EFTA01392202

GLOUSI44 Glenn Warren 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 Granite *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 Aseitiates Global Buyout Benchmark as of September 30. 2017. This information ieffects a comparison of SOF. SOP D. SOF II & SOF Ill performance aosinst one bench/nark only Past paeaunarioe is ria aoredicaion c' the irate peter:tarot( of SOF. SOF D, SOP .2i. SOF teat n; Meluded to d einonstirate the trackiecord of the Glendower SOP Team. Informreionixesentscl in this theft is based on the unaudited results of SOF. SOF D. SOF if and SG? III as of September 30.'017 and should be read and 'gemmed M conjunction with the important Information and 'Notes to InOesiment Performance Information" sesitellS Xt1 ties presentation (21 TVPI= Total Valiant, Capital, DPI = Dishibutiona to PaicSlit Capital: Net iRR = Net Internal Rate of Return. TVPI and DPI are pooled return aoyieoating all cast, flows and ending NAVs in a sample to calculate a dolor-weighted tenth. Not IRRs ale nut of fees. experines and muriedpiterest Camblidge Associates research shows that 0166l funds take at least sex yearsto set% into then final quartile ranking. and pireious to lies ssettino they typimally rant: in 24 other quartiles. thefefere LIM at Cant-'rank perfcamuirr_ur mettiCe. :'rare more recant xmlage years mar be was mearanaffe. Top quailiW is the threshoM for the upper (top °A-.) quart* based on the Individual fund IRRs included in a vintage year and are used in conjunction with the median to determine quartile placement (minimum Re funds) Glendower Capital STRICTLY CONFIDENTIAL 18 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0097380 CONFIDENTIAL SDNY_GM_00243564 EFTA01392202