EFTA01391238.pdf

GLDUS139 Third Lake Capital 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 DPI2 Net IFR2 23x 2.0x SOF M 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 Waage Year Buyout Top Cradle .50F Program (1) Source: Cambridge Medic:rates Global Buyout Benchmark as of September 30. 2017. Thus information reflects a comparison of SOF. SOP D. SOF II & SOF Ill performanceaoarnst one benchmark only Past petiole:tie is na orelkstion c' the irture perferrnarce of SOF. SOF D, SOP .2i. SOF II' tita r:; to demonstrate the track !scow.' of the Ciller:lower SOP Main. inrcemeaion-caesenterl in this thart is based en the unaudited results of SOF. SOF D. SOF if and SG? ill as of September 30.'017 and should be read and reviewed ei conjunction with the important Information and 'Notes to Imiesiment Performance Information" tier-11011S (*atlas presentation (2) TVPI= Total Value to Paid-In Capital, DPI = Distributions to Paidiln Capital: Net iRR = Net Internal Rate of Return. TVPI and DPI are pooled return awiegating all cast', flews and ending NAVs in a sample to calculate a doissvorughted tenth. Net !RR" ale nut of tees. wept:noes and mevied fighters( Cambridge Associates research shows that 0166l funds take, al leant es< yearsto settlekitethen filet quartile ranking. and piasnous to Les iss..4.thng they typioally tar* in 24 other quartiles. theetere kiwi or bet-oho ark perfosmuirr_ui metrliCS :'rent more re‘mrit yobige years mar be *Se. MX,W4.19144. Top quartile rs the eltesheid for the upper (top °A-.) quart* based co the Individual fund IRRs included in a vintage year and are used in conjunction with the median to determine quartile placement (minimum (i4 funds) Glendower STRICTLY CONFIDENTIAL 18 Capital CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0096053 CONFIDENTIAL SDNY_GM_00242237 EFTA01391238