. Carried Interest Carried interest: 12.5% with a 100% catch-up. Clay/back Yes. Organizational Expenses The Fund will bear up to US$2 5 million Confidential Pintate Placement Memorandum 13 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0038411 CONFIDENTIAL SDNY_GM_00184595 EFTA01353854

t a prediction of the Funds portfolo construcbon Source. Glendower Capeats proprietary inlommocn Source Glendower Caesars proprietary irsormaticn Confidential Pintate Placement Memorandum CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0094123 CONFIDENTIAL SDNY_GM_00240307 EFTA01389758

t a prediction of the Funds portfolo consUucbon Source. Glendower Capital's proprietary informaocn Source Glendower Cowers proprietary inionnancn Confidential Pintate Placement Memorandum 4 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0094554 CONFIDENTIAL SDNY_GM_00240738 EFTA01390157

not a prediction of the Funds portfolo consUuction Source. Glendower Capears proprietary 'Memento Source Glendower Capears proprietary inionnancn Confidential Pintate Placement Memorandum CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0097193 CONFIDENTIAL SDNY_GM_00243377 EFTA01392044