EFTA01354880

GLDUS125 Gerald Ford SOF IV - Project Sunrise Sole deal lead Expected Closing Date: April 2018 K Fund Secondary SeGP-led Secondary D Single Asset Deal 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 - Motivated quality GP seeking to continue growing 5 attractive mid- market investments while providing liquidity to LPs - Largest two assets are franchisees of a well-known dining brand that has outperformed the broader dining industry over past ten years - Third value driver is one of the largest Tex-Mex casual dining brands in the US with a valuable licensing business - The portfolio also includes a leading burger QSR and a franchisee in the largest fitness brand focused on low-cost and high-value Investment rationale / Glendower Team angle Glendower Team angle - Ability to quickly deliver a bespoke solution leveraging Glendower's track record in complex transactions - Ability to perform extensive diligence, including onsite visits, full access to companies' management and industry specialists Investment rationale - GP with strong track record - 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 For disc-km..5km proposes tiijy. The irr.w4troant preseresd above I . F. ri*1 cliose-i. Or*, there i6 no .juatantera that st., 1 investmeol cconpWe or form pail of IL.Irire invested portlVio of that it will ha al:allot:4pr. after lute' due diligence. prove suitable for SOF DI. This slide should be reed and reviewed in conjunction with the 'Imponant Information and "Impoilant Perfoi mance Intorrnabon and Notes to Investment Pedormance sections. Glendower Capital STRICTLY CONFIDENTIAL 40 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0039478 CONFIDENTIAL SDNY_GM_00185662 EFTA01354880