EFTA01386449.pdf

GLOUS238 SOUTHERN FINANCIAL LLC 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 SOS Hypothetical — Knowledge of existing underlying companies timing of Mitigate Blind secondary 600 Pool Risk — Mature assets typically yield more predictable cash flows transaction 400 \`I 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 (I i This information is for rii,x.uz<nm puinoses and i efIrrcts 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-0088154 CONFIDENTIAL SDNY_GM_00234338 EFTA01386449