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% N

eturns for the Fund by allocating capital to what the Manager considers to be the best investment opportunities on a global basis. Since inception, the SOF Program has benefitted from a diversified pool of sellers as well as assets. More specifically: • The secondary investments represented in the SOF Funds ar

vestors should note that while at Deutsche Asset Management, the SOF Team wet able to mike use of otartorm getaway, and resources in connection with the SOF Program that wit not be available to the Glendowei SOF learn in connection with the maregement and operation cd SOF IV Pest performance of the SCE Finds is

agement Section 1: Executive Stxm•ry Glendower Capital Secondary Opportunities Fund IV. LP Established track record"• 2° As of September 30, 2017 the SOF Program has delivered a strong performance with aggregate gross performance since inception of 1.6x gross multiple and 28% IRR (Internal Rate of Return) and

eturns for the Fund by allocating capital to what the Manager considers to be the best investment opportunities on a global basis. Since inception, the SOF Program has benefitted from a diversified pool of sellers as well as assets. More specifically: • The secondary investments represented in the SOF Funds ar

icholas Section 1: Executive Summery Glendower Capital Secondary Opportunities Fund IV. LP Established track record"• 2° As of September 30, 2017 the SOF Program has delivered a strong performance with aggregate gross performance since inception of 1.6x gross multiple and 28% IRR (Internal Rate of Return) and

GLDUS143 Henry Nicholas Scotian 2: Investment Performance Glendower Capital Secondary Opportunities Fund IV, LP Lastly, in Exhibit 5 the SOF Program is compared against public market indexes including the MCSI World Index. Russell 2000 Index and the Thomson Reuters Private Equity Buyout Index. In

estors should note that while at Deutsche Asset Management the SOF Team were able to make use of platform personnel and resources in connection with the SOF Program that wit not be awelable to the Glendower SCF Team in connoacn with the management and operation of SOF IV Francesco Rmamorti win act m a senior ad

estors Would note that while et Deutsche Asset Management. the SOF Team wet able to mace use of catirtorm personnel and resources in connection with the SOF Program that win not be available to the Glendowei SOF learn in connection wah the maregement and operation ad SOF IV Past performance of the SCE Funds is

estors should note that while at Deutsche Asset Management the SOF Team were able to make use of platform personnel and resources in connection with the SOF Program that will not be avalable to the Glendower SOF Team in connedaon with the management and operation of SOF ry Source Glendower Capitals proprietary

their business time to the affairs of the Fund, any co-investment fund, Parallel Fund (as defined below) or Alternative Vehicle (as defined below), the SOF Program, any Complementary Fund (as defined below), any successor fund and Glendower (the 'Permitted ActivitIer). The Investment Period may be reinstated

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% N

GLDUS125 Gerald Ford Scotian 2: Investment Performance Glendower Capital Secondary Opportunities Fund IV, LP Lastly, in Exhibit 5 the SOF Program is compared against public market indexes including the MCSI World Index. Russell 2000 Index and the Thomson Reuters Private Equity Buyout Index. In

their business time to the affairs of the Fund, any co-investment fund, Parallel Fund (as defined below) or Alternative Vehicle (as defined below), the SOF Program, any Complementary Fund (as defined below), any successor fund and Glendower (the 'Permitted Activities"). The Investment Period may be reinstated

ld Ford Section 1: Executive Summary Glendower Capital Secondary Opportunities Fund IV, LP Established track record"• 2° As of September 30, 2017 the SOF Program has delivered a strong performance with aggregate gross performance since inception of 1.6x gross multiple and 28% IRR (Internal Rate of Return) 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% N

investors should note that while at Deutsche Asset Management the SOF Team were able to make tree of *tom personnel and resources in connection with the SOF Program that wit not be ay/dew to the Glendower SOF Teem in connection with the management and operation of S0F IV Source Glendower Capitals proprietary ir

eturns for the Fund by allocating capital to what the Manager considers to be the best investment opportunities on a global basis. Since inception, the SOF Program has benefitted from a diversified pool of sellers as well as assets. More specifically: ■ The secondary investments represented in the SOF Funds are

veetas should note that while at Deutsche Asset Management the SOF Team were able to make use of platform personnel and resources in connection with the SOF Program that will not be awelable to the Glendower SCF Team in conneaco with the management and operation of SOF IV Francesco Rigamortiwia act as a senior

GLDUS183 Dimension Capital Management Seth'', 2: Investment Performance Glendower Capital Secondary Opportunities Fund IV, LP Lastly, in Exhibit 5 the SOF Program is compared against public market indexes including the MCSI World Index. Russell 2000 Index and the Thomson Reuters Private Equity Buyout Index. In