GLOUS128 Patrick Gerschel 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 CONFDENTiAL CONFIDENTIAL - PURSUANT TO FED. R. CRI M. P. 6(e) CONFIDENTIAL DB-SDNY-0097838 SDNY_GM_00244022 EFTA01392590