ies —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 CONFIDENTIAL 25% 20% 15% 10% 5% 0% CONFIDENTIAL - PURSUANT TO FED. R. GRI