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 USS1.75 billion in commitments with same key terms as prior lunc Strong and consistent track record2 lurd SOF SC+ 0' SC1 it Sef Ill last •Arr.44 2006 2010 2011 1014 fonttopmenesto5r, Further 04r-auens. %or% werpoion't thoretscepj US5S65r 211 154/ 1,74 Marta-U.0GO t/S$14/r, 1 f 22/193 (monolog) OS$614m 29/25/737 (earrystoge) US$1.6540 35114912,837 t/S$15.40ri Net roultyle (TWO 18. 23x 1.5. 13. 5. Net ilsulbutrif(DPO lax 21. 12* 034 09. Net IRR 22% 29% 20% 30% 23% Praire; car lob. 'et! carrel 16% 51% 11% 44% Consistent top returns among peers: SOF Funds vs Cambridge Associates' secondary funds performancew vscm. nu, twt i RR Irii:tc pa:frets SrO3 r: do y ' void S Net inultik to 0-..ted wines' nro•Ift O.-; • • • • 03 ie w er A y r i. t. Is :4 rot wn•lf :kr l? Woo 01•6). cf,x.;rrtorit. rt,g, rOi...reo rC Aztrerirea Mvest,;+: Qui26(..:d f :i