EFTA01355289

GLOUSI27 Annandale Capital Disciplined barbell approach adjusted to market cycles Dialling up / down deal types relative to segment attractiveness Description Mar!cell Glendower Capital Deal size Expected allocation Deals since 20072 Gross returns2 SOF (harvested)3 SOF II (maturing)3 SOF III (early stage)3 Fund Secondaries GP-led Secondaries Traditional purchase of fund interests: Be-spoke liquidity solutions: Single Asset Deals Purchase of interests in single assets: • Single LP position • Restructuring of existing funds • GP-led secondaries of one asset • Portfolios of LP positions • Spin-outs • Fundless sponsor deals • Fund of funds • Recapitalizations • Secondary co-investments • LP tenders • Portfolios of assets • Co-investments • Many participants • Fewer participants with demonstrated underwriting capabilities • 10-15% IRR / 1.3-1.4x MOIC gross • 15-20% IRR / 1.6-1.7x MOIC gross Buy aggressively during periods of Buy selectively during periods high volatility and illiquidity of low volatility and high liquidity US$5-100m US$100-250m US$25-50m 40-60% Up to 40% Up to 20% 52 transactions 42% IRR and 2.2x MOIC 20% IRR and 1.5x MOIC 48% IRR and 1.4x MOIC 15 transactions 9% IRR and 1.4x MOIC 30% IRR and 1.9x MOIC 36% IRR and 1.5x MOIC 15 transactions 18% IRR and 3.0x MOIC 21% IRR and 1.7x MOIC 2% IRR and 1.0x MOIC ;'nark,bt :..turns Lased on Veil triarkibi (2) As of September X30. 2°17. Gross returns do not reflect 914 priority profit share. carried 'merest. taxes transaction costs and c4hsr expenses. Performance figs-es have been calculated based on the unaudited peifornance resutsard should be read and leviewer:i in corps:don with the 'Important Inforrnat ri" and 'Notes to the Investment Performance'. sections of Ifs presentation Dv totes to Investment Performance' section in particular includes. among other things. a desorption of the terms used in the tables above and sets forth importer/ guidelines and limitations as to the performance deserted above. Past performances not a or:kiloton of the luttin.. r.wifamance (33 For fund-level net returns ptease refer to the overall transaction summaries for SOF, WE II and SOF III on pages 43. 45 and 47. Glendower Capital STRICTLY CONFIDENTIAL 24 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL SDNY_GM_00186519 DB-SDNY-0040335 EFTA01355289