Investor Presentaiton

19 CONFIDENTIAL T}} Secondary Funds Loss Ratios Versus Direct Funds. Default rate (%) by strategy between 1999 and 2022 0.9% Secondaries 9.9% 10.3% Mezzanine Note: Assessed based on the proportion of funds with a TVPI multiple below 1.0x Source: PitchBook, Funds <1x TVPI vs. >1x TVPI 18.1% 29.0% Buyout Growth Capital Venture Capital Greater diversification, shorter holding periods, acquiring mature assets, and purchase discounts may significantly reduce the risk of a secondary fund not returning capital. Past performance is not indicative of future results. Data Source: PitchBook, downloaded on May 31, 2023. Data is a comparison of all secondary investments and all private capital investments sourced from PitchBook's database of 50,000+ private equity funds. This industry 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.

View entire presentation