EFTA Document EFTA01392208

GL0US144 Glenn Warren Fund Secondaries transactions liustrative case studies -01 Zi Project / Fund Deal Size / Discounts Funds I assets / region Seller Description 15 re .2> Modigliani US$38m 17 funds European • Proprietary deals from family offices redeploying capital away from PE (SOF II) 34% 225 assets Global family offices • Liquidity solution on complex illiquid feeder funds structured to address tax and legal requirements Globally diversified portfolio of mature (84% funded) funds managed by CD&R, Apollo, Carlyle, KKR, Apax, MidOcean, MSREF, CDH Whitney USS64m 1 fund US • Single LP position in fully funded European LBO fund managed by KKR (SOF II) 27% 12 assets pension fund • US seller redeploying capital away from Europe during 2012 crisis Europe • Short fuse process with few pre-selected bidders  • SOF Team knew fund well • Attractive structure with significant purchase price deferral Flute US$54m 17 funds Sovereign Seller motivated to wind down portfolio by year end (SOF III) 26% 500+ assets Global Wealth Fund • Mature (93% funded) portfolio of highly diversified fund interests in 17 mid-market buyout funds spread across Europe, US and Asia • Top interests include funds managed by Affinity. Calera, CVC V • Attractive deferral structure with bulk of liquidity events expected in the first two years of the transaction Amy US$36m 13 funds Family office • Proprietary deal tracked for five years before completion (SOF III) 37% 500+ assets • Seller seeking to actively manage its private equity portfolio Global • Globally diversified portfolio of mature funds generating strong cash flows and managed by Carlyle, Blackstone, Bridgepoint and CVC Significant pre-closing distributions representing 25% of portfolio NAV C.-.3 I e n ClOWer Cfinal SIR OILY CONFIDENTIAL CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0097389 CONFIDENTIAL SDNY_GM_00243573 EFTA01392208