Endeavor

74 EN D E AVO R C ATA LYST A N N UA L R EP O RT 20 1 8 –19 EN DEAVOR CATALYST PIPELIN E: GEOGR APHIC REACH E XPAN DS AS EN DEAVOR GROWS rough the years, Endeavor expanded—first, across South America and Mexico and later to Turkey and the broader Middle East. And while Endeavor's early start in Latin America is still very much in the organization's DNA, Endeavor today is undeniably a global organization with a presence in 60+ cities in 30+ different markets across five continents. e Endeavor Catalyst investment pipeline mirrors this geographic expansion. With Fund I — invested from 2012-2017 — we saw Latin America as our core market, with a secondary focus on MENA, Southeast Asia and emerging Europe. Over the first two years of Fund II, strong performance from Brazil has kept Latin America as our most active market, with continued investment in MENA, Southeast Asia and emerging Europe, as well as increased activity coming from Sub-Saharan Africa and underserved markets within the United States (e.g. Detroit). As we look ahead, we see the pipeline for 2019-2020 to be increasingly diversified across these six different core markets for Endeavor (see next page), with several countries as key drivers of our growth (see below). We also plan to make our first investments over the next 12-18 months in places like Bulgaria, Nigeria and Vietnam — further increasing Endeavor Catalyst's geographic reach and diversity. Take a look at Fund I's regional breakdown vs. Fund II's regional breakdown to date. We have also included a snapshot of Endeavor Catalyst's projected pipeline. ese investments will complete the portfolio for Fund II and kick off Fund III. I N 2019 -2020 , WE PL AN TO S EE CO NTI N U ED S TRO N G AC TIVIT Y FRO M TH E S E AC TIVE EN D E AVO R M AR K E T S : I N AD DITI O N , WE AR E AR E PROJ EC TI N G TO M AK E O U R 1S T- E VER I NVE S TM ENT S I N : BR AZIL ATL ANTA EGYPT NIGERIA UAE TUNISIA INDONESIA ITALY MEXICO SPAIN BULGARIA ECUADOR MAL AYSIA VIETNAM

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