Glendower Capital Glendower Capital Secondary Opportunities Fund IV, LP The Offering Glendower Capital Secondary Opportunities Fund IV, PI ("SOF 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 buyout: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 1.5x TVPI and 23% Net IRR.' SOF IV will continue the successful secondary strategy pursued since 2006: • Aiming to build a globally C iversif led portfolioof seasoned funds, GP-led transactions anc co-investments on the secondary market • Value creation through in-cepth fundamental analysis as opposec to creel structuring • Seeking US$1.75 billion in commitments with same key terms as prior lune Strong and consistent track record? tar:: so, 2006 SCf D' 2010 SC" a /011 SCI 7014 14,21 fateitor^w^.:““ thoretscrtgj (hancatmpl tradurre') (rarrystor) Further US$S65r vS$14/r OS$614m US$1.654r US$1.9SCri liar-awns. Va:.% (organic?' 11I1541:.774 lf/8/193 /9/ 75/ 737 15(149/2.837 Net roultyle(TVP) lax 2 34 154 134 54 65141buta0(DPII lax 2 Ix 1.h 0.3x 09. Net IRR 22% 1976 20% 30% 23% Pea re:car tnla.rdc.a, 75% 51% 41% 44% Consistent top returns among peers: SOF Funds vs Cambridge Associates' secondaryfunds performance mg Vats hetIRR., tr j C•ctaiodia fano f Nee abaft.* to Mated pirtnet0 OX V. • MD Y!. VNi I 4 2 I • • ; Oa ,• Is :4 ICI. IN6P•1 O -iM ,W4 MR•lf tin• Woo 01•6). cf,x...etorit r(, nwy ,te rOi rec. re Icrento: Mvem,;+: f Th,s :s ;zr.‘ ) ;lie, 7:%:ae IC' %MA: