EFTA Document EFTA01355420

GL0USI 41 Greg Martin Section 2: Investment Performance Glendower Capital Secondary Opportunities Fund TV, LP In Exhibit 2 each of SOF. SOF D. SOF II and SOF III is benchmarked against its vintage peer group reported in the Cambridge Associates Secondaries Benchmark statistics (September 30, 2017). The SOF Funds present comparatively strong Net IRR. DPI and TVPI across each vintage year. Exhibit 2: SOF Funds performance versus Cambridge Associates Secondary Fund Benchmark " 34 37 Secondary funds: Net IRR to limited partners Secondary funds: Net multiple to limited partners • Cava Goan.. 10410 ,64410 • 6•044 ace as • • ; sa o 09r:1 Me 33% a t sot a i 20% . I s t t ♦ t SO. Ivai • i ta: Die • ae• 1 a 00 042 14 • ! II 04 00 s 0 s Dm. 31. .50; 0(•I ; I 14 pP e 1 II rya • OF' • 0I.. I . or te to 10 II IS 13 11 opea Ori maw Reg • SOF tam en SCF rral Ret In Exhibit 3. each of SOF. SOF D. SOF II and SOF III is benchmarked against its vintage group of top quartile buyout funds reported in the Cambridge Associates Global Buyout Benchmark as of September 30. 2017. Again, the SOF Funds present comparatively strong Net IRR, DPI and TVPI across each vintage year. Exhibit 3: Buyout•hke returns with a secondary risk profiles rare tee •• (1.1. 0:' Xdf. PA 1,A MI RH 4%4 Alt Ar. nr) •1, • .••• I Wee O. • 66s ••• • COI 4 ••• • EOFD :<011 if 2%.1 44 Ni • ace *y e f• wee . 1if: X00 0rt Some: Cambridge Associates Secondaries Sencnmaik statistics as of September 30 2017 SOF Funds are shown benchmarked Kemal their Wear year peer Group S0F and SOF O performance is net included m the data se teed 10 Calculate the tenclenark data Note that the performance figures in reaped d SCF and SOF D have not been audited and should be read and reviewed in committal with Appends( 5 impOrtanIPallonnanCe IFAIsmatton Past pedcrmance of SOF Fulls 6 not a predecton of Mute performance. Information presented n Exhibt 2 16 based an the unaulted results ol SOF, SOF D. SOF II and SOF III as of September 30. 2017 Past performance is net a afeCkt•Cin of the future performance of S0F, SOF D. SOF II or SOF III be is included to demonstrate the track record or the Gkinckwer SOF Team There can be no aesurance that SOF fif win achieve canceratle results or that any target resultswill be actsevel DPI = Ciarbutions to 0acl-In Capital. RVOI = Residual Value to Paelan Capful. TVPI = Total Value to Paidan Captal Source' Cambridge Asscaates Gotha! Buyout Benchmark as of September 30. 2017. The information reflects a comparison of SOF. SOF D. SOF II a SCF HI performance against one benchmark only Past performance is riot a prediction ol the Uwe performance of SOF. SOF D, SCF II. SCF III or any other Glendower finds and there can be no assurance that SOF hr will achieve comparable resifts or that any target results will be achieved. but is included to demonstrate the track record of the Glendower SOF Team IMormatec presented in this chart is based on the unaudted results or S0F. SCF a 9CF II and SOF III as of September 30.2017 and should be read and reviewed in CianpiletCn and *hand be read and reviewed in conjunction with Appendix 5 Important Pet nine Intrination which sets forth amongst other throe important information regarding the performance seated above Confidential Prrvato Placement Memorandum 9 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0040579 CONFIDENTIAL SDNY_GM_00186763 EFTA01355420