Information (1/2) This contidentiai persentation (this "Presentation") is being made available tu you (the "Recipient') by Glendower Capital. LLP ("Glendower). which is authorized and regulated by the Uniteo ethedien frinomial Conduct Atilhonly, tor the purpose of providing certain summary information abo

documents as having been entered into which may not have occurred or been entered into at the date that this Presentation e made available but thet Glendower expects will occur or be entered into thereafter This Presentation is not en offer to sell. nor a solicitation of an offer to buy, any security, and

Information (1/2) This confidentiat peisentation (this "Presentation") is being made available te you (the "Recipient') by Glendower Capital. LLP ("Glendower). which is authorized and regulated by the Uniteo reriedien Finereial Conduct Authority, tor the purpose of providing certain summary information ab

and documents as having been entered into which my not have occurred or been entered into at the date that this Presentation made available but thet Glendower expects will occur or be entered into thereafter This Presentation is net an offer to sell. nor a solicitation of an offer to buy, any security, and

t Information (1/2) This conteentiat peisentation (this "Presentation") is being made available tu you (the "Recipient') by Glendower Capital. LLP ("Glendower). which is authorized and regulated by the Uniteo emedern Finereial Conduct AtiMorey, tor the purpose of providing certain summary information about

documents as having been entered into which may not have occurred or been entered into at the date that this Presentation e made available but thet Glendower expects will occur or be entered into thereafter This Presentation is net an offer to sell. nor a solicitation cf an offer to buy, any security, and

Information (1/2) This confidentiat peisentation (this "Presentation") is being made available tu you (the "Recipient') by Glendower Capital. LLP ("Glendower). which is authorized and regulated by the Uniteo emedern Finereial Conduct AtiMorey, tor the purpose of providing certain summary information about

documents as having been entered into which may not have occurred or been entered into at the date that this Presentation e made available but thet Glendower expects will occur or be entered into thereafter This Presentation is net an offer to sell. nor a solicitation cf an offer to buy, any security, and

Information (1/2) This confidentiat pr esentation (this "Presentation") is being made available ie you (the "Recipient') by Glendower Capital. LLP ("Glendower), which is authorized and regulated by the Uniteo ethethen fthereial Conduct Atilhonly, tor the purpose of providing certain summary information abo

documents as having been entered into which may not have occurred or been entered into at the date that this Presentation is made available but thet Glendower expects will occur or be entered into thereafter This Presentation is net an offer to sell. nor a solicitation of an offer to buy, any security, and

Information (1/2) This contidentiai peisentation (this "Presentation") is being made available tu you (the "Recipient') by Glendower Capital. LLP ("Glendower). which is authorized and regulated by the Uniteo rehecium Finereial Conduct Authority, tor the purpose of providing certain summary information abo

d documents as having been entered into which my not have occurred or been entered into at the date that this Presentation e made available but thet Glendower expects will occur or be entered into thereafter This Presentation is not an offer to sell. nor a solicitation of an offer to buy, any security, and

t Information (1/2) This conteentiat peisentation (this "Presentation") is being made available tu you (the "Recipient') by Glendower Capital. LLP ("Glendower). which is authorized and regulated by the Uniteo emedern Finereial Conduct AtiMorey, tor the purpose of providing certain summary information about

documents as having been entered into which may not have occurred or been entered into at the date that this Presentation e made available but thet Glendower expects will occur or be entered into thereafter This Presentation is net an offer to sell. nor a solicitation cf an offer to buy, any security, and

Information (1/2) This confidentiat peisentation (this "Presentation") is being made available tu you (the "Recipient') by Glendower Capital. LLP ("Glendower). which is authorized and regulated by the Uniteo emedten Fthereial Conduct Authority, tor the purpose of providing certain summary information abou

d documents as having been entered into which my not have occurred or been entered into at the date that this Presentation e made available but thet Glendower expects will occur or be entered into thereafter This Presentation is net an offer to sell. nor a solicitation of an offer to buy, any security, and

t Information (1/2) This conteentiat peisentation (this "Presentation") is being made available tu you (the "Recipient') by Glendower Capital. LLP ("Glendower). which is authorized and regulated by the Uniteo emedern Finereial Conduct Atilhonly, tor the purpose of providing certain summary information abou

documents as having been entered into which may not have occurred or been entered into at the date that this Presentation e made available but thet Glendower expects will occur or be entered into thereafter This Presentation is net an offer to sell. nor a solicitation cf an offer to buy, any security, and

t Information (1/2) This confeentiat petsentation (this "Presentation") is being made available tu you (the "Recipient') by Glendower Capital. LLP ("Glendower). which is authorized and regulated by the Uniteo emedien Finereial Conduct Authority, tor the purpose of providing certain summary information abou

documents as having been entered into which may not have occurred or been entered into at the date that this Presentation e made available but thet Glendower expects will occur or be entered into thereafter This Presentation is net an offer to sell. nor a solicitation of an offer to buy, any security, and

Information (1/2) This contidentiai piesentation (this "Presentation") is being made available tu you (the "Recipient') by Glendower Capital. LLP ("Glendower). which is authorized and regulated by the Uniteo emecium Finereial Conduct Atilhonly, tor the purpose of providing certain summary information abou

d documents as having been entered into which my not have occurred or been entered into at the date that this Presentation is made available but thet Glendower expects will occur or be entered into thereafter This Presentation is net an offer to sell. nor a solicitation of an offer to buy, any security, and

d documents as having been entered into which my not have occurred or been entered into at the date that this Presentation e made available but thet Glendower expects will occur or be entered into thereafter This Presentation is net an offer to sell. nor a solicitation of an offer to buy, any security, and

Information (1/2) This confidentiat peisentation (this "Presentation") is being made available tu you (the "Recipient') by Glendower Capital. LLP ("Glendower). which is authorized and regulated by the Uniteo emedten Fthereial Conduct Authority, tor the purpose of providing certain summary information abou

ustry may ultimately take. However, increased regulatory oversight may impose administrative burdens on the General Partner, Investment Manager and Glendower, including, without limitation, responding to investigations and implementing new policies and procedures. Such burdens and regulatory scrutiny or

he rest of the world 3%.0 The Manager expects to leverage non-monetary factors. such as confidentiality. trust, speed and certainty of execution. In Glendower's experience, these factors become particularly relevant to sellers in distressed financial conditions or who are keen to mitigate execution risk in

Partner. Investment Manager and certain of their affiliates. Cleary Gottlieb and Maples and Calder, which do not represent the Underlying Fund or Glendower. also advise the General Partner, the Investment Manager and certain of their affiliates on their respective obligations to the Access Funds. Howev

Capital Secondary Opportunities Fund IV. LP Glendower Capital Secondary Opportunities Fund IV. LP Secondary market supply/demand remains balanced Glendower believes that the secondary market supply I demand is balanced with an active set of both buyers and sellers. Greenhill estimates the available dry

f HI performance against one benchmark only Past performance is not a prediction ol the !awe performance of SOF. SOF D, SOF II. SCf III or any other Glendower finds dnd there can be no asswance that SOF W will achieve compared° resifts or that any target results will be achieved. but is included to demonst

received by the General Partner (or its affiliates). Other Funds or Managed Account Agreements with Similar Strategies. The General Partner and/or Glendower may, in each of their sole discretion, manage other funds, and/or enter into management or advisory agreements with respect to managed accounts or o

ssurance that the Underlying Fund will realize its rate of return objectives, will realize similar returns to past funds or investments sponsored by Glendower or its affiliates or will return any investor capital. The returns of the Access Fund will depend almost entirely on the performance of its investm

Managing Partner and Chief Executive Officer. Based in London, Carlo is a Managing Partner & Chief Executive Officer of Glendower Capital. Prior to Glendower. Carlo spent 15 years at Deutsche Bank where he co-founded and has led the SOF Business since 2006. From 2003 to 2006 he participated in the restruc