GLOUS238 SOUTHERN FINANCIAL LLC Section 4. Glendower Capital Secondary Opportunities Fund IV. LP Glendower Capital Secondary Opportunities Fund IV. LP cash flows between signing and closing and mark-to-market pricing - which taken together often result in higher effective discounts at closing for buyers. Exhibit 11: Secondary Market Pricing (2005 - 2017)" - CIVOISMONIas!•.200S ind 3307 "Plimale re; a war Own; coays awo WW1/4f of ho nab; rh,tamvicines dasela Yhe0 Mcc1 WnV LP me.wras NV. 2006 2t 20:11 2010 Nil 2012 Mt) 200 2015 20Sti 2017 Seccrtitry rut,* van ••••••Setand•ty Make Frialg Pence "at rn txmalcsd Suev. la ; wty, $0.9%1 Secondary market pricing has rebounded from the high discounts and low volumes of 2009 to remain stable at around 10% discount to NAV from 2014 to date. The Manager believes that the secondary market transacts in a healthy manner when headline pricing to the seller is in the 10% to 20% discount to reference date NAV range. For example, in 2009 secondary volumes were wry low because the high discount (to already low net asset values) being demanded by buyers did not match seller expectations, even those sellers in a certain amount of distress. From 2010 to today, secondary market pricing has recovered to within a transactable range, resulting in a more robust market. Glendower CDS.' analysis and estimates based on Greenhill Secondary Market Trends 8 Outlook January 2018. Cogent Fanners Sewn:WY Market Trends 8 Outlook. July 2014, Cogent Partners Secondary Market update. March 2009. and Dow Jones Povate Equity Analyst Gude to the Secondary Market, June 2017 Conlidenhal Private Placement Memorandum 20 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0055318 CONFIDENTIAL SDNY_GM_00201502 EFTA01364770