Epstein Secrets

ty option in ilka:Yr-..• :Anna mid-market year 10+ or GMT managers • bespoke solution after a bump in the . road • g RAI] SbnA 4:4,Y4n1 Zurmont Madison STAGE Under- Zombies looking for performing solutions make managers unlikely targets ZOMBIE GPs USSbn 15 14 13 12 11 10 9 8 7 6 5

P-led secondaries as % of total (1) Sd-Am ce. Glendower Capital analysis based on Greenhil Secondary Market !' eay.ls. 3 Outlook. January 201 S; 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. CRI

y option in ilka:Yr-..• :Anna mid-market year 10+ or GMT managers • bespoke solution after a bump in the road • g RAI] SbnA Ci.,Ai ‘l . Zurmont Madison STAGE Under- Zombies looking for performing solutions make managers unlikely targets ZOMBIE GPs US5bn 15 14 13 12 11 10 9 8 7 6 5

econdaries —GP-led secondaries as % of total (I; Glendower Capital analysis based on Gueenhil Secondary Marker!' ends 3 Outlook. January 2013. 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. CRI

y option in ilka:Yr-..• :Anna mid-market year 10+ or GMT managers • bespoke solution after a bump in the . road • g RAI] SbnA Ci.,Ai ‘l Zurmont Madison STAGE Under- Zombies looking for performing solutions make managers unlikely targets ZOMBIE GPs USSIdn 15 14 13 12 11 10 9 8 7 6

econdaries —GP-led secondaries as % of total (I; Glendower Capital analysis basted rn Gieenhil Secondary Market 'Timis 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. CRI

AIST1.! YE C:7 One EcpåIty Partners WARSUR6PIytaxc DNUANCED • Lt^zir1/2.t.1 Can in!. DUKE STREET ilka:Yr-..• :Anna g• RAI] cny zit Sb GMT Zurmont Madison STAGE ZOMBIE GPs USSbn 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

condaries —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 CONFIDENTIAL 25% 20% 15% 10% 5% 0% CONFIDENTIAL - PURSUANT TO FED. R. GRIM

AIST1.! YE C:7 One EcpåIty Partners WARSUR6Plytaxc DNUANCED • Lt^zir1/2.t.1 Can in!. DUKE STREET ilka:Yr-..• :Anna g• RAI] cny zit Sb GMT Zurmont Madison STAGE ZOMBIE GPs US5bn 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

econdaries —GP-led secondaries as % of total (I; Glendower Capital analysis based on Gueenhil Secondary Marker!' ends 3 Outlook. January 2013. and Dow Jones Private Equity Anislyst Guide to the Secondary Market, June 20I Glendower Capital STRICTLY CONFIDENTIAL 25% 20% 15% 10% 5% 0% CONFIDENTIAL - PURSUANT TO FED. R. CRIM