EFTA01389773.pdf

GLDUS132 EverWatch Financial 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 - Ov1.4.10401.10.•!• 2006 ind 33e7 Pence "at to t"nralcsd h00.0:.0 ahol. t Oil tan-wines dasel In$ 21,00 • 710070sio Caw 100 0o0 *rend anew> Mat, ‘70202ec go; ; 10vs 2: 020%1 awo 10110 log of Pc inabl Poking %OKAY .0, Oa /TA Oat" ma 60 66 100 92 93 50 Yd 90 45 40 so 36 X 35 re 39 60 16 19 40 3 30 20CS 2006 200Y 1COe 20,39 2010 2411 2012 ZO 13 204 2010 20$0 2017 Socca207y 1111111 /1 whin* •—SRM'ylYp4Arl Fria) 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 Capital *Minn, and estimates based on G10071h21 Secondary Market Trends 8 Cyllook January 2018. Cogent Partners Secondary Market Trends 8 Outlook. July 2014. Cogent Partners Secondary Market Update. Mardi 2009. and Dow Jones Pnvate 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-0094139 CONFIDENTIAL SDNY_GM_00240323 EFTA01389773