STRICTLY CONFIDENTIAL DRAFT For CBC Partners - LSM Discussion Fund Cash Flow Model As of March 9, 2023 Index 1 Investment Analysis - Input and Output - Performance Metrics 2 Charts & KPIs - Performance Charts - Key Ratios 3 Fund Cash Flows - Total Equity Contribution - Debt Cashflows - Portfolio Cashflows - Total Equity Distributions - Fund Analysis: Returns 4 Debt Schedule 5 Investor Cashflows - Class A - Class B - Class C - GP Page 1 of 1 Fund Cash Flow Model STRICTLY CONFIDENTIAL DRAFT Input Assumptions & Performance Summary Indicative Investment Analysis - PE Fund Economics All figures are in USD Mn, unless stated otherwise | (Blue = Harcodes/Inputs/Assumptions, Black = Formula) Fund Terms Share Value Debt Assumptions Investor Terms Class A Class B Class C GP Total Fund Size ###### 150 Debt / Equity – Commited Contribution 147.0 – – 3.0 Levarage on Equity 0% Equity (Investor Contribution) 100.0% 150 Interest Rate 8.0% Investor Share 98.0% – – 2.0% Debt – – Moratorium Period (Years) 2 Management Fees Total Fund Life (Years) 4 Tenure (Years) 6 During Investment / Commitment Period: Initial Term 5 % of Commited Contribution 1.65% 1.65% 1.65% – Extension Option 2 Post Commitment Period / Exit Period: Investment / Commitment Period (Years) 1 Portfolio Company Assumptions % of Invested Capital 1.7% 1.7% 1.7% – Fund Expenses (% of Total Fund Size) Coupon Rate 14.0% Promote Structure One-time Fund Setup Expenses 1.06% Exit Multiple (Not Applicable for CBC) 100.0% Investor - LP 80.0% 80.0% 80.0% 100.0% Annual Expenses (Fund Operations) 1.65% Transaction Fees 1.5% Manager - GP 20.0% 20.0% 20.0% – Hurdle Rate / Preferred Return 8.0% Taxation 15.0% Catch-up on Hurdle Completion 25.0% 25.0% 25.0% – Discount Rate for Portfolio NAV – Investment Holding Period (Years) 6 Catch-up Takeout Eligibility 100.0% 100.0% 100.0% 100.0% Capital Drawdown Schedule End Date % of Capital Portfolio and GP - Peformance Metrics LP - Performance Metrics Class A Class B Class C GP Year 1 Dec-23 60.00% Investments 144.2 Distributions 215.1 – – 4.6 Year 2 Dec-24 40.00% Interests / Dividends Received 103.0 Net Returns 68.1 – – 1.6 Year 3 Dec-25 Exit Gains (Post Tax) – Gross IRR 11.9% - - 11.6% Year 4 Dec-26 Portfolio IRR 11.9% Gross MOIC 1.71x - - 1.70x Year 5 Dec-27 Portfolio MOIC 1.71x Dilution - Fees & Expenses 4.20% - - 2.44% Year 6 Dec-28 – GP - Fees and Promote Dilution - Catch-up & Carry – - - – Year 7 Dec-29 – Management Fees 14.1 Net IRR 7.69% - - 9.20% Total 100.00% Catch-up & Carry – Net MOIC 1.46x - - 1.55x Page 1 of 1 Fund Cash Flow Model STRICTLY CONFIDENTIAL DRAFT Charts & KPIs Performance - Charts & KPIs Year 1 2 3 4 5 6 7 8 9 10 11 12 13 Contributions (90.0) (60.0) – – – – – – – – – – – Distributions – 5.3 12.4 12.4 12.4 12.4 98.9 66.1 – – – – – Net Cashflows (90.0) (54.7) 12.4 12.4 12.4 12.4 98.9 66.1 – – – – – Residual Value of Fund (Portfolio NAV) – – – – – – – – – – – – – Cumulative Net Distributions – 5.3 17.7 30.0 – – – – – – – – – Total Value of Fund – 5.3 17.7 30.0 – – – – – – – – – Gross MOIC – 0.07x 0.19x 0.31x – – – – – – – – – Net TVPI – 0.04x 0.12x 0.20x – – – – – – – – – Net DPI – 0.04x 0.12x 0.20x – – – – – – – – – (90.0) (54.7) 12.4 12.4 12.4 12.4 98.9 66.1 – – (100.0) (50.0) – 50.0 100.0 150.0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Fund Cashflows Contributions Distributions Net Cashflows Page 1 of 1 Fund Cash Flow Model STRICTLY CONFIDENTIAL DRAFT Fund Cash Flow Summary TOTAL FUND End Date Dec-23 Dec-24 Dec-25 Dec-26 Dec-27 Dec-28 Dec-29 Dec-30 Dec-31 Dec-32 Dec-33 Dec-34 Dec-35 End of Year Total 1 2 3 4 5 6 7 8 9 10 11 12 13 Fund Period Investment Exit Exit Exit Exit Exit Exit Extension Extension Extension Extension Extension Extension Capital Contribution Capital A. Equity Capital Drawdown 150.0 90.0 60.0 – – – – – – – – – – – Cumulative Capital Drawn 150.0 90.0 150.0 150.0 150.0 150.0 150.0 150.0 150.0 150.0 150.0 150.0 150.0 150.0 Undrawn Capital – 60.0 – – – – – – – – – – – – B. Debt Principal – – – – – – – – – – – – – – Cumulative Debt – – – – – – – – – – – – – – C. Total Capital (A+B) 150.0 90.0 60.0 – – – – – – – – – – – Cumulative Capital 150.0 90.0 150.0 150.0 150.0 150.0 150.0 150.0 150.0 150.0 150.0 150.0 150.0 150.0 Total Fees & Expenses Drawn from Equity Capital: Investment Period Management Fees 1.5 1.5 – – – – – – – – – – – – Annual Expenses (Fund Operations) 0.5 0.5 – – – – – – – – – – – – One-time Fund Setup Expenses 1.6 1.6 – – – – – – – – – – – – Transaction Fees 2.2 1.3 0.9 – – – – – – – – – – – Fees & Expenses Drawn from Equity Capital 5.8 4.9 0.9 – – – – – – – – – – – Portfolio Portfolio Investment Principal Invested 144.2 85.1 59.1 – – – – – – – – – – – Cumulative Principal Invested 144.2 85.1 144.2 144.2 144.2 144.2 144.2 144.2 144.2 144.2 144.2 144.2 144.2 144.2 Capital Repayment 144.2 – – – – – – 85.1 59.1 – – – – – Net Principal Invested 85.1 144.2 144.2 144.2 144.2 144.2 59.1 – – – – – – Portfolio Cashflows Investment Outflows 144.2 85.1 59.1 – – – – – – – – – – – Cumulative Investment 85.1 144.2 144.2 144.2 144.2 144.2 144.2 144.2 144.2 144.2 144.2 144.2 144.2 Capital Repayment - Exit 144.2 – – – – – – 85.1 59.1 – – – – – Net Invested Capital 85.1 144.2 144.2 144.2 144.2 144.2 59.1 – – – – – – Interest Income / Dividend Received (Post Tax) 103.0 – 10.1 17.2 17.2 17.2 17.2 17.2 7.0 – – – – – Exit Gains (Post Tax) – – – – – – – – – – – – – – Total Investment Inflows 247.2 – 10.1 17.2 17.2 17.2 17.2 102.3 66.1 – – – – – Net Cashflows 103.0 (85.1) (49.0) 17.2 17.2 17.2 17.2 102.3 66.1 – – – – – Portfolio NAV – – – – – – – – – – – – IRR - Portfolio Level 11.89% MOIC - Portfolio Level 1.71x Annual Investments Investment - 1 60.8 (85.1) 10.1 10.1 10.1 10.1 10.1 95.3 – – – – – – NAV – – – – – – – – – – – – Outflows 85.1 85.1 – – – – – – – – – – – – Interest Income / Dividend Received 60.8 – 10.1 10.1 10.1 10.1 10.1 10.1 – – – – – – Exit 85.1 – – – – – – 85.1 – – – – – – Investment - 2 42.2 – (59.1) 7.0 7.0 7.0 7.0 7.0 66.1 – – – – – NAV – – – – – – – – – – – – Outflows 59.1 – 59.1 – – – – – – – – – – – Interest Income / Dividend Received 42.2 – – 7.0 7.0 7.0 7.0 7.0 7.0 – – – – – Exit 59.1 – – – – – – – 59.1 – – – – – Investment - 3 – – – – – – – – – – – – – – NAV – – – – – – – – – – – – Outflows – – – – – – – – – – – – – – Interest Income / Dividend Received – – – – – – – – – – – – – – Exit – – – – – – – – – – – – – – Investment - 4 – – – – – – – – – – – – – – NAV – – – – – – – – – – – – Outflows – – – – – – – – – – – – – – Interest Income / Dividend Received – – – – – – – – – – – – – – Exit – – – – – – – – – – – – – – Investment - 5 – – – – – – – – – – – – – – NAV – – – – – – – – – – – – Outflows – – – – – – – – – – – – – – Interest Income / Dividend Received – – – – – – – – – – – – – – Exit – – – – – – – – – – – – – – Investment - 6 – – – – – – – – – – – – – – NAV – – – – – – – – – – – – Outflows – – – – – – – – – – – – – – Interest Income / Dividend Received – – – – – – – – – – – – – – Exit – – – – – – – – – – – – – – Investment - 7 – – – – – – – – – – – – – – NAV – – – – – – – – – – – – Outflows – – – – – – – – – – – – – – Interest Income / Dividend Received – – – – – – – – – – – – – – Exit – – – – – – – – – – – – – – Investment - 8 – – – – – – – – – – – – – – NAV – – – – – – – – – – – – Outflows – – – – – – – – – – – – – – Interest Income / Dividend Received – – – – – – – – – – – – – – Exit – – – – – – – – – – – – – – Debt Repayments Interest Paid – – – – – – – – – – – – – – Principal Paid – – – – – – – – – – – – – – Total Debt Repayments – – – – – – – – – – – – – – Inflows (Post Debt Repayments) 247.2 – 10.1 17.2 17.2 17.2 17.2 102.3 66.1 – – – – – Class A 242.3 – 9.9 16.8 16.8 16.8 16.8 100.2 64.8 – – – – – Class B – – – – – – – – – – – – – – Class C – – – – – – – – – – – – – – GP 4.9 – 0.2 0.3 0.3 0.3 0.3 2.0 1.3 – – – – – Fees & Expenses Fees & Expenses Retained from Distributions Management Fees 12.6 – 2.3 2.3 2.3 2.3 2.3 1.0 – – – – – – Annual Expenses (Fund Operations) 14.9 – 2.5 2.5 2.5 2.5 2.5 2.5 – – – – – – Fees & Expenses Retained from Distributions 27.5 – 4.8 4.8 4.8 4.8 4.8 3.4 – – – – – – Class A 27.2 – 4.8 4.8 4.8 4.8 4.8 3.4 – – – – – – Class B – – – – – – – – – – – – – – Class C – – – – – – – – – – – – – – GP 0.3 – 0.0 0.0 0.0 0.0 0.0 0.0 – – – – – – Page 1 of 2 Fund Cash Flow Model STRICTLY CONFIDENTIAL DRAFT Fund Cash Flow Summary TOTAL FUND End Date Dec-23 Dec-24 Dec-25 Dec-26 Dec-27 Dec-28 Dec-29 Dec-30 Dec-31 Dec-32 Dec-33 Dec-34 Dec-35 End of Year Total 1 2 3 4 5 6 7 8 9 10 11 12 13 Fund Period Investment Exit Exit Exit Exit Exit Exit Extension Extension Extension Extension Extension Extension LP Distributions Net Cashflows Distributions Available 219.7 – 5.3 12.4 12.4 12.4 12.4 98.9 66.1 – – – – – Class A 215.1 – 5.2 12.1 12.1 12.1 12.1 96.9 64.8 – – – – – Class B – – – – – – – – – – – – – – Class C – – – – – – – – – – – – – – GP 4.6 – 0.2 0.3 0.3 0.3 0.3 2.0 1.3 – – – – – Distributions Eligible 219.7 – 5.3 12.4 12.4 12.4 12.4 98.9 66.1 – – – – – Class A 215.1 – 5.2 12.1 12.1 12.1 12.1 96.9 64.8 – – – – – Class B – – – – – – – – – – – – – – Class C – – – – – – – – – – – – – – GP 4.6 – 0.2 0.3 0.3 0.3 0.3 2.0 1.3 – – – – – Capital Contribution 150.0 90.0 60.0 – – – – – – – – – – – Class A 147.0 88.2 58.8 – – – – – – – – – – – Class B – – – – – – – – – – – – – – Class C – – – – – – – – – – – – – – GP 3.0 1.8 1.2 – – – – – – – – – – – Net Cashflows (Pre Catch-up & Carry) 69.7 (90.0) (54.7) 12.4 12.4 12.4 12.4 98.9 66.1 – – – – – Class A 68.1 (88.2) (53.6) 12.1 12.1 12.1 12.1 96.9 64.8 – – – – – Class B – – – – – – – – – – – – – – Class C – – – – – – – – – – – – – – GP 1.6 (1.8) (1.0) 0.3 0.3 0.3 0.3 2.0 1.3 – – – – – Catch-up & Carry – – – – – – – – – – – – – – Class A – – – – – – – – – – – – – – Class B – – – – – – – – – – – – – – Class C – – – – – – – – – – – – – – GP – – – – – – – – – – – – – – Net Cashflows (Post Catch-up & Carry) 69.7 (90.0) (54.7) 12.4 12.4 12.4 12.4 98.9 66.1 – – – – – Class A 68.1 (88.2) (53.6) 12.1 12.1 12.1 12.1 96.9 64.8 – – – – – Class B – – – – – – – – – – – – – – Class C – – – – – – – – – – – – – – GP 1.6 (1.8) (1.0) 0.3 0.3 0.3 0.3 2.0 1.3 – – – – – Fund Analysis Gross Returns (Pre Fees, Expenses, Carried Interest) Invested Capital - Equity 144.2 85.1 59.1 – – – – – – – – – – – Gross Distributions 247.2 – 10.1 17.2 17.2 17.2 17.2 102.3 66.1 – – – – – Gross Returns 103.0 (85.1) (49.0) 17.2 17.2 17.2 17.2 102.3 66.1 – – – – – Gross IRR 11.89% Gross MOIC 1.71x Returns (Post Fees & Expenses) Capital Contributions - Equity 150.0 90.0 60.0 – – – – – – – – – – – Distributions (Post Fees & Expenses) 219.7 – 5.3 12.4 12.4 12.4 12.4 98.9 66.1 – – – – – Returns (Post Fees & Expenses) 69.7 (90.0) (54.7) 12.4 12.4 12.4 12.4 98.9 66.1 – – – – – IRR (Post Fees & Expenses) 7.72% MOIC (Post Fees & Expenses) 1.46x Net Returns Capital Contributions - Equity 150.0 90.0 60.0 – – – – – – – – – – – Net Distributions 219.7 – 5.3 12.4 12.4 12.4 12.4 98.9 66.1 – – – – – Net Returns 69.7 (90.0) (54.7) 12.4 12.4 12.4 12.4 98.9 66.1 – – – – – Net IRR 7.72% Net MOIC 1.46x Page 2 of 2 Fund Cash Flow Model STRICTLY CONFIDENTIAL DRAFT Debt Schedule Debt 0.00% End Date Dec-23 Dec-24 Dec-25 Dec-26 Dec-27 Dec-28 Dec-29 Dec-30 Dec-31 Dec-32 Dec-33 Dec-34 Dec-35 End of Year Total 1 2 3 4 5 6 7 8 9 10 11 12 13 Fund Period Investment Exit Exit Exit Exit Exit Exit Extension Extension Extension Extension Extension Extension Debt Schedule Principal Schedule Principal Amount – – – – – – – – – – – – – – Cumulative Amount – – – – – – – – – – – – – – Principal - Opening Balance – – – – – – – – – – – – – Debt Raised – – – – – – – – – – – – – – A. Debt Paid – – – – – – – – – – – – – – Principal - Closing Balance – – – – – – – – – – – – – Transaction Fees – – – – – – – – – – – – – – Interest Schedule B. Total Investment Inflows 247.2 – 10.1 17.2 17.2 17.2 17.2 102.3 66.1 – – – – – Interest Outstanding – – – – – – – – – – – – – Cumulative Inflows (Post Interest Payments) – 10.1 27.3 44.5 61.6 78.8 181.1 247.2 247.2 247.2 247.2 247.2 247.2 Interest - Opening Balance – – – – – – – – – – – – – Interest Accrued – – – – – – – – – – – – – – C. Interest Paid – – – – – – – – – – – – – – Interest - Closing Balance – – – – – – – – – – – – – D. Inflows Post Debt Payments (B-A-C) 247.2 – 10.1 17.2 17.2 17.2 17.2 102.3 66.1 – – – – – Cumulative Inflows – 10.1 27.3 44.5 61.6 78.8 181.1 247.2 247.2 247.2 247.2 247.2 247.2 Page 1 of 1 Fund Cash Flow Model STRICTLY CONFIDENTIAL DRAFT LP Schedule – Class A Investors Class A Share % 98.00% End Date Dec-23 Dec-24 Dec-25 Dec-26 Dec-27 Dec-28 Dec-29 Dec-30 Dec-31 Dec-32 Dec-33 Dec-34 Dec-35 End of Year Total 1 2 3 4 5 6 7 8 9 10 11 12 13 Fund Period Investment Exit Exit Exit Exit Exit Exit Extension Extension Extension Extension Extension Extension Capital Contribution Capital A. Total Capital Drawdown 147.0 88.2 58.8 – – – – – – – – – – – Cumulative Capital Drawn 147.0 88.2 147.0 147.0 147.0 147.0 147.0 147.0 147.0 147.0 147.0 147.0 147.0 147.0 Undrawn Capital – 58.8 – – – – – – – – – – – – Fees & Expenses Drawn from Capital: During Investment Period Management Fees 1.5 1.5 – – – – – – – – – – – – Annual Expenses (Fund Operations) 0.5 0.5 – – – – – – – – – – – – One-time Fund Setup Expenses 1.6 1.6 – – – – – – – – – – – – B. Fees & Expenses Drawn from Capital 3.5 3.5 – – – – – – – – – – – – Portfolio Portfolio Cashflows C. Invested Capital (A-B) 143.5 84.7 58.8 – – – – – – – – – – – Cumulative Invested Capital 143.5 84.7 143.5 143.5 143.5 143.5 143.5 143.5 143.5 143.5 143.5 143.5 143.5 143.5 D. Transaction Fees 2.2 1.3 0.9 – – – – – – – – – – – E. Principal Invested (C-D) 141.3 83.4 57.9 – – – – – – – – – – – Inflows (Post Debt Repayments) 242.3 – 9.9 16.8 16.8 16.8 16.8 100.2 64.8 – – – – – Cumulative Inflows 242.3 – 9.9 26.7 43.6 60.4 77.2 177.5 242.3 242.3 242.3 242.3 242.3 242.3 Fees & Expenses Fees & Expenses Retained from Distributions: Exit Period Management Fees 12.6 – 2.3 2.3 2.3 2.3 2.3 1.0 – – – – – – Annual Expenses (Fund Operations) 14.6 – 2.4 2.4 2.4 2.4 2.4 2.4 – – – – – – Fees & Expenses Retained from Distributions 27.2 – 4.8 4.8 4.8 4.8 4.8 3.4 – – – – – – LP Distributions Net Cashflows Distributions Available 215.1 – 5.2 12.1 12.1 12.1 12.1 96.9 64.8 – – – – – Cumulative Distributions Available 215.1 – 5.2 17.2 29.3 41.4 53.4 150.3 215.1 215.1 215.1 215.1 215.1 215.1 Distributions Eligible 215.1 – 5.2 12.1 12.1 12.1 12.1 96.9 64.8 – – – – – Capital Contribution 147.0 88.2 58.8 – – – – – – – – – – – Net Cashflows (Pre Catch-up & Carry) 68.1 (88.2) (53.6) 12.1 12.1 12.1 12.1 96.9 64.8 – – – – – IRR at each Period End (Pre Catch-up & Carry) NM NM (82.51%) (56.60%) – – – – – – – – – Hurdle Reached (Yes/No :: 1/0) No No No No No No No No No No No No No Waterfall Calculations Net Cashflows tlll (n-1) Periods, where n = Hurdle Reached Period 68.1 (88.2) (53.6) 12.1 12.1 12.1 12.1 96.9 64.8 – – – – – Cashflow Required to Reach Hurdle in Period n – – – – – – – – – – – – – – Net Cashflows till Hurdle is Reached 68.1 (88.2) (53.6) 12.1 12.1 12.1 12.1 96.9 64.8 – – – – – Surplus after Hurdle Completion – – – – – – – – – – – – – – Catch-up Accrued – – – – – – – – – – – – – – Catch-up Paid – – – – – – – – – – – – – – Carried Interest Paid – – – – – – – – – – – – – – LP Distributions (Post Catch-up & Carry) 215.1 – 5.2 12.1 12.1 12.1 12.1 96.9 64.8 – – – – – Net Cashflows (Post Catch-up & Carry) 68.1 (88.2) (53.6) 12.1 12.1 12.1 12.1 96.9 64.8 – – – – – Net IRR - LP 7.69% Analysis Gross Returns (Pre Fees, Expenses, Carried Interest) Total Fees 14.1 1.5 2.3 2.3 2.3 2.3 2.3 1.0 – – – – – – Total Expenses 18.8 3.3 3.3 2.4 2.4 2.4 2.4 2.4 – – – – – – Total Fees & Expenses 32.9 4.8 5.6 4.8 4.8 4.8 4.8 3.4 – – – – – – Total Catch-up & Carry – – – – – – – – – – – – – – Invested Capital 141.3 83.4 57.9 – – – – – – – – – – – Gross Distributions 242.3 – 9.9 16.8 16.8 16.8 16.8 100.2 64.8 – – – – – Gross Returns 101.0 (83.4) (48.0) 16.8 16.8 16.8 16.8 100.2 64.8 – – – – – Gross IRR 11.90% Gross MOIC 1.71x Returns (Post Fees & Expenses) Capital Contributions 147.0 88.2 58.8 – – – – – – – – – – – Distributions (Post Fees & Expenses) 215.1 – 5.2 12.1 12.1 12.1 12.1 96.9 64.8 – – – – – Returns (Post Fees & Expenses) 68.1 (88.2) (53.6) 12.1 12.1 12.1 12.1 96.9 64.8 – – – – – IRR (Post Fees & Expenses) 7.69% MOIC (Post Fees & Expenses) 1.46x Net Returns Capital Contributions 147.0 88.2 58.8 – – – – – – – – – – – Net Distributions 215.1 – 5.2 12.1 12.1 12.1 12.1 96.9 64.8 – – – – – Net Returns 68.1 (88.2) (53.6) 12.1 12.1 12.1 12.1 96.9 64.8 – – – – – Net IRR 7.69% Net MOIC 1.46x Page 1 of 1 Fund Cash Flow Model STRICTLY CONFIDENTIAL DRAFT LP Schedule – Class A Investors Class B Share % 0.00% End Date Dec-23 Dec-24 Dec-25 Dec-26 Dec-27 Dec-28 Dec-29 Dec-30 Dec-31 Dec-32 Dec-33 Dec-34 Dec-35 End of Year Total 1 2 3 4 5 6 7 8 9 10 11 12 13 Fund Period Investment Exit Exit Exit Exit Exit Exit Extension Extension Extension Extension Extension Extension Capital Contribution Capital A. Total Capital Drawdown – – – – – – – – – – – – – – Cumulative Capital Drawn – – – – – – – – – – – – – – Undrawn Capital – – – – – – – – – – – – – – Fees & Expenses Drawn from Capital: During Investment Period Management Fees – – – – – – – – – – – – – – Annual Expenses (Fund Operations) – – – – – – – – – – – – – – One-time Fund Setup Expenses – – – – – – – – – – – – – – B. Fees & Expenses Drawn from Capital – – – – – – – – – – – – – – Portfolio Portfolio Cashflows C. Invested Capital (A-B) – – – – – – – – – – – – – – Cumulative Invested Capital – – – – – – – – – – – – – – D. Transaction Fees – – – – – – – – – – – – – – E. Principal Invested (C-D) – – – – – – – – – – – – – – Inflows (Post Debt Repayments) – – – – – – – – – – – – – – Cumulative Inflows – – – – – – – – – – – – – – Fees & Expenses Fees & Expenses Retained from Distributions: Exit Period Management Fees – – – – – – – – – – – – – – Annual Expenses (Fund Operations) – – – – – – – – – – – – – – Fees & Expenses Retained from Distributions – – – – – – – – – – – – – – LP Distributions Net Cashflows Distributions Available – – – – – – – – – – – – – – Cumulative Distributions Available – – – – – – – – – – – – – – Distributions Eligible – – – – – – – – – – – – – – Capital Contribution – – – – – – – – – – – – – – Net Cashflows (Pre Catch-up & Carry) – – – – – – – – – – – – – – IRR at each Period End (Pre Catch-up & Carry) NM NM NM NM – – – – – – – – – Hurdle Reached (Yes/No :: 1/0) No No No No No No No No No No No No No Waterfall Calculations Net Cashflows tlll (n-1) Periods, where n = Hurdle Reached Period – – – – – – – – – – – – – – Cashflow Required to Reach Hurdle in Period n – – – – – – – – – – – – – – Net Cashflows till Hurdle is Reached – – – – – – – – – – – – – – Surplus after Hurdle Completion – – – – – – – – – – – – – – Catch-up Accrued – – – – – – – – – – – – – – Catch-up Paid – – – – – – – – – – – – – – Carried Interest Paid – – – – – – – – – – – – – – LP Distributions (Post Catch-up & Carry) – – – – – – – – – – – – – – Net Cashflows (Post Catch-up & Carry) – – – – – – – – – – – – – – Net IRR - LP - Analysis Gross Returns (Pre Fees, Expenses, Carried Interest) Total Fees – – – – – – – – – – – – – – Total Expenses – – – – – – – – – – – – – – Total Fees & Expenses – – – – – – – – – – – – – – Total Catch-up & Carry – – – – – – – – – – – – – – Invested Capital – – – – – – – – – – – – – – Gross Distributions – – – – – – – – – – – – – – Gross Returns – – – – – – – – – – – – – – Gross IRR - Gross MOIC - Returns (Post Fees & Expenses) Capital Contributions – – – – – – – – – – – – – – Distributions (Post Fees & Expenses) – – – – – – – – – – – – – – Returns (Post Fees & Expenses) – – – – – – – – – – – – – – IRR (Post Fees & Expenses) - MOIC (Post Fees & Expenses) - Net Returns Capital Contributions – – – – – – – – – – – – – – Net Distributions – – – – – – – – – – – – – – Net Returns – – – – – – – – – – – – – – Net IRR - Net MOIC - Page 1 of 1 Fund Cash Flow Model STRICTLY CONFIDENTIAL DRAFT LP Schedule – Class A Investors Class C Share % 0.00% End Date Dec-23 Dec-24 Dec-25 Dec-26 Dec-27 Dec-28 Dec-29 Dec-30 Dec-31 Dec-32 Dec-33 Dec-34 Dec-35 End of Year Total 1 2 3 4 5 6 7 8 9 10 11 12 13 Fund Period Investment Exit Exit Exit Exit Exit Exit Extension Extension Extension Extension Extension Extension Capital Contribution Capital A. Total Capital Drawdown – – – – – – – – – – – – – – Cumulative Capital Drawn – – – – – – – – – – – – – – Undrawn Capital – – – – – – – – – – – – – – Fees & Expenses Drawn from Capital: During Investment Period Management Fees – – – – – – – – – – – – – – Annual Expenses (Fund Operations) – – – – – – – – – – – – – – One-time Fund Setup Expenses – – – – – – – – – – – – – – B. Fees & Expenses Drawn from Capital – – – – – – – – – – – – – – Portfolio Portfolio Cashflows C. Invested Capital (A-B) – – – – – – – – – – – – – – Cumulative Invested Capital – – – – – – – – – – – – – – D. Transaction Fees – – – – – – – – – – – – – – E. Principal Invested (C-D) – – – – – – – – – – – – – – Inflows (Post Debt Repayments) – – – – – – – – – – – – – – Cumulative Inflows – – – – – – – – – – – – – – Fees & Expenses Fees & Expenses Retained from Distributions: Exit Period Management Fees – – – – – – – – – – – – – – Annual Expenses (Fund Operations) – – – – – – – – – – – – – – Fees & Expenses Retained from Distributions – – – – – – – – – – – – – – LP Distributions Net Cashflows Distributions Available – – – – – – – – – – – – – – Cumulative Distributions Available – – – – – – – – – – – – – – Distributions Eligible – – – – – – – – – – – – – – Capital Contribution – – – – – – – – – – – – – – Net Cashflows (Pre Catch-up & Carry) – – – – – – – – – – – – – – IRR at each Period End (Pre Catch-up & Carry) NM NM NM NM – – – – – – – – – Hurdle Reached (Yes/No :: 1/0) No No No No No No No No No No No No No Waterfall Calculations Net Cashflows tlll (n-1) Periods, where n = Hurdle Reached Period – – – – – – – – – – – – – – Cashflow Required to Reach Hurdle in Period n – – – – – – – – – – – – – – Net Cashflows till Hurdle is Reached – – – – – – – – – – – – – – Surplus after Hurdle Completion – – – – – – – – – – – – – – Catch-up Accrued – – – – – – – – – – – – – – Catch-up Paid – – – – – – – – – – – – – – Carried Interest Paid – – – – – – – – – – – – – – LP Distributions (Post Catch-up & Carry) – – – – – – – – – – – – – – Net Cashflows (Post Catch-up & Carry) – – – – – – – – – – – – – – Net IRR - LP - Analysis Gross Returns (Pre Fees, Expenses, Carried Interest) Total Fees – – – – – – – – – – – – – – Total Expenses – – – – – – – – – – – – – – Total Fees & Expenses – – – – – – – – – – – – – – Total Catch-up & Carry – – – – – – – – – – – – – – Invested Capital – – – – – – – – – – – – – – Gross Distributions – – – – – – – – – – – – – – Gross Returns – – – – – – – – – – – – – – Gross IRR - Gross MOIC - Returns (Post Fees & Expenses) Capital Contributions – – – – – – – – – – – – – – Distributions (Post Fees & Expenses) – – – – – – – – – – – – – – Returns (Post Fees & Expenses) – – – – – – – – – – – – – – IRR (Post Fees & Expenses) - MOIC (Post Fees & Expenses) - Net Returns Capital Contributions – – – – – – – – – – – – – – Net Distributions – – – – – – – – – – – – – – Net Returns – – – – – – – – – – – – – – Net IRR - Net MOIC - Page 1 of 1 Fund Cash Flow Model STRICTLY CONFIDENTIAL DRAFT GP Schedule GP Share % 2.00% End Date Dec-23 Dec-24 Dec-25 Dec-26 Dec-27 Dec-28 Dec-29 Dec-30 Dec-31 Dec-32 Dec-33 Dec-34 Dec-35 End of Year Total 1 2 3 4 5 6 7 8 9 10 11 12 13 Fund Period Investment Exit Exit Exit Exit Exit Exit Extension Extension Extension Extension Extension Extension Capital Contribution Capital A. Total Capital Drawdown 3.0 1.8 1.2 – – – – – – – – – – – Cumulative Capital Drawn 3.0 1.8 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 Undrawn Capital – 1.2 – – – – – – – – – – – – Fees & Expenses Drawn from Capital: During Investment Period Management Fees - Not applicable – – – – – – – – – – – – – – Annual Expenses (Fund Operations) 0.0 0.0 – – – – – – – – – – – – One-time Fund Setup Expenses 0.0 0.0 – – – – – – – – – – – – B. Fees & Expenses Drawn from Capital 0.0 0.0 – – – – – – – – – – – – Portfolio Portfolio Cashflows C. Invested Capital (A-B) 3.0 1.8 1.2 – – – – – – – – – – – Cumulative Invested Capital 3.0 1.8 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 D. Transaction Fees 0.0 0.0 0.0 – – – – – – – – – – – E. Principal Invested (C-D) 2.9 1.7 1.2 – – – – – – – – – – – Inflows (Post Debt Repayments) 4.9 – 0.2 0.3 0.3 0.3 0.3 2.0 1.3 – – – – – Cumulative Inflows 4.9 – 0.2 0.5 0.9 1.2 1.6 3.6 4.9 4.9 4.9 4.9 4.9 4.9 Fees & Expenses Fees & Expenses Retained from Distributions: Exit Period Management Fees - Not applicable – – – – – – – – – – – – – – Annual Expenses (Fund Operations) 0.3 – 0.0 0.0 0.0 0.0 0.0 0.0 – – – – – – Fees & Expenses Retained from Distributions 0.3 – 0.0 0.0 0.0 0.0 0.0 0.0 – – – – – – LP Distributions Net Cashflows Distributions Available 4.6 – 0.2 0.3 0.3 0.3 0.3 2.0 1.3 – – – – – Cumulative Distributions Available 4.6 – 0.2 0.4 0.7 1.0 1.3 3.3 4.6 4.6 4.6 4.6 4.6 4.6 Distributions Eligible 4.6 – 0.2 0.3 0.3 0.3 0.3 2.0 1.3 – – – – – Capital Contribution 3.0 1.8 1.2 – – – – – – – – – – – Net Cashflows (Pre Catch-up & Carry) 1.6 (1.8) (1.0) 0.3 0.3 0.3 0.3 2.0 1.3 – – – – – IRR at each Period End (Pre Catch-up & Carry) NM NM (0.8) (0.5) – – – – – – – – – Hurdle Reached (Yes/No :: 1/0) – – – – – – – – – – – – – Waterfall Calculations Net Cashflows tlll (n-1) Periods, where n = Hurdle Reached Period 1.6 (1.8) (1.0) 0.3 0.3 0.3 0.3 2.0 1.3 – – – – – Cashflow Required to Reach Hurdle in Period n – – – – – – – – – – – – – – Net Cashflows till Hurdle is Reached 1.6 (1.8) (1.0) 0.3 0.3 0.3 0.3 2.0 1.3 – – – – – Surplus after Hurdle Completion – – – – – – – – – – – – – – Catch-up Accrued – – – – – – – – – – – – – – Catch-up Paid – – – – – – – – – – – – – – Carried Interest Paid – – – – – – – – – – – – – – LP Distributions (Post Catch-up & Carry) 4.6 – 0.2 0.3 0.3 0.3 0.3 2.0 1.3 – – – – – Net Cashflows (Post Catch-up & Carry) 1.6 (1.8) (1.0) 0.3 0.3 0.3 0.3 2.0 1.3 – – – – – Net IRR - LP 9.20% Analysis Gross Returns (Pre Fees, Expenses, Carried Interest) Total Fees – – – – – – – – – – – – – – Total Expenses 0.4 0.1 0.1 0.0 0.0 0.0 0.0 0.0 – – – – – – Total Fees & Expenses 0.4 0.1 0.1 0.0 0.0 0.0 0.0 0.0 – – – – – – Total Catch-up & Carry – – – – – – – – – – – – – – Invested Capital 2.9 1.7 1.2 – – – – – – – – – – – Gross Distributions 4.9 – 0.2 0.3 0.3 0.3 0.3 2.0 1.3 – – – – – Gross Returns 2.0 (1.7) (1.0) 0.3 0.3 0.3 0.3 2.0 1.3 – – – – – Gross IRR 11.64% Gross MOIC 1.70x Returns (Post Fees & Expenses) Capital Contributions 3.0 1.8 1.2 – – – – – – – – – – – Distributions (Post Fees & Expenses) 4.6 – 0.2 0.3 0.3 0.3 0.3 2.0 1.3 – – – – – Returns (Post Fees & Expenses) 1.6 (1.8) (1.0) 0.3 0.3 0.3 0.3 2.0 1.3 – – – – – IRR (Post Fees & Expenses) 9.20% MOIC (Post Fees & Expenses) 1.55x Net Returns Capital Contributions 3.0 1.8 1.2 – – – – – – – – – – – Net Distributions 4.6 – 0.2 0.3 0.3 0.3 0.3 2.0 1.3 – – – – – Net Returns 1.6 (1.8) (1.0) 0.3 0.3 0.3 0.3 2.0 1.3 – – – – – Net IRR 9.20% Net MOIC 1.55x Net Returns (Including Fees & Carry) Total Management Fees Received 14.1 1.5 2.3 2.3 2.3 2.3 2.3 1.0 – – – – – – Total Catch-up & Carry Received – – – – – – – – – – – – – – Total Fees & Carry 14.1 1.5 2.3 2.3 2.3 2.3 2.3 1.0 – – – – – – Capital Contributions 3.0 1.8 1.2 – – – – – – – – – – – Net Distributions (Including Fees & Carry) 18.7 1.5 2.5 2.6 2.6 2.6 2.6 3.0 1.3 – – – – – Net Returns 15.7 (0.3) 1.3 2.6 2.6 2.6 2.6 3.0 1.3 – – – – – Net IRR 442.52% Net MOIC 6.24x Page 1 of 1 ANNUAL OPERATION PLAN U$D Delivery Timelines when needed 1 Fixed Cost for team LSM On Invoicing Monthly Team CBC Senior Research - Back End (analytics) - Analysts GP Salaries $ 325,000 Investment Analyst $ 160,000 Salary and Employee Benefits Monthly Finance Associate $ 90,000 Monthly Addional Hire after 6mos. (2nd Investment Analyst) $ 120,000 Monthly Investment Analyst --Finance and Compositions TBD Other Contractors (due diligence partners) $ 90,000 3 Travel & ENTERTAINMENT $ 200,000 On Invoicing Monthly Airline (Business Class flights on 5 hours+ or economy) Per Diem 100 /day approx -- $,£,E Hotel 250 /day approx -- $,£,E Visas Transportation approx -- 50/Day -- $,£,E Misc. 4 Conferences $ 36,000 On Invoicing Quarterly Databases On Invoicing Quarterly Entertainment On Invoicing Quarterly Printing On Invoicing Quarterly Designer On Invoicing Monthly Stage Marketing $ 45,000 Annual PR $ 60,000 Annual Sponsored Media On Invoicing Monthly Network(track + profiles) On Invoicing Yearly 5 Road Shows - Marketing Costs On Invoicing Quarterly 3-4 per year 6 Licenses On invoicing Yearly 7 Distributors (external) On invoicing Quarterly 8 Off Shore Lawyers On retainers -- outside LSM One time Fund Initial Set Costs, Enitity Formation, Documentation GP Initial Registration Costs, Subsequent Annual Costs On Invoicing w/retainers Bi-Annual 9 On Shore Lawyers $ 30,000 Annual Local Co. Registration, IMA setup, Deleware Tax Structure Feeders Co. setups, documentation On Invoicing w/retainers Bi- Annual 10 Administrators on and offshore + bank accounts $ 100,000 On contract Yearly 11 Tax Consultant off shore and on shore $ 15,000 On Invoicing - On contract Annual 12 Auditors off shore and on shore $ 42,500 On Invoicing - On contract Annual 13 Compliance -- off shore and on shore $ 25,000 On Invoicing - On contract Annual 14 Company Secretary -- off shore and on shore On Invoicing - On contract Annual 15 Accounts -- off shore and on shore On Invoicing - On contract Annual 16 Company Insurance (Investment Management) On Invoicing - On contract Monthly 17 Custodial Service Providers On Invoicing - On contract Bi- Annual 18 Office Expenses: $ 72,000 On Invoicing Monthly Rent, Telephone, supplies, couriers, petty cash, po box etc. 19 IT $ 60,000 On Invoicing Monthly 20 Miscellaneous $ 120,000 Monthly Total $ 1,590,500