GLDUS140 Lawrence Hirsch Section 2: Investment Performance Glendower Capital Secondary Opportunities Fund fV, LP In Exhibit 4, each of SOF. SOF II and SOF III is compared against each other. The SOF Funds, each of a different size, raised in a different vintage and invested across diverse economic cycles, show strong consistency in terms of Net Contributed Capital. Net IRR, TVPI and DPI development. All funds peak below 50% in terms of Net Contributed Capital at around 16 quarters from inception. Net IRR. initially artificially high, levels off over time and converges at around 20% after 20 quarters. Capital tends to be returned in around 24 quarters. or 6 years. Lastly. TVPI tends to converge to the 1.65 - 1.65x range by the time funds are liquidated. The similar profiles exhibited below are ascribed to the consistency of the investment strategy which the Glendower SOF Team has adhered to since 2006.39 Exhibit 4: Consistency of SOF Funds performance10 Net Contributed Capital (as % of Fund Size) — • • , DPI (Distributed to Paid4n Capital) Net IRR te • TVPI (Total Value to Paid4n Capital) Past pertomience is not a Predet011 of future performance and therefore there can be no assurance that the Fund will weave comparable results or that any target results wit be adueved Net Contributed Capital as % Fund Sze. Nei IRR Dereecoment TVPI (Total Value to Patd in Capital). CPI lOratnburons b Paid-in Capital). as or September 30. 2017 Performance figures have been calculated based on the unaudited performance results of SOF. SOF II and SOF III as or September 30. 2017 and should be read and reviewed in corginctim with Appends 5. Inriffent Podotmanoe inkomafico which sets forth among other thngs impotent inform/Mon regarding the performance 'Somalian described in Exhibit 4 Pest performance is noise...doctor of future returns and Owe can be no assurance that SOF rV will achieve comparable results or that any target tissues will be *Oilseed Performance info