EFTA Document EFTA01393895

GLDUS137 Forrestal Capital 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 25% re tX 20% 15% 10% 5% 0% 23% SOF (S0M) (1OFOI2Droi iaDF HIM* SOF le VOW •GleMower Net IRR MSC; wand queues 2000 • Thornton Reuters 11 914 SOF Proven MCSI Wad Index and Russell 2000 index returns are based on total return Thomson Reuters Private Equty Buyout Index returns ace based on force These benchmark indices do not represent an appropriate benchmark tocompare a Glendower irseistoreperlormance bU rather is dscsosed solely to allow For canpanson 10 that ot certain well-known and widely recognized indices Methodology The Long Nickels method has teen used to calculate the PMEs Net cash flows for the SOF Funds are replicated in each index For example. 0) when cepa* * drawn horn an investor an equvaere, amount is nested in the index on the specific date and (a) when nonfat is dstributed to an investor. capital rs 'wthdremin' from the index on the same dale A theoretical terminal value is generated based on the growth or the total ndex Net RR is calculated using the *milieu's repeated in the tridex and the theoretical rernvnal value Recaeatae clistrbuttos have been treated temp the all re method' Confidential Prrvate Placement Memorandum 11 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0099738 CONFIDENTIAL SDNY_GM_00245922 EFTA01393895