GLDUS130 Aspen Grove Capital. LLC SOF Funds show consistent performance1 Across different fund sizes, fund vintages and economic cycles Net Contributed Capital (as % of Fund Size) Net IRR 30% 100% -SOF 11 60% 40% 20% 0% 20% -40% 25 27 29 31 33 35 37 39 41 43 45 DPI (Distributed to Paid-In Capital) 20X 1.8x 1.6x 1.4x 1 2x 1.0X 0.1!gt 0 ex 0 4x 0,2x 0.0x Quarters from inception -89F amma. SOF JI 80% 40% — 20% 44—.5OF HI 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 Quarters frominception TVPI (Total Value to Paid-In Capital) SOF witto SOF II --SOF III 2.0x 1 54 1.0x 0.5x 00x 1 3 5 7 9 11 13 15 If 19 21 23 25 r 29 3I 33 35 37 39 41 43 45 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 Quarters fromincepton Caters t romneeption it) Perroimance figures have been calcitgated based on the unaudited performance results of SOF. -SOF II and SOF III as of September '30. 2017 anti should be read and reviewed in conjunction with the "Impodarii Information" and "Notes to Per Information' sections of this presentation. Past performers:* is not a prisdk..toi of lunge returns and there can be no assurance that S0F IV will ecNeve comparable Jesuits or trvit any target iesults will pe achieved tr4ror is no guarantee twit future pierforinarce will be consestent with past performance of SOF. SOF II and SOF In. Performance information on SOF D has not teen incksied un Ihni become. SOF 0 is a single transaction top up fund raised in 2010 to Ullfierfilite pariipassu the Da lima transaction with SOF. Glendower does not se pc-ct that similar tram.actions will be available to S0F IV. Glendower Capital STRICTLY CONFIDENTIAL 20 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0099054 SDNY_GM_00245238 EFTA01393484