GL0US128 Patrick Gerschel 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 11) Performance figures have been calculated bases . . SOF. SOE D. SOF r: • 30F III as of September 30. 2017 and shock₹ he read and reviewed in conjunction with the "Important Information' and -Notes to Performers :E. Inlonnalor • act, • C. s return; as me expenses and carried siterest Net perlormance reflects amounts net rst expenses. tees aryl yarded interest. Investors shook) consult with their own advisers as to the apPropnate loc..rors to to ootaidelectin evairsEtino thiS intonation Past penormanca k4 not a prediction of the Anise performance 01 SOF. SOF 0 SOF or SOF III but m included to dernonsuate the track record of the Glendower SOF learn and thew can be no assurance that SOF IV wit achieve comparable results or that any target results will be atitexed See 'Important Irdonnatien- and 'Notes to irrithstrnert Portormans-e- sections o1 this presentation 12) MSC₹ World Index and Russell 2(A) Index retunm are based on total return Thoonlon Repters Private Equity Buyout Irides reline. are based on price. These benchenark indices do rut represent an ass-aortae benchmarkto compare the performance of the SOF Funds. but rats e is disclosed solely to .S 1, campanaon to that of certain wegancurn and wde₹ y recognized indices. i31 Methodology. The Long Nickels method has been used to calculate the PMEs. Net cash flows or the SOF Funds are ftwicaled in each illaCk. For exhirt(Itt. RI when (wilt* is drawn horn an inve