EFTA Document EFTA01391859

GLDUS142 Ironsides Asset Mgmt Why invest in secondary private equity today? Secondaries market is strong at with US$58 billion of deal volume in 2017 Pricing for funds stable but differentiated GP-led deals are evolving and growing Steady supply of tail-end funds - US$2.8 trillion of primary private equity NAV + unfunded - US$600 billion locked in funds 9+ years old - Secondary pricing steady at 93% of NAV in 2017 - Price dispersion between high & low quality GPs / funds is increasing - Bespoke liquidity solutions including spin-outs, tail-end restructuring, asset liquidations, LP replacements, bespoke fund extensions - These deals represent 24% of the market - Number of tail-end funds coming to market increasing, but overall US$ value decreasing due to smaller remaining NAV - Lack of NAV growth results in trading at moderate discounts e informetico set out in this slide is for lawny -. Secondary market remains strong, increasingly driven by post crisis funds GP-led secondary transactions growing faster than market Distinctive investment strategies continue to seek attractive deals wows only and summarizes Glendower's analysis of certain information set out over the slides in Section 3 'Secondary Market Update' of thd presentation Glendower Capital STRICTLY CONFIDENTIAL CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0096941 CONFIDENTIAL SDNY_GM_00243125 EFTA01391859