EFTA01354449.pdf

GLDUS143 Henry Nicholas SOF IV - Project Sunrise Sole deal lead ❑ Fund Secondary SeGP-led Secondary D Single Asset Deal Expected Closing Date: April 2018 Seller type: Alternative funds Key investment data Transaction summary Invested Capital at close ca. $100m Number of companies 5 Discount to NAV at close 7% Strategy Mid-market buyout Gross multiple at close 1.1x Region US 0/0 funded at close 100% Industries Consumer Use of leverage No Average age at purchase 7 years Description Investment rationale / Glendower Team angle - Motivated quality GP seeking to continue growing 5 attractive mid- Glendower Team angle market investments while providing liquidity to LPs - Ability to quickly deliver a bespoke solution leveraging Glendower's - Largest two assets are franchisees of a well-known dining brand that track record in complex transactions has outperformed the broader dining industry over past ten years - Ability to perform extensive diligence, including onsite visits, full access to companies' management and industry specialists - Third value driver is one of the largest Tex-Mex casual dining brands in the US with a valuable licensing business Investment rationale - GP with strong track record - The portfolio also includes a leading burger QSR and a franchisee in the largest fitness brand focused on low-cost and high-value - Attractive entry valuation at blended 7.0x LTM EBITDA multiple - Conservative capital structure: 2.4x leverage across the portfolio - Strong free cash flow and downside protection via preferred securities yr discmakin ',colorises ory. The irwestrnent pr reed above I. scot cliose-d. or*, there is no guarantee that st., 1investment MI tore-no or tom pail o lettire invested portlVio or that it will be a:allot:4e pr. atter lute' due diligence. prove suitable to SOF Dr This slide should be read and ieviewed in conjunction with the Important Information and "Important Perfre mance Information and Notes to Investment Pedormance sections Glendower STRICTLY CONFIDENTIAL Capital CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0039043 CONFIDENTIAL SDNY_GM_00185227 EFTA01354449