GLDUSI26 Pacific Life Insurance Co Secondary market shows a balanced capitalization Strong US$bn 140 120 secondary capital supply'... 125 ... but US$bn 700 600 dry powder/deal volume remains balanced2 Dry Powder 3.7x • Deal volume <1- Cry Fbw der Deal Volume 100 - 500 GlendowerCapital estimates that 2.2x annual deal volume is 80 available to deployin Secondaries 400 60 58 300 40 • 200 ••• 2.2iit 20 100 ill ill rill 0 0 Dry Powder Annual Deal Volume it) Source: Glendower Capital estima (2? $ourcee Glendowe t".ada€ ets!, Report 20'8. Glendower Capital Secondaries Buyout a sed on Greenhill Secondary Pricing Trende &Analysis. Jantery 2018. 2018 Pregrn seka Pavate Forsty & %Immure Carat Repoit Greenhill Seccgidarg Pr:&µ: Mends 8. Analysis. Jmnsary 2018 and Bain & Company Global Private EquiR, STRICTLY CONFIDENTIAL CONFIDENTIAL - PURSUANT TO FED. R. GRIM. P. 6(e) CONFIDENTIAL SDNY_GM_00186096 DB-SDNY-0039912 EFTA01355103