GLOUS113 Ch11 Mig SOF IV — Project Klein Exclusive deal Expected Glosing Date: June 2018 El Fund Secondary i Secondary K Single Asset Deal Seller type: Alternative funds Key investment data Transaction summary Invested Capital at dose E60-100m (US$80-120m) Number of companies 4 Discount to NAV at close >5% Strategy Mid-market buyout Gross multiple at close 1.1x Region Europe / UK 0/0 funded at close 80% Industries Business services / Healthcare services Use of leverage No Average age at purchase 9 years Description - Motivated quality GP aiming to recapitalize and extend their 2007 mid- market pan-European fund while providing liquidity to LPs - Key value driver is largest independent UK premium distributor in its segment, well positioned to benefit from market tailwinds - Second largest asset is a network of medical and cosmetics UK clinics with a private and affluent customer base - The portfolio also includes an Italian digital marketing company and a management consulting company with blue chip customers - Glendower Capital retains discretion on use of follow-on capital Investment rationale / Glendower Team angle Glendower Team angle - Ability to quickly deliver a bespoke solution leveraging Glendower's track record in complex transactions - Ability to perform extensive diligence, including onsite visits, full access to companies' management and industry specialists - Long 15-year relationship with the GP founder Investment rationale - Four well-invested companies positioned to capture growth opportunities arising from ongoing changes in industry landscape - Key value driver led by industry veteran with a solid track record - Value-add potential from recently implemented cost efficiency initiatives - Opportunity to invest in identified follow-ons at closing, and to contribute additional capita! to exploit market dislocations yr disckm.sSon perposesr4y. The investment pjeserged above . s. rml clostei. indthare is no scuatantee that inyestineol cm-ipleaeo; forre part ot i Leire irivsted ponfcCio that sv be avaliatge . aftec fulteei due diligence. prove sugets» for SOF This. Blide hauld be releet and [evle-wc-d in conjunLtion with the -Important Information and "Important Performance Information' and • Notes to Investment Performance sections. Glendower Capital STR1CTLY CONFIDENTIAL CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0095644 CONFIDENTIAL SDNY_GM_00241828 EFTA01390959