GLDUS238 SOUTHERN FINANCIAL LLC 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 ••• 1: 2.2x 20 100 iil MI 0 0 Dry Powder Annual Deal Volume it) Source: Glendower Capital estirrai (2) $ource, Glendower C.:twtau Report 2018. Glendower Capital Secondaries Buyout a sed on Greenhil Secondary Pricing Trends & Analysis. January 2018. on 2018 Proton Global Private Foridif & Velure Carat Repoit: Graentia Saan-idary Pri6rµy Trends & Analysis. Jwnsary 2018 and Bain & Company Global Private Etat.. STRICTLY CONFIDENTIAL CONFIDENTIAL - PURSUANT TO FED. R. GRIM. P. 6(e) CONFIDENTIAL SDNY_GM_00201271 DB-SDNY-0055087 EFTA01364539