EFTA01391858.pdf

GLDUS142 Irons:des Asset Mgmt Benefits of secondary private equity investing Attractiveness of secondary opportunities' Secondaries can result in earlier cash flowsl In '000 Timeframe of secondary investment 1.400 Pricing - Re-price existing funded assets 1,200 Flexibility — Capitalise on pricing inefficiencies 1,000 800 Hypothetical — Knowledge of existing underlying companies timing of Mitigate Blind secondary 600 Pool Risk — Mature assets typically yield more predictable cash flows transaction 400 1 200 Mitigate J- - Shorter duration of investments Curve — Earlier cash distributions 5 6 7 8 9 10 11 (200) Years Complement — Accelerate deployment of capital (400) Portfolio — Provides back-seasoned diversified exposure across vintage, Construction strategy, industry and geography (WO) Capital calls and managen*nt fees Distributions tE00) Cumtlabve cash flows (1) This information is for r)ic.I.tt:5 sin purposes and iefIrrcts 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 STRICTLY CONFIDENTIAL Capital CONFIDENTIAL - PURSUANT TO FED. R. GRIM. P. 6(e) DB-SDNY-0096940 CONFIDENTIAL SDNY_GM_00243124 EFTA01391858