GLDUS238 SOUTHERN FINANCIAL LLC SOF Program compares favourably to public markets Performance data as of September 30, 2017'-',•5 SOF Funds have delivered attractive performance compared to major public market indices 40% 35% - 30% • 25% - cr -20%- 15% - 10% - 5% - 0% 22% 0% 3% 29% 12% 12% 9% 21% 20% 12% 12% 18% 30% 15% 15% 12% SOF (2006) SOF D (2010) SOF 11 (2011) SOF III (2014) ■Glendower Net IRR MSCI World Russell 2000 ■Thomson Reuters ______ t I I I I I I I I I I I I 23% I I 15% 9% 7% SOF Program ii) Performance figures have been calculated basta:4 . . SOF. SOF D. SOF • it OF III as of September 30. 2017 and shotid he read and reviewed in conjunction with the 'Important Information' and -Notes to Performers :E. Informal:or • • s return; air moss h. expenses and carried siterest. Net perearnanoe reflects amounts net of operate. tees art yarded interest. Investors should consult with their own adideers to the apPropnate Lectors to to coiaiderecrin evaitutino tuts information Past perlornianca Ittnol a prediction of the attire performance of SOF. SOF D SOF II or SOF III but is included to demonstrate the track record of the Glendower SOF Teamand thew can be no assurancethat SOF IV will achieve comparable results or that any target results will be atitesed See 'Important Information- and 'Notes to trwastrriere Portonna-ne- sections of this presentetion 12) MSC₹ World Index and Russell 2003 !niters retunm are based on total return Thornton Rotes Private Equdy Etwout Irides refigrus are based on prim. These benchmark indices do rut represent an aonropriatts benchmark to compare the perfotmence of the SOF Funds. but ratter is disclosed solely to Hna cis:nowise:to that calf certain weadolown and sodny recognzet indices. (31 Methodology. The Long Nickels meant) has been used to calculate the PMEs. Net cash flows or the SOF Funds are taggicaled in each illaCk. EQI exhirt(Itt. i I when twilit is drawn horn an invettor. an equivalent arsount invested in th ,' index on the specific data and (i) when caplet Efsadated to an invoke owit is -withdrawn" from the ;rides on the same <tide. A theoretical terminal vjalre is gansrate-d based on the groela of the total index Net IRR rt calculated tong cathflows replicated n the idea and the theoreticEl - terminal value. Recallable distributions have been treated using the 'all in mettnid" Glendower Capital STRICTLY CONFIDENTIAL CONFIDENTIAL - PURSUANT TO FED. R. GRIM. P. 6(e) DB-SDNY-0088163 CONFIDENTIAL SDNY_GM_00234347 EFTA01386454