GLD0S132 EverWatch Financial Secondary market shows a balanced capitalization Strong secondary capital supply'... US$bn 140 ... but US$bn 700 dry powder/deal volume remains balanced2 125 Dry Powder 3.7x 120 600 • 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 ••• a:, 2.2x 20 100 ill ill rill 0 0 Dry Powder Annual Deal Volume it) Source: Glendower Capital astir,' a (2? $ource- Glendovter Cads€ etsl, Report 2018. Glendower Capital Secondaries Buyout a sed on Greenhill Secondary Pricing Trends & Analysis. January 2018. on 2018 Preget t31obai Petvato Fcrey & %Immure Carat Report: Greenhill Seccgidarg Pricsnp Trends & analysis. January 2018 and Bain & Company Glottal Private Eqtm STRICTLY CONFIDENTIAL CONFIDENTIAL - PURSUANT TO FED. R. GRIM. P. 6(e) CONFIDENTIAL SDNY_GM_00240508 DB-SDNY-0094324 EFTA01389956