EFTA01389491.pdf

Glendower Capital SOF IV, LP. Endenotes (.0 Glendower Capita; Secondary 4iporturrities Fun.] hi. LP. rs7JF he or the 'Fund. ) is being forme:: by .31+r:rower Capital LIP eGiereicieri., an ape...kited rem efemotive of Miratiella Advisers LIP, which is authorised and regulated by the United: king0tunrinarai4lConceetAt:tivirity (M . D anc >OF le °reran $01Pie:yarn sr:Ch.C‘r; sort, SOF Q, SOV it an, SOF iti Perforn terse* figure; hare been calcuiatee baser; Mature funds iiiciudir sor.SOF or. the unaudited perttxmars:e results or sor. SOF D, SOF Ir inc 50r HI as of September 201.7 and should he read arc renewed in o.:ajunotIon with the irrird.ortara. Infonnation" arc 'Notes to inve,,Mient Perform:once Infornehon- s(:::.faan.s of this. i:Saaneril_ GI,x:s more are gros: of fern:, eafrenses am terrier, interest. Net performance retie:Ls arn:::::nts net Cr expenS4C., tees snø carries interest. Past performance is rot a (.11tieeli011 of tror future pelornwice of $OF. SOV O. SOF SOF iii bold: ini.luder, to dernoratrate the trast rettet of the Glen:Ante Team :one tirre can be rma13:.~1:":: that. SOF ri will a:Newton:parable resgts, (.:1) sor 0 b roderrominatec Ft re Convener...It the Secterramr ;XL 2017 fil.laluSta rate of 1.182;:, (4) het, SOT ail $OF D art el:rested in the Daiiiro Pir Sale —a well dieersifier: portfolio Or 28 private ecuite funds porchased through an WV, provenly enemure to buyout, special situations. rr capita( and rtx.rl estate strateAe.' ei North Autka. Europe an:; Asia- The .gin er of lure,. and corm:Imes is a best estIn'ate and shows the aggregate of each deal at closing :mid may induce some double counting. (S) Source: Cambridge Asscciates Seconnars PenchtnaN st*ti:xles ci September 30, a417 basin, on data dorripl - from 140 ~Mar, funds with a minina.ni of Shire.: per year, including lolly licuicatec partner;hire, formed between 2044 and 414 Each SOF lund r,. strewn benchmarked against their leSee:rne s'intaliefler group. TG's infe/rnatir+n reflects a doMPansOn of tor, SOF Hand sor agairea one tmr.cbreart. cos.; duartiles nay eller when compared to other berichmarking sources $OF. 501 D, SOF It and SOF ill cat-4 b rot included in the data set used to calculate the rit"-ehrnarkelata. (6) information presented in this chart is baser; or; the unauciteri results of SOF, SOF D, SOr H ant; y8 ill as dif September 30. 2017 and should be read and reviewed in conjunaion *eh the "irn_port it lniermation- and "Motet: to investment Performance intorrri rdn. sect ions et this doo.ment (n Past Pertorrnance Is NH a fireeCtIce et the future pert:cm:woe of ;,OF. SOT 0, SOV II or SOF Ill but i:: inc.iunee in demonstrate the pact, recore ot the Glendower feapl. (a) Internal rates of relt.rna are net of fees, eApenses and cameo interest.. Cambridge Asa1Ciales research slums that most fixes take at least six years b) selde into thee final quartile neking ard PreviouS to this settlirg they typk:ally rant in nether ccartiles, therefore ()Ad or tieridiMark per lorniar.e.e metrics from more recent veitau: years may be less meaningful. Median is the nix:Gle fund Ilte of the group of individual lund (lifts included In a vintage y. fur::). Upper: lower -.nail. are the threshold: tor the cpc.#r (tee ≥S%) are., toper ticItorn Sko e,arnies cosec( on the _:dis dual RR: included in a vintage year and aret see in c cop:riche:my:Ph the median to determine r4i,artile placement 0/1:rarneniB fLilr;sl at.9.1 PP! 001/3.0:1:404: V, Paidan Capeat P.VN = Residual Valte lo Paid-in Capital: PiPiir Total Value (0 cac4nfil. r:pE, aVPE and pre are owlet; return agveliacin« all cash (lows arc eid tnt NAVs in a :amp(- in calculate e ci.auir.weighted r.,c n read the confceritbl private placement merncianum Ct the [err:: -Mernc:rarcurn, for the tull in:Satre of rut ractets.contle:ts of intererc cornek)te terms. arc regulatory and tax coreaderatiorn• of the Fund For limber tindlosure ol fees, such as fees and eapenses paid by the Fun°, please retry ix the Mernerandurd, the amerce.: and restated limited partnership agreement are the deed of adherence of the ME itch ci.:-:urnents ate in the proses:: of being prepared alt. will be mase available to pre :I/el:Uwe investors tipol: renurt. innested Capital 6 the amount of capital eveste., o irwertrnents arc the rernaineig unfunded obi:gat:cm reasonabl7, le-served t', Glen,. .,:yer Irr invest scent:: (1'1 is of fareatemteT At 20%7. Thpre can b.: rrs3ser:rance that tee) strategy wilt cur-_to€h.: the fetere, ertnat lesses he 3s3.14est, t.-ource:Glendesver's assessment base' on pixttogo mariagernent theory (14) As of .''kepteintw..:(7., 2017. Peri..d sin..e2rX).3indlucies time:men; by mersiler: of the done sener roarsage.meril. leeirn at Deutsche bank. Key Definitions ^Single Acret Dear means an investment by the Fund leirectly or ineirt-ctly) in a poitfotia company gory:der, one ot more poi ate acuity Fund sponsors (and anyinnOvrOninve.11:1;:gs in any ;:uth eueNtinent, but not incluerf arriS.1•P-1/.‹ Strtorwiary) reawnabt., de tennined t he Manager as lirt vantnsirecurres "Fund Secondary mean: la) an interest held tireetry or indirectfy by the Fund in a generaust or specialist private ebuitv fund structure (inducing a ft ne ei funds, teeder (ulllur or other sUudturel .7,A:ca.:free in a rcandalore transaction :•r (h) a poriro& et such interests act:tired ha singe trantacnon, in each case as reasonably enfermin:W by the Marater as the context reduires. provled tala any interest referred to in clause fal shall be in a hire Slirt cti re that ether has an Investment pence that is expired (other than for feaow-on if/vestments) or has drawn down tursnittet! te Invest at least SOM et its acgregate commitments, aen` prose4see that any portfolie? of interests r4.,fensW to in etan ;ball Be slreCterYS 111.11:r1 the aggregate na-re drawn down Or ::Cenrrikket 10 invest ul, kast ynk of their aggregate c(:rensitmerat, preelden further that the aggegate commitment:: of any rune ::inttab that has an investment frrnod tat irr ezrAr*ti fiber than Rs' kwestre:te);) stall he neeinect to em:al the arnesill Crams down Surt: sliva tas, and: ProMec(, rk;ajder, tearta rune: Seca n.:ary shall not al!» be determined to be an Early Stage Investment. "•5P-led fecceetary- mean: an iwesurent interest beg by We ['um( Wsreeily Cr inCee:rni in polrata equity h.:re:structure or postludo C1 direct orleateeburty asset: through barpuke lic Lacey solutions (are any follow-on ins• nsents in any such investment interest, bt t not inducing any Co-Investment) as rearonably ,:Kerrnzred by 1hµ Manager a: the cc-Merl rEKI:ires. -SOF" meat:: OB Secondary i)pp.:,rit.ne es Fund .A, I P., DB Secone•Ary Opportunitiesrune8, t.P. and tiff Secondary Opportunitiez Free C, LP 'SOF Eit' means D8 Le< oreary Opp,orturiitks. Fungi 0. I. P -sor ri- meant teconclaryOpportnitier. Fond'', LP -sor mew., ser5.4v5ry C.Ipporiunit*:; lund III, If) tr)01Funds,"'SOF Program.- or 7.eccra:aryt:Wortnneuts Rings-mew:1.80E sor D, SOT II are. SOF lli CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0093850 CONFIDENTIAL SDNY_GM_00240034 EFTA01389491