GL DLIS1 28 Patrick Gerschel Section 4. Glendower Capital Secondary Opportunities Fund IV. LP Glendower Capital Secondary Opportunities Fund IV. LP Secondary market supply/demand remains balanced Glendower believes that the secondary market supply I demand is balanced with an active set of both buyers and sellers. Greenhill estimates the available dry powder in the Secondary market at ca. US$125 billion. If compared with 2017 annual volume of US$58 billion, this represents a 2.2x ratio: Glendower believes that this represents a reasonable supply/demand balance of approximately two years of deal flow at current market volumes. a more favorable balance than in comparison to traditional private equity. Exhibit 12: Strong Secondary Capita! supply/' Exhibit 13: Dry powder/deal volume remains balanced" U53130 140 • 120 • 100 co SO 10 20 • 0.441owerCaptaissamassvw 72. 455.4•0444 4:455••, •••••tob•rodepty ••• SettedanOs se Dry Posao Panual DeriVobme USStn 700 600 500 200 100 0 05 Pow. • 0rw.. ■ Bvitul Seccntbsne• Glendower believes the increase in absolute dry powder in the secondary market over the last few years has led some buyers - in an attempt to keep pace with capital deployment desires - to modify their investment discipline. Glendower emphasizes rigorous asset selection and has historically maintained a very disciplined approach in its opportunity selection, transacting approximately 1W° of total transaction volume by value since inception. Diverse and growing seller universe Seller composition in 2017 was highly diverse, with no institutional category accounting for more than a quarter of total deals by number. According to Greenhill, all types of sellers participated in the secondary market in the first half of the year. This reflects the evolution of the secondary market which now represents an efficient portfolio management tool that is used by market participants to strategically rebalance private equity portfolios. The varied seller make-up contrasts to the past where volumes were concentrated in financial institutions and pension plans. Glendower expects selling activity to remain broad-based with particular strength from (i) GPs, (ii) public pensions. and (iii) funds-of-funds as they continuously rebalance their portfolios and seek to liquidate older vintage vehicles. Glendaver Capital based on Greenhll Cogent Secondary menet Trends & Cvdeck January 2018 2018 Pram Global Private Equity 8 Venture caster Report Ban 8 Company Global Private Equity Report 2018 and Greenhll Cogent Secondary menet Trend:18 Outlook. January 2018 Deal flow info rnabon reinserts The aggregate deal flow by value reviewed by the Glendawel SOF Team between January 1. 2006 and September 30. 2017 Historical des flow cnametenstics do rice provide a predelion of Faure deal new trends and there can be no guarantee that haute deal flaw will be comparable to histonc deal flew Confidential Prnrato Placement Memorandum 21 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0097642 CONFIDENTIAL SDNY GM_00243826 EFTA01392421