EFTA Document EFTA01394192

GLOUS129 DF Enterprises 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% IVA I 22% 10% 5% 0% s0F (=FA (1OFOr:Dro, ggF Hiatt) SOF IS VOW •glerelower Fist IRR MSc; wand Ruses; 2000 vs Thomson Reuters 11 5% Ulf Proven MCSI Wodd Index and Russell 2000 index returns are based on total return Thomson Reuters Private Equty Buyout hider re:urns ace based on ewe These benchmark indices do not represent an apccopnate benchmark tocompare a Glendower irmistoreperlormance bU rather is dscsosed solely to allow for canpanson to that or conain aell-kncom and welch recognized indices Methodology The Long Nickels method has teen used to calculate the PMEs Net cash flows for the S0F Funds are replicated in each index For temple. (i) when caper/ * drawn horn an investor an equvatre, amount is nvested in the index on the specific date, and rig when capFal is dstributed to an nvestor. capital rs 'wehdremn' from the index on the same dale A theoretical terminal value is generated based on the growth of the total ndex Net RR is caleutued using the cashrsows repoated in the tridex and the theoretical renwnal value Recaaabte distr0utons have been treated Leong the *all in method' Confidential Private Placement Memorandum 11 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0 100184 CONFIDENTIAL SDNY_GM_00246368 EFTA01394192