Epstein Secrets

and (iii) co-investments in individual portfolio companies alongside private equity kind sponsors (each such co-investment. a 'Single Asset Dear). SOF IV will be the fourth dedicated secondary fund led by Carlo Pirzio-Biroli and Charles Smith (the 'Managing Partners") and invested by Glendower Capital

GLOUS124 BBR Partners Section 1: Executive Summary Glendower Capital Secondary Opportunities Fund IV. LP Executive Summary Overview Glendower Capital Secondary Opport

directors. Bnef biographies of the proposed directors of the General Partner are set out in Appendix 7: Board of Directors of the General Partner. SOF IV will be managed and operated by Glendower Capital from within the UK. Glendower Capital is authorized as an AIFM by the FCA and will act as the AIFM

GLDUS124 BBR Partners Section 5 Fund Management Glendower Capital Secondary Opportunities Fund IV. LP Fund Management Glendower Capital Glendower Capital is an indepe

t performance 6 not a prediction ol the Um performance of SOF. SOF D, SCF II. SCF VI or any other Glendower finds and there can be no assurance that SOF IV will achieve comparate resifts or that any target results will be achieved. but is included to demonstrate the track record of the Glendower SOF Tea

GLDUS124 BBR Partners Section 2: Investment Performance Glendower Capital Secondary Opportunities Fund TV, LP In Exhibit 2 each of SOF. SOF D. SOF II and SOF III is ben

vestment Committee of the Fund will consist solely of individuals from Glendower Capital. • Deutsche Bank will not be involved in the management of SOF IV. or any future funds managed or advised by Glendower Capital. Accordingly. Deutsche Bank will not receive any carried interest or general partners s

GLDUS124 BBR Partners Section 1: Executive Summary Glendower Capital Secondary Opportunities Fund IV. LP • Leverages informational advantage from relationships with ov

ked rakedin 2010 to Ullfierfilite pa assu the Da limn transactionwith SOF. Glendower does not so pc-ct that similar tram.actions will be avretabie to SOF IV. Glendower Capital STRICTLY CONFIDENTIAL CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0096486 SDNY_GM_00242670 E

GLDUS124 BBR Partners SOF Funds show consistent performance1 Across different fund sizes, fund vintages and economic cycles Net Contributed Capital (as % of Fund Size)

Mature SOF Funds show 1.7x Net Multiple and over 20% Net IRR, overall program shows 1.5x Net Multiple and 23% Net IRR Glendower Capital is launching SOF IV to continue the successful value-investing strategy pursued since 2006 - Disciplined bottom-up underwriting of attractive assets managed by quality

GLDUS124 BBR Partners I ntroductiont" Glendower Capital Secondary Opportunities Fund IV, LP ("SOF IV") Glendower Capital is an independent secondary private equity mana

ensions (the first three one-year extensions being at the discretion of Glendower and the final two one-year extensions requiring the consent of the SOF IV advisory committee) USS5 million Min of 1% of aggregate commitments 1.25% p.a. of commitments during Investment Period 1.00% p.a. of Invested Cap

GLOUS124 BBR Partners SOF IV - Master Fund Key Terms Same key terms as SOF III with an increased team commitment The Fund Target Size Structure Investment Period Te

not a pedimion of future performance, but 0 a irtlicicel to demonstrme the trac record of the Glendower SOF Team and. there can be no assurance that SOF IV will achieve comparable results or tint any target results win be achieved. iet Hoover baeHactiorfs represent the inceedruerite made by SOF via a s,

GLDUS124 BBR Partners SOF & SOF D Overall transaction summary as of September 30, 2017 Invested caudal: Funded capital: Initial Gross Project name Sourcing Seller t