Epstein Secrets

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

GL0US144 Glenn Warren Section 1: Executive Summary Glendower Capital Secondary Opportunities Fund IV. LP • Leverages informational advantage from relationships with ov

rmance of r -,F SOF D SOF II or SOF III but is included to demonstrate the track record of the Glenclona SOF Team and there can be no assurance that SOF IV wit achieve cant:grade results or that any target results %III be achieved 'Invested' is deened as the sum et me purchase aloe and remaining unfunde

GL0US144 Glenn Warren Section 2: Investment Performance Glendower Capital Secondary Opportunities Fund IV. LP Investment Performance Secondaries Performance Highlights

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

GLOUSI44 Glenn Warren I ntroductiont" Glendower Capital Secondary Opportunities Fund IV, LP ("SOF IV") Glendower Capital is an independent secondary private equity mana

rformance of SOF. SOF D SOF It or SOF III but mincluded to demonstrate the track recall of the Glendower SOF learn and thew can be no assurance that SOF IV wit achieve comparable *wits or that any target results will be atideved See 'Important Irltortnatien- and 'Notes to irrithstrnert Portormaxe- secti

GLDUSI44 Glenn Warren SOF Program compares favourably to public markets Performance data as of September 30, 2017'-',•5 SOF Funds have delivered attractive performance c

raised in 2010 to Ullfierfilite paripassu the Da limn transaction with SOF. Glendower does not sopect that similar It &inactions will be avertable to SOF IV. Glendower Capital STRICTLY CONFIDENTIAL 2D CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0097382 SDNY_GM_0024356

GLOUS144 Glenn Warren SOF Funds show consistent performance1 Across different fund sizes, fund vintages and economic cycles Net Contributed Capital (as % of Fund Size)

GLOUS144 Glenn Warren SOF IV — Project Klein Exclusive deal Expected Closing Date: June 2018 Li Fund Secondary NeGP-led Secondary D Single Asset Deal Seller type: Alternat

GLOUS144 Glenn Warren SOF IV — Project Klein Exclusive deal Expected Closing Date: June 2018 Li Fund Secondary NeGP-led Secondary D Single Asset Deal Seller type:

GLOUS144 Glenn Warren SOF IV ILPA 2 scorecard SOF IV      Key ILPA 2 Principles Alignment of interest - Best practice all-contribution-plus-preferred-return-back-

GLOUS144 Glenn Warren SOF IV ILPA 2 scorecard SOF IV      Key ILPA 2 Principles Alignment of interest - Best practice all-contribution-plus-preferred-retu