EFTA01383141

GLDUS238 SOUTHERN FINANCIAL LLC Glendower Capital Overview Established investment team active in the secondary market since 2003' Glendower Capital at a glance Team's history Carlo Pirzio-Biroli. Independent - Team spun-off from Deutsche Bank in 2017 Charles Smith. partnership Chi Cheung, - Privately owned by its partners, fully funded Deirdre Davies & Francesco Entire 15-strong - Senior team has worked together for 15 years Rigamonti start investment team & working together to Team Tearn Team COO spins-off Established - US$3 billion in total client assets2 restructure USS6bn raises raises raises from Deutsche platform Deutsche Bank PE SOF SOF- D SOF Ili Bank in Aug 2017 - London and New York offices proprietary portfolio USS565in USS147m L1S51 550n to form Glendower - 23-strong team expected to grow to 28+ by 2H18 Seasoned team - 16 investment professionals with an average of 12 years of relevant experience --• • • • 2003 2005 2006 2007 2010 2011 2014 2017 Extensive - Invested in over 350 fund interests over 90 deals database & relationships - Screened thousands of funds over 10 years Carlo Pirzio-Biroli and Adam Team Glendower engaged by Charles Smith co-found Graev raises Deutsche Bank as Established the SOF business, a opens New SOF a advisor and delegated - Integrated, self-contained processes self-contained unit with York Office LiS$514m portfolio manager of operational processes - Developed by the Team over 10 years its own investment and SOF Funds for operational processes remaining life of funds r1 j Period since 2003 includes time spent by ITWATONIS ()line core senior management team et Deutsche Rank 121 Artuai committed to SOF Funds. (3) SOF D is a Euro denominated furr.l. UST values have been converted at the September 30 2017 EURtliSS late of 1.1822. Glendower STRICTLY CONFIDENTIAL Capital CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0082790 CONFIDENTIAL SDNY_GM_00228974 EFTA01383141