GLOUS238 SOUTHERN FINANCIAL LLC GP-led transactions are a growing source of supply Secondary bespoke liquidity solutions are now part of the GP toolkit GP-led transactions now represent 20-25% of the secondary market iiiusiraiivir,, transactions USSIdn Paitnerk EC:7 15 WARMINGPM2A 13 GMT GPs seeking Grand-name liquidity for worse managers performing funds or fund term extension Mid-market GPs looking to provide a Quality • liquidity option in mid-market year 10+ or managers • bespoke solution after a bump in the road Under- Zombies looking for performing solutions make managers unlikely targets DIAMOND CA511.! 14 One Equity Partners 12 11 LNN ANC :lit) 10 Lt^zir1/2.t.1 Can in! DUKE STREET ilka:Yr-..• :Anna • g RAI] SbnA 4:4,Y4n1 Zurmont Madison STAGE ZOMBIE GPs 9 8 7 6 5 4 3 a 2.4 2.7 1.9 2 1 0 18% CAGR • . 0.6 1.9 8.2 9.0 7.1 % of Secondary market deal volume 30% 14.0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 GP-led secondaries —GP-led secondaries as % of total (I; Sourne. Glendower Capital analysis based on Gieenhil Secondary Marker!' ery.ls 3 Outlook, January 201 S; and Dow Jones Private Equity Antilyst Guide to the Secondary Market, June 2917 Glendower Capital STRICTLY CONFIDENTIAL 25% 20% 15% 10% 5% 0% CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0088179 SDNY_GM_00234363 EFTA01386465