EFTA01364516

GLOUS238 SOUTHERN FINANCIAL LLC Benefits of secondary private equity investing Attractiveness of secondary opportunities' Secondaries can result in earlier cash flows' In 'WO Timeframe of secondary investment 1.400 Pricing - Re-price existing funded assets 1,200 Flexibility — Capitalise on pricing inefficiencies 1,000 Mitigate Blind Pool Risk — Knowledge of existing underlying companies — Mature assets typically yield more predictable cash flows 800 600 Hypothetical timing of secondary transaction 400 1 Mitigate J- - Shorter duration of investments 200 Curve — Earlier cash distributions 5 6 7 8 9 10 11 (200) Years Complement — Accelerate deployment of capital (400) Portfolio Construction — Provides back-seasoned diversified exposure across vintage, strategy, industry and geography (WO) Capital calls and managen*nt fees Distributions (EDO) Cumilabve cash flows (1) This information is for rii,uuz<nm puinoses and i efIrrcts Glendower Capitals own analysis. The graph is an example roe illtrstrative purposes only and the actual profile of any given investment may vary substantially. Glendower Capital STRICTLY CONFIDENTIAL CONFIDENTIAL - PURSUANT TO FED. R. GRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0055064 SDNY_GM_00201248 EFTA01364516