EFTA Document EFTA01386725

GLOUS238 SOUTHERN FINANCIAL LLC Glendower Fee Sheet May 2018 Master Fund Access Fund Total Fees (Master + Access Fund Fess) Commitment Size During Investment Period: For the 2 Years Immediately Following Investment Thereafter: During Investment Period' For the 2 Years Immediately Following Investment Thereafter' During Investment Period' For the 2 Years Immediately Following Investment Thereafter' Period' Period' Period: <$3 million • of 'AN t I :.CV' • tf Se) cd 2.10% 1.60% > of 90% of $3 million - <$5 million 45 million 1.10% 0.95% previous year or 0.25% 0.75% 0.25% 0.60% 0.25% previous year or 0.25% 1.85% 1.35% 1.45% 1.10% previous year or 0.25% / I Master Fund Access Fund I' t 3 t l. 12.5% after an 8% preferred return No additional corned interest charged by the access fund a 1 Commitment Size <$1 million $1 million - <$2.5 million $2.5 million • <$5 million 45 million Placement Foil 2.00% 1.50% 1.00% No Fee Commitment Size Rtl Glendower SOF IV Fees for Clients Investing Directly Master Fund During Investment Period' For the 2 Years Immediately Following Investment Period' Thereafter' 45 million 1.25% 1.00% > of 90% of previous year or 0.25% . 2 X 2 Master Fund 12.5% after an 8% preferred return 111 Calculation basis :Limited Panne.", capital commionem 121 Caktdation base = Invested Capital as Kay defined in the undethring fund SPA (generally. invested capital at the undedprig fund a the amount of capital invested in investments and the remixing unfunded obh"seons reasonably mewed for such investments Ill Includes• IS bps discount for clients nveseng through Arrest Fund le) Bankers NW the fleebility to reduce piaci:mom fee by up 10 25% without further approval fleductoons in tens ol 25% will mauve GPS approval. Sourced from Glendower Capital Secondary Opportunities Fund IV LP ("SOF IV") CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0088548 SDNY_GM_00234732 EFTA01386725