EFTA01392059.pdf

GLDUS144 Glenn Warren 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 Pence lo txrralcsd hmow,a; ;rt; tamricItys <lase; a ItI4 Yhe0 "Plimale re; a war Oren; coays 101Gcl". WinSec LP me.wras Suev. la ; wty, $0.9%1 awo WW 14 / f of ho nab; ?Es X06 2t 2010 Nil 2012 Zeta 20ta 2a la Zeta 201? Socatitry r.M1M ran —Sarard•ry crial$ 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 Card.' 0084'06*nd estimates based on Greenhill Secondary Market Trends 8 Outlook January 2018. Cogent Panna‘ Sewn:Jay/ Markel 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 Prnrate Placement Memorandum 20 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0097209 CONFIDENTIAL SDNY_GM_00243393 EFTA01392059