GLDUS131 Bright Group 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 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 sod 1011 'S. 203. in • 53, 0% 64 • dp0t. (mane hew "4410 • 6601.4 • ; sac Sor •I 293. 33% b t Sots i 20% . It s t 1.00 iw DPI • I ab 00 Si 14 is II 04 aS /6 s 0 Ce. 3 SO• :TI: I It DP etL inn: I 3.• OF' . 1L I . yr .0! •09 lc II 13 13 11 Ow* CiFs ter net .soF arlb as SCF 1st& Mai 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 row cep n •.. `6:4 I • WI 4 Os. Xdf. IY.4 1,A so .R0 tan Alt nr) •1, • .••• I Wee O. .S$6,64. N•• • EOFD <011 % I at 2361 ,Dar IN • as ne SOF. 56. os. 1so: sot 44, o Some: Cambridge Associates Secondaries Benchmark statistics as of September 30 2017 SOF Funds are shown benchmarked against their vintage yew peer group SOF and SOF 0 performance is not included in the data se teed to calculate the tenclvnark data Note that the performance figures in reaped d SW and SOF D have not been audited and should be reed and reviewed in conmiction not Appends( 5 important Perfonnance Itrtmorton Past pedamance of SOF Fulls 6 not a predecton of future performance. Information presen