s —GP-led secondaries as % of total (I; Sois ce. Glendower Capital analysis baited on Gieenhil Secondary Marker!' ends 3 Outlook. January 2018. and Dow Jones Private Equity Amtlyst Guide to the Secondary Market, June 2017 Glendower Capital STRICTLY CONFIDENTIAL 25% 20% • 15% 10% 5% 0% CONFIDENTIAL - PURSUANT TO FED. R. C

ondaries —GP-led secondaries as % of total (I; Glendower Capital analysis based on Gt eenhil Secondary Market -II ~is. 3 Outlook. January MIS; and Dow Jones Private Equity Amtlyst Guide to the Secondary Market, June 2017 Glendower Capital STRICTLY CONFIDENTIAL 25% 20% 15% 10% 5% 0% CONFIDENTIAL - PURSUANT TO FED. R. CRI