Epstein Secrets

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2009 2010 2011 2012 2013 2014 2015 2016 2017 GP-led secondaries —GP-led secondaries as % of total (I; Sourne. Glendower Capital analysis based on Gieenhil Secondary Marker!' ery.ls 3 Outlook, January 201 S; and Dow Jones Private Equity Antilyst Guide to the Secondary Market, June 2917 Glendower Capital STRICTLY C

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009 2010 2011 2012 2013 2014 2015 2016 2017 GP-led secondaries —GP-led secondaries as % of total (I; Sois ce. Glendower Capital analysis baited on Gieenhil Secondary Marker!' ends 3 Outlook. January 2018. and Dow Jones Private Equity Amtlyst Guide to the Secondary Market, June 2017 Glendower Capital STRICTLY CONFI

E C:7 One Ecpady Partners WARMINGPlait1p. DNUANCED • Lt^zir1/2.t.1 Can in!. DUKE STREET ilka:Yr-..• :Anna g i RAI] SbnA • 4:4,Y4n1 GMT Zurmont Madison STAGE ZOMBIE GPs USSIdn 15 14 13 12 11 10 9 8 7 6 5 4 3 a 2.4 2.7 1.9 2 1 0 18% CAGR • . 0.6 1.9 8.2 7.1 % of Secondary

07 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 GP-led secondaries —GP-led secondaries as % of total (I; Glendower Capital analysis based rn Gieenhil Secondary Marker!' ends 3 Outlook. January 2013 and Dow Jones Private Equity Anislyst Guide to the Secondary Market, June 2917 Glendower Capital STRICTLY CONFI

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07 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 GP-led secondaries —GP-led secondaries as % of total (I; Glendower Capital analysis based on Gieenhil Secondary Marker!' ends 3 Outlook. January 201 S; and Dow Jones Private Equity Anislyst Guide to the Secondary Market, June 20I Glendower Capital STRICTLY CONF