GLDUS125 Gerald Ford Secondary market shows a balanced capitalization Strong secondary capital supply'... US$bn ... but dry powder/deal volume remains balanced2 US$bn 140 700 125 Dry Powder 3.7x 120 600 • Deal volume <1- Cry Fbw der Deal Volurre 100 - 500 GlendowerCapital estimates that 2.2x annual deal volume is 80 available to deployin Secondaries 400 60 58 300 40 • 200 ••• 1: 2.2x 20 100 iil MI 0 0 Dry Powder Annual Deal Volume ii) Source: Glendower Capital estirr (21 ource, Glendower C..t.wit Report 2018 Glendower Capital Secondaries Buyout a sed on Greenhil Secondary Pricing Trends & Analysis. January 2018. on 2018 Primp Global Private Forirty & %Immure Carat Repolt. GreentiO Seculdary Pri6ra Trends & Analysis. Jws.ery 2018 and Bain & Company Glotrzl Private Etat., STRICTLY CONFIDENTIAL CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0039471 CONFIDENTIAL SDNY_GM_00185655 EFTA01354873