EFTA01392212

GLOUS144 Glenn Warren Secondary market driven by global PE market growth... ...And increased propensity to trade Total PE assets have risen to US$2.8 trillion' Annual secondary volumes now 1-2% of total PE2 US$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 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 Pregin Global Private Equity & Venture Capital Report. 2017 values as at June. (2) $ource. Glendower Capital te ased on awa Preqin C4obal Private Eqt.Aly & Venture Cap al Remt Greenhill Secondary tV1-vket Tftlroli macy 2015; arci ChYti Jorielt P rivate al .ty Anatyst Guide Secondary Market. June 2017. Glendower Capital STRICTLY CONFIDENTIAL 31 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL SDNY_GM_00243577 DB-SDNY-0097393 EFTA01392212