GLDUS137 Forrestal Capital LLC Section 2: Investment Performance Glendower Capital Secondary Opportunities Fund IV, LP In Exhibit 2 each of SOF. SOF D. SOF II and SOF III is benchinarked 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 linked partners • Opt* (this Len—Itito • wear • ; W SOF ah i4 ant t ; 2* l 1st 11t 0s. SOF om • i tai DPI • lab 00 012 14 • ! II 04 $5 /6 SOF 0 1N1: :L d1.3 SO, /:TI: DP e II Ivo • OH • 0 I . or of *C9 '10 11 12 13 11 e omen roe Pod x SOF fedi Cri /Cr VA RS* 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 ary ro. 9:6 If or PA 1,A 1011 AX0 AO Alt to no Ao Mee c• • F..v • Cart MOW M• ) Fs. 1 • We /to 0 • as 2n.1 • Ni • et= ne V.. 1 SOF wo 1let eon, or, xi o Sane: Cambridge Assoctetes Secondaries Benchmark statistics as of September 30 2017 SOF Funds are shown benchmarked against their Velar yew peer group SOF and SOF 0 performance is not included m the data se teed to calculate the tenclvnark data Note that the performance tomes in reaped d SCF and SOF D have not been audited aril sliCold be read and reviewed in comma:co with Appends( 5 impOrtanIPeolonnanCe fraismatron Past pedcrmance of SOF Fulls 6 not a predecton of More performance. Idamation presented n Exhibt 21s based en the unaucIted results ol SOF,