Epstein Secrets

GU:Went!' Patrick Gerschel Disclaimer This confidential presentation (this °Present:Oar(' is being communicated to a limited number of sophisticated persons (each a 'Recipien

r and tax adviser as to alga€, business, tax, accounting and related matters coisceming the eitorreation c✓:ttared 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

GLOUS128 Patrick Gerschel 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

GLOUS128 Patrick Gerschel SOF Funds show consistent performance1 Across different fund sizes, fund vintages and economic cycles Net Contributed Capital (as % of Fund Size)

raisedin 2010 to Ullfierfilite pariipassu the Da %inn transactionwith SOF. Glendower does not eopc-ct that similar tram.actions will be available to SOF IV. Glendower Capital STRICTLY CONFIDENTIAL CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0097813 SDNY_GM_00243997 E

GLDUS12B Patrick Gerschel Established track record SOF Funds as of September 30, 2017A 2 3 Fund SOF Vintage 2006 (development stage) (harvesting) SOF D 2010 (harvest

ance of SOF. SOF ID SOF w. SOF III bud's Eltek1/4104 dal:ion:watts the traea record of the Glendower SOF Tt,arri anti awn? can be no assurance that SOF IV silt re:fiance eornparaba, revAls or that 'my target nwilts volt :ye acitithA.i See important information on the Track Record' sectors of tics Pl'er

GL0US128 Patrick Gerschel SOF Program compares favourably to public markets Performance data as of September 30, 2017'-',•5 SOF Funds have delivered attractive performance c

performance 01 SOF. SOF 0 SOF or SOF III but m included to dernonsuate the track record of the Glendower SOF learn and thew can be no assurance that SOF IV wit achieve comparable results or that any target results will be atitexed See 'Important Irdonnatien- and 'Notes to irrithstrnert Portormans-e- sec

GLOUS1 28 Patrick Gerschel 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

GLOUS128 Patrick Gerschel SOF IV ILPA 2 scorecard SOF IV Key ILPA 2 Principles Alignment of interest - Best practice all-contribution-plus-preferred-return-back-first m

GLOUS128 Patrick Gerschel 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

GLOUS1 28 Patrick Gerschel SOF & SOF D Overall transaction summary as of September 30, 2017 Invested caudal: Funded capital: Initial Gross Projecl name Sourcing Seller t

not a pediMion of future performance, but 0 a imludssi to demonstrae the trac record of the Glordower SOF Than-. and there can be no assurance that SOF IV will achieve comparable results or tint any target resole will be achieved. (43 Hoover PritH.srctirarrs represent the kwee0ric-nte made by SOF via a