EFTA Document EFTA01364760

OLOUS238 SOUTHERN FINANCIAL LLC Section 2: Investment Performance Glendower Capital Secondary Opportunities Fund IV, LP In Exhibit 4, each of SOF. SOF II and SOF III is compared against each other. The SOF Funds, each of a different size, raised in a different vintage and invested across diverse economic cycles, show strong consistency in terms of Net Contributed Capital. Net IRR, TVPI and DPI development. All funds peak below 50% in terms of Net Contributed Capital at around 16 quarters from inception. Net IRR. initially artificially high, levels off over time and converges at around 20% after 20 quarters. Capital tends to be returned in around 24 quarters. or 6 years. Lastly. TVPI tends to converge to the 1.65 - 1.65x range by the time funds are liquidated. The similar profiles exhibited below are ascribed to the consistency of the investment strategy which the Glendower SOF Team has adhered to since 2006.39 Exhibit 4: Consistency of SOF Funds performance10 Net Contributed Capital (as % of Fund Size) — • • , DPI (Distributed to Paid4n Capital) Net IRR an t. -f- n 4% te • TVPI (Total Value to Paid4n Capital) Past perfomiance is not a Predet011 of future performance and therefore there can be no assurance that the Fund will Weave comparable results or that any target results wit be adueved Net Contntuted Capital as % Fund Sze. Net IRR Deveicoment TVPI (Total Value to Pawl in Capita°. CPI pistol:scions to Paid-in Capital). as or September 30. 2017 Performance figures have been calculated based on the unaudited cedormance results of SOF. SOF II and SOF III as at September W. 2017 and should be read and reviewed in coriunctim wth Appends 5. Inriffent Podonnanoe inkomafico Mich sets forth. among other tNngs impeder* inform/on regarding the performance 'Somalian described in Exhibit 4 Past performance is noise...doctor of future returns and Owe Can be no assurance that SCF ht will achieve comparable results a that any target 'stases' be adaeved Performance information on SOF 0 has not been included on the slide because SOF D is a single transaction / top-up Mid raised in 201010 urdenvnte ptal-passu the DaVinci transaciton with SOF GiefldONVISt WS not expect that amain transactions we be available tl 939 Confidential Private Placement Memorandum 10 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0055308 CONFIDENTIAL SDNY_GM_00201492 EFTA01364760