an Slome 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 S0F III 2005 2008 2007 2008 2009 2010 2011 2012 2013 2014 2015 Vintage Year DPI2 2.5x 2.0x 1.5x 1.0x 0.5x 0.0x 2005 2008 2007 2008 2009 2010 2011 2012 2013 2014 2015 Buyout Top Charlie 4p. SOF Program Vintage Year Delivering a compelling risk / reward profile Net IRR2 2005 2008 2007 2008 2009 2010 2011 2012 2013 2014 2015 Village Year (1) Source: eaMbltelge Assouatos Global Buyout Bertchmadc as of Sept embor 30. 2017. This information reflects a comparison of SOF. SOF D. SOF II & SOF III performance against one benchmark only Past berfarrnance is fiat a crediction of the future performarce of SOF. SOF D, SOF II or SOF but Ito atrilltied to demonstrate the track record of the Glendower 3:0P Therm. Information presenterl in this died is based on ft* unaudited res-ulta 'of SOF. SOF D. SOF rl and SOF III as of September 90.:'017 and shouirf be wad and reviewed ai conjunction with the important Information' and 'Notes to Investment Performance information" tlectons of this presentation (21 TVPla Total Value to Pend-In Capital. DPI = Dranhuhons to Pad-In Capital: NMI IRR = Net Internal Rale of Return. TVPI and OPI are pooled retrain aggregating all cashflu.% and ending NAVs in a semi* to calculate a dolor-weighted return. Net. IRRis are riot or fees. evoensers and carried interest Cambridge Associates research shows that most funds take al leas/ six years .o settle into then final quartile ranking. and previous to lies Watling they typtcally rank in 24 other quarnles. therefore fund or benchmark pertamence mans from more recsfl volage years tray be kiss meariNftd. Top gittatti4 that threshold for the upc.A'r stop 25% quart* basect on the incfnicival fund IRRs irolt.deri n a vintage year and are used in conjunction with the median to determine quartile placement rmininnen s/4 funds' Glendower Capital STRICTLY CONFIDENTIAL IS CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0094741 CONFIDENTIAL SDNY_GM_00240925 EFTA01390286