EFTA Document EFTA01383157

GLOUS238 SOUTHERN FINANCIAL LLC Significant unrealized value still locked in tail-end funds Seller composition expected to remain diverse Unrealized PE value: US$600bn in pre-crisis vintages' Seller composition breakdown2 US$bn 250 200 201 186 226 193 150 137 149 144 129 100 92 67 50 48 20 11 0 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 issztilas Sourer 2017 Preqin GoCrA Privae Eourty S Venhae Capital Recon. 1.2) Source. Greenhill Secondary Market tends 8 Outlook. January• 2018 General Partners 24% Financial Institutions 12% Public Pensions / SWF 24% Glendower Capital STRICTLY CONFIDENTIAL Endowments & Foundations 16% Family Office I „dada Other 6% Asset Manager / FoF 18% CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0082810 CONFIDENTIAL SDNY_GM_00228994 EFTA01383157