EFTA Document EFTA01394382

GLDUS129 DF Enterprises SOF IV — Project Klein Exclusive deal Expected Closing Date: June 2018 K Fund Secondary NeGP-led Secondary K Single Asset Deal Seller type: Alternative funds Key investment data Transaction summary Invested Capital at close E60-100m (US$80-120m) Number of companies 4 Discount to NAV at close >5% Strategy Mid-market buyout Gross multiple at close 1.1x Region Europe / UK 0/0 funded at close 80% Industries Business services / Healthcare services Use of leverage No Average age at purchase 9 years Description - Motivated quality GP aiming to recapitalize and extend their 2007 mid- market pan-European fund while providing liquidity to LPs - Key value driver is largest independent UK premium distributor in its segment, well positioned to benefit from market tailwinds - Second largest asset is a network of medical and cosmetics UK clinics with a private and affluent customer base - The portfolio also includes an Italian digital marketing company and a management consulting company with blue chip customers - Glendower Capital retains discretion on use of follow-on capital 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 - Long 15-year relationship with the GP founder Investment rationale - Four well-invested companies positioned to capture growth opportunities arising from ongoing changes in industry landscape - Key value driver led by industry veteran with a solid track record - Value-add potential from recently implemented cost efficiency initiatives - Opportunity to invest in identified follow-ons at closing, and to contribute additional capital to exploit market dislocations Foi discmskin ocaposes or y The in:a:samara pr reed above I . s. close-d. arxi them is no guarantas that st. iiirstestineq crinplcae or roan pad o lueire IFIVApSteci p0ftl0414, 04 that it will be avaliatrie pr. aftei fultrRi due diligence. prove suitable for SOF tV This slide should be reed end ieviewed in conjunction with the 'Imponent Information and "Important Perfra mane Information and 'Notes to Investment Periormance sections Glendower Capital STRICTLY CONFIDENTIAL CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0100386 CONFIDENTIAL SDNY_GM_00246570 EFTA01394382