183 Dimension Capital Management Section 2: Investment Performance Glendower Capital Secondary Opportunities Fund TV, LP In Exhibit 2 each of SOF. SOF D. SOF II and SOF III is benchmarked against its vintage peer group reported in the Cambridge Associates Secondaries Benchmark statistics (September 30, 2017)

₹ as to tit envoy:nate tactors to be outtedezed i n evesiatiri this inlanstdion Past perfismance is not a prediction of the kfle performance of SOF. SOF D. SOF II a SOF lit but es included to demonstrate the track record of the Glendower SOF Team and there can be no assurance that SOF IV will achieve comparabl

Oppodundes Fund id, L. "SOF lid" means Secondary Opportunities Fund ill. LP "SOF Funds,' 'SOF Program: or 'Secondary Opportunities Funds" means SOF. SOF D. SOF II and SOF III. 'SOF Team" and 'Glendower SOF Team" have the meanings set forth in the Memorandum. "Russell 2000 Index' The Russell 2000 Index is a sm

August 1, 2017. the "Glendower SOF Team".2 From 2006 to 2017 the Managing Partners led the SOF Team in establishing, fundraising and investing SOF, SOF D. SOF II and SOF III (collectively the "SOF Funds' or the "SOF Program') with aggregate commitments of US$3 billion. More specifically- • SOF,3 the initial

ower Capital based on Greenha Secondary bracket Trends a Outlock. January 2018 Past performanoe is net a credo:bon of the future perlorrhance d SOF. SOF D. SOF II or SOF III huts included to demonstrate the track record rd the Glendower SOF Team and Mere can be no assurance that SOFA/we where comparable result

GLDUS143 Henry Nicholas Section 2: Investment Performance Glendower Capital Secondary Opportunities Fund TV, LP In Exhibit 2 each of SOF. SOF D. SOF II and SOF III is benchmarked against its vintage peer group reported in the Cambridge Associates Secondaries Benchmark statistics (September 30, 2017)

to rite appropriate tactors to he cot widte-ed i n twatiatiri this iniarn*ion Past perfor mance is not a prediction of Ira. Vtra performance of 40F. SOF D. SOF II a SOF lit but is included to demonstrate the track record of the Glendower SOF Team and there can be no assurance that SOF IV will achieve comparabl

Oppodunees Fund ii, L. "SOF lit" means Secondary Opportunities Fund ill. LP "SOF Funds," *SOF Program: or 'Secondary Opportunities Funds" means SOF. SOF D. SOF II and SOF 'SOF Team" and 'Glendower SOF Team" have the meanings set forth in the Memorandum. "Russell 2000 Index' The Russell 2000 Index is a small-c

GLDUS125 Gerald Ford Section 2: Investment Performance Glendower Capital Secondary Opportunities Fund ft/, LP In Exhibit 2 each of SOF. SOF D. SOF II and SOF III is benchmarked against its vintage peer group reported in the Cambridge Associates Secondaries Benchmark statistics (September 30, 2017)

August 1, 2017. the "Glendower SOF Team".2 From 2006 to 2017 the Managing Partners led the SOF Team in establishing, fundraising and investing SOF. SOF D. SOF II and SOF III (collectively the "SOF Funds' or the "SOF Program') with aggregate commitments of US$3 billion. More specifically- • SOF ,3 the initial

ower Capital based on Greenhill Secondary Market Trends a Outlook. January 2018 Past performanoe is net a predrchon of the future perlormance d SOF. SOF D. SOF II or SOF ill but is included 10 demonstrate the track record ce the Glendower SOF Team and there can be no assurance that SOFA/vas where comparede res

y Oppodun6aa Fund ii, L. "SOF llr means Secondary Opportunities Fund HI. LP "SOF Funds,' 'SOF Program: or 'Secondary Opportunities Funds" means SOF. SOF D. SOF II and SOF 'SOF Team" and 'Glendower SOF Team" have the meanings set forth in the Memorandum. "Russell 2000 Index' The Russell 2000 Indeit is a small-

August 1, 2017. the "Glendower SOF Team".2 From 2006 to 2017 the Managing Partners led the SOF Team in establishing, fundraising and investing SOF, SOF D. SOF II and SOF III (collectively the -SOF Funds' or the 'SOF Program') with aggregate commitments of US$3 billion. More specifically- • SOF,3 the initial

er Capital based on Greenhill Secondary Macke Trends a Oullock. January 2018 Past performanoe is not a prediction of the future perlormance tt4 SOF. SOF D. SOF II or SOF III but is inch/led 10 demonstrate the track record of the Glendower SOF Team and Mere can be no assurance ette SOF al wet where comparable r

DUS126 Pacific Life Insurance Co Section 2: Investment Performance Glendower Capital Secondary Opportunities Fund TV, LP In Exhibit 2 each of SOF. SOF D. SOF II and SOF III is benchinarked against its vintage peer group reported in the Cambridge Associates Secondaries Benchmark statistics (September 30, 2017

ower Capital based on Gmenha Secondary bracket Trends 8 Outlook. January 2018 Past performanoe is net a prediction of the future perlormance c4 SOF. SOF D. SOF II or SOF ill but is included 10 demonstrate me track record d the Glendower SOF Team and there can be no assurance that S0F N wdi where comparable res

GL0USI 41 Greg Martin Section 2: Investment Performance Glendower Capital Secondary Opportunities Fund TV, LP In Exhibit 2 each of SOF. SOF D. SOF II and SOF III is benchmarked against its vintage peer group reported in the Cambridge Associates Secondaries Benchmark statistics (September 30, 2017)

Opportuneke. Fund it, L. "SOF ell" means Secondary Opportundies Fund HI. LP "SOF Funds,' *SOF Program: or 'Secondary Opportunities Funds" means SOF. SOF D. SOF II and SOF HI. 'SOF Team" and 'Glendower SOF Team" have the meanings set forth in the Memorandum. "Russell 2000 Index' The Russell 2000 Index is a sma

Oppodundkis Fund ii, L. "SOF lir means Secondary Opportunities Fund ill. LP "SOF Funds,' 'SOF Program: or 'Secondary Opportunities Funds" means SOF. SOF D. SOF II and SOF !II. 'SOF Team" and 'Glendower SOF Team" have the meanings set forth in the Memorandum. "Russell 2000 Index' The Russell 2000 Index is a sm

August 1, 2017. the "Glendower SOF Team".2 From 2006 to 2017 the Managing Partners led the SOF Team in establishing, fundraising and investing SOF, SOF D. SOF II and SOF III (collectively the "SOF Funds' or the "SOF Program') with aggregate commitments of US$3 billion. More specifically- • SOF,3 the initial