InvestorPresentationAugust 3, 2020CF FinanceAcquisition Corporation

DisclaimerForward-Looking StatementsThis communication contains certain forward-looking statements within the meaning of the federal securities laws with respect to the proposed transaction between Grosvenor Capital Management Holdings, LLLP (“GCM Grosvenor”) and CF Acquisition Corp. (“CFAC”), including statements regardingthe benefits of the transaction and the anticipated timing of the transaction. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would” andsimilar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materiallyfrom the forward-looking statements in this document, including but not limited to: (i) the risk that the transaction may not be completed in a timely manner or at all, which may adversely affect the price of CFAC’s securities, (ii) the risk that the transaction may not be completed by CFAC’s businesscombination deadline and the potential failure to obtain an extension of the business combination deadline if sought by CFAC, (iii) the failure to satisfy the conditions to the consummation of the transaction, including the approval by the stockholders of CFAC, the satisfaction of the minimum trustaccount amount following redemptions by CFAC’s public stockholders and the receipt of certain governmental and regulatory approvals, (iv) the occurrence of any event, change or other circumstance that could give rise to the termination of the transaction, (v) the effect of the announcement orpendency of the transaction on GCM Grosvenor’s business relationships, performance, and business generally, (vi) risks that the transaction disrupts current plans of GCM Grosvenor and potential difficulties in GCM Grosvenor employee retention as a result of the transaction, (vii) the outcome of anylegal proceedings that may be instituted against GCM Grosvenor or against CFAC related to the transaction, (viii) the ability to maintain the listing of the post-transaction stock on the The Nasdaq Stock Market, (ix) volatility in the price of CFAC’s securities, (ix) the ability to implement business plans,forecasts, and other expectations after the completion of the transaction, and identify and realize additional opportunities, and (x) the risk of downturns in the highly competitive asset management industry. The foregoing list of factors is not exhaustive. You should carefully consider the foregoingfactors and the other risks and uncertainties described in the “Risk Factors” section of CFAC’s Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, the joint registration statement/proxy statement on Form S-4 discussed below and other documents filed by CFAC from time to time with theU.S. Securities and Exchange Commission (the “SEC”). These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of thedate they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and GCM Grosvenor and CFAC assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.Neither GCM Grosvenor nor CFAC gives any assurance that either GCM Grosvenor or CFAC will achieve its expectations.Additional Information and Where to Find ItThis communication does not constitute an offer to sell or exchange, or the solicitation of an offer to buy or exchange, any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, sale or exchange would be unlawful prior to registration or qualification under thesecurities laws of any such jurisdiction. CFAC and GCM Grosvenor Inc. intend to file a registration statement on Form S-4 that includes a joint proxy statement/prospectus. The proxy statement/prospectus will be sent to all CFAC stockholders. CFAC and GCM Grosvenor Inc. also will file otherdocuments regarding the proposed transaction with the SEC. Before making any voting decision, investors and security holders of CFAC are urged to read the registration statement, the proxy statement/prospectus and all other relevant documents filed or that will be filed with the SEC in connectionwith the proposed transaction as they become available because they will contain important information about the proposed transaction.Investors and security holders will be able to obtain free copies of the proxy statement/prospectus and all other relevant documents filed or that will be filed with the SEC by CFAC through the website maintained by the SEC at in SolicitationCFAC and GCM Grosvenor Inc. and their respective directors and officers may be deemed to be participants in the solicitation of proxies from CFAC’s stockholders in connection with the proposed transaction. Information about CFAC’s directors and executive officers and their ownership of CFAC’ssecurities is set forth in CFAC’s filings with the SEC, including CFAC’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019, which was filed with the SEC on March 6, 2020. Additional information regarding the interests of those persons and other persons who may be deemedparticipants in the proposed transaction may be obtained by reading the proxy statement/prospectus regarding the proposed transaction when it becomes available. You may obtain free copies of these documents as described in the preceding paragraph.Information SourcesThis communication has been prepared for use by CFAC and GCM Grosvenor in connection with the transaction. The information herein does not purport to be all-inclusive. The information herein is derived from various internal and external sources, with all information relating to the business, pastperformance, results of operations and financial condition of CFAC derived entirely from CFAC and all information relating to the business, past performance, results of operations and financial condition of GCM Grosvenor derived entirely from GCM Grosvenor. No representation is made as to thereasonableness of the assumptions made with respect to the information herein, or to the accuracy or completeness of any projections or modeling or any other information contained herein. Any data on past performance or modeling contained herein is not an indication as to future performance.No RepresentationsNo representations or warranties, express or implied, are given in respect of this presentation. To the fullest extent permitted by law in no circumstances will CFAC or GCM Grosvenor, or any of their respective subsidiaries, affiliates, stockholders, representatives, partners, directors, officers,employees, advisors or agents, be responsible or liable for any direct, indirect or consequential loss or loss of profit arising from the use of this presentation, its contents (including without limitation any projections or models), any omissions, reliance on information contained within it, or on opinionscommunicated in relation thereto or otherwise arising in connection therewith, which information relating in any way to the operations of GCM Grosvenor has been derived, directly or indirectly, exclusively from GCM Grosvenor and has not been independently verified by CFAC. Neither theindependent auditors of CFAC nor the independent auditors of GCM Grosvenor audited, reviewed, compiled or performed any procedures with respect to any projections or models for the purpose of their inclusion in this presentation and, accordingly, neither of them expressed any opinion orprovided any other form of assurances with respect thereto for the purposes of this presentation.Use of Projections or Modeling InformationThe financial projections, estimates and targets in this presentation are forward-looking statements that are based on assumptions that are inherently subject to significant uncertainties and contingencies, many of which are beyond CFAC’s and GCM Grosvenor’s control. While all financial projections,estimates and targets are necessarily speculative, GCM Grosvenor, which has provided the operational information and assumptions relating thereto, and CFAC believe that the preparation of prospective financial information involves increasingly higher levels of uncertainty the further out theprojection, estimate or target extends from the date of preparation. The assumptions and estimates utilized by GCM Grosvenor underlying the projected, expected or targeted results are inherently uncertain and subject to a wide variety of significant business, economic and competitive risks anduncertainties that could cause actual results to differ materially from those contained in the financial projections, estimates and targets.Use of Non-GAAP Financial MeasuresThis presentation includes certain historical and forward-looking non-GAAP financial measures. These non-GAAP measures are in addition to and not a substitute for or superior to measures of financial performance prepared in accordance with GAAP and should not be considered as an alternative torevenue, net income, operating income or any other performance measures derived in accordance with GAAP. Reconciliations of non-GAAP measures to their most directly comparable GAAP counterparts are included in Appendix I to this presentation.GCM Grosvenor prepared these non-GAAP measures of financial results and believes that they provide useful supplemental information to investors about GCM Grosvenor. GCM Grosvenor’s management uses these non-GAAP measures to evaluate GCM Grosvenor’s historical and projected financialand operating performance. However, there are a number of limitations related to the use of these non-GAAP measures and their nearest GAAP equivalents. For example, other companies may calculate non-GAAP measures differently, or may use other measures to calculate their financialperformance and therefor GCM Grosvenor’s non-GAAP measures may not be directly comparable to similarly titled measures of other companies.2

PresentersGCM Grosvenor ExecutivesSponsors/InvestorsMichael SacksJonathan LevinStacie SelingerKevin BuchheitHoward LutnickMichael KleinChairman and CEOGCM GrosvenorPresidentGCM GrosvenorManaging DirectorGCM GrosvenorExecutive DirectorGCM GrosvenorChairman and CEOCantor FitzgeraldFounder and CEOM. Klein & Company Mr. Sacks joinedGCM Grosvenor in 1990and became CEO in 1994 Mr. Sacks leads the Officeof the Chairman Prior to joiningGCM Grosvenor, Mr.Sacks was associated withHarris Associates L.P. Mr. Levin joinedGCM Grosvenor in 2011and became Presidentin 2017 Prior to joiningGCM Grosvenor, Mr. Levinwas the Treasurer andHead of Investor Relationsat KKR Prior to his role asTreasurer and Head ofInvestor Relations,Mr. Levin worked in KKR’sprivate equity business,focused onfinancial services Ms. Selinger joinedGCM Grosvenor in 2015and became Head ofStrategy and CorporateDevelopment in 2017 Prior to joining GCMGrosvenor, Ms. Selingerworked in the InvestmentBanking Division ofMorgan Stanley whereshe worked with clientsin the transportation andinfrastructure sectors onfinancings, mergers andacquisitions, andstrategic advisory work Mr. Buchheit joinedGCM Grosvenor in 2016and became anExecutive Director inStrategy and CorporateDevelopment in 2019 Prior to joining GCMGrosvenor, Mr. Buchheitheld positions atWater Street HealthcarePartners, a middle markethealthcare private equityfirm, andMorgan Stanley’sInvestment Bankingdivision Joined Cantor Fitzgerald in1983 and was appointedPresident and CEO in 1991 Chairman and CEO ofBGC Partners, Inc.(NASDAQ: BGCP),Executive Chairman ofNewmark Group, Inc.(NASDAQ: NMRK) andChairman and CEO ofCF Finance AcquisitionCorp. Former Senior Executiveat Citigroup overseeingGlobal InvestmentBanking Chairman and CEO ofChurchill Capital Corp(Clarivate), ChurchillCapital Corp II, andChurchill Capital Corp III(Multiplan), andChurchill Capital Corp IV Longest serving CEO ofany U.S. Federal ReservePrimary Dealer3

Overview of Sponsors/InvestorsCantor FitzgeraldCantor Fitzgerald, founded in 1945, isa leading Investment Bank led by ahighly experienced executive teamin Howard Lutnick, Chairman andCEO and Anshu Jain, PresidentM. Klein & CompanyM. Klein & Company, led by its highlyexperienced Chairman and CEO,Michael Klein (formerly Head ofInvestment Banking at Citigroup) is aleading advisory firm with a stronghistory of successful acquisitionsThe combination of Cantor Fitzgerald andM. Klein & Company provides extensive capitalmarkets experience and access to a significantlist of institutional clientsM. Klein &CompanyCantor is the largest broker-dealerprivate partnership on Wall Street withover 300 trillion of financialtransactions annually covering morethan 5,000 fixed income and equitiesclients; Cantor is 1 of 24 Primary Dealersof U.S. TreasuriesCantor’s Financial and Real EstateServices businesses have over 12,000employees primarily across CantorFitzgerald, BGC Partners, Inc. (NASDAQ:BGCP) and Newmark Group, Inc.(NASDAQ: NMRK)Michael Klein’s first SPAC resulted insuccessful business combinationwith Clarivate, which has sinceannounced the acquisition of DecisionResources Group and CPA Global;his third SPAC recently announced abusiness combination with MultiPlanMichael Klein recently completed thesuccessful capital raise for his fourthSPAC, Churchill Capital Corp IV,raising 1.8bn; represents the secondlargest SPAC in history globally4

Transaction SummaryKey transaction termsEquity sources CF Finance Acquisition Corp. ("CFAC") is purchasing interests of( mm)GCM Grosvenor at a pre-money valuation of 1,500 million1 GCM Grosvenor stockholders will retain 1,381 million inequity, resulting in pro forma economic ownership of 71.4% 150 million associated with selling shareholders, includingHellman & Friedman Following the transaction, up to 309 million in cash will beavailable to reduce net debt, and fund operations andfuture growth Sponsors, along with additional investors, to invest 225 million of new capital through a private placement› 30 million from Cantor and 10 million fromM. Klein & Company› 185 million from additional investors Transaction closing as soon as practicable % 28315.0%PIPE financing22511.9%Sponsors402.1%1859.8%1,38173.1% 1,890100.0% % 1,38173.1%Secondary share purchases1507.9%Cash to balance sheet30916.3%502.6% 1,890100.0%SPAC cash-in-trustAdditional investorsGCM Grosvenor equity rolloverTotal sourcesEquity uses( mm)GCM Grosvenor equity rolloverTransaction expenses & otherTotal uses1Prior to adjustment for certain considerations.5

Transaction RationaleExternal partner since 1998Transition external partnerMaintain management ownership at historic levelsStrengthen balance sheetImprove stability and increase opportunityEmbedded growth supports business combination6

Largest Independent Open Architecture Alternative Asset PlatformGCM Grosvenor is at the center of the alternatives universe Throughout our 50 yearBroad and deep investment capabilities% of AUMhistory, GCM Grosvenor hasbeen a leading alternativeinvestments solutions providerSpecialized funds23% Invests capital throughcustomized separate accountsand specialized funds acrossone platform which spans theentire alternatives investinguniverse ESG and diversity are coreFlexible implementation platformAUM: 57bn¹AUM: 57bn¹firm values Deep and tenured clientrelationships. Over 500institutional clients 485 employees2 in 7 primaryoffices around the globeoperating in a “one firm”,process-driven platformCustomizedseparate accounts77%¹ AUM as of March 31, 2020 for private markets strategies and as of June 30, 2020 for absolute return strategies.2 As of June 30, 2020.7

Culture is a Defensible Asset Culture of compliance – tone at the top Culture of service – we succeed when our clients succeed Culture of excellence – people and performance Culture of diversity, equality and inclusion Strong alignment of interestsGCM Grosvenor’s culture is reflected in the stability of our internal team and external relationships8

Key Investment HighlightsStrong performing business that spans the full spectrum of the alternatives universeLarge and growing addressable marketEmbedded growth in revenue and profitability from the business today, with significant momentumIdentified opportunities for further incremental growthDeep bench of talent and strong corporate cultureStable and growing relationships with diversified and long tenured client baseAttractive public company investment opportunity9

Consistent and Stable Business with Strong Embedded GrowthAUM growthAUM ( bn)Absolute return strategies rivate markets FPAUM¹Contracted but not yet fee-paying and other² 72.7 66.6 57.7 58.8 53.8 .722.424.727.02020E2021E2022E 5.4bn of contracted but not yet fee-paying AUM as of Q1 2020 is expected to become fee-paying in the near term¹ Fee-paying assets under management.² ‘Other’ includes mark to market, insider capital and non fee-paying AUM.10

Stable Absolute Return Strategies Positioned for GrowthFPAUM and fee growthFPAUM ( bn), Total fees ( mm)Customized separate accounts FPAUMCAGRManagement fees1’17–’19 ’19–’22EFPAUMTotal fees1.9%(4.8%)Specialized funds FPAUMFunds raised but not yet fee-payingNet incentive fees attributable to GCM Grosvenor2Total fees attributable to GCM Grosvenor4.7%3.6%The amount of FPAUM subject to an annualperformance fee increased 26% between 12/31/17 and 6/30/20 27.0 24.0 22.7 1937.36.7182 25.0 23.6 1836.2180 23.2 1755.9 0.86.516717.417.3127.1 17419.9241932017201820192020E2021E2022EAverage fee 5%Run rate fee rateat 8% gross returns0.88%0.85%0.79%0.76%0.77%0.78%Note: Please refer to "Use of Non-GAAP Financial Measures" for additional information regarding the non-GAAP measures included in this presentation.1 Excludes fund expense reimbursement revenue.2 Reflects annual performance fees. 19517115518.216.583 0.3 15014815.4 0.011

Private Markets Activities Growing StronglyFPAUM and fee growthFPAUM ( bn), Total fees ( mm)CAGRFPAUMTotal feesCustomized separate accounts FPAUM’17–’19 ’19–’22E11.1%12.8%9.9%11.4%Management fees1Specialized funds FPAUMNet incentive fees attributable to GCM Grosvenor2,3Total fees attributable to GCM Grosvenor3 38.1 34.2 28.7 24.9 319.15Blended mgmt.fee rate1336.27.022013212717.110.1 .59%0.56%0.62%0.59%Note: Please refer to "Use of Non-GAAP Financial Measures" for additional information regarding the non-GAAP measures included in this presentation.1 Excludes fund expense reimbursement revenue.2 Reflects the sum of annual performance fees and net carried interest.3 2017-2019 numbers are presented pro forma as though the Mosaic transaction that occurred on 3/4/2020 had occurred on 1/1/2017, for comparability purposes.12

Growth of Specialized Funds Focused on Private Market Investment Activities Opportunity to access alternative asset classes in a strategy-specific or broadly diversified way Multi-year investment period Diversified across geography, type, funding level and vintage yearFPAUM and fee growthFPAUM ( bn), Management fees ( mm)Management feesSpecialized funds FPAUMCAGR’17–’19 ’19–’22EFPAUM19.6%21.6%Management fees26.5%23.4% 11.2 10.1 7.0 6.2 5.8 95 82 52 51 37 4.3 322017201820192020E2021E2022E13

Scalability of Specialized Fund Franchise( mm)200920142015GCF I 250Co-invest2016201720182019GCF II 5392.2x20222023GCF III 800GCF III: 7.5mm revenue(target)Advance I 1,000Advance I: 7.0mm revenue(target)CIS I 5381.2xCIS II 643CIS III 1,0001.6xLIF I 8422Multi-AssetClassMAC I 206SecondariesGSF I 182CIS III: 5.5mm revenue(target)Labor tructure20204.8x3.9xGSF II 704LIF II 1,7502.1x(target)MAC II 983MAC III 1,7501.8x(target)2.1xRun-rate annualrevenue of2020 funds 1GSF 2020 1,500LIF II: 19.3mm revenueMAC III: 15.8mm revenueGSF 2020: 12.8mm revenue(target)SPAC I 350SPAC II 350(target)(target)Note: Year shown reflects the year of initial fund launch; Except for the GCF and CIS fund series and the SPAC Sponsorship, all other funds pay catch-up fees going back to the date of launch.1 SPAC sponsorship activities listed as value of founder shares rather than revenue potential.2 LIF has not held final close.3 Assumes 140mm of initial Sponsor Shares with 25% forfeited on deal closing. 105mmfounder sharesequity value 3 68mm mgmt. fees significant liquidequity value14

ESG and Diversity are Core Firm Values and Drive GrowthGCM Grosvenor is ahead of the industry curve in focusing on recognizing ESG investment considerations, which positions the firmwell with clients as investors increasingly focus on risk-adjusted returns associated with socially responsible investment opportunitiesResponsible Business PracticesIndustry LeadershipInvesting ResponsiblyWe lead by example with our inclusive culture,community involvement, andenvironmental programsWe strive to promote ESG themes by hosting eventsand partnering with top industry organizationsApprox.51% of senior professionalsA ratingfrom UN Principles of Responsible Investing (PRI)¹in the U.S. are women or ethnically diverse 15 billioncommitted and invested in ESG and ImpactApprox. 11 billionof ESG and Impact AUMGovernanceESG Committee Corporate Social Responsibility Team Diversity & Inclusion Governing Committee¹ We received an A rating from PRI for our approach to strategy and governance, and an A rating for ESG integration in private equity manager selection, approval, and monitoring. For the full GCM Grosvenor PRI Transparency Report and assessmentmethodology, visit the Principles for Responsible Investment website. Absolute Returns Strategies and Strategic Investment Group Investment-related data as of January 1, 2020; Private Equity, Infrastructure and Real Estate investment data as ofSeptember 30, 2019; Employee data as of April 1, 2020.15

ESG and Impact Investments Drive AUM GrowthESG and Impact Investments AUM ( bn)14%CAGR 11.1 15bn committed orinvested in ESG-related 9.0 8.5themes since 2002; 4bn has been realized2017Diverse ManagersInvested / Committed: 6.6bn2018Regionally TargetedInvested / Committed: 3.4bn2019Clean EnergyInvested / Committed: 2.3bnLabor ImpactInvested / Committed: 0.8bnOther ESGInvested / Committed: 3.0bn16

Business Highlights

Deep Bench of Talent, Strong Corporate CultureGCM Grosvenor is dedicated to the broader community and fostering a diverse and inclusive workplaceInvestment teamSupport and operational teamExecutive managementMichael SacksChairman & CEOPaul MeisterVice ChairmanJonathan LevinPresidentSandra HurseManaging DirectorFrancis IdehenManaging DirectorStacie SelingerManaging DirectorFrederick PollockManaging DirectorResearch & Portfolio Mgmt.131 professionalsOperational Due Diligence16 professionalsRisk Management8 professionalsLabor & Government Strategy7 professionalsClient Group42 professionalsStrategy7 professionalsLegal17 professionalsHR15 professionalsMarketing22 professionalsFinance125 professionalsTechnology38 professionalsAdministrative51 professionalsDepth of expertiseDiversityCommunity engagement 485 employees 51% of senior professionals are women or In 2019, our employees volunteered more than 162 investment professionals¹ethnically diverse 59% of our employees based in the U.S. are10,000 total hours, with the firm supportingmore than 250 organizationswomen or ethnically diverseNote: Data as of June 30, 2020; Individuals with dual responsibilities are counted only once.¹ Includes research and portfolio management, operational due diligence, risk management, and labor and government strategy.18

Deep, Tenured and Diversified Client RelationshipsOur client base isinstitutional and stableOur client base is global% of AUM% AUMHigh Net Worth/Family OfficeOtherInstitutional% of management feesEndowments& FoundationsNo single client contributes more than5% of our management feesRest of onsOur client base is diversified5%5%Top 3%Americas68%11%Top 11–2014%UnionPensions17%SovereignEntities 57bn of AUM across over 500 institutional clientsAverage relationship of 12 years across our 25 largest clientsNote: AUM as of March 31, 2020 for private markets strategies and as of June 30, 2020 for absolute return strategies.19

How We Work With ClientsCustomized Separate AccountsCharacteristics Typically utilized by larger clients Risk-return objectives and program strategy developed inpartnership with the client to meet its needsClient BenefitsAdvantages toGCM GrosvenorContractAUM¹ Access to open architecture platform Specifically tailored program to client objectives and constraints Extension of staff Provide value-add ancillary services, including administeringcapital on behalf of certain of our clients Embedded with the client, providing relationship stability Opportunity to grow with the clients Opportunity to expand the relationship into new areas Contract terms vary, including finite life andevergreen programs 44bn (77% of total)¹ AUM as of March 31, 2020 for private markets strategies and as of June 30, 2020 for absolute return strategies.Specialized Funds Utilized by both large and small clients Risk-return objectives and fund strategy developed byGCM Grosvenor to meet the market’s needs Funds representing our multi-asset class capabilities Turnkey solution Lower required investment to access Secular tailwinds Larger addressable market of investors Finite life with 8–15 year terms or evergreen 13bn (23% of total)20

Well Positioned to Continue to Serve and Grow Global Client BaseLong term fund relationship withembedded growthLong-term client relationships 65% of private markets AUM has a remaining tenor of 7 years Significant embedded growth opportunity from raising the next vintage of long term flagship vehicles inthe specialized fund business Average relationship of 12 years across our 25 largest clients Re-up capital was more than 50% of total customized accounts capital raised over the past three yearsExpanding client relationships 38% of our top 50 clients work with us in multiple investment verticalsNew client relationships 245 new clients added since 2017Growing private markets allocations Maintaining or growing allocation requires continued commitments from clients Client allocations to private markets remain below targets21

Secular Tailwinds Driving Industry GrowthDrivers of growthContinued growth inglobal institutional wealthIncreasing demand frominvestors for alternativeinvestment strategiesConsistently stronghistorical performance ofalternative investmentsRising demand forcustomized portfolioconstructionDiversification benefits of amulti-asset class portfolioProjected growth in global alternative AUMTotal alternative AUM ( tn)7%% Total alternative AUM share of global AUM9%10%12%13%%CAGR15%9% 21 1412% 104%29% 5 6 3200420072012Source: PricewaterhouseCoopers, Asset & Wealth Management Revolution: Embracing Exponential Change, 2017.20162020E2025E22

Strong Performing Business With Attractive Financial Profile GCM Grosvenor has growth embedded in the business today from raising successor funds in established franchises, 5.4bn of contracted capital that isexpected to become fee paying in the near term and run-rate incentive fees that are materially above historical levels Such growth embedded in the business today can be supplemented with future success that would provide further upside to the projectionsHigh management feecentricity Management fees constitute 90% of total fees attributable to GCM Grosvenor from 2017–2022ERevenue sustainability 65% of private markets AUM has a remaining tenor of 7 years Re-up capital was more than 50% of total customized accounts capital raised over the past three yearsEmbedded growth Planned successor fundraises expected to contribute 68mm of management fees Planned SPAC sponsorship to create significant liquid equity value for the businessLarge amount ofcontractual capital 5bn of contracted capital on which fees will be paid upon deployment / ramp-in with annual fee potential of 27mmIncentive fee earning power Firm AUM eligible for an annual performance fee has increased 26% since 2017 Run-rate carried interest potential of 69mm, 4x the 2019 levelsEmbedded operatingleverage Significant historical investments made in platform infrastructure, positioning us well for continued margin expansion Additional growth opportunities not included in the financial projections that represent further potential upside to the financialsFurther upside opportunity› Includes new product lines, further client cross selling, new distribution channels, global expansion, and monetization of richinternal data sets23

Management Fees and Liquid Equity Value Growth DriversHigh visibility into 95mm of management fees and 105mm of founder shares equity value opportunitiesCommentary Management fee growth tailwinds from upcoming specialized fund fundraises and all time high contractual AUM that has not yet begun paying itsmanagement fees Private markets specialized fund growth will be driven by the natural progression of successor funds for our established specialized fund franchises Private markets cus

Head of Investor Relations at KKR Prior to his role as Treasurer and Head of Investor Relations, Mr. Levin worked in KKR's private equity business, focused on financial services Joined Cantor Fitzgerald in 1983 and was appointed President and CEO in 1991 Chairman and CEO of BGC Partners, Inc. (NASDAQ: BGCP), Executive Chairman of