Epstein Secrets

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

GLDUS127 Annandale Capital 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

ower Capital Secondary Opportunities Fund IV, LP Section 1: Executive Summary Confidential Private Placement Memorandum 1 EFTA01397130 GLDUS127 Annandale Capital Section 1: Executive Summary Glendower Capital Secondary Opportunities Fund IV, LP Executive Summary Overview Glendower Capital Secondary Opport

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

GLDUS127 Annandale Capital CONFIDENTIAL Glendower Access Secondary Opportunities IV (U.S.), L.P. Overview April 2018 STRICTLY CONFIDENTIAL FOR INVESTMENT PROFESSIONAL AND

O18] (hiring -1O181 Vice President, Fund Controller. New York York ai Role: ant year.. ul e, / .,,k,,,,,. Chi Cheung H:D 0 Partner - London Deutsche Bank MA. CurnbreArk Ulmer etc Francesco Rigamonti 00 Senior Advisor - London Deutsche Bank; Gallo S. Co MBA, unpronay <A . . • M.A. Milan thay. ri Vi

GLOUSI27 Annandale Capital Glendower Capital Team Core members of senior team have worked together for 15 years Carlo Pirzlo-Blroll 00 Managing Partner, CEO - London Deut

. 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

GLOUS127 Annandale Capital Team Bios DEIRDRE DAVIES Partner Chief Operating Officer Deutsche Bank. ABN Amro, KPMG University of South Africa: CA ISA) Based in London.

Notes to Investment Performance Important Information on the Track Record. The Glendower SOF Team spun-oft from Deutsche Bann and its affiliates ("Deutsche Bank' j nii August 1.2017 and established Glendower Capital: LLP and its affiliates (together. Misinacenn o:, independent private equity firm owned by it

GL0USI27 Annandale Capital Notes to Investment Performance Important Information on the Track Record. The Glendower SOF Team spun-oft from Deutsche Bann and its affiliates (

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

GLDUS127 Annandale Capital Letter of Authorization for Fund Investment Dear Client: In connection with your subscription for an interest in the alternative investment fund

e 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

stors considering the purchase of Interests in the Access Fund should carefully review this Supplement and the Memorandum. EFTA01397596 GLDUS127 Annandale Capital Glendower Access Secondary Opportunities IV (U.S.), L.P. Limited Partnership Interests This supplement (the "Supplement") is intended to modify an

and (iv) in connection with the investments comprising the track record, the Glendower investment professionals were part of a larger group within Deutsche Bank. The investment performance included herein is intended solely to provide Recipients with information about the Glendower SOF Team's investment exp

"Important Information" and "Important Performance Information" sections of this Presentation. STRICTLY CONFIDENTIAL 54 EFTA01397560 GLDUS127 Annandale Capital SOF Remaining portfolio construction by FMV1 as of September 30, 2017 Overview Vintage Fund size Invested capital Capital called Distribution