EFTA01394363.pdf

GLDUS129 DF Enterprises 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 ESOP ••• •$OF 4 ......w5C3F HI 60% 80iS 40% 20% 40'.% — 0% 25 27 29 31 33 35 37 39 41 43 45 20% 20% Quarters from inception -40% I 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 -60% Quarters frominception DPI (Distributed to Paid-In Capital) TVPI (Total Value to Paid-In Capital) 2 OA -$PF seem`.SOF JI SOF --SOF 1t ---SOF III 1.6X 2.0s 1.4X I 2x 1 54 1.0x 0.8,c 1.0.4 0.5x 0 4X 02X 0.0x ook 3 5 7 9 11 13 15 It 19 21 23 25 r 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 Quartets fromincepton Caters tromneeption (1) Performance figures have been calotaated based on the unaudited performance results of SOF. -SOF II and SOF III as of September '30. 2017 and should be read and reviewed in conjunction with the "Importatt Inks mation" and Notes to Per lormance Information sections of this presentation. Past performance is not a predkatai of lutive returns and there can tie no assurance that S0F IV will acNeve comparable results or Mat any target results:ell pie actseved There is no guarantee Met Mute pgettrinharce will be conststent with past performance of SOF. SOF II and SOF lg. Performance intimation on SOF D has not teen included on tivit stle because SOF 0 is a single transaction top.up fund raised in 2010 to Ullfierfilite pa ripassu the Da Irina hurroction with SOF. Glendower does not espect that similar liam.artions will be available to S0F IV. Glendower STRICTLY CONFIDENTIAL 20 Capital CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0100365 CONFIDENTIAL SDNY_GM_00246549 EFTA01394363