GLOUS113 Chrt 199 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 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 0.6x 0 4x 02x 0.0x Quarters from inception -$PF se"'"*SOF JI 80% 40% — 20% ESOP ...$OF a —.SOF HI 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) 2.0x 1 sg 1.0.4 ook 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 SOF --SOF III Quarters frominception Caters tromneeption ft) Perfoimance figures have been calciiated based on the unaudited performance results of SOF. SOP II and SOF III as of September 30 2017 and should be read and reviewed in conjunction with the "Impoltar infuf mation" and Notes to Per lormance Information sections of this presentation. Past petfonoarte is not a pristik-toi of luttee returns and there can be no assurance that S0F IV will acNeve compizable results or tat any target results twit pe achieved tr4re ss tm guarantee Itist Mum pRiforinarce will be cons-stont with past performance of SOF. SOF II and SOF In. Performance intimation on SOF D has riot teen includwd oritr Mode because SOF 0 is a single transaction 1 topup fund raisedin 2010 to Ullfierfilite paripassu the Oa ulna transactionwith SOF. Glendower does not ea pect that similar It &inactions will be available to SOF IV Glendower Capital STRICTLY CONFIDENTIAL CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0095623 SDNY_GM_00241807 EFTA01390944