nd there can be no assurance that SOF N van acrreve comparable results or that any target resorts will be achieved Source. Glendower Captor based on Greenhill Secondary Market I rends 8 Outlook. January 2018 Source. Glendower Capital based on 2018 Precan Global Private Eguity 8 Venture CaptS Report. Bain & Company Global P

dary market pricing has recovered to within a transactable range, resulting in a more robust market. Glendower CDS.' analysis and estimates based on Greenhill Secondary Market Trends 8 Outlook January 2018. Cogent Fanners Secondary Market Trends 8 Outlook. July 2014, Cogent Partners Secondary Market Vpdate. Mardi 2009. and

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 issztilas itt Sourer 2017 Preqin GohrA Private Entity S Venture Capital Report 1.2) &Airco. Greenhill Secondary Market tends 8 Outlook. January• 2013 General Partners 24% Financial Institutions 12% Public Pensions / SWF 24% Glendower Capital STRICTLY

nd there can be no assurance that SOF N wit achieve comparable results or that any target resorts will be achieved Source Glendower Capital based on Greenhill Secondary Market I rends 8 Outlook. January 2018 Source. Glendower Capital based on 2018 Precen Global Private Eguity 8 Venture CaptS Report. Ban & Company Global Pn

dary market pricing has recovered to within a transactable range, resulting in a more robust market. Glendower CDS.' analysis and estimates based on Greenhill Secondary Market Trends 8 Outlook January 2018. Cogent Fanners Sewn:WY Market Trends 8 Outlook. July 2014, Cogent Partners Secondary Market Vpdate. Mardi 2009. and D

6 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 issztilas itt Serurre' ar17 Preqin GoL4 Private Equity S Ventrire Cacital Recon. 1.2) Sorrrce. Greenhill Secondary Market Trends 8 Outlook. January 2018 General Partners 24% Financial Institutions 12% Public Pensions / SWF 24% Glendower Capital STRICTLY

nd there can be no assurance that SOF N wen acrreve comparable results of that any target casette will be achieved Source Glendower Capital based on Greenhill Secondary Market Trends 8 °book January 2018 Source. Glendower Capital based on 2018 Pre: an Global Private Equity 8 Venture CaptS Report. Barn & Company Global Pnva

there can tie no assurance that SOF N wait acrreve comparable results or that any target resorts will be achieved Source. Glendower Capital based on Greenhill Secondary Market Trends 8 Outlook January 2018 Source. Glendower Capital based on 2018 Precnn Global Private Eguity 8 Venture CaptS Report. Sam & Company Global Pnva

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 issztilas ill Sour r' an7 Preqin GoPrA Priw4e Eourty S Venture Ccpital Report 1.2) fiance. Greenhill Secondary Market tends 8 Outlook. January• 2018 General Partners 24% Financial Institutions 12% Public Pensions / SWF 24% Glendower Capital STRICTLY

nd there can be no assurance that SOF al roll achieve comparable results or that any target results will be achieved Source Glendower Caput based on Greenhill Secondary Market Trends 8 Outlook January 2018 Source. Glendower Centel based on 2018 Precan Global Private Equity 8 Venture CaptS Report. Barn & Company Global neva

ary market pricing has recovered to within a transactable range, resulting in a more robust market. Glendower C00700 analYerS and estimates based on Greenhill Secondary Market Trends 8 Outlook January 2018. Cogent Partners Secondary Market Trends 8 Outlook. July 2014. Cogent Partners Secondary Market Vcdate. March 2009. an

06 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 issztilas ill Sourer ar17 Pregio Go0riS Private Equity S Venture Caoital Reoort. 1.2) fiance. Greenhill Secondary Market Trends 8 Outlook. January 2018 General Partners 24% Financial Institutions 12% Public Pensions / SWF 24% Glendower Capital STRICTLY

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 issztilas Sourer 2017 Preqin GoCrA Privae Eourty S Venhae Capital Recon. 1.2) Source. Greenhill Secondary Market tends 8 Outlook. January• 2018 General Partners 24% Financial Institutions 12% Public Pensions / SWF 24% Glendower Capital STRICTLY

dary market pricing has recovered to within a transactable range, resulting in a more robust market. Glendower CDS.' analysis and estimates based on Greenhill Secondary Market Trends 8 Outlook January 2018. Cogent Fanners Sewn:WY Market Trends 8 Outlook. July 2014, Cogent Partners Secondary Market update. March 2009. and D

m and there can be no assurance that SOF N van acrreve comparable results or Mat any target resorts will be achieved Source Glendower Caput based on Greenhill Secondary Market Trends 8 Outlook. January 2018 Source. Glendower Capital based on 2018 Precan Global Private Eguity 8 Venture CaptS Report. Sam & Company Global Pnv

m and there can be no assurance that SOF N van acrreve comparable results or Mat any target resorts will be achieved Source Glendower Caput based on Greenhill Secondary Market Trends 8 Outlook. January 2018 Source. Glendower Capital based on 2018 Precan Global Private Eguity 8 Venture CaptS Report. Sam & Company Global Pnv

ary market pricing has recovered to within a transactable range, resulting in a more robust market. Glend1M07 C0071618nalYers and estimates based on Greenhill Secondary Market Trends 8 Outlook January 2018. Cogent Partners Sewn:WY Market Trends 8 Outlook. July 2014, Cogent Partners Secondary Market update. March 2009. and

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 issztilas Sourer 2017 Preqin GoCrA Privae Eourty S Venhae Capital Recon. 1.2) Source. Greenhill Secondary Market tends 8 Outlook. January• 2018 General Partners 24% Financial Institutions 12% Public Pensions / SWF 24% Glendower Capital STRICTLY

and there can be no assurance that SOF N van acrreve comparable results or that any target resorts will be achieved Source Glendower Caput based on Greenhill Secondary Market Trends 8 °book January 2018 Source. Glendower Capital based on 2018 Precnn Global Private Eguity 8 Venture CaptS Report. Bain & Company Global Pnvat

5 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 issztilas Sourer ar17 Pregin GobiA- Private Equity S Venture Capital Reoon. 1.2) Source. Greenhill Secondary Market Trends 8 Outlook. January• 2018 General Partners 24% Financial Institutions 12% Public Pensions / SWF 24% Glendower Capital STRICTLY