GLDUS133 Georgetown University Endowment 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% mie scp 4.4.609 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) 20x 1.tet 1.6x 1.4x I 2x 1.0x 0.tor 0.6x 0 4x 0,2x 0.0x Quarters from inception -$PF sem".SOF JI 80% 40% — 20% 0% i •SOF ....90F a —.SOF HI I 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 2.0t 1 54 1.0x 0.5x 0 th 1 3 5 7 9 11 13 15 It 19 21 23 25 29 31 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 Quartets fromincepbon Caters t romneeption (1) Performance figures have been caletaated based on the unaudited performance results of SOF. -SOF II and SOF III as of September SO. 2017 anti should be read and reviewed in conjunction with the "Imponari Information" and Notes to Per lormance Information sections of this presentation. Past petfoneart* is not a erectus of litre returns and there can be no assurance that S0F IV will ecNeve comparable results or thi:i any target results mil be achieved tr4re is no guarantee thet future performarce be consistent with past performance of SOF. SOF II and SOF III. Performance intimation on SOF D has not teen trtckeied en Ins Else because SOF 0 is a single transaction top up fund raised in 2010 to Ullfierfilite pari.passu the Oa Irina transaction with SOF. Glendower does not eapc-ct that similar tram.actions will be avretable to S0F IV. Glendower Capital STRICTLY CONFIDENTIAL 20 CONFIDENTIAL - PURSUANT TO FED. R. CR M. P. 6(e) CONFIDENTIAL DB-SDNY-0093877 SDNY_GM_00240061 EFTA01389518