GLDLIS130 Aspen Grove Capital, LLC Glendower Capital Secondary Opportunities Fund IV. LP BRAZIL This offering is not a public offering of securities for the purposes of the applicable Brazilian regulations and has therefore not been and will not be registered with the Brazilian Securities Commission (Comisseo de Valores Mobilierios) or any other government authority in Brazil. All information contained herein is confidential and is for the exclusive use and review of the intended addressee of this Memorandum, and may not be passed on to any third party. BRUNEI This Memorandum is a private placement memorandum and, as such, it is not and shall not be construed as an offer to sell or an 'Station or solicitation of an offer to buy or subscribe for any Interests to the public or any class or section thereof in Brunei Darussalam and is for information purposes only. This Memorandum, and any other document, circular. notice or other materials issued in connection therewith. shall not be distributed or redistributed, published or advertised, directly or indirectly, to, and shall not be relied upon or used by. the public or any member of the public in Brunei Darussalam. All offers, acceptances subscriptions, sales. and allotments of the Interests or any part thereof shall be made outside Brunei Darussalam. This Memorandum and the Interests have not been delivered to. registered with. or licensed or approved by the Autoriti Monetari Brunei Darussalam. the authority designated under the Securities Markets Order. 2013 or by any other government agency, or under any other law, in Brunei Darussalam. Nothing in this Memorandum shall constitute legal, tax, accounting or investment advice. The recipient should independently evaluate any specific investment in consultation with professional advisors in law, tax, accounting and investments. CANADA Securities legislation in certain provinces or territories of Canada may provide a Limited Partner with remedies for