GLDUSI 43 Henry Nicholas Disciplined barbell approach adjusted to market cycles Dialling up / down deal types relative to segment attractiveness Description Fund Secondaries GP-led Secondaries Traditional purchase of fund interests: Be-spoke liquidity solutions: Single Asset Deals Purchase of interests in single assets: • Single LP position • Restructuring of existing funds • GP-led secondaries of one asset • Portfolios of LP positions • Spin-outs • Fundless sponsor deals • Fund of funds • Recapitalizations • Secondary co-investments • LP tenders • Portfolios of assets • Co-investments Markets • Many participants • Fewer participants with demonstrated underwriting capabilities • 10-15% IRR / 1.3-1.4x MOIC gross • 15-20% IRR / 1.6-1.7x MOIC gross Buy aggressively during periods of Buy selectively during periods Glendower Capital high volatility and illiquidity of low volatility and high liquidity Deal size Expected allocation Deals since 20072 Gross returns2 SOF (harvested)3 SOF II (maturing)3 SOF III (early stage)3 US$5-100m US$100-250m US$25-50m 40-60% Up to 40% Up to 20% 52 transactions 42% IRR and 2.2x MOIC 20% IRR and 1.5x MOIC 48% IRR and 1.4x MOIC 15 transactions 9% IRR and 1.4x MOIC 30% IRR and 1.9x MOIC 36% IRR and 1.5x MOIC 15 transactions 18% IRR and 3.0x MOIC 21% IRR and 1.7x MOIC 2% IRR and 1.0x MOIC 03 es,i,:!.,i!i“Cf market :,twos based on Oen matkist intelligence. i2) As of September X30. 2017. Gross returns do not reflect the priority profit share, carried inter,,st. taxes transaction costs and other expenses. Performance trines have been calculated based on the unaudited performarice recut. and shoald be read and revtewed corpmction veth the 'Importers Inforrnaon" and 'Notes the investment Perforrnanc-a' sections the -a preeentatiqt Er* above investment Ferlormarr.e' section in particular includes. among other things. a desorption of the terms used in the tables above and sets forth important guidelines and limitations as to per descrbed Past performance rs no t e a of the lutuie p.erformance (3) For fund-levet net returns please refer to the overall Uansaction summaries for SOF. SOF II and SOF III on pages 43. 45 and 47. Glendower Capital STRICTLY CONFIDENTIAL 24 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL SDNY_GM_00185211 DB-SDNY-0039027 EFTA01354433