GLDUS143 Henry Nicholas SOF Funds show consistent performance1 Across different fund sizes, fund vintages and economic cycles Net Contributed Capital (as % of Fund Size) Net IRR 30% 100% 60% 40% 20% 0% 25 27 29 31 33 35 37 39 41 43 45 20% -40% -60% DPI (Distributed to Paid-In Capital) 20A 1.24t 1.6x 1.4x I 2x 1.0x 0.tor 0.6x 0 4x 0,2x 0.0x Quarters from inception -89F §pf It -.SOF JI 80% 40% — 20% ESOP ... .13.0F III 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 Quarters frominception TVPI (Total Value to Paid-In Capital) SOF ••••••• SOF II ---SOF III 2.0x 1 5x 1.0x 05x 0 Ok 1 3 5 7 9 11 13 15 It 19 21 23 25 29 31 33 35 37 39 41 43 45 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 Quarters fromincepton Caters tromneeption (1) Performance figures nave been calctgated based on the unaudited performance results of SOF. SOF II and SOF III as of September w. 2017 and should be read and reviewed in conjunction with the "Imponarii Information" and -Notisis to Per lormance Information sections of this presentation. Peel pertormart* is not a pred,ctoi of luttee returns and there can be no assurance that S0F IV will acNeve comprzabls results or thiit any target results wl0 pe achieved Th4rth is no guarantee thuit Mute pRiforinarce will be ccos--stant with past performance of SOF. SOF II and SOF III. Performance infonnabon on SOF D has riot teen ockstkai ori It=r slide because SOF 0 is a single transaction r topiup fund raised in 2010 to Ullfierfilite pariipassu the Oa limn transaction with SOF. Glendower does not sopc-ct that similar tram.actions will be available to SOF IV. Glendower Capital STRICTLY CONFIDENTIAL 2D CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0039023 SDNY_GM_00185207 EFTA01354429