EFTA Document EFTA01386453

GLOUS238 SOUTHERN FINANCIAL LLC Consistent top returns among peers SOF Funds vs Cambridge Associates' secondary funds performance' 7'3 Secondary funds: Net IRR4 to limited partners Secondary funds: Net multiples to limited partners 50% - 45% - 40% - 35% - 5% - 0% +Upper Quartile SOF 22% Lower Quartile • Median SOF D 29% SOF II 20% 4*.S. t SOF III 30% 04 05 06 07 08 09 10 11 12 13 14 2 5x 2.0x ci lb 1.5X (2 a d tox 0.5x 0.0x SOF TVPI = 1.84x DPI = 1.80x SOF D TVPI = 2.3x DPI = 2.1x SOF II TVPI = 1 5x DPI= 1.2x SOF III Tin = 1 3x DPI = 0.3x Iir '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 ',Index DPI Index RVPI ■ SOF funds DPI SOF funds RVPI 11) Source' Cambric* Associates Secondaries benchmark statistics aa cl September 30. 2017 based on data complied from 140 secondary rurYje with a mina; uer, (23 funds poi year. in:hidingfully Fewidated partnerships. fanned between '04 awl 2014 Each SOF Find its shown benchmarked against their respetitne vintage peer uitvip. This inroinhv.i:,n reflects a comparison of St".1r. SOF J. SOP I arid SOF oerforniarce against one benchmark only; quail ea may differ when compared to other benchrruir king agates. SUF. 50F J. SCrrii and SOF Ill data is not included in the data sew teed to calculatethe banclarnatk data (21 Information inserted in this chart its based on the watched results of SOF, SOF 0, -SOF II and SOF !C as vi September :SD. 2017 and should be read and renewed in L-onjteriction with the 'Important Information" and "Naas to irviestinent Performance Int rnabon' sections of this dut meent (31 Paal peeks mance is rat a prediction of the future perlornmeeté of SOF. SOF U. SOF !tor SOF CI but is included to denionstrae the track record of the Glt~,yer SOF Team. (41 internal rates of returns are net of fees. expenses and carried interest. Cambridge- .Assoaaters research shows that most funds take at feast six years to settle irto their final quartile ranlong, and ixeivious to this settling they twaially rank in 2-3 other quartiles; therefore fund or benchmark perfonswere metrics too more event vintage years may be less nreanirgui. Median, is the middle fund !FIR or the (gaup of inclisidual fund IRRa in sided m a vintager year iminrinum tundsk Upper/ lersot quartile ere the threskr-rs for the upper (jet:. 25%1 and »wei (bottom "Zsib quarbais based on the indrysdual held IRRs included in a vintage year and ar used in conjunction with the median to determine quartile placement (minimum 3 finds). (5) Dbl Diettibsliore to aid-€n Capital: FIVPi irr Residual Vine to Paid-in Capita; TYPIrri Total Value to Paid-m Capital. TVPI. PliPt and ;hom€ are -pooled return awregating all csati lion and endirg *Ws in a sample to calculate a dollarivia-bahteril return. Glendower Capital STRICTLY CONFIDENTIAL CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0088161 CONFIDENTIAL SDNY_GM_00234345 EFTA01386453