GLDUS130 Aspen Grove Capital. LLC Section 2: Investment Performance Glendower Capital Secondary Opportunities Fund IV, LP Lastly, in Exhibit 5 the SOF Program is compared against public market indexes including the MCSI World Index. Russell 2000 Index and the Thomson Reuters Private Equity Buyout Index. In all cases, each of SOF. SOF D, SOF II and SOF III compares favorably to public markets. Exhibit 5: SOF Program compares favorably to public markets'. 40% 35% sax 22% 10% 5% 0% (40F0i2Dioi spn II i3:111) SOa Int.1014) •Glerdaver Npl Pm mat; wane Runge2000 • Thornton Reuters FOC (PTA 11 ax Ulf Proven MCSI Wodd Index and Russell 2000 Index returns are based on total return Thomson Reuters Private Equty Buyout Index recums ace based on pro& These benchmark indices do not represent an apt:impale benchmark to compare a Glendower itnestot*perlormance bU rather is dscsosed solely to albs rot canpanson lo that ol certain well.known and widely recognized indices Methodology The Long Nickels method has teen used to calculate the PMEs Net cash flows for the SOF Funds are replicated in each index For rumple. 0) when carats * drawn horn an investor an equvalert, amount is nonskid in the index on the specific dale. and ($0 when capital is dstributed to an investor. capital rs twithdremn' from the index on the same dale A theoretical terminal value is generated based on the growth of the total ndex Net RR is calcuteed using the cashrlows reneged in the tridex and the theoretical ternvnal value Retreat.* distrbutens have been treated tong the all n method' Confidential Private Placement Memorandum 11 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0098873 SDNY_GM_00245057 EFTA01393350