GLDUSI 43 Henry Nicholas Secondary market volume remains at record levels Market is evolving with GP-led transactions now representing 25% of volume Secondary market volumes 2006 - 2018F 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018F GP-led Secondary ■ Fund Secondary Source. Glendower Gapils analysis. and own estimates Lased on Greenhill Secondary Market Trends & LASlook, Jancay 2018: Geenmli GP Sulutiorm DIscr.Ntwn 1Mterals. May 2017: and Dow Jon-es RMAter Edisty Analyst Guide to the Secondary Marker. June 201! . F = Forecast There is Elowarmitee the eVirnate tiFhliatted wilmerraze. Past market volume is not a prediction or guarantee of future market volume. Glendower Capital STRICTLY CONFIDENTIAL CONFIDENTIAL - PURSUANT TO FED. R. CRI M. P. 6(e) CONFIDENTIAL DB-SDNY-0039033 SDNY_GM_00185217 EFTA01354439