y Oerre aba 60% 143% 203606 Owens* 40% 43% Franoal instaatiens 12% Asset 'Arnowe ice, le% 20% • <2006 PIIKIISIS 0% 2316 2017 0.koc Penvens SW! 24% Emergence of tail-end sales There has been a recent emergence of traditional secondary buyers and funds-of-funds entering the market as s

114. arm 60% 66% 2036a Pre.crisa 40% 43% Franoal instaatiens 12% Asset 1AIneger / rcf 20% • 11% <2006 PIIKIISIS 0% 2316 2017 0.koc Penvens SW! 24% Emergence of tail-end sales There has been a recent emergence of traditional secondary buyers and funds-of-funds entering the market as s

% Fray Ob. arm 60% 66% 2606.06 Pre.crisa 40% 43% VrnoI instaatiens 12% 20% • Asset 14Ineger 11% <2006 PM-COSI' 0% 2316 2017 0.koc Penvens SW! 24% Emergence of tail-end sales There has been a recent emergence of traditional secondary buyers and funds-of-funds entering the market as s

Fray 0114. arm BD% 66% 210606 Pre.crise 40% 43% Franoal instaatiens 12% 20% • Asset 14Ineger le% <2006 PM-COSI' 0% 2316 2017 0.koc Penvens SW! 24% Emergence of tail-end sales There has been a recent emergence of traditional secondary buyers and funds-of-funds entering the market as s

Poesy Osre asa 80% 93% 2C0608 Oncosts 40% 43% VrnoI instaatiens 12% Aug Wrist., /Po le% 20% • <2006 PIIKIISIS 0% 2016 2017 0.koc Penvens SW! 24% Emergence of tail-end sales There has been a recent emergence of traditional secondary buyers and funds-of-funds entering the market as s

d IV, LP Exhibit 14: 2017: Seller composition breakdowno Exhibit 15: Funds marketed by vintage General Panes 24% VrnoI instaatiens 12% 0.koc Penvens SW! 24% Emergence of tail-end sales Fray 064. arm Asset 14Ineger 11% 100% - 2016 >2006 P041-466.4 80% 39% 60% Se% 20:36.06 Owens* 40%

mly Gas aloe /30% .93% 20;666 'swans* 40% 43% Franoal instaatiens 12% Asset 14Ineger fcf 20% 11% •2006 PM-COSI' 0% 2316 2017 0.koc Penvens SW! 24% Emergence of tail-end sales There has been a recent emergence of traditional secondary buyers and funds-of-funds entering the market as s

nd N, LP Exhibit 14: 2017: Seller composition breakdowno Exhibit 15: Funds marketed by vintage General Pones 24% VrnoI instaatiens 12% 0.koc Penvens SW! 24% Emergence of tail-end sales Prey Obi/ arm Asset Meager le% 100% - 2016 >20013 Post-onus 410% • 39% BD% 443% 210606 Procne* 40%

rmly OOP aria 60% Se% 203666 Precasts 40% 43% VrnoI instaatiens 12% 20% • Asset 14Ineger fcf 11% <2006 PM-COSI' 0% 2316 2017 0.koc Penvens SW!, 24% Emergence of tail-end sales There has been a recent emergence of traditional secondary buyers and funds-of-funds entering the market as

y OOP ese es 60% Se% 20:36.06 Owens* 40% 43% VrnoI instaatiens 12% Asset 14Ineger fcf 20% • 11% <2006 PM-COSI' 0% 2316 2017 0.koc Penvens SW!, 24% Emergence of tail-end sales There has been a recent emergence of traditional secondary buyers and funds-of-funds entering the market as

y Gas aue au /30% .93% 200606 Precast; 40% 43% VrnoI instaatiens 12% Asset 14Ineger fcf 20% 11% •2006 PM-COSI' 0% 2316 2017 0.koc Penvens SW!, 24% Emergence of tail-end sales There has been a recent emergence of traditional secondary buyers and funds-of-funds entering the market as

mly Gat. arm BD% 643% 2036.06 Procne* 40% 43% Franoal instaatiens 12% 20% Asset leIneger /Ca 11% •2006 PM-00SI' 0% 2316 2017 0.koc Penvens SW! 24% Emergence of tail-end sales There has been a recent emergence of traditional secondary buyers and funds-of-funds entering the market as s

Prey Gat. 60% arm 66% 200606 Pre.crisec 40% 43% VrnoI instaatiens 12% 20% • Asset Weer, lrcl 11% <2006 PM-COSI' 0% 2316 2017 0.koc Penvens SW! 24% Emergence of tail-end sales There has been a recent emergence of traditional secondary buyers and funds-of-funds entering the market as s

24% Fray 064. arm 60% Se% 20:36.06 Theorise 40% 43% VrnoI instaatiens 12% Asset repot 20% • 11% <2006 PM-COSI' 0% 2316 2017 0.koc Penvens SW! 24% Emergence of tail-end sales There has been a recent emergence of traditional secondary buyers and funds-of-funds entering the market as s

ray 0•84 aba ea 68% 16% 203608 Pre.crises 40% 43% Franoal instaatiens 12% Ansi repot 20% • 11% <2006 PIIKIISIS 0% 2016 2017 0.koc Penvens SW! 24% Emergence of tail-end sales There has been a recent emergence of traditional secondary buyers and funds-of-funds entering the market as s