GLOUS144 Glenn Warren 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 S.09 —SOF 11 60% 40% 20% 0% 20% -40% 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 0.1!ut 0.5x 0 4x 02x 0.0x Quarters from inception -59F sennia.SOF Jt 80% 40% — 20% ESOP ~`cW s —.SOF 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 11 ---SOF III 2.0x 1 5x 1.0x 0.5x 0 0k 1 3 5 7 9 11 13 15 If 19 21 23 25 f 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 frominception Caters t romneeption (1) Performance figures have been calotgated 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 "Importart Information" and Notes to Per Information sections of this presentation. Past pertoneart* is not a pi-Mk-tor of luttee returns and there can tie no assurance that S0F IV will acNeve comparable results or tit any target results well pie achieved Te4re is no guarantee that futuse preitormarce will be ccirisstent with past performance of SOF. SOF II and SOF III. Performance intimation on SOF D has riot teen octirded on 1”t: rtile because SOF 0 is a single transaction 1 top up fund raised in 2010 to Ullfierfilite paripassu the Da limn transaction with SOF. Glendower does not sopect that similar It &inactions will be avertable to SOF IV. Glendower Capital STRICTLY CONFIDENTIAL 2D CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0097382 SDNY_GM_00243566 EFTA01392204