EFTA01392205.pdf

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) <S1bin 10,000 $1-3bn • Levered beta play L • PE market index • >$3bn -10 players • Volume-driven • Glendower Capital 3,000 • Alpha play M • • Value investing Selective sourcing • SOF III • SOF IV -10 players 1,000 . ,, SOF,... II Cs ' i.. /— : . ar il ri Cl c> fr.:, ,1 • Low barriers to entry Smaller deals 13 a r 7) SO ;. and ) SOF D :), 0 ., ..., S Local sourcing O O ,.. 1 ti 0 .., 8 O riii >50 players Very competitive ? O O O I.2 r ' 14. o O O O o o ps O .%. (,..• c p,c'. c C: el c; Q 100 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 (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 STRICTLY CONFIDENTIAL 22 Capital CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0097384 CONFIDENTIAL SDNY_GM_00243568 EFTA01392205