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

taurant and fitness sectors with a middle-market GP that has a very strong track record • Restructuring of a portfolio of 4 remaining companies in the Consumer and Business Services sectors, managed by a UK-based middle-market GP • Opportunity to invest in a GP-led transaction with key value drivers in the educational and indu

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

taurant and fitness sectors with a middle-market GP that has a very strong track record • Restructuring of a portfolio of 4 remaining companies in the Consumer and Business Services sectors, managed by a UK-based middle-market GP • Opportunity to invest in a GP-led transaction with key value drivers in the educational and indu

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

taurant and fitness sectors with a middle-market GP that has a very strong track record • Restructuring of a portfolio of 4 remaining companies in the Consumer and Business Services sectors, managed by a UK-based middle-market GP • Opportunity to invest in a GP-led transaction with key value drivers in the educational and indu

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

taurant and fitness sectors with a middle-market GP that has a very strong track record • Restructuring of a portfolio of 4 remaining companies in the Consumer and Business Services sectors, managed by a UK-based middle-market GP • Opportunity to invest in a GP-led transaction with key value drivers in the educational and indu