GLDUSI 43 Henry Nicholas Contents 1 Introduction 2 Glendower Investment Strategy 3 Secondary Market Update 4 SOF III and IV Update 5 Glendower Capital Secondary Opportunities Fund IV Key Terms 6 Appendix Glendower Capital STRiCTLY CONE DENTAL CONFIDENTIAL - PURSUANT TO FED. R CRIM P. 6(e) DB-SDNY-0039015 CONFIDENTIAL SDNY_GM_00 185199 EFTA01354421