Epstein Secrets

harles Smith has worked together for 15 years at Deutsche Bank in its asset management division. The secondaries business, co-founded by Carlo and Charles in 2006, has raised and invested four vehicles (SOF, SOF D, SOF II, and SOF III) with US$3 billion of commitments in total. Glendower Capital has

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

son Event The Fund's initial key persons will be Charles Smith, Carlo Pirzio-Biroli, Adam Graev and Chi

inistrator. Global Placement Agent Credit Suisse Asset Management Limited. Confidential Private Placement Memorandum 46 EFTA01397215 GLDUS127 Annandale Capital Glendower Capital Secondary Opportunities Fund IV, LP This page has intentionally been left blank Confidential Private Placement Memorandum 47 E

xpenses at any time, generally upon 12 business days' prior written notice. Confidential Private Placement Memorandum 37 EFTA01397195 GLDUS127 Annandale Capital Section 6: Summary of Terms and Conditions Glendower Capital Secondary Opportunities Fund IV, LP Investment Period The Fund's investment period w

The U.S. Internal Revenue Service Kcy Persons Charles Smith. Carlo Pirzio.Biroh. Adam Graev and Chi Che

GLDUSI 27 Annandale Capital Glendower Capital Secondary Opportunities Fund IV. LP Investment Period The period from the First Closing until the end of the quarter following t

on Repined team in 2017 Glendower Capital Charles Smith 0 Managing Partner, CIO - London Deutsch

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

ient should note that (i) Carlo Pirzio-Bircai and Charles Smith have been permanent voting members of the S

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 (

PI '12 '13 EFTA01397425 '14 SOF funds RVPI Charles Smith Managing Partner & CIO This document can

GLDUS127 Annandale Capital GLENDOWER ACCESS SECONDARY OPPORTUNITIES FUND IV (U.S.), L.P. CONFIDENTIAL Glendower Access Secondary Opportunities IV (U.S.), L.P. will invest s

in the Fund. The U.S. Internal Revenue Service. Charles Smith, Carlo Pirzio-Biroli, Adam Graev and Chi Ch

GLDUS127 Annandale Capital Glendower Capital Secondary Opportunities Fund IV, LP governed by Colombian law. The Interests have not been and will not be registered with the N

eer (PEng). Carlo holds an MBA from Columbia Business School and an MSc in Civil Engineering from the University of Rome, Italy. Based in London, Charles is a Managing EFTA01397530 Partner & Chief Investment Officer of Glendower Capital. Based in New York, Adam is a Partner of Glendower Capital.

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

ent should note that (i) Carlo Pirzio-Biroli and Charles Smith have been permanent voting members of the S

"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