GLDUS238 SOUTHERN FINANCIAL LLC SOF Funds show consistent performance1 Across different fund sizes, fund vintages and economic cycles Net Contributed Capital (as % of Fund Size) Net IRR 30% 100% min S.09 —SOF 11 60% 40% 20% 0% 20% -40% 25 27 29 31 33 35 37 39 41 43 45 DPI (Distributed to Paid-In Capital) 20x 1.8x 1.6x 1.4x 12x 1.0x 0.tor 0.5x 0 4x 0,2x 0.0x Quarters from inception -$PF —SOF JI EON 40% — 20% 0% ..SOF 6 ti—is5OF III t 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 Quarters frominception TVPI (Total Value to Paid-In Capital) 2.0x 154 1.0.4 0Ox 3 5 7 9 11 13 15 It 19 21 23 25 r 29 31 33 35 37 39 41 43 45 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 SOF ••••••• SOF II --SOF III Quarters fromincepbon Caters t romneeption (1) Performance figure6 have been caloiated based on the unaudited performance results of SOF. SOF II and SOF III as of September SO. 2017 and should be read and reviewed in corxunction with the "Importatii Inftxrnation" and 'Notes to Performance Intorniatiori sections of this presenLetion. Past pertoneart* hs not a predictor of future returns and there can be no assurance that SiQF IV will achieve comparable results or that any target iesults will pie ache-red Thsro is rio guaianfoe tot future petklmance will be cons-IA:Int with past performance el SOF. SOF II and SOF pl. Performance inturmalcon on SOF D has not teen ockaied on trfs aloe bectuce SOF 0 is a single transaction r top.up (unit raised in 20f0 to undervn se pariipassu the Da Nina trarroclion with SOF. Glendower does not ea pc-ct that similar tram.actions will be available to S0F IV. Glendower Capital STRICTLY CONFIDENTIAL 20 CONFIDENTIAL - PURSUANT TO FED. R. CRI M. P. 6(e) CONFIDENTIAL DB-SDNY-0055074 SDNY_GM_00201258 EFTA01364526