EFTA Document EFTA01386460

GLDUS238 SOUTHERN FINANCIAL LLC GP-led transactions and single asset deals liustrative case studies Project / Fund Deal Size / Funds / Seller Description Discount' assets / region Porter US$220m 2 funds Multiple Motivated GP seeking to recapitalize 2006 mid-market fund and provide (SOF II & 9% 8 assets liquidity to fatigued investor base SOF III) US Eight US market leading companies in the construction sector with visible growth potential, low leverage • Significant downside protection through securities owned (senior, PIK preferred and structured notes) • GP known to SOF Team through prior fund investment Southern • Motivated, distressed sole LP seeking to divest its captive, non-core European private equity business bank • 33 buyout, growth equity, real estate and energy assets in 11 funds in UK, France, Poland, Czech Rep., Bulgaria, Macedonia and Turkey • Highly structured deal allowed for full asset due diligence • Downsized captive team led by new CEO hired by SOF Team Laurel US$147m 11 fund (SOF II & 24% 33 assets SOF III) Europe lonesco US$28m 1 asset (SOF II) NA Europe Fitzgerald II US$37m 1 asset (SOF III) 10% US Ulendower Capital LBO fund • Opportunity to underwrite attractive LBO of leading manufacturer of polymer substrate for bank notes • GP motivated to quickly syndicate investment after broken auction blocked by Central Banks Company benefited from Bank of England contract for £5 and £10 notes Global Secondary purchase of co-investment position in First Data, a leading bank payment processing company • Motivated seller was a bank invested in original buyout who had to sell for regulatory capital reasons ahead of IPO • Asset well known to the SOF Team STR OILY CONFIDENTIAL go 20) tu Wi — z oft, Ec O co Z5/ fri F.1" 06. -O-- 328 xl cev 08 2,15 1 1 1 I 1 1 1 1 1 1 I 1 1 1 1  CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0088172 CONFIDENTIAL SDNY_GM_00234356 EFTA01386460