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—GP-led secondaries as % of total (I; Scgm ce. Glendora< Capital analysis based on Gieonhil Secondary Marker!' enr.ls 3 Outlook. January 201S: and Dow Jones, Private Equity Antilyst Guide to the Seeenrlary Market, June 2917 Glendower Capital STRICTLY CONFIDENTIAL 25% 20% 15% 10% 5% 0% CONFID

ed on Gieonhil Secondary Marker!' enr.ls 3 Outlook. January 201S: and Dow Jones, Private Equity Antilyst Guide to the Seeenrlary Market, June 2917 Glendower Capital STRICTLY CONFIDENTIAL 25% 20% 15% 10% 5% 0% CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0082811 SDNY_

18 Glendower Capes, aimlysis based cn Greenhd Secondary Market Trends & Duda* January 2018. Greenhe GP Solutions Discussion Matenals. May 2017, and Dow Jones Private EcsirtyAnslyet Grade lo Secondary Market June 2017 Confidential Prnrato Placement Memorandum 18 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P

dary market has consistently transacted an average of US$40 billion a year and in 2017 showed another significant jump in volume to US$58 billion.5° Glendower believes that the record volumes are being driven primarily by: (i) increases in the number of transactions, and (ii) a greater number of small to m

ondaries —GP-led secondaries as % of total (I; Glendower Capital analysis based on Gueenhil Secondary Marker!' earls. 3 Outlook. January 201S. and Dow Jones. Private Equity Anislyst Guide to the Secondary Market, June 2017 Glendower Capital STRICTLY CONFIDENTIAL 25% 20% 15% 10% 5% 0% CONFIDE

sed on Gueenhil Secondary Marker!' earls. 3 Outlook. January 201S. and Dow Jones. Private Equity Anislyst Guide to the Secondary Market, June 2017 Glendower Capital STRICTLY CONFIDENTIAL 25% 20% 15% 10% 5% 0% CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0039038 SDNY_

Glendower Capes' ailitra$ based en Greenhd Secondary Market Trends & 0telook January 2018. Greenhd GP Solutions Discussion Matenals. May 2017, and Dow Jones Private EcsirtyAnslyet Glide lo Secondary Market June 2017 Confidential Private Placement Memorandum 18 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P

dary market has consistently transacted an average of US$40 billion a year and in 2017 showed another significant jump in volume to US$58 billion.5° Glendower believes that the record volumes are being driven primarily by: (i) increases in the number of transactions, and OD a greater number of small to med

Glendower Capes, aimlysis based cn Greenhd Secondary Market Trends 8 Outlook January 2018. Greenhil GP Solutions Discussion Matenals. May 2017, and Dow Jones Private EcsirtyAnslyet Guide lo Secondary Market June 2017 Confidential Pinto Placement Memorandum 18 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P.

dary market has consistently transacted an average of US$40 billion a year and in 2017 showed another significant jump in volume to US$58 billion.5° Glendower believes that the record volumes are being driven primarily by: (i) increases in the number of transactions, and OD a greater number of small to med

es —GP-led secondaries as % of total (I; Sourne. Glendower Capital analysis basted on Gieonhil Secondary Market ireixls 3 Outlook. January MIS: and Dow Jones. Private Equity Antilyst Guide to the Secondary Market, June 2917 Glendower Capital STRICTLY CONFIDENTIAL 25% 20% 15% 10% 5% 0% CONFIDE

asted on Gieonhil Secondary Market ireixls 3 Outlook. January MIS: and Dow Jones. Private Equity Antilyst Guide to the Secondary Market, June 2917 Glendower Capital STRICTLY CONFIDENTIAL 25% 20% 15% 10% 5% 0% CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0055089 SDNY_

Glendower Capes, analysis based cn Greenhd Secondary Market Trends & 0utitok. January 2018. Greenhe GP Solutions Discussion Matenals. May 2017, and Dow Jones Private EcsirtyAnslyet Grade So Secondary Market June 2017 Confidential Prnrato Placement Memorandum 18 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P

dary market has consistently transacted an average of US$40 billion a year and in 2017 showed another significant jump in volume to US$58 billion.5° Glendower believes that the record volumes are being driven primarily by: (i) increases in the number of transactions, and (ii) a greater number of small to m

ies —GP-led secondaries as % of total (I;. Fosse. Glendower Capital analysis based rn Gieenhil Secondary Market ireixls 3 Outlook. January MIS: and Dow Jones. Private Equity Anislyst Guide to the Secondary Market, June 2917 Glendower Capital STRICTLY CONFIDENTIAL 25% 20% 15% 10% 5% 0% CONFIDE

based rn Gieenhil Secondary Market ireixls 3 Outlook. January MIS: and Dow Jones. Private Equity Anislyst Guide to the Secondary Market, June 2917 Glendower Capital STRICTLY CONFIDENTIAL 25% 20% 15% 10% 5% 0% CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0099934 SDNY_

el. Trends & Outlook iztEtti • 2iJiS. Coyer: Parkins Sacco:lacy Attain Trends & %My :2014: Cove d Partnars Secondwy Market Update, March WO9". aid Dow Jones) Private Equity Analyst Guide to the Secondary Market. June 2017 Glendower Capital STRICTLY CONFIDENTIAL 32 CONFIDENTIAL - PURSUANT TO FED.

& %My :2014: Cove d Partnars Secondwy Market Update, March WO9". aid Dow Jones) Private Equity Analyst Guide to the Secondary Market. June 2017 Glendower Capital STRICTLY CONFIDENTIAL 32 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0 100810 SDNY_GM_00246994 EFTA013947