EFTA Document EFTA01355531

Glendower Capital SOF IV, LP. 3 Endnotes (1) Glendower Capital Secondary 4ipartunities Fury] IV. LP. real' re or the 'Fund-) it being formed ty Glendower Capital LIP (rGienticier), an appsinted rept eseraative of Mirabelli Advisers LIP, which is authorised rind regulated by the I/niter. kingdom Finandal Conduct At:their ity Ut Mature funds it iclude ;or, SOF Ei ate, 501 le °reran SOF Piperarn inCluCtr: soft, sof sor b an, SOF u1. Performance figures have been sakt.iater: baser:. or. the unaudited performars:e results of SOF. SOF Et SOF II and SOP lit as of September Xi, 101.7 and should he read are renewed in a:rip:nation with the inte, iiiitarit trifottnation" are 'Notes to Wet:Mien( Peri ornense Infornetion- setticeus of the itcicuMeilL Gnu's tetrYte ate gips: di fees; ecuenses anc <Jerk, interest. Net performance reflects ante:tints net at *menses, revs and carried) interest. Past performance 0, rot a prediction of the future perlornwise of SOF. SOF Et SOF IE or SOF Id but di inducer. to dernoratrate the last reterc of the GlenOowei Team anc there can be re; :03;;M-b* that. SOF ri will achieve a/Wearable resbIts, sor o roderionanatefo ft DC Crievellenal the !Rpv:rotecr .30, 2017 filiklujs, rate of .1.1.332;:, (9) Noth SOF and SOF D art ininysterl in the Dainrs.i PVI.telto —a well diversifier; portfolio of 28 privake levity fund t putteiree through an SVsr, proveling Cp.:IP:IC kr: buyr:ut, Special iittericieusiinto fe capital aei era i estate it stag..: el Nor 4: OA. Europe mei Asia- The trim thee al mfecs and crh-rainies is a best estinlate and shows the aggregate of each real at dosing are may usduce some doable counting. (S) lource: Cambridge Associates Seconcialies Pend:ma:lc st*tialcs pf "eteernber 30, 2-417 basec on data corripl -i from 140 secondary fund; with a minimum of 8 flints per year, inducing lofty licuicatec parnieryhips, formed between 2009 and 414 lath SOF Fund is stKiwn benchinarked against their tespecte.v.Aritateti per group. Tf'K iniccmatidn,•ttiletzs a compardor, e tor, SOF SU rls. I and SOF -.4 p—ormance against me INr,inm...;;I, Only. onandes tray differ win, compared to other beretimarkirg seines $OF. SOF 0, SOF It and SOF III cata b mat included in the data set used to calculate the ber-chirtark slap, (6) Information presented in this chart is based or; the unauciteri results of sor, 501 D. $01 II am SOF III at of September 30. 2017 and should be lead and reviewed in conjunaion weh the -Irruport&rit Information- and "Notes to Investment Performance lc:formeen' sections of this docx.rnent (n Past per:Dream° Is not a prediCtIS•ii et the future perfomnance of sor 0, SOF II or SOF III but ts inclunee ilemonshate the lead! nfe.i>rn at the Glendower team. (a) Internal rates of returns are net of fees, ecperees and. cameo ireerea. Cambridge Asasclates research shows that most fiinds take at least six years to Seale into rho final Quartile reriking and preivieus to this syttlit*, they typically rant in 21 other cuarliles, tlwreIdre fund or tatddoldtk pet lotniaG..e Metrics (torn MOO: recent einhyge years may be less meaningful Median ts the nataile kw Ike of the group of individual fund Iftfits included In a vintage yew (minnourr. S funs). Upper: fewer cleftile are the threshold: tor the cog:4r (top ≥S%) are:, sower It ttoni .1S*1 .4intled: based on the irelit4dual fund RR: included in a vintage year and are r see in conjunction with the median to determine quartile placement fiwirentini P, fur.nsi (9) OP! a Oistributions 10 Peidan Capital: RVPi = Residual Veit e m Paid-In Capital; TtPla Total Yak* to Paicie Cant 1. P:PE, avni and DPI are pooled return agyfeeatine all cash news any ending NAV% ire 3 :artipP, to cakulaie a dieanwechted n,p4a (10) Please read the csefeJericalptiwite placement rms. rriccan• urri at the lurk (the -Mernarareura") far the tuli cierScure of rick factssts.contlkts of interest cornpk,te teMIS. are regulatory arid tax considerations of the lye. For lurther enclosure of fees, such as fee; anc eApenses paid by the Foe, please rear so the MernoranatitA, tee arieree: and restated limey! partnership agreement are the :Seed of adherence of the Funci alt It& (i.:-arnen‘t: ate in the paves::of beine prepared etc widths' maCe available to pro:pectinie investors t.:poti request.. (11) lnyestei. Capital t' the amount a capital myestes. it ineertnernts and the retnaineig unfunded obi:gat:eh reasonably le-served Glemessiter tor sx.r-ch investments (121 is of fseptentr '30, /017. There car: be ric- assurance that tr* strategy wilt le sr:cries:M:1k: thefuture, that lasses will Ise 3seMet, (1 IleurCe.Gendowert assessment haw on porttogo managernen! I hei:•re (14) As of Septemtw 30, /017. Peirlue Sins e incluse" lime:mem by members ot lite core senior roarsygement learn at Deutsche. Bank. Key Definitions ^Single As:et Dear means an investment by Rte font (directly or indirectly) in a portfolio company along;ide or* or more private equity lurid sponsors Sion any followion investments in any ;us h owesurer-t.. but not inclueaT. S.:41-lei! Six etviarirj as teats:nal:if cietenttince by the Manager as the context recut:es "Fund 'secondary mean: (a) an interest held cirectry or indirectly by the lure; in a generalist or specialist private eutiite fund structure (including a ft no of lures, !eerier tuna or other similar stucture) ar.siciree in a rcaelaldre transaction :•r (h) 3 portfolio at such eaerests aceuired bs a singe transaction, in each rate at reasonably cetermined by the Manager as the context rceorres. or:Jaded that any interest referred CO in clause (at shall be in a lure strt ctt re that either has :hr. Investment pence that is expired (other than for foaosem.n investments1 Cr has drawn dawn or committed to Invest at least SULK at its aegregate COrritnaMentS, arc! 0v:tier: that any portfolio of interests referred to in euint:e (ill shalt be in fury. structures that ,r. the aggregate rare drawn down or committee to invest et least $01. of their aggregate corinviltreentli, provide: further that the aggregate commitments 4f any fond stmoure that hai an Investment remit, teat Is ezplr*d fother than for for:me-on inoestmerOs) shall he tens..-41 SO eci:31 the aftwerit drawn down in surf: fund std cut: and provided. further, that a Pare: Secc:n.laty shall not alto be deterrrilfier, CO be an E ady Stage Investment. NSP-led Secorntary. lean: an irreestrreril. interest heal by We Fund (directly Or Maxie:lei) In prieate furl structure or a portfolio cr direct private eemty assets through bespoke. tete; ity solutions (arei any roll/ix-on ini.s tments in any such investment interest, br t not insuring any Cu-InYett nrent) as reasonably ceserraired by the Manager artte a:infect rec,t;ires. -SOF" means OB Secondary Opportunities Fuse A, t P., DB Secorwiiiry Opperti:nliles rune; B. t.P. arid t/ft Seep:Vary Opponeriititz Sure C, LP 'SOF rr*arni DBSecondary Oplextunisigs Fund 0. I. P ":)0P II' meant Secondary Oppertunitier. Fund II, LP -50e or meeroSearearr Clpfroriunitres Fund Ill LP 'SOF funds; 'SOF Program. or "Fecon,ary Odeortunites Furat." means SOF, FA".iF D, SOT II are. SOF lit CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0040735 CONFIDENTIAL SDNY_GM_00186919 EFTA01355531