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sd-10-EFTA01392203Dept. of JusticeOther

EFTA Document EFTA01392203

GLDUSI44 Glenn Warren SOF Program compares favourably to public markets Performance data as of September 30, 2017'-',•5 SOF Funds have delivered attractive performance compared to major public market indices 40% 35% - 30% • 25% - cr -20%- 15% - 10% - 5% - 0% 22% 0% 3% 29% 12% 12% 9% 21% 20% 12% 12% 18% 30% 15% 15% 12% SOF (2006) SOF D (2010) SOF 11 (2011) SOF III (2014) ■Glendower Net IRR MSCI World Russell 2000 ■Thomson Reuters ______ I I I I I I I I I

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Dept. of Justice
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sd-10-EFTA01392203
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Summary

GLDUSI44 Glenn Warren SOF Program compares favourably to public markets Performance data as of September 30, 2017'-',•5 SOF Funds have delivered attractive performance compared to major public market indices 40% 35% - 30% • 25% - cr -20%- 15% - 10% - 5% - 0% 22% 0% 3% 29% 12% 12% 9% 21% 20% 12% 12% 18% 30% 15% 15% 12% SOF (2006) SOF D (2010) SOF 11 (2011) SOF III (2014) ■Glendower Net IRR MSCI World Russell 2000 ■Thomson Reuters ______ I I I I I I I I I

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EFTA Disclosure
Text extracted via OCR from the original document. May contain errors from the scanning process.
GLDUSI44 Glenn Warren SOF Program compares favourably to public markets Performance data as of September 30, 2017'-',•5 SOF Funds have delivered attractive performance compared to major public market indices 40% 35% - 30% • 25% - cr -20%- 15% - 10% - 5% - 0% 22% 0% 3% 29% 12% 12% 9% 21% 20% 12% 12% 18% 30% 15% 15% 12% SOF (2006) SOF D (2010) SOF 11 (2011) SOF III (2014) ■Glendower Net IRR MSCI World Russell 2000 ■Thomson Reuters ______ I I I I I I I I I I I I I 23% 15% 9% 7% SOF Program Performance figures have been calculated Pasta . . SOF. WE D. SOF 30F III as of September 30. 2017 and shotid he read and reviewed in conjunction vith the 'Important Information' and -Notes to Performance Informal:or cars • .i: C. s reams are moss of n,(.* expenses and carried siterest. Net performance reflects amounts net of expenses. tees aryl yarded interest. Investors should consult with their own adreseis tothe apProonate Ledo* to tvootaidelectin evaitelino thiS information Past penormanca k4 not a prediction of the Anise performance of SOF. SOF D SOF It or SOF III but mincluded to demonstrate the track recall of the Glendower SOF learn and thew can be no assurance that SOF IV wit achieve comparable *wits or that any target results will be atideved See 'Important Irltortnatien- and 'Notes to irrithstrnert Portormaxe- sections el this presentation 12) MSCI World Index and Russel₹ 2(A) Index *tun* are based on total return Thoonlon Repters Private Equity Buyout Index tettsrus are based on price. These benchmark indices do rut represent an someone* benchmarkto compare the performer_- of the SOF Funds. but rats ‘f is disclosed solely to AS**, comparreon to that of certain web.known and widely rsyyognzsd indices. (3) Methodology. The Long Nickels method has been used to ratw₹rls the PMEs. Net cash flows or the SOF Funds are ftwicaled in each illaCk. For exhirt(Itt. RI when capital is drawn horn an invesitor an equivalent areas* is in wilted in tha index on the speaftc date: and when capial cfstdiutei to an irrie:Ltoi owit is -withdrawn" from the index on the same date tbabritcal terminal value is generate-d based on the pr 0010 of the total index Net IRR calculated miss Ire cashflok replicated n the index and the theoretical terminal value. Recallable distributions have been tre.aterA using the 'all in menvd" Glendower Capital STRICTLY CONFIDENTIAL CONFIDENTIAL - PURSUANT TO FED. R. GRIM. P. 6(e) DB-SDNY-0097381 CONFIDENTIAL SDNY_GM_00243565 EFTA01392203

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