EFTA01389763.pdf

GLDUS132 EverWatCh Financial 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 benchmarked 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 sea • wee (maw 1pw Ern'ilt • Wax, SOF 0 toe iVrt 2* Iv" I SC .50; 904 6 'S. SOF '1 DPI • lab e 111 I 3.• sac OH al% IN. a t l 10 Etc Sous lIA i 20% • 20r. It s t t t 11t • 05a • ; 0% I. 6. 1 a 00 06 14 • ! II 14 $5 /6 yr te *C9 '10 11 IS 13 11 anew on new mot t sou aria CPI SCF tea 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 OPP »5 1 • EOFD :Ku b Wt. at% I 14 ani • oc= • dal • COIF tin] it s. SOF. f• • or 1 AX4 AN Alt to no n, r X art ult. art r<.0:10 Wee 0. • s...s Some: Cambridge Assoctates Secondaries Benthmack statistics as of September 30 2017 SOF Furds are shown benchmarked against their Wage yew peer group SOF and SOF 0 performance is net included in the data set used to calculate the benchmark data Note that the performance homes in reaped el SW and SOF D nave not been audited and should be read and reviewed n comma:co w1N Appender 5 impends,' PerformanCe I raismatton Past padamance of SOF Fulls 6 not a predecton ci hide performance. Irfamation presented n Exhibt 2's based an the unauceted results of SOF, SOF D. SOF II and SOF III as of September 30. 2017 to Past performance is rat a DfeCktell of the haute performance of SOF, SOF D. SOF II or SOF III tow is included to demcnwrwe the track record of the Glenckreree SOF Team There can be no aewarce that SOF hit will achieve cam:wale fo3EJASEe that any target resultswill be acreenal DPI = Cearlautions to Paid-In Capital. RVOI = Residual Value to Pawlan Caprtal. TVPI = Total Value to Paidan Capital '4 Source' Cambridge Asecciatee GOD& Buyout eenChinalk as of September 30. 2017. The information reflects a companson of SOF. SOF D. SOF II Et SOF III performance against one benchmark only Past performance is not a predictor ol the vivre performance et SOF. SOF D, SOF II. SCf III or any other Glendower finds dnd 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 11 and Syne, of Seaentat 30.2017 and should be read and reviewed in COnpnCtOn and should be lead and reviewed in conjunction with Appendix 5 Important Pet matte Intrination which sets forth amongst other throe: important information regarding the performance emoted above Confidential Private Placement Memorandum 9 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0094128 CONFIDENTIAL SDNY_GM_00240312 EFTA01389763