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 from final closing Term: 7 years - extensions (5xlyeari Structure: English I.. P. General partner share: Strong and consistent track record2 • 1.25% p.a. of cor rnitrrert:s during Investment Period lurd SOF SC+ D' Sc.,' Sc' vnaer 2006 2010 20:1 2014 • 1.00% pa. of Invested Capital'1 in foNvoLopmenes<e5r, Furdwr thoretscepj US$S65r (hannungj vS$240, fox/Nertni7) OS$614m (rarrystor) GS$1.654r US$2..INCrn the following two years • "hereafter greater of 90% of Tror-auors. %cc% corpoon't 211154/:,74 1118/193 29/25/737 15/:49/$837 previotis year and 0.25% of Net roultyle (TWO 18* 2 3x 1.5o 13x 5. Invested Capital Net ilsolbuteCI(DPII lax 2 h 1.h 0.34 09' Carried Interest: Net IRR 22% 29% 20% 30% 23% 12.5%