GLDUS144 Glenn Warren Scotian 2: Investment Performance Glendower Capital Secondary Opportunities Fund IV, LP Lastly, in Exhibit 5 the SOF Program is compared against public market indexes including the MCSI World Index. Russell 2000 Index and the Thomson Reuters Private Equity Buyout Index. In all cases, each of SOF. SOF D, SOF II and SOF III compares favorably to public markets. Exhibit 5: SOF Program compares favorably to public markets'. 40% 35% 10% 23% 10% 5% 0% POP (SPA 0OF Or:Pio/ ;eV Hiatt) SY le VOW •Glerdoaer Npl MR MSC; wand Ruse...2 2000 a Thornton Reuters 11 ax SC, Proven MCSI Wodd Index and Russet) 2000 index returns are based on total return Thomson Reuters Private Equty Buyout Index re:urns are based on force These benchmark indices do not represent an appropriate benchmark *compare a Glendower wheeler's perlormance bU rather is dscOsed solely to allow For canpanson 10 that of certain well.known and widely recognized indices Methcdorogy The Long Nickels method has teen used to calculate the PMEs Net cash flows for the SOF Funds are replicated in each index For example. 0) when eagle/ * drawn horn an investor an equvalent amount is nested in the index on the specific date and ($0 when copra' is dstributed to an investor. cartel rs withdremo' from the index on the same dale A theoretical terminal value is generated based on the growth of the total ndex Net PR rs calotanted using the cashrlows repeated In the tridex and the theoretical ternvnal value Retinae& clistrOLItos nave been treated tong the all n method' Confidential Prrvate Placement Memorandum 11 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0097200 SDNY_GM_00243384 EFTA01392050