GLOUS128 Patrick Gerschel 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-0097835 SDNY_GM_00244019 EFTA01392587