EFTA01393739.pdf

GLDUS l 31 Bright Group Benefits of secondary private equity investing Attractiveness of secondary opportunities' Secondaries can result in earlier cash flowsl In 'WO Timehame 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 400 200 Mitigate J- - Shorter duration of investments Curve - Earlier cash distributions iiiii 6 7 6 9 10 11 (230) Years E - Accelerate deployment of capital Complement Portfolio (400) - Provides back-seasoned diversified exposure across vintage, Construction strategy, industry and geography (cow Capital calls and management fees Distributions (8 ) Cumtlative cash flows :I) This information is for riiiP..uz<nm purposes and refIrrcts Glerxlower Capitals own analysis. The graph is an example nor illtrstrative purposes only and the actual profile of any given investment may vary substantially. Glendower STRICTLY CONFIDENTIAL Capital CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0099476 CONFIDENTIAL SDNY_GM_00245660 EFTA01393739