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tive Investment Fund Managers Directive. Neither the General Partner nor the Investment Manager is authorized or expected to become authorized under the European Union's Directive 2011/6I/EU on Alternative Investment Fund Managers (the "AIFM Directive") as of the date of this Memorandum, and the substantive requirem
GLDUS238 SOUTHERN FINANCIAL LLC Furthermom, in response to increased regulatory concerns with respect to the sources of funds used in investments and other activities, the Glendower GP may re
tive Investment Fund Managers Directive. Neither the General Partner nor the Investment Manager is authorized or expected to become authorized under the European Union's Directive 2011/6I/EU on Alternative Investment Fund Managers (the "AIFM Directive") as of the date of this Memorandum, and the substantive requirem
GLOUS143 Henry Nicholas Furthermom, in response to increased regulatory concerns with respect to the sources of funds used in investments and other activities, the Glendower GP may re
tive Investment Fund Managers Directive. Neither the General Partner nor the Investment Manager is authorized or expected to become authorized under the European Union's Directive 2011/6I/EU on Alternative Investment Fund Managers (the "AIFM Directive") as of the date of this Memorandum, and the substantive requirem
GLOUS125 Gerald Ford Furthermom, in response to increased regulatory concerns with respect to the sources of funds used in investments and other activities, the Glendower GP may re
tive Investment Fund Managers Directive. Neither the General Partner nor the Investment Manager is authorized or expected to become authorized under the European Union's Directive 2011/6I/EU on Alternative Investment Fund Managers (the "AIFM Directive") as of the date of this Memorandum, and the substantive requirem
GLDUS238 SOUTHERN FINANCIAL LLC Furthermom, in response to increased regulatory concerns with respect to the sources of funds used in investments and other activities, the Glendower GP may re
et is expected to develop in the future. Neither the General Partner nor the Investment Manager is authorized or expected to become authorized under the European Union's Directive 2011/61/EU on Alternative Investment Fund Managers (the "AIFM Directive') as of the date of this Memorandum, and the substantive requirem
), or by any other U.S. federal or state securities commission, regulatory authority, or any non-U.S. securities commission or regulatory authority. Furthermom, the foregoing authorities have not confirmed the accuracy or determined the adequacy of this Memorandum. Any representation to the contrary may be
tive Investment Fund Managers Directive. Neither the General Partner nor the Investment Manager is authorized or expected to become authorized under the European Union's Directive 2011/6I/EU on Alternative Investment Fund Managers (the "AIFM Directive") as of the date of this Memorandum, and the substantive requirem
GLDUS124 BBR Partners Furthermom, in response to increased regulatory concerns with respect to the sources of funds used in investments and other activities, the Glendower GP may re
tive Investment Fund Managers Directive. Neither the General Partner nor the Investment Manager is authorized or expected to become authorized under the European Union's Directive 2011/6I/EU on Alternative Investment Fund Managers (the "AIFM Directive") as of the date of this Memorandum, and the substantive requirem
GLOUS144 Glenn Warren Furthermom, in response to increased regulatory concerns with respect to the sources of funds used in investments and other activities, the Glendower GP may re
tive Investment Fund Managers Directive. Neither the General Partner nor the Investment Manager is authorized or expected to become authorized under the European Union's Directive 2011/6I/EU on Alternative Investment Fund Managers (the "AIFM Directive") as of the date of this Memorandum, and the substantive requirem
GLDUS130 Aspen Grove Capital, LLC Furthermom, in response to increased regulatory concerns with respect to the sources of funds used in investments and other activities, the Glendower GP may re
tive Investment Fund Managers Directive. Neither the General Partner nor the Investment Manager is authorized or expected to become authorized under the European Union's Directive 2011/6I/EU on Alternative Investment Fund Managers (the "AIFM Directive") as of the date of this Memorandum, and the substantive requirem
GLDUS1 29 OF Enterpnses Furthermom, in response to increased regulatory concerns with respect to the sources of funds used in investments and other activities, the Glendower GP may re
tive Investment Fund Managers Directive. Neither the General Partner nor the Investment Manager is authorized or expected to become authorized under the European Union's Directive 2011/61/EU on Alternative Investment Fund Managers (the "AIFM Directive") as of the date of this Memorandum, and the substantive requirem
GLDUS140 Lawrence Hirsch Furthermom, in response to increased regulatory concerns with respect to the sources of funds used in investments and other activities, the Glendower GP may re
Entities connected to both European Union and Furthermom

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