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

FTA01398206 €150 million $6 million $50 million Intermediated $50 million Intermediated $200 million Early Stage Limited Process $1.4 billion North America Early Stage Proprietary $20 million SOF IV Investment $100 million €60-100 million €150 million $6 million $50 million $50 million $200 million $100+

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

FTA01396846 €150 million $6 million $50 million Intermediated $50 million Intermediated $200 million Early Stage Limited Process $1.4 billion North America Early Stage Proprietary $20 million SOF IV Investment $100 million €60-100 million €150 million $6 million $50 million $50 million $200 million $100+

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

FTA01397519 €150 million $6 million $50 million Intermediated $50 million Intermediated $200 million Early Stage Limited Process $1.4 billion North America Early Stage Proprietary $20 million SOF IV Investment $100 million €60-100 million €150 million $6 million $50 million $50 million $200 million $100+

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

FTA01396169 €150 million $6 million $50 million Intermediated $50 million Intermediated $200 million Early Stage Limited Process $1.4 billion North America Early Stage Proprietary $20 million SOF IV Investment $100 million €60-100 million €150 million $6 million $50 million $50 million $200 million $100+