EFTA Document EFTA01383020

OLOUS238 SOUTHERN FINANCIAL LLC Section 2: Investment Performance Glendower Capital Secondary Opportunities Fund IV, LP In Exhibit 2 each of SOF. SOF D. SOF II and SOF III is benchinarked against its vintage peer group reported in the Cambridge Associates Secondaries Benchmark statistics (September 30, 2017). The SOF Funds present comparatively strong Net IRR. DPI and TVPI across each vintage year. Exhibit 2: SOF Funds performance versus Cambridge Associates Secondary Fund Benchmark " 34 37 Secondary funds: Net IRR to limited partners Secondary funds: Net multiple to linked pawners ¶00 19* • upon Urann Low .r3d wilt WC 210. • vi..0a, SOF '1 IV* 2* 16 A /IA BC. 4, SOF II an t i l 1st 211 • It 11t 17% j s t t t. • 3.0% • • ; 054 us 64 toe I SC. DPI • lab or te *C9 '10 11 IS 13 14 1 a 00 06 it. • I: 14 04 OS /6 SOF 0 iVrt peat I. SO; :TI: I I, DP e II 904 6 I 3.• OH • 0 env* on ruin Pee r sce **CPI SCF ha& RYPI In Exhibit 3. each of SOF. SOF D. SOF II and SOF III is benchmarked against its vintage group of top quartile buyout funds reported in the Cambridge Associates Global Buyout Benchmark as of September 30. 2017. Again, the SOF Funds present comparatively strong Net IRR, DPI and TVPI across each vintage year. Exhibit 3: Buyout•hke returns with a secondary risk profiles OPP • COIF it s. or AX4 AN Alt to no n , r Wee 0. • s...s Ss m.1 • COED •P in ani • its] • et= ne f• La. "I acs: .X.1.6 art ;!‘ 0 Sane: Cambridge Assocsates Secondaries Benchmark statistics as of September 30 2017 SOF Funds are shown benchmarked against their War yew peer group SOF and SOF 0 performance is not included in the data se teed to calculate the tenclvnark data Note that the performance tomes in reaped ci SW and SOF D have not been audited and abaft be read and reviewed n comma:wrath Agenda 5 impOrtanIParlonnanCe fraismatron Past performance of SOF Fulls 6 not ci futtre performance. lacanation presented n Exhibt 2's based an the unausisa results of SOF, SOF D. SOF II and SOF III as of September 30. 2017 ", Past performance IS net a DfeCktell of the future performance of SOF, SOF D. SOF II or SOF III but is included to demonstrate the track record or the Glendower SOF Team There can be no assurance that SOF af win achieve canceratle MEd% co that any target resultswill be acheved DPI = DistrOutions to Paid-in Capital. RVOI = Residual Value to Peel- In Capital. TVPI = Total Value to Paid in Capital ' 4 Source' Cambridge Associates Global Buyout Benchmark as of September 30. 2017. The information reflects a companson ot SOF. SOF D. SOF II a SOF III performance against one benchmark only Past performance is riot a predicton ol the Volt performance of SOF. SOF D, SOF II. SCf III or any other Glendower finds and there can be no asswance that SOF W will achieve comparatle resifts or that any target results will be achieved. but is included to demonstrate the track rocad ci the Glendower SOF Team Internet= presented in this chart is based on the unaudted issues of SOF. SOF D. 9CF II and SOF III as of Seaember 30.2017 and should be read and reviewed in 0/npriCtOn and should be read and Ity,Ow03 in conjunction with Appendix 5 Irripatant Pet matte Information which sets forth amongst other throe: important information regarding the performance awaited above Confidential Prrvate Placement Memorandum 9 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0082611 CONFIDENTIAL SDNY_GM_00228795 EFTA01383020