ent of transaction structures. Glendower believes that this reality has led to an influx of GP-led liquidity offerings and restructurings Once mere Greenhill Cogent Secondary Market Trends 8 Oak.* January 2018. Greenlel Cogent Secondary Market Trends 8 OLO:0k JallUaly 2017. Glenckwer Carmel based on Greenler Secondary market Tr

144 129 100 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 8 Oulcok January 2016 f' 2017 Preps Global notate Equity 8 Verdure Captal Report - Prreate Equity and Venture Cispdal Unrealized Value by Fun

ent of transaction structures. Glendower believes that this reality has led to an influx of GP-led liquidity offerings and restructurings Once mere Greenhill Cogent Secondary Market Trends 8 Oakok January 2018. Greer-Ilse Cogent Secondary Market Trends 8 OLteok January 2017. Glenckwer Candel based on Greentei Secondary Market T

144 129 100 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 8 Ouleok January 2018 f' 2017 Preen Glotel Pena* Equity 8 Verdure Centel Report - Private &nay and Venture Caudal Unrealized Value by Fund U

ent of transaction structures. Glendower believes that this reality has led to an influx of GP-led liquidity offerings and restructurings Once mere Greenhill Cogent Secondary Market Trends 8 Oakok January 2018. Greer-Ilse Cogent Secondary Market Trendsa OLO:ok January 2017. Glenckwer Candel based on Greentei Secondary Market Tr

ent of transaction structures. Glendower believes that this reality has led to an influx of GP-led liquidity offerings and restructurings Once mere Greenhill Cogent Secondary Market Trends 8 Oak.* January 2018. Greenlet Cogent Secondary Market Trends 8 Oilcok January 2017. Glendower Cereal based on Greenlet Secondary Market Tre

9 144 129 100 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 8 Crib* January 2016 f' 2017 Preps Glotel Prreate Equity 8 Verdure Centel Report - Prwate Equity and Venture Caudal Unrealized Value by Fund

ent of transaction structures. Glendower believes that this reality has led to an influx of GP-led liquidity offerings and restructurings Once mere Greenhill Cogent Secondary Market Trends 8 Ck4Cok January 20W. GreenMl Cogent Secondary Market Trends a Oulcok JallUaly 2017. Glenckfmer Captal based on Gra-entre Secondary marxeure

ent of transaction structures. Glendower believes that this reality has led to an influx of GP-led liquidity offerings and restructurings Once mere Greenhill Cogent Secondary Market Trends 8 Oakok January 2018. GreenMl Cogent Secondary Market Trends 8 OLO:ok January 2017. Glenckwer Cannel based on Greenno Secondary Market Trend

8 92 129 226 193 149 144 67 S 11 20 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 iiimrtmairoain " Greenhill Cogent Secondary Market Trends 8 Oilcok January 2016 f' 2017 Preps, Global Private Equity 8 Verdure Caput Report - Pnvie &My and Venture Coda] Unrealized Value by Fund Waa

149 144 129 100 92 50 67 48 11 0 20 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 iiimrtmairoain " Greenhill Cogent Secondary Market Trends 8 Oilcok January 2018 f' 2017 Preps Glotel Pena* Equity 8 Verdure Centel Report - larreate Equity and Venture Cispdal Unrealized Value by Fu

ent of transaction structures. Glendower believes that this reality has led to an influx of GP-led liquidity offerings and restructurings Once mere Greenhill Cogent Secondary Market Trends 8 Oalcok January 2018. Greenlel Cogent Secondary Market Trends 8 OLO:ok January 2017. Glendower Carmel based on Greenler Secondary Market Tr

9 144 129 100 92 50 67 48 S 11 0 zo 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 iiimrtmairoain " Greenhill Cogent Secondary Market Trends 8 Ouleok January 2018 f' 2017 Preps Glotel Pena* Equity 8 Verdure Captal Report - Private Equity and Venture Cispdai Unrealized Value by Fund

ent of transaction structures. Glendower believes that this reality has led to an influx of GP-led liquidity offerings and restructurings Once mere Greenhill Cogent Secondary Market Trends 8 Oalcok January 2018. Greenlel Cogent Secondary Market Trends 8 OLO:ok January 2017. Glendower Capra based on Greenlet Secondary Market Tre

9 144 129 100 92 50 67 48 S 17 0 20 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 iiimrtmairoain " Greenhill Cogent Secondary Market Trends 8 Oilcok January 2016 f' 2017 Preps Glotel Pena* Equity 8 Venture Centel Report - Prwate Equity and Venture Cispdal Unrealized Value by Fund

ent of transaction structures. Glendower believes that this reality has led to an influx of GP-led liquidity offerings and restructurings Once mere Greenhill Cogent Secondary Market Trends 8 Oalook January 2018. Greenlel Cogent Secondary Market Trends 8 0LO:0k January 2017. Glenckwer Carmel based on Greenler Secondary Market Tr