EFTA Document EFTA01390942

GLOUS113 Cliff IIlig 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 2Sx 2.0x 1.5x 1.0x 0.5x 0.0x 2005 2008 2007 2008 2009 2010 2011 2012 2013 2014 2015 Buyout Top Quaint. *SOF 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 Aewrcsates Global Buyout Benchmark as of September 30. 2017. Thus information 'effects a comparison of SOF. SOP D. SOF II & SOF Ill performance against one benchmark only Past paeartmanoe is ria creAkrAion c' the h. tuna parlour:tare.* of SOF. SOF D, SOP ra SOF &a r-itsied to demonstrate the tracklecord of the Glendower SOP Teens. informeaionlyesenteri in this tarts based on the las/sodded results of SOF. SOF D. SOF if and SG? III as of September $0.'017 and should be read and renewal n conjunction with the important Information" and "Noi.e9 to Irmesiment Performance information" wer.110115. (}1tfett presentation (21 TVPI= Total Valve to Paid-In Capital, DPI = Distahations to PaidrIn Capital: Net iRR = Net Internal Rate of Return. TVFI and DPI are pooled return aggregating all cast', flows and ending NAVs in a sample to calculate a dolacweighted return. Net !RR" are nut of fees. Pepe:mem and cspied itterers( Cambridge Associates research sharers that 0166l funds take at least six yearsto settle into then final quartile ranking. and pirwous to liras m..4.thng they typin.nally tau* in 24 other quartiles. therefore Incia of ...tenctenark pnrf-4-fmuirr-in ntetriOn fcCaril more rthcant yuniage years mar be *Se. ME,WiNft..4. Top quaniw *the thresrod for the upper (top oirr) quait* based co the Individual fund IRRs included es a vintage year and are used in conjunction with the median to determine quartile placement (minimise f.4 funds. Glendower Capital STRICTLY CONFIDENTIAL 18 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0095621 CONFIDENTIAL SDNY_GM_00241805 EFTA01390942