EFTA01354928

Glendower Capital is an independent secondary private equity manager (formerly affiliated with Deutsche Asset Management) that seeks to purchase mature, high quality private equity fund interests from investors seeking liquidity. Glendower currently consists of a 23 person-strong team with $3 billion in total client assets and offices in London and New York. Glendower's mission is to deliver top-quartile, buyout-like returns while mitigating downside risk through its disciplined, bottom-up underwriting process, as well as the shorter duration of secondary investments, which leads to early cash distributions to investors. The Fund seeks to continue the successful secondary strategy the team has pursued since its inception at Deutsche Bank in 2006 - which has resulted in a negligible loss ratio - by aiming to build a globally diversified portfolio of seasoned funds, GP-led transactions and co-investments on the secondary market. While past performance is not indicative of future results, Glendower Capital has a strong track record of success. As noted in the attached marketing materials, since its founding, the mature funds managed by Glendower have retumed a 1.7x net multiple and a net IRR in excess of 20%. Including SOF III, which is a 2014 vintage fund, Glendower's overall program has returned a 1.5x net multiple and a 23% net IRR. Private equity investments such as the Fund are speculative and illiquid. Please see the offering memorandum for further information about the Fund and the risks associated with investing. C5 ?Amyx afIkt SA, >1.4:4 VOur !Warr OV1I FORMAT TEXT IIEVIW MOSE POI 10' haw-Alp' ! F1: Impartincr Ce'd Ft" r 4 , • A, • zr•• 457: "fra stm. n...A. Hh" . Ar: tir."" ‘ int" 4 L44 444O4. 4ce Sento vow* Cfteuvre Sam 44 N•akt sew itatmtri.Itw000 Znar. „it ar 0.114,041... Fliat trntOW Col* 4atoti tatra•bCommung van Illhinctly Unkind trIvnrir ^t^ovc..=“ 2916 MR: Aornyet for 0 terl egman LY.14^,anmt eetw. 4.10 X14 ;e,T la,nt r"-e 7 From: Andrew King Sent: Friday, May 04, 2018 8:47 PM To: Stewart Oldfield < Cc: Frank DeBenedittis < Subject: MTA Coverage and Glendower Requests Stew, >; Nathaniel Morgan < >; William-M Finn Frank DeBenedittis (copied) will be covering for me while I'm on MTA. If you need anything ISG related while I'm out please connect with him. We've requested Glendower materials for the clients listed below. The team will forward the materials once available. Banker Client Oldfield Aspen-Credo (*Weird Bright Oldfield Dimensional Oldfield Dorrance Gleffietcl E-esteini-SeuthernanansialAvith-KCR Oldfield ivensateh Gielfis4c4 For-rest-al igldfield Georgetown CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0039528 CONFIDENTIAL SDNY_GM_00185712 EFTA01354928