Glendower Capital SOF IV, LP. 2 Distinctive investment strategy" Glendower will target globally, but primarily in the US and Europe, three types of investment: • Fund Secondaries. the purchase of LP interests in existing private ad uity funds; • GP-led Secondaries which can often involve greater complexity than traditional Fund Secondanes, and incluCe spin-in / spin-outs, tail-end restructuring, asset heLicaLions, and LP tenders; and • Single Asset Deals into individual private equity companies, either at the time of the originalacquisition, or later from an investor seeking early liquidity. Glendower's portfolio construction follows an opportunistic barbell approach adjusted to market cycles by dialing up: • Discounted Fund Secondaries during market corrections(58% of transactions since inception) • Less competitive GP-led Secondaries and off-market Co-investments during normalized market conditions(43% of transactions since inception) Identify kw compegthe dials • ti5$40maveragedeal size • Smaller uS55.100n turd ponfolos • Mod sue USS103-250mGP led deals Focus on effident portfolio construction • No leverage at transaction level and limited at ponfaolevel • sledging to mitigate SO.60%of currency volatihty • Portfolio diversified across a 35 deals to seek to mitigate90%• of nonmarketriska Pursue a Swain true value approach • transacted 1% of total pipeline by value • Mid-sized alpha value rvestorys large levered beta play • Value creation through in .depth fundamental anSysisys dealstructuring Buy man.n else*, Purchased 3S0• mature fund interests at a discountover 10 years: • Average 20% discounttor MY • hemp -1O%funded at time of entry Established Investment Team Active In the Secondary Market Since 2003" • 23-strong team expected to grow to 26-23 by IHIS • 16 investment professionals with an average of 12 years of relevant experience Managing Partner, CEO— London Deutsche Bank; CO8 Web Tech; General Electric; The Boston C