EFTA01364538.pdf

GLDUS236 SOUTHERN FINANCIAL LLC 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 at this 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 Suirce- Glendower eapitalariatysis at estimates besed Un Gieeriiik Secondary klafket Trends & Outlook ..ketii • 2iJiS. Ceyent Perkins Secerdary kiwket "Fiords & Duna* %My :2014.; Cor e Partners Secondwy Meeker Update, March WC./9". aid Dow Jones Private Equity Analyst Guide to the Secondary Market. June 2017 Glendower STRICTLY CONFIDENTIAL 32 Capital CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0055086 CONFIDENTIAL SDNY_GM_00201270 EFTA01364538