EFTA01386627

GLOUS238 SOUTHERN FINANCIAL LLC Scotian 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% IVA 22% 10% 5% 0% CSOF Or Slcl spF II OM SOF le OM/ •Glerdower Npt MR MSC; wane Ruse...2 2000 • Thomson Reuters SOF (PTA It 914 SC, Proven MCSI Wad Index and Russell 2000 index returns are based on total return Thomson Reuters Private Equty Buyout Index re:urns ace based on owe These benchmark indices do not represent an appropriate benchmark to compare a Glendower irreestoreperlormance bU rather is dsMosed solely to allow For canpanson 10 that ol certain well.known and imdely recognized indices Methodology The Long Nickels method has Peon used to calculate the PMEs Net cash flows for the SOF Funds are replicated in each index For (*ante. 0) when capes * drawn horn an investor an equvatre, amount is nvested in the index on the specific dale. and ($0 when capital is dstributed to an investor. capital rs'wendremn' Irorn the index on the same dale A theoretical terminal value is generated based on the growth of the total ndex Net iRIR is calmasted using the cashflows repeated in the tridex and the theoretical ternvnal value Recaaabae clistrOLItos have been treated temp the all wi method' Confidential Prrvate Placement Memorandum 11 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0088399 CONFIDENTIAL SDNY_GM_00234583 EFTA01386627