EFTA01394011.pdf

GLDUS137 Forrestal Capital LLC SOF IV — Project Klein Exclusive deal Li Fund Secondary NeGP-led Secondary D Single Asset Deal Expected Closing Date: June 2018 Seller type: Alternative funds Key investment data Transaction summary Invested Capital at close E60-100m (US$80-120m) Number of companies 4 Discount to NAV at close >5% Strategy Mid-market buyout Gross multiple at close 1.1x Region Europe / UK 0/0 funded at close 80% Industries Business services / Healthcare services Use of leverage No Average age at purchase 9 years Description Investment rationale / Glendower Team angle - Motivated quality GP aiming to recapitalize and extend their 2007 mid- Glendower Team angle market pan-European fund while providing liquidity to LPs - Ability to quickly deliver a bespoke solution leveraging Glendower's - Key value driver is largest independent UK premium distributor in its track record in complex transactions segment, well positioned to benefit from market tailwinds - Ability to perform extensive diligence, including onsite visits, full access to companies' management and industry specialists - Second largest asset is a network of medical and cosmetics UK clinics with a private and affluent customer base - Long 15-year relationship with the GP founder Investment rationale - The portfolio also includes an Italian digital marketing company and a management consulting company with blue chip customers - Four well-invested companies positioned to capture growth opportunities arising from ongoing changes in industry landscape - Glendower Capital retains discretion on use of follow-on capital - Key value driver led by industry veteran with a solid track record - Value-add potential from recently implemented cost efficiency initiatives - Opportunity to invest in identified follow-ons at closing, and to contribute additional capital to exploit market dislocations For dear:akin pcaposec rjy. Tha pr reed above I.W s. flOt cliose-d. and these is no guarantee that st., 1intestine'? wit c:amok:4e or !cart o' Ivbire invested portfc4io or that it Al bei avaliab4e or. aftei fultrRi due diligence. prove suitable for :30F Di This slide should be reed end reviewed in conjunction with the 'Important Infomiation and "Important Perfra mane Information and Notes to Investment Pedormance sections Glendower STRICTLY CONFIDENTIAL Capital CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0099940 CONFIDENTIAL SDNY_GM_00246124 EFTA01394011