EFTA Document EFTA01394755

GLOUS140 Lawrence Hirsch 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 Quaint. .50F Program Vintage Year Delivering a compelling risk / reward profile Net IRR2 2005 2008 2007 2008 2009 2010 2011 2012 2013 2014 2015 Village Year (1) Source' Combridpe Atutorates Global Buyout Benchmark es of September 30. 2017. This information reflects a comparison of SOF. SOF D. SOF II & SOF Ill (*dormant:6 aoarnst one benchmark only Past airtime:tit is na a ()elit:iron or the trdure penermaree of SOF. SOF D, SOP ia SOF Ltd Included to demonstrate the track record of the Glendower SOP Thera. Inforrotaioniteesenlarl in this tarts based on the unaudited results of SOF. SOF D. SOF if and SOF III as of September $0. 2017 and should be ;eat and reviewed kir conjunction with the important Information and 'Notes to InVestmerit Performance Information" becifOCIS (*allies presentation (21 TVPI= Total Value to Paid-ln Capital, DPI = Distributions to Paidiln Capital: Net iRR = Net Internal Rate of Return. TVPI and DPI are pooled return aggregating all cash flows and ending NAVs in a sample to calculate a doier-weighted retrain. Net IRRi ale nut of fees. anion:set and carried tastes( Cambridge Associates research shows that 0166l funds lake, al least Lux Veartsito settle into their final quartile ranking. and previousto Pas iss-ttirng they typioally tar* in 24 other quartiles. the. fund or t.terto..fenark perfemerr_or nteariCS ''crank more re -+d volage years may be *SS ME,W4.155.5. Top quartile $the thresrod for the tipper (top °A-.) quart*. based co the individual fund IRRs included tri 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-0100796 CONFIDENTIAL SDNY_GM_00246980 EFTA01394755