EFTA01364909.pdf

GLOUS238 SOUTHERN FINANCIAL LLC Glendower Fee Sheet May 2018 Master Fund Access Fund Total Fees (Master + Access Fund Fess) For the 2 Years For the 2 Years For the 2 Years Immediately During Immediately During Immediately Commitment Size During Investment Following Thereafter: Investment Following Thereafter ' Investment Following Thereafter' Period: Investment Period' Investment Period' Investment Period' Period' Period: <$3 million • of 'AN t I :.CV' • tf Se) cd 2.10% 1.60% > of 90% of $3 million - <$5 million 1.10% 0.95% previous year 0.75% 0.60% previous year 1.85% 1.45% previous year or 45 million or 0.25% 0.25% 0.25% or 0.25% 1.35% 1.10% 0.25% Master Fund Access Fund / I I' t 12.5% after an 8% preferred No additional corned interest charged 3 t .l return by the access fund Commitment Size Placement Foil a <$1million 2.00% $1million - <$2.5 million 1.50% $2.5 million • <$5 million 1.00% 45 million No Fee 1 Glendower SOF IV Fees for Clients Investing Directly Master Fund For the 2 Years Immediately Commitment Size During Investment Following Thereafter' Period' Investment tl R Period' > of 90% of 45 million 1.25% 1.00% previous year or 0.25% Master Fund 2 . 12.5% after an 8% preferred X 2 return 111 Calculation basis :Limited Panne.", capital commionem 121 Caktdation base = Invested Capital as Kay defined in the undethring fund SPA (generally. invested capital at the undedprig fund a the amount of capital invested in investments and the remixing unfunded obh"seons reasonably mewed for such investments Ill Includes• IS bps discount for clients nveseng through Arrest Fund le) Bankers NW the fleebility to reduce piaci:mom fee by up 10 25% without further approval fleductoons in tens ol 25% will mauve GPS approval. Sourced from Glendower Capital Secondary Opportunities Fund IV LP ("SOF IV") CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0055458 CONFIDENTIAL SDNY_GM_00201642 EFTA01364909