ted captal in the SOF Funds as of September 30. 201T Past poetkao construdon d the SOF Furth e not a prediction of the Funds port, olo construction Source Glendower Capital's proprietary inlommoon Settee CaandOwer casters proprietary irsormaticn Confidential Prnrato Placement Memorandum CONFIDENTIAL - PURSUANT TO FED. R

ted captal in the SOF Funds as of September 30. 201T Past poetkao construdon d the SOF Furth e not a prediction of the Funds port, olo construction Source Glendower Capital's proprietary inlommoon Settee CaandOwer casters proprietary irsormaticn Confidential Prnrato Placement Memorandum CONFIDENTIAL - PURSUANT TO FED. R

ted captal in the SOF Funds as of September 30. 201T Past poetkao construdon d the SOF Furth e not a prediction of the Funds port, olo construction Source Glendower Capital's proprietary inlommoon Settee CaandOwer casters proprietary irsormaticn Confidential Prnrato Placement Memorandum CONFIDENTIAL - PURSUANT TO FED. R

ested captal in the SOF Funds as of September 30. 2017 Past podia* construdon d the SOF Funds e not a prediction of the Funds portfolo construction Source Glendower Capital's proprietary 'rammed, Settee CdendOver casters proprietary irsormaticn Confidential Private Placement Memorandum CONFIDENTIAL - PURSUANT TO FED. R.