EFTA01364523

GLDUS238 SOUTHERN FINANCIAL LLC Consistent top returns among peers SOF Funds vs Cambridge Associates' secondary funds performance' 7'3 Secondary funds: Net IRR4 to limited partners Secondary funds: Net multiples to limited partners 50% - 45% - 40% - 35% et 30% - ix 1; 25% - 5% - 0% + Upper Quartile S0F 22% t Lower Quartile • Median SOF D 29% SOF II 20% SOF III 30% 04 05 06 07 08 09 10 11 12 13 14 2 5x 0.5x • 0.0x SOF TVPI = 1.84x DPI = 1.80x SOF D TVPI =2.3x DPI = 2.1x SOF II TVPI = 1 5x DPI= 1.2x SOF III TVPI = 1 3x DPI = 0.3x '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 • Index DPI Index RVPI SOF funds DPI SOF funds RVPI 11) Source' Cambric* Associates Secondaries Benchmark statistics as of September 30. 2017 based on data complied from 140 secondary tunes with a rill: cd A: kinds.per veer. ;is:letting rc fully liquidated partnerships. funned between .Q04 aryl 2014 E4(11 SOF Fund its shoed., benchmarked against their respect vintage peer aioup..This informaion ierltechka comparison JAI SAt: or r. s s GE I arid SO)- III performa e against one benchmark a=y; gualt*ea maydiffer when "cumbered to ether benotenarking souites. SOF. ra SOF J. SCir i and SOF Ill data isnot included in the data sin used to calculate the berictiria it data (21 Inlormalion Eves reed in this chair le based on the waialteg fevers of SOF, SOF 0. SOF II and SOF In as vi September 3D. 2017 and stculd be read and wenn/ad in con)tettion with the 'Important Information" and Wes to investinent Pertramance Int rnation' sections of this 40cOnlielt (31 Past performance is rat a faerhotion of the future I>0110fOtert6 el SOF. SOF 0, SOF If or SOF HI but n; included to denmnstrae the track record vi the Gler4ower SOF Team. (41 internal rates of returns are net of fees. expenses and tamed interest. Cambridge .Assoaates research snows that most funds take, et feast so years to settle irto their final quartile ranking, anrA IXE-VIOUS to this settling they tYP+1aIPY rank in 2-3 WIWI trlailltank therefore fund or benci•Pialk PstfuntrxXle metrics from more recent vintage years may be less meaningful. Median, is the middle fund IRR of the, (gaup of individual fund iRcts mrzspiss m a hist age year trnininsin 3 fundst. Uppers Ir..wa quartile are the threshos for the upper 4t"X and (batoir "ZrIce) guartiX•rs based on the indrodual head IRRs me€uded in a :nriage year and ar ksed in conjunclion with the median to determine quartile placement (minimum 3 fields). (Si DPI Distithetiorz to Find-€n Capital: Rtai ,4 Residual Vitra to Paid-in Capita Total Valve to Paid+1 Capital. TVPI. FIVP1 and shy€ are Fool≥-3 rehon awiegating all castifs-ars and entlir *Ws in a sample to calculate a dollaracsghterl return. Glendower Capital STRIC"FLY CONFIDENTIAL CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0055071 CONFIDENTIAL SDNY_GM_00201255 EFTA01364523