EFTA Document EFTA01386461

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 eskinates Lased on Greenhill Secondary Market Trends & Lk*look, Jemmy 2018: G•eertrill GP •'!char% DlectNtwn 1Mterats. May 2017: and Dow Jon-es Pr ;ate Ediaty Analyst Guide to the Secondary Marker. June 201! . F = Forecast There la r:* warmitee the eVirnate €rejhl!0!ttd wit rIt erraze. Past market volume is not a prediction or gttirantr:•e of future market volume. Glendower Capital STRICTLY CONFIDENTIAL CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0088174 SDNY_GM_00234358 EFTA01386461