EFTA01391407.pdf

GLDUS124 BBR Partners Section 2: Investment Performance Glendower Capital Secondary Opportunities Fund TV, 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 sod • Cepa COMM LCAlo .04 41h • 060.4 la% s 0 1011 SOP Cie, 3 SO; I Iva • i ta: /WI ; I 14 'S. sa o X%:1 Dia • t ae• 0(• e 1II pia • 33% OF' • 0 293. a t sofa .i 20% 200. s t It in • • ; 53, 0% I. 64 04 1 a 00 00 14 •• ! II 04 06 34 yr te to .10 it 13 13 11 ohea naip mot r soF arAb cr. SCF YMRet 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 row ten Meer 4.) N•• • EOFD !I :KA* •A at% II • ace *y e A% 1 • 1Nj M. Os' SOF 4 f• 0:' .1 Xdf. PA 1,A 101: .04 44:4 Alt Ar. nr) •1, • .••• I AC: 6:00 Wee O. • stA 6•64. Some: Cambridge Associates Secondaries Sencetmark statistics as of September 30 2017 SOF Funds are shown benchmarked Kemal their Vintage year peer grOup SCF and SOF O performance is riot included m the data se teed to calculate the Cendenerk data Note that the performance figures in reaped d SCF and SOF D have not been audried and should be reed and reviewed in corvine:co ram Appendix 5 impOrtanIPallonnanCe bitirmatton Past pedcrmance of SOF Fulls 6 not a product:on of future performance. Information presented n Exhibt 21e based an the unaulted results of SOF, SOF D. SOF II and SOF III as of September 30. 2017 Past performance is net a afeCkt•Cin of the future performance of S0F, SOF D. SOF II or SOF III be is included to demcnerate the track record or the Genckwer SOF Team There can be no aesurance that SOF fif win achieve canceratle resultsor that any target resultswill be achereet DPI = Perdition& to Paid-In Capital. RVOI = Residual Value to Peel-In Caotal. TVPI = Total Value to Paid-in Capital Source' Cambridge Associates GOO& Buyout Benchmark as of September 30. 2017. The information reflects a comps icon of SOF. SOF D. SOF II a SCF HI performance against one benchmark only Past performance 6 not a prediction ol the Um performance of SOF. SOF D, SCF II. SCF VI or any other Glendower finds and there can be no assurance that SOF IV will achieve comparate resifts or that any target results will be achieved. but is included to demonstrate the track record of the Glendower SOF Team IMormatcc presented in this chart is based on the unaudted issues of SCF. SCF a 9CF 11and SDP III as of September 30.2017 and should be read and reviewed in CianpiletCn and *hand be read and reviewed in conjunction with Appendix 5 Important Pet nine Intrination which sets forth amongst other throe important mfamation regarding the performance gestated above Confidential Private Placement Memorandum 9 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0096303 CONFIDENTIAL SDNY_GM_00242487 EFTA01391407