Epstein Secrets

secondary transactions growing faster than market Distinctive investment strategies continue to seek attractive deals wows only and summarizes Glendower's analysis of certain information set out over the slides in Section 3 'Secondary Market Update' of thd presentation Glendower Capital STRICTL

GLOUSI13 Cliff Illig Why invest in secondary private equity today? Secondaries market is strong at with US$58 billion of deal volume in 2017 Pricing for funds stab

CaSt There la Elowarmitee the eVirnate tiFhlicifted welnt erraze. Past market volume is not a prediction or gtnrantr:•e• of future market volume. Glendower Capital STRICTLY CONFIDENTIAL CONFIDENTIAL - PURSUANT TO FED. R. GRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0095633 SDNY_GM_00241817 EFTA01390952

GLOUSI13 Cliff Illig Secondary market volume remains at record levels Market is evolving with GP-led transactions now representing 25% of volume Secondary market volum

ears from final closing 7 years from final closing plus up to 5 one-year extensions (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

GLOUSI13 Cliff Illig 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