EFTA01392566.pdf

GLOUS128 Patrick Gerschel 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% -SOF 11 s --.5OF HI 60% 80% 40% 20% 40%. — 0% 25 27 29 31 33 35 37 39 41 43 45 20% 20% Quarters from inception -40% t 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 -60% Quarters frominception DPI (Distributed to Paid-In Capital) TVPI (Total Value to Paid-In Capital) 2 OA -$PF se"'"*SOF Jt SOF --SOF 11 ---SOF III 1.6x 2.0x 1.4x I 2x 1 54 1.0x 0.1!ut 1.0x 0 CU 0 4x 0.5x 0,2x 0.0x 0 0k 1 3 5 7 9 11 13 15 It 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 fromincepton Caters tromneeption (1) Performance figures nave been caloriated 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 "Impodari Information" and Notes to Per lormance Information sections of this presentation. Past perfonnart* is not a predkaor of lunge returns and there can pe no assurance that S0F IV will acNeve comparable results or that any target results tall pie achieved Th4re nO guarantee that futon. pierformarce will be ccinsaitent with past performance of SOF. SOF II and SOF In. Performance information on SOF D has not teen mksied on Inc xlae becsuat SOF 0 is a single transaction topiup fund raisedin 2010 to Ullfierfilite pariipassu the Da %inn transactionwith SOF. Glendower does not eopc-ct that similar tram.actions will be available to SOF IV. Glendower STRICTLY CONFIDENTIAL Capital CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0097813 CONFIDENTIAL SDNY_GM_00243997 EFTA01392566