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 returned 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. r! 8 *) 0 t MMUX x 0fth&te . -9 • • Hr- . !jam Wittier te•t) t a! vain. tar 0PP0WS FCOMT tiff PEW/ MONK* to - a A. rYLj".1 *-tt(e ts- ., t a. 446ten Check Stud', rte.°, Separbet letk s ipmes Ng item • - ;” - de r IOW.; Up • kir laspatstor 4 Loa torratamt Cbsokance,0 epos« Cont•letml ■ Issm.*ICOnSTIAIIIC•AOn Shit* CAM Isfeaul )LItaatilLtt tit *rnrnfrw'ni t2124=HeiCattantatattli tiataeziro Morel flutsts•i. 'el} •I,Uapyal6 ,e s4 • If • A t' ≥it m'] LI From: Andrew King Sent: Friday, May 04, 2018 8:47 PM To: Stewart Oldfield <[email protected]> Cc: Frank DeBenedittis [email protected]>; Nathaniel Morgan [email protected]>; William-M Finn <[email protected]> Subject: MTA Coverage and Glendower Requests Stew, Frank DeBenedittis (copied) will be covering for me while I'm on MTA. If you need anything ISG related while I'm out please connect with him. We've requested Glendower materials for the clients listed below. The team will forward the materials once available. Banker GicIfietcl Gkffielri Oldfield Oldfield 01€44€4€1 GIcIfietcl Gfliel€1 Oldfield Oldfie