GLDUS183 Dimension Capital Management Section 2: Investment Performance Glendower Capital Secondary Opportunities Fund IV. LP Investment Performance Secondaries Performance Highlights The Glendower SOF Team has delivered strong buyout-like returns27 to investors in the SOF Funds with an attractive risk profile, early cash flows, and negligible loss ratio. The performance of the SOF Funds in terms of the key closed-end funds metrics such as Net IRR, TVPI, and DPI is strong in absolute terms, compares favorably with its peers and shows strong consistency across fund vintages.28 Through September 30. 2017. the SOF Program had invested29 US$3.3 billion in 82 transactions resulting in distributions of over USS1.8 billion and had generated a 1.5x Net Multiple and a 23% Net IRR to investors. The mature funds in the SOF Program (SOF, SOF D, and SOF II) had generated a 1.7x Net Multiple and over 20% Net IRR. Exhibit 1: Performance of SOF Funds as of September 30, 2017" 3I " Fuld SOF SOFO SOF B SOF • Toted Voltage 2406 2010 2011 2014 (04402444744 stage) (4aniesbng) (11-36/46640) 07743:nno fee/ stage) Fund see 1.13-5565m 1.733147m L1573614m USSI.664m US52.980m Transactons. funds comones s 21/154/1,774 1/28/193 29/75/737 35/ 149/ 2.837 Grow multple 21x 3 Ca 17x 14x 101 Gross IRR 29% 37% 23% 31% 28% Net multIpk (WPM 1.1x 2.3x 1.5x 1.3x 1.Sx Net ellstrIbuted (OFF) 1.tx 2.1x 1.2* Lk 0.11x NetIRR 22% 29% 20% 30% 23% Peak net 4(4106440 °dotal 26% 51% 42% 44% For dem^ en purposes only. Source Glendower Canted based on Preen benchmark data fa the median TVPI and Net RR achevod by buyout funds Mc vintages of 1997 to 2017 Average buyout TVPI = 159x Average Net RR Y 155% Data as of September 30 2017 For further benchnuelong of Glendower Copts lo buyout returns. pease refer to Exhrbil 3 Past performance is not a peoctim o11he future performance of r..,F SOF D SOF II or SOF Ill but is included to demcnstrate the