EFTA01383146

GLIDUS238 SOUTHERN FINANCIAL LLC SOF Funds positioned as mid-sized value investor Below large levered beta players, above small local funds Secondary funds raised or in fundraising 1996-20181 Fund Size (USS000) L ..., 7) 8 7: • [repeated 3 times] Levered beta play PE market index Volume-driven 10,000 <S1bin $1-3bn • >$3bn • Glendower Capital 3,000 • Alpha play M • Value investing • Selective sourcing 1,000 Li Cis ' • Low barriers to entry O 0 S • Smaller deals Local sourcing • O ? O . [repeated 3 times] , • Very competitive O o O O 100 1996 • SOF III 1—il / — . { • SOF II a c -.. o ri .. : SO: and D f.D 0 `. C) , f -, r.: r i i O i • / , e O O O , O O cA) O ps O .%. c r." O 0 ..p, Q 0 (,..• c c'. , ft it • SOF IV 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 -10 players -10 players >50 players (I; Gtendrmer Capital own market segmentation analysis. Data source'. Preqin database end Glendower Capital own market inteiigence as of November 2017. Includes target fund sizes for funds that ire currently raising. Glendower Capital STRICTLY CONFIDENTIAL 22 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0082798 CONFIDENTIAL SDNY_GM_00228982 EFTA01383146