EFTA01383161.pdf

GLDUS238 SOUTHERN FINANCIAL LLC SOF IV ILPA 2 scorecard SOF IV Key ILPA 2 Principles Alignment of interest - Best practice all-contribution-plus-preferred-return-back-first model - LP favorable clawback provision - 100% transaction & monitoring fees offset General Partner share - Manager equity interest in the Fund (minimum of 1% of aggregate commitments) Governance ✓ - Key man and "for cause" removal provisions protective to LPs' interests ✓ - Supermajority vote of LPs required to reverse automatic suspension of investment period ✓ - No Fault Divorce with 6634% vote of LPs ✓ - Clearly and narrowly outlined investment strategy with appropriate limitations on investment concentration - Advisory Board best practice set-up Transparency - Comprehensive financial reporting ✓ - GAAP and FAS 157 (Topic 820) compliant valuation policy - General Partner share and carried interest disclosure - Detailed due diligence provided LP M limited partner; ILPA = Institutional Limited Partner Azscination The full guidelines can be tutrul at hittp/alpa erg/principles arersic^ Glendower STRICTLY CONFIDENTIAL Capital CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0082820 CONFIDENTIAL SDNY_GM_00229004 EFTA01383161