Strictly Cor Glendower Capital SOF IV, LP. 2 Distinctive investment strategy12 Glendower will target globally, but primarily in the US and Europe, three types of investment: • Fund Secondaries, the purchase of LP interests in existing private ad uity funds: • GP-led Secondaries, which can often involve greater complexity than traditional Fund Secondaries, and induce spin-in / spin-outs, tail-end restructuring, asset lieu ida t ions, and LP tenders; and • SingleAsset Deals into indivicual private equity companies, either at the time of the original acquisition, or tater from an investor seeking early . hquidity. Glendower's portfolio construction follows an opportunistic barbell approach adjusted to market cycles by dialing up: • Discounted Fund Secondaries during market corrections I58% of transactions since inception) • Less competitive GP-led Secondaries and off-market Co-investments during normalized market conditions(42% of transactions since inception) Identify Nat compeddva dials • tiS$40maveragedeal size • Smaller uS55.100n fund ponfolos • kid sue USS1O3-250mGP led deals Focus on effident portfolio construction • NoIt:nage at trar sachor Irvel and limited at ponfaolevel • Hedging to mitigate 50.603Cof currency volatility • Pardee° diversified across a 35 deals to seek to mitigate90%• of nonmarketriska Pursues Seedy% true value approach • transacted 1% of total metre by value • Mid-sized alpha value rvestorvs large levered beta play • Value creation through in depth fundamental anSysisso dealstructuring Buy margin dialog Purchased 350, mature fund interests at a discountover 10 years: • Average HA diSeOunt toFMV • ketrage `SOU funded at time of entry Established Investment Team Active In the Secondary Market Since 200314 • 23-strong team expected to grow to 26-28 by 1 I ; • 16 investment professionals with an average of 12 years of relevant experience Carlo Pinto-tarok Managing Partner, CEO — London Deutsche Bank; CDS W