EFTA01355555

GLOUSI41 Greg Martin Buyout-like returns with a secondary risk profile' SOF Funds outperform Cambridge Associates buyout top-quartile benchmark TVPI in line with top-quartile buyout funds... ...With a secondary cashflow profile SOF III 2005 2008 2007 2008 2009 2010 2011 2012 2013 2014 2015 Vintage Year DPI2 2.5x 2.0x 1.5x 1.0x 0.5x 0.0x 2005 2008 2007 2008 2009 2010 2011 2012 2013 2014 2015 Buyout Top Otani* .50F Program Vintage Year Delivering a compelling risk / reward profile Net IRR2 2005 2008 2007 2008 2009 2010 2011 2012 2013 2014 2015 Vintage Year (1) Source' Cambridge Awl:sates Global Buyout Benchmark as of September 30. 2017. This information leffects a comparison of SOF. SOF D. SOF II & SOF Ill performance (mania one benchmark only Past padannanoe is ria apreditaion c' the itittge performaree of SOF. SOF D, SOP ia SOF teat eratuded to d einonstisite the trackiecord of the Glendower SOP Teens. informe4ionlyesendei in this tarts based en the unaudited results of SOF. SOF D. SOF if and SOF III as of September 30.'017 and shouid be read and reviewed eu conjunction with the important Information and 'Notes to InVesimere Performance Information" sesifOrtS (}1 UM presentation (21 TVPI= Total Value to Capital, DPI = Distributions to Paici.ln Capital: Net iRR = Net Internal Rate of Return. and DPI are pooled return aggregating all cash flours and ending NAVs in a sample to calculate a doiqr-weighted Fetish. Net IRRis ale nut of fees. evennes and mutied fittereat Cambuidge Associates research shows that 0166l funds lake at least suk yearsto settle trap then final quartile ranking. and pie:lotus to Les Is-Stung they typically tau* in 24 other quartiles. theefere fund or benotmark perensrurr_ou ntetriCS 'Toreme recent volage years mar be mos mews:vitt. Top quaniw (s the thresrod for the upper (top °A-.) quart* based co the Individual fund IRRs included in a vintage year and are used in conjunction with the median to determine quartile placement (minimum f.4 funds) Glendower Capital STRICTLY CONFIDENTIAL 18 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0040761 CONFIDENTIAL SDNY_GM_00186945 EFTA01355555