EFTA Document EFTA01390952

GLOUSI13 Cliff Illig Secondary market volume remains at record levels Market is evolving with GP-led transactions now representing 25% of volume Secondary market volumes 2006 - 2018F 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018F GP-led Secondary ■ Fund Secondary Source. Glendower C-apitri analysis. and own est:Oates based on Greenhill Secondary Markel Trends & Lk*look, Jemmy 2018: G•eertrill GP S.:Rarer* DlectNtwn fMterats. May 2017: and Dow Jon-es Rrvater ty Analyst Guide to the Secondary Marker. June 201! . F = FtneCaSt There la Elowarmitee the eVirnate tiFhlicifted welnt erraze. Past market volume is not a prediction or gtnrantr:•e• of future market volume. Glendower Capital STRICTLY CONFIDENTIAL CONFIDENTIAL - PURSUANT TO FED. R. GRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0095633 SDNY_GM_00241817 EFTA01390952