GLDUS139 Third Lake Capital 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% SOF Program II) Performance figure.s have been calculated basso . . SOF. WE D. SOF iOF III as of September 30. 2017 and shock₹ he read and reviewed in conjunction vith the 'Important Information' and -Notes to Performers:E. Inlormatoi -Acia • • C. return; ale moss of expenses and carried siterest. Net pertormance reflects amounts net et expenses. tees aril yarded interest. Investors should consult with their own advisers as to the apPropnate damns to to considelectin evaitotino thiS information Pas₹ perlornianca k4 not ei prediction of the Anise performance of SOF. SOF D SOF or SOF III but m included to demonstrate the track record of the Glerxlcwei SOF Teamand thew can be no assurance that SOF IV will achieve comparable iesoits or that any target results will be atiseved See 'Important Informaken- and 'Notes to Investrnert Portormaxe- sections o1 this presentation 12) MSC₹ World Index and Russell 2003 Index retain are based on total return Thomson Repters PrivateEquity Buyout IndeA !virus are based on price. These benchmark indices do nag represent an ass-aortae benchmark to compare the performer_- of the SOF Funds. but rats e is disclosed solely to Aij s., crinpanaon to that of certain vesakncam and widely recognized indices. i31 Methodology. The Long Nickels method has been used to salukis the PMEs. Net cash flows t he SOF Funds are ftwicaled in each illaCk. For exhirt(Itt. RI when capital is drawn horn an investor an