GLDUS132 EverWatch Financial
SOF Funds show consistent performance1
Across different fund sizes, fund vintages and economic cycles
Net Contributed Capital (as % of Fund Size) Net IRR
301:5 100%
min SOF —SOF 11 l oSOF •••• •$.0F 4 ......e5C3F sl
60%
80%
40%
20%
0% 40% —
25 27 29 31 33 35 37 39 41 43 45
20% 20%
Quarters from inception
-40%
1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45
-60%
Quarters frominception
DPI (Distributed to Paid-In Capital) TVPI (Total Value to Paid-In Capital)
204
1.8x -$PF seem`.SOF SOF --SOF 11 --SOF III
1.6x 2.0x
1.4X
1 21 1 54
1.0X
0.9xt 1.04
0.5x
0 4x 0.5x
0,2x
0.0x 001
1 3 5 7 9 11 13 15 It 19 21 23 25 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
Quartets fromincepton Caters tromneeption
it) Performance figures have been caloLgated based on the unaudited performance results of SOF. -SOF Il and SOF III as of September Sit 2017 anti should be read and reviewed in conjunction with the "Impoltart
Information" and Notes to Per lormance Information sections of this presentation. Past pertoneart* not a predk..a..9 of luttee returns and there can be no assurance that S0F IV will acNeve comparable results or thtit
any target results m0 pe.tichreved tr4re is no guarantee ti*t future p.eiforniarce will be ccos--stbrit with past performance of SOF. SOF II and SOF Ill. Performance information on SOF 0 has not teen imitated on Mt..:
slide because SOF 0 is a single transaction ..top.up fund tamed in 2010 to Ullfierfilite paripassu the Oa Wr1n transaction with SOF. Glendower does not sopc-ct that ssoilar uam.actions will be avertable to SOF IV.
Glendower STRICTLY CONFIDENTIAL
Capital
CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0094311
CONFIDENTIAL SDNY_GM_00240495
EFTA01389943