EFTA01390287.pdf

GLDUS138 Ian Slome 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% 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 • ?JOE III as of September 30. 2017 and shock₹ he read and reviewed in conjunction %frith the 'Important Intonation' and -Notes to Performance Informatc, • c -escr:J .: • return'; aie moss of expenses and tarried sitereet. Net pen-name reflects amounts net of expenses. fees aryl carried interest. Investors shook) consult with their own aMmsers as to the apProcinete lactois to to cotaideiestin evaitectiny this intonation Pas₹ perlormonca fa not o prediction of the future performance of SOF. SOF D SOF or SOF III but mincluded to dernonsuate the track recall of the Glendower SOF learn and thew can be no assurance that SOF IV will achieve comparable rewills or that any target results will be attained See 'Importer* Information- and 'Notes to Investrriert Portonnww-e- sections ol this presentation 12) MSC₹ World Index and Russell 2003 Index. returns are based on total return Thomson Rejaers Private Equity Buyout Index returns are based on prier. These bend-rain( indices do nut represent an appropriate benchmark to compare the performer_- of toe SOF Funds. bul rather- is disclosed solely to oc4 campanson to that of certain wePknown and widely recognized indices. i31 Meintrdelociy. 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 investor. an equivalent argotint is at fisted in this index on the speartc date: and when cam& cfstdrittai to an irnastoi aids; s' withdrawn" froin the index on the same dJite. A thabritcel tetanal yalie generate-d based on the groigla of the total index Net IRR calculated wrig the cashflok replicated n the idea and the theoretical terminal value. Recallable distributions have been tre.aterA using the 'all in mettaidt- Glendower STRICTLY CONFIDENTIAL 19 Capital CONFIDENTIAL - PURSUANT TO FED. R. CR M. P. 6(e) DB-SDNY-0094742 CONFIDENTIAL SDNY_GM_00240926 EFTA01390287