EFTA01355103.pdf

GLDUSI26 Pacific Life Insurance Co 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 ••• 2.2iit 20 100 rill ill ill 0 0 Dry Powder Annual Deal Volume Secondaries Buyout it) Source: Glendower Capital estima a sed on Greenhill Secondary Pricing Trende &Analysis. Jantery 2018. (2? $ourcee Glendowe t".ada€ ets!, 2018 Pregrn seka Pavate Forsty & %Immure Carat Repoit Greenhill Seccgidarg Pr:&µ: Mends 8. Analysis. Jmnsary 2018 and Bain & Company Global Private EquiR, Report 20'8. Glendower STRICTLY CONFIDENTIAL Capital CONFIDENTIAL - PURSUANT TO FED. R. GRIM. P. 6(e) DB-SDNY-0039912 CONFIDENTIAL SDNY_GM_00186096 EFTA01355103