EFTA Document EFTA01391551

GLDUS124 BBR Partners 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 discmcazin ',colorises t.0y. The ircwatrnent pr reed above I . s r*1 cliose-d. and there is no guarantee that st., investmeol chi-nob:4e or to; pail of future invosted portf ici or that it al:abide?. after lute' due diligence. prove suitable for SOF DI. This slide should be read and reviewed in conjunction with the Important Information and "Important Performance Intorrnabon and Notes to Imam:Mere Performance sections. Glendower Capital STRICTLY CONFIDENTIAL 40 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0096506 CONFIDENTIAL SDNY_GM_00242690 EFTA01391551