GLDUS138 Ian Slome 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; O 100 1996 • SOF III ,... b 1—il / . ,, — : . I SOF II 18! t. il ri SO; and SOF D 0 :), Cl ., c> fr.:, ,1 O riii ' 14. ti , o (3 r o o o O o ps .%. c el O Q C: P, c c'. • SOF IV 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 -10 players -10 players >50 players (I; Clendrmer 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-0094745 CONFIDENTIAL SDNY_GM_00240929 EFTA01390290