GLOUS113 Cliff IIlig 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) • Levered beta play 10,000 L • PE market index • Volume-driven 3,000 • Alpha play M • Value investing • Selective sourcing 1,000 Low barriers to entry S • Smaller deals Local sourcing Very competitive 100 1996 <S1bin $1-3bn • >$3bn • Glendower Capital OF II -.7) • SOF III O ? a 0 O 0 ,-... ..., O :"SOF and SOF D O 13 r ' 14. , O .%. 0 0 c 7; O 8 ..i 0 ps , ..., 0 O O Q C: .e, c; O 0 c e , f1 it 1998 2000 2002 2004 2006 2008 2010 2012 2014 rs • SOF IV P 2016 2018 -10 players -10 players >50 players (I; Glendrwar 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 ire currently raising Glendower Capital STRICTLY CONFIDENTIAL CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0095625 CONFIDENTIAL SDNY_GM_00241809 EFTA01390946