EFTA Document EFTA01355201

GLOUS127 Annandale Capital Section 2: Investment Performance Glendower Capital Secondary Opportunities Fund IV, 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 perfomiance oir not a prediction of future rem:mance and therefore there can be no assurance that the Fund will 'Weave cancerabie results or that any target results will be achieved Net Contributed Capital as % Fund Sze. Net IRR Deveicement TVPI (Total Value to Pawl in Capital). CPI (OratnIxtions b Pard-rn Capital). as or September 30. 2017 Performance figures have been carculated based on the unaudited performance results of SOF. SOF II and SOF III as of September 30. 2017 and should be read and reviewed in coriunctim with Appends 5. Inriffent Podonnanoe inkomafico Mich sets forth ammo other thngs impotent inform/Mon regarding the performance 'Somalian described in Exhibit 4 Pest performance is noise...doctor of future returns and acre con be no assurance that SCF fo, will achieve comparable results or tat any target testes will be *Oilseed Performance information on SOF 0 has not been included on this slide because SOF CI is a single transaction / top-up fold raised on 201010 urdenente prel-passu the DeVincl transaciton with SOF GiefldONVISt WS not expect that sinular transactions wi be available so 939 IV Confidential Private Placement Memorandum 10 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0040148 CONFIDENTIAL SDNY_GM_00186332 EFTA01355201