GLDUS238 SOUTHERN FINANCIAL LLC Glendower has a distinctive investment strategy Disciplined bottom-up underwriting of attractive assets managed by quality managers Source less competitive deals globally Average deal size of US$40m: • Mature fund secondaries of US$5-100m • Mid-market GP-led deals of USS100-250m • Single-asset deals of US$25-50m Focus on efficient portfolio construction • No leverage at transaction level and limited at portfolio level • Hedging to mitigate 50-60% of currency volatility • Portfolio diversified across ca. 35 deals to seek to mitigate 90%+ of non-market risk' Pursue a selective, true value approach • Transacted 1% of total pipeline by value • Mid-sized alpha value investor vs large levered beta play • Value creation through in-depth fundamental analysis vs deal structuring Buy margin of safety Purchased 350+ mature fund interests at a discount over 10 years: • Average 20% discount to FMV • Average -80% funded at time of entry ill Source: Glendower's assessment based on portfolio management theory. There can be no assurance that efforts to mitigate risk will be successful. Further. Glendower may modify its portfolio constriction cnteria at and time aryl in any ntwrth thm it LA,Wives to be f.fonsneent %Mtn iw overoli investmentrAddivN in raspy:se to nialkst within:its or other l*:torit withaft notice to io.vestors. information prodded as at September 30, 2017 Thee can be no assurance that the strategy will be successful in the future or that losses will De avoided. Glendower Capital STRICTLY CONFIDENTIAL CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL SDNY_GM_00228983 DB-SDNY-0082799 EFTA01383147