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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 partner
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$' before spinning-out from Deutsche Asset Management in 2017. ■ London and New
for ruttier 'Sonnets:el The performance figures have not been asined and are based on the unedited aggregated performance results of SOF. SOF 0 and SOF H and SOF Ill. collecOvery the SOF Funds. as et September X. 2017 and should be read and reviewed ri conjunct:cc with Appendix 5: Important Performanc
DPI and 30% Net IRR. Experienced, independent team dedicated to secondaries • Newly established, independent firm wholly owned by its Partners. ■ Glendower Capital acts as adviser and sub•delegated manager to the SOF Funds. generating meaningful fee income for Glendower Capital ■ Privately owned by its partner
wholly owned by its Partners. ■ Glendower Capital acts as adviser and sub•delegated manager to the SOF Funds. generating meaningful fee income for Glendower Capital ■ Privately owned by its partners who worked together for 15 years$' before spinning-out from Deutsche Asset Management in 2017. ■ London and New
for ruttier information The performance figures have not been autted and are based on the unedited aggregated performance results of SOF. SOF 0 and SOF H and SOF III. collechvely the SOF Funds. as or September X. 2017 and should be read and reviewed in conjunction with Appendix 5: Important Performanc
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 partner
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$' before spinning-out from Deutsche Asset Management in 2017. ■ London and New
t 2 for hitter information The performance lanes have not been aced and are based on the unawake(' aggregated performance results of SOF. SOF 0 and SOF H and SOF III. collecOvely the SOF Funds. as of September X. 2017 and should be read and reviewed ri conjunction with Appendix 5: Important Performanc
DPI and 30% Net IRR. Experienced, independent team dedicated to secondaries • Newly established, independent firm wholly owned by its Partners. ■ Glendower Capital acts as adviser and sub•delegated manager to the SOF Funds. generating meaningful fee income for Glendower Capital ■ Privately owned by its partner
wholly owned by its Partners. ■ Glendower Capital acts as adviser and sub•delegated manager to the SOF Funds. generating meaningful fee income for Glendower Capital ■ Privately owned by its partners who worked together for 15 years$' before spinning-out from Deutsche Asset Management in 2017. ■ London and New
t 2 for father 'demob:el The performance lodes have not been atkleed and are based on the unedited aggregated performance results of SOF. SOF 0 and SOF H and SOF III. collecOvely the SOF Funds. as of September X. 2017 and should be read and reviewed in conjunction with Appendix 5: Important Performanc
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 partner
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$' before spinning-out from Deutsche Asset Management in 2017. ■ London and New
or ruttier information The performance figures have not been rained and are based on the unawake(' aggregated performance results of SOF. SOF 0 and SOF H and SOF Ill. collecOvely the SOF Funds. as of September X. 2017 and should be read and reviewed ri conjunction vnth Appendix 5: Important Performanc
DPI and 30% Net IRR. Experienced, independent team dedicated to secondaries • Newly established, independent firm wholly owned by its Partners. ■ Glendower Capital acts as adviser and sub•delegated manager to the SOF Funds. generating meaningful fee income for Glendower Capital ■ Privately owned by its partner
wholly owned by its Partners. ■ Glendower Capital acts as adviser and sub•delegated manager to the SOF Funds. generating meaningful fee income for Glendower Capital ■ Privately owned by its partners who worked together for 15 years$' before spinning-out from Deutsche Asset Management in 2017. ■ London and New
2 for further information The performance tones have not been awned and are based on the unawake(' aggregated performance results of SOF. SOF 0 and SOF H and SOF III. collecevely the SOF Funds. as of September X. 2017 and should be read and reviewed ri conjunction with Appendix 5: Important Performanc
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 partner
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$' before spinning-out from Deutsche Asset Management in 2017. ■ London and New
t 2 for ruttier informatedi The performance lanes have not been aced and are based on the unatkI*0 aggregated performance results of SOF. SOF 0 and SOF H and SOF collectively the SOF Funds. as of September X. 2017 and should be read and reviewed ri conjunction with Appendix 5: Important Performance i
wholly owned by its Partners. ■ Glendower Capital acts as adviser and sub•delegated manager to the SOF Funds. generating meaningful fee income for Glendower Capital ■ Privately owned by its partners who worked together for 15 years$' before spinning-out from Deutsche Asset Management in 2017. ■ London and New
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 partner
it 2 for hitter intimated, The performance frames have not been aced and are based on the unawake(' aggregated performance results of SOF. SOF 0 and SOF H and SOF III. collecevely the SOF Funds. as ci September X. 2017 and should be read and reviewed ri conjunction vnth Appendix 5: Important Performanc
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 partner
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$' before spinning-out from Deutsche Asset Management in 2017. ■ London and New
2 for fitter information The performance roves have not been reined and are based on the unedited aggregated performance results of SOF. SOF D and SOF H and SOF III. collecOvely the SOF Funds. as cl September X. 2017 and should be read and reviewed ri conjunction with Appendix 5: Important Performanc
DPI and 30% Net IRR. Experienced, independent team dedicated to secondaries • Newly established, independent firm wholly owned by its Partners. ■ Glendower Capital acts as adviser and sub•delegated manager to the SOF Funds. generating meaningful fee income for Glendower Capital ■ Privately owned by its partner
wholly owned by its Partners. ■ Glendower Capital acts as adviser and sub•delegated manager to the SOF Funds. generating meaningful fee income for Glendower Capital ■ Privately owned by its partners who worked together for 15 years$' before spinning-out from Deutsche Asset Management in 2017. ■ London and New
t 2 for hither information The performance awes have not been reined and are based on the unedited aggregated performance results of SOF. SOF 0 and SOF H and SOF Ill. collechvely the SOF Funds. as cl September X. 2017 and should be read and reviewed ri conjunction with Appendix 5: Important Performanc
Entities connected to both Glendower Capital and SOF H

Deutsche Bank
ORGANIZATION
Prince Charles
PERSONCharles Smith
PERSONDeirdre Davies
PERSONChi Cheung
PERSONthe SOF Program
ORGANIZATIONthe SOF Team
ORGANIZATIONJoshua Glaser
PERSONInternal Rate of Return
ORGANIZATION
Josh Brolin
PERSONCarlo Pirao
PERSONCarlo Pirtioaroli
PERSONMerncrandum
LOCATION
Larry Summers
PERSONAdam Greer
PERSONCh Cheung
PERSONthe SOF Furds
ORGANIZATIONAdam Grater Name
PERSONBansactiors
PERSONAdam Grater
PERSON