GLDUS125 Gerald Ford Section 2: Investment Performance Glendower Capital Secondary Opportunities Fund ft/, 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 SO% ASS 1011 'S. • CIpaa Coat low ad.,* • Wax, sac nes SO, ric Wit 2* 10% BCC a sots t i I IS. 2044. . 20v. iers • • ; S I t t I le 05. 51, sr 60. Iva I SC DPI • I it, 00 01, 14 •• II 04 $5 /6 s 0 tint t n Dm. w SO; :TI: I I, Dr e1111, iVAr I3. OPI • 0 I . or of to 13 13 11 show On maw mot r SOF Ws CF4 SCF tea RYPI 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 n •• 0'4 Xdf. PA 1,A Ain .R0 .ani alt A" or) I Wee C. • it••• latter 4.1 a% 1 • COFD X•P % I an. • its J • 3C0 *y e f• LOP 4 es 1so: sot art 0 Some: Cambridge Associates Secondaries Sendimaik statistics as of September 30 2017 SOF Funds are shown benchmarked against their Waage year peer gray SOF and SOF 0 performance is it< included in the data se teed to calculate the tendvnark data Note that the performance Wee in reaped d SCF and SOF D have not been audited and sliCuld be read and reviewed in COnitettai Will Amender 5 !ovarian' ParlonnanCe Intamatton Past pedamance of SOF Fulls 6 not a predation of future performance. In