GLOUS142 Ironsides Asset Mgmt 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% min SOF —SOF 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) 2 OA 1.6X 1.4X I 24 1.0x 0.44c 0 CU 0 4x 0,2x 0.Ox Quarters from inception -$PF sennia. SOF 80iS 40'.% - 20% ESOP ••• •$<;:c 4 HI 1 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) 2.0x 1 sir o ok 3 5 7 9 11 13 15 17 19 21 23 25 r 29 3I 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 SOF --SOF 11 ---SOF III Quartets fromincepton Quotes tromneeption (1) Performance figures nave been calotgated based on the unaudited performance results of SOF. -SOF II and SOF III as of September 'Al. 2017 and should be read and reviewed in conjunction with use "Importarir Information" and Notes to Per lormance Information' sections of this presentation. Past pertonnant* is not a predksor of lustre returns and there can be no assurance that S0F IV will 4icNevei comparable results or that any target results will pe achieved tr4re is no guarantee Chet future pierformarce will be cons-Vent with past performance of SOF. SOF II and SOF In. Performance infonnabon on SOF D has of teen ir•cludod In.r wise beatuse SOF Ors a single transaction topiup fund raised in 2010 to Ullfierfilite pariipassu the Da %inn transaction with SOF. Glendower does not eopc-ct that similar &inactions will be available to $09 IV. Glendower Capital STRICTLY CONFIDENTIAL 20 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0096950 SDNY_GM_00243134 EFTA01391864