mance of r..,F SOF D SOF II or SOF Ill but is included to demcnstrate the track record of the Glenrkroel SOF Team and there can be no assurance that SOF IV will achieve comperatie results or Mal any target results s tll be achieved 'Invested' is deans as the sum cf me purchase aloe and renaming unfunded

file. earn/ cash flows, arw negligible loss ratio • Mature program at 1.7x TVPI and >20% Net IRR and overall program at 1.5x TVPI and 23% Net IRR.' SOF IV will continue the successful secondary strategy pursued since 2006: • Aiming to build a globally C iversif led portfolio of seasoned funds, GP-led t

aised in 2010 to Ullfierfilite pariipassu the Da Irina transactionwith SOF. Glendower does not sopc-ct that similar tram.actions will be available to SOF IV. Glendower Capital STRICTLY CONFIDENTIAL 2U CONFIDENTIAL - PURSUANT TO FED. R. CR M. P. 6(e) CONFIDENTIAL DB-SDNY-0038591 sDNY_Gm_oo 1847

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

GLDUS183 Dimension Casstal Management SOF IV ILPA 2 scorecard SOF IV Key ILPA 2 Principles Alignment of interest - Best practice all-contribution-plus-preferred-return-back-first model - LP favorable clawback pro

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

e performance of SOF. SUED SOF or SOF III but mincluded to demonstrate the track record of the Glendower SOF learn and thew can be no assurance that SOF IV vet achieve comparable tevoits or that any target results will be atiseved See 'Important Irdortnatien- and 'Metes to Investrnert Portormsesee- sect

a pediMion of future performance, but 0 a inclinedto de.monstrae the traPc record of the Glees-lower SOF 't eam aced there can be no assurance that SOF IV will achieve comparable results or ttcit any target results will be achieved. ish Hoover illinSACtits7M represent the incesene-nta made by SOF via a

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

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

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

resources in connection with the SOF Program that win not be available to the Glendowei SOF learn in connection wah the maregement and operation ad SOF IV Past performance of the SCE Funds is not a preoction or future pedamance el either the SOF Funds or the Fund Actual returns on unrealized enestmems

Secondary Opportunities Fund II, LP, a Scottish limited partnership. SOF III Secondary Opportunities Fund III. LP, an English limited partnership. SOF IV or the Fund Glendower Capital Secondary Opportunities Fund IV. LP. SOF Business Deutsche Asset Management's Secondaries Opportunities Fund investm

ofile. earn/ cash flows, arw negligible loss ratio • Mature program at 1.7x TVPI and >20% Net IRR and overall program at 1.Sx TVPI and 23% Net IRIV SOF IV will continue the successful secondary strategy pursued since 2006: • Aiming to build a globally C iversif led portfolio of seasoned funds, GP-led t

er and tax adviser as to alga€, business, tax, accounting and related matters corereming the eitormatica c✓stained herein and any future offering of SOF IV. Neither Glendower nor any of their respective affiliates makes any representation or warranty to any Recipient regarding the legality of an investme

performance of SOF. SOF D SOF II or SOF III but mincluded to demonstrate the track recall of the Glendower SOF Teamand thew can be no assurancethat SOF IV wit achieve comparable iesults or that any target results will be atiseved See 'Important Information' and 'Notes to trocostrriart Portonnaede- sect

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

ot a pediMion of future performance, hut 0 a imludsel to demonstrate the trac record of the Glersitower SOF Team arsi there can be no assurance that SOF IV will achieve comparable results or tint any target results will be achieved. iet Hoover hordactiorrs represent the inveStrnfr-ntS made by SOF via a

GLDUS143 Henry Nicholas SOF IV ILPA 2 scorecard SOF IV Key ILPA 2 Principles Alignment of interest - Best practice all-contribution-plus-preferred-return-back-first model - LP favorable clawback pro

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