EFTA01390953.pdf

GLOUS113 Clat Illig Stable secondary pricing driven by rational participants in 2017 average pricing of 93% of NAV as of record dates Secondary market pricing of private equity fund interests remains stable Overheated m arket in 2006 and 2007 Pricing back to normalized historical levels Few transactions dosed at this pricing Premiums paid for over-levered companies Mostly unfunded LP interests - Stable for 7 years at 80.90x$ marked to the top of the market Pricing % of NAV Annual vc4ume USSbn 108 110 104 60 55 100 94- 92 93 50 90 89 87 90 80 83 82 80 45 40 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 —Secondary market pricing Bubble Crisis Normalized Source- Glendower Depttat analysis wei esterhatos bend en theerahill Secondark Markel Trends & '1U1a. Cogent Portraris Secondary Meeker "Fiords & Curio* ..k.ay :2014.; Partners Secondv Market Update, March 2CO and Dow Junes Private Equity Analyst Guide to the Secondary Market. June 201T Glendower STRICTLY CONFIDENTIAL 32 Capital CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0095635 CONFIDENTIAL SDNY_GM_00241819 EFTA01390953