GLOUS113 Cliff Wig 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 ••• a:, 2.2x 20 100 ill ill 0 0 Dry Powder Annual Deal Volume it) Source: Glendower Capital estim:i (2? $ource- Glendovter Cads€ Report 2018. Glendower Capital Secondaries Buyout a sed on Greenhill Secondary Pricing Trends & Analysis. January 2018. on 2018 Prager seka Petvato Ft:FEN & \immure Cap at Report: Graentifl Saccndary Pricsnp Trans & analysis. January 2018 and Sail & Company Global Private Eqkt. STRICTLY CONFIDENTIAL CONFIDENTIAL - PURSUANT TO FED. R. GRIM. P. 6(e) CONFIDENTIAL SDNY_GM_00241820 DB-SDNY-0095636 EFTA01390954