GLDUS129 DF Enterprises 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 SOF III 2005 2008 2007 2008 2009 2010 2011 2012 2013 2014 2015 Vintage Year DPI2 23x 2.0x 1.5x 1.0x 0.5x 0.0x 2005 2008 2007 2008 2009 2010 2011 2012 2013 2014 2015 Buyout Top Otani* .50F Program Vintage Year Delivering a compelling risk / reward profile Net IRR2 2005 2008 2007 2008 2009 2010 2011 2012 2013 2014 2015 Vintage Year (1) Source: Cambridge Awl:rotes Global Buyout Benchmark as of September 30. 2017. Thus information reflects a comparison of SOF. SOF D. SOF II & SOF III performance aoterist one benchmark only Past parianwarrot is na a turediaion c' the ititure performaree of SOF. SOF D, SOP Cit SOF III ttit nil larrlitied to demonstrate the trackierord of the rilllendower SOP Teem. Informthionlyesenied in this diets based on the unaudited results of SOF. SOF D. SOF if and $012 III as of September 30.'017 and should be read and reviewed er conjunction with the important Information' and -Notes to Intrestmerit Performance information" secitiOnS or ttett presentation (2) TVPI= Total Value to Paid-In Capital, DPI = Distributions to PaidrIn Capital: Net IRR = Net Internal Rate of Return. TVFI and DPI are pooled return awiegating all cash flours and ending NAVs in a sample to calculate a doier-vorighted Fetish. Nut IRRti ale nut of fees. wept:rises and carried titerest Cambridge Asst cietes research shows that 0166t funds take al least tek yeartio settle into then friar quartile ranking. and previousto gas st-Itang they typroally tar* in 24 othef quartiles. the. fore !coo or bent-'rack perfinsarr_or nietriCt :'cant more retir-rn yetlage years mar be Xtilei Miiiittnnigftn. Top quaniw is the thresrod fo the upper (top °A-r) quart* based on the individual fund IRRs included xi a vintage year and are used in conjunction with the median to determine quartile placement (mininnen (i4 funds) Glendower Capital STRICTLY CONFIDENTIAL 18 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0100363 CONFIDENTIAL SDNY_GM_00246547 EFTA01394361