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)" - 011144404114044. s .2001 in4,4137 nnaJn re; 14. aye *WW1 COWS% awe WW1/4c ol Pc matt Prides %drew 110 leo 50 se re 60 40 194 104 sea xaMacl. saxisa In$ 40,40 14441". ‘44444ec 1.4 it.w4as 21 82 Pence 1.444 lo 4,4441441bmon:4; 4.44 ; w4a/, 41.9%1 ..nruul.Nua. USX" 60 66 92 pr 93 50 10 36 X 23 20 16 3 20CS 2006 160Y 1COa lash 2010 21/11 2012 Mt) 20U 201S 20$6 2017 SsccaLh ruck* wham ism...4007040ry Make Fri:100 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. Glend1M07 C0071618nalYers and estimates based on Greenhill Secondary Market Trends 8 Outlook January 2018. Cogent Partners 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 Confidential Private Placement Memorandum 20 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0082622 CONFIDENTIAL SDNY_GM_00228806 EFTA01383028