EFTA01394768.pdf

GLIDUS140 Lawrence Hirsch 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 Pricing back to normalized historical levels Few transacbons dosed at this pricing 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 45 90 83 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 —Secondary market pricing Bubble Crisis Normalized - trce- Glendower eapital.artalycitt at estimated Wice-.1 Un theenitill Secondary Mafkel. Trends & Outlook iztEtti • 2iJiS. Coyer: Parkins Sacco:lacy Attain Trends & Stif. %My :2014: Coved Partnars Secondwy Market Update, March WO9". 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-0100810 CONFIDENTIAL SDNY_GM_00246994 EFTA01394768