EFTA Document EFTA01390161

Ian Sterne Section 2: Investment Performance Glendower Capital Secondary Opportunities Fund ft/, LP In Exhibit 2 each of SOF. SOF D. SOF II and SOF III is benchinarked 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 hinged partners • dppti (maw 1pw 61 ash • 1P:0r • ; Sac SOF el 2106 • t ; xw 2* l 1d I lea 0s. toe Iv" DPi • ad, 41 1 a 00 06 14 • • ! 14 14 $5 /6 SOF 0 1VDt DP1.3 I. 44, 1 1VVI ; 1 I, pP e II 904 6 Math I 3. OH • 0 1. I . or at •09 '10 11 It 13 11 4510g. On rad. mot .90F tab CPI SC, tea 11e1 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 16 14. 14 OPP PP I IS. 4.4 SOF• • COIF 03. .CO1 494 Alt An no n,r Pete to • Fs Pon at•• tt- • La e a D• Ss 1 • oc= x y, e Ni N1 tN . 1art ant art a's 0:10 Some: Cambrklge Associates Secondaries Benchmaik statistics as of September 30 2017 SOF Funds are shown benchmarked against their Velar yew peer group SOF and SOF 0 performance is not included in the data se teed to calculate the benchmark data Note that the performance tomes in reaped ci SW and SOF D have not been audited and should be read and rewewed n comma:al huh Appendix 5 !ovarian' PeflonnanCe I raismatton Past pedamance of SOF Finds 6 not a predecton ci Mute performance. Information presented n Exhibt 2 is based at the insisted results of SOF, SOF D. SOF II and SOF III as of September 30. 2017 ,4 Past performance is natal:fed:ten of the Mute performance of SOF, SOF D. SOF II or SOF III tow is included to demcnwrwe the track record of the Glick:Wow SOF Team There can be no aesurance that SOF ft/ will achieve canceiatle MEd% or that any target results will be acnieved DPI = Cearbutions to Paid-In Capital. RVOI = Residual Value to Pawlan Capful. TVPI = Total Value to Paidan Capital '4 Source' Cambridge Associates GOD& Buyout eenchmaik as of September 30. 2017. The int ormaeon reflects a comparison of SOF. SOF D. SOF II Et SCf III performance against one benchmark only Past performance is iv a prediction ol the Volt performance of SOF. SOF D, SOF II. SCf III or any other Glendower ildidSdnd there can be no asswance that SOF W will achieve comparable resifts or that any target results will be achieved. but is included to demonstrate the track record ci the Glendower SOF Team Intern am presented in this chart Is based on the unaud2ad results of SOF. SOF D. 9CF 1l and SOF It as of Se,ternber 30.2017 and should be read and reviewed in COnpne(Cn and *hand be lead and rav,Owed in conjunction with Appendix 5 Irripatant Pet matte Information which sets forth amongst other throe important information regarding the performance desaited above Confidential Prrvate Placement Memorandum 9 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0094559 CONFIDENTIAL SDNY_GM_00240743 EFTA01390161