GLDUS125 Gerald Ford
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 esainates based on Greenhill Secondary Markel Trends & LASlook, Jancay 2018: G•eertrill GP &Attica% DIscr.Ntwn 1Mterats. May 2017: and Dow Jon-es Pr;ate &tasty
Analyst Guide to the Secondary Marker. June 201! .
F = Forecast There la rte warmitee the eVirnate tiFhliatted wilmerraze.
Past market volume is not a prediction or gttarantE•e of future market volume.
Glendower STRICTLY CONFIDENTIAL
Capital
CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0039468
CONFIDENTIAL SDNY_GM_00185652
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