EFTA01394191.pdf

DLDUS123 DF Enterprises 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) Net IRR —••, te • DPI (Distributed to Paid4n Capital) TVPI (Total Value to Paid4n Capital) Past perfomiance ts not a Predet011 of future rem: mane and therefore there can be no assurance that the Fund will 'Weave cancerasie results or that any target results wit be adueved Net Contnbuted Capital as % Fund Sze. Net IRR Development. TVPI (Total Value to Paid in Capital). CPI (Orstnbuions b Paid-rn Capital). as or September 30. 2017 Performance figures have been caiculated based on the unaudited cedormance results of SOF. SOF II and SOF III as d September 30. 2017 and should be read and reviewed in coriunctim with Appends 5. Inriffent Pedonnanoe inkomafice Mich sets forth among other tNngs impotent inform/Mon regarding Ihe performance 'Somalian described in Exhibit 4 Pest performance is noise...doctor of future returns and tore can be no assurance that SCF fir will achieve comparable results cr tut any large! testes will be *Oilseed Performance information on SOF 0 has not been included on the slide because 50Ft:heavily° transaction / top-up fund raised in 201010 urdenente prel-passu the DaVinci transaction wile SOF GiefldONVISt WS not expect that voider vansacbons wi be available so 939 IV Confidential Private Placement Memorandum 10 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0 100183 CONFIDENTIAL SDNY_GM_00246367 EFTA01394191