GLDUS142 Ironstdes Asset Mgmt 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 Powder! 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:, 2.2s 4, 20 100 ill ill 0 0 Dry Powder Annual Deal Volume it) Source: Glendower Capital estir•a (2? $ourcet Glendoute t".ada€ ets!, Report 20'8. Glendower Capital Secondaries Buyout a sed on Greenhil Secondary Pricing Trends & Analysis. January 20l$. 2018 Preget seka Petvato Ferny & \immure Carat Report: Greentifl Saamdapi Pricsnp Trends & Analysis. January 2018 and Bain & Company Glatral Private Equt, STRICTLY CONFIDENTIAL CONFIDENTIAL - PURSUANT TO FED. R. GRIM. P. 6(e) DB-SDNY-0096963 CONFIDENTIAL SDNY_GM_00243147 EFTA01391873