GLDUS125 Gerald Ford GP-led transactions are a growing source of supply Secondary bespoke liquidity solutions are now part of the GP toolkit GP-led transactions now represent 20-25% of the secondary market GPs seeking Brand-name liquidity for worse managers performing funds or fund term extension Illustrative transachons ......... le '3, Partners DIAMOND CAIST1.! YE C:7 One Ecpady Partners WARMINGPlait1p. DNUANCED • Lt^zir1/2.t.1 Can in!. Mid-market GPs DUKE looking to provide a STREET Quality • liquidity option in ilka:Yr-..• :Anna mid-market year 10+ or GMT managers • bespoke solution after a bump in the . road • g RAI] SbnA 4:4,Y4n1 Zurmont Madison STAGE Under- Zombies looking for performing solutions make managers unlikely targets ZOMBIE GPs USSbn 15 14 13 12 11 10 9 8 7 6 5 4 3 a 2.4 2.7 1.9 2 1 0 18% CAGR • . 0.6 1.9 8.2 7.1 % of Secondary market deal volume 30% 14.0 9.0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 GP-led secondaries —GP-led secondaries as % of total (1) Sd-Am ce. Glendower Capital analysis based on Greenhil Secondary Market !' eay.ls. 3 Outlook. January 201 S; and Dow Jones Private Equity Anislyst Guide to the Secondary Market, June 2917 Glendower Capital STRICTLY CONFIDENTIAL 25% 20% 15% 10% 5% 0% CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0039473 SDNY_GM_00185657 EFTA01354875