EFTA Document EFTA01389765

GLDUS132 EverWatch Financial 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% sax 22% 10% 5% 0% POP tZTAI (4OFOCcici cc Irian) See le ROM) •Glerdaver 214t IRa siSO venric Romeo 2000 vs Thor son Reuters 11 ax ea Proven MCSI Wodd Index and Russet) 2000 Index returns are based on total return Thomson Reuters Private Equty Buyout Index re:urns ace based on force These benchmark indices do not represent an appropriate benchmark to compare a Glendower minter* perlorroance rather is dacsosed spiny to allow For compansco 10 that ot certain oar-known and widely recognized indices Methodology The Long Nickels method has teen used to calculate the PMEs Net cash news for the SOF Funds are replicated in each index For example. 0) when capita * drawn horn an investor an ectuvannt amount is mosaic' in the index on the speak date. and (a) when caeca' is Ostribeted to an investor. cartel rs 'wehdromm' from the index on the same dale A theoretical terminal value is generated based on the growth of the total ndex Net RR is calculated using the catonows repeated in the tridex and the theoretical terevnal value Retinae& clistrtauttos have been treated tong the all n method' Confidential Prrvate Placement Memorandum 11 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0094130 CONFIDENTIAL SDNY_GM_00240314 EFTA01389765