EFTA Document EFTA01389947

GLDOS132 EverWatch Financial Disciplined barbell approach adjusted to market cycles Dialling up / down deal types relative to segment attractiveness Description 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 Markets • 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 Glendower Capital high volatility and illiquidity of low volatility and high liquidity Deal size Expected allocation Deals since nor Gross returns2 SOF (harvested)3 SOF II (maturing)3 SOF III (early stage)3 USS5-100m 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 0; es, i,: !.,i!i“Cf market ziturns based on own triarkeit i2) As of September X30. 21.17. Gross returns do not reflect the priority profit share, carried inter at. taxes transaction costs and other expenses. Performance biases have been calculated based on the unaudited performere recut. and shoald be read and revtewed coniation Nab the 'Important Inorrnatan" and 'Notes the investment Perforrntrince' sections t hea preeentatian above investment Perlormarr.e' section in particular Ircludes. among other things. a desorption of the terms used in the tables above and sets foith important guidelines and limitations as to per descrbed Past performance is no te a peek:tart et the tuba. p.erfamance (3) For fund-levet net returns please refer to the overall transaction summaries for SOF. SOF 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_00240499 DB-SDNY-0094315 EFTA01389947