EFTA01393478.pdf

GLDUS130 Aspen Grove Capital. LLC Glendower Capital Overview Established investment team active in the secondary market since 2003' Glendower Capital at a glance Team's history Carlo Pirzio-Biroli. Independent - Team spun-off from Deutsche Bank in 2017 Charles Smith. partnership Chi Cheung, - Privately owned by its partners, fully funded Deirdre Davies & Francesco Entire 15-strong - Senior team has worked together for 15 years Rigamonti start investment team & working together to Team Tearn Team COO spins-off Established - US$3 billion in total client assets2 restructure USS6bn raises raises raises from Deutsche platform Deutsche Bank PE SOF SOF D SOF Ili Bank in Aug 2017 - London and New York offices proprietary portfolio USS565in USS147m L1S51 550n to form Glendower - 23-strong team expected to grow to 28+ by 2H18 Seasoned team - 16 investment professionals with an average of 12 years of relevant experience --• • • • 2003 2005 2006 2007 2010 2011 2014 2017 Extensive - Invested in over 350 fund interests over 90 deals database & relationships - Screened thousands of funds over 10 years Carlo Pirzio-Biroli and Adam Team Glendower engaged by Charles Smith co-found Graev raises Deutsche Bank as Established the SOF business, a opens New SOF a advisor and delegated - Integrated, self-contained processes operational self-contained unit with York Office LiS$514 m portfolio manager of processes - Developed by the Team over 10 years its own investment and SOF Funds for operational processes remaining life of funds rjj Period since 2003 inctuelee time spent by ITWATONIS at the core senior management team et Deutsche Bank (21 Actual committed to SOF Funds. (3) SOF CI is a Euro denominated furr.l. UST values- have been converted at the September 30 2017 EUR1JSS late of 1.1822. Glendower STRICTLY CONFIDENTIAL Capital CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0099048 CONFIDENTIAL SDNY_GM_00245232 EFTA01393478