Subject: RE: MTA Coverage and Glendower Re uests From: Frank DeBenedittis < Date: Wed, 09 May 2018 10:12:49 -0400 To: Andrew King Stewart Oldfield Cc: Nathaniel Morga William-M Finn From: Frank DeBenedittis Sent: Wednesday, May 09, 2018 10:11 AM To: Andrew King ; Stewart Oldfield Cc: Nathaniel Morgan ; William-M Finn Subject: RE: MTA Coverage and Glendower Requests Stew, Please see the attached documents and the approved email language below. I will send the other clients' zip files in a separate email or once they are approved. The entire zip file should be sent to clients but I tend to separate the factsheet and pitchbook from the broader zip file (see below) when sending the email to clients. Please copy someone from ISG on the email as this is required by our BAM. Glendower Capital is an independent secondary private equity manager (formerly affiliated with Deutsche Asset Management) that seeks to purchase mature, high quality private equity fund interests from investors seeking liquidity. Glendower currently consists of a 23 person-strong team with $3 billion in total client assets and offices in London and New York. Glendower's mission is to deliver top-quartile, buyout-like returns while mitigating downside risk through its disciplined, bottom-up underwriting process, as well as the shorter duration of secondary investments, which leads to early cash distributions to investors. The Fund seeks to continue the successful secondary strategy the team has pursued since its inception at Deutsche Bank in 2006 - which has resulted in a negligible loss ratio - EFTA01441660