EFTA01364524.pdf

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 Delivering a compelling risk / reward profile DPI2 Net IRR2 234 2.04 SOF III 1.54 1.0x 0.54 0.04 2005 2008 2007 2008 2009 2010 2011 2012 2013 2014 2015 2005 2008 2007 2008 2009 2010 2011 2012 2013 2014 2015 2005 2008 2007 2008 2009 2010 2011 2012 2013 2014 2015 Vintage Year Vintage Year Vintage Year Buyout Top Cradle *SOF Program (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 'Toro 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 STRICTLY CONFIDENTIAL 18 Capital CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0055072 CONFIDENTIAL SDNY_GM_00201256 EFTA01364524