GLDUS238 SOUTHERN FINANCIAL LLC Contents 1 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 STR CTLY CONFIDENTIAL CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0055096 SDNY_GM_00201280 EFTA01364548