EFTA01394759

GLDUS140 Lawrence Hirsch 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 • Levered beta play • PE market index • Volume-driven • Alpha play M • Value investing • Selective sourcing • Low barriers to entry S • Smaller deals Local sourcing • Very competitive 10,000 3,000 1,000 100 1996 <S1bin $1-3bn • >$3bn • Glendower Capital SOF III 1 - il Li Cis ' - SOF II a c -.. o ri 0 7) SO: and 7: D f.D 0 C) f 8 O 0 0 riii • i O 0 O .../ e O O O , O O cA) ps O o .%. c 9 O c ..p, o Q 0 (,..• c C. f1 ii 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 SOF IV - 10 players - 10 players >50 players (1; Glendower Capital own market segmentation analysis. Data source. Pregin database end Glendower Capital own market intelligence as of November 2017. Includes target fund sizes for funds that are currently raising. Glendower Capital STRICTLY CONFIDENTIAL 22 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0100800 CONFIDENTIAL PROT1 PROT0