the two key drivers of the continued growth of the secondary market as a derivative of the primary market. Exhibit 9: Total PE assets have risen to USS2.8 tfillion53 Exhibit 10: Annual Secondary volumes now 1-2% of total PEsO Leith ).0M idea 1 503 =mull. - 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016