EFTA01394589

GLDUS140 Lawrence Hirsch 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% ID% I 22% 10% 5% 0% (1OFOIMILii ;eV Ilia** SY ISOM/ •Glerdower Net MR MSc; wand Ruses; 2000 vs Thomson Reuters sOF tg:FAI It 5% Ulf Proven MCSI Wodd Index and Russet) 2000 index returns are based on total return Thomson Reuters Private Equty Buyout Index re:urns are based on force These benchmark indices do not represent an apaopnate benchmark tocompare a Glendower mestere performance. bU rather is dscsosed soot)' to alkw for canpanson 10 that or coven wellOncom and widely recognized indices Methodology The Long Nickels method has teen used to calculate the PMEs Net cash lbws for the SOF Funds are medicated in each index For exarncle. (0 when eagle/ * drawn horn an investor an ectuvatre, amount is nested in the index on the speck date, and (i0 when capFal is dstributed to an 'wester. capital rs 'wehdremO from the index on the same dale A theoretical terminal value is generated based on the growth of the total ndex Net RR is calculated using the cashrsows repeated In the tridex and the theoretical ternvnal value Recaaabte distrOutons have been treated using the all in method' Confidential Private Placement Memorandum 11 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0 100617 CONFIDENTIAL SDNY_GM_00246801 EFTA01394589