#1Hamilton Lane JFL Equity Investors VI, L.P Recommendation Report February 2023#2Important Disclosures All information contained within this report has been gathered from sources believed to be reliable, including but not limited to the general partner(s), other industry participants and the Hamilton Lane Investment Database, but its accuracy cannot be guaranteed. Hamilton Lane The information contained in this report may include forward-looking statements regarding the fund presented or its portfolio companies. Forward-looking statements include a number of risks, uncertainties and other factors beyond the control of the fund or the portfolio companies, which may result in material differences in actual results, performance or other expectations. The opinions, estimates and analyses reflect our current judgment, which may change in the future. The past performance information contained in this report is not necessarily indicative of future results and there is no assurance that the fund will achieve comparable results or that it will be able to implement its investment strategy or achieve its investment objectives. The actual realized value of currently unrealized investments will depend on a variety of factors, including future operating results, the value of the assets and market conditions at the time of disposition, any related transaction costs and the timing and manner of sale, all of which may differ from the assumptions and circumstances on which the current unrealized valuations are based. Any tables, graphs or charts relating to past performance included in this report are intended only to illustrate the performance of the fund or the portfolio companies referred to for the historical periods shown. Such tables, graphs and charts are not intended to predict future performance and should not be used as the basis for an investment decision. By accepting receipt of this investment report and in consideration of access to the information contained herein (together with the investment report, the “Confidential Information”), the recipient agrees to maintain the strict confidentiality of any and all Confidential Information in accordance with the terms of this paragraph. The recipient acknowledges that (i) the Confidential Information constitutes proprietary trade secrets, and (ii) disclosure of any Confidential Information may cause significant harm to Hamilton Lane Advisors, L.L.C. ("Hamilton Lane"), its affiliates or any of their respective businesses. Unless otherwise required by law, the recipient shall not disclose any Confidential Information to any third party. If required by law to disclose any Confidential Information, the recipient shall provide Hamilton Lane with prompt written notice of such requirement prior to any such disclosure so that Hamilton Lane may seek a protective order or other appropriate remedy. Prior to making any disclosure of any Confidential Information required by law, the recipient shall use its reasonable best efforts to claim any potential exemption to such requirement and otherwise shall limit disclosure only to such information that is necessary to comply with such requirement. The calculations contained in this document are made by Hamilton Lane based on information provided by the general partner (e.g. cash flows and valuations), and have not been prepared, reviewed or approved by the general partner. Stacked bar charts or pie charts presented in the Strategy section in this report may not equate to 100% per the data labels on the charts due to rounding; however, all stacked bar charts and pie charts equate to 100% using exact proportions. February 2023 | Proprietary and Confidential JFL Equity Investors VI, L.P. | Page 1#3● ● ● ● ● Hamilton Lane Executive Summary & Recommendation General Partner Investment Strategy Track Record Environmental, Social & Governance Appendix Table of Contents Executive Summary | General Partner | Investment Strategy | Track Record | ESG | Appendices February 2023 | Proprietary and Confidential Page # 3 9 13 17 20 21 JFL Equity Investors VI, L.P. | Page 2#4Hamilton Lane Fund Information Organization Overview General Partner: J.F. Lehman & Company, LLC ("General Partner"), ("JFL") Firm Inception: 1992 Team: 27 investment professionals Senior Partners: John Lehman, Donald Glickman, Louis Mintz, Stephen Brooks, Alexander Harman and Glenn Shor Location: New York and Washington D.C. Fund Overview February 2023 | Proprietary and Confidential Fund: JFL Equity Investors VI, L.P ("Fund”) Target Size/Hard Cap: $1.6 billion/$1.8 billion Asset Class: Private equity Strategy: Corporate finance/buyout Substrategy: Mid-market buyout Geography: North America and Western Europe Industries: Maritime, environmental services, aerospace and government & defense Executive Summary Portfolio Construction Enterprise Values: $100 million to $1 billion Equity Investments: $50 million to $350 million Target Number of Investments: 10 to 12 Max Single Investment Exposure: 20% Expected Hold Period Per Investment: 3 to 5 years Executive Summary | General Partner | Investment Strategy | Track Record | ESG | Appendices JFL Equity Investors VI, L.P. | Page 3#5Net Performance and Benchmarks ($mm) Fund Hamilton Lane Fund II Fund III Fund IV Fund V Total ● ● ● J.F. Lehman & Company, Inc. Prior Investment Performance¹ As of 9/30/22 Vintage Fund Size % Drawn² 2005 2011 2016 2020 $335 576 833 1,350 83% 98% 96% 76% DPI 1.5x 1.2x 2.3x 0.0x 1.1x TVPI February 2023 | Proprietary and Confidential 1.5x 1.7x 2.6x 1.1x 1.7x Net IRR Fundraise Update First close held on 9/20/22 on $417 million of commitments Second close held on 10/18/22 on $254 million of commitments Third close held on 1/13/2023 on $66 million of commitments Final close expected in 2H 2023 19.6% 11.5% 36.2% 8.0% 19.6% Quarters to Break J-Curve 10 11 8 6 DPI Executive Summary (cont.) HL Benchmark Small Cap Buyout As of 9/30/22 Spread vs. Top-Quartile -0.1x -0.5x 1.3x -0.1x TVPI -0.1x -0.3x 0.7x -0.3x Net IRR +971 bps -703 bps +1393 bps -2097 bps PME Benchmark MSCI USA Small Cap As of 9/30/22 Spread vs. PME +1001 bps +81 bps +2353 bps +1594 bps +998 bps Executive Summary | General Partner | Investment Strategy | Track Record | ESG | Appendices J-Curve Benchmark Small Cap Buyout As of 9/30/22 ¹ Capital Drawn, Capital Distributed and NAV are calculated from the cash flows of fee-paying limited partners and exclude any cash flows from the General Partner's commitment 2 Percent drawn is calculated from both the cash flows of the limited partners and the General Partner's commitment Comparison to Peers (quarters) 2 earlier 3 later 2 later 2 later JFL Equity Investors VI, L.P. | Page 4#6Hamilton Lane Key Terms¹ Term Investment Period Fund Term GP Commitment Management Fee Fee Discount Fee Offset Organization Expenses Carry/Preferred Return GP Catch-up Clawback 5 years None 10 years; + 3 one-year extensions with advisory board approval 2.0% (up to $35 million) 2.0% of aggregate commitments stepping down to 2.0% of net invested capital during the post- investment period 100% $3.0 million 20%/8%; Full return of contributions 100% Yes Summary 1 Refers to the terms proposed by the General Partner as of June 2022; terms are subject to change during fundraising Executive Summary (cont.) February 2023 | Proprietary and Confidential Executive Summary | General Partner | Investment Strategy | Track Record | ESG | Appendices JFL Equity Investors VI, L.P. | Page 5#7Hamilton Lane Investment Thesis Longstanding, experienced investor supported by an operating team Consistent sector focus drives deep domain expertise navigating complexity Attractive performance with additional upside expected ● February 2023 | Proprietary and Confidential ● ● ● ● Executive Summary (cont.) The General Partner was founded in 1992 and is currently led by Louis Mintz, Stephen Brooks, Alexander Harman and Glenn Shor, four well-tenured partners who collectively possess an average of 21 years of tenure and deep sector expertise The senior partners are supported by a cohesive investment team of mid- and junior-level professionals that possess relevant industry expertise The General Partner benefits from its dedicated Portfolio Operations professionals and 17-person Operating Executive Board to source opportunities, aid in diligence, and drive value creation initiatives In line with prior funds, JFL targets the maritime, environmental & infrastructure services, aerospace and government & defense sectors The General Partner intends to continue to pursue complex transactions, including owner-founder transitions, corporate carve-outs, niche technologies & programs, as well as businesses with nuanced contract profiles, lack of business development engines and insufficient systems & processes Through its consistent focus on complexity, JFL has developed strong pattern of recognition within its core areas The General Partner has delivered attractive performance in prior funds, with Funds II and IV generating top- or second-quartile returns, as of 9/30/2022 JFL has generated outperformance across select investments with several exited investments achieving gross multiples greater than 3.0x The General Partner has improved its dispersion of returns across Funds II through IV, demonstrating a strong preservation of capital Executive Summary | General Partner | Investment Strategy | Track Record | ESG | Appendices JFL Equity Investors VI, L.P. | Page 6#8Hamilton Lane Investment Considerations The General Partner will continue to thoughtfully build the team JFL will remain thoughtful around portfolio construction as the market environment evolves Fund V will generate attractive performance in line with Fund IV ● February 2023 | Proprietary and Confidential ● ● ● Executive Summary (cont.) JFL will need to continue to attract and retain professionals in a competitive talent environment The General Partner has a long history of promoting from within JFL has increasingly spread its carried interest allocation broadly within the firm, further aligning incentives with top talent Historically, the General Partner has constructed concentrated portfolios JFL has continued to increase its intentionality regarding portfolio construction Fund V's portfolio remains nascent and currently trails peers of a similar vintage Consistent with JFL's focus on deep value and complex situations, operational improvements typically take three years to be fully established within a portfolio company and reflected in valuations Fund V's portfolio has performed in line with expectations to date and the General Partner expects fund-level performance to follow a similar progression as Fund IV Executive Summary | General Partner | Investment Strategy | Track Record | ESG | Appendices JFL Equity Investors VI, L.P. | Page 7#9Hamilton Lane Recommendation Recommendation Based on the analysis and information presented herein, Hamilton Lane believes that a commitment to JFL Equity Investors VI, L.P. works towards achieving the goals set forth for the Connecticut Retirement Plans and Trust Funds. A commitment to the Fund will maintain a relationship with a high-quality General Partner. Taking into account the investment strategy and portfolio diversification objectives of the Private Investment Fund, Hamilton Lane recommends a commitment to the Fund. Executive Summary | General Partner | Investment Strategy | Track Record | ESG | Appendices February 2023 | Proprietary and Confidential JFL Equity Investors VI, L.P. | Page 8#10Hamilton Lane Cohesive senior team with significant experience and a strong brand across its target sectors Growing team of value-add operating resources Emphasis on internal development and broadly distributed economics February 2023 | Proprietary and Confidential General Partner ● The General Partner is led by an experienced Partner group that averages 23 years of total experience and 21 years of tenure JFL has been investing in its core sectors since 1992 and has established itself as a reputable player and recognized brand within the space Investment professionals gravitate towards major and minors across JFL's target sectors, allowing professionals to both develop deep domain expertise and maintain an understanding of broader thematic trends JFL benefits from six dedicated Portfolio Operations professionals and 17 Operating Executive Board members, complementing the domain expertise from its investment professionals • The Portfolio Operations professionals take a hands-on approach to value creation and work with portfolio companies to improve management teams, integrate acquisitions and optimize internal processes The General Partner continues to supplement the mid- and junior-level team The General Partner continues to broadly distribute carried interest, helping incentivize performance and retention Executive Summary | General Partner | Investment Strategy | Track Record | ESG | Appendices JFL Equity Investors VI, L.P. | Page 9#11Hamilton Lane JFL was founded in 1992 by John Lehman, Donald Glickman and George Sawyer to build a private equity investment strategy around the national security infrastructure of the United States and its allies ● Mr. Lehman served in the Reagan Administration as Secretary of the Navy between 1981 and 1987 and Mr. Glickman brought with him an experienced background in private equity transactions Within the last 10 years, Messrs. Lehman and Glickman have transitioned away from investment decision-making and day-to-day operations of the firm, with Mr. Lehman formally leaving the investment committee in Q1 2020 Managerial responsibilities have been successfully passed to Messrs. Mintz, Brooks, Harman and Shor Snapshot:¹ Inception/Founders: 1992/John Lehman, Donald Glickman and George Sawyer (departed) AUM: $2.1 billion Management Company: Private General Partner (cont.) Headcount: 27 investment professionals, 6 operating professionals, 17 Operating Executive Board members and 12 mid- and back-office professionals 1 As of 9/30/22 February 2023 | Proprietary and Confidential Locations: New York and Washington D.C. Strategies/Product Lines: Corporate finance buyout / mid-market buyout Current Leadership: Louis Mintz, Stephen Brooks, Alexander Harman and Glenn Shor Executive Summary | General Partner | Investment Strategy | Track Record | ESG | Appendices JFL Equity Investors VI, L.P. | Page 10#12JFL has built a cohesive and experienced senior team of Partners and Managing Directors that collectively averages 23 years of experience and 21 years of tenure Hamilton Lane The investment committee consists of Messrs. Mintz, Brooks, Harman and Shor and requires unanimous approval to complete an investment ● The investment committee does not possess any gender or ethnic diversity Messrs. Lehman and Glickman do not contribute formally to investment decision making but will occasionally participate in transaction sourcing and execution The General Partner is headquartered in New York and maintains a cohesive and growing team The investment team consists of one Chairman & Founding Partner, one Founding Partner, four Partners, three Managing Directors, two Principals, five Vice Presidents, two Senior Associates, seven Associates and two Analysts ● General Partner (cont.) ● JFL is supported by six Portfolio Operations professionals, 17 Operating Executive Board Members and 12 back-office professionals Recent investments have primarily been led by Messrs. Harman, Brooks, Mintz and Shor Mr. Lehman has only led one deal since Fund II Each Partner and Managing Director is expected to lead two or three investments in the Fund Executive Summary | General Partner | Investment Strategy | Track Record | ESG | Appendices February 2023 | Proprietary and Confidential JFL Equity Investors VI, L.P. | Page 11#13Hamilton Lane The investment team is supported by six Portfolio Operations professionals who have relevant experience and expertise within the General Partner's target sectors ● General Partner (cont.) Portfolio Operations professionals contribute to the development and implementation of value creation initiatives within portfolio companies by working alongside management teams to improve the operations of companies Additionally, Portfolio Operations professionals leverage their networks in the space to bring additional value creation insight ● Portfolio Operations professionals are full-time employees of the General Partner Additionally, the General Partner benefits from a formal 17-person Operating Executive Committee Responsibilities of Operating Executive Committee members include sourcing leads for investment opportunities, providing insight or references to deal teams during the due diligence process, assisting in key manager recruitment, making new customer or joint venture introductions, and serving on portfolio company boards of directors Executive Summary | General Partner | Investment Strategy | Track Record | ESG | Appendices February 2023 | Proprietary and Confidential JFL Equity Investors VI, L.P. | Page 12#14Hamilton Lane Consistent focus drives deep domain expertise Ability to capture complex transactions at attractive entry points Control oriented investor with value- additive capabilities February 2023 | Proprietary and Confidential Investment Strategy JFL has consistently invested in middle-market businesses across the maritime, environmental & infrastructure services, aerospace and government & defense sectors since inception, driving domain expertise • The General Partner has established a reputable brand and is considered a preferred partner in the space • JFL seeks companies experiencing complexity, including complicated owner- founder dynamics and transitions, corporate carve-outs, unique technologies & programs, partial C-Level suites, complicated contract profiles, lack of business development engines and insufficient systems & processes ● • The General Partner has historically acquired businesses at attractive entry multiples, often outside of competitive processes, due to its focuses on complex transactions JFL seeks majority ownership in its portfolio companies, seeking to incorporate value creation initiatives across its positions • The General Partner adds value through enhancing management teams, completing add-on acquisitions & mergers and improving operational processes Executive Summary | General Partner | Investment Strategy | Track Record | ESG | Appendices JFL Equity Investors VI, L.P. | Page 13#15100% 90% Prior Investments - % by Sector As of 9/30/22 80% 70% 60% 50% 40% 30% 20% 10% Hamilton Lane 0% Consistent with prior funds, the General Partner targets the maritime, environmental & infrastructure services, aerospace and government & defense sectors Within its core sectors, JFL intends to pursue the equipment manufacturers & builders of each sector, as well as the suppliers and services companies aiding these sectors JFL primarily targets North America-based companies with opportunistic investments in Western Europe 21% 55% Fund II ■Maritime 11% 36% 53% Fund III 35% 40% 26% Fund IV February 2023 | Proprietary and Confidential 38% 43% 19% Fund V 15% 24% 29% 32% Environmental & Infrastructure Services Aggregate Gross Mult. Realized Performance - by Sector As of 9/30/22 8.0x 7.0x 6.0x 5.0x 4.0x 3.0x Investment Strategy (cont.) 2.0x 1.0x Aerospace $483.3 mm $128.7 mm Invested Capital ($mm) Government & Defense Executive Summary | General Partner | Investment Strategy | Track Record | ESG | Appendices $221.4 mm $232.4 mm ◆ Gross IRR 90% 80% 70% 60% 50% 40% 30% 20% 10% Gross IRR JFL Equity Investors VI, L.P. | Page 14#16● ● Hamilton Lane The General Partner seeks companies operating in the middle market with enterprise values at entry between $100 million and $1.0 billion, broadening the upper range of its scope compared to the prior fund ● Investment Strategy (cont.) JFL expects to construct a portfolio of 10 to 12 investments with equity checks ranging between $50 million and $350 million The General Partner leverages the networks of its investment professionals, Operating Partners and Operating Executive Board members to source attractive deal flow JFL derives additional direct deal flow from its longstanding reputation within the maritime, environmental & infrastructure services, aerospace and government & defense industries Additionally, the General Partner has sourced a significant number of investments through broken auctions, demonstrating its position in the market as a well-known buyer of companies that are undergoing complex situations JFL has maintained attractive EBITDA entry multiples across prior funds given its focus on complex situations, which are oftentimes less competitive process The General Partner seeks to employ low to moderate leverage at entry Consistent with prior funds, the General Partner expects to exit its portfolio companies primarily through sales to financial and strategic buyers Through its ownership, JFL aims to stabilize the financial or operational complexity within its portfolio companies, repositioning them at exit as growing, professionalized businesses Executive Summary | General Partner | Investment Strategy | Track Record | ESG | Appendices February 2023 | Proprietary and Confidential JFL Equity Investors VI, L.P. | Page 15#17● ● Hamilton Lane JFL targets majority ownership where it can employ value-add initiatives to drive portfolio company growth The General Partner outlines opportunities for value creation throughout its due diligence, with a focus on initiatives geared towards solving operational complexity The General Partner contributes to value creation in its portfolio by leveraging its investment deal teams, dedicated operations professionals and Operating Executive Board members Value creation initiatives are further supplemented with add-on acquisition activity Areas of Focus Owner-Founder Dynamics Corporate Carve-Outs Market Dynamics Partial C-Level Suites Complex Trajectories Lack of Business-Development Engines Insufficient Systems & Processes Investment Strategy (cont.) Value Creation February 2023 | Proprietary and Confidential Value Creation Initiatives • Complex owner-founder transitions • Insufficient depth of management talent • Multiple operating units loosely packaged for sale • Limited historical financial information/cash flow visibility • Often more reliant on existing parent infrastructure than seller appreciates • Insufficient depth of leadership • Unique technologies, programs, customers and regulatory environments News headlines and historical trends often misleading • Missing critical members of the executive team • Divestiture often a graceful exit ramp for underperformers • Dynamic contract profiles and other company-specific complexities • Requires conviction beyond near-term contraction in financial performance . Broken balance sheet Selling ownership often more focused on existing contract execution over growth • Limited appetite for risk, even with attractive risk-adjusted returns • Often yields unexciting projections • Lack of clear organizational and reporting structure • Limited systems and consistent, uniform business processes • Poor data fidelity hinders due diligence Executive Summary | General Partner | Investment Strategy | Track Record | ESG | Appendices JFL Equity Investors VI, L.P. | Page 16#18Hamilton Lane Consistent, attractive net performance Healthy unrealized portfolio with additional upside expected Disciplined investment pacing with a strong dispersion of returns ● February 2023 | Proprietary and Confidential ● ● ● Track Record The General Partner has generated attractive performance across Funds II and IV, which generated top-quartile or second-quartile returns on a net IRR and TVPI basis, as of 9/30/22 Fund V has lagged peers to date, but remains in the earlier stages of its development The unrealized portfolio remains healthy, while Fund V continues to track well, albeit still young Historically, JFL's portfolio takes longer for performance to begin to improve, as the first several years of its hold period are centered around stabilizing and repositioning operations to drive future growth JFL expects near-term exits in Fund III and Fund IV The General Partner has remained disciplined and demonstrated the ability to effectively deploy capital as it has gradually increased its fund sizes Executive Summary | General Partner | Investment Strategy | Track Record | ESG | Appendices JFL has preserved capital well across prior funds, minimizing its loss ratio in each successive vintage JFL Equity Investors VI, L.P. | Page 17#19● Hamilton Lane The General Partner has generated consistent performance across prior funds, generating top-quartile or second-quartile returns on a net IRR and TVPI basis in Funds II and IV, as of 9/30/22 JFL expects to use a credit facility for the Fund for short-term funding in connection with capital calls for investments As of 9/30/22, Fund V was approximately 70% deployed ($mm) Fund Fund II Fund III Fund IV Fund V Total Vintage Fund Size 2005 2011 2016 2020 $335 576 833 1,350 J.F. Lehman & Company, Inc. Prior Investment Performance¹ As of 9/30/22 Capital Capital Drawn Distributed NAV DPI $278.9 $425.4 $0.0 1.5x 563.8 299.1 1.2x 680.0 798.4 1,853.9 235.1 2.3x 1,027.9 0.0 1,134.9 0.0x $2,669.0 $2,959.3 $1,669.0 1.1x February 2023 | Proprietary and Confidential TVPI 1.5x 1.7x 2.6x 1.1x 1.7x Net IRR 19.6% 11.5% 36.2% 8.0% 19.6% Track Record (cont.) DPI 1.6x 1.8x 1.0x 0.1x HL Benchmark Small Cap Buyout As of 9/30/22 Top-Quartile TVPI 1.6x 2.1x 2.0x 1.4x Net IRR 9.9% 18.5% 22.3% 29.0% PME Benchmark MSCI USA Small Cap As of 9/30/22 1 Capital Drawn, Capital Distributed and NAV are calculated from the cash flows of fee-paying limited partners and exclude any cash flows from the General Partner's commitment Executive Summary | General Partner | Investment Strategy | Track Record | ESG | Appendices PME IRR 9.6% 10.7% 12.7% -8.0% 9.6% JFL Equity Investors VI, L.P. | Page 18#20● Hamilton Lane The General Partner has generated attractive gross performance across Funds II to IV, with Fund V continuing to develop JFL's unrealized portfolio remains healthy and is expected to generate attractive returns The General Partner prioritizes heavier value creation initiatives earlier in a portfolio company's hold period, lightening its focus later on as the business stabilizes JFL has generated a strong dispersion of returns and a low loss ratio across prior funds ($mm) Fund Fund II Fund III Fund IV Fund V Total ($mm) Fund Fund II Fund III Fund IV Fund V Total Amount Invested Vintage 2005 2011 2016 2020 $237.6 331.7 496.5 0.0 $1,065.8 # of Inv. Total 5 6 11 7 29 $471.6 559.3 2,142.0 0.0 $3,172.9 Real. J.F. Lehman & Company, Inc. Realized Investment Performance As of 9/30/22 54 February 2023 | Proprietary and Confidential 4 8 0 17 Amount Unrealized Gross Realized Value Mult. J.F. Lehman & Company, Inc. Prior Investment Performance As of 9/30/22 $0.0 0.0 13.0 Fund Size 2.0x 1.7x 4.3x 0.0 n/a $13.0 3.0x $335 576 833 1,350 Gross IRR 35.3% 16.6% 53.4% n/a 34.2% Amount Invested $237.6 476.6 745.1 939.2 $2,398.5 ($mm) Fund Fund II Fund III Fund IV Fund V Total Amount Realized $471.6 721.5 2,157.2 0.0 $3,350.3 Amount Invested Track Record (cont.) Unrealized Gross Value Mult. $0.0 144.9 248.6 939.2 $1,332.7 $0.0 2.0x 385.2 2.3x 297.3 3.3x 1,142.9 1.2x $1,825.4 2.2x J.F. Lehman & Company, Inc. Unrealized Investment Performance As of 9/30/22 Gross IRR $0.0 162.2 15.2 0.0 $177.4 35.3% 18.2% 45.1% 16.8% 30.6% Amount Unrealized Gross Realized Value Mult. $0.0 n/a 385.2 3.8x 284.3 1.2x 1,142.9 1.2x $1,812.5 1.5x Executive Summary | General Partner | Investment Strategy | Track Record | ESG | Appendices Gross IRR n/a 19.8% 6.1% 16.8% 16.8% JFL Equity Investors VI, L.P. | Page 19#21● ● ● Hamilton Lane ● The General Partner is not a signatory to PRI; however, it institutes the UN Principles for Responsible Investment, the OECD Guidance on Responsible Business Conduct for Institutional Investors, the UN Guiding Principles on Business and Human Rights as well as guidance from the American Investment Council and the Institutional Limited Partners Association into its investment process and decision-making JFL is relatively more advanced within social and governance risks, mitigation and reporting compared with environmental risks The General Partner has appointed a formal Diversity & Inclusion committee to ensure that they are considering diverse perspectives within their culture as well as recruiting and developing diverse candidates ● • JFL has recently expanded its ESG focus and has included a dedicated ESG vertical as part of its diligence process, bringing in ESG consultants for each deal The General Partner is in the process of developing a more robust system for tracking and benchmarking ESG KPIs across its portfolio ESG Summary ESG Policy ESG-Dedicated Professionals Signatories Environmental Focus Diversity ESG in Due Diligence Process Yes None Not PRI but includes principles in decision making Environmental, Social & Governance None 25% female/75% male across the firm 4% female/96% male across investment team 4% ethnic diversity/96% ethnic majority across investment team February 2023 | Proprietary and Confidential Integration in Decision Making ESG Focus - Planning Monitoring Reporting Requirements of Portfolio Companies IC memos include ESG requirements ESG is included in strategic planning Yes Yes JFL leverages third-parties to complete due diligence and implements ESG frameworks throughout the process Executive Summary | General Partner | Investment Strategy | Track Record | ESG | Appendices JFL encourages portfolio companies to adopt ESG policies and set goals consistent with their own JFL Equity Investors VI, L.P. | Page 20#22Appendices#23Hamilton Lane Name John Lehman Donald Glickman Louis Mintz Stephen Brooks Alexander Harman Glenn Shor Michael Friedman William Hanenberg David Thomas Benjamin Hatcher Kevin Valles Michael Cueter Zachary Mattler Alec Schmidt Title February 2023 | Proprietary and Confidential Chairman & Founding Partner Founding Partner Partner Experience of Senior Investment Professionals Tot. Exp. Tenure (yrs.) (yrs.) Partner Partner Partner Managing Director Managing Director Managing Director Principal Principal Vice President Vice President Vice President Location New York New York New York New York New York New York New York New York New York New York New York New York New York New York 30 45 28 24 23 18 15 14 12 9 8 9 12 8 30 30 25 24 23 12 15 14 12 9 5 4 2 1 Prior Experience • Paine Webber, Inc. • United States Navy, Secretary • Abington Corporation • Peter J. Solomon Company • Shearson Lehman Brothers • First National Bank of Chicago Odyssey Partners, Inc. ● ● Rosecliff, Inc. • Drexel Burnham Lambert • Bowles Hollowell Conner & Company • JP Morgan & Company • D.E. Shaw & Co. • Providence Equity Partners • Morgan Stanley • Jefferies & Company • Bank of America • Redwood Capital ● Dealogic • Credit Suisse • Jefferies & Company JLL Partners • Lazard Freres & Co. • Olympus Partners • Harris Williams & Co. Team Bios • Harvest Partners, LP • J.H. Whitney Capital Partners, LLC • Bank of America • Rubicon Technology Partners • Harris Williams & Co. Executive Summary | General Partner | Investment Strategy | Track Record | ESG | Appendices JFL Equity Investors VI, L.P. | Page 22#24GPRS Explanation The General Partner Rating System ("GPRS") is a proprietary metric developed by Hamilton Lane to assign numerical ratings to a range of quantitative and qualitative measures used in the evaluation of new fund opportunities. The rating system is comprised of four categories: organization, strategy, track record and risk mitigation. Each category consists of numerous subcategories to which a GP is assigned a score of 1 to 5, with 5 representing the highest and best possible score. Scores from each subcategory are weighted and totaled to determine category scores and, subsequently, compute an overall fund score. See below for a more detailed explanation of each GPRS category. Hamilton Lane leverages information obtained from multiple sources to complete the GPRS, including due diligence questionnaires, introductory and onsite meetings with general partners and reference calls. Given the differing characteristics across buyout, growth/venture and credit funds, strategy-specific GPRS models are used for the evaluation of individual buyout, growth/venture and credit opportunities. Hamilton Lane The output of the GPRS is used by Hamilton Lane to help inform and direct diligence efforts by highlighting areas of relative strength or weakness for general partners and funds under consideration. Investment decisions made by Hamilton Lane are not based on GPRS ratings. Similarly, GPRS ratings are not used to compare different general partners or multiple fund offerings. GPRS Categories Team Strategy ESG A key component to Hamilton Lane's fund diligence process is the thorough evaluation of a general partner's organization. Analyzing team composition and management, internal processes, and business practices and procedures are essential to safeguarding client capital. Hamilton Lane seeks to invest in best-in-class managers with leading organizations whose interests are aligned with those of its Limited Partners. Sample considerations: team experience and tenure, staffing requirements, compensation, firm ownership, back office practices and IT capabilities Track Record . Gaining an understanding of a general partner's dedicated fund strategy and investment approach is crucial to evaluating the relative strength or weakness of a new fund opportunity. Hamilton Lane undertakes a comprehensive review of a general partner's investment philosophy and activities, including competitive positioning and value creation capabilities. Sample considerations: sourcing abilities, market reputation, differentiation, sources of value appreciation Risk Mitigation A comprehensive assessment of manager risk mitigation is an important component of Hamilton Lane's diligence process. Risk, encompassing a general partner's investment strategy, fund and portfolio company profiles, and management practices, is reviewed and evaluated across many measures. It is important to note that the GPRS analysis of risk mitigation is completed independent of Hamilton Lane's Operational Due Diligence Team and does not rely on any of their findings in its analysis. Focusing on the quantitative components of assessing investment acumen, Hamilton Lane reviews the general partner's track record utilizing proprietary models to identify drivers of past success and the potential for replicating successful performance in the future. An assessment of the unrealized portfolio is conducted to ensure the track record is a true representation of the value of the portfolio. Performance is also evaluated across multiple metrics such as deal size, lead investment professional, industry and geography to identify any trends or anomalies that may have impacted returns. Sample considerations: benchmarking, J-curve analysis, cash management, realization activity and hold periods Sample considerations: portfolio company cash flows and profitability, entry prices and use of leverage, portfolio construction practices, deployment and changes in fund size, personnel issues, headline and key man risk Understanding a general partner's approach to managing the environmental, social and governance risks related to its business practices, portfolio management and portfolio company exposures is an important element of Hamilton Lane's diligence process. By leveraging comprehensive ESG and diversity questionnaires and reviewing ESG and diversity initiatives with managers during diligence sessions, Hamilton Lane is able to identify industry best practices and evaluate a general partner's ESG capabilities. Sample considerations: organizational approach, prior investments and expected investments going forward Executive Summary | General Partner | Investment Strategy | Track Record | ESG | Appendices February 2023 | Proprietary and Confidential JFL Equity Investors VI, L.P. | Page 23#25Benchmark Analysis: DPI: Hamilton Lane ESG: Gross IRR: Investment Pacing: J-curve Benchmark: Loss Ratio Analysis: Net IRR: Net Returns to Limited Partners: Outlier Analysis: PME Analysis: Realized Attribution Analysis: Realized Investments: RVPI: TVPI: February 2023 | Proprietary and Confidential Definitions An analysis that compares the net IRR of the prior funds to the top-quartile net IRR benchmarks for similar funds (based on strategy and vintage) as reported by the Hamilton Lane database. The benchmark data shown is the most recent data available at this time Distributed-to-Paid In = (Amount of Distributions Received)/(Total Amount of Capital Paid-In) Environmental, Social and Governance Internal Rate of Return ("IRR") of investments at the "fund level," excludes fees paid by LPs to the General Partner such as management fees and carried interest. For investments held less than one year, Hamilton Lane nominalizes the IRR to match the hold period of the investment in order to represent a more meaningful number An analysis of the total capital invested during the given years. Includes all prior investments, realized or unrealized Peer (median by age) is calculated by taking the median IRR of similar funds (based on strategy and vintage) in Hamilton Lane's database at each quarter, which are simulated as investing at the same point in time. The length of time to break the J-curve is calculated from inception to the first time each fund generated a positive net IRR An analysis of the capital invested in realized transactions generating different multiples of invested capital Annualized Internal Rate of Return ("IRR") of investments at the LP level inclusive of fees such as management fees and carried interest paid to the General Partner The performance of the General Partner's prior investment vehicles at the net LP level, inclusive of all fees, carried interest and expenses. Performance data is as reported by the General Partner using actual capital contributions, distributions and net asset value for either all limited partners, or a sample set of limited partners, in the respective funds An analysis of the gross returns of investments in prior funds, comparing overall performance against the performance when certain 'outlier' transactions are excluded. Outliers are defined as transactions that generate exceptionally positive or negative results Calculated by taking the fund's monthly cash flows and investing them in the relevant Total Return Index (where all dividends are re- invested). Contributions were scaled by a factor such that the ending portfolio balance would be equal to the private equity net asset value (equal ending exposures for both portfolios). This prevents shorting of the public market equivalent portfolio in order to match the performance of an outperforming private equity portfolio. Distributions were not scaled by this factor. The IRRs were then calculated based on these adjusted cash flows. The selected PME represents the most relevant public market benchmark Analysis of the capital invested in, and performance of, the prior realized transactions according to the criteria indicated Hamilton Lane classifies investments as "realized" if it has: i) an unrealized value of less than 20% of the total value; ii) a carrying value that has been written to zero or has been previously written-off; or iii) been fully exited and the GP has no remaining interest in the company Executive Summary | General Partner | Investment Strategy | Track Record | ESG | Appendices Remaining Value-to-Paid In = (Current Net Asset Value)/(Total Amount of Capital Paid-In) Total Value-to-Paid In = (Amount of Distributions Received + Current Net Asset Value)/(Total Amount of Capital Paid-In) JFL Equity Investors VI, L.P. | Page 24#26Hamilton Lane Time-Zero IRR: Write-Down Ratio: Write-Off Ratio: Definitions (cont.) February 2023 | Proprietary and Confidential Represents the gross IRR calculated as if every investment were initiated on the same date The ratio of capital invested in realized investments that have been sold for a value that is less than 1.0x their original cost basis, divided by the total capital invested in all realized investments The ratio of capital invested in realized investments that have been sold for a value that is less than 0.5x their original cost basis, divided by the total capital invested in all realized investments Executive Summary | General Partner | Investment Strategy | Track Record | ESG | Appendices JFL Equity Investors VI, L.P. | Page 25#27Hamilton Lane Philadelphia (Headquarters) Seven Tower Bridge 110 Washington Street Suite 1300 Conshohocken, PA 19428 USA +1 610 934 2222 Denver 10333 East Dry Creek Road Suite 310 Englewood, CO 80112 USA +1 866 361 1720 Frankfurt Schillerstr. 12 60313 Frankfurt am Main Germany +49 69 153 259 290 Hong Kong Room 1001-3, 10th Floor St. George's Building 2 Ice House Street Central Hong Kong, China +852 3987 7191 Las Vegas 3753 Howard Hughes Parkway Suite 200 Las Vegas, NV 89169 USA +1 702 784 7690 London 4th Floor 10 Bressenden Place London SW1E 5DH United Kingdom +44 20 8152 4163 February 2023 | Proprietary and Confidential Miami 999 Brickell Avenue Suite 720 Miami, FL 33131 USA +1 954 745 2780 Milan Via Filippo Turati 30 20121 Milano Italy +39 02 3056 7133 New York 610 Fifth Avenue, Suite 401 New York, NY 10020 USA +1 212 752 7667 Portland 15350 SW Sequoia Pkwy Suite 260 Portland, OR 97224 USA +1 503 624 9910 Hamilton Lane Contact Information San Diego 7817 Ivanhoe Avenue Suite 310 La Jolla, CA 92037 USA +1 858 410 9967 San Francisco 201 California Street, Suite 550 San Francisco, CA 94111 USA +1 415 365 1056 Scranton 32 Scranton Office Park Suite 101 Moosic, PA 18507 USA +1 570 247 3739 Seoul 12F, Gangnam Finance Center 152 Teheran-ro, Gangnam-gu Seoul 06236 Republic of Korea +82 2 6191 3200 Singapore 12 Marina View Asia Square Tower 2 Suite 26-04 Singapore, 018961 +65 6856 0920 Sydney Level 33, Aurora Place 88 Phillip Street Sydney NSW 2000 Australia +61 2 9293 7950 Tel Aviv 6 Hahoshlim Street Building C 7th Floor Hertzelia Pituach, 4672201 P.O. 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