EFTA Document EFTA01392049

GLDUS144 Glenn Warren Section 2: Investment Performance Glendower Capital Secondary Opportunities Fund M LP In Exhibit 2 each of SOF. SOF D. SOF II and SOF III is benchinarked against its vintage peer group reported in the Cambridge Associates Secondaries Benchmark statistics (September 30, 2017). The SOF Funds present comparatively strong Net IRR. DPI and TVPI across each vintage year. Exhibit 2: SOF Funds performance versus Cambridge Associates Secondary Fund Benchmark " 34 37 Secondary funds: Net IRR to limited partners Secondary funds: Net multiple to tanned partners sea 10% • claw (mane BC. 1pw .r3d wilt sac 211% a SCEs • 1h.O.le SOF ,,I 13% t i 2* l 10 20% 200. • It s t t • t 11t W. 41 • ; 05a n. 0% toe Ivfi I SC DPI • lab 1 a 00 06 14 • ! II 04 $5 /6 SOF 0 1V11 DP1.3 I. .50; :TI: I e 111 904 6 I 3.• OH • 0 I . or te *C9 '10 11 12 13 11 ohm OM to* mot r SOF aria ore •C• tedo RYPI In Exhibit 3. each of SOF. SOF D. SOF II and SOF III is benchmarked against its vintage group of top quartile buyout funds reported in the Cambridge Associates Global Buyout Benchmark as of September 30. 2017. Again, the SOF Funds present comparatively strong Net IRR, DPI and TVPI across each vintage year. Exhibit 3: Buyout•hke returns with a secondary risk profiles OPP • 4Y1 ca. or AX4 AN Alt to no n,r X Wee 0. • my. 1 • EOF D tt S•1 2n.1 •x tin j • et= y, 1art ant art ".‘„ 0 Some: Cambridge Associates Secondaries Benchmark statistics as of September 30 2017 SOF Funds are shown benchmarked against their VOII100 yew peer group SOF and SOF 0 performance is not included in the data se teed to calculate the benchmark data Note that the performance figures in reaped ci SW and SOF D have not been audited and should be read and rewewed n comma:al with Appendix 5 !ovarian' ParlonnanCe I rakmadon Past pedamance of SOF Finds 6 not a predecton ci Nude performance. Information presented n Exhibt 21s based al the outpaced results of SOF, SOF D. SOF II and SOF III as of September 30. 2017 ,4 Past performance is net a DfeCktell of the Mute performance of SOF, SOF D. SOF II or SOF III tow is included to demonstrate the track record of the Glick:Wow SOF Team There can be no aesurance that SOF ft/ win achieve canpeiade MEd% Ex that any target resultswill be acheved j1 DPI = Prarbutions to Paid-In Capital. RVOI = Residual Value to Paelan Capital. TVPI = Total Value to Paidan Capital '4 Source' Cambridge Associates GOD& Buyout Benchmark as of September 30. 2017. The int ormaeon reflects a comparison of SOF. SOF D. SOF II Et SOF III performance against one benchmark only Past performance is iv a prediction ol the Uwe performance of SOF. SOF D, SOF II. SOF III or any other Glendower rinds and there can be no asswance that SOF W will achieve comparable resifts or that any target results will be achieved. but is included to demonstrate the track record ci the Glendower SOF Team Internam presented in this chart is based on the unaudted issues of SOF. SOF D. 9CF II and SOF III as of Standby 30.2017 and should be read and reviewed in COnprICtOn and should be read and rov'ewed in conjunction with Appendix 5 Impatant Pet nine Information which sets forth amongst other throe important information regarding the perfamance desaited above Confidential Prrvate Placement Memorandum 9 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0097198 CONFIDENTIAL SDNY_GM_00243382 EFTA01392049