GLDUS238 SOUTHERN FINANCIAL LLC Secondary market shows a balanced capitalization Strong secondary capital supply'... US$bn 140 ... but US$bn 700 dry powder/deal volume remains balanced2 125 Dry Powder 3.7x 120 600 • Deal volume <1- Cry Fbw der., Deal Volume 100 - 500 GlendowerCapital estimates that 2.2x annual deal volume is 80 available to deployin Secondaries 400 60 58 300 40 • 200 ••• a:, 2.2X 20 100 ii ill 0 0 Dry Powder Annual Deal Volume it) Source: Glendower Capital estima (2? $ource. Glendowe t".ada€ Report 2018. Glendower Capital Secondaries Buyout a sed on Greenhill Secondary Pricing Trends & Analysis. January 2018. 2018 Preget Gictal Nato Feritty & \immure Capital Repent. Greenhill Seeceidarg Pricsnp Trans & Analysis. January 2018 and Bain & Company Gleba! Private Eqkt. STRICTLY CONFIDENTIAL CONFIDENTIAL - PURSUANT TO FED. R. GRIM. P. 6(e) CONFIDENTIAL SDNY_GM_00234361 DB-SDNY-0088177 EFTA01386463