EFTA Document EFTA01383154

GLDUS238 SOUTHERN FINANCIAL LLC Secondary market volume remains at record levels Market is evolving with GP-led transactions now representing 25% of volume Secondary market volumes 2006 - 2018F 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018F GP-led Secondary ■ Fund Secondary Source. Glendower Capita analysis. and own estimates Lased on Greenhill Secondary Market Trends & LASlook, Jemmy 2018: Geenhul! GP S.:Rarer* DIscr.Ntwn fMterats. May 2017: and Dow Jon-es Rrvater ty Analyst Guide to the Secondary Marker. June 201! . F = FtneCaSt There la rte warm-Iles the eVirnate tiFhlicitted WI! rIt errtOze. Past market volume is not a prediction or inn ranteit of future market volume. Glendower Capital STRICTLY CONFIDENTIAL CONFIDENTIAL - PURSUANT TO FED. R. GRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0082806 SDNY_GM_00228990 EFTA01383154