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resentation in respect of the SOF Funds covers the period time from inception of the SOF Funds to date. including the time prior to the formation of Glendower. when the team were employees of Deutsche Bank In evaluating the track record. each Redeem should note that (i) Carlo Pirzio-Birce and Charles Smith
GLDUS238 SOUTHERN FINANCIAL LLC Notes to Investment Performance Important Information on the Track Record. The Giendower SOF Team spun-oft from Deutsche Bare and its affiliates ('Deutsche Bank nii August 1.2017 and established Glendower Capital: LLP and its affiliates (together. Miketateeyi o:, independe
resentation in respect of the SOF Funds covers the period time from inception of the SOF Funds to date. including the time prior to the formation of Glendower. when the team were employees of Deutsche Bank In evaluating the track record. each Recipient should note that (i) Carlo Pirzie-Bircai and Charles S
GLOUS238 SOUTHERN FINANCIAL LLC Notes to Investment Performance Important Information on the Track Record. The Glendower SOF Team spun-off from Deutsche Bare and its affiliates ("Deutsche Bank i August 1.2017 and established Glendower Capital: LLP and its affiliates (together. Sienaerceee o:, *dependent
resentation in respect of the SOF Funds covers the period time from inception of the SOF Funds to date. including the time prior to the formation of Glendower. when the team were employees of Deutsche Bank In evaluating the track record. each Redeem should note that (i) Carlo Pirzio-Birce and Charles Smith
GLDUS238 SOUTHERN FINANCIAL LLC Notes to Investment Performance Important Information on the Track Record. The Giendower SOF Team spun-oft from Deutsche Bare and its affiliates ('Deutsche Bank nii August 1.2017 and established Glendower Capital: LLP and its affiliates (together. Miketateeyi o:, independe
Entities connected to both Glendower and Deutsche Bare

Deutsche Bank
ORGANIZATION
Prince Charles
PERSONCharles Smith
PERSONAdam Graev
PERSONFrancesco Rigamonti
PERSONthe Glendower SOF Team's
ORGANIZATIONDeutsche Bank Securities Inc.
ORGANIZATION
Target
ORGANIZATIONTolal Value
PERSONCarlo Pirzio-Birce
PERSON