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⚡IMPACT LEVEL 3 — NOTEWORTHY

Epstein File EFTA01388520: Barrett and Forced (DS10)

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This document is an email chain dated May 14, 2018, between Paul Barrett, Stewart Oldfield, and Vahe Stepanian regarding the Glendower Secondary Opportunities Fund IV. The discussion concerns active sellers and market positioning, with reference to potential forced sales in a market downturn. The correspondence includes attached materials related to secondary fund opportunities.

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Excerpt 1
May 14, 2018, at 9:59 PM, Paul Barrett wrote: Hi Stewart Are there many active sellers or is this positioning for the next downturn where we will have **forced**
Excerpt 2
From: Stewart Oldfield Sent: 5/14/2018 10:39:10 PM To: Paul **Barrett** CC: Vahe Stepanian Subject: Re: Glendower Secondary Opportunities Fund IV They have
Excerpt 3
On May 14, 2018, at 9:59 PM, Paul **Barrett** wrote: Hi Stewart Are there many active sellers or is this positioning for the next downturn where we will have

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