EFTA01383128.pdf

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 aduity 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 tater 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) Pursue a Swain true value Identify kw compegthe dials approach • ti5$40maveragedeal size • transacted 1% of total pipeline by value • Smaller uS55.100n turd ponfolos • Mid-sized alpha value rvestorys large levered beta play • Mod sue USS103-250mGP led deals • Value creation through in .depth fundamental anSysisys dealstructuring Focus on effident portfolio Buy man.n else*, construction • No leverage at transaction level and limited at Purchased 3S0• mature fund interests at a ponfaolevel discountover 10 years: • sledging to mitigate SO.60%of currency • Average 20% discounttor MY volatihty • hemp -1O%funded at time of entry • Portfolio diversified across a 35 deals to seek to mitigate90%• of nonmarketriska 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 Charles Smith AdamGraev Chi Cheung 0 as. 717 0' O I tr ManagingPartner, CEO— London ManagingPartner, OO—London Partner —Newyork Partner —London Deutsche Bank; CO8 Web Tech; Deutsche Bank; Bunkers Trust; Deutsche Bank; Pomona; Lehman Deutsche Bonk General Electric; The Boston Coopers & Lybrand Brothers; ChotterferfSoros; Cowen Consulting Group 0 Deirdny Davies Parther,COO —London Deutsche Bank; ABNAmra; KPMG a0 Joshua Glaser Partner,Meet avenge— New York Deutsche Bank; Paul Capital; Forum Capita; OBC Oppenheimer Nabs 0lmos Or Managing Director- London AD1A; (MS; Deutsche Bonk; Credit Suisse I Francesco Riga montl O4 1 StriorAdvisor— London Deutsche Bonk; Golfo & Co • Relevant Years of experience CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0082766 CONFIDENTIAL SDNY_GM_00228950 EFTA01383128