EFTA Document EFTA01392578

GLOUS128 Patrick Gerschel 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