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EFTA01389490 | EFTA01389490 Glendower Capital SOF IV, LP. 2 Distinctive investment strategy" Glendower will target globally, but primarily in the US and Europe, three types of investment: • Fund Secondaries. the purchase of LP interests in existing private aduity funds; • GP-led Secondaries which can often involve greater complexity than traditional Fund Secondanes, and incluCe spin-in / spin-outs, tail-end restructuring, asset heLicaLions, and LP tenders; and • Single Asset Deals into individual private equity companies, either at the time of the originalacquisition, or later from an investor seeking early liquidity. Glendower's portfolio construction follows an opportunistic barbell approach adjusted to market cycles by dialing up: • Discounted Fund Secondaries during market corrections(58% of transactions since inception) • Less competitive GP-led Secondaries and off-market Co-investments during normalized market conditions(43% of transactions since inception) Pursue a Swain true value approach Identify kw compegthe dials • ti5$40maveragedeal size • transacted 1% of total pipeline by value • Smaller uS55.100n turd ponfolos • Mid-sized alpha value rvestorys large levered beta play • Mod sue USS103-250mGP led deals • Value creation through in .depth fundamental anSysisys dealstructuring Focus on effident portfolio construction Buy man.n else*, • No leverage at transaction level and limited at ponfaolevel Purchased 3S0• mature fund interests at a discountover 10 years: • sledging to mitigate SO.60%of currency volatihty • Average 20% discounttor MY • hemp -1O%funded at time of entry • Portfolio diversified across a 35 deals to seek to mitigate90%• of nonmarketriska Established Investment Team Active In the Secondary Market Since 2003" • 23-strong team expected to grow to 26-23 by IHIS • 16 investment professionals with an average of 12 years of relevant experience Charles Smith as. 0 ManagingPartner, CEO— London Deutsche Bank; CO8 Web Tech; General Electric; The Boston Consulting Group Deirdny Davies 0 Parther,COO —London Deutsche Bank; ABNAmra; KPMG • 717 ManagingPartner, OO—London Deutsche Bank; Bunkers Trust; Coopers & Lybrand Joshua Glaser a0 Partner,Meet avenge— New York Deutsche Bank; Paul Capital; Forum Capita; OBC Oppenheimer AdamGraev Chi Cheung 0' Partner —Newyork Deutsche Bank; Pomona; Lehman Brothers; ChotterferfSoros; Cowen Nabs 0lmos Or Managing Director- London AD1A; (MS; Deutsche Bonk; Credit Suisse O I tr Partner —London Deutsche Bonk I Francesco Riga montl O4 1 StriorAdvisor— London Deutsche Bonk; Golfo & Co Relevant Years of experience CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0093849 SDNY_GM_00240033 EFTA01389490
February 19, 2026 at 6:27 AM