EFTA01386635

GLDUS238 SOUTHERN FINANCIAL LLC 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 >2008 P041-406.4 General Entkmmems Fo.oclallan 80% 39% Pones 24% Fray 064.4, aim /30% 93% 21:06.06 Oncost; 40% 43% Franoal insteutiena 12% 20% Assollftneger Cci 11% •2006 0% 2016 2017 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 USSan 250 200 226 201 188 193 150 137 149 144 129 100 92 50 67 48 S 11 0 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 Global Pena* Equity 8 Venture Centel Report - Private Reidy and Venture Coda] Unrealized Value by Fund Vintage Year as or June 2016. Confidential Prnrate Placement Memorandum 22 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0088410 CONFIDENTIAL SDNY GM_00234594 EFTA01386635