EPSTEIN
page 10 / 673 . OCR, unverified
investment but no! including any OP-€ed Secondary) as reasonably determined by the Manager as the context requires "Fund Secondary' means (a) an interest held directly or indirectly by the Fund
in a generalist or specialist private equity fund structure (including a fund of hinds feeder fund or other similar structure) acquired in a standalone transaction or (b) a portfolio at such interests acquired
in a single transaction, in each case as reasonably determined by the Manager as the context requires, provided that any interest referred to in clause fa) shall be in a fund structure that either has an
Investment period that is expired (other than for follow-on investments) or has drawn down or committed to invest at least 5014 of its aggregate commitments. and provkled that any portfolio of
interests referred to in clause 49 shall be in hind structures that in the aggregate have drawn down or committed to invest at least 50% of their aggregate commitments, provided further that the
aggregate commitments of any fund structure that has an investment period that is eaiired (other than for follow-on investments! shall be deorned to equal the amount drawn down in such fured
structure and provided. further, that a Fund Secondary shall not also be deteimined to be an Early Stage Investment
"GP-led Secondary' means an investment interest held by the Fund (directly or indirectly) in private equity fund structure or a portfolio of direct private equity assets through bespoke liquidity solutions
(and any follow-on investments in any such investment interest. het not inc€uding any Single Asset Dea€sj as reasonably determined by the Manager as the context requires.
"SOF means DB Secondary Opportunities RintiA. L.P DB Secondary Opportunities Fund E. L.P. and 05 Secondary Opportunities Fund C. L.P.
"SOF D" means OB Secondary Opportunitkis Fund 0. L.P.
"SOF II" means Secondary Oppodunees Fund ii, L.
"SOF tlr means Secondary Opportundies Fund HI. LP
"SOF Funds,' *SOF Program.' or 'Secondary Opportunities Funds" means SOF. SOF D. SOF II and SOF
'SOF Team" and 'Glendower SOF Team" have the meanings set forth in the Memorandum.
"Russell 2000 Index' The Russell 2000 Index is a small-cap stock market index of the bottom 2.000 stocks in the Russell 3000 Index. The index is maintained by FTSE Russell a subsidiary of the
London Stock Exchange Group.
"MCI Wor€d index' The MSCI World index is a broad global equity benchmark that represents large and mid-cap equ€y performance across 23 developed marxels countries. H: covers approsimalely
85% of the tree float-adjusted market capitalization in each country
"Thomson Reuters Private Equity Buyout Index": The Thomson Reuters Private Equity Buyout Index seeks to replicate the return profile of the private equity buyout asset class by constricting a
combination of sector portfoki returns These sector portfolios are designed to track the performance of private equity sector investments by holding liquid exchange traded instruments rather than
investaeg directly in private equity tans
For other definitions please refer to the Memorandum.
Glendower
Capital
S'I'R Om), CONFIDENTIAL
CONFIDENTIAL - PURSUANT TO FED. R. CRI M. P. 6(e)
DB-SDNY-0094350
CONFIDENTIAL
SDNY_GM_00240534
EFTA01389982
--- SOURCE: IMAGES__0058__EFTA01389983.txt ---
METADATA_SOURCE: IMAGES0058
METADATA_FILENAME: EFTA01389983.pdf
----------------------------------------
GLDUS132 EverWatch Financial
Notes to Investment Performance
Important Information on the Track Record.
The Glendower SOF Team spun-oft from Deutsche Bans and its affiliates ("Deutsche Bank' j ari August 1.2017 and established Glendower Capital: LLP and its affiliates (together. Mean:mei";
o:,
independent private equity lien owned by its partners focused on secondary transactions in private markets The performance inferrnatfron and track record set out in this Presentation in respect of the
SOF Funds covers the period time from inception of the SOF Funds to date. including the time prior to the formation of Glendower. when the team were employees of Deutsche Bank In evaluating
the track record. each Recipient should note that 0) Carlo Pirzio-Birce and Charles Smith have been permanent voting members of the SOP Funds investment comnettees since inception: (ii) Chi
Cheung. Francesco Rigamonti and Adam Graev have attended as observers the majority of investment committees of the SOF Funds since inception. they were appointed in December 201'1 during
the SOF II investment period as voting members on a rotational basis and have been permanent voting members since January 2013: (iii) other employees of Deutsche Bank who were not part of the
SOF investment team and that have not joined Glendower were involved at different times on the invest/Tent comrmttees of the SOF Funds and the investment decision-making process in respect of
the investments made by the SOF Funds and (iv) in connection with the investments comprising the track record, the Glendower investment professionals were part of a larger group within Deutsche