GLDUS113 Cliff Meg Section 4. Glendower Capital Secondary Opportunities Fund IV, LP Glendower Capital SeConderyOpportunibes Fund N, LP Exhibit 14: 2017: Seller composition breakdowno Exhibit 15: Funds marketed by vintage General Pones 24% VrnoI instaatiens 12% 0.koc Penvens SW! 24% Emergence of tail-end sales Prey Obi/ arm Asset Meager le% 100% - 2016 >20013 Post-onus 410% • 39% BD% 443% 210606 Procne* 40% 43% 20% • <2006 PM-COSI' 0% 3316 2017 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 250 200 150 100 50 0 137 48 201 188 92 129 226 193 149 144 67 S 11 20 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 iiimrtmairoain " Greenhill Cogent Secondary Market Trends 8 Oilcok January 2016 f' 2017 Preps, Global Private Equity 8 Verdure Caput Report - Pnvie &My and Venture Coda] Unrealized Value by Fund Waage year as ct June 2016. Confidential Private Placement Memorandum 22 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0095453 CONFIDENTIAL SDNY_GM_00241637 EFTA01390823