EFTA01390298.pdf

GLDUS138 Ian Slome 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:, 2.2s 4, 20 100 ill ill 0 0 Dry Powder Annual Deal Volume Secondaries Buyout it) Source: Glendower Capital estin, --, a sed on Greenhill Secondary Pricing Trends & Analysis. January 20l$. (2? $ource. Glendower t".ada€ ett!, 2018 Priman Gictal Private Fcriity & \immure Carat Report: Greenhill Seccgidarg Pricsnp Trends & analysis. January 2018 and Bain & Company Gleba! Private Ectim Report 20'8. Glendower STRICTLY CONFIDENTIAL Capital CONFIDENTIAL - PURSUANT TO FED. R. GRIM. P. 6(e) DB-SDNY-0094756 CONFIDENTIAL SDNY_GM_00240940 EFTA01390298