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o Paidim Capita:!. TVPI. RVPI ard are pooled retvin ar-iregating all cash Pews and endiiv *Ws in a sample to calculate a dollariereighted return. Glendower Capital STRIC"FLY CONFIDENTIAL CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0038588 CONFIDENTIAL SDNY_GM_00184772 EFTA01353996
arid SOF performs-te against one benchmark a=y; quart*ee may differ When bon1Pared to other Percher:Joking soirees. S we OF. SOF J. SCir ri and SOF Ili data isnot included in the data set used to calculate the berichnlaitt data (21 +-damnation veseirted in this chart its based on the marched results
to Paid-s Capital. TVPI. RVPI and shy€ are voted retton armegating all cash lion and endiiv *Ws in a sample to talmilate a dollar•wc-ohled return. Glendower Capital STRIC"FLY CONFIDENTIAL CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0040760 CONFIDENTIAL SDNY_GM_00186944 EFTA01355554
I arid SOF rc performa e against one benchmark OnlY: qualtaeS may differ When tomPlued to other benthrnarking souses.S we OF. SOF J. SCir ti and SOF Ili data isnot included in It * data set reed to calculatethe berichnlaitt data (21 Inlormation vesterted in this chair ie based an the inaudted results
omitted to SOF Funds. (.33 S0F CI is a Euro denominated furr.l. LIST values. have been converted at the September 3O 2017 EURtUSS late of 1.1822. Glendower Capital STRICTLY CONFIDENTIAL Adam Graev opens New York Office • • 2010 2011 Team raises SOF H USSCs 14 m • Entire 15-strong invest
Davies & Francesco Rigamonti start working together to Team Tearn Team restructure US$6bn raises raises raises Deutsche Bank PE SOF SOF- SOF Ili proprietary portfolio USS565in USS147rn US$1 55en --• 2003 20O5 2006 2007 Carlo Pirzio-Biroli and Charles Smith co-found the SOF business,
Paid+1 Capital. Rs PI and ;ham€ are pooled reken araregating all cash 11cel. vs and endilv *Ws in a serple to calculate a dollanensghted return. Glendower Capital STRIC"FLY CONFIDENTIAL CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0095620 CONFIDENTIAL SDNY_GM_00241804 EFTA01390941
arid SOF performrc a e against one benchmark a=y; qualt*ea may differ When coral-Awed to other benctenarking soirees. SOF. we SOF J. SCir ri and SOF Ili data is not included in the data se used to calculate the SeriChltaitt data (21 Inlormation yes/sited in this chart is based on the ursocited result
s to Paidym Capta TVPI. Rs PI ard ;ham€ are poled fawn armegating all cast: fears and endilv *Ws in a sample to calculate a dollaowc-mhted return. Glendower Capital STRICTLY CONFIDENTIAL CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0096052 CONFIDENTIAL SDNY_GM_00242236 EFTA01391237
I arid SO)- III performa e against one benchMark OnlY: quait*ee may <Idler When comb:reed to other bench.marking soirees. S ra OF. SOF J. SCir and SOF Ili data snot included in Iv* data set teed to calculatethe berichnlait data (2) Inlormation yes/sited in this chair It based on the inaudted results of
Capital. TVPI. FlelP1 and ;ham€ are rt.:vied rtetvin armegatinp all cam'', keys and a slim *Ws in a sample to <intonate a dollariweighted return. Glendower Capital STRICTLY CONFIDENTIAL CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0100795 CONFIDENTIAL SDNY_GM_00246979 EFTA01394754
arid SO)- III performa e agarrst one benchmark a=y; quedfee may differ When swill:cued to other benchnuirking sorates. S ra OF. SOF J. SCir ri and SOF Ili data isnot included in the data set used to calculate the benchmark data (21 Information yes/sated in this chart ie bused an the urauelted results o
Entities connected to both Glendower and SOF Ili
Cambridge Associates'
ORGANIZATIONCambridge Assoaates
LOCATIONPaid+1 Capital
ORGANIZATIONSOF J. SCir ri
ORGANIZATIONthe Gler4ower SOF Team
ORGANIZATIONUpper/ Iowa
LOCATION