GLOUSI13 Cliff Dig 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% 0% 3% 29% 12% 12% 9% 21% 20% 12% 12% 18% 30% 15% 15% 12% SOF (2006) SOF D (2010) SOF 11 (2011) 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 if) Performance figures have been calculated bastic;..: . . SOF. SOE D. SOF • ?JOE III as of September 30. 2017 and shock₹ he read and reviewed in conjunction vith the 'Important Information' and -Notes to Performers :E. Informalci • • returns ear moss of n, a expenses and carried siterest. Net performance reflects amounts net of expenses. tees aryl yarded interest. Investors should ronsu₹ t with their own athisers as to the apPropnate lattices to to coraideretErn evaimiting thiS information Past perlormanca k not ei prediction of the 'Uwe performance of SOF. SOF O SOF It or SOF III but mincluded to demonstrate the track record of theGlendower SOF learn and there can be no assurance that SOF IV wit achieve comparable results or that any target results will be atiseved See 'Important Irdormatien- and 'Notes to Investrriert Porformans-e- sections o1 this presentation 12) MSC₹ World Index and Russel₹ 2(A) Incites ratunm are based on total return Thomson Reuters Private Equity Etwout In returns are based on price. These benchmark indices do mg represent an ass-aortae benchmark to con-stare the performance of the SOF Funds. but rats e is disclosed solely to itdilnicE cempanson to that of certain webancern and widely recognized indices. i31 Methodology. The Long Nickels method has been used to calculate the PMEs. Wet cash flows or the SOF Funds are ftwicaled in each illaCk. For exhirt(Itt. RI when capital is drawn horn an