EFTA Document EFTA01393475

GLDUS130 Aspen Grove Capital. LLC Why invest in secondary private equity today? Secondaries market is strong at with US$58 billion of deal volume in 2017 Pricing for funds stable but differentiated GP-led deals are evolving and growing Steady supply of tail-end funds - US$2.8 trillion of primary private equity NAV + unfunded - US$600 billion locked in funds 9+ years old - Secondary pricing steady at 93% of NAV in 2017 - Price dispersion between high & low quality GPs / funds is increasing - Bespoke liquidity solutions including spin-outs, tail-end restructuring, asset liquidations, LP replacements, bespoke fund extensions - These deals represent 24% of the market - Number of tail-end funds coming to market increasing, but overall US$ value decreasing due to smaller remaining NAV - Lack of NAV growth results in trading at moderate discounts 7f a informetico set out in this ..tilde is for 'fluor...-. Secondary market remains strong, increasingly driven by post crisis funds GP-led secondary transactions growing faster than market Distinctive investment strategies continue to seek attractive deals only and summarizes Glendower's analysis of certain information set out over the slides in Section 3 'Secondary Market Update' of tbs. presentation Glendower Capital STRICTLY CONFIDENTIAL CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0099045 CONFIDENTIAL SDNY_GM_00245229 EFTA01393475