GLOUS1 44 Glenn Warren Section 4. Glendower Capital Secondary Opportunities Fund IV, LP Glendower Capital Secondary Opportunities Fund IV, LP Exhibit 14: 2017: Seller composition breakdowno Exhibit 15: Funds marketed by vintage General Panes 24% VrnoI instaatiens 12% Emergence of tail-end sales Firmly 064.4 aria Asset 14Ineger 11% 100% - 2016 >2006 P041-466.4 80% 39% 60% Se% 20:36.06 Pieces* 40% 43% 20% . <2006 PM-COSI' 0% 2316 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 USSon 250 200 226 201 188 193 150 137 149 144 129 100 92 50 67 48 S 11 0 20 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 iiimrtmairoain " Greenhill Cogent Secondary Madre( Trends & Oilerak January 2016 2017 Prison Global Ferrate Equity & Verdure Captal Report - Pixie &wily and Venture Caviar Unrealized Value by Fund Waage Teat as ct June 2016. Confidential Private Placement Memorandum 22 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0097211 CONFIDENTIAL SDNY_GM_00243395 EFTA01392061