GLDUS137 Forrestal Capital LLC Section 1: ExeCulive Summary Glendower Capital Secondary Opportunities Fund N. LP Established track record"• 2° As of September 30, 2017 the SOF Program has delivered a strong performance with aggregate gross performance since inception of 1.6x gross multiple and 28% IRR (Internal Rate of Return) and 1.5x TVPI (Total Value to Paid-in Capital), 0.9x DPI (Distributions to Paid-in Capital) and 23% Net IRR to investors. More specifically: • SOF (2006, US$565 million, in harvesting stage) has generated top decile performance in the 2006 vintage peer group. with 2.1x gross multiple and 29% gross IRR and a 1.8x TVPI, 1.8x DPI and 22% Net IRR. • SOF D (2010, US$147 million, in harvesting stage) has generated top decile performance with a 3.0x gross multiple and 37% gross IRR and a 2.3x TVPI, 2.1x DPI and 29% Net IRR. ■ SOF II (2011. US$614 million. in maturing stage) has generated top quartile performance with a 1.7x gross multiple and 23% gross IRR and a 1.5x TVPI, 1.2x DPI and a 20% Net IRR. ■ SOF III (2014, US$1,654 billion, in early stage — completing investment period) has generated top quartile performance with a 1.4x gross multiple and 31% gross IRR and a 1.3x TVPI. 0.3x DPI and 30% Net IRR. Experienced, independent team dedicated to secondaries • Newly established, independent firm wholly owned by its Partners. ■ Glendower Capital acts as adviser and sub•delegated manager to the SOF Funds. generating meaningful fee income for Glendower Capital ■ Privately owned by its partners who worked together for 15 years$' before spinning-out from Deutsche Asset Management in 2017. ■ London and New York offices with established operational. integrated, self-contained processes developed by the SOF Team over 10 years. • Seasoned international 23-strong team (16 investment professionals with a 12-year average of relevant experience) targeted to grow to 26-28 by mid 2018. • Extensive database and relationships having inv