GL0US124 BBR Partners Secondary market volume remains at record levels Market is evolving with GP-led transactions now representing 25% of volume Secondary market volumes 2006 - 2018F 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018F GP-led Secondary ■ Fund Secondary Source. Glendower C-apitri analysis. and own est:Oates based on Greenhill Secondary Markel Trends & f_kelook, Jemmy 2018: Geenhul! GP •'Shier* DiectKiwn fMterats. May 2017: and Dow Jon-es Rrvater ty Analyst Guide to the Secondary Marker. June 201! . F = FtneCaSt There la Elowarmitee the eVirnate tiFhlicifted weint ernOze. Past market volume is not a prediction or inn ranteit of future market volume. Glendower Capital STRICTLY CONFIDENTIAL CONFIDENTIAL - PURSUANT TO FED. R. GRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0096496 SDNY_GM_00242680 EFTA01391542