EFTA Document EFTA01393348

GLDUS130 Aspen Grove Capital, 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 tended pariahs • upte. Goan.. 1pw Ern' ilt • Wax, • ; sac X%'1 al% IN. a t SOF II i 20% It • s t t t 2* l 1st 11t 05a Iv" I SC DPI • lab 1 00 At 14 • ! II 14 $5 /6 SOF 0 1V11: .50; :Slit, 1X• e II 904 TIM: I 3.• OH I . yr te *C9 '10 11 IS 13 11 epee on red eau f: SCE Ian LA 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 ro 14 • COIF ca. or 1,01 1011 AX4 AN Alt to no ,Pr 0,i1 Woe 0. • s...s itwps. )11. 1 • EOFD Xea % I at ani • tin] • ace ne • f• SOF. . 1snt sot, art ;00.. Some: Cambridge Assoctates Secondaries Bencetmack statistics as of September 30 2017 SOF Funds are shown benchmarked against their Wage year peer group SOF and SOF 0 performance is nee included in the data se used to calculate the tenclunark data Note that the performance tomes in reaped el SCF and SOF D nave not been &dented and should be read and reviewed in ton ato:el mei Appends 5 impOrtanIParlonnanCe frataatafron Past pedcemance of SOF Reds 6 not a predecton ci More performance. Infamation presented n Exhibt 2's based at the unmated results of SOF, SOF D. SOF II and SOF III as of September 30. 2017 ,e Past performance is natal:4.00CM of the More performance of SOF, SOF D. SOF II or SOF III be is included to demonstrate the track record of the GkndoNer SOF Team There can be no assurance that SOF ftf will achieve =nomads fo3EJASEe that any target resultswill be acreeitel DPI = Derbubons to Pardin Capital. RVPI a Residual Value to Pagan Capital. TVPI = Total Value to Paidan Capital '4 Source' Cambridge Associates GOO& Buyout Benchmark as of September 30. 2017. The 'Norma/an reflects a companson of SOF. SOF D. SOF II SOF III performance against one benchmark only Past perlormance 6 not a prediction ol the Uwe performance of SOF. SOF D, SOF II. SOF III or any other Glendower FifidS dnd there can be no assurance that SOF rtr will acheve comparable resifts or that any target results will be achieved. but is included to demonstrate the track record ci the Glendower SOF Team Informatcc presented in this chart is based on the unaudted results of SOF. SOF D. 9CF 11 and SOF III as of Seaember 30.2017 and should be read and reviewed in COnpnCtOn and *hand be lead and ICww.twed in conjunction with Appendix 5 laipatant Pet nine Information which sets forth amongst other throe: important inhumation regarding the pedevmance deserted above Confidential Private Placement Memorandum 9 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0098871 CONFIDENTIAL SDNY_GM_00245055 EFTA01393348