GLOUS128 Patrick Gerschel 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% 1,3% 22% 10% 5% 0% SOF 0=1 (SOF Or:Pio/ ragfl Hiatt) SOF ISOM/ •Glerdower Nit MR MSC; vvanc Ruse...2 2000 vs Thornton Reuters 11 914 SC, Proven MCSI Wodd Index and Russet) 2000 index returns are based on total return Thomson Reuters Private Equty Buyout Index re:urns ace based on pree These benchmark indices do not represent an appropriate benchmark tocompare a Glendower grantor* performance. bU rather is dwic*sed solely to allow For canpanson 10 that of certain well-lox/4m and widely recognized indices Methodology 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 carats * drawn horn an investor an oquvatre, amount is nested in the index on the specific date and (a) when capeal is dstributed to an investor. capital rs withdremin' from the index on the same dale A theoretical terminal value is generated based on the growth of the total ndex Net RR rs calculated using the cashhows repicated in the tridex and the theoretical ternvnal value Recalable clistrbuttos have been treated Leong the all n method' Confidential Prrvate Placement Memorandum 11 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0097632 CONFIDENTIAL SDNY_GM_00243816 EFTA01392412