GLOUS137 Forrestal Capital LLC Secondary market shows a balanced capitalization Strong US$bn 140 120 secondary capital supply'... ... but US$bn 700 125 600 dry powder/deal volume remains balanced2 Dry Powder 3.7x • Deal volume <1- Cry Fbw der Deal Volurre 100 - 500 GlendowerCapital estimates that 2.2x annual deal volume is 80 available to deployin Secondaries 400 60 58 300 40 • 200 •••• a:, 2 20 100 ill ill rill 0 0 Dry Powder Annual Deal Volume it) Source: Glendower Capital estirr (21 $ource. Glendower t".ada€ ets , Report 20'8. Glendower Capital Secondaries Buyout a sed on Greenhill Secondary Pricing Trends & Analysis. January 20l$. 2018 Preget t31obai Petvato Ferny & \immure Carat Report: Greenhifl Seamdarg Pricsnp Trans & Analysis. January 2018 and Rain & Company Glottal Private. Eitim STRICTLY CONFIDENTIAL CONFIDENTIAL - PURSUANT TO FED. R. GRIM. P. 6(e) CONFIDENTIAL SDNY_GM_00246116 DB-SDNY-0099932 EFTA01394006