GLDUS140 Lawrence Hirsch Section 2: Investment Performance Glendower Capital Secondary Opportunities Fund fV, 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, 201731. 3I. II " Find Vntage (O6v97354/4(4 star/ Fund see SOF 2806 (naniesnng) 133.5565m SOFO 2010 (4,30/44/482) 1.733147m SOF B 2011 01/145.:nrio U5361481 SOF • 2014 feat stage) USS1.1254m Tote US52.980m Transactons. funds comones s 21/154/1,774 I/ 28/ 193 29/75/737 35/149/2.837 Cross nun/pie 21x 301 17x 14x 1 Cs Gross1RR 29% 37% 23% 31% 26% Net multiple (WPM 1.1x 2.3x 1.52 1.3x 1.Sx Net distributed (OFF) 1.tx 2.1x 1.2* Lk Ole NetIRR 22% a% 20% 30% 23% Peak net cent054e0 °dotal 26% 51% 42% 44% For dirouteen purposes only Source Glendower Capital based on Precm benchmark data fa the median 1VPI and Net RR acheved by buyout funds fix moves of 1997 to 2017 Average buyout TVPI = 159x Average Net RR x 155% Data as of September 30 2017 For further benchmartang of Glendower Can tai to tuyoLt returns. pease refer to Exhibit 3 Past performance is not a weacicil of the future performance of SCF. SOF D SOF II or SOF Ill but is included to demonstrate the track r