EFTA01394190.pdf

DLDUS129 DF Enterprises 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 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 SCSI • CON' (mane 1pw .r3d xi* • ut.0.0e s 0 1V11 Ivfi I Hz a".. SO; twi ; 904 6 all SOf "I DPI • I it, 0(• e II iVAr I3. SC, 0 OF' • 0L 2916 IN. i a% BC. • all SCE II ti a NS , iI i $ t 200. 1x " • 40 ; 5.. • vs I. 00 as it. •• it 1l 14 *5 % or at *C9 10 11 12 13 11 J•Y.•,T the mot a SOF Icrtab CPI SCF Ian& MISS 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 NR OPP SC1 .COIF I 0%. SOF. 04. 1 X1 .04 AN Alt Al, nr) A, 1 .M1• FOS art salt art rt.. 0 Wee Cs • r...r tryst 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 net included in the data se teed to calculate the benchmark data Note that the performance fumes in reaped el SW and SOF D have not been audited and should be read and rewewed n comma:co huh Appendix 5 impOdaniParlonnanCe ratan:ton Past pedamance of SOF Finds * nor a predecton of Mute performance. Information presented n Exhibt 21s based at the moulted results of SOF, SOF D. SOF II and SOF III as of September 30. 2017 Past performance is !Vial:fed:OM of the future performance of SOF, SOF D. SOF II or SOF III In is included to demonstrate the track record or the Gktrickrerer SOF Team There can be no aesurance that SOF ft/ will achieve tempera le results or that any target resultswill be acheved CPI = Dentulons to Paid-In Capital. RVPI = Residual Value to Pawlan Capital. TVPI = Total Value to Paidan Capital Source' Cambridge Associates GIOSSI Buyout Benchmark as of September 30. 2017. The information reflects a companson of SOF. SOF D. SOF II Et SCf HI performance against one benchmark only Past performance is not a predicton ol the Uwe performance of SOF. SOF D, SOF II. SOF III or any other Glendower finds 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 trill:arra= presented in this chart is based on the unaudted issues of SOF. SOF D. 9CF 1l and SOF in as al Standby 30.2017 arid shwid be read and reviewed in COnpriCtCn and *hand be lead and IOV,OW03 in conjunction with Appendix 5 Important Pet nine Intrination which sets forth amongst other throe important nfamalion regarding the pedcanance awaited above Confidential Prrvato Placement Memorandum 9 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0 100182 CONFIDENTIAL SDNY_GM_00246366 EFTA01394190