GLDUS125 Gerald Ford 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% min SOF —SOF 11 60% 40% 20% 0% 20% -40% -60% 25 27 29 31 33 35 37 39 41 43 45 DPI (Distributed to Paid-In Capital) 20A 1.6x 1.4X I 24 1.0x 0.40t 0.6x 0 4x 0,2x 0.0x Quarters from inception -$PF seem`.SOF 80% 40% — 20% ESOP sami $40F 4 HI 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 11 ---SOF III 2.0x 1 54 1.0x 0.5x 0 OX 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 Quartets fromincepton Caters tromneeption (1) Performance figures have been caletaated based on the unaudited performance results of SOF. -SOF II and SOF III as of September '30. 2017 anti should be read and reviewed in conjunction with the "Impoltaii Infuf rnation" and Noteps to Per lormance Informatiori sections of this presentation. Peet perfonoart* is not a predicts of luttee returns and there can be no assurance that S0F IV will ecNeve comparable Jesuits or tt•ti:t 3ny target ;vaults 40H peJictoeved tr4re is nO guarantee that future pgriforniarce will be conststent with past performance of SOF. SOF II and SOF Ill. Performance information oeSOF D has riot teen iricksiwii on lets xlae becayse SOF 0 is a single transaction top up fund raised in 2010 to Ullfierfilite pariipassu the Oa Wr1n transaction with SOF. Glendower does not so pc-ct that similar tram.actions will be available to SOF IV. Glendower Capital STRICTLY CONFIDENTIAL CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0039458 SDNY_GM_00185642 EFTA01354860