EFTA Document EFTA01364772

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 Postsnus General Endommems Fo.oclallan 80% 39% Pones 24% Foray Ob. aim EID% 16% 20:764)6 Pre.cnsec 40% 43% Franoal insteutiena 12% 20% AssollAIneger 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 USW 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 Marker Trends & WWI( January 2016 2017 Neon Global Private Equity 8 Venture Cap4aI Report - Prinde Reidy and Venture Copt's] 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-0055320 CONFIDENTIAL SONY GM_00201504 EFTA01364772