GL0US139 Thad Lake Capital Section 4. Glendower Capital Secondary Opportunities Fund IV, LP Glendower Capital SeaanderyOpporturtilies Fund IV, LP Exhibit 14: 2017: Seller composition breakdowns' Exhibit 15: Funds marketed by vintage 100% - 2016 >2006 POSI-4t1S.6 General Entkmmems Fa 80% 39% Pones 24% -edition Firmly OOP aria 60% Se% 203666 Precasts 40% 43% VrnoI instaatiens 12% 20% • Asset 14Ineger fcf 11% <2006 PM-COSI' 0% 2316 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 USW 250 200 226 201 188 193 150 137 149 144 129 100 92 50 67 48 11 0 20 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 iiimrtmairoain " Greenhill Cogent Secondary Market Trends 8 Oilcok January 2018 f' 2017 Preps Glotel Pena* Equity 8 Verdure Centel Report - larreate Equity and Venture Cispdal Unrealized Value by Fund vintage Year as ot June 2016. Confidential Private Placement Memorandum 22 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0095884 CONFIDENTIAL SDNY_GM_00242088 EFTA01391129