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 IN, yout•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 IVPI and 23% Net IRIV SOF IV will continue the successful secondary strategy pursued since 2006: • Aiming to build a globally C iversif led portfolio of seasoned funds, GP-let 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 foevotopmenes<e‘r, k,rdue icor-awn. %cc% corpson't Net roultyle (TWO Net 6•10buteel(DPII Net IRR Peak re: cartnb.tM caprvl SOF 2006 thorwescro US$565r 2111541:,7)4 184 lax 22% SCf D' 2010 Mann:AGO US$14/n 1128/193 2 3x 2 Ix 29% 76% 51% Sc. el 2011 (monolog) OS$614m 29/75/737 15o 1.h 20% Sef 111 las! 7014 (earystor) 1451.654r I./5$),440n 15/ 149 / 2•37 13x 0.34 30% 42% 44% Consistent top returns among peers: SOF Funds vs Cambridge Associates' secondary funds performancew vscm. nu, twtIRRN)Irioec pa Orel y h,&t Ne:inultilk to %%WC wanes' a.. No 4 4 to, . • 03 ie w r A y r i. t, a :4 too n4P•14i %di wn•lf :kr II. :5. 09' 23% Woo 01•6). 7?•:; cf,x.;,•orit. rt,g, lift rOi...reo Aztrerito: Mvest,;+: Qui26(..:d f Th,s nv..:O,:oi IS ;zr.‘) tC .•, e, f.•• :aro. tnoyorliyt-- :ntst rirerie wrrairz •;:f .; NOS.: •Irt. St‘I:::3' :Ste.: ogIf c!` C 3 ji>. Pot nonce b not an i•tikiiibl or' iisliGrite of (utter n, ,;42. Fund key terrnslo Target size: US$1.75 billion Currency: US$ Investment Period: 4 years fror• final closing Term: 7 years • extensions (5xlyear( Structure: English I. General partner share: • 1.25% p.a. of nor rnitrrert: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: 12.5% or a whole fund basis Hurdle rate: 8% Team commitment: Min 1% of total fund size Contacts: Car'o t•lanagirp, Partner & CEO +44.20-3947.7001 carlo.oirzio-biroliraglendowercaoltal.corn Cnyles &min Managirg Partner & 00 444.2C-3947.70C2 charges smithiordendcwercaoital corn losinza C Oaser Partner, Client Relation +1-212-653-8402 josh alasegaglendowercacitaigom CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0099025 CONFIDENTIAL SDNY_GM_00245209 EFTA01393463