EFTA01394771

GLOUS140 Lawrence Hirsch GP-led transactions are a growing source of supply Secondary bespoke liquidity solutions are now part of the GP toolkit GP-led transactions now represent 20-25% of the secondary market GPs seeking Grand-name liquidity for worse managers performing funds or fund term extension Illustrative transachons he Paltrier% DIAMOND CAIST1.! FEC:7 One Ecp.hty Partners WARMINGPI:W2)N DNUANC, • Lt^zir1/2.t.1 Can in!. Mid-market GPs looking to provide a DUKE STREET Quality • liquidity option in ilka:Yr-..• :Anna mid-market year 10+ or GMT managers • bespoke solution after a bump in the road SbnA . Zurmont Madison • 4:4,Y4n1 STAGE Under- Zombies looking for performing solutions make managers unlikely targets ZOMBIE GPs USSIdn 15 14 13 12 11 10 9 8 7 6 5 4 3 a 2.4 2.7 1.9 2 1 0 18% CAGR 0.6 1.9 8.2 7.1 % of Secondary market deal volume 30% 14.0 9.0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 GP-led secondaries —GP-led secondaries as % of total (I; Glendower Capital analysis based on Gt eenhil Secondary Market -II ~is. 3 Outlook. January MIS; and Dow Jones Private Equity Amtlyst Guide to the Secondary Market, June 2017 Glendower Capital STRICTLY CONFIDENTIAL 25% 20% 15% 10% 5% 0% CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0 100813 SDNY_GM_00246997 EFTA01394771