STAGE CAPITAL (LAUREL) LP

(Registered No. SL027518)

Notice is hereby given, pursuant to Section 10 of the Limited Partnerships Act 1907, that Leonardo Secondary Opportunities Fund III (GP) Limited has transferred its entire interest in Stage Capital (Laurel) LP, a limited partnership registered in Scotland with number SL027558 (the "Partnership") to Picasso GP Limited. As a result, Leonardo Secondary Opportunities Fund III (GP) Limited has ceased to be a limited partner of the Partnership and Picasso GP Limited has been admitted as a limited partner of the Partnership,

For and on behalf of

Stage Capital Management Limited

in its capacity as Manager of

Stage Capital (Laurel) LP

Date: 4 January 2018