GLDUS l31 Bright Group 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 Potterer 3.7x • Deal volume <1- Cry Pow 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 astir,' a (2? $ource. Glendower t".ada€ ets!, Report 20'8. Glendower Capital Secondaries Buyout a sed on Greenhill Secondary Pricing Trends & Analysis. January 2018. 2018 Preget Gictal Private Foritty & %Immure, Caveat Report: Greenhill Seezaidarg Pricsnp Trans & Analysis. January 2018 and Bain & Company Global Private. STRICTLY CONFIDENTIAL CONFIDENTIAL - PURSUANT TO FED. R. GRIM. P. 6(e) CONFIDENTIAL SDNY_GM_00245683 DB-SDNY-0099499 EFTA01393756