GLOUS I 33 Georgetown University Endowment Section 4. Glendower Capital Secondary Opportunities Fund IV. LP Glendower Capital Secondary Opportunities Fund N. 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)57 - Ov404.1•11Wilis!• 2006 ind 33e7 • 'dean cau Ica war Orrercil conan awo to P log of matt Poking % 441tV 110 100 le so re 60 40 30 104 t Oil tan-wines dasela m.s,vnea lOccv, tatnaec LP lit.witft Pence "act to txmalcsd e..rura ahol. go; ; reran to: S0-9%1 92 YO /TA tiSitei 60 66 93 50 45 10 36 X 25 20 16 3 2094 2006 160Y XXI 2039 2910 ri1 2012 Mt) 20U 2013 2016 201? Sitta4ary who* •mmm*.SKAM/sy ;Mate Friala 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 very 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. GX9930w04 C4Xttel analysis and estimates based on Greenhill Secondary Market Trends 8 Outlook January 2018. Cadent P4119409 Secondary Market Trends 8 Outlook. July 2014. Cogent Partners Secondary Market Vedate, Mardi 2009. and Dow Jones Povate Equity Analyst Gude to the Secondary Market, June 2017 Confidential Prnrato Placement Memorandum 20 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0093705 CONFIDENTIAL SDNY GM_00239889 EFTA01389349