GLOUSI 33 Georgetown University Endowment 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 2.2tit 20 100 iil MI 0 0 Dry Powder Annual Deal Volume ii) Source: Glendower Capital estintat (2) ource. Glendower C.:twit Et's!, Report 2018. Glendower Capital Secondaries Buyout a sed on Greenhil Secondary Pricing Trends & Analysis. January 2018. on 2018 Pregtn Global Private Fertity & %Immure Carat Repott. Greens Seagidarg Pri6ng Trends & Artalysil. Jwnsary 2018 and Bain & Company Glehal Private Equits, STRICTLY CONFIDENTIAL CONFIDENTIAL - PURSUANT TO FED. R. GRIM. P. 6(e) CONFIDENTIAL SDNY_GM_00240074 DB-SDNY-0093890 EFTA01389531