Glendower Capital Glendower Capital Secondary Opportunities Fund IV, LP The Offering Glendower Capital Secondary Opportunities Fund IV, 1P1 ("S0F 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 IN, yout•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.Sx TVPI and 23% Net IRIV SOF IV will continue the successful secondary strategy pursued since 2006: • Aiming to build a globally C iversif led portfolio of seasoned funds, GP-let 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 lunc Strong and consistent track record2 lurd Vrt.ht fdevetopmenesto5r, Further Trtr-auens. %or% torpsion't her mac* (TWO 6•10butrO(DPO Net IRR Praire; car tol% 'et! capr.31 SOF 2006 thorwescrtgj US5S65r 2111541:.774 18. lax 22% SCC 0' 2010 Mann:AGO 1./S$14/r, 1/28/193 2 3. 2 I. 29% 76% 51% Sc.,' 2011 (monolog) L155614m 29/75/737 15. 1.h 20% Sef 7014 (earystor) 1,551.654m 1./5$),440n 15/:49/2%37 13x 0.3. 30% 42% 44% Consistent top returns among peers: SOF Funds vs Cambridge Associates' secondary funds performancew twt I RR IroKtc pa:WES y 'u Wt Ne:inultilk to knot ;mimes' • r• • j • • 03 ie w r A y r i. t, a :4 nro•Ift %di wn•lf 5. 09. 23% Woo 01•6). 1 1 ll 1111 7?pi:; cf,x.;rrtorit. rt,g, roiy,te rOi...reo rC Actrer Mvest,;+: ,2u,26/..:d f :in:1;43On Th,s S;tf.‘0: • .t0r eije