Investor Presentaiton

20 CONFIDENTIAL T}} Secondary Funds Have Provided Better Downside Protection in Volatile Markets ■COVID GFC Secondaries -5.91% -5.12% Source: Pitchbook, MSCI, S&P Global Ratings S&P 500 -20.00% -21.74% MSCI World -46.93% -49.46% Note: Global Financial Crisis (GFC) performance from 3Q07 to 1Q19; COVID Period performance in 1Q20 During economic downturns such as the Great Financial Crisis (GFC) and the onset of COVID, private equity secondaries have experienced more modest declines and faster recoveries than public equities. Past performance is not indicative of future results. Data Source from PitchBook, as of September 26, 2022. Data is a comparison of secondary investments and private capital investments sourced from PitchBooks. This performance data reflects the fees, carried interest, and other expenses of the funds included in the data set. The fees, carried interest, and other expenses borne by investors in a FlowStone fund may be higher or lower than the fees and expenses of the funds reflected in the data set. See Glossary pages at the end of this presentation for more details. PitchBook data is typically compiled from funds that elect to self-report. Thus, this data may not be representative of all secondary funds and may be biased toward those funds that generally have higher performance. Additionally, the funds included in these measures may lack commonality. Over time, components of the data may change. Funds may begin or cease to be represented based on these factors, thereby creating a "survivorship bias" that may additionally impact the data reported.

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