Deal Volume it) Source: Glendower Capital estirea (2? $ourcee Glendowe t".ada€ Report 20'8. Glendower Capital Secondaries Buyout a sed on Greenhil Secondary Pricing Trends & Analysis. January 2018. 2018 Preget t31obai Petvato Fcraty & \immure. Capital Repent: Greenhill Seecerdary Pricsnp Trans & analysis. January 2018 and Bain &

Deal Volume ii) Source: Glendower Capital estirr (21 ource, Glendower C..t.wit Report 2018 Glendower Capital Secondaries Buyout a sed on Greenhil Secondary Pricing Trends & Analysis. January 2018. on 2018 Primp Global Private Forirty & %Immure Carat Repolt. GreentiO Seculdary Pri6ra Trends & Analysis. Jws.ery 2018 and Bain & Com

Deal Volume it) Source: Glendower Capital entire at (21 ource, Glendower vital Report 2018. Glendower Capital Secondaries Buyout a sed on Greenhil Secondary Pricing Trends & Analysis. January 2018. on 2018 Primp Global Private Fcrirty & %Immure Carat Repolt. GreentiO Seculdary Pri6ra Trends & Analysis. Jws.ary 2018 and Bain & Com

l Volume it) Source: Glendower Capital estirrai (2) $ource, Glendower C.:twtau Report 2018. Glendower Capital Secondaries Buyout a sed on Greenhil Secondary Pricing Trends & Analysis. January 2018. on 2018 Proton Global Private Foridif & Velure Carat Repoit: Graentia Saan-idary Pri6rµy Trends & Analysis. Jwnsary 2018 and Bain & C

ume ii) Source: Glendower Capital estintat (2) ource. Glendower C.:twit Et's!, Report 2018. Glendower Capital Secondaries Buyout a sed on Greenhil Secondary Pricing Trends & Analysis. January 2018. on 2018 Pregtn Global Private Fertity & %Immure Carat Repott. Greens Seagidarg Pri6ng Trends & Artalysil. Jwnsary 2018 and Bain & Com

olume it) Source: Glendower Capital estir•a (2? $ourcet Glendoute t".ada€ ets!, Report 20'8. Glendower Capital Secondaries Buyout a sed on Greenhil Secondary Pricing Trends & Analysis. January 20l$. 2018 Preget seka Petvato Ferny & \immure Carat Report: Greentifl Saamdapi Pricsnp Trends & Analysis. January 2018 and Bain & Company

Capital US$bn 700 600 500 400 300 200 100 0 Dry Powder • Deal volume <1- Cry Fbw der Deal Volurre Secondaries 3.7x Buyout a sed on Greenhil Secondary Pricing Trends & Analysis. January 2018. on 2018 Preget Gietal Nato Fcrety & \immure Capital Repent: Greenhill Sacceidary Pricsnp Trans & analysis. January 2018 and Bain & Co