GLDUS127 Annandale Capital 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 ..., 0 8 , • • • 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 Low barriers to entry 13 a Cis ' r S • Smaller deals Local sourcing ,..1 Very competitive ? O O O O O c; 0 Jim , 4 100 1996 • SOF III ,... b 1—il / . ,, — : . I SOF II ti. t. il ri SO; . and SOF D 0 F :), Cl c> ., fr.:, ,1 C r o O o c ps .%. el Q C: P, c c'. • SOF IV 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 -10 players -10 players >50 players (1; Glendrwer 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 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0040333 CONFIDENTIAL SDNY_GM_00186517 EFTA01355287