EFTA Document EFTA01390813

GLDUS113 Cliff IIlig 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% OVA 22% 10% 5% 0% FOC (SPA SOF Oi2Dici cc HIM* SY In ROM) •GleMower 21st IRR MSC; wane Rosette2000 a Thornton Reuters 11 ax Ulf Proven MCSI Wodd Index and Russell 2000 index returns are based on total return Thomson Reuters Private Equty Buyout Index recums ace based on force These benchmark indices do not represent an appropriate benchmark tocompare a Glendower irmistasperlormance bU rather is dsclosed solely to albs For canpanson lo that ol certain well-locum and widely recognized indices Methodology The Long Nickels method has teen used to calculate the PMEs Net cash flows for the SOF Funds are replicated in each index For rumple. 0) when caper/ * drawn horn an investor an equvalont amount is nested in the index on the specific date and lid when capital is dstributed to an investor. capital rs twithdremn' 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 cashrlows repeated in the tridex and the theoretical Mrnvnal value Retreat.* distrbutens have been treated tong the *all n method' Confidential Private Placement Memorandum 11 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0095442 CONFIDENTIAL SDNY_GM_00241626 EFTA01390813