EFTA01392184.pdf

Glendower Capital SOF IV, LP. Endenotes (.0 Glendower Capita; Secondary 4iporturritier. Fun.] hi. LP. rs7JF he or the rrunci..; is being forme:: hv .31+r:rower Capital LIP eGiereiciet" an app....kited rem efera ative of Miratiella AMisers LIP, which is authorised and regulated by the United: kingdom rinahridl CorecerALtlysity (M Mature funds it sor.SOF Oan, >OF le °reran $01PisTrafhleeket,-; sort, SOF fi,SOf it an, SOF it I. Perforn terse* figure; hare been usict.iatee baser; or. the unaudited perttxmars:e results or sor. SOF D, SOF u inc SOF Mae of September Kr, 201.7 and should he read arc renewed in o.:ajunotIon with the irrird.ortara. bircoMation" arc 'Notes to inve,:tnient Redo:name Infornehon- se,.i.Sx‘s of this. iXg.kanehr_ GI,x ,s mote are gtou: OI fern:, earrenses anc <arrien interest. Net performance retie:Ls Alti."..beIS rid et eltereitte, tees 4110 Cdtfiel) interest. Past performance is rot a (.11tieeli011 of tror future pelornwice of $OF. SOV D. SOF It SOF iii bold: ini.luder, to dernoratrate the trast tiet.ert of the Glen:Ante Team tett: fire can be rr?‘03:.~:.,.. that. SOF ri will a:Newton:parable results, (:1) sor 0 b roderrominatec fi re Convener...It the Secterramr ;XL 2017 fitlaluSta ea Le of 1.182;:, (4) Beth SOT aral $OF D art el:rested in the Daiiity.i Pvtfolio —a well entrance portfolio Or 28 private ecuite funds perchased through an WV, roweling enewf re to buyout, special situations. ratpliet rtx.rl estate sliateAe.' a North Autka. Err rope anti Asia- The rgerber 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 Penchtna:k st*ti:xles ci September 30, I-417 basin: on data dorripl - from 140 ~near, funds with a mininkl;ni of their.: per year, including le" licuicatec partner; tarn, formed between 2044 and 414 Each SOF benchmarked against their lespe: tie s'intaliefler group. Th's infe/rnatir+n tetiects 3 doMPansOn of tor, sor and sor tNr.cbritart. cos.; duagiles 'ay differ when compared to other benclimarking sources SOF. 501 0, SOF it ane SOF ill tara b rot includel in the data set used to calculate the rithchitestk43ta. (6) information presented in this chart is baser; or; the unauciteri results of SOF, sør D, SOr H ant; SOT ill as dif September 30. 2017 and should be read and reviewed in conjunaion *eh the "trn_port it lniermation- and "Motet: to Investment Performance intorrri rdn. sect ions et this docr.ment (n Past Pertorrnance Is Mt a fireeCtIce et the future pert:cm:woe of ;,OF. SOT 0, SOF II or $OF Ill but i:: inc.iunee in demonstrate the pact, ot the Glendower tearv. (a) Internal rates of felLte:‘ are net of fees, eApenses and cameo interest.. Cambridge AshsciMes research slums that most fixes take at least six years b) selde into thee final otraitile neking ard PieuioeS to this settlirg tty typk:ally rant in nether nuattiles, therefore fund or tieridiMark per lorniar.e.e metrics from mole recent vietar years may be less meaningful. Median is the nar:die fund the of the group of individual lund (lifts included In a vintage ytar frennnorr.: Upper: lower -.nail. are the threshold: or the taac.#r (tee ≥S5r)are., toper ticitorn Sko e.arnies faset( on the indit4aual RR: included in a vintage year are aret see in c orteriction with the median to determine r4i.artile placement telielthigeB fLetiSI (9) PP! OiSIT3.04.40S V, Peidan Capeat P.VN = Residual Valte lo Paid-In Capital: PiPiir Total Vairie V, Paic.e, Caegal. TVP!, aVPE and DP; are owlet; return agsprgaonµ all cash (lows arc enring NAVs in a :a mph, in calculate e ci.auir.weighted recite' 1:3) Please react the confceritbl private placement merncianum Ct the Fus -Mernc:rarcurn, for the tull in:Satre of risk tactets.contle:ts of ;leret, cornok)te terms. arc( regulatory and tax corearieratiort; of the Fund For limber enclosure ol fees, such as fees and eapenses paid by the Fun°, please retry ix the Mernerandurd, the arnerem.: and restated limited partnership agreement are the deed of adherence of the Mt itch ci.:-:urnents ate in the proses:: of being prepared alt. will be mar:ft available to pre :peel:rye investors tipole renurt. 1.11) InvesteC. Capital is; the amount of capital eveste.. in ewe:try:eras arc the remaineac unfunded obi:gat:cm reasonabl7, le-served t', Glen,. .,:yer Irr investment:: (1'1 is of frepteinteT At 20%7. Thpre can be rrs3sthrance that tee) strategy wilt i succe::::tulki the fotcre, er that lenses he 31:IA4,st (1 trot:ere:Gendowers assessment base' on pixttogo mariagernent theory (14) As of .''keptemtw..:(7., 2017. Peri..d sinr.e2rX).3indir....res time:men; by rrembers of the done sener roarsage.meril. leeirn at Deutsche bank. Key Definitions ^Single Arret Dear means an investment by the Inirectly or ineirectly) in a portfoldcompany Montt:drift ohe ot more priaate acuity Fund sponsors Cane JitiVI,MOVt•Oein'tteeflt. itS in any ;:uth eueNtinent, but not igatleCINarrjt•P-itti Ststoviaryjzh reawnabt., de tennined t he Manager as the Ulvtest reounes "Fund Secondary mean: la) an interest held tweethr or indirectfy by the Fund in a generaust or specialist private ebuitv fund structure (inducing a ft ne ei funds, teeder (ullur or other sUudturel at:ca.:free in a rcaneake e !retraction :•r (hi 3 porire4ie et such agerests act:tired in a singe trantaction, :0 each case as leatCellaely tetelleititW by the Marater as the context reduires. provled that any interest referred to in clause fal shall be in a hirt strt ettre that ether has an Investment pence that is expired (other than for (eaow-on investments) or has drawn down cerienitted te Invest at least SOM et its acgregate conenurnents, ane prove...ee that any portfolio of interests t‘AegftW to ,r; doll be n nosh slruCthreiS that rr. the aggregate hare drain down er .;en'ahltret lo invest et, kast SO* of their aggresate c(:ronsitmeret, proolden further that the agregate commitment:: of any rune utructura that has an investment frrnot. thaz rc ezrAr*ti fr, ther lian irr folbw.cr, kwestre:er );) stall he teite:` to erival the 3fhes:ni Crams down Surte stisAztae and: ProMect, rk;ajder, that a rend: Seca n.:ary shall not al!» be determined to be an Early Stage Investment. "•5P-len fl.ecceetary. mean: an iwestrtent interest hett by le funo (esreelly et iltete.:tt0 priste equity fund structure ce- porte);10Cr direct private e0L4y asset: through barpuke Lacey solutions (are any follow-on invtn--ents in any such investment interest. te t not inciuning any Co-Ineestntent) as reazonably ,:Kerrnzred by the Manager a: the CC,h!eXt te.,:-Idenes. -SOF" meat:: OB Secondary i)pp.:,rit.ne es Fund .A, I P., DB Secone•Ary OpportunitiesruneB. t.P. and rift Secondary Opportunitiez Free C, LP 'SOF rit' means D8 Le< oreary Opp,ortunitks. Fungi 0. I. P -sor ri- meant Secondary Opportunities Fond'', LP -sor mew., ser5.4v5ry C.Ipporiunit*:; runt: tit It) tr)01Funds," '5):8, Program. or 'Secon):aryertvortunines F.:net-mew:1. 80F, !;Cif U, SOF II ere. SOF III CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0097355 CONFIDENTIAL SDNY_GM_00243539 EFTA01392184