Epstein Secrets

I. STRICTLY CONFIDENTIAL FOR INVESTMENT PROFESSIONAL AND QUALIFIED INVESTOR USE ONLY 6 EFTA01398152 IIIIIIIIIIIkre g Martin Glendower Capital Secondary Opportunities Fund IV, LP 2nd QUARTER 2018 ACCREDITED INVESTORS AND QUALIFIED PURCHASERS ONLY STRICTLY CONFIDENTIAL EFTA01398153 Greg Martin Disclaimer This confi

2013 2014 Fund Secondary Source: Glendower Capital analysis and own estimates based on Greenhill Secondary Market Trends & Outlook, January 2018; Greenhill GP Solutions Discussion Materials, May 2017; and Dow Jones Private Equity Analyst Guide to the Secondary Market, June 2017. 2015 2016 2017 2018F 9 16 26

Y CONFIDENTIAL FOR INVESTMENT PROFESSIONAL AND QUALIFIED INVESTOR USE ONLY 6 EFTA01396792 GLDUS126 Pacific Life Insurance Co Glendower Capital Secondary Opportunities Fund IV, LP 2nd QUARTER 2018 ACCREDITED INVESTORS AND QUALIFIED PURCHASERS ONLY STRICTLY CONFIDENTIAL EFTA01396793 GLDUS126 Pacific Life Insurance Co

2013 2014 Fund Secondary Source: Glendower Capital analysis and own estimates based on Greenhill Secondary Market Trends & Outlook, January 2018; Greenhill GP Solutions Discussion Materials, May 2017; and Dow Jones Private Equity Analyst Guide to the Secondary Market, June 2017. 2015 2016 2017 2018F 9 16 26

STRICTLY CONFIDENTIAL FOR INVESTMENT PROFESSIONAL AND QUALIFIED INVESTOR USE ONLY 6 EFTA01397465 GLDUS127 Annandale Capital Glendower Capital Secondary Opportunities Fund IV, LP 2nd QUARTER 2018 ACCREDITED INVESTORS AND QUALIFIED PURCHASERS ONLY STRICTLY CONFIDENTIAL EFTA01397466 GLDUS127 Annandale Capital Disclai

2013 2014 Fund Secondary Source: Glendower Capital analysis and own estimates based on Greenhill Secondary Market Trends & Outlook, January 2018; Greenhill GP Solutions Discussion Materials, May 2017; and Dow Jones Private Equity Analyst Guide to the Secondary Market, June 2017. 2015 2016 2017 2018F 9 16 26

DBSI. STRICTLY CONFIDENTIAL FOR INVESTMENT PROFESSIONAL AND QUALIFIED INVESTOR USE ONLY 6 EFTA01396115 GLDUS125 Gerald Ford Glendower Capital Secondary Opportunities Fund IV, LP 2nd QUARTER 2018 ACCREDITED INVESTORS AND QUALIFIED PURCHASERS ONLY STRICTLY CONFIDENTIAL EFTA01396116 GLDUS125 Gerald Ford Disclaimer T

2013 2014 Fund Secondary Source: Glendower Capital analysis and own estimates based on Greenhill Secondary Market Trends & Outlook, January 2018; Greenhill GP Solutions Discussion Materials, May 2017; and Dow Jones Private Equity Analyst Guide to the Secondary Market, June 2017. 2015 2016 2017 2018F 9 16 26