EFTA01394731

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 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 TVPI 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 Vrt.ht fdevetopmenesto5r, Further Trtr-auens. %or% torpsion't her mac* (TWO 6•10butrO(DPO Net IRR Praire; car tol% 'et! capr.31 SOF 2006 thorwescrtgj US5S65r 2111541:.774 18. lax 22% SCC 0' 2010 Mann:AGO 1./S$14/r, 1/28/193 2 3. 2 I. 29% 76% 51% Sc.,' 2011 (monolog) L155614m 29/75/737 15. 1.h 20% Sef 7014 (earystor) 1,551.654m 1./5$),440n 15/:49/2%37 13x 0.3. 30% 42% 44% Consistent top returns among peers: SOF Funds vs Cambridge Associates' secondary funds performancew twt I RR IroKtc pa:WES y 'u Wt Ne:inultilk to knot ;mimes' • r• • j • • 03 ie w r A y r i. t, a :4 nro•Ift %di wn•lf 5. 09. 23% Woo 01•6). 1 1 ll 1111 7?pi:; cf,x.;rrtorit. rt,g, roiy,te rOi...reo rC Actrer Mvest,;+: ,2u,26/..:d f :in:1;43On Th,s S;tf.‘0: • .t0r eije, f.•• :aro .•;:f .; -at. St;.,:ty egve.rf p 3 ji>. .:Ifo.!•-finc, :nftornaor: Past pefformonce b not an fiirliGriteof (utter rt! ,:tr:, Fund key terrnslo Target size: US$1.75 billion Currency: US$ Investment Period: 4 years fror• final closing Term: 7 years t extensions (5xlyear( Structure: English I. General partner share: • 1.25% p.a. of core rtitrren:s during Investment Period • 1.00% p.a. of Invested Capital1l in the following two years • Thereafter 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: CarO Managirp, Partner & CEO Cnatles Managirg Partner & 00 lostua C G aser Partner. Client Relatiors CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0 100769 CONFIDENTIAL SDNY_GM_00246953 EFTA01394731