9 149 144 100 92 50 67 48 S 11 0 20 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 iiimrtmairoain " Greenhill Cogent Secondary Market Trends & Outer( January 2016 2017 Preps Glotel Pena* Equity 8 Verdure Captor Report - Private Reidy and Venture Caviar Unrealized Value by Fund Vintage Year as of

149 144 129 100 92 50 67 48 S 11 0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 iiimrtmairoain " Greenhill Cogent Secondary Market Trends & Outer( January 2016 2017 Preps Global Pena* Equity 8 Venture Centel Report - Private Reidy and Venture Coda] Unrealized Value by Fund Vintage Year as of

149 144 129 100 92 50 67 48 S 11 0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 iiimrtmairoain " Greenhill Cogent Secondary Market Trends & Outer( January 2016 2017 Preps Global Pena* Equity 8 Venture Centel Report - Private Reidy and Venture Coda] Unrealized Value by Fund Vintage Year as or