EFTA01354428.pdf

GLDUSI43 Henry Nicholas 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 _ _ 40% I I I I I 35% - I I I 29% 30% I I 30% • I I 25% - 23% 22% cr 21% 20% I I -20%- 18% 15% 15% 15% 15% - 12% 12% 12% 12% 12% 10% - 9% 9% 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 basso SOF. WE D. SOF • ?JOE III as of September 30. 2017 and shotid he read and reviewed in conjunction vith the 'Important Information' and -Notes to Performers:E. Informal:or seia • • s returns are mess of ui-c expenses and carried siterest. Net perrounance reflects amounts net of operate. tees art yarded interest. Itreestois should consult with their own athesers tothe apPropnate lactois to to cntsidelectin exaitutino this information Pas₹ perlormance lanai a prediction of the Anise performance of SOF. SOF D SOF II or SOF III but mincluded to demonstrate the track recall of the Glendower SOF Teamand thew can be no assurancethat SOF IV wit achieve comparable iesults or that any target results will be atiseved See 'Important Information' and 'Notes to trocostrriart Portonnaede- sections o1 this presentation 12) MSC₹ World Index and Russel₹ 2(A) index reliant% are based on total return Thomson Reptaas Private Equity Buyout Irides reams are based on price. These benchmark indices do rut revesent an appropriate bertha-lark to compare the performance of the SOF Funds. but ratter is disclosed solely to HeEcrampanaon to that o: certain vasSethcern and sedsey 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 kart an investor an equivalent arrant is 'melted in tria index on the stheallc date. and when caplet (fair-dimea- to an Irma:Elm ads; s' vsithdrawri" from the index on the same <tide. A thaliketcal terminal yalue is generate-a based on the groula of the total index Net IRR a calculated thang tre caohflok replicated in the irdeea and the theoretical terminal value. Recallable distributions have been treated using the 'all in method'". Glendower STRICTLY CONFIDENTIAL 19 Capital CONFIDENTIAL - PURSUANT TO FED. R. GRIM. P. 6(e) DB-SDNY-0039022 CONFIDENTIAL SDNY_GM_00185206 EFTA01354428