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$1.75 billion in commitments with same key terms as prior lunc Fund key terms30 Target size: USS1.75 billion Currency: US$ Investment Period: 4 years Iron., final closing Term: 7 years - extensions (5xlyear( Structure: English I.. P. General partner share: Strong and consistent track record2 • 1.25% p.a. of cor rnitmert:s during Investment Period lurd sOF SC+ D' Sc.,' Sc'Sc{Iii 14,21 vnaer 2006 2010 2011 7014 • 1.00% pa. of Invested Capital1l in fonttopmenesto5r, Further thoretscepj US$S65r thannungj US$14/r (monolog) OS$614m (rarrystor) GS$1.654r US$2.4Sern the following two years • "hereafter greater of 90% of Tr4r-auers. %or% corp4ron't 111 154/ :.774 108/193 29/75/737 15/ 149 / 2,837 previous year and 0.25% of her roult4:4e (TWO lax 2 3x 15o 13x 5. Invested Capital 6suibutr0(DPO lax 2 Ix 1.h 0.34 094 Carried Interest: Net IRR 22% 2916 20% 30%