Glendower Capital Glendower Capital Secondary Opportunities Fund IV, LP The Offering Glendower Capital Secondary Opportunities Fund IV, 1P1 ("S0F 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.Sx 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 lunc Strong and consistent track record2 lurd vnaee foevotopmenesce‘r, k,rdue • "hereafter greater of 90% of %or-awn. %No% corpson't 2111541:,774 11/8/193 29/75/737 15/ 149 / 2•37 previous year and 0.25% of Net roultyle (TWO 184 2 3x 15o 13x 5. Invested Capital Net 6•10buteel(DPII lax 2 Ix 1.h 0.34 09' Carded Interest: Net IRR 22% 29% 20% 30% 23% 12.5% or a whole fund basis Peak re: cartnb.tM caprvl 76% 51% 42% 44% Hurdle rate: Consistent top returns among peers: SOF Funds vs Cambridge Associates' secondary funds performancew vscm. nu, IwtIRRN)Irioec pa Orel SA.03“: do y h,WS Net mull ilk to %%WC wanes' SOF 2006 thorwescro US$565r SCf D' 2010 Mann:AGO US$14/n Sc. 2011 (monolog) OS$614m Sc' 7014 (earystor) 1451.654r t/S$2.4SCr, Fund key terrnslo Target size: US$1.75 briber' Currency: US$ Investment Period: 4 years Iron., final closing Term: 7 years - extensions (5xlyear( Structure: English I. General partner share: • 1.25% p.a. of cor rnitmert:s during Investment Period • 1.00% pa. of Invested Capital1l in the following two years o'N • V. r A v r i. t. Is Li. n.741 cal MR• t•i•t3. Woo 01•6). 1 1 ll 1111 7?•:; cf,x.;,•orit. rt,g, (q,;y rOi...reo Aztrerto: Mvest;',, rQui26/..:d f Th,s S;tf.0: • eije, LY :aro •;:f .; -at St;.,:ty egve.rf p 3 ji>. .:63.!•-•nc, :nftornaor: Pot pefformonce b not an i•tikiiibl a fiisliGriteof (utter fr,;42. 8% Team commitment: Min 1% of total fund size Contacts: CarO Pirric-E;roli Managirp, Partner & CEO Ciarles Smitn Managirg Partner & CIO lostua C G aser Partner, Client Relations CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0040733 CONFIDENTIAL SDNY_GM_00186917 EFTA01355530