EFTA Document EFTA01393893

GLDUS137 Forrestal Capital LLC Section 2: Investment Performance Glendower Capital Secondary Opportunities Fund IV, 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 linked partners • Opt* (this Len—Itito • wear • ; W SOF ah i4 ant t ; 2* l 1st 11t 0s. SOF om • i tai DPI • lab 00 012 14 • ! II 04 $5 /6 SOF 0 1N1: :L d1.3 SO, /:TI: DP e II Ivo • OH • 0 I . or of *C9 '10 11 12 13 11 e omen roe Pod x SOF fedi Cri /Cr VA RS* 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 ary ro. 9:6 If or PA 1,A 1011 AX0 AO Alt to no Ao Mee c• • F..v • Cart MOW M• ) Fs. 1 • We /to 0 • as 2n.1 • Ni • et= ne V.. 1 SOF wo 1let eon, or, xi o Sane: Cambridge Assoctetes Secondaries Benchmark statistics as of September 30 2017 SOF Funds are shown benchmarked against their Velar yew peer group SOF and SOF 0 performance is not included m the data se teed to calculate the tenclvnark data Note that the performance tomes in reaped d SCF and SOF D have not been audited aril sliCold be read and reviewed in comma:co with Appends( 5 impOrtanIPeolonnanCe fraismatron Past pedcrmance of SOF Fulls 6 not a predecton of More performance. Idamation presented n Exhibt 21s based en the unaucIted results ol SOF, SOF D. SOF II WO SOF III as of September 30. 2017 ,4 Past performance is !Vial:FY*2On of the Mute performance of SOF, SOF D. SOF II or SOF III tee is included to demonstrate the track record of the Glees:Ws SOF Team There can be no aesurance that SOF hi will achieve canceratle MOWS* that any target resultswill be acreertxt DPI = Cwarbutions to Paid-In Caput. RVOI = Reerdual Value to Pa elan Capital. TVPI = Total Value to Paidan Capital '4 Source' Cambridge Associates GOD& Buyout Benchmark as of September 30. 2017. The information reflects a companson of SOF. SOF D. SOF II SOF III performance against one benchmark only Past performance is riot a predicton ol the Vure performance of SOF. SOF D, SOF II. SOF III or any other Glendower VAS and there can be no assurance that SOF W will acheve comparable resifts or that any target results will be achieved. but is included to demonstrate the track record of the Glendower SOF Team IMormatec presented in this chart Is based on the unaudted results of SOF. SOF D. 9CF 11 and $()F III as of Seaernber 30.2017 and sfralld be read and reviewed in Mop nr/Co and should be read and reviewed in conjunction with Appendix 5 Important Pet nine InfOrrnatiOn which sets forth amongst other throe: important information regarding the pedcanance deserted above Confidential Private Placement Memorandum 9 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0099736 CONFIDENTIAL SDNY_GM_00245920 EFTA01393893