GLOUS140 Lawrence Hirsch 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 Povaler 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 iil MI 0 0 Dry Powder Annual Deal Volume ii) Source: Glendower Capital astir,' ai (2) ource, Glendower C.L.wit Report 2018. Glendower Capital Secondaries Buyout a sed on Greenhill Secondary Pricing Trends & Analysis. January 2018. on 2018 Progin Global Private Ferirty & %Immure Cap at Repoit Greenria Secceidary Prit4rgy Trends & analysis. Jwnsary 2018 and Rain & Company Global STRICTLY CONFIDENTIAL •• dt CONFIDENTIAL - PURSUANT TO FED. R. GRIM. P. 6(e) DB-SDNY-0 100811 CONFIDENTIAL SDNY_GM_00246995 EFTA01394769