EFTA Document EFTA01393739

GLDUS l 31 Bright Group Benefits of secondary private equity investing Attractiveness of secondary opportunities' Secondaries can result in earlier cash flowsl In 'WO 1,400 Pricing - Re-price existing funded assets 1,200 Flexibility - Capitalise on pricing inefficiencies 1,000 800 Mitigate Blind Pool Risk - Knowledge of existing underlying companies - Mature assets typically yield more predictable cash flows 600 400 Mitigate J- - Shorter duration of investments 200 Curve - Earlier cash distributions iiiii (230) Complement - Accelerate deployment of capital (400) Portfolio Construction - Provides back-seasoned diversified exposure across vintage, strategy, industry and geography (cow (8 ) Hypothetical timing of secondary transaction Timehame of secondary investment 6 7 6 9 10 11 Years E Capital calls and management fees Distributions Cumtlative cash flows :I) This information is for riiiP..uz<nm purposes and refIrrcts Glerxlower Capitals own analysis. The graph is an example nor illtrstrative purposes only and the actual profile of any given investment may vary substantially. Glendower Capital STRICTLY CONFIDENTIAL CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0099476 CONFIDENTIAL SDNY_GM_00245660 EFTA01393739