EFTA01393996.pdf

GLDUS137 Forrestal Capital LLC Buyout-like returns with a secondary risk profile' SOF Funds outperform Cambridge Associates buyout top-quartile benchmark TVPI in line with top-quartile buyout funds... ...With a secondary cashflow profile Delivering a compelling risk / reward profile DPP Net IFR2 2Bx 2.0x SOF III 1.5x 1.0x 0.5x 0.0x 2005 2008 2007 2008 2009 2010 2011 2012 2013 2014 2015 2005 2008 2007 2008 2009 2010 2011 2012 2013 2014 2015 2005 2008 2007 2008 2009 2010 2011 2012 2013 2014 2015 Vintage Year Vintage Year Vintage Year Buyout Top Overlie 4p SOF Program (1) Source: Cambridge Awl:sates Global Buyout Benchmark as of September 30. 2017. This information ieffects a comparison of SOF. SOF D. SOF II & SOF Ill performanceaoisinst one benchmark only Past padannatme is I a oreditAion c' the kittmi performarem of SOF. SOF D, SOP .2i. SOF II' &a is :heed to d einonstisite the track record of tiv Glendower SOP Maio. InformeAionlyesentecl in this dtart is based en the urvaudited results cg SOF. SOF D. SOF if and SG? III as of September $0.'017 and should he read and ix...rumored Ui conjunction with the important InfotinaliOn• and 'Notes to Indesiment Performance Information" sesMOISS (*adds presentation (2) TVPI= Total Valuate Paid-In Capital, DPI = Fastehtitione to Paici4t1 Capital: Net iRR = Net Internal Rate of Return. TVFI and DPI are pooled return awiegating all cast, flows and ending NAVs in a sample to calculate a doiamweighted tenth. Net IRRts ale nut of tees. expenses arid cmtiedaitturest Cambridge Associates research shows that 01661 funds take. at least six yearsto settle fro then final quartile ranking. and pie:lotusto Les sc.-attno they typioally tau* in 24 other quartiles. theefore fund oi be' ohmark perfc-tmuirr_oi metrlCS me recant ymbige years mar be was mewineftd. Top quaniw (s the eltesheid for the upper Bop quatt* bused cm the inclitiolual fund IRRs included xi a vintage year and are used in conjunction with the median to determine quartile placement (minimum $4 funds.' Glendower STRICTLY CONFIDENTIAL 18 Capital CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0099917 CONFIDENTIAL SDNY_GM_00246101 EFTA01393996