GLDUS138 Ian Slome 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)57 - Owa,awaomaMV.s 2006 ind ,307 • 'dean cau Ica war Orrercil conan awo to P log of matt Fsit1ng % c4N4V Ira 100 50 so 70 no so 40 JD t y tan-wines dasela ohea lOccv, tatnaec LP lit.witft Pence "act to txmalcsd e..rura ahol. go; ; reran to: S0-9%1 92 Yd /TA tiSitei 60 66 93 50 45 10 36 X 25 20 1,5 10 ?Es 7006 200Y 2106 20A 2010 2411 2017 2013 2014 1015 2010 2017 Sitta4ary whin* •mmm*.SKAM/sy MOW 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. Glendower CaPtal analysis and estimates based on Grientill Secondary Market Trends 8 Cvlfook January 2018. Cogent Patinas Secondary Market Trends 8 Outlook. July 2014. Cogent Partners Secondary Market Volate. Mardi 2009. and Dow Jones Pnvate Eiury Analyst Gude to he Secondary Market, June 2017 Confidential Prnrato Placement Memorandum 20 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0094570 CONFIDENTIAL SDNY_GM_00240754 EFTA01390169