—GP-led secondaries as % of total (I; Sourne. Glendower Capital analysis based on Gieenhil Secondary Marker!' ery.ls 3 Outlook, January 201 S; and Dow Jones Private Equity Antilyst Guide to the Secondary Market, June 2917 Glendower Capital STRICTLY CONFIDENTIAL 25% 20% 15% 10% 5% 0% CONFIDENTIAL - PURSUANT TO FED. R. CRI