GL0US139 Third Lake Capital 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 SOF 0 SOF B SOF • Tad Voltage 2036 2010 2011 2014 (oiseeldpmece stage) (naniesnng) fnant-Nneg) frriatisyno fee/ stage) Fund sze US-5565m US:3147m US3614m USS,1554m USS2.980m Transactons. funds compenes s 21/154/1,774 It 28/ 193 29i 75f 737 35/149/2.837 Gessmultiple 21x 301 17x 14x ICs Gross IRR 29% 37% 23% 31% 28% Net multipk (WPM 1.tx 2.3x 1.52 1.3x 1.Sx Not distributod (OFF) 1.1tx 2.1x 1.2* Lk Ott Not IRR 22% 20% 20% 30% 23% Peak rat occult-4.0d °dotal 26% 51% 42% 44% For xlircuron purposes only. Sconce Glendower Capital based on Prow benchmark data for the median TVPI and Net RR achieved by buyout funds la vintages et 1997 to 2017 Average buyout TVPI = 159x Average Net RR = 155% Data as of September 30 2017 For further benchnuirlong ct Glendower Capted lo buyout returns. freest refer to Exhibit 3 Peg performance is not a weds:ton of the future performance of r-iF SOF D SOF II or SOF III but is included to demonstrate the track