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

rcing Market arbitrage EFTA01398188 l!... Greg Martin ansactions and single asset deals Illustrative case studies Project / Fund Deal Size / Discountl Porter (SOF II & SOF III) US$220m 9% Funds / assets / region 2 funds 8 assets US Seller Multiple Description • Motivated GP seeking to

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

EFTA01396828 GLDUS126 Pacific Life Insurance Co GP-led transactions and single asset deals Illustrative case studies Project / Fund Deal Size / Discountl Porter (SOF II & SOF III) US$220m 9% Funds / assets / region 2 funds 8 assets US Seller Multiple Description • Motivated GP seeking to

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

itrage EFTA01397501 GLDUS127 Annandale Capital GP-led transactions and single asset deals Illustrative case studies Project / Fund Deal Size / Discountl Porter (SOF II & SOF III) US$220m 9% Funds / assets / region 2 funds 8 assets US Seller Multiple Description • Motivated GP seeking to

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

t arbitrage EFTA01396151 GLDUS125 Gerald Ford GP-led transactions and single asset deals Illustrative case studies Project / Fund Deal Size / Discountl Porter (SOF II & SOF III) US$220m 9% Funds / assets / region 2 funds 8 assets US Seller Multiple Description • Motivated GP seeking to