GLDUS140 Lawrence Hirsch 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) 20A 1.6X 1.4X I 2x 1.0x 0.6c 0.6x 0 4x 0,2x 0.0x Quarters from inception -$PF seem`.SOF 80iS 40'.% — 20% l oSOF ••• •$OF 4 ......w5C3F 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) SOF --SOF 11 ---SOF III 2.0x 15x 1.0x 0.5x 0 Ok 1 3 5 7 9 11 13 15 It 19 21 23 25 r 29 al 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 Quartets fromincepton Caters tromneeption f1) Perfoimance figures have been calctriated based on the unaudited performance results of SOF. SOP II and SOF III as of September '30. 2017 anti should be read and reviewed in conjunction with the "Impoltait Information" and Notes to Per lormance Information sections of this presentation. Past piertfonnarta hh1 not a presik.toi of luttee returns and there can pe no assurance that S0F IV will acNeve comparable results or thiri any target results who pe achieved li%re is no guarantee tad future performarce will be consastent with past performance of SOF. SOF II and SOF III. Performance intimation on SOF 0 has not teen incksied en lets. sile because SOF 0 is a single transaction r top up fund raisedin 2010 to Ullfierfilite pariipassu the Da limn transactionwith SOF. Glendower does not sopect that snmtar liam.actions will be avretabie to S0F IV. Glendower Capital STRICTLY CONFIDENTIAL 20 CONFIDENTIAL - PURSUANT TO FED. R. CR M. P. 6(e) CONFIDENTIAL DB-SDNY-0 100798 SDNY_GM_00246982 EFTA01394757