OLDUS1 37 Forrestal Capital LLC 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 n SOF • Toted Village 20/6 2010 2011 2014 (dwetomfl stage) (naniesnng) (nantooneg) fcriatoorow fee/ stage) Fun] see I-65565m L153147m US36l4m 0651654m USS2.980m Transactons. funds comoenes s 21/154/1,774 It 28/ 193 29i 75i737 35/149/2.837 Gossnue-0e 21x 3 Ca 17x 1 dx ICs GiossIRR 29% 37% 23% 31% 28% Neuman* (WPM 1.te 2.3: 1.5x 1.3x 14: Not distributed (0P1) ttx 3.1x 1St Lk Mx Melee 22% 20% 20% 30% 23% hell( net centrit‘teci °doter 26% 51% 42% 44% For dirounn purposes cnly Score° Glendower Capital based on Prow benchmark data for the median WIDI and Net RR achieved by buyout Rods Ice %/Images et 1997 to 2017 Average buyout TVPI = 159x Average Net RR = 155% Data as of September 30 2017 Fot further benchmariong a Glendower Ceptei to tuyoul returns. Neese refer to Exhibit 3 Pau performance is net a predotal of the future performance of r-iF SOF D SOF II or SOF Ill but is included to demonstrate the !rack record of the G