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 Exhib