GLDLIS130 Aspen Grove Capital. LLC Consistent top returns among peers SOF Funds vs Cambridge Associates' secondary funds performance' 7'3 Secondary funds: Net IRR4 to limited partners Secondary funds: Net multiples to limited partners 50% - 45% - 40% - 35% et 30% - ix 1; 25% - 5% - 0% +Upper Quartile S0F 22% t Lower Quartile • Median SOF D 29% SOF II 20% SOF III 30% 04 05 06 07 08 09 10 11 12 13 14 2 5x 0.5x • 0.0x SOF TVPI = 1.84x DPI = 1.80x SOF D TVPI =2.3x DPI= 2.1x SOF II TVPI = 1 5x DPI= 1.2x SOF III TVPI = 1 3x DPI = 0.3x '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 • Index DPI Index RVPI SOF funds DPI SOF funds RVPI 11) Source' Cambridge Associates Secondaries Benchmark statistics as of September 30. 2017 based on data complied from 140 secondary tuncii; with a nthilmuin CA ±unds;or vear. ;i'citxling fully liquidated partnerships. fanned between '04 aryl 2014 E4(11 SOF Fund its shown benchinarked against their respootra vintairce. peer uicvip. This inforresion elects, a contpan+i.‘n of SOF'. son s and SO)- Ill peiformaiwe against one benchmark a=y; qualt*ea may differ when comPared to other benohniarking soirees. SOF. SOF J. SCir ii and SOF 1i data isnot included in the data set ised to calculate the berichnlaitt data (21 Inlormation ,xesentad in this chart based an the inaudted results of SOF, SOF 0. SOF II and SOF la as vi September :3D. 2017 and itheuld be read and reviewed in canitexXion with the important Information" ant Nast to inveslinent Perfcimance Int rnat-on' sections of !NS 40c0nlielt 131 Past performance is rim a Laerliction of the future I>0110fOtert6 Ot SOF. SOF 0, SOF Il or SOF HI but is included to denionstrae the track record of the Sallower SOF Team. (41 internal rates of returns are net of fees. expenses and tamed interest. Cambridge Assaaates research silos's that most funds take, et feast se" years to settle irto their final 'scuttle iantang, anrA preVirAn to INV settling !hey trAx1rfifY rank in 2-3 ottwr.ft ineiefnre fund or berici‘4balb in Metrics burn morel event vintage years may be less ineeniesed. Median, is the middle fund !RR or ths (gaup of individual fund tRits s•rzspiss in a vintage year rmintinum 3 functsL Upper lovAi.-r quartile are ti.e thresi+- for the upper 4t"X and (batom "4%1 quartikrs based on Ur indrsidual heal IRRs inc€uded in a sr₹ape year and ar ksed in conjundion with the median to determine quartile placement (minimum 3 finds). CS: DP1 Distiibstiors to aid-€n Capital; P.VPi Residual Vim!, to Paid-In Capita Tie?1::: Total Valve to Paid-m Capital. TVPI. RVPI ard ;ham€ are pooled ratisn awiegatiiv all casti !kin and endiiv NAV+ in a sample to calculate a dollanwc-ohled return. Glendower Capital STRIC"FLY CONFIDENTIAL 17 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0099051 CONFIDENTIAL SDNY_GM_00245235 EFTA01393481