EFTA Document EFTA01354245

GLDUS143 Henry Nicholas Section 2: Investment Performance Glendower Capital Secondary Opportunities Fund TV, LP In Exhibit 2 each of SOF. SOF D. SOF II and SOF III is benchmarked 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 linked partners sea • :new (mann Icor "dal*, • 1.6.61.1e OS+ 2* 'S. SOF 0 SOF •I 2" a IN. t l 10 ltsto BC. Sea Sous 20% I 20% • II I 16F s t t t • " • ; 05a 56, OS 64 SOF PM • I SC. DPI • lab 1 a 00 0ir 14 • ! II 04 t•S /6 SOF 0 1N1 ::l• DP1.3 I. SO; I :TI: I 1.• CO e II 904 6 iVAr I3. OF' • 0 I.. I . or at •09 '10 11 IS 13 11 epee on nos inn t: SOF era CPI SCF IA& RYPI 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 cep •.. SO. I • COIF its. or AX4 AN Alt to no n,r X Wee to • 1..s ih•Tor FM 1 • EOF D tt OZ0 Ss] an.1 ,dal Its • at= y, • 1 La. . 1 Some: Cambridge Associates Secondaries Benchmaik statistics as of September 30 2017 SOF Funds are shown benchmarked against their War yew peer group SOF and SOF 0 performance is nee included in the data se teed to calculate the benchmark data Note that the performance tomes in reaped ci SCF and SOF D have not been audited and should be read and rewewed n omen:ben huh Appendix 5 impOrtanIParlonnanCe fraismatton Past padamance of SOF Finds 6 not a predecton ci hews performance. Irfamation presented n Exhibt 21s based at the unaulted results of SOF, SOF D. SOF II and SOF III as of September 30. 2017 ", Past performance is rat a 11111001:41 of the Mute performance of SCF, 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 aewarce that SOF ft/ will achieve competed° MEd% or that any target resultswill be acheved DPI = CeArbutions to Paid-In Capital. RVOI = Rewind Value to Pawl-In Capital. TVPI = Total Value to Paid-in Capital '4 Source' Cambridge Associates GIOOSI Buyout Benchmark as of September 30. 2017. The information reflects a companson of SOF. SOF D. SOF II Sir III performance against one benchmark only Past performance is net a prediction ol the !awe performance or SOF. SOF D, SCF II. SCF III or any other Glendower rinds and there can be no asswance that SOF W will achieve comparable resifts or that any Impel results will be achieved. biA is included to demonstrate the track record ci the Glendower SOF Team Internam presented in this chart IS based on the unaudted issues of SOF. SOF D. 9CF 11 and Syne, of September 30.2017 and should be read and reviewed in conpnctoon and *hand be read and reviewed in conjunction with Appendix 5 Irripatant Pet matte Intrination which sets forth amongst other throe important information regarding the pedcanance deathbed above Confidential Private Placement Memorandum 9 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0038839 CONFIDENTIAL SDNY_GM_00185023 EFTA01354245