GLDUS124 BBR Partners Section 2: Investment Performance Glendower Capital Secondary Opportunities Fund TV, LP In Exhibit 2 each of SOF. SOF D. SOF II and SOF III is benchmarked against its vintage peer group reported in the Cambridge Associates Secondaries Benchmark statistics (September 30, 2017). The SOF Funds present comparatively strong Net IRR. DPI and TVPI across each vintage year. Exhibit 2: SOF Funds performance versus Cambridge Associates Secondary Fund Benchmark " 34 37 Secondary funds: Net IRR to limited partners Secondary funds: Net multiple to limited partners sod la% 1011 'S. 200. in • 53, 0% 64 • Cepa COMM LCAlo .04 41h • 060.4 • ; sa o X%:1 293. 33% a t sofa i 20% . It s t SOP Iva • i ta: Dia • t ae• 04 1 a 00 00 14 •• ! II 04 06 34 s 0 Cie, 3 SO; I /WI ; I 14 0(• e 1 II pia • OF' • 0 I . yr te to .10 it 13 13 11 ohea naip mot r soF arAb cr. SCF YM Ret In Exhibit 3. each of SOF. SOF D. SOF II and SOF III is benchmarked against its vintage group of top quartile buyout funds reported in the Cambridge Associates Global Buyout Benchmark as of September 30. 2017. Again, the SOF Funds present comparatively strong Net IRR, DPI and TVPI across each vintage year. Exhibit 3: Buyout•hke returns with a secondary risk profiles row ten •A Os' 0:' Xdf. PA 1,A 101: .04 44:4 Alt Ar. nr) •1, • .••• I Wee O. • stA 6•64. Meer 4.) N•• • EOFD !I :KA* % I at I A% 1 • 1Nj • ace *y e M. f• SOF 4 .1AC: 6:00 Some: Cambridge Associates Secondaries Sencetmark statistics as of September 30 2017 SOF Funds are shown benchmarked Kemal their Vintage year peer grOup SCF and SOF O performance is riot included m the data se teed to calculate the Cendenerk data Note that the performance figures in reaped d SCF and SOF D have not been audried and should be reed and reviewed in corvine:co ram Appendix 5 impOrtanIPallonnanCe bitirmatton Past pedcrmance of SOF Fulls 6 not a product:on of futur