OLOUS238 SOUTHERN FINANCIAL LLC Section 2: Investment Performance Glendower Capital Secondary Opportunities Fund IV, LP In Exhibit 2 each of SOF. SOF D. SOF II and SOF III is benchinarked against its vintage peer group reported in the Cambridge Associates Secondaries Benchmark statistics (September 30, 2017). The SOF Funds present comparatively strong Net IRR. DPI and TVPI across each vintage year. Exhibit 2: SOF Funds performance versus Cambridge Associates Secondary Fund Benchmark " 34 37 Secondary funds: Net IRR to limited partners Secondary funds: Net multiple to linked pawners ¶00 19* • upon Urann Low .r3d wilt WC 210. • vi..0a, SOF '1 IV* 2* 16 A /IA BC. 4, SOF II an t i l 1st 211 • It 11t 17% j s t t t. • 3.0% • • ; 054 us 64 toe I SC. DPI • lab or te *C9 '10 11 IS 13 14 1 a 00 06 it. • I: 14 04 OS /6 SOF 0 iVrt peat I. SO; :TI: I I, DP e II 904 6 I 3.• OH • 0 env* on ruin Pee r sce **CPI SCF ha& RYPI In Exhibit 3. each of SOF. SOF D. SOF II and SOF III is benchmarked against its vintage group of top quartile buyout funds reported in the Cambridge Associates Global Buyout Benchmark as of September 30. 2017. Again, the SOF Funds present comparatively strong Net IRR, DPI and TVPI across each vintage year. Exhibit 3: Buyout•hke returns with a secondary risk profiles OPP • COIF it s. or AX4 AN Alt to no n , r Wee 0. • s...s Ss m.1 • COED •P in ani • its] • et= ne f• La. "I acs: .X.1.6 art ;!‘ 0 Sane: Cambridge Assocsates Secondaries Benchmark statistics as of September 30 2017 SOF Funds are shown benchmarked against their War yew peer group SOF and SOF 0 performance is not included in the data se teed to calculate the tenclvnark data Note that the performance tomes in reaped ci SW and SOF D have not been audited and abaft be read and reviewed n comma:wrath Agenda 5 impOrtanIParlonnanCe fraismatron Past performance of SOF Fulls 6 not ci futtre performance. l