Glendower Capital is an independent secondary private equity manager (formerly affiliated with Deutsche Asset Management) that seeks to purchase mature, high quality private equity fund interests from investors seeking liquidity. Glendower currently consists of a 23 person-strong team with $3 billion in total client assets and offices in London and New York. Glendower's mission is to deliver top-quartile, buyout-like returns while mitigating downside risk through its disciplined, bottom-up underwriting process, as well as the shorter duration of secondary investments, which leads to early cash distributions to investors. The Fund seeks to continue the successful secondary strategy the team has pursued since its inception at Deutsche Bank in 2006 - which has resulted in a negligible loss ratio - by aiming to build a globally diversified portfolio of seasoned funds, GP-led transactions and co-investments on the secondary market. While past performance is not indicative of future results, Glendower Capital has a strong track record of success. As noted in the attached marketing materials, since its founding, the mature funds managed by Glendower have retumed a 1.7x net multiple and a net IRR in excess of 20%. Including SOF III, which is a 2014 vintage fund, Glendower's overall program has returned a 1.5x net multiple and a 23% net IRR. Private equity investments such as the Fund are speculative and illiquid. Please see the offering memorandum for further information about the Fund and the risks associated with investing. C5 ?Amyx afIkt SA, >1.4:4 VOur !Warr OV1I FORMAT TEXT IIEVIW MOSE POI 10' haw-Alp' ! F1: Impartincr Ce'd Ft" r 4 , • A, • zr•• 457: "fra stm. n...A. Hh" . Ar: tir."" ‘ int" 4 L44 444O4. 4ce Sento vow* Cfteuvre Sam 44 N•akt sew itatmtri.Itw000 Znar. „it ar 0.114,041... Fliat trntOW Col* 4atoti tatra•bCommung van Illhinctly Unkind trIvnrir ^t^ovc..=“ 2916 MR: Aornyet for 0 terl egman LY.14^,anmt eetw