G1.01_15125 Gerald Ford 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 2036 2010 2011 2014 (06ceropmeM stage) (naniesnng) (haryNarg) (creakinno tee/ stage) Fund size L65565m LOSS147m US3614m USSI.E54m US52.980m Transactons. funds comperes s 21/154/1,774 It 28/ 193 29i 75i737 35/149/2.837 Gossmutt-0e 21x 3 Ca 17x 14x 161 Gross IRR 29% 37% 23% 31% 28% flatmate's (WPM 1.tx 2.3x 1.5x 1.3x 1.Sx Net distributed (OFF) tax 2.1x 1.2x Lk 0.9x NotIRR 22% 29% 20% 30% 23% Peak net centriti.ted °dotal 26% 51% 42% 44% For dem- en purposes only. Source Glendower Captor based on Prow benchmark data for the median 1VPI and Net RR achieved by buyout funds Ice vintages of 1997 to 2017 Average buyout TVPI = 159x Average Net RR = 155% Data as of September 30 2017 Fot further benchrnarlong VI Glendower Canted lo tuyoul returns. Pease refer to Exhibit 3 Pau performance is not a peocicil of the future performance of r-iF SOF D SOF II or SOF III but is included to demonstrate the track record of th