GLOUStal Greg Martin SOF Program compares favourably to public markets Performance data as of September 30, 2017'-',•5 SOF Funds have delivered attractive performance compared to major public market indices 40% 35% - 30% • 25% - cr -20%- 15% - 10% - 5% - 0% 22% O% 3% 29% 12% 12% 9% 21% 20% 12% 12% 18% 3O% 15% 15% 12% SOF (2OO6) SOF D (2O1O) SOF 11 (2O11) SOF III (2014) ■Glendower Net IRR MSCI World Russell 2000 ■Thomson Reuters ______ I I I I I I I I I I I I I 23% 15% 9% 7% SOF Program II) Performance figures have been calculated bases SOF. WE D. SOF iOF III as of September 3O. 2O17 and shook₹ he read and reviewed in conjunction vith the 'Important Information' and -Notes to Performers :E. Informal:or • this • r return; acs wen of ni-s expenses andcarried sitereet. Net perearnance reflects amounts net et operate. fees art carried interest. Investors shook) ronsu₹ t with their own adeeeis as to the apPropnete lactois to to coraiderecErn evaitatino this information Pas₹ perlornianca Ittnot ei prediction of the iuttre performance of SOF. SOF ti SOF or SOF III but n included to dernonsUate the track record of the Glendower SOF Teem and there can be no assurance that SOF IV will achieve comparable reseals or that any target results will be atiseved See 'Important Information' and 'Notes to Investrriere Portormaeoe- sections or this presentation MSC₹ World Index and Russell 2OOO Index return are based on total return Thomson Rel. ears Private Equity Buyout Irides reams are based on prior. These beinelanark indices do rut represent an appropriate benchmark to compare the perforrinete of toe SOF FFads.but ratter- is disclosed solely to rdo . w comparison to that of certain vesaiknown and widely recognized indices. i31 Methodology. The Long Nickels mellnd has been used to calccilate the PMEs. Net cash flows or the SOF Funds are ftwicaled in each irxlex. For example when capital is drawn from an investor. an