GLDUS18.3 Dimension Capri& Management 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 atthis 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 Smirce- Glendower eapital analysis askestinatos hexed Un Gicieriall Secondary Market Trends & Outlook a=n;: • 'Ail& Ccjent Part:atis Secondary Mihket "Fiords & Crib* :2014.; Cove Partner Secondwy Market Update, March 2CO9". aid Dow Jones Private Equky Analyst Guide to the Secondary Market. June 2017 Glendower Capital STRICTLY CONFIDENTIAL CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0038603 SDNY_GM_00184787 EFTA01354011