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at Deutsche Bank where he co-founded and has led the SOF business since 2006. From 2003 to 2006 he participated in the restructuring and sale of Deutsche Bank's E6 billion private equity portfolio. From 2012 to 2016 Carlo served as the Global Head of DB Private Equity with USS13 billion AUM in primary fund

as responsible for the secondary private equity business in Europe and led the implementation and management of secondary transactions. Chi joined Deutsche Bark in 2000 working as an Associate in Global Corporate Finance focusing on TMT and real estate advisory, and from 2003 to 2006. he participated in th

GLOUSI41 Greg Martin Team Bios CARLO PIR210-BIROLI Managing Partner Chief Executive Officer Deutsche Bank: CDB Web Tech: General Electric; The Boston Consulting Gr

dary Opportunities Fund investment program (the "SOF Business") in 2006 after having worked together from 2003 to 2006 to restructure and wind down Deutsche Bank's €5.1 billion proprietary balance sheet private equity portfolio.1 Chi Cheung and Deirdre Davies (Partners of Glendower) and Francesco Rigamonti (S

l the Carried Interest generated by the Fund. .>Z The Investment Committee of the Fund will consist solely of individuals from Glendower Capital. tZ 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

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

at Deutsche Bank where he co-founded and has led the SOF business since 2006. From 2003 to 2006 he participated in the restructuring and sale of Deutsche Bank's €6 billion private equity portfolio. From 2012 to 2016 Carlo served as the Global Head of DB Private Equity with US$13 billion AUM in primary fund

23 Partner — New York Deutsche Bank; Pomona; Lehman Brothers; Chatterjee/Soros; Cowen BA, Colgate University Chi Cheung 20 Partner — London Deutsche Bank MA, Cambridge University Deirdre Davies 16 Joshua Glaser 22 Partner, COO — London Deutsche Bank; ABN Amro; KPMG BCom, KZN University, South Afric

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

re than 80 deals and having screened thousands of funds over 10 years.22 • Unique sell-side experience, having participated in the restructuring of Deutsche Bank's €5.1 billion proprietary private equity portfolio from 2003 to 2006.n Disciplined and selective investment process • Targets attractive risk-adju

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

rs at Deutsche Bank where he co-founded and has led the SOF Business since 2006. From 2003 to 2006 he participated in the restructuring and sale of Deutsche Bank's E 6 billion private equity portfolio. From 2012 to 2016 Carlo served as the Global Head of DB Private Equity with US$13 billion AUM in primary fund

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

ts. Francesco joined Deutsche Bank in 2000 with responsibility for corporate development in Italy and participated in the restructuring and sale of Deutsche Bank's E6billion private equity portfolio. Previously he worked at Gallo & Co., an Italian merchant bank, where he focused on restructurings. Francesco hol

GLDUS141 Greg Martin Section 5: Fund Managemerd Glendower Capital Secondary Opportunities Fund 1V. LP finance) and investor relations for the secondary private equity

mith. Chi Cheung, Deirdre Davies & Francesco Rigamonti start working together to earn Tearn Team restructure US$6bn raises raises raises Deutsche Bank PE SOF SOF D SOF Ili proprietary portfolio USS565in USS147m L1S51 550n --• 2003 20O5 2006 2007 Carlo Pirzio-Biroli and Charles Smith co-foun

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

040 Analyst, London Jeered in 2018 (hiring - 1(2781 [hiring -10181 410 Vice President, Fund Controller. New York York Partner - London Deutsche Bank MA. Curnbrdee lamer ski Francesco Rigamonti 00 Senior Advisor - London Deutsche Bank; Gallo 8 Co MBA, unprorsrly • MA. Milan Urn:. Victoria Loidl

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

be considered a capital contribution to the Access Fund. All expenses (including marketing costs) of Deutsche Bank shall be borne by Deutsche Bank. Deutsche Bank in its sole discretion will have the right to waive all or any portion of the DB Placement Fee payable by any particular DB Introduced Person. The

GLDUSIal Greg Martin DB Placement Fee: Each DB Introduced Person will directly pay Deutsche Bank a Placement Fee (the "DB Placement Fee") in accordance with the schedu

. Francesco joined Deutsche Bank in 2000 with responsibility for corporate development in Italy and participated in the restructuring and sale of Deutsche Bank's E Ebillion private equity portfolio. Previously he worked at Gallo & Co.. an Italian merchant bane where he focused on restructurings. Francesco

GLOUSI41 Greg Martin Team Bios DEIRDRE DAVIES Partner Chief Operating Officer Deutsche Bank. ABN Amro, KPMG BCom, University of South Africa: CA ISA) Based in Lo