Investor Presentaiton

10 CONFIDENTIAL T}} FlowStone Secondary Investment Philosophy FlowStone seeks to provide liquidity solutions to sellers that often have structural, systemic, strategic, or regulatory motivations for seeking liquidity. Solution Provider More than capital Sophisticated structuring Transaction creativity Seek Quality and Value Mature Assets Higher quality managers and assets tend to outperform Focus on intrinsic value Typically 3-8 years old and substantially funded Visibility on near to mid-term liquidity Macro foundation Price matters Increased transparency Shorter hold period Rigorous Diligence Granular, bottom- up approach combined with deep manager evaluation Both asset valuation and capitalization matter Sensitivity analysis Risk Mitigation Diversification by asset type, manager, geography, and vintage year(1) Active cash management and liquidity Active portfolio management Limited leverage A systematic approach to sourcing and rigorous asset-level diligence are instrumental in generating excess risk-adjusted returns. (1)Diversification does not ensure a profit or protect against loss

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