2,330,907.35, Pell 48,940.09), notice 9 Sep, due 23 Sep, 3 business days
   past funding; facility 7,077,000 / 5,842,000 against 6,260,000, short 418,000; distribution 24,600,000.

2. The_Private_Markets_COO_Workbook_3_Fees_Waivers_and_Capital_Accounts_Blank.xlsx

   Sheet Terms
   D3    Quarter start                                                           2026-07-01
   D4    Quarter end                                                             2026-09-30
   D5    Investment period ends (last day of commitment-based fee)               2026-08-15
   D6    Day-count basis (days in year)                                          365
   D7    Standard rate, investment period, on commitments                        0.0175
   D8    Standard rate, after the step-down, on net invested capital             0.015
   D9    Transaction and monitoring fees received by the manager in the quarter  180000
   D10   Offset percentage                                                       1
   D11   Fund expenses in the quarter, allocated by commitment                   310000
   D12   Capital contributed in the quarter, by commitment                       18000000
   D13   Unrealised gain in the quarter, by opening capital                      4200000
   A16   Harlow State Pension Plan / Investor ID                                 LP-301
   B16   Harlow State Pension Plan / Legal holder                                Harlow State Pension Plan
   C16   Harlow State Pension Plan / Commitment                                  60000000
   F16   Harlow State Pension Plan / Fee waiver                                  0
   G16   Harlow State Pension Plan / Net invested capital at step-down           28800000
   H16   Harlow State Pension Plan / Opening capital account, 30 June 2026       28200000
   I16   Harlow State Pension Plan / Fee-paying (Y/N)                            Y
   A17   Meridian Mutual Insurance Co. / Investor ID                             LP-302
   B17   Meridian Mutual Insurance Co. / Legal holder                            Meridian Mutual Insurance Co.
   C17   Meridian Mutual Insurance Co. / Commitment                              45000000
   F17   Meridian Mutual Insurance Co. / Fee waiver                              0
   G17   Meridian Mutual Insurance Co. / Net invested capital at step-down       21600000
   H17   Meridian Mutual Insurance Co. / Opening capital account, 30 June 2026   21150000
   I17   Meridian Mutual Insurance Co. / Fee-paying (Y/N)                        Y
   A18   Kestrel Sovereign Investment A / Investor ID                            LP-303
   B18   Kestrel Sovereign Investment A / Legal holder                           Kestrel Sovereign Investment Authority
   C18   Kestrel Sovereign Investment A / Commitment                             40000000
   D18   Kestrel Sovereign Investment A / Side-letter rate, investment period    0.015
   E18   Kestrel Sovereign Investment A / Side-letter rate, after step-down      0.0125
   F18   Kestrel Sovereign Investment A / Fee waiver                             0
   G18   Kestrel Sovereign Investment A / Net invested capital at step-down      19200000
   H18   Kestrel Sovereign Investment A / Opening capital account, 30 June 2026  18800000
   I18   Kestrel Sovereign Investment A / Fee-paying (Y/N)                       Y
   A19   Calloway University Endowment / Investor ID                             LP-304
   B19   Calloway University Endowment / Legal holder                            Calloway University Endowment
   C19   Calloway University Endowment / Commitment                              25000000
   F19   Calloway University Endowment / Fee waiver                              0
   G19   Calloway University Endowment / Net invested capital at step-down       12000000
   H19   Calloway University Endowment / Opening capital account, 30 June 2026   11750000
   I19   Calloway University Endowment / Fee-paying (Y/N)                        Y
   A20   Aster Family Office Ltd / Investor ID                                   LP-305
   B20   Aster Family Office Ltd / Legal holder                                  Aster Family Office Ltd
   C20   Aster Family Office Ltd / Commitment                                    15000000
   F20   Aster Family Office Ltd / Fee waiver                                    0.5
   G20   Aster Family Office Ltd / Net invested capital at step-down             7200000
   H20   Aster Family Office Ltd / Opening capital account, 30 June 2026         7050000
   I20   Aster Family Office Ltd / Fee-paying (Y/N)                              Y
   A21   Norrland Fund of Funds IV SCSp / Investor ID                            LP-306
   B21   Norrland Fund of Funds IV SCSp / Legal holder                           Norrland Fund of Funds IV SCSp
   C21   Norrland Fund of Funds IV SCSp / Commitment                             35000000
   F21   Norrland Fund of Funds IV SCSp / Fee waiver                             0
   G21   Norrland Fund of Funds IV SCSp / Net invested capital at step-down      16800000
   H21   Norrland Fund of Funds IV SCSp / Opening capital account, 30 June 2026  16450000
   I21   Norrland Fund of Funds IV SCSp / Fee-paying (Y/N)                       Y
   A22   Northbridge Fund III GP LP / Investor ID                                GP-300
   B22   Northbridge Fund III GP LP / Legal holder                               Northbridge Fund III GP LP
   C22   Northbridge Fund III GP LP / Commitment                                 5000000
   F22   Northbridge Fund III GP LP / Fee waiver                                 0
   G22   Northbridge Fund III GP LP / Net invested capital at step-down          2400000
   H22   Northbridge Fund III GP LP / Opening capital account, 30 June 2026      2350000
   I22   Northbridge Fund III GP LP / Fee-paying (Y/N)                           N

   Result: gross 666,180.81, waiver 23,346.58, invoice 462,834.23 both ways; the waiver investor
   underpays 1,636.38 as processed; fund equity 127,177,165.77 at 30 September.

3. The_Private_Markets_COO_Workbook_4_Administrator_Scorecard_and_Capacity_Blank.xlsx

   Sheet Scorecard
   D5    Close deliverables on time / Jan                                        4
   E5    Close deliverables on time / Feb                                        4
   F5    Close deliverables on time / Mar                                        3
   G5    Close deliverables on time / Apr                                        4
   H5    Close deliverables on time / May                                        4
   I5    Close deliverables on time / Jun                                        4
   J5    Close deliverables on time / Jul                                        4
   K5    Close deliverables on time / Aug                                        4
   D6    First-pass accuracy / Jan                                               4
   E6    First-pass accuracy / Feb                                               4
   F6    First-pass accuracy / Mar                                               3
   G6    First-pass accuracy / Apr                                               4
   H6    First-pass accuracy / May                                               4
   I6    First-pass accuracy / Jun                                               5
   J6    First-pass accuracy / Jul                                               4
   K6    First-pass accuracy / Aug                                               4
   D7    Aged reconciliation items / Jan                                         4
   E7    Aged reconciliation items / Feb                                         3
   F7    Aged reconciliation items / Mar                                         3
   G7    Aged reconciliation items / Apr                                         4
   H7    Aged reconciliation items / May                                         4
   I7    Aged reconciliation items / Jun                                         4
   J7    Aged reconciliation items / Jul                                         4
   K7    Aged reconciliation items / Aug                                         4
   D8    NAV adjustments after initial delivery / Jan                            4
   E8    NAV adjustments after initial delivery / Feb                            4
   F8    NAV adjustments after initial delivery / Mar                            3
   G8    NAV adjustments after initial delivery / Apr                            4
   H8    NAV adjustments after initial delivery / May                            4
   I8    NAV adjustments after initial delivery / Jun                            5
   J8    NAV adjustments after initial delivery / Jul                            4
   K8    NAV adjustments after initial delivery / Aug                            4
   D9    Capital notices delivered on time / Jan                                 5
   E9    Capital notices delivered on time / Feb                                 4
   F9    Capital notices delivered on time / Mar                                 4
   G9    Capital notices delivered on time / Apr                                 5
   H9    Capital notices delivered on time / May                                 4
   I9    Capital notices delivered on time / Jun                                 5
   J9    Capital notices delivered on time / Jul                                 5
   K9    Capital notices delivered on time / Aug                                 4
   D10   Payment or cash-processing errors / Jan                                 5
   E10   Payment or cash-processing errors / Feb                                 4
   F10   Payment or cash-processing errors / Mar                                 4
   G10   Payment or cash-processing errors / Apr                                 4
   H10   Payment or cash-processing errors / May                                 5
   I10   Payment or cash-processing errors / Jun                                 2
   J10   Payment or cash-processing errors / Jul                                 3
   K10   Payment or cash-processing errors / Aug                                 4
   D11   Investor inquiries within service target / Jan                          4
   E11   Investor inquiries within service target / Feb                          4
   F11   Investor inquiries within service target / Mar                          3
   G11   Investor inquiries within service target / Apr                          4
   H11   Investor inquiries within service target / May                          4
   I11   Investor inquiries within service target / Jun                          5
   J11   Investor inquiries within service target / Jul                          4
   K11   Investor inquiries within service target / Aug                          4
   D12   Data-feed completeness and timeliness / Jan                             3
   E12   Data-feed completeness and timeliness / Feb                             4
   F12   Data-feed completeness and timeliness / Mar                             4
   G12   Data-feed completeness and timeliness / Apr                             4
   H12   Data-feed completeness and timeliness / May                             4
   I12   Data-feed completeness and timeliness / Jun                             5
   J12   Data-feed completeness and timeliness / Jul                             4
   K12   Data-feed completeness and timeliness / Aug                             4
   D13   Audit and tax support responsiveness / Jan                              4
   E13   Audit and tax support responsiveness / Feb                              4
   F13   Audit and tax support responsiveness / Mar                              3
   G13   Audit and tax support responsiveness / Apr                              3
   H13   Audit and tax support responsiveness / May                              4
   I13   Audit and tax support responsiveness / Jun                              4
   J13   Audit and tax support responsiveness / Jul                              4
   K13   Audit and tax support responsiveness / Aug                              4
   D14   Open incidents and days outstanding / Jan                               4
   E14   Open incidents and days outstanding / Feb                               4
   F14   Open incidents and days outstanding / Mar                               4
   G14   Open incidents and days outstanding / Apr                               4
   H14   Open incidents and days outstanding / May                               4
   I14   Open incidents and days outstanding / Jun                               4
   J14   Open incidents and days outstanding / Jul                               4
   K14   Open incidents and days outstanding / Aug                               3
   D15   Recurring root causes / Jan                                             4
   E15   Recurring root causes / Feb                                             4
   F15   Recurring root causes / Mar                                             3
   G15   Recurring root causes / Apr                                             4
   H15   Recurring root causes / May                                             4
   I15   Recurring root causes / Jun                                             4
   J15   Recurring root causes / Jul                                             4
   K15   Recurring root causes / Aug                                             4
   D16   Staffing changes and coverage gaps / Jan                                4
   E16   Staffing changes and coverage gaps / Feb                                3
   F16   Staffing changes and coverage gaps / Mar                                2
   G16   Staffing changes and coverage gaps / Apr                                3
   H16   Staffing changes and coverage gaps / May                                4
   I16   Staffing changes and coverage gaps / Jun                                4
   J16   Staffing changes and coverage gaps / Jul                                4
   K16   Staffing changes and coverage gaps / Aug                                4
   D17   Agreed improvement actions completed / Jan                              4
   E17   Agreed improvement actions completed / Feb                              4
   F17   Agreed improvement actions completed / Mar                              3
   G17   Agreed improvement actions completed / Apr                              4
   H17   Agreed improvement actions completed / May                              5
   I17   Agreed improvement actions completed / Jun                              5
   J17   Agreed improvement actions completed / Jul                              4
   K17   Agreed improvement actions completed / Aug                              4
   D18   Manager dependencies overdue / Jan                                      4
   E18   Manager dependencies overdue / Feb                                      4
   F18   Manager dependencies overdue / Mar                                      3
   G18   Manager dependencies overdue / Apr                                      4
   H18   Manager dependencies overdue / May                                      4
   I18   Manager dependencies overdue / Jun                                      5
   J18   Manager dependencies overdue / Jul                                      4
   K18   Manager dependencies overdue / Aug                                      4

   Sheet Team
   C4    Operations team, full-time equivalents                                  6
   C5    Contract hours per FTE per year                                         1880
   C6    Leave and public holidays, hours per FTE                                200
   C7    Training, hours per FTE                                                 40
   C8    Administration and meetings, hours per FTE                              180
   C9    Management responsibilities, team hours per year                        300
   C10   Buffer for exceptions                                                   0.1

   Sheet Scenarios
   C5    Entities / Next fund at expected size                                   1.35
   D5    Entities / Transaction-heavy period                                     1.15
   E5    Entities / Provider or key-person disruption                            1.3
   F5    Entities / Overlapping year-end, audit, tax and fundraising             1
   C6    Capital events / Next fund at expected size                             1.5
   D6    Capital events / Transaction-heavy period                               2
   E6    Capital events / Provider or key-person disruption                      1
   F6    Capital events / Overlapping year-end, audit, tax and fundraising       1
   C7    Investors / Next fund at expected size                                  1.45
   D7    Investors / Transaction-heavy period                                    1
   E7    Investors / Provider or key-person disruption                           1
   F7    Investors / Overlapping year-end, audit, tax and fundraising            1.2
   C8    Cash / Next fund at expected size                                       1.3
   D8    Cash / Transaction-heavy period                                         1.3
   E8    Cash / Provider or key-person disruption                                1.1
   F8    Cash / Overlapping year-end, audit, tax and fundraising                 1
   C9    Obligations / Next fund at expected size                                1.4
   D9    Obligations / Transaction-heavy period                                  1
   E9    Obligations / Provider or key-person disruption                         1
   F9    Obligations / Overlapping year-end, audit, tax and fundraising          1
   C10   Provider / Next fund at expected size                                   1.2
   D10   Provider / Transaction-heavy period                                     1
   E10   Provider / Provider or key-person disruption                            1.5
   F10   Provider / Overlapping year-end, audit, tax and fundraising             1
   C11   Valuation / Next fund at expected size                                  1.25
   D11   Valuation / Transaction-heavy period                                    1.4
   E11   Valuation / Provider or key-person disruption                           1
   F11   Valuation / Overlapping year-end, audit, tax and fundraising            1
   C12   Audit and tax / Next fund at expected size                              1.35
   D12   Audit and tax / Transaction-heavy period                                1
   E12   Audit and tax / Provider or key-person disruption                       1
   F12   Audit and tax / Overlapping year-end, audit, tax and fundraising        1.3
   C13   Regulatory / Next fund at expected size                                 1.2
   D13   Regulatory / Transaction-heavy period                                   1
   E13   Regulatory / Provider or key-person disruption                          1
   F13   Regulatory / Overlapping year-end, audit, tax and fundraising           1.1
   C14   Fundraising / Next fund at expected size                                1
   D14   Fundraising / Transaction-heavy period                                  1
   E14   Fundraising / Provider or key-person disruption                         1
   F14   Fundraising / Overlapping year-end, audit, tax and fundraising          2.2
   C15   Change in team FTE / Next fund at expected size                         0
   D15   Change in team FTE / Transaction-heavy period                           0
   E15   Change in team FTE / Provider or key-person disruption                  -1
   F15   Change in team FTE / Overlapping year-end, audit, tax and fundraising   0

   Sheet Activities
   D5    Quarterly close and NAV review / Expected volume                        56
   E5    Quarterly close and NAV review / Standard hours per unit                9
   F5    Quarterly close and NAV review / Complexity multiplier                  1.2
   G5    Quarterly close and NAV review / Peak-period multiplier                 1.3
   H5    Quarterly close and NAV review / Review effort                          0.25
   I5    Quarterly close and NAV review / Automation                             0
   D6    Capital calls / Expected volume                                         16
   E6    Capital calls / Standard hours per unit                                 14
   F6    Capital calls / Complexity multiplier                                   1.1
   G6    Capital calls / Peak-period multiplier                                  1
   H6    Capital calls / Review effort                                           0.3
   I6    Capital calls / Automation                                              0
   D7    Distributions / Expected volume                                         10
   E7    Distributions / Standard hours per unit                                 16
   F7    Distributions / Complexity multiplier                                   1.2
   G7    Distributions / Peak-period multiplier                                  1
   H7    Distributions / Review effort                                           0.3
   I7    Distributions / Automation                                              0
   D8    Investor inquiries and request / Expected volume                        1100
   E8    Investor inquiries and request / Standard hours per unit                0.6
   F8    Investor inquiries and request / Complexity multiplier                  1
   G8    Investor inquiries and request / Peak-period multiplier                 1.2
   H8    Investor inquiries and request / Review effort                          0.1
   I8    Investor inquiries and request / Automation                             0
   D9    Bespoke investor reports / Expected volume                              112
   E9    Bespoke investor reports / Standard hours per unit                      3
   F9    Bespoke investor reports / Complexity multiplier                        1
   G9    Bespoke investor reports / Peak-period multiplier                       1.2
   H9    Bespoke investor reports / Review effort                                0.2
   I9    Bespoke investor reports / Automation                                   0
   D10   Payment approvals and bank rec / Expected volume                        228
   E10   Payment approvals and bank rec / Standard hours per unit                1.5
   F10   Payment approvals and bank rec / Complexity multiplier                  1
   G10   Payment approvals and bank rec / Peak-period multiplier                 1
   H10   Payment approvals and bank rec / Review effort                          0.15
   I10   Payment approvals and bank rec / Automation                             0.2
   D11   Obligation and side-letter mon / Expected volume                        340
   E11   Obligation and side-letter mon / Standard hours per unit                0.8
   F11   Obligation and side-letter mon / Complexity multiplier                  1.1
   G11   Obligation and side-letter mon / Peak-period multiplier                 1
   H11   Obligation and side-letter mon / Review effort                          0.15
   I11   Obligation and side-letter mon / Automation                             0
   D12   Administrator oversight / Expected volume                               12
   E12   Administrator oversight / Standard hours per unit                       20
   F12   Administrator oversight / Complexity multiplier                         1
   G12   Administrator oversight / Peak-period multiplier                        1.2
   H12   Administrator oversight / Review effort                                 0.1
   I12   Administrator oversight / Automation                                    0
   D13   Valuation committee support / Expected volume                           4
   E13   Valuation committee support / Standard hours per unit                   30
   F13   Valuation committee support / Complexity multiplier                     1.2
   G13   Valuation committee support / Peak-period multiplier                    1.2
   H13   Valuation committee support / Review effort                             0.2
   I13   Valuation committee support / Automation                                0
   D14   Annual audit support / Expected volume                                  9
   E14   Annual audit support / Standard hours per unit                          45
   F14   Annual audit support / Complexity multiplier                            1.1
   G14   Annual audit support / Peak-period multiplier                           1.1
   H14   Annual audit support / Review effort                                    0.1
   I14   Annual audit support / Automation                                       0
   D15   Investor tax packages / Expected volume                                 9
   E15   Investor tax packages / Standard hours per unit                         30
   F15   Investor tax packages / Complexity multiplier                           1.2
   G15   Investor tax packages / Peak-period multiplier                          1.1
   H15   Investor tax packages / Review effort                                   0.1
   I15   Investor tax packages / Automation                                      0
   D16   Regulatory filings / Expected volume                                    12
   E16   Regulatory filings / Standard hours per unit                            10
   F16   Regulatory filings / Complexity multiplier                              1
   G16   Regulatory filings / Peak-period multiplier                             1
   H16   Regulatory filings / Review effort                                      0.2
   I16   Regulatory filings / Automation                                         0
   D17   Fundraising questionnaires and / Expected volume                        25
   E17   Fundraising questionnaires and / Standard hours per unit                12
   F17   Fundraising questionnaires and / Complexity multiplier                  1
   G17   Fundraising questionnaires and / Peak-period multiplier                 1
   H17   Fundraising questionnaires and / Review effort                          0.25
   I17   Fundraising questionnaires and / Automation                             0
   D18   Vendor and access reviews / Expected volume                             4
   E18   Vendor and access reviews / Standard hours per unit                     24
   F18   Vendor and access reviews / Complexity multiplier                       1
   G18   Vendor and access reviews / Peak-period multiplier                      1
   H18   Vendor and access reviews / Review effort                               0.15
   I18   Vendor and access reviews / Automation                                  0
   D19   Investor onboarding and transf / Expected volume                        30
   E19   Investor onboarding and transf / Standard hours per unit                5
   F19   Investor onboarding and transf / Complexity multiplier                  1.1
   G19   Investor onboarding and transf / Peak-period multiplier                 1
   H19   Investor onboarding and transf / Review effort                          0.2
   I19   Investor onboarding and transf / Automation                             0

   Result: June averages 4.55 on the non-critical fields and escalates; baseline 5,224.49 hours, 68.6 per
   cent of 7,614 practical hours (73.3 on the peak basis), April 118 per cent.

