EFTA Document EFTA01392559

GLOUS128 Patrick Gerschel 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 1,000 800 Hypothetical Mitigate Blind — Knowledge of existing underlying companies 600 timing of secondary Pool Risk — Mature assets typically yield more predictable cash flows transaction 400 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 (COO) Capital calls and managen*nt fees Distributions tE00) Cumtlabve cash flows (1) This information is for rii,x.uz<nm purposes and i efIrrcts Glendower Capitals own analysis. The graph is an example roe ihrstrative purposes only aril 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-0097803 SDNY_GM_00243987 EFTA01392559