GLDUSI32 EverWatch Financial 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% 35% - 30% • 25% - cr -20%- 15% - 10% - 5% - 0% 22% 0% 3% 29% 12% 12% 9% 21% 20% 12% 12% 18% 30% 15% 15% 12% SOF (2006) SOF D (2010) SOF II (2011) SOF III (2014) ■Glendower Net IRR MSCI World Russell 2000 ■Thomson Reuters ______I I I I I I I I I I I I I 23% 15% 9% SOF Program ii) Performance figures have been calculated basso . . SOF. WE D. SOF iOF III as of September 30. 2017 and shock₹ he read and reviewed in conjunction vith the 'Important Information' and -Notes to Performers :E. Inlonnaloi -Acci • • C. s return; are moss of hi-c expenses and carried siterest Net perlonnance reflects amounts net of operate. lees art yarded interest. Irreestors should consult with their own aMosers tothe apPropnate actors to to coisidelectin evaitchino thiS information Past periormanca lanai a prediction of the iuttre performance of SOF. SOF D SOF or SOF III but a included to dernonsuate the track record of the Glendower SOF Teamand thew can be no assurance, that SOF IV wit achieve comparable results or that any target results will be atiseved See 'Important Information' and 'Notes to investrrierit Portormaxe- sections o1 this presentation 12) MSC₹ World Index and Russell 2(A) Index retunm are based on total return Thomson Ret.a.ars Private Equity Buyout IndeA retires are based on price. These benchmark indices do rut represent an appropriate benchmark to compare the performance of the SOF Funds. but ratter is disclosed solely to Lieaw crampariaon to that of relay; we.P.known 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 replicated in each illaCk. For exhirt(Itt. RI when capital is drawn horn an investor an equivalent arrant is 'melted in tria index on the spea₹it; date. and when caplet (fair-Jager:A to an irreostor aids; s'vsithdrawn" from the index on the same <bite. A thabrieciia terminal yalie is goner:Etc-a based on the grow''. of the tota₹ index Net IRR calculated taring cashflok replicated in the irdek and the theoretical terminal value. Recallable distributions have been treated using the 'all in method Glendower Capital STRICTLY CONFIDENTIAL 19 CONFIDENTIAL - PURSUANT TO FED. R. GRIM. P. 6(e) DB-SDNY-0094310 CONFIDENTIAL SDNY_GM_00240494 EFTA01389942