EFTA01383143

GLDUS238 SOUTHERN FINANCIAL LLC Buyout-like returns with a secondary risk profile' SOF Funds outperform Cambridge Associates buyout top-quartile benchmark TVPI in line with top-quartile buyout funds... ...With a secondary cashflow profile SOF III 2005 2008 2007 2008 2009 2010 2011 2012 2013 2014 2015 Vintage Year DPI2 234 2.04 1.54 1.0x 0.54 0.04 2005 2008 2007 2008 2009 2010 2011 2012 2013 2014 2015 Buyout Top Cradle *SOF Program Vintage Year Delivering a compelling risk / reward profile Net IRR2 2005 2008 2007 2008 2009 2010 2011 2012 2013 2014 2015 Vintage Year (1) Source Cumbricipo Awl:rotes Global Buyout Benchmark as of September 30. 2017. Thus information reflects a comparison of SOF. SOF D. SOF II & SOF III performance aoarnst one benchmark only Past padamacroe is na aprediaion c' the kture pederrnarze of SCF. SOF D, SOP .2i. SOF II' tait r:; Included to demonstrate the track record of tbe Glendower SOP Texan. Iniormeaionixesendel in this leapt is based on Lt* unaudited results of SOF. SOF D. SOF if and SOF III as of September 30.'017 and should he read and reviewed eu conjunction with the important Information" and "Notes to Irmesiment Performance Information" sesitOCIS (*atlas presentation (21 TVPI= Total Value to Pard-In Capital, DPI = [attributions to Paid in Capital: Net iRR = Net Internal Rate of Return. and DPI are pooled return aggregating all cash flows and ending NAVs in a sample to calculate a doiqr-weighted retail. Net IRRts are nut of fees. wept:ruses and carried tamest Cambridge, Associates research shortie that most funds OKA al least six yearsto SW% into their final quartile ranking. and previous to lies se.4tIung they typioally tau* in 24 other quartiles. thelefere fund or becotanark perfcr-tinuirr_ur metriCS :'core more rseerit yureage years be was mumangta. Top quartile ts the thresrod for the upper itop quart* based co the Individual fund IRRs included in a vintage year and are used in conjunction with the median to determine quartile placement (minimum 84 funds.' Glendower Capital STRICTLY CONFIDENTIAL 18 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0082794 CONFIDENTIAL SDNY_GM_00228978 EFTA01383143