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dowment Section 1: Executive Stxm•ry 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
Deutsche Bank cdleagues in the transactions that comnbuted to the disposition of Deutsche Bank's proprietary pnvate equity pordobo Charles Smith and Carlo Pirao.Broli were not invoked in Si such transactions and the efforts described in this Memorandum in respect of the proprietary private &Key restructunng
ld Ford 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
Deutsche Bank cdleagues in the transactions that comnbuted to the dispassion of Deutsche Bank's proprietary pnvate equity pordobo Charles Smith and Carlo Pirao.Broli were not invoked in all such transactions and the efforts described In Mrs Memorandum in respect of the proprietary private ochry restructunng
Capital 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
Deutsche Bank cdleagues in the Bansactiors that contributed to the dispassion of Deutsche Bank's proprietary pnvate equity pordobo Charles Smith and Carlo Pirao.Broli were not invoked in Si such transactions and the extorts described in this Memorandum in respect of the proprietary private &hey restructunng
Capital Section 1: ExeCulive Surn•ry 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
r Deutsche Bank cdleagues in the Bansactiors that comnbuted to the dispassion ci Deutsche Bank's proprietary pnvate equity portobo Charles Smith and Carlo Pirao.Broli were not invoked In an such transactions and the efforts described in this Memorandum in respect of the proprietary private terry restructunng
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
utsche Bank cdleagues in the transactions that contributed to the dispassion or Deutsche Bank'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
Warren Section 1: Executive 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
sche Bank cdleagues in the trans.actions that contributed to the disposition or Deutsche Bank's proprietary private equity pordobo Charles Smith and Carlo Pirao.Broli were not invoked In all sum transactions and the efforts described in this Parnorandum in respect of the proprietary private equity restructun
ital LLC Section 1: ExeCulive Summary Glendower Capital Secondary Opportunities Fund N. 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
utsche Bank cdleagues in the Bansactiors that contributed to the disposition or Deutsche Bank's proprietary private equity port:ow Charles Smith and Carlo Pirao.Broli were not invoked in an sum transactions and the efforts described in this Memorandum in respect or the proprietary private equty restructunng
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
Deutsche Bank cdleagues in the transactions that comnbuted to the dispassion of Deutsche Bank'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
Hirsch 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
eutsche Bank cdleagues in the transactions that comnbuted to the disposition or Deutsche Bank's proprietary private equity pordobo Charles Smith and Carlo Pirao.Broll were not invoked In tit sum transactions and the eels described in this Memorandum in respect or the proprietary private &Key restructunng ate
Entities connected to both the SOF Program and Carlo Pirao

Prince Charles
PERSONCharles Smith
PERSONGlendower Capital
ORGANIZATIONthe SOF Team
ORGANIZATIONInternal Rate of Return
ORGANIZATIONDeirdre Davies
PERSONChi Cheung
PERSONJoshua Glaser
PERSON
Deutsche Bank
ORGANIZATIONSOF H
ORGANIZATION
Josh Brolin
PERSONAdam Greer
PERSONCarlo Pirtioaroli
PERSONMerncrandum
LOCATIONCh Cheung
PERSONAdam Grater Name
PERSONBansactiors
PERSONcalculfte Net RR
ORGANIZATION