GLDUS238 SOUTHERN FINANCIAL LLC I ntroductiont" Glendower Capital Secondary Opportunities Fund IV, LP ("SOF IV") Glendower Capital is an independent secondary private equity manager owned by its partners - Fully funded and operational since its team spun-off from Deutsche Asset Management on August 1st, 2017 - Glendower continues to advise and manage the legacy SOF Program with US$3 billion of third-party client assets Our mission is to deliver outstanding results for its investors - Strong buyout-like performance with an attractive risk profile, early cash flows and negligible loss ratio - Mature SOF Funds show 1.7x Net Multiple and over 20% Net IRR, overall program shows 1.5x Net Multiple and 23% Net IRR Glendower Capital is launching SOF IV to continue the successful value-investing strategy pursued since 2006 - Disciplined bottom-up underwriting of attractive assets managed by quality managers globally - Across a range of transactions: traditional fund secondaries, GP-led transactions and single asset deals - With focus on value creation through in-depth fundamental analysis as opposed to deal structuring and leverage The Fund is seeking US$1.75 billion in commitments with same key terms as prior fund - In the process of closing US$1.3 billion in a first close in May with ca. 50 investors - Second close before the summer at or above target and final closing in 4Q18 - Active pipeline with two deals for US$200 million closing in May / June and two near term opportunities for additional US$200 million r2, e,,Lana, ribwras ,,aye been calculated based - tine unaudted mforittarce results of SOF sr.:, r :• E. ,: I. as ,,t v : as. n be La.d .e ., the , Ay", Information" and -Notes to the Investment Performance" sections of this presentation. The "Notes to Investment Performance sectan in particular includes. among other things. a desciiption of the terms tared in the tables above and sets forth rnportant gtudettnes and limitations as to the performers:re described above. Net perlorrname data relleas amourds net of expenses. feel and dried intelest. INtesdois should consult with thee' own %Me** as to tux appropriate tactors to be azmedeced in twasiatiri this inlarr*dion Past petfomiance is not a prediction of ire ktkra performance of SOF. SOF O. SOF II a SOF lit but * included to demonstrate the track record of the Glendower SOF Team and there can be ro assurance that SOF IV will achieve comparable results or that any target results will be achieved (3) C-iendower Capital Secondary Opportunities Fund IV. t. P. fSOF IV or the "Ftzsill is being formed by Skindower Capra€. LIP rOlenr ceeri. whech is authorized and regulated by the United Kingdom Financial Conchs./ Authority The Fund is seeking USS1 75 billion in total commitments with the aim of generating attractive risk adjusted investrhant returns principally in the form of capital appreciation. through the, acquisition hokling and disposition of a diverse port*lso a investments incitAno buyout growth taital. :*ntwe capital special sitsedions, turnaround. mezzanine. distressed opportunities. realestate andinfrastructu e.... re assets from li secondary market The Fund will target globally DV priniarifr in the (15 and Europe it) the acquisition of inteiests in estabikshod generalist and specialist private equity fund structures tincribilro funds of funds. feeder fords and other similar siructureslon Me secondary market techsLY:li fund or structure. a 'Reid Secondarti. (ii) the acquisition of interests DO/10Ak% of private tOgilty assets on the secondary market xt mensactiorra with greater complexity eicluding Sprisin SF-,r,.0itt.. teisend reste-ictrzirig. assetriquidatiasy. and IP tendeis invevment interest. a .C;P-led Secoridarci. arid ire) in:segments is an indivrduar portrolui company alongside private equity fund sponsois teach such invedment. a 'Single. Asset Dear). Glendower Capital STRICTLY CONFIDENTIAL CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0055067 CONFIDENTIAL SDNY_GM_00201251 EFTA01364519