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icas Deutsche Bank Wealth Management 345 Park Avenue, New York, NY 10154 Tel. 212 454-2881 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 w
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
mage003.png> Stewart Oldfield, CFA, CAIA Director Deutsche Bar* Trust Company Americas Deutsche Bank Wealth Mana ement Secunties offered through Deutsche Bank Securities Inc. This communication may contain confidential and/or privileged information. If you are not the intended recipient (or have received this communicati
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
GLDUS143 Henry Nicholas 1 Disclosure Statement Deutsche Bank Securities Inc. (the "Solicitation Agent"), Glendower Access Secondary Opportunities IV GP LLC ("Glendower") and iCapital Advisors, LLC ("iCapital") have entered
dition, pursuant to a separate agreement to be entered into between the Solicitation Agent and one or more of the Underlying Fund, Glendower GP and Glendower Capital, LLC, the Solicitation Agent will also act as placement agent for the Underlying Fund and will refer and/or introduce certain of its clients to t
GLDUS126 Pacific Life Insurance Co 1 Disclosure Statement Deutsche Bank Securities Inc. (the "Solicitation Agent"), Glendower Access Secondary Opportunities IV GP LLC ("Glendower") and iCapital Advisors, LLC ("iCapital") have entered
dition, pursuant to a separate agreement to be entered into between the Solicitation Agent and one or more of the Underlying Fund, Glendower GP and Glendower Capital, LLC, the Solicitation Agent will also act as placement agent for the Underlying Fund and will refer and/or introduce certain of its clients to t
GLDUS127 Annandale Capital 1 Disclosure Statement Deutsche Bank Securities Inc. (the "Solicitation Agent"), Glendower Access Secondary Opportunities IV GP LLC ("Glendower") and iCapital Advisors, LLC ("iCapital") have entered
dition, pursuant to a separate agreement to be entered into between the Solicitation Agent and one or more of the Underlying Fund, Glendower GP and Glendower Capital, LLC, the Solicitation Agent will also act as placement agent for the Underlying Fund and will refer and/or introduce certain of its clients to t
ter the Interests under the Securities Act. STRICTLY CONFIDENTIAL 66 EFTA01398277 Greg Martin Important information Supplemental Disclosure by Deutsche Bank Securities Inc. and Deutsche Bank Trust Company Americas (together with its affiliates, "Deutsche Bank," "us," "our," or "we") We have sent you this document in o
Greg Martin Important Information (1/2) This confidential presentation (this "Presentation") is being made available to you (the "Recipient") by Glendower Capital, LLP ("Glendower"), which is authorized and regulated by the United Kingdom Financial Conduct Authority, for the purpose of providing certain summa
the Securities Act. STRICTLY CONFIDENTIAL 66 EFTA01396917 GLDUS126 Pacific Life Insurance Co Important information Supplemental Disclosure by Deutsche Bank Securities Inc. and Deutsche Bank Trust Company Americas (together with its affiliates, "Deutsche Bank," "us," "our," or "we") We have sent you this document in o
Insurance Co Important Information (1/2) This confidential presentation (this "Presentation") is being made available to you (the "Recipient") by Glendower Capital, LLP ("Glendower"), which is authorized and regulated by the United Kingdom Financial Conduct Authority, for the purpose of providing certain summa
ts under the Securities Act. STRICTLY CONFIDENTIAL 66 EFTA01397590 GLDUS127 Annandale Capital Important information Supplemental Disclosure by Deutsche Bank Securities Inc. and Deutsche Bank Trust Company Americas (together with its affiliates, "Deutsche Bank," "us," "our," or "we") We have sent you this document in o
ndale Capital Important Information (1/2) This confidential presentation (this "Presentation") is being made available to you (the "Recipient") by Glendower Capital, LLP ("Glendower"), which is authorized and regulated by the United Kingdom Financial Conduct Authority, for the purpose of providing certain summa
nterests under the Securities Act. STRICTLY CONFIDENTIAL 66 EFTA01396240 GLDUS125 Gerald Ford Important information Supplemental Disclosure by Deutsche Bank Securities Inc. and Deutsche Bank Trust Company Americas (together with its affiliates, "Deutsche Bank," "us," "our," or "we") We have sent you this document in o
5 Gerald Ford Important Information (1/2) This confidential presentation (this "Presentation") is being made available to you (the "Recipient") by Glendower Capital, LLP ("Glendower"), which is authorized and regulated by the United Kingdom Financial Conduct Authority, for the purpose of providing certain summa
Entities connected to both Deutsche Bank Securities Inc. and Glendower Capital

Martha Stewart
PERSON
Stewart Oldfield
PERSONVahe Stepanian
PERSONDeutsche Asset & Wealth Management
ORGANIZATION
Deutsche Bank
ORGANIZATIONGlendower
LOCATION
Prince Andrew
PERSON
United States
LOCATION
Prince Charles
PERSON
Paul Barrett
PERSON
United Kingdom
LOCATIONCharles Smith
PERSONSOF IV
ORGANIZATIONAndrew King
PERSON
North America
LOCATION
Credit Suisse
ORGANIZATION
Samantha Power
PERSONDeirdre Davies
PERSONChi Cheung
PERSONthe State of New York
LOCATION