GL0US140 Lawrence Hirsch Section 4. Glendower Capital Secondary Opportunities Fund IV, LP Glendower Capital Secondary Opportunities Fund IV. LP Exhibit 14: 2017: Seller composition breakdowns' Exhibit 15: Funds marketed by vintages(' 100% - 20% .X013 Pyil<nfn General foam/mt. Fa 80% • 39% Pones 24% -abloom Fray 0•84 aba ea 68% 16% 203608 Pre.crises 40% 43% Franoal instaatiens 12% Ansi repot 20% • 11% <2006 PIIKIISIS 0% 2016 2017 0.koc Penvens SW! 24% 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 USSon 250 200 228 201 188 193 150 137 149 144 129 100 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 & WWI( January 2018 f' 2017 Prozpon Global Pena* Equity 8 Verdure Captal Report - Private Equity and Venture Corral Unrealized Value by Fund Vintage Year as of June 2016. Confidential Prnrato Placement Memorandum 22 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0100628 CONFIDENTIAL SDNY GM_00246812 EFTA01394599