EFTA Document EFTA01391121

GLDUS1 39 Third Lake Capital Seth'', 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 I 22% 10% 5% 0% rcf (37.4) 004 or :met cc II alit) See le VOW •Glerelower Net IRR MK; vvand Ruse.; 2000 vs Thomson Reuters ax ea Proven MCSI Woad Index and Russell 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 tocompare a Glendower mestere perlormance. bU rather is dadassed solely to allow for canpanson 10 that ot certain well.known and widely recognized indices Methodology The Long Nickels method has teen used to calailate the PMEs Net cash news for the SOF Funds are replicated in each index For example. (0 when eagle/ a drawn horn an rove:dor an ocruvatrt, amount is nvemed m the index on the speck date. and (a) when capital is dstributed to an investor. capital rs 'wendremn' from the index on the same dale A Mennen:al terminal value 4 generated based on the growth of the total ndex Net RR is calculated using the cashhows repeated in the tridex and the theoretical terevnal value Recaaabte csstr0Lttns have been treated using the all in method' Confidential Private Placement Memorandum 11 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0095873 SDNY_GM_00242057 EFTA01391121