Glendower Capital Glendower Capital Secondary Opportunities Fund IV, LP The Offering Glendower Capital Secondary Opportunities Fund IV, 1P1 ("S0F IV" or the "Fund") is being formed by Glendower Capital ("GC"): • An independent secondary manager spun-off from Deutsche Asset Management in August 2017 • fully owned by its partners who worked together for IS years • Established 23-strong team with US$3 billion in total client assets and offices in London arc New York Glendower's mission is to deliver outstanding results for its investors • Strung IN, yout•like performance with an attractive risk profile. earn/ cash flows, arw negligible loss ratio • Mature program at 1.7x TVPI and >20% Net IRR and overall program at 1.Sx TVPI and 23% Net IRIV SOF IV will continue the successful secondary strategy pursued since 2006: • Aiming to build a globally C iversif led portfolio of seasoned funds, GP-let transactions anc co-investments on the secondary market • Value creation through in-cepth fundamental analysis as opposec to creel structuring • Seeking US$1.75 billion in commitments with same key terms as prior lune Strong and consistent track record2 lurd Vint4ht fonttopmenesto5r, Further • "hereafter greater of 90% of Tr4r-ations. %or% corp4ron'ir 211 1541 :.774 1/28/193 29/75/737 15/:49/$837 previous year and 0.25% of her roult4:4e(TVPI) lax 2 3x 154 13x 5. Invested Capital 6suibutr0(DPO lax 2 Ix 1.h 0.34 094 Carded Interest: Net IRR 22% 29% 20% 30% 23% 12.5% or a whole fund basis Praire; car trib.ted carrel 76% 51% 42% 44% Hurdle rate: Consistent top returns among peers: SOF Funds vs Cambridge Associates' secondary funds performancew twt I RR Irii:ec pa:WES SA.03“:d. y 'u Wt Ne:riultik to kruted pinnet0 SOF 2006 thoretscro US$565r SCf 0' 2010 thannungj liS$14/r, Sc.,' 2011 (monolog) OS$614m Sc'Sc411i Iasi 7014 (rarrystor) 1451.654r liS$2.4Sern Fund key terrnslo Target size: US$1.75 bailer' Currency: US$ Investment Period: 4 years Iron., final closing Term: 7 years - extensions (5xlyear( Structure: English I. General partner share: • 1.25% p.a. of cor rnitmert:s during Investment Period • 1.00% pa. of Invested Capital1l in the following two years att Oa t. a :4 101, TIPP•Ifl 1.011 MR•lf Woo 01•6). 8% Team commitment: Min 1% of total fund size Contacts: Car'o Pirric-E;roli Mann irk, Partner & CEO Charles Smitn n-... a • ta ap li p a%. a Managing Partner & O0 ai a5 0.16.4 7?pi:; cf,x.;rrtorit.rt,g, (q)4,te rOi...reo Aztrerto: Mvest,;+: Qui26(..:d f :in:1;430n Th,s f.0: • k, "1'0: :fjt, Lir inoy onik rt-• nit.) rixeie s;:f .; -at St; .,:ty egfrfkif 3 ji>i :rd..corr.:4.V; Post pefformonce b not an ;refry:elan on flan:torte:of futeritnearei lost ua C. G aser Partner, Client Relations CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0093848 CONFIDENTIAL SDNY_GM_00240032 EFTA01389489