GLDUS138 Ian Slome 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% -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) 2 OA 1.6x 1.4x I 2x 1.Ox 0.8,c 0.5x 0 4x 0,2x 0.0x Quarters from inception -69F -.SOF JI EON 400. — 20% s ii—.5OF HI t 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 54 1.0x 0.5x 0 0k 1 3 5 7 9 11 13 15 it 19 21 23 25 r 29 3I 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 frominception Quarters tromneeption (1) Performance figures have been caletaated based on the unaudited performance results of SOF. -SOF II and SOF III as of September 'At 2017 anti should be read and reviewed in conjunction with the "Importaif Information" and Notes to Per lormance Information sections of this presentation. Past pertennart* is not a erectus, of luure returns and there can tae no assirance that S0F IV will ticNeve comparable results or thiL any target results esti be achieved tr4ra is no guarantee that Mum performarce will be consstibrit with past performance of SOF. SOF II and SOF IS. Performance information on SOF D has riot teen iricksiod on lis: Mode because SOF O is a single transaction r top.up fund raisedin 2010 to Ullfierfilite paripassu the Da limn transaction with SOF. Glendower does not ea pc-ct that similar tiam.actions well be available to S0F IV. Glendower Capital STRICTLY CONFIDENTIAL CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0094743 SDNY_GM_00240927 EFTA01390288