Glendower Capital Glendower Capital Secondary Opportunities Fund IV, LP The Offering Glendower Capital Secondary Opportunities Fund IV, 1P1 ("SOF IV" or the "Fund") is being formed by Glendower Capital ("GC"): • An independent secondary manager spun-off from Deutsche Asset Management in August 2017 • fully owned by its partners who worked together for IS years • Established 23-strong team with US$3 billion in total client assets and offices in London arc New York Glendower's mission is to deliver outstanding results for its investors • Strung buyout:like performance with an attractive risk profile. earn/ cash flows, arw negligible loss ratio • Mature program at 1.7x TVPI and >20% Net IRR and overall program at 1.5x TVPI and 23% Net IRR.' SOF IV will continue the successful secondary strategy pursued since 2006: • Aiming to build a globally C iversif led portfolio of seasoned funds, GP-led transactions anc co-investments on the secondary market • Value creation through in-cepth fundamental analysis as opposec to creel structuring • Seeking US$1.75 billion in commitments with same key terms as prior lune Strong and consistent track record? lar.1 fdeveJorwriJ,“ Further liar-acts:oh rcoc%ciarparin't her roultyle (TWO 651libuta0(DPII Net IRR Pea re: car tnla.k.dc.a, so, 2006 thoretscrtgj US5S65r 211 154/ :.774 lax lax 22% SCf D' 2010 (hancatmpl I.S$14/n SC, a SCI III 14,21 /011 7014 (niverg) (tarry star) 055614m 1451.654r /9/ 75/ 737 15/149/2.837 1.h 20% 76% 51% 42% 13x 0.3x 30% 44% Consistent top returns among peers: SOF Funds vs Cambridge Associates' seconda ry funds performancemg secohda, %rah hetIRR., t. ... j . J C.“14,Thefuncf Nee abaft.* to Mated partnet0 OX WO. MD 3,3 • Y!. VNi I 4 2 I • • ; 03 0, ,• Is :3 IN6P•1 O.- ,W. MR•lf tr. II. 54 09. 23% Woo 01•6). cf,x...etorit rt,”(Y1:5',te rOi rec. re Icrento: Mvem,;+: f Th,s ;.Yr.‘ ) ;lie, rX .6;0y 0:ay 4. :•it.)..0. 7:%aae (.1`Sa 're7. te.?!/' P,..c.e ;.ir- t' • 3 fl ..:41'• ./4ftitATUIVO:: Pa{t performance $ not un Fund key terms10 Target size: US$1.75 billion Currency: US$ Investment Period: 4 years Iron., final closing Term: 7 years - extensions (5xlyear; Structure: English l..P. General partner share: • 1.25% p.a. of con, rnitrren:s during Investment Period • 1.00% p.a. of Invested Capital1l in the following two years • 'hereafter greater of 90% of previous year and 0.25% of Invested Capital Carded Interest: 12.S% or a whole fund basis Hurdle rate: Team commitment: MM 1% of total fund sire Contacts: Caro Pirrio-E;roli Managirg Partner & CEO 4.44.2C-3947-7CC1 carlo.oirzio.birotifaelendowercaoital.corn Smitn Managing Partner & CIO 444.2C-3947.70C2 charges setthfioglendowercaoital con"( Joshua C Laser Partner. Client Relaticrs +1-212-653.8402 josh.glaserreklendowercanita:.coni CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0038562 CONFIDENTIAL SDNY_GM_00184746 EFTA01353970