GLOUS137 Forrestal Capital LLC 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 0.5x 0 4x 02x 0.0x Quarters from inception -$PF sennia.SOF 80% 40% - 20% ESOP •••• 940F 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 If 19 21 23 25 It 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 Caters tromneeption (1) Performance figures have been calmiated 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 "Impoltat.t Information" and Notes to Per lormance Information sections of this presentation. Peel pertonnart* is not a predk-lof of Julies returns and there can be no assurance that S0F IV will acNeve comparable results or thin any target results wl0 pe achieved tr4re is no guarantee tea future pgertormarce will be consistent with past performance of SOF. SOF II and SOF III. Performance information on SOF D has riot teen fncksimi un let: Mode bec.iuse. SOF 0 is a single transaction top up fund raised in 2010 to Ullfierfilite paripassu the Da lima transaction with SOF. Glendower does not ea pc-ct that similar tram.actions will be available to SOF IV. Glendower Capital STRICTLY CONFIDENTIAL CONFIDENTIAL - PURSUANT TO FED. R. CRI M. P. 6(e) CONFIDENTIAL DB-SDNY-0099919 SDNY_GM_00246103 EFTA01393997