EFTA Document EFTA01391534

GLDUS124 BBR Partners 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) 20A 1.6x 1.4X I 24 1.0x 0.40t 0.6x 0 4x 0,2x 0.0x Quarters from inception -$PF se"'"*SOF 80% 40% - 20% ESOP •••• 940F 4 HI 1 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) SOF --SOF 11 ---SOF III 2.0x 1 54 1.0x 0.5x 0 OX 1 3 5 7 9 11 13 15 If 19 21 23 25 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 Quarters frominception Caters tromneeption (1) Performance figures have been calciiated based on the unaudited performance results of SOF. -SOF II and SOF III as of September '30. 2017 anti should be read and reviewed in conjunction with the "Impoltar, Information" and Notes to Per lormance Information sections of this presentation. Past pertoneart* is not a prisdk..toi of luttee returns and there can pe no assurance that S0F IV will acNeve comp/sable results or thiit any target ;vaults eon pie achieved tr4re is no guarantee the! future peitormarce will be consastent with past performance of SOF. SOF II and SOF III. Performance information rip on Di SOF has riot teen ocksi&ii oriIr Mode bec.iuse. SOF 0 is a single transaction u top up fund raked rakedin 2010 to Ullfierfilite pa assu the Da limn transactionwith SOF. Glendower does not so pc-ct that similar tram.actions will be avretabie to SOF IV. Glendower Capital STRICTLY CONFIDENTIAL CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0096486 SDNY_GM_00242670 EFTA01391534