Investor Presentaiton

11 14 CONFIDENTIAL T}} Secondary Transaction Types FlowStone participates in a broad universe of transaction types that can potentially offer attractive risk adjusted returns over a market cycle. Traditional Portfolio acquisitions Cash-for-title exchange Generally brokered + Structured Portfolio acquisitions Tools range from deferred purchase price to highly structured preferred securities Potential downside management Fund Restructuring Single fund Provides liquidity for LPs or recapitalizes an existing fund Asset concentration Generally involves preferred structure Potential for increased upside Direct Secondary Purchase of company investments from a fund or direct owner Assets held by buyer directly Some active management, but generally minority stakes Asset quality can be an issue Stapled Secondary Generally, a single- fund transaction that requires a primary commitment Focus on manager quality Often brokered (1)Diversification does not ensure a profit or protect against loss Transaction types can perform differently over the market cycle making it advantageous to have experience in the successfully executing all types of transactions.

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