EFTA01393483.pdf

GLMS130 Aspen Grove Capital. LLC SOF Program compares favourably to public markets Performance data as of September 30, 2017'-',•5 SOF Funds have delivered attractive performance compared to major public market indices ______ I 40% I I I I I 35% - I I I 29% 30% I I 30% • I I 25% - 23% 22% cr 21% 20% -20%- 18% 15% 15% 15% 15% - 12% 12% 12% 12% 12% 10% - 9% 9% 7% 5% - 3% 0% 0% SOF (2006) SOF D (2010) SOF 11 (2011) SOF III (2014) SOF Program ■Glendower Net IRR MSCI World Russell 2000 ■Thomson Reuters II) Performance figure.s have been calculated basso . . SOF. WE D. SOF iOF III as of September 30. 2017 and shotid he read and reviewed in conjunction vith the 'Important Information' and -Notes to Ferfoimance Informal:or • rLt, • c. return'; am moss of expenses and carried nerest Net perearnance reflects amounts net of expenses. tees aryl carried interest. Investors should ronsu₹t with their own adiesers as to the apPropnate Leedom to to coraiderecErn evaiustino thiS intonation Pas₹ perlornianca Ito not a prediction of the ',ince performance of SOF. SUED SOF If or SOF III but is included to demonstrate the track recall of theGlendower SOF learn and there can be no assurance that SOF IV wit achieve comparable results or that any target results will be atiseved See 'Important Information- and "Notes to Investrnert Portonna-n-e- sections of this presentation MSC₹ World Index and Russel₹ 2000 Index ashram are based on total return Thomson ReLvees Private Equity Buyout Index. rerrxrus are based on price. These beinctimaik indices do rut represent an ass-aortae benchmark to compare the performance of the SOF Funds. but rather is disclosed solely to .ienss prempanson to that of certain yesSemcwin and widely recognized indices. i31 Methodology. The Long Nickels method has been used to calculate the PMEs. Net cash flows or the SOF Funds are ftwicaled in each illaCk. EQI exhirt(Itt. RI when capital is drawn horn an investor. an equivalent amount is in.:Jilted in t1*; index on the spbattc data: and when caplal (faints-al to an Irma:plc, onW is -vsithdrawri" from the index on the same <tide. A thabritcal terminal 'sake is generate-a based on the 'ironic of the total index Net IRR a calculated marl It* cashflows replicated n the irde>. and the theoretical terminal value. Recallable distributions have been treated using the 'all in mennid" Glendower STRICTLY CONFIDENTIAL Capital CONFIDENTIAL - PURSUANT TO FED. R. GRIM. P. 6(e) DB-SDNY-0099053 CONFIDENTIAL SDNY_GM_00245237 EFTA01393483