EFTA01391534.pdf

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 ESOP •••• 940F 4 HI 60% 80% 40% 20% 0% 40% - 25 27 29 31 33 35 37 39 41 43 45 20% 20% Quarters from inception -40% 1 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) 20A -$PF se"'"*SOF SOF --SOF 11 ---SOF III 1.6x 2.0x 1.4X I 24 1 54 1.0x 0.40t 1.0x 0.6x 0 4x 0.5x 0,2x 0.0x 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 on SOF Di has riot teen ocksi&ii oriIr Mode bec.iuse. SOF 0 is a single transaction topuup fund rakedin raked 2010 to Ullfierfilite paripassu the Da limn transactionwith SOF. Glendower does not so pc-ct that similar tram.actions will be avretabie to SOF IV. Glendower STRICTLY CONFIDENTIAL Capital CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0096486 CONFIDENTIAL SDNY_GM_00242670 EFTA01391534