GLDUS113 Cliff 'Nig Section 4. Glendower Capital Secondary Opportunities Fund IV. LP Glendower Capital Secondary Opportunities Fund IV, LP Attractiveness of Secondary Opportunities for Investors The Manager believes that secondary investments can form an important element of a diversified private equity portfolio: • Secondaries complement investment portfolio construction: a secondary investment program can be designed to complement a primary investment program by filling the gaps in an investors investment portfolio and providing exposure to older vintages or different strategies or geographies. • Secondaries provide the opportunity to pursue an attractive risk-reward profile. Exhibit 7: Attractiveness of Secondary Opportunities for Investors1B h000 1,400 Pricing ILO tolity Re-COCe ex Sbn2 ?undid risers - Capitalise on pnong inefficiencies fleitgale Blind Pool Risk Mitigate J-Curott COffspieMent Portfolio Construction Knoweoge Of existing ueeeitying companies Mature assets typically yi(40 more a:edictal:re cash Corn - Shorter Cretan of invashnents - Earlier cash ChStntchOnS Accelerate osp/eYment of capital Prose:les beck-seasoned thersrfiecl exposure across weer strategy industry and recce" 1200 ENO 'so adpi 400 200 dapl voo) coo .1 5 8 7 8 t' ID 11 viva .. ... ... ... - - Ceassonsessreesgentsches Ces-boosi More specifically, the Manager believes that secondary investments offer the potential for an attractive risk-reward profile due to: • Pricing flexibility: capacity to re-price existing assets to reflect current performance and economic environment and to opportunistically target price inefficiencies resulting from market dislocation and supply-demand imbalances in the private equity market. • Mitigation of blind pool risk: a secondary manager is typically able to analyze existing assets and will therefore have greater visibility on cash-flows. • Mitigation of J-curve effect: typically secondary inves