EFTA Document EFTA01383155

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 Pricing 110 100 90 Overheated marketin 2006 and 2007 Premiums paid for over-levered companies marked to the top of the market % of NAV 108 104 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 80-90ca Annual volume 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 .•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 Capital STRICTLY CONFIDENTIAL 32 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0082808 SDNY_GM_00228992 EFTA01383155