EFTA Document EFTA01394362

GLDUS129 DF Enterpnses 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% I I 15% 9% SOF Program II) Performance figures have been calculated basso SOF. WE D. SOF • it OF III as of September 30. 2017 and shock₹ be read and reviewed in conjunction with the 'Important Information' and -Notes to Performance Informal:or • p -intcriiii: • Ci return; ant moss of expenses at carried siterest. Net peammance reflects amounts net of expenses. tees art yarded interest. Irreestois shook) consult with their own advisers as to the apPropriate colons to to comidelectin exattratino this information Past perlormanca la not a prediction of the future performance 01 SOF. SOF D SOF or SOF III but m included to demonstrate the track record of lhe Glendowei SOF learn and thew can be no assurance that SOF IV will achieve comparable resigns or that any target results will be atiseved See 'Important. Information- and "Notes to investmert Porformance- sections of this presentaron MSCI World Index and Russell 2009 Irxte, rettinm are based on total return Thomson Retj ears Private Equity Buyout Index returns are based on price. The beinelsmark indices do nut represent an abb.-aortae benchmark to compare the performance of the SOF Funds. but ratter isdisclosed solely to anw comparison to that of certain xesaiknenen and sodny recognized indices. (3) Methodology. The Long Nickels method has been used to r.acalite the PtsiEs. Net cash flows or the SOF Funds are ftwicaled in each illaCk. For exhirt(Itt. RI when capital is drawn horn an investor. an equivaktnt arsouril is if's:Jilted in tea; index on the speaftc data: and when capital cfstrefutcwi to an irmaylci ads; is -withdrawn" from the rider on the same <bite. A thebtelvail terrnmal yalte is generate-d based on the growth of the total index Net IRR calculated marine caohflok replicated n the irdex and the theoretical teiminalv9lue. Recallable distributions have been treated using the 'all in mennid' Glendower Capital STRICTLY CONFIDENTIAL CONFIDENTIAL - PURSUANT TO FED. R. GRIM. P. 6(e) DB-SDNY-0100364 CONFIDENTIAL SDNY_GM_00246548 EFTA01394362