Epstein Secrets

GLDUS141 Greg Martin Section 2: Investment Performance Glendower Capital Secondary Opportunities Fund IV. LP Investment Performance Secondaries Performance Highlights

ormance of SOF SOF D SOF II or SOF III but is included to demonstrate the track record of the Glair:beer SOF Team and there can be no assurance that SOF IV wet achieve comperatie results or that any target results will be achieved 'Invested' is dens as the sum et me purchase price and remaining unfunded

GLDUS141 Greg Martin Glendower Capital Secondary Opportunities Fund IV, LP PFICs As defined in Section 9: Certain Legal, ERISA and Tax Considerations. Push-Out Electi

Secondary Opportunities Fund II, LP, a Scottish limited partnership. SOF III Secondary Opportunities Fund Ill. LP, an English limited partnership. SOF IV or the Fund Glendower Capital Secondary Opportunities Fund IV. LP. SOF Business Deutsche Asset Management's Secondaries Opportunities Fund investm

GLOUSI41 Greg Martin Established track record SOF Funds as of September 30, 2017A 2 3 Fund SOF Vintage 2006 (development stage) (harvesting) SOF D 2010 (harvest

performance of SOF. SOF ID SOF or SOF but rs inekidoci dernonsuate the tiack record of Me Gienicierei SOF Team and [twie can be no assurance that SOF IV achpnct cornparaba, revAls or that ww target rntiltv Will edatweci See important information on the Track Record- sect-4ns of this PrerGelliW0t1.

GLOUSI 41 Greg Martin Disclaimer This confidential presentation (this °Present:Oar(' is being communicated to a limited number of sophisticated persons reach a 'Recipien

r and tax adviser as to legal, business, tax, accounting and related matters coreieming the er formation contained herein and any future offering of SOF IV. Neither Glendower nor any of their respective affiliates makes any representation or warranty to any Recipient regarding the legality of an investme

GLOUSIal Greg Martin I ntroductiont" Glendower Capital Secondary Opportunities Fund IV, LP ("SOF IV") Glendower Capital is an independent secondary private equity mana

Mature SOF Funds show 1.7x Net Multiple and over 20% Net IRR, overall program shows 1.5x Net Multiple and 23% Net IRR Glendower Capital is launching SOF IV to continue the successful value-investing strategy pursued since 2006 - Disciplined bottom-up underwriting of attractive assets managed by quality

GLOUStal Greg Martin SOF Program compares favourably to public markets Performance data as of September 30, 2017'-',•5 SOF Funds have delivered attractive performance c

erformance of SOF. SOF ti SOF or SOF III but n included to dernonsUate the track record of the Glendower SOF Teem and there can be no assurance that SOF IV will achieve comparable reseals or that any target results will be atiseved See 'Important Information' and 'Notes to Investrriere Portormaeoe- sect

GLOUStel Greg Martin SOF IV - Master Fund Key Terms Same key terms as SOF III with an increased team commitment The Fund Target Size Structure Investment Period Te

ensions (the first three one-year extensions being at the discretion of Glendower and the final two one-year extensions requiring the consent of the SOF IV advisory committee) USS5 million Min of 1% of aggregate commitments 1.25% p.a. of commitments during Investment Period 1.00% p.a. of Invested Cap

Greg Martin U.S. Securities Exchange Act of 1934. It is not expected that the Access Fund will be required to register the Interests under Section 12(g) or an

nd (iii) co-investments in individual portfolio companies alongside private equity fund sponsors (each such co-investment, a "Single Asset Deal"). SOF IV will be the fourth dedicated secondary fund led by Carlo Pirzio- Biroli and Charles Smith (the "Managing Partners") and invested by Glendower Capita

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

and tax adviser as to legal, business, tax, accounting and related matters concerning the information contained herein and any future offering of SOF IV. Neither Glendower nor any of their respective affiliates makes any representation or warranty to any Recipient regarding the legality of an invest

with the "Important Information" and "Important Performance Information" sections of this Presentation. STRICTLY CONFIDENTIAL 54 EFTA01398247 Greg Martin SOF Remaining portfolio construction by FMV1 as of September 30, 2017 Overview Vintage Fund size Invested capital Capital called Distribution

a prediction of future performance, but it is included to demonstrate the track record of the Glendower SOF Team and there can be no assurance that SOF IV will achieve comparable results or EFTA01398250 that any target results will be achieved. (4) Hoover transactions represent the investments made