EFTA Document EFTA01394587

GLDUS140 Lawrence Hirsch 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 tanked partners • Um* coat Leletn1d wag • WIALIC • ; sac X%'''1 2" 1Y* a t SOF II i 20% It • s t t t /St 2* l idr I It 05a toe IVA II SC. DPI • it, or te .09 '10 II 12 13 1/ 00 06 14 • ! 04 14 /6 SOF D 1, D11.3 I. SO, :TI: pP e 1, 904 6 TIM: I3. OFI • 01, ohm CM ro* R011 r SOF iris CPI SCF lando Re% 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 TM* OPP • GOFF ca. or 1,01 AX4 AA Alt to no n , r Mee o. • s...s MOW m.1 • EOFD t: X0a On . 2/11 • Ni • oc= x y, "I XCI1)11. art:.. Some: Combo:lee Associates Secondaries Benchmark statistics as of September 30 2017 SOF Furds are shown benchmarked against their *tape year peer group SOF arid SOF 0 performance is not included in the data se teed to calculate the tendmark data Note that the performance tomes in reaped of SW and SOF D nave not been audited and **Ad be read and ltV16Wed n 0111MICtC11 YAM Appendix 5 impartan4ParlonnanCe frataatafron Past pedcrmance of SOF Fields 6 not a predecton ci Mute performance. Infermation presented n Exhibt 21s based an the unaudted results of SOF, SOF D. SOF II and SOF III as of September 30. 2017 ,4 Past performance is net a dieckbOn of the Mute performance of SOF, SOF D. SOF II or SOF III be is included to demensuate the track record of the Glendower SOF Team There can be no assurance that SOF ft/ will achieve cc/nonfat* results* that any target resultswill be achieved DPI = Cearloutions to Paid-In Capital. RVOI = Residual Value to Pagan Capital. TVPI = Total Value to Paidan Capital '4 Source' Cambridge Asacoates GOD& Buyout Benchmark as of September 30. 2017. The information reflects a comparison of SOF. SOF D. SOF II Et SCf III performance against one benchmark only Past performance 6 not a prediction ol the Um performance of SOF. SOF D, SOF II. SCf III or any other Glendower finds and there can be no assurance that SOF rtr 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 Internet= presented in this chart IS based on the unaudted issues of SOF. SOF D. 9CF 11 and SOF III as of Seaembet 30.2017 and should be read and reviewed in COnpridoOn and *hand be lead and remOwed in conjunction with Appendix 5 Important Pet nine InfOrniation which sets forth amongst other throe important information regarding the performance deserted above Confidential Prrvate Placement Memorandum 9 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0 100615 CONFIDENTIAL SDNY_GM_00246799 EFTA01394587