2013 2014 2015 2016 2017 GP-led secondaries —GP-led secondaries as % of total (I; Glendower Capital analysis basted rn Gieenhil Secondary Market 'Timis 3 Outlook. January MIS; and Dow Jones Private Equity Anislyst Guide to the Secondary Market, June 2917 Glendower Capital STRICTLY CONFIDENTIAL 25% 20%