EFTA01390954.pdf

GLOUS113 Cliff Wig Secondary market shows a balanced capitalization Strong secondary capital supply'... ... but dry powder/deal volume remains balanced2 US$bn US$bn 140 700 125 Dry Powder 3.7x • Deal volume 120 600 <1- Cry Fbw der Deal Volume 100 - 500 GlendowerCapital estimates that 2.2x annualdeal volume is 80 available to deployin Secondaries 400 60 58 300 40 • 200 ••• a:, 2.2x 20 100 ill ill 0 0 Dry Powder Annual Deal Volume Secondaries Buyout it) Source: Glendower Capital estim:i a sed on Greenhill Secondary Pricing Trends & Analysis. January 2018. (2? $ource- Glendovter Cads€ on 2018 Prager seka Petvato Ft:FEN & \immure Cap at Report: Graentifl Saccndary Pricsnp Trans & analysis. January 2018 and Sail & Company Global Private Eqkt. Report 2018. Glendower STRICTLY CONFIDENTIAL Capital CONFIDENTIAL - PURSUANT TO FED. R. GRIM. P. 6(e) DB-SDNY-0095636 CONFIDENTIAL SDNY_GM_00241820 EFTA01390954