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

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