EFTA01394756.pdf

GLIDUS140 Lawrence Hirsch 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 23% 22% 21% 20% 18% 15% 15% 15% 12% 12% 12% 12% 12% 10% - 9% 9% 7% 5% - 3% 0% 0% SOF (2006) SOF D (2010) SOF II (2011) SOF III (2014) SOF Program ■Glendower Net IRR MSCI World Russell 2000 ■Thomson Reuters rt) 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 vith the "Important Intotmationv and -Notes to Ferfoimance Informator • • c. return; are moss of kJ- expenses and carried siterest. Net perharnance reflects amounts net of expenses. tees aryl carried interest. Investors shook) ronsu₹t with their own aMesers as to the apPropnate Leedom to be ceraiderecEin evaiteetino thiS information Pas₹ perlormance la not a prediction of the Attire performance of SOF. SOF D SOF It or SOF III but nincluded to demonstrate the track reseed of theGlendower SOF Teamand there can be no assurance that SOF IV wit achieve comparable revolts or that any target results will be atitexed See 'Important Information- and 'Notes to Investrriert Portormance- sections of this presentation 12) MSC₹ World Index and Russel₹ 2(A) Irstery rettaim are based on total return Thomson Reuters Private Equity Buyout Irides refixes are based on pries. These benclanaik indices do nut represent an appropriate benchmark to con-stare the perfotraance of the SOF Funds. but fatter is disclosed solely to xenv comparison to that cite certain sesa.known and sodeiy 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. EQI exhirt(ItV. itl when capital is drawn horn an investor. an equivalent arsount is invested !nth,' index on the spiscrfrc date: and when capital (fair-brit-al to an irreastor c.ads; is -withdrawn" from the index on the same <bite. A theories:se terminal value s generatei based on the growth of the total index Net IRR rt calculated uhrig tre cashflows replicated in the irdeex and the theoretical terminal value. Recallable distributions have been treated using the 'all in method Glendower STRICTLY CONFIDENTIAL Capital CONFIDENTIAL - PURSUANT TO FED. R. GRIM. P. 6(e) DB-SDNY-0100797 CONFIDENTIAL SDNY_GM_00246981 EFTA01394756