EFTA01355294.pdf

GLOUSI27 Annandale Capital 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 iil MI 0 0 Dry Powder Annual Deal Volume Secondaries Buyout it) Source: Glendower Capital entire at a sed on Greenhil Secondary Pricing Trends & Analysis. January 2018. (21 ource, Glendower vital on 2018 Primp Global Private Fcrirty & %Immure Carat Repolt. GreentiO Seculdary Pri6ra Trends & Analysis. Jws.ary 2018 and Bain & Company Glotrzi Private Eqrsts, Report 2018. Glendower STRICTLY CONFIDENTIAL Capital CONFIDENTIAL - PURSUANT TO FED. R. GRIM. P. 6(e) DB-SDNY-0040344 CONFIDENTIAL SDNY_GM_00186528 EFTA01355294