EFTA01355293

GLDUS127 Annandale Capital Secondary market driven by global PE market growth... ...And increased propensity to trade Total PE assets have risen to US$2.8 trillion' US$bn 3.000 2,500 - 2,000 1,500 1,000 - 500 - 0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Ni Unrealised portfoho value Dry powder Annual secondary volumes now 1-2% of total PE2 2.2% • 2.0% • 1.8% 1.6% • 1.4% 1.2% • 1.0% 0.8% • 0.6% • 0.4% 0.2% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 —As % of total PE assets (1) Source: 2018 Pregin Gobs! Private Equity & Venture Capital Report. 2017 values as at June. (2) Source- Glendower Capital lased on 2018 Preqin Gebel Priate Equily & Venture Capnal Rep/...it. Greenhill Sec ondary Piliwket Thards & Wok, ..lant4ary IS; arci Dow Ivrea Private E-1tMy Mats: Gu e L. the Sr7conckary Market. June 2017. id Glendower Capital STRICTLY CONFIDENTIAL CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0040342 SDNY_GM_00186526 EFTA01355293