GLDUS127 Annandale Capital Section 4. Glendower Capital Secondary Opportunities Fund IV. LP Glendower Capital Secondary Opportunities Fund IV, LP The Manager believes it will be able to source less intermediated deal flow and work directly with sellers to address their objectives. which often include non-monetary factors such as confidentiality, speed of transaction and certainty of execution. Differentiated Sourcing The Glendower SOF Team maintains an extensive network of relationships and referral sources amongst fund investors. fund sponsors, managers, portfolio companies. intermediaries/placement agents. investment banks and other counterparties in the financial industry which they can leverage to source proprietary, less intermediated, deal flow. The Manager believes that its global sourcing approach is critical to achieving attractive risk-adjusted returns for the Fund by allocating capital to what the Manager considers to be the best investment opportunities on a global basis. Since inception, the SOF Program has benefitted from a diversified pool of sellers as well as assets. More specifically: • The secondary investments represented in the SOF Funds are comprised of assets located in (by fair market value) North America 47%, Europe 47%. Asia and Pacific 3% and the rest of the world 4%.45 • Sellers of the assets purchased by the SOF Funds were located in (by value) North America 43%, Western Europe 55% and the rest of the world 3%.0 The Manager expects to leverage non-monetary factors. such as confidentiality. trust, speed and certainty of execution. In Glendower's experience, these factors become particularly relevant to sellers in distressed financial conditions or who are keen to mitigate execution risk in rapidly changing markets. In sourcing transactions for the Fund, the Manager expects the Glendower SOF Team to focus on sellers who ascribe value to non-monetary factors that the Fund may be in a position to offer. Exhibit 6: Established and disciplined sourcing and deal selection process. A wide funnel and a narrow filter:" Access to extensive industry network developed over 15 years • GPs. LPs, Advisory Board mentors • Close print. benkng rebbonships DB Musa% Managemert, Raymond James, Max Brown Law firms, %currant agents, banks Preachy top-down approach • Engage directly we, porentel sewer universe Leaks. Insurance convenes pensonfunds • Oa-IM-snerf prong for cbsely monitored ribrery of >100funds Investor of reference in GP-led and Single Asset Deals • Concreted over 30 dock since 2007 • SubstantwItolknuon deal tow subsequent to frst transaction —3,000 potential deals screened since 2007, forc. US$400bn "5 ma saw tope • i0,1 t515./Jf:15.19 (545 OSAS.. ..CCIte, • fifff.f. • aeiril•law-, a V.:IA.010s PE aPortao'y f.(310' 5.11:0.5 FtnerS Filters Transacted Wafts: anon c.100 tamactiors Some. Glendower Capital orcpnetary information Data as of September 33. 2017. Source. Glendower Capital proprietary information Data as of September 30. 2017. Source Glendower Capital proprietary ir4ormaton Data es of March 19, 2018. DEICRarred cleahlw.rkt sr rsterwrIIIN ca ter • talLtuered rear* to$OF LPs • Vet47 kr•St•Pa• tSCST'LP CIP-irstru-hrwo and snn.o0 enienirri44, • .. .trta •••••••• t•Psa• Confidential Prnrate Placement Memorandum 16 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL SDNY GM_00188338 DB-SDNY-0040154 EFTA01355206