GLDUS142 IronsIdes Asset Mgmt 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% IMA 25% re 20% 15% 10% 5% 0% 22% SOF tZTAI (SOF Or:Dien oDS III3311) See le t.1014) •GleMower Net IRR MSC; wane Ruse.; 2000 vs Thornton Reuters 11 th4 acs Proven MCSI Wodd Index and Russet) 2000 index returns are based on total return Thomson Reuters Private Equty Buyout Index recums ace based on force These benchmark indices do not represent an appropriate benchmark tocompare a Glendower irmistor's performance. bU rather is dsclosed solely to allow For canpanson 10 that el certain well.known and iredely recognized indices Melhcderogy The Long Nickels method has teen used to calculate the PMEs Net cash flows tor the SOF Funds are replicated in each index For example. 0) when eagle/ * drawn horn an investor an equvalort amount is nested in the index on !hes:ceche date and 00 when capital is dstributed to an investor. capital rs twithdremint from the index on the same dale A Pleven:al terminal value is generated based on the growth of the total ndex Net RR rs calculated using the *nohow* '40u:fed In the tridex and the theoretical terevnal value Recaaabte chstrOLttos have been treated Leong the *all wi method' Confidential Prrvate Placement Memorandum 11 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0096769 CONFIDENTIAL SDNY_GM_00242953 EFTA01391743