EFTA Document EFTA01392410

GLOUS12B Patrick Gerschel Sectian 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 limited partners SO% • Cava (mann Isar ad wilt • 1a..0a, )94 sac SOF "I 20% 1)14 COIF i SCE II i lb% as 20% . 2% i • a $ t t ; i t ,,,, I " • .4 40 ; ss • es 00 Oir II, • ! it 1l Iv ▪ a I SC DPI • lab 04 a) 70 s 0 1V11: a".. .50; :TI: I DP e II 904 6 iya I ).• OF' • 0 I . yr 1:41 *C9 10 11 12 13 11 am% OF4 maw R6111 r¶O and CF4 SC, •nta RYP1 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 vFw OPP n • COIF a. 01. LW• 03. Xdf. AN Alt Al, nr) A,1 .M11. FOS Wee <4 1 art wa, art x‘ 0 Some: Cambridge Associates Secondaries Benchmaik statistics as of September 31 2017 SOF Funds are shown benchmarked against their vintage 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 ItV16Wed n comma :al with Appendix 5 impOrtan4PallonnanCe Imismatton Past pedamance of SOF Finds * not a predecton ci hiture performance. Information presented n Exhibt 21s based cn the unaudted results of SOF, SOF D. SOF II and SOF III as of September 30. 2017 Past performance is riot a OfeCattell of the future performance of SOF, SOF D. SOF II or SOF III but is included to demcnwrwe the track record or the Gktrickwer SOF Team There can be no aesurance that SOF Kt win achieve canceiatle Malta co that any target resultswill be acheved DPI = Prarbutions to Paid-In Capital. RVOI = Reerdual Value to Pawl-in Caotal. TVPI = Total Value to Paidan Capital Source' Cambridge Associates GOD& Buyout Benchmark as of September 30. 2017. The Int ormaeon reflects a comparison of SOF. SOF D. SOF II a SCf III performance against one benchmark only Past performance is not a prediction ol the Uwe performance of SOF. SOF D, SOF II. SOF III or any other Glendower Ands 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 of the Glendower SOF Team Internam presented in this chart is based on the unaudted issues of SOF. SOF a 9CF II and SOF of as of September 30.2017 and should be read and reviewed in COnprICtOn and should be lead and IMOwed in conjunction with Appendix 5 Important Pet matte Intrination which sets forth amongst other throe important nfamalion regarding the perfamance desaited above Confidential Private Placement Memorandum 9 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0097630 CONFIDENTIAL SDNY_GM_00243814 EFTA01392410