Ga Secondary C.v. AlpInvest - 30 Apr 2023 Form 3 Insider Report for Stagwell Inc (STGW)

Footnote F1

Each of AlpInvest Partners US Secondary Investments 2016 I C.V., AlpInvest PEP Secondary 2017 C.V., AlpInvest Secondaries Fund VI C.V., AlpInvest Secondaries Fund (Euro) VI C.V., GGG US Secondary 2017 C.V., AlpInvest GA Secondary C.V., AG Secondary C.V., APSS Secondary C.V., AJ Secondary C.V. and AP Fondo Secondaries II C.V. (collectively, the "AlpInvest Funds" and, together with AlpInvest Partners B.V., the "Reporting Persons") are limited partners of Stagwell Media LP. As of April 30, 2023, the Reporting Persons have the right to cause Stagwell Media LP to make a distribution-in-kind of shares of Class A Common Stock of Stagwell Inc. Such right does not expire. The number of shares that would be delivered upon exercise of such right is determined by, among other things, the trading price of shares of Class A Common Stock of Stagwell Inc.

Footnote F2

AlpInvest Partners Secondary Investments 2016 I B.V. is the general partner of AlpInvest Partners US Secondary Investments 2016 I C.V. AlpInvest PEP GP B.V. is the general partner of AlpInvest PEP Secondary 2017 C.V. AlpInvest SF VI B.V. is the general partner of each of AlpInvest Secondaries Fund VI C.V. and AlpInvest Secondaries Fund (Euro) VI C.V. AlpInvest GGG B.V. is the general partner of GGG US Secondary 2017 C.V. AlpInvest GA B.V. is the general partner of AlpInvest GA Secondary C.V. AlpInvest G GP, B.V. is the general partner of AG Secondary C.V. AlpInvest PSS GP B.V. is the general partner of APSS Secondary C.V. AlpInvest J GP BV is the general partner of AJ Secondary C.V.

Footnote F3

(cont'd) AlpInvest Fondo B.V. is the general partner of AP Fondo Secondaries II C.V. AlpInvest Partners B.V. is the managing director of each of AlpInvest Partners Secondary Investments 2016 I B.V., AlpInvest PEP GP B.V., AlpInvest SF VI B.V., AlpInvest GGG B.V., AlpInvest GA B.V., AlpInvest G GP, B.V., AlpInvest PSS GP B.V., AlpInvest J GP BV, AlpInvest Fondo B.V. (collectively, the "General Partners"). Due to this relationship, AlpInvest Partners B.V. may be deemed to exercise voting and dispositive power with respect to securities held by the AlpInvest Funds. Each of the Reporting Persons and General Partners disclaims beneficial ownership of securities owned by the AlpInvest Funds except to the extent of its pecuniary interest therein.