EFTA Document EFTA01389941

GLDUS132 EwerWatch Financial 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 2Bx 2.0x 1.5x 1.0x 0.5x 0.0x 2005 2008 2007 2008 2009 2010 2011 2012 2013 2014 2015 Buyout Top Quarles .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 Ao=crciates Global Buyout Benchmark as of September 30. 2017. This information ieffects a comparison of SOF. SOF D. SOF II & SOF III performance aosinst one benchmark only Past parfauwactoe is na apreditrAion c' the inure performarze of SOF. SOF D, SOP .2i. SOF III tai loriuded to dernonstirite the track record of tba Glendower SOP Tearn. Informeaion-plesanieri in this tarts based on the unaudited results of SOF. SOF D. SOF if and $012 as of September 30.'017 anti shouid he read and iernested ei conjunction with the important Information and 'Notes to InVeisimerit Performance Information" sections crif des presentation (2) TVPI= Total Value to Paid-In Capital, DPI = Distabutions to PaidrIn Capital: Net IRR = Net Internal Rate of Return. and DPI are pooled return aggieoating all cast', flows and ending NAVs in a sample to calculate a dolor-weighted tenth. Net !RR" ale nut of fees. evenses and caltiederkerest Cambridge Associates research shortie that 01661 funds take, al least sax yearsto settle into then final quartile ranking. and pirates to ass rasOting they typroally tau* in 24 other quartiles. thelefere Lino oi becotertatk pertcymarr_ot mettrOS mre re‘erit yoUrge years !nay be area meatingt..4. Top quaniw is the thresrod fo the upper flop 25%, quatti* 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-0094309 CONFIDENTIAL SDNY_GM_00240493 EFTA01389941