Epstein Secrets

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

yst in technology investment banking at Cowen & Co. Adam holds a BA from Colgate University. S'I'R Om), CONFIDENTIAL CHI CHEUNG Partner Europe Deutsche Bank MA. Cambridge Univerm Based in London. Chi is a Partner of Glendower Capital. Prior to Glendower. Chi spent 19 years at Deutsche Bark where he was a

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

GLDUSI43 Henry Nicholas Team Bios CARLO PIR210-BIROLI Managing Partner Chief Executive Officer Deutsche Bank: CDB Web Tech: General Electric; The Boston Consulting Gr

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

Saco transactions and the efforts described in this Memorandum in respect of the proprietary pnvate &hey restructunng are attributable to the whole Deutsche Bar* team rather ban any inssdu• warm it There can to no assurance that the Fund will achieve es investment el:tense or as target return Confidential Pr

GLOUS143 Henry Nicholas Section 1: Executive Summery Glendower Capital Secondary Opportunities Fund IV. LP Established track record"• 2° As of September 30, 2017 the SOF

ndary 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 E5.1 billion proprietary balance sheet private equity portfolio.' Chi Cheung and Deirdre Davies (Partners of Glendower) and Francesco Rigamonti (Sen

GL0US143 Henry Nicholas Section 1: Executive Summary Glendower Capital Secondary Opportunities Fund IV. LP Executive Summary Overview Glendower Capital Secondary Opport

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

GL0USI43 Henry Nicholas Section 5: Fund Managemerd Glendower Capital Secondary Opportunities Fund IV, LP finance) and investor relations for the secondary private equity

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

GLOUSI 43 Henry Nicholas Section 5: Fund Management Glendower Capital Secondary Opportunities Fund IV. LP From time to tine. end as appropriate, the Manager may invite add

mith. Chi Cheung, Deirdre Davies & Francesco Rigamonti start working together to earn Tears 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

GL0US143 Henry Nicholas Glendower Capital Overview Established investment team active in the secondary market since 2003' Glendower Capital at a glance Independent part

Notes to Investment Performance Important Information on the Track Record. The Giendower SOF Team spin-off from Deutsche Beni and its affiliates ("Deutsche Bank' j nit August 1.2017 and established Glendower Capital: LLP and its affiliates (together. alleamiceee o:, independent private equity limn owned by it

&DuSion Henry Nicholas Notes to Investment Performance Important Information on the Track Record. The Giendower SOF Team spin-off from Deutsche Beni and its affiliates (

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

GLOUS143 Henry Nicholas DB Placement Fee: Each DB Introduced Person will directly pay Deutsche Bank a Placement Fee (the "DB Placement Fee") in accordance with the schedu

signed acknowledges that (1) Fund interests will not be held at Deutsche Bank; (2) estimated values of the Fund provided by the iCapital Parties to Deutsche Bank and reported on Client Account statements provided by Deutsche Bank will be for informational purposes only and may not reflect current Fund values

GLDUS143 Henry Nicholas Letter of Authorization for Fund Investment Dear Client: In connection with your subscription for an interest in the alternative investment fund

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

GLDUS143 Henry Nicholas 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