EFTA01393749.pdf

GLDUS 31 Bright Group 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 constriction cnteria at and time aryl in any rhwmer thm LA, Wives to be f.fonsneent With its overoli investment 01:jot:Ir.* in raspy:seto nialkst carKlitions or other l*:ftorswithaft notice to to.vestors. information prodded as at Septernl:er 30, 2017 Thee can be no assurance that the strategy will be successful in the future or that losses will De avoided. Glendower STRICTLY CONFIDENTIAL Capital CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0099489 CONFIDENTIAL SDNY_GM_00245673 EFTA01393749