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% -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) 2 OA 1.341 1:64 144 2x 1.0x Oita 0 CO 0 4x 0.2x 0.0x Quarters from inception $PJF —SOF JI 80% 40%. — 20% 0% ••• •341)F 4 .......03C2F III 1 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) SOF imii• SOF II ---SOF III 2.0x 15x 1.04 0.54 0 to 1 3 5 7 9 11 13 15 It 19 21 23 :15 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 Quarters fromincepton Quarters f romneeption (1) Performance figure6 have been salt:1131er' based on the unaudited peon/sante results of SOF. SOF II and SOF III as of September SO. 2017 and should be read and reviewed in conjunction with the "Importai.r Inkymatron" and 'Notes to Performance Informatiori sections of this presenLetion. Past pettonnarria hs not a prisdk.tor of future returns and there can tie no assurance that SQF IV Will achieve comparable results or Mar any target results will k eche-red Iliare is no guarantee future potterer:se will be conc.-went with past performance of SOF. SOF II and SOF III. Perfonrance infonnation on SOF D has rird paw-, ip,pkEd&d aloe becurce SOF 0 is single transaction top up funs raised in 20f0 to underva se pariipassu the Da lima ttarroction with SOF. Glendower does not ea pc-ct that similar tramactions will be 3wstable - to S0F IV. Glendower Capital STRICTLY CONFIDENTIAL 2D CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0088164 SDNY_GM_00234348 EFTA01386455