GLDUS127 Annandale Capital
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 2.2% •
2.0% •
2,500 -
1.8%
1.6% •
2,000
1.4%
1,500 1.2% •
1.0%
1,000 -
0.8% •
0.6% •
500 -
0.4%
0 0.2%
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Ni Unrealised portfoho value Dry powder —As % of total PE assets
(1) Source: 2018 Pregin Gobs! Private Equity & Venture Capital Report. 2017 values as at June.
(2) Source- Glendower Capital lased on 2018 Preqin Gebel Priate Equily & Venture Capnal Rep/...it. Greenhill Sec ondary Piliwket Thards & Wok, ..lant4ary IS; arci Dow Ivrea Private E-1tMy Mats: Guide L. the
Sr7conckary Market. June 2017.
Glendower STRICTLY CONFIDENTIAL
Capital
CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0040342
CONFIDENTIAL SDNY_GM_00186526
EFTA01355293