EFTA Document EFTA01391233

GLDUS139 Third Lake Capital I ntroductiont" Glendower Capital Secondary Opportunities Fund IV, LP ("SOF IV") Glendower Capital is an independent secondary private equity manager owned by its partners - Fully funded and operational since its team spun-off from Deutsche Asset Management on August 1st, 2017 - Glendower continues to advise and manage the legacy SOF Program with US$3 billion of third-party client assets Our mission is to deliver outstanding results for its investors - Strong buyout-like performance with an attractive risk profile, early cash flows and negligible loss ratio - Mature SOF Funds show 1.7x Net Multiple and over 20% Net IRR, overall program shows 1.5x Net Multiple and 23% Net IRR Glendower Capital is launching SOF IV to continue the successful value-investing strategy pursued since 2006 - Disciplined bottom-up underwriting of attractive assets managed by quality managers globally - Across a range of transactions: traditional fund secondaries, GP-led transactions and single asset deals - With focus on value creation through in-depth fundamental analysis as opposed to deal structuring and leverage The Fund is seeking US$1.75 billion in commitments with same key terms as prior fund - In the process of closing US$1.3 billion in a first close in May with ca. 50 investors - Second close before the summer at or above target and final closing in 4Q18 - Active pipeline with two deals for US$200 million closing in May / June and two near term opportunities for additional US$200 million ;• .;'•:: (2) Perfoiniance tytirtas have been calculated baseat the unaudted mfarritarce results of S0F.. S(.1t. aCiF. ifi e, :taptorutita A v.:. one anara. be laid arte,liatiai wIll.atti0n the 0, :toff, Information" and -Notes to the Investment Performance" sections of this presentation. The "Notes to Investment Performance" section in particular includes. among other things. a description of the terms tared in the tables above and sets forth Erma-tank gtudefines and lb.:jute:7ns as to the performame described above. Net p-erforrname data relleas amourds net of expenses. feel and enured interest. lrweetors should consult with thee own advisers as to tlw appropriate factors to be tx.(11.tudered twatiatiri this information Paut peifismance is not a pie:action of theVtra performance of 40F. SOP D. SOF a SOF Ill but is included to demonstrate the track record of the Glendower SOF Team and there can be no assurance that SOF IV will achieve comparable results or that any target results will be achieved (3) iftendower Capita Secondary Opportunities Fund IV. L P. fSOF IV or the "Fleet * being foymed by GiVirdo'brig Capital. LIP rOienr weri. which is authorized and requited by the United Kingdom Financial Con tdit. Authority The Fund is sec kini USSI 75 billion in total comoutments with the aim of generating attractive risk adjusted investment returns principally in the form of capital appreciation. through the acquisition. hokling and disposition of a diverse port*Iro a investments incitAno buyout growth Amite* capital special situtdions, tumaround. mezzanine. distressed cptortunities. realestate and indiastructure assets from the secondary market The Fundwill target globally but prImarift in the (15 and Europe iij the acquisition of inteiests in established generalist and specialist private equity fund stiucturos (int.:Indira funds of funds. fettle' funds and other similar tdructutosl qn the secondary market such fund or structure. a 'Reid Secondary :1 tin the acquisition of interests in coiffure's of private toulyaosels on the secondary inarkat in transactions with gieater complexity eisludino Spilein SpfrOttS. taii-end teste-ictizina. assetiiquidatian. and LP tenders roach e.th invevment interest. a .I.SP-led Secoridarvi. arid tie) inveginents is an individuai portfolio colipaly alongside private equity fund si-4411.ois (each such invei:Inient. a 'Single. Asset Dear). Glendower Capital STRICTLY CONFIDENTIAL CONFIDENTIAL - PURSUANT TO FED. R. CRI M. P. 6(e) DB-SDNY-0096048 CONFIDENTIAL SDNY_GM_00242232 EFTA01391233