Strictly Cor Glendower Capital SOF IV, LP. 2 Distinctive investment strategy12 Glendower will target globally, but primarily in the US and Europe, three types of investment: • Fund Secondaries, the purchase of LP interests in existing private ad uity funds: • GP-led Secondaries, which can often involve greater complexity than traditional Fund Secondaries, and induce spin-in / spin-outs, tail-end restructuring, asset lieu ida t ions, and LP tenders; and • SingleAsset Deals into indivicual private equity companies, either at the time of the original acquisition, or tater from an investor seeking early hquidity. Glendower's portfolio construction follows an opportunistic barbell approach adjusted to market cycles by dialing up: • Discounted Fund Secondaries during market corrections I58% of transactions since inception) • Less competitive GP-led Secondaries and off-market Co-investments during normalized market conditions(42% of transactions since inception) Identify Nat compeddva dials • tiS$40maveragedeal size • Smaller uS55.100n fund ponfolos • kid sue USS1O3-250mGP led deals Focus on effident portfolio construction • NoIt:nage at trar sachor Irvel and limited at ponfaolevel • Hedging to mitigate 50.603Cof currency volatility • Pardee° diversified across a 35 deals to seek to mitigate90%• of nonmarketriska Pursues setectlye true value approach • transacted 1% of total metre by value • Mid-sized alpha value rvestorvs large levered beta play • Value creation through in depth fundamental anSysisso dealstructuring Buy margin dialog Purchased 350, mature fund interests at a discountover 10 years: • Average HA diSeOunt toFMV • ketrage `SOU funded at time of entry Established Investment Team Active In the Secondary Market Since 200314 • 23-strong team expected to grow to 26-28 by 1 I ; • 16 investment professionals with an average of 12 years of relevant experience Carlo Pinto-tarok Managing Partner, CEO — London Deutsche Bank; CDS Web Tech; General Electric; The Boston Consulting Group it Deirdre Davin 0 Partnar,COO - London Deutsche Bank ABNAmr0; KPMG IIRelevant rears of experience Charles Smith CO Tr Managing Partner, CIO - London Deutsche Bonk; Bankers Trust; Coopers & Lybrand Joshua Glaser 0 II& Partner, Client Coverage— New York Delibelle Bunt; Cup:tol; forum Copilot OBC Oppenheimer Adam Graey fri diE Partner-Newyork Deutsche Bonk; Pomona; Lehman &others; ChotterfeilSoms; Cowen eons Olmos ®t Managing Director — London AD.A; UBS; Deobchr Bunk; Ortla Suisse Chi Cheung eft 0 le - Partner-London Deutsche Bonk Francesco R mom' Senior Advisor — London Div./Tsar Bonk; Golto & Co CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0094715 SDNY_GM_00240899 EFTA01390269