EFTA01393633.pdf

GLDUS131 Bright Group 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 sod • dp0t. (mane hew "4410 • 6601.4 s 0 1011 1.00 Ce. 3 SO• iw :TI: I It 'S. Sor •I DPI • I ab DP etL inn: I 3.• sac OF' . 1L 293. 33% b t Sots .i 20% 203. s t It in • • ; 53, 0% I. 64 00 Si 14 is II 04 aS /6 yr .0! •09 lc II 13 13 11 Ow* CiFs ter net .soF arlb as SCF 1st& Mai 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 cep N•• n •.. `6:4 I • EOFD <011 at% I 2361 • as ,Dar ne • WI 4 IN Os. SOF. 56. os. 1 Xdf. IY.4 1,A so .R0 tan Alt nr) •1, • .••• I so: sot 44, o Wee O. .S$6,64. Some: Cambridge Associates Secondaries Benchmark statistics as of September 30 2017 SOF Funds are shown benchmarked against their vintage yew peer group SOF and SOF 0 performance is not included in the data se teed to calculate the tenclvnark data Note that the performance figures in reaped d SW and SOF D have not been audited and should be reed and reviewed in conmiction not Appends( 5 important Perfonnance Itrtmorton Past pedamance of SOF Fulls 6 not a predecton of future performance. Information presented n Exhibt 21s based an the unauckted results ol SOF, SOF D. SOF II and SOF III as of September 30. 2017 Past performance is Waved:bon of the future performance of SOF, SOF D. SOF II or SOF III but is included to demcnwrwe the track record or the Gkrekreer SOF Team There can be no aesurance that SOF fif win achieve canceratle fellaor that any target resultswill be acreerel DPI = Cietrbutions to Paid-In Capital. RVOI = Residual Value to Pawl-In Caotal. TVPI = Total Value to Paid-in Capital Source' Cambridge Asscaates GOD& 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 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 comparatle resifts or that any target results will be achieved. but is included to demonstrate the track record el the Glendower SOF Team IMormatec presented in this chart is based on the unaudted issues of SOF. SOF a 9CF it and $(1)F m as of September 30.2017 and should be read and reviewed in COnprICICn and should be read and IMOwed in conjunction with Appendix 5 Important Pet mance Information which sets forth among& other throe: important infamation regarding the performance desated above Confidential Private Placement Memorandum 9 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0099303 CONFIDENTIAL SDNY_GM_00245487 EFTA01393633