EFTA Document EFTA01394363

GLDUS129 DF Enterprises SOF Funds show consistent performance1 Across different fund sizes, fund vintages and economic cycles Net Contributed Capital (as % of Fund Size) Net IRR 30% 100% min SOF —SOF 11 60% 40% 20% 0% 20% -40% -60% 25 27 29 31 33 35 37 39 41 43 45 DPI (Distributed to Paid-In Capital) 2 OA 1.6X 1.4X I 2x 1.0x 0.8,c 0.5x 0 4X 02X 0.0x Quarters from inception -$PF seem`.SOF JI 80iS 40'.% — 20% ESOP ••• •$OF 4 ......w5C3F HI I 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 Quarters frominception TVPI (Total Value to Paid-In Capital) 2.0s 1 54 1.0.4 ook 3 5 7 9 11 13 15 It 19 21 23 25 r 29 31 33 35 37 39 41 43 45 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 SOF --SOF 1t ---SOF III Quartets fromincepton Caters t romneeption (1) Performance figures have been calotaated based on the unaudited performance results of SOF. -SOF II and SOF III as of September '30. 2017 and should be read and reviewed in conjunction with the "Importatt Inks mation" and Notes to Per lormance Information sections of this presentation. Past performance is not a predkatai of lutive returns and there can tie no assurance that S0F IV will acNeve comparable results or Mat any target results:ell pie actseved There is no guarantee Met Mute pgettrinharce will be conststent with past performance of SOF. SOF II and SOF lg. Performance intimation rip on SOF D has not teen included on tivit stle because SOF 0 is a single transaction top.up fund raised in 2010 to Ullfierfilite pa assu the Da Irin hu a rroction with SOF. Glendower does not espect that similar liam.artions will be available to S0F IV. Glendower Capital STRICTLY CONFIDENTIAL 20 CONFIDENTIAL - PURSUANT TO FED. R. CRI M. P. 6(e) CONFIDENTIAL DB-SDNY-0 100365 SDNY_GM_00246549 EFTA01394363