GLOUS238 SOUTHERN FINANCIAL LLC SOF III Overall transaction summary as of September 30, 2017 Invested capital' Funded capital' Initial Gross Project name Sourcing Seller type Deal type Funds Companies' (lS54n) (US5m) closing mullples Portfolio detail 1- Porter Limited Process Mulipkt GP-Ad Socondary 2 8 144.9 117.2 O4 14 1.9x US - rod-market buyoul 2- Fitzgerald II Proprietary Ftancial Institution Single Assol Deal 1 1 36.8 36.8 O4 14 1.6x US - buyoul 3- Malcolm Limited Process Pension Fund Secondary 1 15 109.4 46.0 O4 14 1.0x ROW -buyout 4- Costa Limited Process Pension Fund Secondary 1 6 12.9 13.0 O1 15 1.0x Europe - buyoul 5- Diamond Limited Process Alternative Funds Fund Secondary 11 60 23.0 9.7 O2 15 1.6x Global -diversified 6- Mozart Proprietary Muliple GP-led Secondary 1 2 25.5 25.5 O2 15 0.8x Europe - growth equity 7- Leibowitz Proprietary Multiple GP-led Secondary 1 4 61.2 65.7 O3 15 I.2x Europe - growth equity 8- POSCOli Proprietary Corporate Single Asset Deal 1 1 27.5 27.5 O3 15 0.0x Global - buyout 9- Clegane Proprietary Corporate Single Asset Deal 1 1 14.7 14.7 O3 15 1.8x US rod-market buyout 10- Steinbeck II Limited Process Multiple Fund Secondary 2 24 100.0 49.0 O3 15 1.2x Global -Microfilm' 11- Mammy Syndication Pension Fund Secondary 1 40 65.3 93 O4 15 2.9x Global - real estate 12- Neon United Process Financial Institution Fund Secondary 2 10 7.2 6.5 O4 15 1.2x Europe - real estate 13- Gonzaga Proprietary Corporate Single Asset Deal 1 1 14.3 15.1 O4 15 1.0x Europe - nucl.markel buyout 14- Drive United Process Financial Institution Fund Secondary 1 2 17.6 17.6 O4 15 2.6x RoW - buyout 15- Flute Leaded Process SwF Fund Secondary 17 1.294 54.7 13.9 O4 15 I.4x Global - buyout 16- Iskar Proprietary Multiple GP-led Secondary 1 34.6 26.6 O1 16 2.3x Europe - real estate