#1Hamilton Lane Landmark Equity Partners XVII, L.P. Recommendation Report December 2021#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. 12/13/21 | Proprietary and Confidential Landmark Equity Partners XVII, L.P. | Page 1#3● ● ● ● Hamilton Lane Executive Summary & Recommendation General Partner Investment Strategy Track Record Appendix 12/13/21 | Proprietary and Confidential Table of Contents Executive Summary | General Partner | Investment Strategy | Track Record | Appendices Page # 3 8 10 12 14 Landmark Equity Partners XVII, L.P. | Page 2#4Hamilton Lane Fund Information Organization Overview General Partner: Landmark Equity Advisors, L.L.C. ("General Partner"), ("Landmark") Firm Inception: 1989 Team: 23 investment professionals Senior Partners: Francisco Borges and Timothy Haviland Location: Simsbury, CT (Headquarters); Boston, MA; New York, NY; Dallas, TX; London, England 12/13/21 | Proprietary and Confidential Fund: Landmark Equity Partners XVII, L.P. ("Fund") Target Size/Hard Cap: $6.0 billion/not provided Strategy: Secondaries Fund Overview Substrategy: Fund of funds Geography: Global Industries: Diversified Executive Summary n/a Portfolio Construction Enterprise Values: Equity Investments: Not provided Target Number of Investments: Not provided Max Single Investment Exposure: 20% Expected Hold Period Per Investment: Not provided Executive Summary | General Partner | Investment Strategy | Track Record | Appendices Landmark Equity Partners XVII, L.P. | Page 3#5Net Performance and Benchmarks ● ● Hamilton Lane ● ● ($mm) Fund Fund XIII Fund XIII-A Fund XIV Fund XV Fund XVI Total Vintage Fund Size % Drawn² 2006 2007 2008 2013 2017 Landmark Equity Advisors, L.L.C. Prior Investment Performance¹ As of 6/30/21 $1,194 427 1,997 3,282 4,945 12/13/21 | Proprietary and Confidential 95% 37% 96% 80% 44% DPI 1.3x 1.1x 1.2x 0.8x 0.3x 0.8x TVPI 1.3x 1.1x 1.4x 1.5x 1.6x 1.4x Net IRR 5.4% 4.9% 9.7% 15.2% 41.5% 11.3% Fundraise Update First close held on 7/31/20 on $203 million of commitments Second close held on 12/21/20 on an additional $368 million of commitments Third close held in June 2021 on an additional $100 million of commitments Fourth close held in October 2021 on an additional $935 million of commitments Final close targeted for October 2022 DPI 0.0x -0.2x -0.3x -0.3x -0.2x Executive Summary (cont.) HL Benchmark Secondaries As of 6/30/21 Spread vs. Top-Quartile TVPI -0.1x -0.3x -0.2x -0.1x 0.1x Net IRR -157 bps -273 bps +37 bps -50 bps +2064 bps PME Benchmark Russell 3000 TR As of 6/30/21 Spread vs. PME -134 bps +201 bps -527 bps +80 bps +1415 bps -90 bps ¹ Capital drawn, capital distributed and NAV are calculated from the cash flows of fee-paying limited partners and excludes any cash flows from the General Partner's commitment 2 Percent drawn is calculated from the cash flows of the limited partners Executive Summary | General Partner | Investment Strategy | Track Record | Appendices Landmark Equity Partners XVII, L.P. | Page 4#6Hamilton Lane Key Terms¹ Term Investment Period Fund Term GP Commitment Management Fee Fee Discount Carry/Preferred Return 12/13/21 | Proprietary and Confidential 1.0% Summary 4 years 10 years; + 2 one-year extensions at the discretion of the General Partner; + additional one-year extensions with limited partner approval Years 1-4: 1.0% of aggregate commitments Years 5-8: 1.0% on invested capital Thereafter: 1.0% on net asset value 10%/8% Executive Summary (cont.) 10bps discount during the investment period for investors closing within two months of the initial close and 5bps discount during the investment period for investors closing within the subsequent three months 1 Refers to the terms proposed by the General Partner as of June 2020; terms are subject to change during fundraising Executive Summary | General Partner | Investment Strategy | Track Record | Appendices Landmark Equity Partners XVII, L.P. | Page 5#7Investment Thesis ● ● ● Hamilton Lane Well-known and established organization positioned to execute on the core strategy. Sizeable senior investment team with meaningful tenure with the General Partner. Benefit from the Quantitative Research Group ("QRG") who provide sourcing, diligence and execution support. ● Opportunistic targets enables the General Partner to lean in and out of strategic and regions dependent on broader market conditions. Diversified portfolio of fund investment contributes to downside protection. Attractive risk-adjusted returns across market cycles. Improvement in performance since establishing its QRG. Paired with the commitment to Fund XVII, CRPTF intends to make a commitment to a no-fee, no-carry co-investment / overflow vehicle The co-investment / overflow vehicle is expected to be a net contributor to overall net returns when paired with the Fund XVII Executive Summary (cont.) commitment 12/13/21 | Proprietary and Confidential Executive Summary | General Partner | Investment Strategy | Track Record | Appendices Landmark Equity Partners XVII, L.P. | Page 6#8Hamilton Lane Recommendation Recommendation Based on the analysis and information presented herein, Hamilton Lane believes that a commitment to Landmark Equity Partners XVII, 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. 12/13/21 | Proprietary and Confidential Executive Summary | General Partner | Investment Strategy | Track Record | Appendices Landmark Equity Partners XVII, L.P. | Page 7#9Hamilton Lane Established in 1989, the General Partner is one of the longest tenured secondary fund-of-fund managers in the industry and has developed into a large, well-known organization ● ● Senior professionals across the platform meet weekly to promote information sharing and discuss team initiatives In 2021, the General Partner was acquired by Ares Management Corporation to form the Ares Secondary Solutions investment group Landmark maintains three separate and dedicated investment groups focused on private equity, real estate and infrastructure transactions Francisco Borges and Timothy Haviland will oversee the Secondary Solutions group as Co-heads Snapshot:¹ Private Inception/Founders: 1989/Timothy Haviland and Stan Alfeld Management Company: Headcount/Resources: 23 dedicated investment professionals; Shared Quantitative Research Group professionals 1 As of December 2021 General Partner 12/13/21 | Proprietary and Confidential Location: Simsbury, CT (headquarters); Boston, MA; New York, NY; Dallas, TX and London, England Strategies/Product Lines: Secondary fund-of-funds in private equity, real estate and real assets Current Leadership: Francisco Borges and Timothy Haviland Executive Summary | General Partner | Investment Strategy | Track Record | Appendices Landmark Equity Partners XVII, L.P. | Page 8#10● The General Partner maintains a sizeable investment team dedicated to private equity investments with significant tenure at the firm ● Hamilton Lane ● In 2009, the General Partner established its in-house Quantitative Research Group ("QRG") to augment its core sourcing, underwriting, deal execution and portfolio construction capabilities ● General Partner (cont.) Landmark focuses o n retaining key talent, evidenced by the significant number of senior professionals who joined the firm as junior- and mid-level professionals QRG supports Landmark's asset pricing, risk management, performance measurement, portfolio monitoring, investor relations and business development functions Members of QRG are shared across the private equity, real estate and infrastructure platforms The General Partner typically hires junior professionals into QRG to develop a core skillset before potential placement on one of the three dedicated investment teams 12/13/21 | Proprietary and Confidential Executive Summary | General Partner | Investment Strategy | Track Record | Appendices Landmark Equity Partners XVII, L.P. | Page 9#11● Hamilton Lane Historically, Landmark has employed a flexible and opportunistic secondary investment strategy, enabling it to capitalize on attractive opportunities across investment strategies and geographies The General Partner has predominately targeted buyout-focused funds While Landmark primarily targets funds investing in United States-based companies, it has consistently built a diversified portfolio with global exposure The General Partner does not establish target geographic exposures for the Fund Landmark's presence in the United States and Europe has enabled it to build relationships with intermediaries to generate actionable deal flow across geographies ● ● ● Investment Strategy The General Partner leverages its expertise to execute on a variety of transaction types, including preferred structures, portfolio sales, single fund sales, fund restructurings, secondary directs, primaries and synthetic secondaries Landmark's experience investing across a range of secondary transactions provides it with a large opportunity set and drives actionable deal flow Since Fund XIV, Landmark has increased its focus on preferred structures, which provide the General Partner with attractive return profiles and improved downside protection Over time, the General Partner has increased its focus on purchasing minority interests in private equity sponsors, a strategy that enables Landmark to generate early, predictable distributions through management fee streams and carried interest Landmark expects to invest approximately 40% to 60% of Fund XVII in preferred structures 12/13/21 | Proprietary and Confidential Executive Summary | General Partner | Investment Strategy | Track Record | Appendices Landmark Equity Partners XVII, L.P. | Page 10#12Hamilton Lane Landmark leverages QRG to evaluate potential sellers' portfolios and develop appropriate pricing and structures upon which to base negotiations ● Investment Strategy (cont.) While the discount to NAV is an important factor for attractive performance, the General Partner acknowledges that discounts are largely driven by broader market conditions and, as such, Landmark looks to support returns through negotiated terms such as deferred payments and preference waterfalls The General Partner leverages its brand name and developed networks to source secondary investments outside of competitive processes Since Fund XIII, Landmark has executed minimal secondary investments via auction process, representing <10% of all investments Landmark's sourcing efforts are bolstered by QRG, which completes market research distributed externally to limited partners and general partners with the aim of fostering relationships and generating potential investment opportunities 12/13/21 | Proprietary and Confidential Executive Summary | General Partner | Investment Strategy | Track Record | Appendices Landmark Equity Partners XVII, L.P. | Page 11#13● ● Hamilton Lane The General Partner has generated near top-quartile and top-quartile performance across recent prior funds As of 11/19/21, Fund XVI was fully invested and committed ($mm) Fund Fund XIII Fund XIII-A Fund XIV Fund XV Fund XVI Total Vintage Fund Size 2006 2007 2008 2013 2017 $1,194 427 1,997 3,282 4,945 Landmark Equity Advisors, L.L.C. Prior Investment Performance¹ As of 6/30/21 12/13/21 | Proprietary and Confidential Capital Capital Drawn Distributed $1,136.3 $1,501.0 156.3 175.0 1,923.9 2,271.8 2,625.8 2,085.2 2,199.8 615.9 $8,042.1 $6,649.1 NAV DPI $4.1 1.3x 1.7 1.1x 329.3 1.2x 1,768.4 0.8x 2,836.5 0.3x $4,940.0 0.8x TVPI 1.3x 1.1x 1.4x 1.5x 1.6x 1.4x Net IRR 5.4% 4.9% 9.7% 15.2% 41.5% 11.3% DPI 1.4x 1.3x 1.5x 1.1x 0.5x Track Record HL Benchmark Secondaries As of 6/30/21 Top-Quartile TVPI 1.4x 1.4x 1.6x 1.5x 1.5x Net IRR 6.9% 7.6% 9.3% 15.7% 20.9% 1 Capital drawn, capital distributed and NAV are calculated from the cash flows of fee-paying limited partners and excludes any cash flows from the General Partner's commitment Executive Summary | General Partner | Investment Strategy | Track Record | Appendices PME Benchmark Russell 3000 TR As of 6/30/21 PME IRR 6.7% 2.9% 14.9% 14.4% 27.4% 12.2% Landmark Equity Partners XVII, L.P. | Page 12#14● Hamilton Lane The General Partner has generated attractive gross performance since Fund XIV, which Landmark attributes to the establishment of the QRG in 2009 Landmark maintains a sizeable unrealized portfolio; however, the unrealized portfolio does not require significant resources as management and exits are controlled by the underlying fund managers ($mm) Fund Fund XIII Fund XIII-A Fund XIV Fund XV Fund XVI Total ($mm) Fund Fund XIII Fund XIII-A Fund XIV Fund XV Fund XVI Total Amount Invested $1,168.9 159.0 1,504.7 1,196.7 227.8 $4,257.3 Vintage 12/13/21 | Proprietary and Confidential 2006 2007 2008 2013 2017 Landmark Equity Advisors, L.L.C. Realized Investment Performance As of 6/30/21 # of Inv. Real. 43 2 27 11 3 87 Total 43 2 37 35 40 157 $1,655.4 188.9 2,100.4 1,560.4 319.5 $5,824.6 Landmark Equity Advisors, L.L.C. Prior Investment Performance As of 6/30/21 Amount Unrealized Gross Realized Value Mult. Fund Size $1.4 1.4x 0.0 1.2x 147.9 1.5x 108.0 1.4x 6.5 1.4x $263.8 1.4x $1,194 427 1,997 3,282 4,945 Gross IRR 7.3% 6.9% 17.4% 12.6% 31.8% 10.9% Amount Invested $1,168.9 159.0 1,950.5 3,146.7 3,423.0 $9,848.2 ($mm) Fund Fund XIII Fund XIII-A Fund XIV Fund XV Fund XVI Total Track Record (cont.) Amount Unrealized Gross Realized Value Mult. $1,655.4 188.9 2,571.3 2,678.9 1,065.1 $8,159.7 Amount Invested $0.0 0.0 445.8 1,950.0 3,195.1 $5,590.9 1.4x $1.4 0.0 1.2x 358.9 1.5x 2,224.9 1.6x 4,134.7 1.5x $6,795.2 1.5x Landmark Equity Advisors, L.L.C. Unrealized Investment Performance As of 6/30/21 Gross IRR $0.0 0.0 471.0 1,118.5 745.6 $2,335.1 7.3% 6.9% 14.3% 16.0% 24.9% 13.6% Amount Unrealized Gross Realized Value Mult. Executive Summary | General Partner | Investment Strategy | Track Record | Appendices $0.0 n/a 0.0 n/a 211.0 1.5x 2,116.9 1.7x 4,128.1 1.5x $6,531.4 1.6x Gross IRR n/a n/a 9.3% 18.6% 24.5% 18.1% Landmark Equity Partners XVII, L.P. | Page 13#15Appendices#16Benchmark Analysis: DPI: ESG: Hamilton Lane 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: 12/13/21 | 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; 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 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) Executive Summary | General Partner | Investment Strategy | Track Record | Appendices Landmark Equity Partners XVII, L.P. | Page 15#17Hamilton Lane Time-Zero IRR: Write-Down Ratio: Write-Off Ratio: 12/13/21 | Proprietary and Confidential Definitions (cont.) 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 | Appendices Landmark Equity Partners XVII, L.P. | Page 16#18Hamilton 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 12/13/21 | Proprietary and Confidential London 4th Floor 10 Bressenden Place London SW1E 5DH United Kingdom +44 (0) 7917 220353 Miami 999 Brickell Avenue Suite 720 Miami, FL 33131 USA +1 954 745 2780 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 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 Contact Information 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. Box 12279 Israel +972 73 2716610 Tokyo 13F, Marunouchi Bldg. 2-4-1, Marunouchi Chiyoda-ku Tokyo 100-6313, Japan +81 (0) 3 5860 3940 Toronto 150 King St. West Suite 200 Toronto, Ontario Canada M5H 1J9 +1 647 715 9457 Zug Hamilton Lane (Switzerland) AG Baarerstrasse 14 6300 Zug Switzerland +41 (0) 43 883 0352 Executive Summary | General Partner | Investment Strategy | Track Record | Appendices Landmark Equity Partners XVII, L.P. | Page 17