GLDUSI31 Bright Group 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 rl) Performance figures have been calculated basso SOF. WE D. SOF • ?JOE III as of September 3O. 2O17 and shook₹ he read and reviewed in conjunction vith the 'Important Information' and -Notes to Performers :E. Inlormator sy:;i • p-escrci.: • r rearm:are moss of expenses and carried otereet. Net perearnance reflects amounts net of operate. tees art carried interest. Irreestors shook) consult with their own ofiesers as to the apPropnate lactois to Ea considelectin evaitatino thiS information Past perlormance k4 not a prediction of the future performance of SOF. SOF D SOF or SOF III but nr included to demonstrate the track reread of the Glendower SOF Team and thew can be no assurance that SOF IV writ achieve comparable revolts or that any target results will be atiseved See 'Important Irdounatien- and 'Notes to irrithstrnert Portonnaeoe- sections o1 this pfesenteition 12) MSC₹ World Index and Russell 2OOO !niters ratunm are based on total return Thomson Repters Private Equity Buyout Imlay returns are based on prior. These benchmark indices do rut represent an ass-aortae benchmark to compare the perforrazete of the SOF Funds. but ratter is disclosed solely to rdow crinpanaon to that o: certain yesblotown 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. EQI exhirt(Itt. RI when (wart is drawn horn an inves