EFTA01391867.pdf

GLDUS142 Ironsides Asset Mgmt Glendower has a distinctive investment strategy Disciplined bottom-up underwriting of attractive assets managed by quality managers Source less competitive deals Pursue a selective, true value globally approach Average deal size of US$40m: • Transacted 1% of total pipeline by value • Mature fund secondaries of US$5-100m • Mid-sized alpha value investor vs large • Mid-market GP-led deals of USS100-250m levered beta play • Value creation through in-depth • Single-asset deals of US$25-50m fundamental analysis vs deal structuring Focus on efficient portfolio Buy margin of safety construction • No leverage at transaction level and Purchased 350+ mature fund interests at a limited at portfolio level discount over 10 years: • Hedging to mitigate 50-60% of currency • Average 20% discount to FMV volatility • Average -80% funded at time of entry • Portfolio diversified across ca. 35 deals to seek to mitigate 90%+ of non-market risk' ill Source: Glendower's assessment based on portfolio management theory. There can be no asstrance that efforts to mitigate risk will be successful. Further. Glendower may modify its portfolio construction cntena at and time atvi in any ntwrththm it LA,Wives to be t)onsneent leith iw os'elee investmentrAddivN in reeLscesse to ntelkst G4(14'1'0'111 or other i'vtorewithuit notice to ONestols. Information prodded as at Senterni:er 30, 2017 'these can be no assurance that the strategy will be succeastul in the future or that losses will De avoided. Glendower STRICTLY CONFIDENTIAL Capital CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0096953 CONFIDENTIAL SDNY_GM_00243137 EFTA01391867