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GLDUS1 27 Annandale Capital Section 4. Glendower Capital Secondary Opportunities Fund IV, LP Glendower Capital Secondary Opportunities Fund IV, LP Exhibit 14: 2017: Seller composition breakdowno Exhibit 15: Funds marketed by vintage 100% - 2016 >20013 Post-crisis General Eneomneys Fa 80% • 39% Pones 24% -abloom Poesy Osre asa 80% 93% 2C0608 Oncosts 40% 43% VrnoI instaatiens 12% Aug Wrist., /Po le% 20% • <2006 PIIKIISIS 0% 2016 2017 0.koc Penvens SW! 24% Emergence of tail-end sales There has been a recent emergence of traditional secondary buyers and funds-of-funds entering the market as sellers. While these seller types may be emerging, motivations for doing so are not new and are consistent with the broader asset management sub-segment, where sellers are looking to wind down older vehicles to either lock in gains, return capital to LPs. or both. Glendower estimates that here is a significant supply of secondary opportunities in pre-crisis bubble funds as evidenced by ca. USS600 billion of private equity assets still locked in 2003.2008 vintage funds. Exhibit 16: PE Assets by Fund Vintage Yearo USSon 250 200 226 201 188 193 150 137 149 144 129 100 92 50 67 48 11 0 20 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 iiimrtmairoain " Greenhill Cogent Secondary Market Trends & Oileok January 2016 f' 2017 Preps Global Private Equity 8 Verdure Centel Report - Private Equity and Venture Coda] Unrealized Value by Fund Vintage Year as of June 2016. Confidential Private Placement Memorandum 22 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0040160 CONFIDENTIAL SDNY GM_00166344 EFTA01355211