GLDUS124 BBR Partners Section 2: Investment Performance Glendower Capital Secondary Opportunities Fund fV, LP Investment Performance Secondaries Performance Highlights The Glendower SOF Team has delivered strong buyout-like returns?1 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.18 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, 20173, 3I. II " Fuld SOF SOFO SOF n SOF • Toted Vntage 2036 2010 2011 2014 (devegpmeg stage) (naniesnng) fnan/Ntivg) (mating) feat stage) Fund sze USS565m USS147rn USS6len USSI.E54m USS2.980m Transactons. funds compenes s 21/154/1,774 It 28 i 193 29i 75i 737 35/149/2.837 Gross multiple 21x 3 Cu 17x 14x Id Gross IRR 29% 37% 23% 31% 26% Net multipk (WPM tin 2.3: 1.5x 1.3x 14: Net distributed (0P1) ttx 3.1), 1.1x Lk Ott NetIRR 22% a% 20% 30% 23% Peak net centritsted °dotal 26% 51% 42% 44% For direurvn purposes only. Source Glendower Capital based on Prow benchmark data for the median 1VPI and Net RR achieved by buyout lungs for singers et 1997 to 2017 Average buyout TVPI = 159x Average Net RR v 155% Data as of September 30 2017 For further benchmanang a Glendower Captal to tuyoul returns. Orease refer to Exhibit 3 Pau performance is not a vegetal of the future performance of rik SOF D SOF II or SOF III but is included to demonstrate the track record of the