EFTA Document EFTA01386470

GLDUS238 SOUTHERN FINANCIAL LLC SOF IV - Project Sunrise Sole deal lead Expected Closing Date: April 2018 K Fund Secondary SeGP-led Secondary D Single Asset Deal Seller type: Alternative funds Key investment data Transaction summary Invested Capital at close ca. $100m Number of companies 5 Discount to NAV at close 7% Strategy Mid-market buyout Gross multiple at close 1.1x Region US 0/0 funded at close 100% Industries Consumer Use of leverage No Average age at purchase 7 years Description - Motivated quality GP seeking to continue growing 5 attractive mid- market investments while providing liquidity to LPs - Largest two assets are franchisees of a well-known dining brand that has outperformed the broader dining industry over past ten years - Third value driver is one of the largest Tex-Mex casual dining brands in the US with a valuable licensing business - The portfolio also includes a leading burger QSR and a franchisee in the largest fitness brand focused on low-cost and high-value Investment rationale / Glendower Team angle Glendower Team angle - Ability to quickly deliver a bespoke solution leveraging Glendower's track record in complex transactions - Ability to perform extensive diligence, including onsite visits, full access to companies' management and industry specialists Investment rationale - GP with strong track record - Attractive entry valuation at blended 7.0x LTM EBITDA multiple - Conservative capital structure: 2.4x leverage across the portfolio - Strong free cash flow and downside protection via preferred securities Poi disc-m.5am pirposes or y The in:a:sac:ant pjesereed abo recd I . srmil cliose-d. and there is no guatantee that st., investmeol coampWe form pail of a keure invested portif ici or that it al:allot:4pr. after lute' due diligence. prove suitable to SOF DI. This slide should be ad end ieviewed in conjunction with the Important Information and "Important Perfoi mance Information' and Notes to Investment Rencirmance sections. Glendower Capital STRICTLY CONFIDENTIAL 4i CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0088184 CONFIDENTIAL SDNY_GM_00234368 EFTA01386470