GLDUS124 BBR Partners Section 1: Executive Suewnary Glendower Capital Secondary Opportunities Fund IV, LP Bespoke liquidity solutions or GP-led Secondary deals, another key target area for the Fund, are an evolving and growing segment of the market. Today they represent just under 25%12 of the market and include spin-in/spin-outs, tail- end funds (i.e., funds raised at least 10 years ago) restructuring, asset liquidations, and LP tenders. Distinctive investment strategy The Manager intends to replicate the consistent, distinctive investment strategy" pursued by the SOF Team (while at Deutsche Asset Management") in each of the SOF Funds. This strategy is built around five main pillars: ■ A focus on less competitive transactions such as smaller US$5-100 million Fund Secondaries, US$100-250 million GP-led Secondaries and larger, more complex deals where the Glendower SOF Team has an angle. As of September 30, 2017. the SOF Funds had completed 82 transactions with an average deal size of US$40 million. ■ Pursuing a selective. true value approach through bottom-up, in-depth fundamental analysis rather than deal structuring / leveraging. Positioned as a mid-sized alpha value investor vs larger levered beta players. the SOF Team has screened approximately 3.000 potential deals since 2007 valued at around US$400 billion in the aggregate and have transacted around 1% of this deal-flow by value. • Buying margin of safety and mitigating blind pool risk by purchasing mature fund interests at a discount to FMV. The SOF Team has historically purchased at an average 20% discount to FMV over 350 fund interests which were around 80% funded and typically past their investment period at the time of purchase. t6 ■ Pursuing an efficient portfolio management approach. The SOF Team has historically (i) not utilized leverage at transaction level and horded at portfolio level. (ii) systematically implemented currency hedging to mitigate 50 to 60% of market volatility, (