EFTA Document EFTA01354247

GLDUS143 Henry Nicholas 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 22% 10% 5% 0% SOP (=CM (40F0I2Dici son HIM* SY le 011214) •Glerdaver 214t IRa MSC; wand Runnel2000 a Thomson Reuters 11 ax ea Proven MCSI Wend Index and Russell 2000 index returns are based on total return Thomson Reuters Private Equty Buyout Index recums ace based on prod These benchmark indices do not represent an appropriate benchmark to compare a Glendower wheeler's perlorrnance rather is dticksed solely to allow for canpanson 10 that ot certain aellkncom and iwdey recognized indices Melhodclogy The Long Nickels method has teen used to calailate the PMEs Net cash flows for the SOF Funds are replicated in each index For example. 0) when carts * drawn horn an investor an equvaent amount is nvesled in the index on the specific date. and (a) when caeca' is Ostriboted to an riwesloc. capital cs'wehdremn' from the index on the same dale A theoretical terminal value is generated based on the growth of Me total ndex Net RR is calcutoted uses the casllows repiczned In the index and the thevencal Mrevnal value Retinae& distrIzAchs have been treated tong the all n method' Confidential Private Placement Memorandum 11 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0038841 CONFIDENTIAL SDNY_GM_00185025 EFTA01354247