Glendower Capital Glendower Capital Secondary Opportunities Fund IV, LP The Offering Glendower Capital Secondary Opportunities Fund IV, PI ("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 portfolioof 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$1.75 billion in commitments with same key terms as prior lune Strong and consistent track record? tar:: so, 2006 SCf D' 2010 SC" a /011 SCI 7014 14,21 fateitor^w^.:““ thoretscrtgj (hancatmpl tradurre') (rarrystor) Further US$S65r vS$14/r OS$614m US$1.654r US$1.9SCri liar-awns. Va:.% (organic?' 11I1541:.774 lf/8/193 /9/ 75/ 737 15(149/2.837 Net roultyle(TVP) lax 2 34 154 134 54 65141buta0(DPII lax 2 Ix 1.h 0.3x 09. Net IRR 22% 1976 20% 30% 23% Pea re:car tnla.rdc.a, 75% 51% 41% 44% Consistent top returns among peers: SOF Funds vs Cambridge Associates' secondaryfunds performance mg Vats hetIRR., tr j C•ctaiodia fano f Nee abaft.* to Mated pirtnet0 OX V. • MD Y!. VNi I 4 2 I • • ; Oa ,• Is :4 ICI. IN6P•1 O -iM ,W4 MR•lf tin• Woo 01•6). cf,x...etorit r(, nwy ,te rOi rec. re Icrento: Mvem,;+: f Th,s :s ;zr.‘ ) ;lie, 7:%:ae IC' %MA: .11t4f. ".; te.?!/' P,..c.e ;.ir- % t' • 3 fls r ./4 ft itATUIVO:: post performance b not un Fund key terrns 10 Target size: US$1.75 billion Currency: US$ Investment Period: 4 years Iron., final closing Term: 7 years - extensions iSiclyearI 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.glaserreklendowercanit tom CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0097784 CONFIDENTIAL SDNY_GM_00243968 EFTA01392545