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 l oSOF ••• •$OF 4 ......w5C3F HI
60%
80iS
40%
20%
40'.% —
0%
25 27 29 31 33 35 37 39 41 43 45
20% 20%
Quarters from inception
-40%
1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45
-60%
Quarters frominception
DPI (Distributed to Paid-In Capital) TVPI (Total Value to Paid-In Capital)
20A
-$PF seem`.SOF SOF --SOF 11 ---SOF III
2.0x
1.6X
1.4X
I 2x 15x
1.0x
0.6c 1.0x
0.6x
0 4x 0.5x
0,2x
0.0x 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
STRICTLY CONFIDENTIAL 20
Capital
CONFIDENTIAL - PURSUANT TO FED. R. CR M. P. 6(e) DB-SDNY-0100798
CONFIDENTIAL SDNY_GM_00246982
EFTA01394757