GLDUS124 BBR Partners GP-led transactions can present an attractive risk-reward profile Glendower Capital has been active since 2007 in this space GP-Led transactions have significantly evolved over the last 5 years - Deals in the early days were often associated with (quasi) zombie GPs and were not always crafted in the best interest of existing LPs - Today, quality managers are proactively providing liquidity options to their LPs, often with an advisor retained to validate the process GP-led opportunities can present a number of advantages over a traditional acquisition of a LP interest - An accretive and complementary strategy to the mainstream secondary dealflow - Glendower has developed an extensive track record' over 15 transactions with gross c.1.6x MOIC / 22% Gross IRR2 - In-depth due diligence on GPs and their teams - In-depth due diligence on concentrated portfolios, including onsite meetings with underlying companies' management teams - Bespoke design of a new fund and its terms to provide full re-alignment of interests between the GP and Glendower: Budgeted fees, significant GP co-investment, and ratcheted carried interest structure - Incentivisation / protection of specific individuals within the GP that are key to generate value in the existing portfolio Negative governance rights, including veto rights on add-on investments, recapitalizations, etc. - Limited to no use of leverage / deferred structures - underwriting returns based on attractive entry price and portfolio value creation l) AB ct Sept;entv "S). . 2017. Performance figures have been criculaed based on tea sasaudifed performance results and should be read and revierved in consticton wkh the -important infanhatan" and 'Wes to the Investment Performance' sections of this presentation, I he 'Notes to Investment Performance section in particular includes. among other things. a description of the terms used in the tables above and sets forth irnrxmtard.guidelirves and limaatiors este the nerfonnanoe described abase Past performance rx* a ixedicaun of the filtrol Mr[04rerattb. (2 Please refer to the overall transaction summaries br SOF, SOF O, SOF li and SOF III on pages 43. 45 and 47. Glendower Capital STRICTLY CONFIDENTIAL CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0096491 CONFIDENTIAL SDNY_GM_00242675 EFTA01391539