SOUTHERN FINANCIAL LLC GP-led transactions are a growing source of supply Secondary bespoke liquidity solutions are now part of the GP toolkit GP-led transactions now represent 20-25% of the secondary market GPs seeking Brand-name liquidity for worse managers performing funds or fund term extension Mid-market GPs looking to provide a Quality • liquidity option in mid-market year 10+ or managers • bespoke solution after a bump in the road Under- Zombies looking for performing solutions make managers unlikely targets Illustrative transachons ......... le BC Partners DIAMOND CAIST1.! FEC:7 One Equity Partners WARMINGPI:W2)N DNUANC, • Lt^zir1/2.t.1 Can in!. DUKE STREET ilka:Yr-..• :Anna Prikst zit • GMT Zurmont Madison STAGE ZOMBIE GPs USSIdn 15 14 13 12 11 10 9 8 7 6 5 4 3 a 2.4 2.7 1.9 2 1 0 18% CAGR • . 0.6 1.9 8.2 7.1 % of Secondary market deal volume 30% 14.0 9.0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 GP-led secondaries —GP-led secondaries as % of total (I; Sourne. Glendower Capital analysis basted on Gieonhil Secondary Market ireixls 3 Outlook. January MIS: and Dow Jones. Private Equity Antilyst Guide to the Secondary Market, June 2917 Glendower Capital STRICTLY CONFIDENTIAL 25% 20% 15% 10% 5% 0% CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0055089 SDNY_GM_00201273 EFTA01364541