Limited Process Proprietary Proprietary Syndication Limited process Proprietary Limited process Limited process Seller type Pension Multiple Financial Institution Financial Institution Financial Institution HNW/ Family office Alternative Funds Financial Institution Alternative Funds Corporate HNW/ Family office Pension Fund Alternative Funds HNW/ Family office Alternative Funds Financial Institution HNW/ Family office Corporate HNW/ Family office Alternative Funds Corporate Corporate Alternative Funds Financial Institution Alternative Funds Financial Institution Deal type Fund Secondary / Single Asset Deal GP-led Secondary Fund Secondary Fund Secondary Fund Secondary Fund Secondary Fund Secondary Fund Secondary GP-led Secondary Fund Secondary Fund Secondary Fund Secondary Fund Secondary Fund Secondary GP-led Secondary EFTA01398242

Fund Secondary Fund Secondary Single Asset Deal Fund Secondary Single Asset Deal Single Asset Deal Single Asset Deal GP-led Secondary Single Asset Deal Fund Secondary GP-led Secondary Total Funds 3 1 2 1 1 17 1 1 1 1 1 1 1 4 1 2 11 1 6 1 1 1 2 1 1 11 75 Companiesl 14 6 11 32 10 225 8 43 5 10 EFTA01398243

12 12 11 73 4 30 140 1 37 1 1 1 8 1 8 33 737 Invested capital2 (US$m) 46.8 27.1 2.2 3.4 16.4 38.4 9.5 9.4 15.1 3.0 13.4 64.0 26.1 12.8 30.2 97.3 13.3 22.7 8.8 27.7 23.8 15.0 74.7 10.0 11.8 45.2 668.1 Funded capital2 (US$m) 45.8 26.9 2.2 EFTA01398244

3.1 16.4 37.1 8.1 8.4 14.1 3.0 13.1 21.5 24.3 11.0 30.5 81.7 11.8 20.5 7.1 26.8 23.4 15.0 60.4 10.0 10.6 19.0 551.7 Initial closing Q3 11 Q3 11 Q3 11 Q4 11 Q4 11 Q1 12 Q2 12 Q3 12 Q3 12 Q3 12 Q3 12 Q4 12 Q1 13 Q2 13 Q2 13 Q3 13 Q4 13 Q1 14 Q1 14 Q2 14 Q2 14 Q3 14 Q4 14 Q4 14 Q4 14 EFTA01398245

Q3 16 Gross multiple 0.7x 1.6x 3.0x 1.8x 1.0x 2.Ox 1.5x 1.6x 1.6x 1.1x 2.3x 2.9x 1.2x 1.8x 2.4x 1.3x 1.8x 0.7x 1.9x 2.8x 1.6x 1.4x 1.9x 1.6x 1.3x 2.Ox 1.7x 3 Portfolio detail Europe — buyout Europe — growth equity Europe — late stage venture US — mezzanine US — special situations Global — diversified Europe — mid-market buyout Europe — mezzanine US — mid-market buyout US — mezzanine US — mid-market buyout Europe — buyout Europe — buyout Global — diversified Europe — growth equity Global — diversified Global — diversified Europe — growth equity US — diversified EFTA01398246

Europe — buyout Europe — mid-market buyout US — buyout US — mid-market buyout US — buyout Europe — growth equity Europe — diversified (1) Number of companies are best estimate. (2) Invested Capital is the Transaction Size and is described as purchase price plus unfunded obligations. Funded capital is the amount funded in each Transaction. The Net Multiple (TVPI) for SOF II is 1.5x. (3) The performance figures have been calculated based on unaudited fair values and should be read and reviewed in conjunction with the "Important Information" and "Important Performance Information" sections of this Presentation. STRICTLY CONFIDENTIAL 54 EFTA01398247

Greg Martin SOF Remaining portfolio construction by FMV1 as of September 30, 2017 Overview Vintage Fund size Invested capital Capital called Distributions, net Remaining NAV Total net return Asset geography Investment strategy 2006 6% 0% US$565m 549m 421m 756m 20m US$775m 1.80x 0.05x 1.84x 22% Vintage year 10% 2% 20% Europe 90% North America 10% 33% 46% Pre 2006 2006 2007 2008 - 2009 1) FMV = Fair Market Value Past performance is not a guarantee or indicator of future results, and there can be no assurance that the fund will achieve comparable results. This page should be reviewed in conjunction with the "Important Information" and "Notes to Investment Performance" sections of this Presentation. STRICTLY CONFIDENTIAL 55 5% Financial Services IT and Technology 18% EFTA01398248

Business Services 49% 45% Large Buyout Growth Equity Special Situations Mezzanine 28% Healthcare Sector composition 21% Industrials 18% Other EFTA01398249

Greg Martin SOF & SOF D Overall transaction summary as of September 30, 2017 Project name 1- Leonardo 2- Sprint 3- Constellation 4- Crown 5- Freedom 6- Pigeon 7- Hoover I 8- Hoover II 9- Amadeus I 10- Hoover III 11- Amadeus II 12- Hoover IV 13- Hoover V 14/21- Bach 15- Hoover VI 16- Hoover VII 17- Hoover VIII 18- DaVinci 19- Imperial 20- Hoover IX SOF 4 4 4 4 4 4 4 4 4 18- DaVinci SOF and SOF D (1) Number of companies are best estimate. (2) Invested Capital is the Transaction Size and is described as purchase price plus unfunded obligations. Funded capital is the amount funded in each Transaction. The Net Multiple (TVPI) for SOF and SOF D is 1.8x and 2.3x respectively. Converted from EUR to US$ using a rate of 1.1822. (3) The performance figures are based on unaudited fair values and should be read and reviewed in conjunction with the "Important Information" and "Important Performance Information" sections. Gross returns are gross of fees, expenses and carried interest, which are not charged at the investment level so performance is not expected to be representative of investment returns to investors. Investors should consult with their own advisers as to the appropriate factors to be considered in evaluating this information. Past performance is not a prediction of future performance, but it is included to demonstrate the track record of the Glendower SOF Team and there can be no assurance that SOF IV will achieve comparable results or EFTA01398250

that any target results will be achieved. (4) Hoover transactions represent the investments made by SOF via a special purpose vehicle ("SPV") attracting additional accounting and administrative expenses. The actual performance for the SPV may be lower than the performance of the individual investments because of the additional accounting and administrative expenses. The aggregate net multiple of this SPV, including the fees and expenses is 1.9x. STRICTLY CONFIDENTIAL 56 Sourcing Proprietary Syndication Syndication Syndication Syndication Limited Process Proprietary Proprietary Limited Process Limited Process Limited Process Limited Process Limited Process Proprietary Limited Process Proprietary Proprietary Proprietary Proprietary Proprietary Proprietary Seller type Financial Institution Public to private Alternative Funds Financial Institution Pension Alternative Funds HNW/Family Office Financial Institution Endowment Financial Institution Alternative Funds Alternative Funds Financial Institution Multiple Alternative Funds HNW/Family office HNW/Family office Financial Institution Financial Institution EFTA01398251

HNW/Family office Financial Institution Deal type Fund Secondary Single Asset Deal GP-led Secondary GP-led Secondary GP-led Secondary Fund Secondary Fund Secondary Fund Secondary Fund Secondary Fund Secondary Fund Secondary Fund Secondary Fund Secondary GP-led Secondary Fund Secondary Fund Secondary Fund Secondary Fund Secondary Fund Secondary Fund Secondary Sub Total Fund Secondary Total Funds 96 1 1 1 1 1 2 1 1 1 1 1 1 1 2 4 1 28 2 7 154 28 154 Companiesl EFTA01398252

609 1 34 22 3 20 104 4 11 1 1 8 14 7 22 78 196 193 152 294 1,774 193 1,774 Invested capital2 (US$m) 205.3 36.0 16.5 19.4 15.0 22.8 0.4 0.1 16.1 2.7 5.4 3.3 3.4 39.0 4.8 2.9 0.5 103.3 51.1 0.8 548.8 138.1 686.9 Funded capital2 (US$m) 166.0 EFTA01398253

36.1 16.7 21.6 12.1 24.7 0.4 0.3 16.2 2.6 5.5 2.6 3.5 32.3 5.8 2.8 0.5 53.7 29.4 0.7 433.3 67.2 500.5 Initial closing Q1 07 Q3 07 Q3 07 Q4 07 Q2 08 Q4 08 Q4 08 Q1 09 Q1 09 Q2 09 Q2 09 Q2 09 Q4 09 Q4 09 Q1 10 Q2 10 Q3 10 Q3 10 Q4 10 Q4 10 Q3 10 Gross multiple 2.0x 3.0x 0.9x 1.7x EFTA01398254

0.3x 1.3x 1.9x 8.8x 2.4x 0.8x 3.3x 2.2x 1.7x 2.0x 1.7x 3.4x 2.8x 3.Ox 1.9x 2.6x 2.1x 3.Ox 2.2x 3 Portfolio detail US / Europe — diversified Europe — buyout US / Europe — growth equity Europe — special situations US — mid-market buyout US — mid-market buyout US / Asia — diversified US — mezzanine Europe — buyout Europe — mid-market buyout Europe — buyout Europe — mid-market buyout US — mezzanine Europe — venture capital US / Europe — mid-market buyout US — mid-market buyout US — mid-market buyout US / Europe — diversified US / Europe — mezzanine US / Europe — diversified US / Europe — diversified EFTA01398255

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 summary information about certain existing and future funds and accounts that are managed or advised by Glendower, including in connection with your evaluation of a potential investment in the fund be to known as Glendower Capital Secondary Opportunities Fund IV, LP (the "Fund"). This Presentation may refer to certain events as having occurred and documents as having been entered into which may not have occurred or been entered into at the date that this Presentation is made available but that Glendower expects will occur or be entered into thereafter. This Presentation is not an offer to sell, nor a solicitation of an offer to buy, any security, and may not be used or relied upon in connection with any offer or solicitation. A private offering of interests in the Fund will be made only pursuant to the offering documents for the Fund, which contain additional information about the investment objective, terms and conditions of an investment in the Fund and also contain tax information and risk disclosures that are important to any investment decision regarding the Fund. No person has been authorized to make any statement concerning the Fund other than as set forth in the offering documents and any such statements, if made, may not be relied upon. The offering documents will be furnished to qualified investors on a confidential basis at their request. The information contained in this Presentation will be superseded by, and is qualified in its entirety by reference to, such offering documents. An investment in the Fund will involve significant risks, including loss of the entire investment. The interests in the Fund will be illiquid, as there is no secondary market for interests in the Fund and none is expected to develop. There will be restrictions on transferring interests in the Fund, investments may be leveraged and the investment performance may be volatile. Before deciding to invest in the Fund, prospective investors should read the offering memorandum and pay particular attention to the risk factors contained in the offering documents. The fees and expenses charged in connection with an investment in the Fund may be higher than the fees and expenses of other investment alternatives and may offset profits. Investors should have the financial ability and willingness to accept the risk characteristics of the Fund's investments. Potential conflicts of interest may arise from the relationship between Credit Suisse Asset Management Limited and its affiliates ("Credit Suisse"), which is acting as the Fund's placement agent. Credit Suisse is not acting and will not act as a municipal advisor within the meaning of Section 975 of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the rules and regulations promulgated thereunder ("Municipal Advisor Rule"). Any services, material, or information that Credit Suisse provides to a EFTA01398256

municipal entity or obligated person as defined by the Municipal Advisor Rule ("Covered Party") are provided on an arm's length basis and not as an advisor or fiduciary to the Covered Party. Covered Parties should consult with their own internal and external advisors before taking action with respect to any services, material, or information provided to them by Credit Suisse. Credit Suisse also will not solicit a Covered Party for direct or indirect compensation on behalf of an unaffiliated investment adviser for the purpose of obtaining or retaining an engagement for that investment adviser by the Covered Party to provide investment advisory services to or on behalf of the Covered Party. This Presentation contains information that has been or may have been provided by a number of sources and has not been independently verified. Nothing contained herein shall constitute any representation or warranty and no responsibility or liability is accepted by Glendower or its affiliates as to the accuracy or completeness of any information supplied herein. Unless otherwise stated, the information in this Presentation has not been audited or verified by an independent party, and should not be seen as any representation of returns that might be achieved. The information contained herein must be kept strictly confidential and may not be reproduced or redistributed in any format without the approval of the Fund. Notwithstanding the foregoing, each investor and prospective investor (and each employee, representative, or other agent thereof) may disclose to any and all persons, without limitation of any kind, the tax treatment and tax structure of the Fund and its investments and all materials of any kind (including opinions or other tax analyses) that are provided to such investor or prospective investor relating to such tax treatment and tax structure, provided, however, that such disclosure shall not include the name (or other identifying information not relevant to the tax structure or tax treatment) of any person and shall not include information for which nondisclosure is reasonably necessary in order to comply with applicable securities laws. STRICTLY CONFIDENTIAL 57 EFTA01398257

Greg Martin Important Information (2/2) Past performance is not necessarily indicative of future results and there can be no assurance that the Fund will achieve comparable results, that the returns generated by the Fund will equal or exceed those presented herein or that the Fund will be able to implement its investment strategies or achieve its investment objectives. The Fund's investment strategy and applicable investment restrictions may differ from those historically employed and economic conditions may differ materially from the conditions under which any other investment fund or account managed or advised by Glendower has invested. All statements of opinion and / or belief contained in this Presentation and all views expressed and all projections, forecasts or statements relating to expectations regarding future events or the possible future performance of the Fund represent Glendower's own assessment and interpretation of information available to it as at the date of this Presentation. No representation is made or assurance given that such statements, views, projections or forecasts are correct, that the objectives of the Fund will be achieved or that investors will receive a return of their capital. In addition, no responsibility or liability or duty of care is or will be accepted by Glendower or its respective affiliates, advisers, directors, employees or agents for updating this Presentation (or any additional information), correcting any inaccuracies in it or providing any additional information to you. Accordingly, to the fullest extent possible subject to applicable law, none of Glendower or its affiliates and their respective shareholders, advisers, agents, directors, officers, partners, members and employees shall be liable (save in the case of fraud) for any loss (whether direct, indirect or consequential), damage, cost or expense suffered or incurred by any person as a result of relying on any statement in, or omission from, this Presentation. Any forward-looking statements (including, without limitation, projections of future earnings or value), results or valuations herein are based upon current assumptions, may be simplified and may depend upon events outside the control of Glendower or its affiliates. Other events that were not taken into account may occur and may significantly affect the analysis herein. Therefore, changes to any assumptions may have a material impact on any valuations or projections. Actual results may therefore be materially different from any forecast, opinion or valuation herein. Prospective investors in the Fund should not rely on these forward-looking statements in deciding whether to invest in such Fund. The information contained in this presentation has been obtained from sources outside of Credit Suisse. While such information is believed to be reliable for the purposes used herein, neither Credit Suisse, nor any of its affiliates or partners, members or employees, assume any responsibility for the accuracy of such information. See the "Notes to Investment Performance" containing additional important information regarding performance and targeted returns. EFTA01398258

This Presentation does not form part of the basis for any contract between Glendower or its affiliates and any investor. Recipients of this Presentation shall not treat this Presentation as tax, regulatory, accounting, legal, investment or any other advice in relation to the Recipient of this information and this information should not and cannot be relied upon as such. The distribution of this Presentation and participation in the Fund may be restricted by law in certain jurisdictions. Persons who come into possession of this Presentation are required to inform themselves about, and to observe, any such restrictions. No governmental authority has passed on the merits of the offering of interests in the Fund or the adequacy of the information contained herein. Any representation to the contrary is unlawful. Prospective investors should pay particular attention to the information contained in the offering documents pertaining to certain conflicts of interests and risk factors. An investment in the Fund is suitable only for sophisticated investors and requires the financial ability and willingness to accept the high risks and lack of liquidity associated with an investment in the Fund. Investors in the Fund must be prepared to bear such risks for an indefinite period of time. STRICTLY CONFIDENTIAL 58 EFTA01398259

Greg Martin Key Definitions "Single Asset Deal" means an investment by the Fund (directly or indirectly) in a portfolio company alongside one or more private equity fund sponsors (and any follow-on investments in any such investment, but not including any GP-led Secondary) as reasonably determined by the Manager as the context requires. "Fund Secondary" means (a) an interest held directly or indirectly by the Fund in a generalist or specialist private equity fund structure (including a fund of funds, feeder fund or other similar structure) acquired in a standalone transaction or (b) a portfolio of such interests acquired in a single transaction, in each case as reasonably determined by the Manager as the context requires, provided that any interest referred to in clause (a) shall be in a fund structure that either has an investment period that is expired (other than for follow-on investments) or has drawn down or committed to invest at least 50% of its aggregate commitments, and provided that any portfolio of interests referred to in clause (b) shall be in fund structures that in the aggregate have drawn down or committed to invest at least 50% of their aggregate commitments, provided further that the aggregate commitments of any fund structure that has an investment period that is expired (other than for follow-on investments) shall be deemed to equal the amount drawn down in such fund structure and provided, further, that a Fund Secondary shall not also be determined to be an Early Stage Investment. "GP-led Secondary" means an investment interest held by the Fund (directly or indirectly) in private equity fund structure or a portfolio of direct private equity assets through bespoke liquidity solutions (and any follow-on investments in any such investment interest, but not including any Single Asset Deals) as reasonably determined by the Manager as the context requires. "SOF" means DB Secondary Opportunities Fund A, L.P., DB Secondary Opportunities Fund B, L.P. and DB Secondary Opportunities Fund C, L.P. "SOF D" means DB Secondary Opportunities Fund D, L.P. "SOF II" means Secondary Opportunities Fund II, LP. "SOF III" means Secondary Opportunities Fund III, LP. "SOF Funds," "SOF Program," or "Secondary Opportunities Funds" means SOF, SOF D, SOF II and SOF III. "SOF Team" and "Glendower SOF Team" have the meanings set forth in the Memorandum. "Russell 2000 Index": The Russell 2000 Index is a small-cap stock market index of the bottom 2,000 stocks in the Russell 3000 Index. The index is maintained by FTSE Russell, a subsidiary of the London Stock Exchange Group. "MSCI World Index": The MSCI World Index is a broad global equity benchmark that represents large and mid-cap equity performance across 23 developed markets countries. It covers approximately 85% of the free float-adjusted market capitalization in each country. "Thomson Reuters Private Equity Buyout Index": The Thomson Reuters Private Equity Buyout Index seeks to replicate the return profile of the private equity buyout asset class by constructing a EFTA01398260

combination of sector portfolio returns. These sector portfolios are designed to track the performance of private equity sector investments by holding liquid exchange traded instruments rather than investing directly in private equity firms. For other definitions please refer to the Memorandum. STRICTLY CONFIDENTIAL 59 EFTA01398261

Greg Martin Notes to Investment Performance Important Information on the Track Record. The Glendower SOF Team spun-off from Deutsche Bank and its affiliates ("Deutsche Bank") on August 1, 2017 and established Glendower Capital, LLP and its affiliates (together, "Glendower") as an independent private equity firm owned by its partners focused on secondary transactions in private markets. The performance information and track record set out in this Presentation in respect of the SOF Funds covers the period time from inception of the SOF Funds to date, including the time prior to the formation of Glendower, when the team were employees of Deutsche Bank. In evaluating the track record, each Recipient should note that (i) Carlo Pirzio-Biroli and Charles Smith have been permanent voting members of the SOF Funds investment committees since inception; (ii) Chi Cheung, Francesco Rigamonti and Adam Graev have attended as observers the majority of investment committees of the SOF Funds since inception, they were appointed in December 2011 during the SOF II investment period as voting members on a rotational basis and have been permanent voting members since January 2013; (iii) other employees of Deutsche Bank who were not part of the SOF investment team and that have not joined Glendower were involved at different times on the investment committees of the SOF Funds and the investment decision-making process in respect of the investments made by the SOF Funds 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 experience. The performance information provided herein has been prepared by Deutsche Alternative Asset Management (Global) Limited ("DAAM(G)L") and provided to Glendower and relates to the SOF Funds and the related individual underlying transactions, in respect of which the Glendower SOF Team were involved in their capacity as portfolio managers and/or investment committee members while employed at Deutsche Bank. Glendower takes responsibility for its use of this performance information and its compliance with all applicable laws, regulations, rules and guidelines, including, but not limited to, the Investment Advisers Act of 1940, as amended, and in particular, Rule 204-2 thereunder, and DAAM(G)L takes no responsibility for the use of such performance information by Glendower. Investment returns. Unless otherwise stated, returns are as of September 30, 2017, are unaudited and are illustrative only. As used herein, and unless otherwise indicated, "Gross IRR" and "Net IRR" shall mean an aggregate, compound, annual, gross or net, as applicable, internal rate of return on investments, based on daily cash flows. Calculations are presented based on actual cash flows to and from limited partners. All IRRs are presented on a "gross" basis unless otherwise stated (i.e., they do not reflect the priority profit share, carried interest, taxes, transaction costs in connection EFTA01398262

with the disposition of unrealized investments and other expenses that are borne by investors in the applicable funds, all of which will reduce returns and, in the aggregate, are expected to be substantial). Net IRR is presented after deducting all priority profit share, carried interest, taxes, transaction costs and other fees and expenses (other than taxes borne or to be borne by investors, including as a result of an investor's domicile). Further, note that the calculation methodology adopted to calculate Net IRR in respect of the SOF Funds is impacted by the SOF Funds' use of subscription line facilities. Returns reflect purchase price netting in all instances where subscription credit lines, payment deferrals, and permanent fund borrowing have been utilized. Although the manager maintains flexibility to do so, capital has not been recycled to date. Distributions to Paid-in Capital ("DPI") represents aggregate distributions to investors in the SOF Funds relative to aggregate capital contributions to the SOF Funds. Residual Value to Paid-in Capital ("RVPI") represents the value of the SOF Funds investors' interest held within the SOF Funds relative to aggregate capital contributions to the SOF Funds, net of the SOF Funds' carried interest, management fees and other expenses. Total Value to Paid-in Capital ("TVPI"): TVPI =DPI + RVPI. Gross multiple represents Total Value divided by Funded Capital. Net fund data (net TVPI, etc.) net performance data reflects amounts net of the SOF Funds' carried interest, management fees and other expenses. Valuations. Valuations of unrealized investments are generally based on a good faith and reasonable determination by the general partner of the relevant investment fund. Any such valuation of unrealized investment will be based on assumptions that such general partner believes are reasonable under the circumstances, the actual realized returns on unrealized investments will depend on, among other factors, future operating results, the value of the assets and market conditions at the time of disposition, any related transaction costs and the timing and manner of sale, all of which may differ from the assumptions on which the valuations used in the prior performance data contained herein are based. Accordingly, the actual realized returns generated by these unrealized investments may differ materially from the returns indicated herein. Target returns. The targeted returns (the "Targets") presented herein are based on Glendower's views regarding the returns on investments that such funds may be able to achieve during their respective terms based on the investment performance of similar investments, current market conditions, potential investment opportunities that are being reviewed or have recently been reviewed, availability of financing and certain assumptions about investing conditions and market fluctuation or recovery. The Targets are also based on models, estimates, and assumptions about performance believed to be reasonable under the circumstances. There is no guarantee that the facts upon which such assumptions are based will materialize as anticipated and will be applicable to such funds' investments. Individual investments made by such funds may have anticipated returns below or above the Targets. The Targets are hypothetical and are EFTA01398263

neither a guarantee nor a prediction or projection of future performance. A broad range of risks could cause the funds to fail to meet their Targets. As with other gross returns, gross Targets do not reflect the priority profit share, "carried interest," taxes, transaction costs in connection with the disposition of unrealized investments and other expenses that will be borne by investors, which will reduce returns and, in the aggregate, are expected to be substantial. STRICTLY CONFIDENTIAL 60 EFTA01398264

Greg Martin Important Information for Recipients in Certain Jurisdictions (1/6) For Residents of the European Economic Area. For the purposes of the EU Alternative Investment Fund Managers Directive (the "AIFMD"), the Fund will constitute an EU AIF (as defined in the AIFMD) whose AIFM (as defined in the AIFMD) is the Manager, itself an EU AIFM. Except as provided below in respect of the specific member states listed, this Presentation and any other documents or materials related to the offer or sale, or invitation for subscription or purchase, of the interests in the Fund, shall only be distributed to prospective investors domiciled or with their registered offices in a member state of the European Economic Area that are "professional investors". For these purposes, a "professional investor" is a person who is considered to be a professional client or who may, on request, be treated as a professional client within the meaning of Annex II to Directive 2004/39/EC. AIFMD Notice. In relation to each member state of the EEA (each a "Member State") which has implemented the Alternative Investment Fund Managers Directive (Directive (2011/61/EU)) (the "AIFMD") (and for which transitional arrangements are not/ no longer available), this Presentation may only be distributed and interests in the Fund may only be offered or placed in a Member State to the extent that: (1) the Fund is permitted to be marketed to professional investors in the relevant Member State in accordance with AIFMD (as implemented into the local law/regulation of the relevant Member State); or (2) this presentation may otherwise be lawfully distributed and the interests in the Fund may otherwise be lawfully offered or placed in that Member State (including at the initiative of the investor). In relation to each Member State of the EEA which, at the date of this presentation, has not implemented AIFMD, this presentation may only be distributed and interests in the Fund may only be offered or placed to the extent that this presentation may be lawfully distributed and the interests in the Fund may lawfully be offered or placed in that Member State (including at the initiative of the investor). For persons in Australia. This information has been prepared for general information purposes only. Nothing in this Presentation constitutes investment, legal, accounting or tax advice, or a representation that any investment or strategy is suitable or appropriate to individual circumstances, or otherwise constitute a personal recommendation to any specific investor. Recipients of this Presentation should not assume that any investment discussed herein were or will be profitable. There is no guarantee concerning the achievement of investment objectives or target returns or measurements. Any reference to past performance is not indicative of future results and is no guarantee to future results. This Presentation has been prepared for and is provided only to permitted recipients in Australia who qualify as wholesale clients as that term is defined by section 761G(7) of the Australian Corporations Act 2001 (Cth.) EFTA01398265

(the "Act") and as sophisticated or professional investors as defined by sections 708(8) and (11) (respectively) of the Act, in respect of which an offer would not require disclosure under Chapter 6D or Part 7.9 of the Act. It does not contain and should not be taken as containing any financial product advice or financial product recommendations. This Presentation is not a prospectus, product disclosure statement or any other form of prescribed offering document under the Act. This Presentation is not required to, and does not, contain all the information which would be required in either a prospectus, product disclosure statement or any other form of prescribed offering document under the Act, nor is it required to be submitted to the Australian Securities and Investments Commission. The funds referred to in these materials are not registered schemes as defined in the Act. In Australia, Credit Suisse Group entities, other than Credit Suisse AG, Sydney Branch, are not authorized deposit-taking institutions for the purposes of the Banking Act 1959 (Cth.) and their obligations do not represent deposits or other liabilities of Credit Suisse AG, Sydney Branch. Credit Suisse AG, Sydney Branch does not guarantee or otherwise provide assurance in respect of the obligations of such Credit Suisse entities or the funds. For persons in Bahrain. The Presentation has not been approved by the Central Bank of Bahrain which takes no responsibility for its contents No offer to the public to purchase the Fund's interests will be made in the Kingdom of Bahrain and this Presentation is intended to be read by the addressee only and must not be passed to, issued to, or shown to the public generally. For persons in Brazil. The information contained herein is for informational purposes only and is not, and under no circumstances is to be construed as, a prospectus, an advertisement, a public offering, an offer to sell the interests described herein or a solicitation of an offer to buy the interests described herein in Brazil. Any public offer or sale of the interests described herein will be made only if applicable registration in the Brazilian Securities Commission is obtained. No invitation to offer, or offer for, or sale of, any investment will be deemed to the public in Brazil or by any means would be deemed public offering of securities in Brazil. Under no circumstances is the information contained herein to be construed as investment advice. Brazilian Securities Commission has not reviewed the material herein. STRICTLY CONFIDENTIAL 61 EFTA01398266

Greg Martin Important Information for Recipients in Certain Jurisdictions (2/6) For persons in Brunei. This Presentation has not been delivered to, licensed or permitted by Autoriti Monetari Brunei Darussalam. Nor has it been registered with the Registrar of Companies. This Presentation is for informational purposes only and does not constitute an invitation or offer to the public. As such, it must not be distributed or redistributed to and may not be relied upon or used by any person in Brunei other than the person to whom it is directly communicated and who belongs to a class of persons as defined under Section 20 of the Brunei Securities Market Order, 2013. For persons in Canada. This Presentation is only intended for persons in Canada who qualify to be a "permitted client" within the meaning National Instrument 31-103 — Registration Requirements, Exemptions and Ongoing Registrant Obligations. To the extent that the information contained herein references securities of an issuer incorporated, formed or created under the laws of Canada or a province or territory of Canada, any trades in or advice regarding such securities must be conducted through an investment dealer registered in Canada. No securities commission or similar regulatory authority in Canada has reviewed or in any way passed upon these materials, the information contained herein or the merits of the interests described herein and any representation to the contrary is an offence. For persons in Cayman Islands. No invitation may be made to the public in the Cayman Islands to subscribe for the Interests. For persons in Chile. All or some of the offered securities may have not been registered with the Superintendencia de Valores y Seguros ("SVS") pursuant to law no. 18,045, the Ley de Mercado de Valores, and regulations thereunder. Securities not registered with the SVS may not be offered or sold publicly in Chile (unless a regulatory exemption apply). This document does not constitute an offer of, or an invitation to subscribe for or purchase, the securities in the Republic of Chile, other than to individually identified investors pursuant to a private offering within the meaning of article 4 of the Ley de Mercado de Valores (an offer that is not "addressed to the public in general or to a certain sector or specific group of the public"). For additional information referred to each of the offered securities, please contact your Relationship Manager. For persons in China. No invitation to offer, or offer for, or sale of, any interest or investment will be made to the public in the People's Republic of China ("PRC") or by any means that would be deemed public offering of securities under the laws of the PRC. These materials may not be distributed to individuals resident in the PRC or entities registered in the PRC who have not obtained all the required PRC government approvals. It is the investor's responsibility to ensure that it has obtained all necessary PRC government approvals to purchase any interest, participate in any investment or receive any investment advisory or investment management services. For persons in Colombia. This marketing material does not constitute a EFTA01398267

public offer in the Republic of Colombia. It is being distributed under circumstances which do not constitute a public offering of securities under applicable Colombian securities laws and regulations. Neither the products, nor the Management Company/Issuers have and will not be registered with the Superintendence of Finance of Colombia. Potential Colombian investors should make their own decision whether this financial product meets their investment objectives and risk tolerance level. Each potential Colombian investor should make its own inquiries and consult its own advisors as to this financial product and the Management Company/Issuers, including the merits and risks involved, and as to legal, tax and related matters concerning an investment in the products. This marketing material is marketed in Colombia or provided to Colombian residents in compliance with decree 2555 of 2010 and other applicable rules and regulations related to the promotion of foreign financial and/or securities related products or services in Colombia. Accordingly, the products may only be promoted to Colombian residents in compliance with decree 2555 of 2010 and under circumstances which do not constitute a public offering of securities under applicable Colombian marketing rules and general securities laws and regulations. For persons in France. This Presentation can only be communicated to qualified investors within the meaning of the article D411.1 of the Monetary Financial Code (Code Monetaire et Financier) to professional clients and eligible counterparties. For persons in Guernsey. This Presentation has not been approved or authorized by the Guernsey Financial Services Commission or the States of Guernsey Policy Council. For persons in Haiti. This Presentation is for general informational purposes only. Nothing in this Presentation is intended to constitute financial advice. No public or private offering of the Interests is being made in Haiti and no agreement relating to the sale of the Interests will be concluded in Haiti. STRICTLY CONFIDENTIAL 62 EFTA01398268

Greg Martin Important Information for Recipients in Certain Jurisdictions (3/6) For persons in Hong Kong. The information memorandum in relation to any interest and/or investment referred to in this Presentation has not been approved by the Securities and Futures Commission of Hong Kong. Accordingly (a) any interests or securities may not be offered or sold and have not been offered or sold in Hong Kong, by means of any document, other than to (i) "professional investors" as defined in the Securities and Futures Ordinance (Cap. 571) of Hong Kong and any rules made under that Ordinance; or (ii) in other circumstances which do not result in the document being a "prospectus" as defined in the Companies Ordinance (Cap. 622) of Hong Kong or which do not constitute an offer to the public within the meaning of that Ordinance; and (b) no person has issued or had in its possession for the purposes of issue, and will not issue or have in its possession for the purposes of issue, whether in Hong Kong or elsewhere, any advertisement, invitation or document relating to any interest or securities, which is directed at, or the contents of which are or are likely to be accessed or read by, the public in Hong Kong (except if permitted to do so under securities laws of Hong Kong) other than with respect to any interests or securities which are or are intended to be disposed of only to persons outside Hong Kong or only to "professional investors" within the definition of the Securities and Futures Ordinance (Cap. 571) of Hong Kong and any rules made under that Ordinance. For persons in Israel. This Presentation has not been approved by the Israel Securities Authority and will only be distributed to Israeli residents in a manner that will not constitute "an offer to the public" under sections 15 and 15a of the Israel Securities Law, 5728-1968 ("the Securities Law") or section 25 of the Joint Investment Trusts Law, 5754-1994 ("the Joint Investment Trusts Law"), as applicable. The products described in this Presentation (the "Products") are being offered to a limited number of investors (35 investors or fewer during any given 12 month period) and/or those categories of investors listed in the First Addendum ("the Addendum") to the Securities Law, ("Sophisticated Investors") namely joint investment funds or mutual trust funds, provident funds, insurance companies, banking corporations (purchasing Products for themselves or for clients who are Sophisticated Investors), portfolio managers (purchasing Products for themselves or for clients who are Sophisticated Investors), investment advisors or investment marketers (purchasing Products for themselves), members of the Tel-Aviv Stock Exchange (purchasing Products for themselves or for clients who are Sophisticated Investors), underwriters (purchasing Products for themselves), venture capital funds engaging mainly in the capital market, an entity which is wholly-owned by Sophisticated Investors, corporations, (other than formed for the specific purpose of an acquisition pursuant to an offer), with a shareholders equity in excess of NIS 50 million, and individuals in respect of whom the terms of item 9 in the Schedule to the Investment Advice EFTA01398269

Law hold true investing for their own account, in respect of which at least one of the following applies: the total value of their cash, deposits, financial assets (as defined in the Investment Advice Law) and securities traded on a stock exchange licensed under the Securities Law (together, "Liquid Assets") exceeds NIS 8 million (approximately £1.3 million); their level of income over each of the preceding two years exceeds NIS 1.2 million (approximately £200,000), or the level of income of their "family unit" exceeds NIS 1.8 million (approximately £300,000); or the aggregate value of all their Liquid Assets exceeds NIS 5 million (approximately £830,000) and their level of income over each of the preceding two years exceeds NIS 600,000 (approximately £100,000), or the level of income of their "family unit" exceeds NIS 900,000 (approximately £150,000); each as defined in the said Addendum, as amended from time to time, and who in each case have provided written confirmation that they qualify as Sophisticated Investors, and that they are aware of the consequences of such designation and agree thereto; in all cases under circumstances that will fall within the private placement or other exemptions of the Joint Investment Trusts Law, the Securities Law and any applicable guidelines, pronouncements or rulings issued from time to time by the Israel Securities Authority. This Presentation may not be reproduced or used for any other purpose, nor be furnished to any other person other than those to whom copies have been sent. Any offeree who purchases a Product is purchasing such Product for its own benefit and account and not with the aim or intention of distributing or offering such Product to other parties (other than, in the case of an offeree which is a Sophisticated Investor by virtue of it being a banking corporation, portfolio manager or member of the Tel-Aviv Stock Exchange, as defined in the Addendum, where such offeree is purchasing Product for another party which is a Sophisticated Investor). Nothing in this Presentation should be considered investment advice or investment marketing as defined in the Regulation of Investment Counselling, Investment Marketing and Portfolio Management Law, 5755-1995. Investors are encouraged to seek competent investment counselling from a locally licensed investment counsel prior to making the investment. As a prerequisite to the receipt of a copy of this Presentation a recipient shall be required by the Fund to provide confirmation that it is a Sophisticated Investor purchasing Products for its own account or, where applicable, for other Sophisticated Investors. This Presentation does not constitute an offer to sell or solicitation of an offer to buy any securities other than the interests in the Fund offered hereby, nor does it constitute an offer to sell to or solicitation of an offer to buy from any person or persons in any state or other jurisdiction in which such offer or solicitation would be unlawful, or in which the person making such offer or solicitation is not qualified to do so, or to a person or persons to whom it is unlawful to make such offer or solicitation. STRICTLY CONFIDENTIAL EFTA01398270

63 EFTA01398271

Greg Martin Important Information for Recipients in Certain Jurisdictions (4/6) For persons in Japan. The information in relation to any interest and/ or investment has not been and will not be registered pursuant to Article 4, Paragraph 1 of the Financial Instruments and Exchange Law of Japan (Law no. 25 of 1948, as amended) (the "FIEL") and, accordingly, any interest and/or investment in them may not be offered or sold, directly or indirectly, in Japan or to, or for the benefit, of any Japanese person or to others for re-offering or resale, directly or indirectly, in Japan or to any Japanese person except under circumstances which will result in compliance with all applicable laws, regulations and guidelines promulgated by the relevant Japanese governmental and regulatory authorities and in effect at the relevant time. For this purpose, "Japanese person" means any person resident in Japan, including any corporation or other entity organized under the laws of Japan. In Japan, this material is distributed by Credit Suisse Securities (Japan) Limited ("CSJL"), a registered Financial Instruments Firm (Director-General of Kanto Local Finance Bureau (Kinsho) No. 66). CSJL is a member of Japan Securities Dealers Association, Financial Futures Association of Japan, Japan Investment Advisers Association and Type II Financial Instruments Firms Association. For persons in Malaysia. This document is provided on a confidential basis and made upon your request. This document does not constitute, and should not be construed as constituting, an offer or invitation to subscribe for or purchase any securities (as defined in the Capital Markets and Services Act 2007) in Malaysia or interests (as defined in the Companies Act 1965) to the public in Malaysia. The dispatch of this document does not make available any securities for subscription or purchase in Malaysia. This document has been issued outside of Malaysia and no issue, offer or invitation under this document has any effect in Malaysia. For persons in Mexico: This marketing material is distributed in the United Mexican States ("Mexico") by a Foreign Financial Institution (Institucion Financiera del Exterior) not subject to the supervision of the National Banking and Securities Commission (Comisi6n Nacional Bancaria y de Valores) (the "CNBV"). The securities mentioned herein are not registered in the National Securities Registry (Registro Nacional de Valores) (the "RNV") or in the International Quotation System (Sistema Internacional de Cotizaciones) (the "SIC") of the Mexican Stock Exchange (Bolsa Mexicana de Valores), therefore such securities, its issuance, offering, distribution and listing are not subject to the supervision of the CNBV or the provisions of Mexican law. The securities shall not be subject to public offering, listing or brokerage in Mexico unless registered in the RNV or the SIC pursuant to the applicable legal provisions. For persons in Monaco: This product may not be offered or sold, directly or indirectly, to the public in Monaco other than by a Monaco Bank or a duly authorized Monegasque intermediary acting as a professional institutional investor which has such knowledge and EFTA01398272

experience in financial and business matters as to be capable of evaluating the risks and merits of an investment in the Fund. Consequently, this document may only be communicated to banks duly licensed by the "Autorite de Controle Prudentiel" and fully licensed portfolio management companies by virtue of Law n° 1.144 of July 26, 1991 and Law 1.338 of September 7, 2007, duly licensed by the "Commission de Controle des Activites Financier-es. Such regulated intermediaries may in turn communicate this document to potential investors. For persons in New Zealand. This information has been prepared for and is provided only to permitted recipients in New Zealand who qualify as an "investment business" or "government agency" within the meaning of clause 37(1) and clause 40 of Schedule 1 of the New Zealand Financial Markets Conduct Act 2013. For persons in the Sultanate of Oman. The information contained in this Presentation neither constitutes a public offer of securities in the Sultanate of Oman as contemplated by the Commercial Companies Law of Oman (Royal Decree 4/74) or the Capital Market Law of Oman (Royal Decree 80/98), nor does it constitute an offer to sell, or the solicitation of any offer to buy Non-Omani securities in the Sultanate of Oman as contemplated by Article 139 of the Executive Regulations to the Capital Market Law (issued by Decision No.- 1/2009). Additionally, this Presentation is not intended to lead to the conclusion of any contract of whatsoever nature within the territory of the Sultanate of Oman. STRICTLY CONFIDENTIAL 64 EFTA01398273

Greg Martin Important Information for Recipients in Certain Jurisdictions (5/6) For persons in Qatar. The interests in the Fund are only being offered to a limited number of investors who are willing and able to conduct an independent investigation of the risks involved in an investment in such interests. The promotional documentation does not constitute an offer to the public and is for the use only of the named addressee and should not be given or shown to any other person (other than employees, agents or consultants in connection with the addressee's consideration thereof). The Fund has not been and will not be registered with the Qatar Central Bank or under any laws of the State of Qatar. No transaction will be concluded in your jurisdiction and any inquiries regarding the interests in the Fund should be made to Glendower. For persons in Saudi Arabia. This Presentation may may not be distributed in the Kingdom of Saudi Arabia except to such persons as are permitted under the Offers of Securities Regulations issued by the Capital Market Authority (the "CMA"). The CMA does not make any representation as to the accuracy or completeness of this Document, and expressly disclaims any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this Presentation. Prospective purchasers of the interests offered hereby should conduct their own due diligence on the accuracy of the information relating to the interests. If you do not understand the contents of this Presentation you should consult an authorized financial adviser. For persons in Singapore. This Presentation is not a prospectus as defined in the Securities and Futures Act, Chapter 289 of Singapore ("SFA") and has not been registered as a prospectus with the Monetary Authority of Singapore. Accordingly, statutory liability under the SFA in relation to the content of prospectuses would not apply, and this Presentation should not be construed in any way as a solicitation or an offer to buy or sell any interest or investment referred to in this Presentation . You should consider carefully whether the investment is suitable for you. The product named in this Presentation is not authorized or recognized by the Monetary Authority of Singapore (the "MAS") and none of its interests / shares / units shall be allowed to be offered to retail public in Singapore. This Presentation may be distributed only (i) to persons who are "institutional investors" under section 304 of the SFA. For persons in South Korea. This Presentation is being provided to you for general discussion purposes only to gauge the level of interest in the relevant products. The delivery of this Presentation to you should not be construed in any way as soliciting investment or offering to sell any interests described in this Presentation. Rather, before the sales of any fund product, the fund will first be registered with the Financial Services Commission in Korea and a locally licensed entity will be engaged. For persons in Switzerland. Credit Suisse provides no guarantee with regard to the content and completeness of the information and does not accept any EFTA01398274

liability for losses that might arise from making use of the information. If nothing is indicated to the contrary, all figures are unaudited. The information provided herein is for the exclusive use of the recipient. Private equity is private equity capital investment in companies that are not traded publicly (i.e., are not listed on a stock exchange). Private equity investments are generally illiquid and are seen as a long-term investment. Private equity investments, including the investment opportunity described herein, may include the following additional risks: (i) loss of all or a substantial portion of the investor's investment, (ii) investment managers may have incentives to make investments that are riskier or more speculative due to performance-based compensation, (iii) lack of liquidity as there may be no secondary market, (iv) volatility of returns, (v) restrictions on transfer, (vi) potential lack of diversification, (vii) high fees and expenses, (viii) little or no requirement to provide periodic pricing and (ix) complex tax structures and delays in distributing important tax information to investors. The representative of the Fund in Switzerland is Hugo Fund Services SA, 6 Cours de Rive, CH-1204 Geneva (the "Representative"). The offering documents, articles of association and audited financial statements can be obtained free of charge from the Representative. The place of performance for interests of the Fund offered or distributed in or from Switzerland is the registered office of the Representative. The courts of the canton of Geneva shall have jurisdiction in relation to any disputes arising out of the duties of the Representative. Any dispute related to the distribution of interests of the Fund in and from Switzerland shall be subject to the jurisdiction of the registered office of the distributor. The Paying Agent in Switzerland is Banque Cantonale de Geneve, 17 Quai de l'Ile, CH-1207 Geneva, Switzerland (the "Paying Agent"). Interests may be subscribed and/or redeemed with the Paying Agent. A handling commission will be charged by the Paying Agent. If a subscription or redemption is made through the Paying Agent, instructions and money must be received by the paying agent at least 24 hours before the appropriate dealing cut-off time. STRICTLY CONFIDENTIAL 65 EFTA01398275

Greg Martin Important Information for Recipients in Certain Jurisdictions (6/6) For persons in St. Kitts and Nevis. This Presentation does not constitute an offer or solicitation in St. Kitts and Nevis. This Presentation has not been reviewed by the Securities Commission or the Financial Services Regulatory Commission in St. Kitts and Nevis. No regulatory authority in St. Kitts and Nevis has passed upon the accuracy or adequacy of the offering or endorsed the merits of the offering. The Fund has not been and will not be registered with any regulatory authority in St. Kitts and Nevis. Each investor should consult his or her legal counsel or accountant or financial advisor for advice on the various legal, tax or economic matters concerning his or her investment in the Fund. There is risk involved in investing, with the ultimate risk being the loss of the investor's entire investment. For persons in UAE/Abu Dhabi/Dubai. This Presentation, and the information contained herein, does not constitute, and is not intended to constitute, a public offer of securities in the United Arab Emirates and accordingly should not be construed as such. The interests in the Fund are only being offered to a limited number of sophisticated investors in the UAE who (a) are willing and able to conduct an independent investigation of the risks involved in an investment in such interests , and (b) upon their specific request. The interests in the Fund have not been approved by or licensed or registered with the UAE Central Bank, the Securities and Commodities Authority or any other relevant licensing authorities or governmental agencies in the UAE. The Presentation is for the use of the named addressee only and should not be given or shown to any other person (other than employees, agents or consultants in connection with the addressee's consideration thereof). No transaction will be concluded in the UAE and any enquiries regarding the interests in the Fund should be made to Glendower. For persons in the United States of America. In making an investment decision prospective must rely on their own examination of the issuer and the terms of the offering, including the merits and risks involved. The Interests have not been recommended by any federal or state securities commission or regulatory authority. Furthermore, the foregoing authorities have not confirmed the accuracy or determined the adequacy of this Presentation. Any representation to the contrary is a criminal offense. The Interests have not been and will not be registered under the Securities Act, or any state or other securities laws or the laws of any non-U.S. jurisdiction, nor is such registration contemplated. The Interests will be offered and sold in the United States only to qualifying recipients of the Fund's private placement memorandum pursuant to the exemption from the registration requirements of the Securities Act provided by Section 4(2) and Regulation D thereof and any applicable regulations promulgated thereunder and in compliance with the applicable securities laws of the states and other EFTA01398276

jurisdictions where the offering will be made. The Interests are being sold for investment only and are subject to restrictions on transferability and resale and may not be transferred or resold except as provided in the Fund Partnership Agreement and as permitted under the Securities Act and the applicable state securities laws, pursuant to registration or exemption therefrom. Limited Partners should be aware that they will be required to bear the financial risks of an investment in the Interests for an indefinite period of time. The Fund will not be registered as an investment company under the Investment Company Act. Consequently, Investors will not be afforded the protections of the Investment Company Act. There will be no public market for the Interests, and there is no obligation on the part of any person to register 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 our capacity as a solicitation agent for the fund associated with this presentation material. Although the information contained in this presentation has been obtained from sources we believe to be reliable, we do not guarantee its accuracy, completeness or fairness. Opinions and estimates that are contained in this presentation material may be changed without notice and involve a number of assumptions which may not prove valid. BEFORE ENTERING INTO ANY TRANSACTION YOU SHOULD TAKE STEPS TO ENSURE THAT YOU UNDERSTAND AND HAVE MADE AN INDEPENDENT ASSESSMENT OF THE APPROPRIATENESS OF THE TRANSACTION IN LIGHT OF YOUR OWN OBJECTIVES AND CIRCUMSTANCES, INCLUDING THE POSSIBLE RISKS AND BENEFITS OF ENTERING INTO SUCH TRANSACTION. YOU SHOULD ALSO CONSIDER MAKING SUCH INDEPENDENT INVESTIGATIONS AS YOU CONSIDER NECESSARY OR APPROPRIATE FOR SUCH PURPOSE. The past performance of the securities described in this presentation material does not guarantee or predict future performance. The securities described in this presentation material are not deposits, are not insured by the Federal Deposit Insurance Corporation (FDIC) or any other U S. governmental agency, are not obligations of or guaranteed by Deutsche Bank Trust Company Americas, Deutsche Bank Securities Inc., or any of their affiliates, and are subject to investment risks, including possible loss of the principal amount invested. Further, the securities described in this presentation have not been registered under the United States Securities Act of 1933 or the Investment Company Act of 1940. We or persons associated with us may earn compensation from the fund described in this presentation material or its affiliates through arrangements that may or may not directly involve our solicitation agent activities, such as the provision of brokerage or prime brokerage services or research. Our employees, including those of our investment representatives who may offer fund interests to clients, may now or in the future own interests in the fund described in this presentation material. Deutsche Bank does not provide accounting, tax or legal advice. Notwithstanding any other express or implied agreement, arrangement or understanding to the contrary, we hereby authorize you (and any of your employees, representatives or agents), subject to applicable U.S. federal and state securities laws, to disclose to any and all persons the structure and tax aspects of this potential transaction, and all materials of any kind (including opinions or EFTA01398278

other tax analyses) that are provided to you related to such structure and tax aspects, without Deutsche Bank imposing any limitations of any kind. This authorization is effective without limitation of any kind from the commencement of our discussion. 027210 042718 Deutsche Bank Wealth Management EFTA01398279