EFTA01355202

GLOUS127 Annandale Capital Section 2: Investment Performance Glendower Capital Secondary Opportunities Fund IV, LP Lastly, in Exhibit 5 the SOF Program is compared against public market indexes including the MCSI World Index. Russell 2000 Index and the Thomson Reuters Private Equity Buyout Index. In all cases, each of SOF. SOF D, SOF II and SOF III compares favorably to public markets. Exhibit 5: SOF Program compares favorably to public markets'. 40% 35% Ix 22% 10% 5% 0% 00F pr Slm aOP i3:111) SY In VOW •Glendaver Net MR MSC; vunric Runge2000 • Thornton Reuters PIO (31nAt 11 ax SC, Proven MCSI Wodd Index and Russell 2000 Index returns are based on total return Thomson Reuters Private Equty Buyout Index rains are based on pro& These benchmark indices do not represent an appropriate benchmark to compare a Glendower wriestor'sperlormance bU rather is Oscesed solely to allow for canpanson 10 that ol certain well.known and widely recognized indices Melholorogy The Long Nickels method has teen used to calculate the PMEs Net cash news for the SOF Funds are replicated in each index For example. (r) when cantle/ * drawn horn an investor an equvatre, amount is nested in the index on the specific dale. and (a) when caplet is dstributed to an investor. capital rs twithdremn' from the index on the same dale A theoretical terminal value is generated based on the growth of the total ndex Net RR is calcuteed using the cashrlows repeated nn the tridex and the theoretical ternvnal value Realisable clistrtstens have been treated tong the *all rri method' Confidential Private Placement Memorandum 11 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0040149 SDNY_GM_00186333 EFTA01355202