el Q C: p, (,..• c c'. • SOF IV 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 -10 players -10 players >50 players (I; Glendcnver Capital own market segmentation analyais Data source: Pregin database end Glendower Capital own market intelligence as of November 2017. Includes target fund