GLDUSI 43 Henry Nicholas
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 Gapils analysis. and own estimates Lased on Greenhill Secondary Market Trends & LASlook, Jancay 2018: Geenmli GP Sulutiorm DIscr.Ntwn 1Mterals. May 2017: and Dow Jon-es RMAter Edisty
Analyst Guide to the Secondary Marker. June 201! .
F = Forecast There is Elowarmitee the eVirnate tiFhliatted wilmerraze.
Past market volume is not a prediction or guarantee of future market volume.
Glendower STRICTLY CONFIDENTIAL
Capital
CONFIDENTIAL - PURSUANT TO FED. R. CRI M. P. 6(e) DB-SDNY-0039033
CONFIDENTIAL SDNY_GM_00185217
EFTA01354439