EFTA01355530

Glendower Capital Glendower Capital Secondary Opportunities Fund IV, LP The Offering Glendower Capital Secondary Opportunities Fund IV, 1P1 ("S0F 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.Sx TVPI and 23% Net IRR.' SOF IV will continue the successful secondary strategy pursued since 2006: • Aiming to build a globally C iversif led portfolio of 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 lunc Strong and consistent track record2 lurd vnaee foevotopmenesce‘r, k,rdue • "hereafter greater of 90% of %or-awn. %No% corpson't 2111541:,774 11/8/193 29/75/737 15/ 149 / 2•37 previous year and 0.25% of Net roultyle (TWO 184 2 3x 15o 13x 5. Invested Capital Net 6•10buteel(DPII lax 2 Ix 1.h 0.34 09' Carded Interest: Net IRR 22% 29% 20% 30% 23% 12.5% or a whole fund basis Peak re: cartnb.tM caprvl 76% 51% 42% 44% Hurdle rate: Consistent top returns among peers: SOF Funds vs Cambridge Associates' secondary funds performancew vscm. nu, IwtIRRN)Irioec pa Orel SA.03“: do y h,WS Net mull ilk to %%WC wanes' SOF 2006 thorwescro US$565r SCf D' 2010 Mann:AGO US$14/n Sc. 2011 (monolog) OS$614m Sc' 7014 (earystor) 1451.654r t/S$2.4SCr, Fund key terrnslo Target size: US$1.75 briber' Currency: US$ Investment Period: 4 years Iron., final closing Term: 7 years - extensions (5xlyear( Structure: English I. General partner share: • 1.25% p.a. of cor rnitmert:s during Investment Period • 1.00% pa. of Invested Capital1l in the following two years o'N • V. r A v r i. t. Is Li. n.741 cal MR• t•i•t3. Woo 01•6). 1 1 ll 1111 7?•:; cf,x.;,•orit. rt,g, (q,;y rOi...reo Aztrerto: Mvest;',, rQui26/..:d f Th,s S;tf.0: • eije, LY :aro •;:f .; -at St;.,:ty egve.rf p 3 ji>. .:63.!•-•nc, :nftornaor: Pot pefformonce b not an i•tikiiibl a fiisliGriteof (utter fr,;42. 8% Team commitment: Min 1% of total fund size Contacts: CarO Pirric-E;roli Managirp, Partner & CEO Ciarles Smitn Managirg Partner & CIO lostua C G aser Partner, Client Relations CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0040733 CONFIDENTIAL SDNY_GM_00186917 EFTA01355530