GLOUS128 Patrick Gerschel 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% -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 2x 1.0x 0.1!ut 0 CU 0 4x 0,2x 0.0x Quarters from inception -$PF se"'"*SOF Jt 80% 40%. — 20% s --.5OF HI t 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 2.0x 1 54 1.0x 0.5x 0 0k 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 Quarters fromincepton Caters tromneeption (1) Performance figures nave been caloriated based on the unaudited performance results of SOF. -SOF II and SOF III as of September '30. 2017 anti should be read and reviewed in conjunction with the "Impodari Information" and Notes to Per lormance Information sections of this presentation. Past perfonnart* is not a predkaor of lunge returns and there can pe no assurance that S0F IV will acNeve comparable results or that any target results tall pie achieved Th4re nO guarantee that futon. pierformarce will be ccinsaitent with past performance of SOF. SOF II and SOF In. Performance information on SOF D has not teen mksied on Inc xlae becsuat SOF 0 is a single transaction topiup fund raisedin 2010 to Ullfierfilite pariipassu the Da %inn transactionwith SOF. Glendower does not eopc-ct that similar tram.actions will be available to SOF IV. Glendower Capital STRICTLY CONFIDENTIAL CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0097813 SDNY_GM_00243997 EFTA01392566