EPSTEIN
page 7 / 702 . OCR, unverified
factors An invt:Imerit in the foe: is suitable only ior ssiiheticater: ins-t
s and rewires the finareial ability and willingness to accept the hk,fk risk.: and lack
of liquidity asrociatesi with an investment in the Fund. inve5tors in the Fond mort tie prepared to hear such risls for an incelinite period of titre
Statements herein are mace as of January 31. 2018, unless stated otherwise.
Important Inforrnetk-ri
Ehe Track Re,.cr4
The GP:FrM.4er ire Talar Ipacraqf from Cent he Sara( arid its afliliates ("DeutIche bank, on Aegost I, 20.17 and eitabibned Glendower Capital. LIP an. its
affiliates (together, "Glenrowerl as an Independent private .t.cuity Firm owned by its partners Intl ret on secondary transactkin In private rnarkett. The
pertomance inforrnation are tra-:k record set out in this Presentation in respect ot the SOF rum:: (Dart the pencv time ram inot
ion or the SOF Foreis to
rata. ileberag the tune prior to the Catenation of Glennower, wheri the from; were employee( of Ciectscp,.; Bank. in evaluating the tract. leceetl, e..e.ti Recipient
Estee that f*t>lo Pirwirrearoli and Charles Smith have been permanent voting nwrnber.: of the sof Funds irwestment committees sireet.ce
ires; fa)
f hi Cheting, Francesco higanionti ant Acarn Greer have attended as observers the majority of insertmerit committees of the SOF Funds sa'nce inception. they
were appointer in Decernbef 2011 durirat the SOF it investirent pericv.; as sce.ing merribers on a ra.t.atilaral binis and here been permanent soling members
since January 2013; (iii) oder employees of Deutsche bank who were not part of the SOF investment team anc that have not. joined Glencower were involved
at different times on I he investment corr.:mattes of the SOF
arid Gni, ineestinentdecirlorernaking process in re:-.;.4(:t.c4 the investments ince try the. SOF
F..ncs and (cro) ha r.onnecoon with the ifly4rrtalirtaS compitirkg the tract record, the riterv.ower Insaistrrent professionals were part .sf a larger voile within
Lentcerie Nara. The owestment performance Mt:Juliet herein it intended colety to provide Recipients wee information atmnt the Giereower SOF Tearn'c
owtstinent etpenence. The perlinrnance information pithicee herein has been prepared by Deutsche Alternative &.,et Management (Global) Limited
COAAMIGit"lane provided to Glendower are relates to the SOF Fore.; and the related ireivretval under: ins transactor . it' respect ail width the Gameower
SOF Tirane were ilesk*Mira thee capacity as per/Jerk, rtrarager arid/or insestiment committee members while employed at Decitcler Hank. Glentowei takes
responsibiaty for Its use -.4 the perfornonce informs:aim and its compliar.:e with all a CipliCiltile taws, reiniations, rules an.: goinellises, inducing, but not renited
to. the Investment Advisers AC et Icali). as aPerrrfree, and is particular. Rule 204.:: therenreer: and DAAlsafGit take:: ras rest-snsibeity for the iice of sucri
Pe fin(M3n.:e inronr,stlisn by Grersikrwer
Notes to In
Performance
investment r:F.Ve:::
OtherW4:;f:
net 45. ;:re as et September 30. 2017, are r.:0;A:rtas, are: aie
en!,.
Itenen,
::rile;;:
ottienv,se indicated, -Gross IRK' am 'Net iRR" shalt mean an aggregate, conwet no, annual gross or net, as applicable, internal rate of return on investments,
based tin daily cash aftee Cal0. Lilian, are pre:en:cc baled mg actual cash flow"
zsrte from limited partner:. All IRKS ere presented on a -Intr:s' basis unless
otherwise stated 0 e, hey do out reflect de pm or ity profit share carded interest, taxes tramaction costs In corineeton with the disposition of unrealned
ineermremis anri attesr expenses that are borne by investors in the applicable funs.
which v.4 ret.,.ce returns arid. in the aggravate. are espected re i.e
Substantial) Net IRA kt presentet: after Kierh.cting all priority plOfit :thaut carrlen interest, tweet.. transaction costs Inc ...thee fee:: an. expenses (other than
;axe; dome or to be r),-,n.,e by inyeatr.o.;, indieing as a nvia la of an ewestors donk. ile). Further, note that l;‘: catc,,i?tirez mfAbocokigy aCo
e."C to Cak,ilat-el4K
1141 in respeu of the SOF rinds is impacted by the sor
ire of tahscription line facilities. All perfooriarsce timbers induce recycled capital unless
otherwise erphsill? ',loiterer. Dist, ibetioni to Paid-in Capital Poem represents el4leg.te ;.stributioire: to insestr4S in the SOF Pads realise to aggregate
capital contributions to the SOF Fans. Residual Value to Pairj-in Capital ("net") represents the value of the SOF Funds investor,' intersect held within the Xtl,
Funds relative to aggregate capital contributions tr, t
Fend:, net et to SOF F..rret
interest. rrian4ement tees and other expense::. Total Value to
Paid-In Capital (- NW): TePi =OW + RVPt Ist.ster is oeficaril as the amount of money returned divided by the arri.:amt Invested ror that partkurar investment
Gross multiple represents Total Valle as a rrinitile oi capital inuestim by the SOF Funds Net lung data :net