EFTA01394760

GLIDUS140 Lawrence Hirsch Disciplined barbell approach adjusted to market cycles Dialling up / down deal types relative to segment attractiveness Description Marked Glendower Capital Deal size Expected allocation Deals since 20072 Gross returns2 SOF (harvested)3 SOF II (maturing)3 SOF III (early stage)3 Fund Secondaries GP-led Secondaries Traditional purchase of fund interests: Be-spoke liquidity solutions: Single Asset Deals Purchase of interests in single assets: • Single LP position • Restructuring of existing funds • GP-led secondaries of one asset • Portfolios of LP positions • Spin-outs • Fundless sponsor deals • Fund of funds • Recapitalizations • Secondary co-investments • LP tenders • Portfolios of assets • Co-investments • Many participants • Fewer participants with demonstrated underwriting capabilities • 10-15% IRR / 1.3-1.4x MOIC gross • 15-20% IRR / 1.6-1.7x MOIC gross Buy aggressively during periods of Buy selectively during periods high volatility and illiquidity of low volatility and high liquidity US$5-100m US$100-250m US$25-50m 40-60% Up to 40% Up to 20% 52 transactions 42% IRR and 2.2x MOIC 20% IRR and 1.5x MOIC 48% IRR and 1.4x MOIC 15 transactions 9% IRR and 1.4x MOIC 30% IRR and 1.9x MOIC 36% IRR and 1.5x MOIC 15 transactions 18% IRR and 3.0x MOIC 21% IRR and 1.7x MOIC 2% IRR and 1.0x MOIC 0 3 ;'nark,bt :,twos based on own triarlat intelligence. i2) As of September X30. 2O17. Gross returns do not reflect the priority profit share, carried inter at. taxes transaction costs and other expenses. Performance haves have been °arcuated based on the unaudited performance recut. and shoald be read and reviewed in corqation %rah the 'Important Inforrnatn" aryl 'Notes the investment Perforrnfiric-al sections t hea presentatian above investment Perlormarr.e' section in particular Includes. among other things. a desorption of the terms used in the tables above and sets foith important guidelines and Inrtations as to per descrbed Past performance rs no te a peek:tart of the lutuie panfarnance (3) For fund-levet net returns please refer to the overall Uansaction summaries for SOF. SOF II and SOF III on pages 43. 45 and 47. Glendower Capital STRICTLY CONFIDENTIAL 24 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL SDNY_GM_00246986 DB-SDNY-0 100802 EFTA01394760