GLOUS137 Forrestal Capital LLC Section 4. Glendower Capital Secondary Opportunities Fund IV. LP Glendower Capital Secondary Opportunities Fund fV. 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 ne 3307 "Plimale re; a war Oren; coays awo WW 1/4f of ho nab; ;rt; tamricItys <lase; a ItI4 Yhe0 101Gcl". WinSec LP me.wras NV. 2006 20GY 2t 20:11 2010 2077 2012 Mt) 20t4 2015 20Sti 201? Socatitry r.M1M ran *;;;•••Slitilf.SIVOIlidlat Pence lo txrralcsd hmow,a; 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 Markel Trends 8 Outlook January 2018. Cogent Fanners Secondary Market Trends 8 Outlook. July 2014, Cogent Partners Secondary Market Update. Mardi 2009. and Dow Jones Private 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-0099747 CONFIDENTIAL SDNY_GM_00245931 EFTA01393901