EFTA01355094.pdf

GLDUSI26 Pacific Lire Insurance Co SOF Program compares favourably to public markets Performance data as of September 30, 2017'-',•5 SOF Funds have delivered attractive performance compared to major public market indices ______ I 40% I I I I I 35% - I I I 29% 30% I I 30% • I I 25% - 23% 22% cr 21% I I 20% -20%- 18% 15% 15% 15% 15% - 12% 12% 12% 12% 12% 9% 9% 10% - 5% - 3% 0% 0% SOF (2006) SOF D (2010) SOF 11 (2011) SOF III (2014) SOF Program ■Glendower Net IRR MSCI World Russell 2000 ■Thomson Reuters II) Performance figures have been calculated basec:4 . . SOF. WE D. SOF iOF III as of September 30. 2017 and shock₹ he read and reviewed in conjunction with the 'Important Information' and -Notes to Performers:xi. Inlormatio soci • :is • s returns are moss of expenses and tarried siterest. Net perrounance reflects amounts net of operate. tees aryl carried interest. Investors shook) ronsu₹t with their own advisers as to the apPropnate Lectors to to considelectin evaitratino this information Pas₹ perlornianca Ito not a prediction of the Anise performance of SOF. SOF D SOF II or SOF III but mincluded to demonstrate the track record of the Glerxlcwei SOF Teamand there can be no assurance that SOF IV wilt achieve comparable results or that any target results will be atistaved See 'Important Information' and 'Notes to Investrriert Portormact-e- sections o1 this presentation 12) MSC₹ World Index and Russel₹ 2000 Index retunm are based on total return Thomson Peers Private Equity Buyout Irides retires are based on prior. These benchmark indices do nag represent an appropriate benchmark to compare the performance of the SOF Funds. but ratter is disclosed solely to o v cernparraon to that ogee:edam sesaiknown and widely recognized indices. i31 Methodology. The Long Nickels method has been used to calculate the PMEs. Net cash flows or the SOF Funds are ftwicaled in each illaCk. For exhirt(Itt. RI when capital is drawn from an inyesgor. an equivalent armor* is in.:Jilted in ths index on the spea₹it; data: and when capital cfstraimed to an investor oiads; is -withdrawn" from the index end's same <Lige. A thebritcal terminal salie is gensraterd based on the gnwila of the total index Net IRR rt calculated trung ttie cashflows replicated n the ode>. and the theoretic-3i terminal value. Recallable distributions have been treated using the 'all in mettnid" Glendower STRICTLY CONFIDENTIAL 19 Capital CONFIDENTIAL - PURSUANT TO FED. R. GRIM. P. 6(e) DB-SDNY-0039898 CONFIDENTIAL SDNY_GM_00186082 EFTA01355094