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IAL LLC Section 1: Executive Summery Glendower Capital Secondary Opportunities Fund IV. LP Established track record*. 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
's proprietary private equity pordobo Charle9 Smith and Carlo Pirao.Broli were not invoked in Si such transactions and the efforts described in this Merncrandum in respect of the proprietary private &Key restructunng are attributable to the whole Deutsche Bar* learn rather than any individual within it Ther
IAL LLC Section 1: Executive Summery Glendower Capital Secondary Opportunities Fund IV. LP Established track record*. 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
's proprietary private equity pordobo Charle9 Smith and Carlo Pirao.Broli were not invoked in Si such transactions and the efforts described in this Merncrandum in respect of the proprietary private &Key restructunng are attributable to the whole Deutsche Bar* learn rather than any individual within it Ther
IAL LLC Section 1: Executive Summery Glendower Capital Secondary Opportunities Fund IV. LP Established track record*. 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
's proprietary private equity pordobo Charle9 Smith and Carlo Pirao.Broli were not invoked in Si such transactions and the efforts described in this Merncrandum in respect of the proprietary private &Key restructunng are attributable to the whole Deutsche Bar* learn rather than any individual within it Ther
iff INC Section 1: ExeCulive Summary Glendower Capital Secondary Opportunities Fund IV, LP Established track record"• 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
's proprietary pnvate equity pordobo Charles Smith and Carlo PiraciBroli were not invoked in all such transactions and the efforts described in this Merncrandum in respect or the proprietary pnvate emery restructunng are atributade to the whole Deutsche Bar* learn rather than any inandual within it Tnere ca
et Mgmt Section 1: Executive Summary Glendower Capital Secondary Opportunities Fund IV, LP Established track record"• 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
's proprietary private equity pordobo Charles Smith and Carlo Pirao.Broli were not invoked in Si such transactions and the effects described in this Merncrandum in respect or the proprietary private &hey restructunng are attributable to the whole Deutsche Bark team rather than any irdmdu• within it There ca
rprises 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
ank'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 There
Entities connected to both the SOF Program and Merncrandum

Prince Charles
PERSONCharles Smith
PERSONGlendower Capital
ORGANIZATIONthe SOF Team
ORGANIZATIONInternal Rate of Return
ORGANIZATIONChi Cheung
PERSONDeirdre Davies
PERSONJoshua Glaser
PERSON
Deutsche Bank
ORGANIZATIONSOF H
ORGANIZATION
Josh Brolin
PERSON
Larry Summers
PERSONCarlo Pirao
PERSONDeutsche Bath
ORGANIZATIONSOF N s
ORGANIZATIONCarla Pero-Buck Charles Sonnh
PERSONCarlo Pritio
PERSON