GLDUS238 SOUTHERN FINANCIAL LLC Glendower Capital Overview Established investment team active in the secondary market since 2003' Glendower Capital at a glance Independent partnership Established platform Seasoned team - Team spun-off from Deutsche Bank in 2017 - Privately owned by its partners, fully funded - Senior team has worked together for 15 years - US$3 billion in total client assets2 - London and New York offices - 23-strong team expected to grow to 28+ by 2H18 - 16 investment professionals with an average of 12 years of relevant experience Extensive database & relationships - Invested in over 350 fund interests over 90 deals - Screened thousands of funds over 10 years Established operational processes - Integrated, self-contained processes - Developed by the Team over 10 years Team's history Carlo Pirzio-Biroli. Charles Smith. Chi Cheung, Deirdre Davies & Francesco Rigamonti start working together to Team Tearn Team restructure USS6bn raises raises raises Deutsche Bank PE SOF SOF- D SOF Ili proprietary portfolio USS565in USS147m L1S51 550n --• 2003 2005 2006 2007 Carlo Pirzio-Biroli and Charles Smith co-found the SOF business, a self-contained unit with its own investment and operational processes 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 Capital STRICTLY CONFIDENTIAL Adam Graev opens New York Office • • 2010 2011 Team raises SOF a LiS$514m • Entire 15-strong investment team & COO spins-off from Deutsche Bank in Aug 2017 to form Glendower 2014 2017 Glendower engaged by Deutsche Bank as advisor and delegated portfolio manager of SOF Funds for remaining life of funds CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0055068 CONF