GLOUS138 Ian Sloane 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 • Teti Village 2036 2010 2011 2014 (deveidpeRV stage) (naniesnng) loan/Wm) furiattnrow fee/ stage) Fun] see LGS565m USS147rn US3614m USSI.E54m USS2.980m Transactons. funds computes s 21/154/1,774 It 28/ 193 29/75/737 35/149/2.837 Gaussmulti* 21x 3Q. 17x 14x I 6x Gross RR 29% 37% 23% 31% 28% Net multiple (TOPPI 1.tx 2.3x 1.52 1.32 132 Not enstributed (OPI) tax 2.1x 1.2c Lk 0.9x NotIRR 22% 29% 20% 30% 23% hell( net centrit‘teci °dotal 26% 51% 42% 44% For drrout-on purposes only. Sconce Glendower Gander based on Prow benchmark data for the median TVPI and Net RR acheved by buyout funds la mixers et 1997 to 2017 Average buyout TVPI = 159x/ Average Net RR 155% Data as of September 30 2017 Fot further benchmarlang of Glendower Ceptei to buyout returns. Reese refer to Exhibit 3 Pant performance is not a psocicil o111* future performance of SCF. SOF D SOF II or SOF III but is included to Oemcnstrate the track record of the GkrOc