Epstein Secrets

8 2009 2010 2011 2012 2013 2014 2015 2016 2017 GP-led secondaries GP-led secondaries as % of total (1) Source: Glendower Capital analysis based on Greenhill Secondary Market Trends & Outlook, January 2018; and Dow Jones Private Equity Analyst Guide to the Secondary Market, June 2017. STRICTLY CONFIDENTIAL 35 2.7 2.7

ter its inception. Before that Emilio worked at Credit Suisse, in its investment banking division, and started his career as a Strategy Analyst at Lafarge UK. Emilio holds an MSc from HEC Paris and an MEng from the Polytechnic University of Madrid, Spain. Based in Milan, Francesco works with Glendower

8 2009 2010 2011 2012 2013 2014 2015 2016 2017 GP-led secondaries GP-led secondaries as % of total (1) Source: Glendower Capital analysis based on Greenhill Secondary Market Trends & Outlook, January 2018; and Dow Jones Private Equity Analyst Guide to the Secondary Market, June 2017. STRICTLY CONFIDENTIAL 35 2.7 2.7

ter its inception. Before that Emilio worked at Credit Suisse, in its investment banking division, and started his career as a Strategy Analyst at Lafarge UK. Emilio holds an MSc from HEC Paris and an MEng from the Polytechnic University of Madrid, Spain. Based in Milan, Francesco works with Glendower

8 2009 2010 2011 2012 2013 2014 2015 2016 2017 GP-led secondaries GP-led secondaries as % of total (1) Source: Glendower Capital analysis based on Greenhill Secondary Market Trends & Outlook, January 2018; and Dow Jones Private Equity Analyst Guide to the Secondary Market, June 2017. STRICTLY CONFIDENTIAL 35 2.7 2.7

ter its inception. Before that Emilio worked at Credit Suisse, in its investment banking division, and started his career as a Strategy Analyst at Lafarge UK. Emilio holds an MSc from HEC Paris and an MEng from the Polytechnic University of Madrid, Spain. Based in Milan, Francesco works with Glendower

8 2009 2010 2011 2012 2013 2014 2015 2016 2017 GP-led secondaries GP-led secondaries as % of total (1) Source: Glendower Capital analysis based on Greenhill Secondary Market Trends & Outlook, January 2018; and Dow Jones Private Equity Analyst Guide to the Secondary Market, June 2017. STRICTLY CONFIDENTIAL 35 2.7 2.7

ter its inception. Before that Emilio worked at Credit Suisse, in its investment banking division, and started his career as a Strategy Analyst at Lafarge UK. Emilio holds an MSc from HEC Paris and an MEng from the Polytechnic University of Madrid, Spain. Based in Milan, Francesco works with Glendower