EFTA Document EFTA01392585

GLOUS128 Patrick Gerschel 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 Poi disc-kr:akn pcaposes or y The inwistroent piesereed above I . close-d. arxt there i6 no guarantee that st., investmeol compWe or form pail of u kauro invested portif io or that it beal:allot:49r. atter lute' due diligence. prove scarab's to ;OFDr This slide should be reed and few-wed in conjunction with the guarantee Information and "Important Perfra mance Intorrnabon and Notes to Investment Pedormance sections Glendower Capital STRICTLY CONFIDENTIAL CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0097833 CONFIDENTIAL SDNY_GM_00244017 EFTA01392585