Epstein Secrets

GLDUS125 Gerald Ford Section 1: Executive Sunvnary Glendower Capital Secondary Opportunities Fund IV. LP • SOF Il.e the second secondary fund that was formed in 2011

nd there can be no assurance that SOF N wit achieve comparable results or that any target resorts will be achieved Source Glendower Capital based on Greenhill Secondary Market I rends 8 Outlook. January 2018 Source. Glendower Capital based on 2018 Precen Global Private Eguity 8 Venture CaptS Report. Ban & Company Global Pn

GLDUS125 Gerald Ford Section 4. Glendower Capital Secondary Opportunities Fund IV. LP Glendower Capital Secondary Opportunities Fund fV. LP cash flows between signing

dary market pricing has recovered to within a transactable range, resulting in a more robust market. Glendower CDS.' analysis and estimates based on Greenhill Secondary Market Trends 8 Outlook January 2018. Cogent Fanners Sewn:WY Market Trends 8 Outlook. July 2014, Cogent Partners Secondary Market Vpdate. Mardi 2009. and D

GLDUS125 Gerald Ford Significant unrealized value still locked in tail-end funds Seller composition expected to remain diverse Unrealized PE value: US$600bn in pre-cri

6 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 issztilas itt Serurre' ar17 Preqin GoL4 Private Equity S Ventrire Cacital Recon. 1.2) Sorrrce. Greenhill Secondary Market Trends 8 Outlook. January 2018 General Partners 24% Financial Institutions 12% Public Pensions / SWF 24% Glendower Capital STRICTLY

GLDUS125 Gerald Ford CONFIDENTIAL Glendower Access Secondary Opportunities IV (U.S.), L.P. Overview April 2018 STRICTLY CONFIDENTIAL FOR INVESTMENT PROFESSIONAL AND

8 2009 2010 2011 2012 2013 2014 2015 2016 2017 GP-led secondaries GP-led secondaries as % of total (1) Source: Glendower Capital analysis based on Greenhill Secondary Market Trends & Outlook, January 2018; and Dow Jones Private Equity Analyst Guide to the Secondary Market, June 2017. STRICTLY CONFIDENTIAL 35 2.7 2.7