GLDUSI44 Glenn Warren 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 11 (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% 7% SOF Program Performance figures have been calculated Pasta . . SOF. WE D. SOF • 30F III as of September 30. 2017 and shotid he read and reviewed in conjunction vith the 'Important Information' and -Notes to Performance Informal:or cars • • .i: C. s reams are moss of n,(.* expenses and carried siterest. Net performance reflects amounts net of expenses. tees aryl yarded interest. Investors should consult with their own adreseis tothe apProonate Ledo* to tvootaidelectin evaitelino thiS information Past penormanca k4 not a prediction of the Anise performance of SOF. SOF D SOF It or SOF III but mincluded to demonstrate the track recall of the Glendower SOF learn and thew can be no assurance that SOF IV wit achieve comparable *wits or that any target results will be atideved See 'Important Irltortnatien- and 'Notes to irrithstrnert Portormaxe- sections el this presentation 12) MSCI World Index and Russel₹ 2(A) Index *tun* are based on total return Thoonlon Repters Private Equity Buyout Index tettsrus are based on price. These benchmark indices do rut represent an someone* benchmarkto compare the performer_- of the SOF Funds. but rats ‘f is disclosed solely to AS**, comparreon to that of certain web.known and widely rsyyognzsd indices. (3) Methodology. The Long Nickels method has been used to ratw₹rls the PMEs. Net cash flows or the SOF Funds are ftwicaled in each illaCk. For exhirt(Itt. RI when capital is drawn horn an invesitor an equivalent areas* is in wilted in tha index on the speaftc date: and when capial cfstdiutei to an irrie:Ltoi owit is -withdrawn" from the index on the same date tbabritcal terminal value is generate-d based on the pr 0010 of the total index Net IRR calculated miss Ire cashflok replicated n the index and the theoretical terminal value. Recallable distributions have been tre.aterA using the 'all in menvd" Glendower Capital STRICTLY CONFIDENTIAL CONFIDENTIAL - PURSUANT TO FED. R. GRIM. P. 6(e) DB-SDNY-0097381 CONFIDENTIAL SDNY_GM_00243565 EFTA01392203