GLDUS238 SOUTHERN FINANCIAL LLC
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 Capita= analysis. and own eskinates Lased on Greenhill Secondary Market Trends & Lk*look, Jemmy 2018: G•eertrill GP •'!char% DlectNtwn 1Mterats. May 2017: and Dow Jon-es Pr;ate Ediaty
Analyst Guide to the Secondary Marker. June 201! .
F = Forecast There la r:* warmitee the eVirnate €rejhl!0!ttd wit rIt erraze.
Past market volume is not a prediction or gttirantr:•e of future market volume.
Glendower STRICTLY CONFIDENTIAL
Capital
CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0088174
CONFIDENTIAL SDNY_GM_00234358
EFTA01386461