GLOUStift Greg Martin
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 m arket in 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
irce- Glendower eapitalartatysitt at estimates base-j Un Gieerthill Secondary Maritsa Trends & Outlook izetti 2iJiS. Cegere Parkins Sect:eatery Attain Treads & Duna* J4 :2014.; f.:4:-.4
1er-4 Partners Secondwy
Artifact Update, March Wet9". aid Dow Jonee Private Equity Analyst Guide to the Secondary Market. June 201?
Glendower STRICTLY CONFIDENTIAL 32
Capital
CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0040775
CONFIDENTIAL SDNY_GM_00186959
EFTA01355565