GLOUS128 Patrick Gerschel 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:, 2.2s 4, 20 100 ill ill 0 0 Dry Powder Annual Deal Volume it) Source: Glendower Capital estir•a (21 $ourcee Glendouter Cads ets!, Report 2018. Glendower Capital Secondaries Buyout aced on Greenhill Secondary Pricing Trends & Analysis. January 2018. on 2818 Preget Oictal Petvato Ferny & \immure Carat Report: Greenhill Sacceidarg Pri6rip Trends & analysis. January 2018 and Bain & Company Global Private Equt, STRICTLY CONFIDENTIAL CONFIDENTIAL - PURSUANT TO FED. R. GRIM. P. 6(e) CONFIDENTIAL SDNY_GM_00244010 DB-SDNY-0097826 EFTA01392579