GLDUS124 BBR Partners Contents 1 Introduction 2 Glendower Investment Strategy 3 Secondary Market Update 4 SOF III and IV Update 5 xtt• :yen Glendower Capital Secondary Opportunities Fund IV Key Terms 6 Appendix Glendower SIR CTLY CONFIDENTIAL CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0096508 S0NY_GM_00242692 EFTA01391552