EFTA01392205

GL0USI44 Glenn Warren 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 and ) ..., 0 8 7) • [repeated 3 times] Levered beta play PE market index Volume-driven 1 0 , 000 <S1bin $1-3bn • >$3bn • Glendower Capital 3,000 • Alpha play M • Value investing • Selective sourcing 1,000 Low barriers to entry 13 Cs ' r a S • Smaller deals Local sourcing O ,..1 Very competitive ? O c; O [repeated 3 times] 100 1996 • SOF III ,... . ,, /— : . ar SOF II i.. il ri SO.; SOF D 0 c> :), Cl ., fr.:, ,1 O riii ' 14. ti .., O I.2 r o O O o o O ps O .%. c el Q C: p, c'. • SOF IV 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 -10 players -10 players >50 players (I; Glendcnver Capital own market segmentation analyais Data source: Pregin database end Glendower Capital own market intelligence as of November 2017. Includes target fund sizes for funds that are currently raising. Glendower Capital STRICTLY CONFIDENTIAL 22 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0097384 CONFIDENTIAL SDNY_GM_00243568 EFTA01392205