EFTA01391536.pdf

GLDUS124 BBR Partners 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 Cis ' . ,, /— : . I SOF,... II 18! b t. il 1—il ri :), Cl c> fr.:, ,1 • Low barriers to entry • Smaller deals 13 a r SO; and SOF .‘ D 0 ., ..., S Local sourcing O ,.. 1 ti 0 , 8 o O riii >50 players • Very competitive ? O O O (3 r ' 14. O o O o o o ps O .%. O c el c; Q C: P, c c'. 100 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 (1; Clendcmer Capital own market segmentation analysis. Data source: Pfeil') database end Glendower Capital own market intelligence as of November 2017. Includes target fund sizes for funtB that are currently raising. Glendower STRICTLY CONFIDENTIAL 22 Capital CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0096488 CONFIDENTIAL SDNY_GM_00242672 EFTA01391536