EFTA01354858.pdf

GLDUS125 Gerald Ford 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 IRR2 2.5x 2.04 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 Village Year Buyout Top Quaint. SOF Program (1) Source' Cambridoe At=tcsates Global Buyout Benchmark as of September 30. 2017. This information reflects a comparison of SOF. SOP D. SOF II & SOF Ill performance easeful one benchmark only Past padannanot is na a ()Fedi:arch c' the inure performaree of SOF. SOF D, SOP aa SOF III ttit laduded to demonstrate the track !scars.' of the Glendower SOP Team. Informearon-plesented in this tarts based on the urvaudaect results at SOF. SOF D. SOF if and SG? III as of September $0. 2017 and shoed he read and reviewed er conjunction with the important Information and 'Notes to InVestment Performance Information" sec.-P(41S (}ftlUtt presentation (21 TVPI= Total Wagner Pard-In Capital, DPI = Digniblitione to Paid.ln Capital: Net iRR = Net Internal Rate of Return. and DPI are pooled return aggregating all cash flours and ending NAVs in a sample to calculate a doier-weighted Fetish. Not IRRts are nut of fees. erupt:ruses and carried tattiest Cambiktge Associates research shows that 0166l funds lake at least sax yearsto settle into then filet quartile ranking. and previousto Les st-ttang they typically tar* in 24 other quartiles. theitfore foc4 or becohmark perkumuirr_oi metriCS :'rout me recant velage years may be 'was meaiingfrd. Top quartile is the thresrod for the upper (top quart* based co the Individual fund IRRs included es a vintage year and are used in conjunction with the median to determine quartile placement (minims') f.4 funds) Glendower STRICTLY CONFIDENTIAL 18 Capital CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0039456 CONFIDENTIAL SDNY_GM_00185640 EFTA01354858