EFTA01364529.pdf

GLDUS238 SOUTHERN FINANCIAL LLC Glendower has a distinctive investment strategy Disciplined bottom-up underwriting of attractive assets managed by quality managers Source less competitive deals Pursue a selective, true value globally approach Average deal size of US$40m: • Transacted 1% of total pipeline by value • Mature fund secondaries of US$5-100m • Mid-sized alpha value investor vs large • Mid-market GP-led deals of USS100-250m levered beta play • Value creation through in-depth • Single-asset deals of US$25-50m fundamental analysis vs deal structuring Focus on efficient portfolio Buy margin of safety construction • No leverage at transaction level and Purchased 350+ mature fund interests at a limited at portfolio level discount over 10 years: • Hedging to mitigate 50-60% of currency • Average 20% discount to FMV volatility • Average -80% funded at time of entry • Portfolio diversified across ca. 35 deals to seek to mitigate 90%+ of non-market risk' ill Source: Glendower's assessment based on portfolio management theory. There can be no asstrance that efforts to mitigate risk will be successful. Further. Glendower may modify its portfolio constriction cnteria at any time aryl in any ntwrththm it LA, Wives to be f.fonsneent %Mtn iw overoli investmentrAddivN in response to nialkst within:its or other l*:torit withaft notice to io.vestors. information prodded as at September 30, 2017 Thee can be no assurance that the strategy will be successful in the future or that losses will De avoided. Glendower STRICTLY CONFIDENTIAL Capital CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0055077 CONFIDENTIAL SDNY_GM_00201261 EFTA01364529