GLDUS142 Ironstdes Asset Mgmt Contents 1 Introduction 2 Glendower Investment Strategy 3 Secondary Market Update 4 SOF III and IV Update 5 Glendower Capital Secondary Opportunities Fund IV Key Terms 6 Appendix Glendower Capital STRiCTLY CONFIDENTIAL -11 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0096951 CONFIDENTIAL SDNY_GM_00243135 EFTA01391865