EFTA Document EFTA01353850

GLDUS183 Dimension Capital Management 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 • Toted Voltage 2406 2010 2011 2014 (04402444744 stage) (4aniesbng) (11-36/46640) 07743:nno fee/ stage) Fund see 1.13-5565m 1.733147m L1573614m USSI.664m US52.980m Transactons. funds comones s 21/154/1,774 1/28/193 29/75/737 35/ 149/ 2.837 Grow multple 21x 3 Ca 17x 14x 101 Gross IRR 29% 37% 23% 31% 28% Net multIpk (WPM 1.1x 2.3x 1.5x 1.3x 1.Sx Net ellstrIbuted (OFF) 1.tx 2.1x 1.2* Lk 0.11x NetIRR 22% 29% 20% 30% 23% Peak net 4(4106440 °dotal 26% 51% 42% 44% For dem^ en purposes only. Source Glendower Canted based on Preen benchmark data fa the median TVPI and Net RR achevod by buyout funds Mc vintages of 1997 to 2017 Average buyout TVPI = 159x Average Net RR Y 155% Data as of September 30 2017 For further benchnuelong of Glendower Copts lo buyout returns. pease refer to Exhrbil 3 Past performance is not a peoctim o11he future performance of r..,F SOF D SOF II or SOF Ill but is included to demcnstrate the track record of the Glenrkroel SOF Team and there can be no assurance that SOF IV will achieve comperatie results or Mal any target results s tll be achieved 'Invested' is deans as the sum cf me purchase aloe and renaming unfunded algae() as of the time of damp. or tee of expected close+ for pending deals The performance figures have net teen audited and should be reed and remewed in comuncton with Appends( 5 Important Pertonnance ;Mon-Paton which sets forth amongst other things imp:dant nfamaticn regardng me performance described above The SOF Finds' performance data is not expected to be representente at the vestment returns that wel to experienced by esestors in the Fund Past performance of the SOF Funds is not a prediction of future perfarnance Both SOF and SOF D are invested in the DaVirire Pored* - a wed {Mended portfolio itt 28 pram* equity funds purchased through an SPV. provide+ exposure to buyout serve' situations, venture captal and real estate strategies in North America. Europe and Asa The nerniser or funds and companes is an estimate and shows the aggregate 01 each deal at dosing and may include some double combng TVPI = Taal Value to Paid in Coped. DPI x Dstritutens to Pad in Capital RR x Internal Rate of Return SOF D rs a Euro denomnated fund USS valued have teen converted at September 30 2017 EURAJSS rate of 1 1822 Both SOF and SOF D are invested in the Deem., Porttolfo - awed divers/fed portfolio of 28 private equity funds purchased through an SPV pravidng exposure to buyout. spetal sr uanons venture <apt& and real estate sumeges in NOM, Amenca. Europe and Asia The number at funds and cemparaes is a best estimate and shows the aggregate of each deal at clowna and may include some double °among TVPI = Taal Value to Paid in capital. DPI = Dsvitutens to Pad in Capital. IRR = Internal Rate of Return Confidential Private Placement Memorandum 8 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0038406 CONFIDENTIAL SDNY_GM_00184590 EFTA01353850