GL Din 1 28 PatriCk Gerschel 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 Voltage 2036 2010 2011 2014 (dseehomert stage) (narvesnng) (hanrearing) (mating) fee/ stage) Fund see USS565m USS147rn USS6l4m CS51664m USS2.980m Transactions. funds comperes s 21/ 154 i 1,774 1/28/193 29i 75t 737 35/149/2.837 Gossnue* 21x 3 Ca 17x 14x les Gross IRR 29% 37% 23% 31% 28% Net mutipk (WPM 1.1* 2.3x 1.5(c 1.3* 1.Sx Net distributed (OFF) ttx 2.1* 1.2* Lk 0.9)i Net RR 22% 29% 20% 30% 23% Peak net centred.ted °dotal 26% 51% 42% 44% For deer on purposes only. Source Glendower Capital based on Prow benchmark data fa the median TVPI and Net RR achevod by buyout funds kr vintages of 1997 to 2017 Average buyout TVPI = 159x Average Net RR o 155% Data as of September 30 2017 For further benchmathang of Glendower Copts lo buyout returns. pease refer to Exhdyil 3 Past performance is not a psocicil of the future performance of ruk SOF D SOF II or SOF III but is included to demonstrate the track record of th