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 USS1.75 billion in commitments with same key terms as prior lunc Strong and consistent track record2 lurd SOF SC+ 0' SC1 it Sef Ill last •Arr.44 2006 2010 2011 1014 fonttopmenesto5r, Further 04r-auens. %or% werpoion't thoretscepj US5S65r 211 154/ 1,74 Marta-U.0GO t/S$14/r, 1 f 22/193 (monolog) OS$614m 29/25/737 (earrystoge) US$1.6540 35114912,837 t/S$15.40ri Net roultyle (TWO 18. 23x 1.5. 13. 5. Net ilsulbutrif(DPO lax 21. 12* 034 09. Net IRR 22% 29% 20% 30% 23% Praire; car lob. 'et! carrel 16% 51% 11% 44% Consistent top returns among peers: SOF Funds vs Cambridge Associates' secondary funds performancew vscm. nu, twt i RR Irii:tc pa:frets SrO3 r: do y ' void S Net inultik to 0-..ted wines' nro•Ift O.-; • • • • 03 ie w er A y r i. t. Is :4 rot wn•lf :kr l? Woo 01•6). cf,x.;rrtorit.rt,g, rOi...reo rC Aztrerirea Mvest,;+: Qui26(..:d f :in:1;430n Th,s nv..:0,:oi IS ;zr.‘) IQ -It,: eije, f.1- :aro terry oniy rt--• ern:re r.f.1.:Lis -art. St;.,:ty egve.27f c!` 2, 3 ji>. .:Ift".!•-r :nftorna:0:: Pot pefformonce b not an iirliGrite of (utter rt, ,:tr:, Fund key terrnslo Target size: USS1.75 billion Currency: US$ Investment Period: 4 years from final closing Term: 7 years - extensions (5xlyear( Structure: English I. General partner share: • 1.25% p.a. of tor rnitrren:s during Investment Period • 1.00% p.a. of Invested Capital1l in the following two years • Thereafter greater of 90% of previous year and 0.25% of Invested Capital Carded Interest: 12.S% or a whole fund basis Hurdle rate: 8% Team commitment: Min 1% of total fund size Contacts: Caro Managirg Partner & CEO +44.2C-3947-70C1 carlo.oirzio-bireelPelendowercaoital.com Cnales Sant, Managirg Partner & 00 444.2C-3947.70C2 ;banes srittnio)elendowercaoital corn Joshua C Laser Partner, Client Relation +1-212-653-8402 josh RlaserPRIendowercaoitaccom CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0095594 CONFIDENTIAL SDNY_GM_00241778 EFTA01390924