GLOUS238 SOUTHERN FINANCIAL LLC Contents Introduction 2 Glendower Investment Strategy 3 Secondary Market Update 4 SOF III and IV Update 5 Glendower Capital Secondary Opportunities Fund IV Key Terms 6 Appendix Glendower Capital STRiCTLY CONE DENTAL CONFIDENTIAL - PURSUANT TO FED. R CRIM P. 6(e) DB-SDNY-0055066 CONFIDENTIAL SDNY_GM_00201250 EFTA01364518