GLDUS130 Aspen Grove Capital, LLC Section 2: Investment Performance Glendower Capital Secondary Opportunities Fund IV, LP In Exhibit 4, each of SOF, SOF II and SOF III is compared against each other. The SOF Funds, each of a different size, raised in a different vintage and invested across diverse economic cycles, show strong consistency in terms of Net Contributed Capital. Net IRR, TVPI and DPI development. All funds peak below 50% in terms of Net Contributed Capital at around 16 quarters from inception. Net IRR. initially artificially high, levels off over time and converges at around 20% after 20 quarters. Capital tends to be returned in around 24 quarters. or 6 years. Lastly. TVPI tends to converge to the 1.65 - 1.65x range by the time funds are liquidated. The similar profiles exhibited below are ascribed to the consistency of the investment strategy which the Glendower SOF Team has adhered to since 2006.39 Exhibit 4: Consistency of SOF Funds performance10 Net Contributed Capital (as % at Fund Size) — • • i DPI (Distributed to Paid4n Capital) Net IRR ts • TVPI (Total Value to Paid4n Capital) Past perfomience 43 not a predation of future Terrormante and therefore there can be no assurance that the Fund will Weave comparable results or that any target resuns wa be adveved Net Contnbuled Capital as % Fund Sze Net IRR Development TVPI (Total Value to Pawl in Canaan. CPI (DistnIxtions b Paid-rn Capital). as of September 30. 2017 Performance lours have been triturated based on the unaudited ;Moment. results of SOF. SOF II and SOF III as d September 30. 2017 and should be read and reviewed in coritinctim with Appends 5. Inriffent Podotmanoe inkomafico Mich sets forth among other thngs, important inform/on regarding Ihe I:attentions, 'Somalian described in Exhibit 4 Past performance is noise...doctor of future returns and awe Can be no assurance that SOF fit will achieve comparable results Or tat any target testes we be *Oilseed Performance inform