GLDUS142 Ironsides Assel Mgmt 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 For discw.Man psrposesr4y. The investiTrwe pr reed above I. s. close-a. ansi there is no gi-lamde-a that investineol cia.ripliÅe or !Of fl‘ pag og i :en invested portfc4io os that g Al Os or . avaliatge . snei fiattwi due diligence.. prove sugets» for 30F This. slide shauld be reed and reviewc-d in conjundion With the -Important Information and "Important Perfre manne I snfornabon and • Notes to Investment Pedormance sections. Glendower Capital STRICTLY CONFIDENTIAL CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0096971 CONFIDENTIAL SDNY_GM_00243155 EFTA01391879