07 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 GP-led secondaries —GP-led secondaries as % of total (I; Glendower Capital analysis based on Gueenhil Secondary Marker!' earls. 3 Outlook. January 201S. and Dow Jones. Private Equity Anislyst Guide to the Secondary Market, June 2017 Glendower Capital STRICTLY C

2009 2010 2011 2012 2013 2014 2015 2016 2017 GP-led secondaries —GP-led secondaries as % of total (I; &Alice. Glendower Capital analysis based on Gueenhil Secondary Marker!' ends 3 Outlook. January 2013: and Dow Jones Private Equity Amlyst Guide to the Secondary Market, June 2917 Glendower Capital STRICTLY CONFID

07 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 GP-led secondaries —GP-led secondaries as % of total (I; Glendower Capital analysis based on Gueenhil Secondary Marker!' erris 3 Outlook, January 2013: and Dow Jones Private Equity Anislyst Guide to the Secondary Market, June 2917 Glendower Capital STRICTLY CON

2009 2010 2011 2012 2013 2014 2015 2016 2017 GP-led secondaries —GP-led secondaries as % of total (1) &truce. Glendora< Capital analysis based on Gueenhil Secondary Marker!' erryis 3 Outlook. January 201S: and Dow Jones Private Equity Anislyst Guide to the Secondary Market, June 2917 Glendower Capital STRICTLY CO

07 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 GP-led secondaries —GP-led secondaries as % of total (I; Glendower Capital analysis based on Gueenhil Secondary Marker!' ends 3 Outlook. January 2013. and Dow Jones Private Equity Anislyst Guide to the Secondary Market, June 2917 Glendower Capital STRICTLY CONF

07 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 GP-led secondaries —GP-led secondaries as % of total (I; Glendower Capital analysis based on Gueenhil Secondary Marker!' ends 3 Outlook. January 2013. and Dow Jones Private Equity Anislyst Guide to the Secondary Market, June 20I Glendower Capital STRICTLY CONFI