EFTA01355429

GLDUSIM Greg Martin Section 4. Glendower Capital Secondary Opportunities Fund IV, LP Glendower Capital SeConderyOpportunilies Fund IV, LP Exhibit 14: 2017: Seller composition breakdowno Exhibit 15: Funds marketed by vintage General Panes 24% VrnoI instaatiens 12% 0.koc Penvens SW! 24% Emergence of tail-end sales Fray 064. arm Asset 14Ineger 11% 100% - 2016 >2006 P041-466.4 80% 39% 60% Se% 20:36.06 Owens* 40% 43% 20% • <2006 PM-COSI' 0% 2316 2017 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 250 226 200 201 188 193 150 137 129 149 144 100 92 50 67 48 S 11 0 20 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 iiimrtmairoain " Greenhill Cogent Secondary Market Trends & Outer( January 2016 2017 Preps Glotel Pena* Equity 8 Verdure Captor Report - Private Reidy and Venture Caviar 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-0040592 CONFIDENTIAL SDNY GM_00188776 EFTA01355429