GLDUS125 Gerald Ford 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 esainates based on Greenhill Secondary Markel Trends & LASlook, Jancay 2018: G•eertrill GP &Attica% DIscr.Ntwn 1Mterats. May 2017: and Dow Jon-es Pr ;ate &tasty Analyst Guide to the Secondary Marker. June 201! . F = Forecast There la rte warmitee the eVirnate tiFhliatted wilmerraze. Past market volume is not a prediction or gttarantE•e of future market volume. Glendower Capital STRICTLY CONFIDENTIAL CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0039468 SDNY_GM_00185652 EFTA01354870