Epstein Secrets

GLDUS132 EverWatch Financial Disclaimer This confidential presentation (this °Present:Oar(' is being communicated to a limited number of sophisticated persons (each a 'Recipien

er and tax adviser as to alga€, business, tax, accounting and related matters coremming the eitormation tionh.ined 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

GLDUS132 EverWatch Financial 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

GLDUS132 EverWatch Financial SOF Funds show consistent performance1 Across different fund sizes, fund vintages and economic cycles Net Contributed Capital (as % of Fund Size)

d tamed in 2010 to Ullfierfilite paripassu the Oa Wr1n transaction with SOF. Glendower does not sopc-ct that ssoilar uam.actions will be avertable to SOF IV. Glendower Capital STRICTLY CONFIDENTIAL CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0094311 SDNY_GM_00240495 E

GLDUSI32 EverWatch Financial SOF Program compares favourably to public markets Performance data as of September 30, 2017'-',•5 SOF Funds have delivered attractive performance c

performance of SOF. SOF D SOF or SOF III but a included to dernonsuate the track record of the Glendower SOF Teamand thew can be no assurance, that SOF IV wit achieve comparable results or that any target results will be atiseved See 'Important Information' and 'Notes to investrrierit Portormaxe- secti

GLDUS132 EverWatch Financial 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

GLDUS132 EverWatch Financial SOF IV ILPA 2 scorecard SOF IV Key ILPA 2 Principles Alignment of interest - Best practice all-contribution-plus-preferred-return-back-first m

GLDUS132 EverWatch Financial SOF IV ILPA 2 scorecard SOF IV Key ILPA 2 Principles Alignment of interest - Best practice all-contribution-plus-preferred-return-back-first model - LP favorable clawback pro