EFTA01393640.pdf

GLDUS131 Bright Group 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)" - 0,04:4144IMM:•!•.200Sind Ntfl7 tea xaMacl. saxisa In$ 444.e0 Peu.;•414xt lo 44rmalcsd 14:4<er,i; 44.04 'germ cei Ica aye 04.01•110 hiC4-14 WI:44-44c lY it.wras go; ; wean 4: 4.1.9%1 / c 0114o matt 44441;40 WW 14 Nam % rev 198 ..nruul.Nua. USX" 116 104 60 66 leo 92 pr 93 50 50 31 82 10 se 36 X re 20 60 16 10 40 2003 2006 100Y 1006 X69 2010 Nil 2012 Mt) 204 2013 20$6 2017 Soccrtd•ry nack* wham •mm.••401.6666901101tat 76:100 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. Gle1SOW07 C710601analYers and estimates based on Greenhill Secondary Merkel Trends 8 Outlook January 2018. Cogent P301731716 Sewn:WY Madre Trends 8 Outlook. July 2014, Cogent Partners Secondary Market update. March 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-0099314 CONFIDENTIAL SDNY_GM_00245498 EFTA01393640