eapital analysis askestin.ites betted rin theeriiill Secondary Markel & Outlook i • Cogent Perkins 5,5crinitary kiwkel "Fiords & Duni)* :2014.; Partriqr Seconds-y Market Update, March WO9". aid Dow Jones Private Equity Analyst Guide to the Secondary Market. June 2017 Glendower Capital STRICTLY CONFIDENT