GLDUS137 Forrestal Capital LLC Benefits of secondary private equity investing Attractiveness of secondary opportunities' Secondaries can result in earlier cash flowsl In 'WO 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 tE00) CumLlabve cash flows (1) This information is for riic.1.e:5 win puiposes and reflrrcts Glendower Capitals own analysis. The graph is an example for illtrstrative purposes only aril 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-0099909 SDNY_GM_00246093 EFTA01393989