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

GLDUS137 Forrestal Capital LLC Section 1: Executive Summary Glendower Capital Secondary OppoetunCes Fund IV, LP Executive Summary Overview Glendower Capital Secondary Opportun

vestment Committee of the Fund will consist solely of individuals from Glendower Capital. • Deutsche Bank will not be involved in the management of SOF IV. or any future funds managed or advised by Glendower Capital. Accordingly. Deutsche Bank will not receive any carried interest or general partners s

GLDUS137 Forrestal Capital LLC Section 1: Executive Summary Glendower Capital Secondary Opportunities Fund IV. LP • Leverages informational advantage from relationships with ov

ormance of r-iF SOF D SOF II or SOF Ill but is included to demonstrate the !rack record of the Gknclower SOF Team and there can be no assurance that SOF IV WII achieve °cowhide results or that any target teas %III be achieved 'Invested is defined as the sum et the purchase once and remaining unfunded ot

OLDUS1 37 Forrestal Capital LLC Section 2: Investment Performance Glendower Capital Secondary Opportunities Fund IV. LP Investment Performance Secondaries Performance Highlights

Secondary Opportunities Fund II, LP, a Scottish limited partnership. SOF III Secondary Opportunities Fund III. 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

GLDUS137 Forrestal Capital LLC Glendower Capital Secondary Opportunities Fund IV, LP PFICs As defined in Section 9: Certain Legal, ERISA and Tax Considerations. Push-Out Electi

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

GLDUS137 Forrestal Capital LLC I ntroductiont" Glendower Capital Secondary Opportunities Fund IV, LP ("SOF IV") Glendower Capital is an independent secondary private equity mana

aised in 2010 to Ullfierfilite paripassu the Da lima transaction with SOF. Glendower does not ea pc-ct that similar tram.actions will be available to SOF IV. Glendower Capital STRICTLY CONFIDENTIAL CONFIDENTIAL - PURSUANT TO FED. R. CRI M. P. 6(e) CONFIDENTIAL DB-SDNY-0099919 SDNY_GM_00246103

GLOUS137 Forrestal Capital LLC SOF Funds show consistent performance1 Across different fund sizes, fund vintages and economic cycles Net Contributed Capital (as % of Fund Size)

GLDUS137 Forrestal Capital LLC SOF IV — Project Klein Exclusive deal Expected Closing Date: June 2018 Li Fund Secondary NeGP-led Secondary D Single Asset Deal Seller type: Alternat

GLDUS137 Forrestal Capital LLC SOF IV — Project Klein Exclusive deal Expected Closing Date: June 2018 Li Fund Secondary NeGP-led Secondary D Single Asset Deal Seller type:

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

GLDUS137 Forrestal Capital LLC 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

GLOUS137 Forrestal Capital LLC SOF IV ILPA 2 scorecard SOF IV       Key ILPA 2 Principles Alignment of interest - Best practice all-contribution-plus-preferred-return-ba

GLOUS137 Forrestal Capital LLC SOF IV ILPA 2 scorecard SOF IV       Key ILPA 2 Principles Alignment of interest - Best practice all-contribution-plus-preferred-r