ber 30, 2017 the SOF Program has delivered a strong performance with aggregate gross performance since inception of 1.6x gross multiple and 28% IRR (Internal Rate of Return) and 1.5x TVPI (Total Value to Paid-in Capital), 0.9x DPI (Distributions to Paid-in Capital) and 23% Net IRR to investors. More specifically: • SO

A of &wr it deal at cfosirsa LEW may some double courting. (4) IVPI Total Value to Paid in Capital; DPI if Distributions to Paid in Capital: IRR r Internal Rate of Return. Glendower Capital STRICTLY CONFIDENTIAL 16 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0038587 CONFIDENTIAL SDNY_GM_0018477

ber 30, 2017 the SOF Program has delivered a strong performance with aggregate gross performance since inception of 1.6x gross multiple and 28% IRR (Internal Rate of Return) and 1.5x TVPI (Total Value to Paid-in Capital), 0.9x DPI (Distributions to Paid-in Capital) and 23% Net IRR to investors. More specifically: • SO

lt deal at closing Leal may inch4i, some double courting. (4) IVPI it Total Value to Peel in Capital; DPI = Distributions to Paid in Capital: IRR is Internal Rate of Return. Glendower Capital STRICTLY CONFIDENTIAL 16 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0039019 CONFIDENTIAL SDNY_GM_0018520

ber 30, 2017 the SOF Program has delivered a strong performance with aggregate gross performance since inception of 1.6x gross multiple and 28% IRR (Internal Rate of Return) and 1.5x TVPI (Total Value to Paid-in Capital), 0.9x DPI (Distributions to Paid-in Capital) and 23% Net IRR to investors. More specifically: • SO

&Ki sh deal at closicsa text may inek4i, ia.laie double courting. 17 Total Value to Paid in Capital; DPI it Distributions to Paid in Capital: IRR r Internal Rate of Return. Glendower Capital STRICTLY CONFIDENTIAL 16 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0039454 CONFIDENTIAL SDNY_GM_0018563

ber 30, 2017 the SOF Program has delivered a strong performance with aggregate gross performance since inception of 1.6x gross multiple and 28% IRR (Internal Rate of Return) and 1.5x TVPI (Total Value to Paid-in Capital), 0.9x DPI (Distributions to Paid-in Capital) and 23% Net IRR to investors. More specifically: • SO

aggregate of each deal at dosing and may include sane double counting TVPI = Taal Value to Paid in Capes'. DPI e Dstritutons to Pad In Capital IRR = Internal Rate of Return SOF D rs a Euro denomnated fund USS valued have teen converted at September 30 2017 EURAJSS rate of 1 1822 Both SOF and SOF D are invested in the D

ber 30, 2017 the SOF Program has delivered a strong performance with aggregate gross performance since inception of 1.6x gross multiple and 28% IRR (Internal Rate of Return) and 1.5x TVPI (Total Value to Paid-in Capital), 0.9x DPI (Distributions to Paid-in Capital) and 23% Net IRR to investors. More specifically: • SO

deal at ckatIrsa Leal may inek4i, wive double courting. fib 7VPI 17 Total Value to Paid in Capital; DPI ci Distributions to Paid in Capital: IRR r Internal Rate of Return. Glendower Capital STRICTLY CONFIDENTIAL 16 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0040759 CONFIDENTIAL SDNY_GM_0018694

for the year ended December 31, 2010 were as follows: Ratio to average Limited Partners' capital: Expenses (0.03%) Net investment loss (0.03%) Internal Rate of Return (inception to December 31, 2010) 34.08% Internal Rate of Return (inception to December 31, 2009) 36.00% The internal rate of return is computed b

ttr r It deal at citisina text may Ettek4ir Wine double courting. M Total Value to Paid in Capital; DPI rt Distributiore to Paid in Capital: IRR iv; Internal Rate of Return. Glendower Capital STRICTLY CONFIDENTIAL 16 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0055070 CONFIDENTIAL SDNY_GM_0020125

es pursuant to the Priority of Payments prior to such Distribution Date, would cause the Holders of the Subordinated Securities to first achieve an Internal Rate of Return of 13%. "Tax Event": Any new, or change in any, U.S. or non-U.S. tax statute, treaty, regulation, rule, ruling, practice, procedure or judicial dec

teral than the Issuer would otherwise make in order to increase the likelihood that the holders of the Subordinated Securities receive the specified Internal Rate of Return for the Investment Manager to be paid the Investment Manager Incentive Fee Amount. The Investment Manager and its Affiliates and portfolios managed

ies pursuant to the Priority of Payments prior to such Distribution Date, would cause the holders of the Subordinated Securities to first achieve an Internal Rate of Return of 13% on the Aggregate Outstanding Amount of Subordinated Securities issued on the Closing Date. On any Distribution Date, the Investment Manager

oceeds of an Additional Equity Issuance that are designated by the Investment Manager as Interest Proceeds with respect to such Distribution Date. "Internal Rate of Return": For purposes of the definition of Investment Manager Incentive Fee Amount, the rate of return on the Subordinated Securities that would result in

ber 30, 2017 the SOF Program has delivered a strong performance with aggregate gross performance since inception of 1.6x gross multiple and 28% IRR (Internal Rate of Return) and 1.5x TVPI (Total Value to Paid-in Capital), 0.9x DPI (Distributions to Paid-in Capital) and 23% Net IRR to investors. More specifically: • SO

aggregate of each deal at dosing and may include sane double counting TVPI = Taal Value to Paid in Caeca'. DPI = Dstritutons 10 Pad in Capital RR = Internal Rate of Return SCF D es a Ebro denominated fund US$ valued have been converted at September 30 2017 EURAJSS rate of 1 1822 Both SOF and SOF D are invested in the

ch Class, as specified in Section 2.2 and in such Rated Notes. "Intermediary": The entity maintaining an Account pursuant to an Account Agreement. "Internal Rate of Return": For purposes of the definition of Investment Manager Incentive Fee Amount, the rate of return on the Subordinated Securities that would result in

aggregate of each deal at clowna and may include some double °among TVPI = Taal Value to Paid in capital. DPI = Dsvitutens to Pad in Capital. IRR = Internal Rate of Return Confidential Private Placement Memorandum 8 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0038406 CONFIDENTIAL SDNY_GM_00184590 EFT