GL0US1 44 Glenn Warren 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 000 1400 Pricing l(04141(y Re-poCe ending funded eSS(4S - Capitalise on nixing ineffiCienCieS Mitgale BINA Pool Risk Mitigate ..t-Curie COnspIOMeitit Portioho Construction Knoweoge oe existing underlying COMpenieS Mature assets typically yidd rode predictatre cash Coin - Shorter euratdn of investments - Earlier cash OiStribatiOnS Accelerate deployment Of capital Prodders back-seasoned &Retinae exposure across 'adage strategy ordustsy and regal:try 1200 *Sac ranee d illedgWy ennui Th .\ 5 8 7 8 t' ID 11 Veen .. ... ... ... _ _ Cearesilsiedniensgenrersies dee ne-berrei •••••••••Curidsoie...iin 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 effe