Epstein Secrets

13 rt Source Glendower Capitals proprietary information The Deuter.he Bark proprietary private equty restructunng took place between 2CO3 and 2006 Charles Smith and Carlo Pirtioaroli played a rote alongside ether Deutsche Bank cdleagues in the trans.adons that coMnbuted to the dispassion of Deutsche Bank's p

GLDUS141 Greg Martin Section 1: Execultre Summary Glendower Capital Secondary Opportunities Fund IV, LP Established track record"• 2° As of September 30, 2017 the SOF

drawings of the General Partner's Share (as defined below) or pay organizational expenses or Fund expenses. The Fund's initial key persons will be Charles Smith. Carlo Pirzioaroli, Adam Graev and Chi Cheung (with such persons, and any replacement key persons, being the 'Key Persons"). The General Partner ma

GLDUS141 Greg Martin Section 6: Summary of Terms and Conditions Glendower Capital Secondary Opportunities Fund IV. LP Investment Period Reinvestment Key Person Event

ount equal to the aggregate Commitments Investor A qualified prospective investor in the Fund IRS The U.S. Internal Revenue Service Key Persons Charles Smith. Carlo Pirzio-Biroli. Adam Graev and Chi Cheung (and their replacements). LIBOR London Interbank Offered Rate. Limited Partner A limited partner

GLDUSI41 Greg Martin Glendower Capital Secondary Opportunities Fund IV. LP Investment Period The period from the First Closing until the end of the quarter following t

lified professional engineer. Carlo holds an MBA from Columbia Business School and an MSc in Civil Engineering from the University of Rome. Italy. Charles Smith (49), Managing Partner and Chief investment Officer. Based in London. Charles is a Managing Partner & Chief Investment Officer of Glendower Capital.

GLDUS141 Greg Martin Section 5: Fund Management Glendower Capital Secondary Opportunities Fund IV. LP From time to tine. and as appropriate, the Manager may invite add

housands of funds over 10 years - Integrated, self-contained processes - Developed by the Team over 10 years Team's history Carlo Pirzio-Biroli. Charles Smith. Chi Cheung, Deirdre Davies & Francesco Rigamonti start working together to earn Tearn Team restructure US$6bn raises raises raises Deut

GL0US141 Greg Martin Glendower Capital Overview Established investment team active in the secondary market since 20031 Glendower Capital at a glance Independent partn

sociate, London 2 years with the team Louise Schoeman 0 6 CA .> Vice President, Finance. London Repined team in 2017 Glendower Capital Charles Smith 0 Managing Partner, CIO - London Deutsche Bank; Bankers Trust: Coopers 8 Lybrand MA, Cambial& Uneer.ilii; ALMA Joshua Glaser O Partner, Clien

GLOUSI41 Greg Martin Glendower Capital Team Core members of senior team have worked together for 15 years ai Reim ant year.. Carlo Pirzlo-Blrotl 00 Managing Partner

fund sponsors (each such co-investment, a "Single Asset Deal"). 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's team of investment professionals. As described in "History" (immediately below), thi

Greg Martin U.S. Securities Exchange Act of 1934. It is not expected that the Access Fund will be required to register the Interests under Section 12(g) or an

— Screened thousands of funds over 10 years — Integrated, self-contained processes — Developed by the Team over 10 years Carlo Pirzio-Biroli and Charles Smith co-found the SOF business, a self-contained unit with its own investment and operational processes Adam Graev opens New York Office Team ra

Greg Martin CONFIDENTIAL Glendower Access Secondary Opportunities IV (U.S.), L.P. Overview April 2018 STRICTLY CONFIDENTIAL FOR INVESTMENT PROFESSIONAL AND

ndower, when the team were employees of Deutsche Bank. In evaluating the track record, each Recipient should note that (i) Carlo Pirzio-Biroli and Charles Smith have been permanent voting members of the SOF Funds investment committees since inception; (ii) Chi Cheung, Francesco Rigamonti and Adam Graev have

with the "Important Information" and "Important Performance Information" sections of this Presentation. STRICTLY CONFIDENTIAL 54 EFTA01398247 Greg Martin SOF Remaining portfolio construction by FMV1 as of September 30, 2017 Overview Vintage Fund size Invested capital Capital called Distribution