EFTA01386451

GLOUS238 SOUTHERN FINANCIAL LLC Glendower Capital Overview Established investment team active in the secondary market since 2003' Glendower Capital at a glance Independent partnership Established platform Seasoned team Extensive database & relationships Established operational processes - Team spun-off from Deutsche Bank in 2017 - Privately owned by its partners, fully funded - Senior team has worked together for 15 years - US$3 billion in total client assets2 - London and New York offices - 23-strong team expected to grow to 28+ by 2H18 - 16 investment professionals with an average of 12 years of relevant experience - Invested in over 350 fund interests over 90 deals - Screened thousands of funds over 10 years - Integrated, self-contained processes - Developed by the Team over 10 years Team's history Carlo Pirzio-Biroli. Charles Smith. Chi Cheung, Deirdre Davies & Francesco Rigamonti start working together to Team Tea rn Team restructure US$6bn raises raises raises Deutsche Bank PE SOF SOF- SOF III proprietary portfolio USS56Ein USS147m US$1 550n --• 2003 2005 2006 2007 Carlo Pirzio-Biroli and Charles Smith co-found the SOF business, a self-contained unit with its own investment and operational processes rjj Period since 200.3 Includes time spent by ITWATONIS 01 the core senior management team et Deutsche Bank 12) Attuai ceramitted to SOF Funds. (33 SOF CI is a Euro denominated furr.l. US$ values. have been converted at the September 30 2017 EURtUSS late of 1.1822. Glendower Capital STRICTLY CONFIDENTIAL Adam Graev opens New York Office • • 2010 2011 Team raises SOF H USSCs 14 m • Entire 15-strong investment team & COO spins-off from Deutsche Bank in Aug 2017 to form Glendower 2014 2017 Glendower engaged by Deutsche Bank as advisor and delegated portfolio manager of SOF Funds for remaining life of funds CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0088158 CONFIDENTIAL SDNY_GM_00234342 EFTA01386451