deal volume 30% 14.0 9.0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 GP-led secondaries —GP-led secondaries as % of total (I; Scgm ce. Glendora< Capital analysis based on Gieonhil Secondary Marker!' enr.ls 3 Outlook. January 201S: and Dow Jones, Private Equity Antilyst Guide to the