EFTA Document EFTA01383160

GLOUS238 SOUTHERN FINANCIAL LLC SOF IV - Master Fund Key Terms Same key terms as SOF III with an increased team commitment The Fund Target Size Structure Investment Period Term Minimum Commitment Team Commitment General Partner Share Carried Interest Hurdle Rate Clawback Glendower Capital Secondary Opportunities Fund IV, LP USS1.75 billion (US$2.5 billion hard cap) English private fund limited partnership 4 years from final closing 7 years from final closing plus up to 5 one-year extensions (the first three one-year extensions being at the discretion of Glendower and the final two one-year extensions requiring the consent of the SOF IV advisory committee) USS5 million Min of 1% of aggregate commitments 1.25% p.a. of commitments during Investment Period 1.00% p.a. of Invested Capital' for a period of 2 years after the Investment Period, thereafter greater of 90% of previous year and 0.25% 12.5% on a whole fund basis 8% (with 100% catch-up) Yes weave read the confident-A private plawnent memorandum of the Fin) 4Ite -Meitiorarylurs") or the full crawl: wee of risk factors. conflicts of imerest. conwk•ste term's, aril regulatory and fay considerations of the Fund. For hither dlailasure of tees, such as lees and tN.%enses paid by the Fund. please refer to the Memorandum, the amended awl restated limited partnership agreement and the deed of adherence el the Fund A dostsnents are in the process of berna prepared and will be made evadable to prospectrw investors upon recrdest. 1) Invested Capital is the amount of capital invested in investments and the remaining unfunded obligations reasonably reserved by Glendower for such investments. Glendower Capital STRICTLY CONFIDENTIAL CONFIDENTIAL - PURSUANT TO FED. R CRIM. P. 6(e) DB-SDNY-0082819 CONFIDENTIAL SDNY_GM_00229003 EFTA01383160