GL0US144 Glenn Warren 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, 201711 3' J2 n Fuld SOF SOFO SOF B SOF • Toted Voltage 2036 2010 2011 2014 (dwetomfl stage/ (nanieseng) (band q) (wahrm) tee/ stage) Fund see USS565m LtS3147m USS614m CSSI.EFArn USS2.980m Transactons. Nada comperes s 21/154/1,774 It 28/ 193 29/75/737 35/ 149/ 2.837 Catesmug* 21x 301 17x 14x las Gross IRR 29% 37% 23% 31% 28% Net multiple (WPM 1.1x 2.3x 1.52 1.3x 1.Sx Net distributed (OFF) 1.1tx 2.1x 1.2x 0.3x 0.112 NetIRR 22% 29% 20% 30% 23% Peak net cent/gatedcanter 26% 51% 42% ea% For dem^ ion purposes only. Source Glendower Capital based on Frew benchmark data for the median 1VPI and Net RR achevod by buyout funds la vintages of 1997 to 2017 Average buyout TVPI = 159x Average Net RR r 155% Data as of September 30 2017 For further benchmarlong of Glendower Captai lo buyout returns. freest refer to Exhibit 3 Past performance is not a peocicil of the future performance of r -,F SOF D SOF II or SOF III but is included to demonstrate the track record of the