EFTA Document EFTA01364528

GLIDUS238 SOUTHERN FINANCIAL LLC 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 ..., 7) 8 7: • • • 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 Li Cis ' • Low barriers to entry O 0 S • Smaller deals Local sourcing •