EFTA Document EFTA01393495

GLOLIS130 Aspen Grove Capital. LLC Secondary market driven by global PE market growth... ...And increased propensity to trade Total PE assets have risen to US$2.8 trillion' US$bn 3.000 2,500 - 2,000 1,500 1,000 - 500 - 0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Ni Unrealised portfolo value Dry powder Annual secondary volumes now 1-2% of total PE2 2.2% • 2.0% • 1.8% 1.6% • 1.4% 1.2% - 1.0% - 0.8% • 0.6% • 0.4% 0.2% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 —As % of total PE assets i1) Source: 2018 Preqin Global Private Equity & Venture Capital Report. 2017 values as at June. (2) Source. Glendower Capital based on 2818 Preqin Gobal Pilate Eqt.Aly & Venture Capaal Rep t Greenhill Secondary tslyvket Tftlroli 2015; arci ChYti Jorielt Private egtrty Analyst Guide Secondary Itarket. June 2017. Glendower Capital STRICTLY CONFIDENTIAL 31 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0099065 SDNY_GM_00245249 EFTA01393495