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 Pricing 110 100 90 Overheated m arket in 2006 and 2007 Premiums paid for over-levered companies marked to the top of the market % of NAV 108 104 94- Few transactions dosed at this pricing Mostly unfunded LP interests 83 82 80 87 Pricing back to normalized historical levels - Stable for 7 years at 80.90x$ Annual vc4ume USSbn 60 55 92 93 50 90 89 45 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 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 Capital STRICTLY CONFIDENTIAL 32 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0095635 SDNY_GM_00241819 EFTA01390953