EFTA01392194

GLOUS144 Glenn Warren Benefits of secondary private equity investing Attractiveness of secondary opportunities' Secondaries can result in earlier cash flows' In tDO Timeframe of secondary investment 1.400 Pricing - Re-price existing funded assets 1,200 Flexibility — Capitalise on pricing inefficiencies 1,000 800 Hypothetical Mitigate Blind — Knowledge of existing underlying companies 600 timing of secondary Pool Risk — Mature assets typically yield more predictable cash flows transaction 400 \`I 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 tE00) Cumilabve cash flows (1) This information is for riirk!it‘5 run puiposes and reflrrcts Glendower Capitals own analysis. The graph is an example roe illtadrative 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-0097372 SDNY_GM_00243556 EFTA01392194