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454-2881 Mobile 917 209.0686 Email Securities offered through Deutsche Bank Securities Inc. On May 14, 2018, at 9:59 PM, Paul Barrett wrote: Hi Stewart Are there many active sellers or is this positioning for the next downturn where we will have forced sellers? Paul Barrett Alpha Group Capital LL

econdary Opportunities Fund IV Paul, Please see attached materials that provide an overview of Glendower Capital Secondary Opportunities Fund IV. Glendower Capital is an independent secondary private equity manager (formerly affiliated with Deutsche Asset Management) that seeks to purchase mature, high quality

s in more detail. Thanks, Stew <image003.png> Stewart Oldfield, CFA, CAIA Director Deutsche Bar* Trus

olio of seasoned funds, GP-led transactions and co- investments on the secondary market. While past performance is not indicative of future results, Glendower Capital has a strong track record of success. As noted in the attached marketing materials, since its founding, the mature funds managed by Glendower have

Grou' Ca ital LLC al ALPHA GROUP CAPITAL From: Stewart Oldfield Sent: Monday, May 14, To: Paul Barrett

Secondary Opportunities Fund IV Paul, Please see attached materials that provide an overview of Glendower Capital Secondary Opportunities Fund IV. Glendower Capital is an independent secondary private equity manager (formerly affiliated with Deutsche Asset Management) that seeks to purchase mature, high quality

From: Paul Barrett Sent: 5/14/2018 9: : To: Stewart Oldfield CC: Vahe Stepanian Subject: RE: Glendower Secondary Opportunities Fund IV Hi Stewart Are there many active sellers or is this positioning for the next downturn where we will have forced sellers? Paul Barrett Alpha Group Capital LLC

Secondary Opportunities Fund IV Paul, Please see attached materials that provide an overview of Glendower Capital Secondary Opportunities Fund IV. Glendower Capital is an independent secondary private equity manager (formerly affiliated with Deutsche Asset Management) that seeks to purchase mature, high quality

rew King Sent: Friday, May 04, 2018 8:47 PM To: Stewart Oldfield < Cc: Frank DeBenedittis < Subject: MT

Glendower Capital is an independent secondary private equity manager (formerly affiliated with Deutsche Asset Management) that seeks to purchase mature, high quality

ent: 5/9/2018 10:12:49 AM To: Andrew King (an Stewart Oldtiel CC: Nathaniel Morgan I ; William-M Fin

from the broader zip file (see below) when sending the email to clients. Please copy someone from ISG on the email as this is required by our BAM. Glendower Capital is an independent secondary private equity manager (formerly affiliated with Deutsche Asset Management) that seeks to purchase mature, high quality

Sent: 5/9/2018 10:28:50 ANI To: Andrew King • Stewart Oldfield I CC: Nathaniel Morgan ; William-M Fi

from the broader zip file (see below) when sending the email to clients. Please copy someone from ISG on the email as this is required by our BAM. Glendower Capital is an independent secondary private equity manager (formerly affiliated with Deutsche Asset Management) that seeks to purchase mature, high quality

rew King Sent: Friday, May 04, 2018 8:47 PM To: Stewart Oldfield <[email protected]> Cc: Frank DeBe

folio of seasoned funds, GP-led transactions and co-investments on the secondary market. While past performance is not indicative of future results, Glendower Capital has a strong track record of success. As noted in the attached marketing materials, since its founding, the mature funds managed by Glendower have r

.^..* Irsde Inq, • ::".+ frz== • • AC `11 WI limper,' Fa -until RR" AOO:411t3,51/ From: Andrew King Sent: Friday, May 04, 2018 8:47 PM To: Stewart 0ldfield <[email protected]> Cc: Frank DeBenedittis Subject: MTA Coverage and Glendower Requests Stew, Chase .allet, 0 ceoba.Tha, • Sam)

from the broader zip file (see below) when sending the email to clients. Please copy someone from ISG on the email as this is required by our BAM. Glendower Capital is an independent secondary private equity manager (formerly affiliated with Deutsche Asset Management) that seeks to purchase mature, high quality

rew King Sent: Friday, May 04, 2018 8:47 PM To: Stewart Oldfield Cc: Frank DeBenedittis . MI>; Nathaniel

from the broader zip file (see below) when sending the email to clients. Please copy someone from ISG on the email as this is required by our BAM. Glendower Capital is an independent secondary private equity manager (formerly affiliated with Deutsche Asset Management) that seeks to purchase mature, high quality