EFTA01393482.pdf

GLDUS130 Aspen Grove Capital. LLC Buyout-like returns with a secondary risk profile' SOF Funds outperform Cambridge Associates buyout top-quartile benchmark TVPI in line with top-quartile buyout funds... ...With a secondary cashflow profile Delivering a compelling risk / reward profile DPI2 Net IRR2 23x 2.0x SOF III 1.5x 1.0x 0.5x 0.0x 2005 2008 2007 2008 2009 2010 2011 2012 2013 2014 2015 2005 2008 2007 2008 2009 2010 2011 2012 2013 2014 2015 2005 2008 2007 2008 2009 2010 2011 2012 2013 2014 2015 Vintage Year Vintage Year Village Year Buy oul Top Quaint. .50F Program (1) Source: Cambridge Ac=torates Global Buyout Benchmark as of September 30. 2017. Thus information reflects a comparison of SOF. SOF D. SOF II & SOF Ill performance (naturist one benchmark only Past partarmanoe is na a credit:iron c' the it ttee performaree of SCF. SOF D, SOP iar SOF Included to dpinonstirfte the track record of 0* Glendower SOP Thera. Intorm.mionlyesenterl in this thart is based on the lot/audited results cg SOF. SOF D. SOF if and SOF III as of September SO. '017 and shoud he read and reviewed n conjunction with the important Information and 'Notes to InVestmerit Performance information" tier-11011S (}1 ties presentation (21 TVPI= Total Valve to Paid-In Capital, DPI = Distributions to Paid.ln Capital: Net iRR = Net Internal Rate of Return. TVFI and OH are pooled return aggregating all cast', flows and ending NAVs in a sang* to calculate a doitr-vreighted tenth. Net IRRs ale nut of fees. evpenses and catried fighters( Cambridge Associates research shows that 0166l funds take, at least sea yearsito settle into then final quartile ranking. and piryrous to lies se-attng they typioally tar* in 24 other quattlies. therefore. km, or bet-ohmark perensarr_ot metty..:f. ''coat more rearrit vmlaye years rea be *Se. ME,W4.19144. Top quaniw *the thresrod for the upper (top °A-.) quart* based co the Individual fund IRRs included in a vintage year and are used in conjunction with the median to determine quartile placement (minimum 54 funds!. Glendower STRICTLY CONFIDENTIAL 18 Capital CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0099052 CONFIDENTIAL SDNY_GM_00245236 EFTA01393482