GLOUS128 Patrick Gerschel 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: Geettiul! GP Sctttiar* DiectKiwn fMterats. May 2017: and Dow Jon-es Rrvater ty Analyst Guide to the Secondary Marker. June 201! . F = FtneCaSt There la rte warm-Iles the eVirnate tiFhliatted WI! males zd,. Past market volume is not a prediction or 9ttarantee• of future market volume. Glendower Capital STRICTLY CONFIDENTIAL CONFIDENTIAL - PURSUANT TO FED. R. GRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0097823 SDNY_GM_00244007 EFTA01392576