EFTA Document EFTA01355421

GLDUS141 Greg Martin 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 an t. -f- n 4% te • TVPI (Total Value to Paid4n Capital) Past pertomiance 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 issues wit be adueved Net Contributed Capital as % Fund Sze. Net IRR Denalcoment TVPI (Total Value to Patd in Capital). CPI (Orstnbisions b Paid-in Capital). as or September 30. 2017 Performance figures have been calculated based on the unaudned cedormance results of SOF. SOF II and SOF III as of September 30. 2017 and should be read and reviewed in corginctim with Appends 5. Inriffent Podonnanoe inkomafico Mich sets forth among olher tNngs 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 SCF fit will achieve comparable results or tat any target rests will be *Oilseed Performance information on SOF 0 has not been included on the slide because SOF CI is a single transaction / top-up fund raised in 201010 urdenente prel-passu the DaVinci transaction with SOF GiefldONVISt WS not expect that similar vansacbons wi be available so 939 IV Confidential Private Placement Memorandum 10 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0040580 CONFIDENTIAL SDNY_GM_00186764 EFTA01355421