GLDUSI43 Henry Nicholas Buyout-like returns with a secondary risk profile' SOF Funds outperform Cambridge Associates buyout top-quartile benchmark TVPI in line with top-quartile buyout funds... ...With a secondary cashflow profile SOF III 2005 2008 2007 2008 2009 2010 2011 2012 2013 2014 2015 Vintage Year DPI2 23x 2.0x 1.5x 1.0x 0.5x 0.0x 2005 2008 2007 2008 2009 2010 2011 2012 2013 2014 2015 Buyout Top Charlie *SOF Program Vintage Year Delivering a compelling risk / reward profile Net IRR2 2005 2008 2007 2008 2009 2010 2011 2012 2013 2014 2015 Vintage Year (1) Source: Cambridge Mgt.:sates Global Buyout Benchmark as of September 30. 2017. This information reflects a comparison of SOF. SOP D. SOF II & SOF Ill performance easeful one benchmark only Past paeauwacioe is na acreditAion c' the irture performarce of SOF. SOF D, SOP .21' GOF III ttit thdisied to demonstrate the track !scars.' of the Glendower SOP Team. Informearon-plesented m "'is leapt is based en the urvroddect results cg SOF. SOF D. SOF if and SG? III as of September 30.'017 and shoud be read and reviewed el conjunction with the important Information and 'Notes to Imituatment Performance Information" seq.-n(41S (}1 tlUtt presentation (2) TVPI= Total Value to Pard-In Capital, DPI = Oismbutions to Paid.lit Capital: Net iRR = Net Internal Rate of Return. and DPI are poolerl return aggregating all cash flours and ending NAVs in a sample to calculate a doier-vorughted return. Net IRRs ale nut of fees. wept:ruses and catried filthiest Cambridge, Associates research shows that 0166l funds take at least sax yearsto settle into then final quartile ranking. and previousto Les se-ttang they typioally tar* in 24 other quartiles. theitfore fond or bent-'rank perensarr_oi metriCS :'rare more recent yuniage years mar be was meerengfra. Top quaniw is the thresrod for the upper (top °A-.) quart* based co the Individual fund IRRs included es a vintage year and are used in conjunction with the median to determine quartile placement (minimise f.4 fundst. Glendower Capital STRICTLY CONFIDENTIAL 18 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0039021 CONFIDENTIAL SDNY_GM_00185205 EFTA01354427