GLDUS144 Glenn Warren 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 benchinarked 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 tanned partners sea 10% • claw (mane BC. 1pw .r3d wilt sac 211% a SCEs • 1h.O.le SOF ,,I 13% t i 2* l 10 20% 200. • It s t t • t 11t W. 41 • ; 05a n. 0% toe Ivfi I SC DPI • lab 1 a 00 06 14 • ! II 04 $5 /6 SOF 0 1V11 DP1.3 I. .50; :TI: I e 111 904 6 I 3.• OH • 0 I . or te *C9 '10 11 12 13 11 ohm OM to* mot r SOF aria ore •C• tedo 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 OPP • 4Y1 ca. or AX4 AN Alt to no n,r X Wee 0. • my. 1 • EOF D tt S•1 2n.1 •x tin j • et= y, 1art ant art ".‘„ 0 Some: Cambridge Associates Secondaries Benchmark statistics as of September 30 2017 SOF Funds are shown benchmarked against their VOII100 yew peer group SOF and SOF 0 performance is not included in the data se teed to calculate the benchmark data Note that the performance figures in reaped ci SW and SOF D have not been audited and should be read and rewewed n comma:al with Appendix 5 !ovarian' ParlonnanCe I rakmadon Past pedamance of SOF Finds 6 not a predecton ci Nude performance. Information presented n Exhibt 21s