EFTA Document EFTA01394355

GLDUS129 DF Enterprises Benefits of secondary private equity investing Attractiveness of secondary opportunities' Secondaries can result in earlier cash flows' In '000 Timeframe of secondary investment 1.400 Pricing - Re-price existing funded assets 1,200 Flexibility — Capitalise on pricing inefficiencies 1,000 Mitigate Blind Pool Risk — Knowledge of existing underlying companies — Mature assets typically yield more predictable cash flows 800 600 Hypothetical timing of secondary transaction 400 1 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 (WO) Capital calls and managen*nt fees Distributions (900) Cumtlabve cash flows (1) This information is for r)ic.!itt:5 sin puiposes and reflrrcts Glendower Capitals own analysis. The graph is an example for illtrstrative purposes only and 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-0 100355 SDNY_GM_00246539 EFTA01394355