SOF IV - Project Sunrise Sole deal lead

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an Slome SOF IV - Project Sunrise Sole deal lead Expected Closing Date: April 2018 ❑ 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-m.5am ',colorises tiy. Thci in:weer:ere pfnegud above I . srml close-d. OrXi there i6 no .tuatontee that st., investmeol toe-nob:4e of to; pail of a keure invosted pottfie or that it al:allot:49f. atter lute' due diligence. prove suitable to ,OF Dr This slide should be reed and reviewed in conjunction with the Important Information and "Important Penni mane Informahon and 'Notes to Investment Pednrmance sections Glendower Capital STRICTLY CONFIDENTIAL CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0094763 CONFIDENTIAL SDNY_GM_00240947 EFTA01390301