n amount of distress. From 2010 to today, secondary market pricing has recovered to within a transactable range. resulting in a more robust market. Glendower CaPtal analysis and estimates based on Grientill Secondary Market Trends 8 Cvlfook January 2018. Cogent Patinas Secondary Market Trends 8 Outlook. July 201

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Finer, Finals Transacted 11)1>ralis: anon c.100 barna:born Some. Glendower Capital orcpnetary information Data as of September 33. 2017. Source. Glendower CaPtal proprietary alternation Data as of September 30. 2017. Source Glendower Capital proprietary ir4ormaton Data es of March 19, 2018. Dritipared dualtr