17x 14x 161 Gross IRR 29% 37% 23% 31% 28% flatmate's (WPM 1.tx 2.3x 1.5x 1.3x 1.Sx Net distributed (OFF) tax 2.1x 1.2x Lk 0.9x NotIRR 22% 29% 20% 30% 23% Peak net centriti.ted °dotal 26% 51% 42% 44% For dem- en purposes only. Source Glendower Captor based on Prow benchmar

Or 17x 14x ICs Gross IRR 29% 37% 23% 31% 28% Net mutIpk (WPM tag 2.3: 1.5x 1.3)r 14: Not elstributord (OFF) ttx Lk 1St Lk tilx NotIRR 22% 20% 20% 30% 23% Peas net centrested °dotal 26% 51% 42% 44% For diroutnon purposes cnly Source Glendower Capital based on Preqin benchm

Or 17x 14x ICs Gross IRR 29% 37% 23% 31% 28% Net mutIpk (WPM tag 2.3: 1.5x 1.3)r 14: Not elstributord (OFF) ttx Lk 1St Lk tilx NotIRR 22% 20% 20% 30% 23% Peas net centrested °dotal 26% 51% 42% 44% For diroutnon purposes cnly Source Glendower Capital based on Preqin benchm

7x 14x I 6x Gross RR 29% 37% 23% 31% 28% Net multiple (TOPPI 1.tx 2.3x 1.52 1.32 132 Not enstributed (OPI) tax 2.1x 1.2c Lk 0.9x NotIRR 22% 29% 20% 30% 23% hell( net centrit‘teci °dotal 26% 51% 42% 44% For drrout-on purposes only. Sconce Glendower Gander based on Prow bench

Or 17x 14x ICs Gross IRR 29% 37% 23% 31% 28% Net mutIpk (WPM tag 2.3: 1.5x 1.3)r 14: Not elstributord (OFF) ttx Lk 1St Lk tilx NotIRR 22% 20% 20% 30% 23% Peas net centrested °dotal 26% 51% 42% 44% For diroutnon purposes cnly Source Glendower Capital based on Preqin benchm