EFTA01394186.pdf

GLDUS129 OF Enterprises Section 1: ExeCuero Summary Glendower Capital Secondary Opportunities Fund IV. LP Established track record19• 2° As of September 30, 2017 the SOF Program has delivered a strong performance with aggregate gross performance since inception of 1.6x gross multiple and 28% IRR (Internal Rate of Return) and 1.5x TVPI (Total Value to Paid-in Capital), 0.9x DPI (Distributions to Paid-in Capital) and 23% Net IRR to investors. More specifically: • SOF (2006, US$565 million, in harvesting stage) has generated top decile performance in the 2006 vintage peer group. with 2.1x gross multiple and 29% gross IRR and a 1.8x TVPI, 1.8x DPI and 22% Net IRR. • SOF D (2010, US$147 million, in harvesting stage) has generated top decile performance with a 3.0x gross multiple and 37% gross IRR and a 2.3x TVPI, 2.1x DPI and 29% Net IRR. ■ SOF II (2011, USS614 million, in maturing stage) has generated top quartile performance with a 1.7x gross multiple and 23% gross IRR and a 1.5x TVPI, 1.2x DPI and a 20% Net IRR. ■ SOF III (2014, USS1,654 billion, in early stage — completing investment period) has generated top quartile performance with a 1.4x gross multiple and 31% gross IRR and a 1.3x TVPI. 0.3x DPI and 30% Net IRR. Experienced, independent team dedicated to secondaries • Newly established, independent firm wholly owned by its Partners. ■ Glendower Capital acts as adviser and sub•delegated manager to the SOF Funds. generating meaningful fee income for Glendower Capital ■ Privately owned by its partners who worked together for 15 years$' before spinning-out from Deutsche Asset Management in 2017. ■ London and New York offices with established operational. integrated, self-contained processes developed by the SOF Team over 10 years. • Seasoned international 23-strong team (16 investment professionals with a 12-year average of relevant experience) targeted to grow to 26-28 by mid 2018. • Extensive database and relationships having invested around USS3 billion in over 350 fund interests in more than 80 deals and having screened thousands of funds over 10 years.22 • Unique sell-side experience. having participated in the restructuring of Deutsche Bank's 65.1 billion proprietary private equity portfolio from 2003 to 2006.21 Disciplined and selective investment process • Targets attractive risk-adjusted returns in excess of 20% Net IRR (after all fees. expenses and carried interest) on a portfolio-wide basis.24 Source, Cambridge Associates Secondaries Benchmark statistics as of Seetember 30. 2017 This information reflects a =ripens*, of the performance of the SOF Funds against one benchmark only SOF Funds' performance may differ when cornered to other benchmark data. Performance of the SOF Finds is not included in the data set used to catiate the benchmark data Please refer to Sec ion 2. Exhibit 2 for fitter information The performance roves have not been reined and are based on the unedited aggregated performance results of SOF. SOF D and SOF H and SOF III. collecOvely the SOF Funds. as cl September X. 2017 and should be read and reviewed ri conjunction with Appendix 5: Important Performance intimation vaich sets lath amongst other things. Bromism information regaling the performance dthcnbed above Further. note that the calculation methodology adopted to calculate Net RR in respecter the SOF Funds is impacted by the SOF Funds' use of subscription line Wilms The SOF Funds use (and SOF ft/ a expected to use) such holies to manage capes drawdoms as described in 'I:raincoats and use of subscription line facilibes: in Salon 7: Risk Factors. The SOF Funds- performance data is rot expected to be retweeertative of the investmert returns that will be expenerced by maim in the Fund Gross returns are gross or fees. expenses and carried interest whch are not charged at the investment level investors should consult with their or, achwers as to the appropriate factors to be considered in evaluating this information Past performance of the SOF Funds is nct a prediction of their future performance or that d the Fund Carlo Pero-Birth, Charles Smith. Ch Cheung and Deirdre Davies have worked together since 2003 Adam Grater Name part of the SOF Team in 2007 and Joshua Glaser in 2013 Source Glendower Captors proprietary information The Dedsone Bark proprietary envie equty restructunng took dace between 21:03 and 2006 Charles Smith and Carlo Pirtioaroli played a rote alongside other Deutsche Bank cdleagues in the transactions that comnbuted to the dispassion of Deutsche Bank's proprietary pnvate equity pordobo Charles Smith and Carlo Pirao.Broli were not invoked In Si sum transactions and the efforts described In the Merncrandum in respect of the proprietary private equty restructunng are attributable to the whole Deutsche Bark team rather than any individual wren it rt There can to no assurance that the Fund will achieve es investment ouecove or as target return Confidential Private Placement Memorandum 5 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0100178 CONFIDENTIAL SDNY GM_00248382 EFTA01394186