EFTA01354011.pdf

GLDUS18.3 Dimension Capri& Management Stable secondary pricing driven by rational participants n 2017 average pricing of 93% of NAV as of record dates Secondary market pricing of private equity fund interests remains stable Overheated marketin 2006 and 2007 Few transactions dosed atthis pricing Pricing back to normalized historical levels Premiums paid for over-levered companies - Stable for 7 years at 80-90ca Mostly unfunded LP interests marked to the top of the market Pricing % of NAV Annual volume USSbn 108 110 104 60 55 100 92 .93 50 90 89 87 90 83 45 82 80 40 80 70 35 70 63 30 25 60 20 50 15 10 40 5 30 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Secondary market volume .•iiiiiiii..Secondary market pricing Bubble Crisis Normalized Smirce- Glendower eapital analysis askestinatos hexed Un Gicieriall Secondary Market Trends & Outlook a=n;: • 'Ail& Ccjent Part:atis Secondary Mihket "Fiords & Crib* :2014.; Cove Partner Secondwy Market Update, March 2CO9". aid Dow Jones Private Equky Analyst Guide to the Secondary Market. June 2017 Glendower STRICTLY CONFIDENTIAL Capital CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0038603 CONFIDENTIAL SDNY_GM_00184787 EFTA01354011