EFTA Document EFTA01390163

Ian Slome 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% Ix 22% 10% 5% 0% SOF (SnAl CSOFOi2Dloi soF HIM* See ISOM) •GleMower Net IRR MSC; wand Rusee2 2000 a Thornton Reuters 11 ax SC, Proven MCSI Wodd Index and Russet) 2000 index returns are based on total return Thomson Reuters Private Equty Buyout Index re:urns se based on force These benchmark indices do not represent an appropriate benchmark tocompare a Glendower wheeler's performance. bU rather is dsclosed solely to allow For canpanson 10 that of Conn well.known and iwdey 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 coal* * drawn horn an investor an equvalont amount is nested in the index on the speck date and ($0 when endear is dstributed to an investor. captal rs 'wendremn• from the index on the same dale A theoretical terminal value is generated based on the growth of the total ndex Net IRR rs calculoted using the casnhows replotted In the tridex end the theoretical terevnal value Recaaabte cirstrOLtrons have been treated Leong the all wi method' Confidential Private Placement Memorandum 11 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0094561 CONFIDENTIAL SDNY_GM_00240745 EFTA01390163