#1Hamilton Lane Georgian Growth Fund VI, LP Georgian Alignment Fund II, LP 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 Fund VI presented or its portfolio companies. Forward-looking statements include a number of risks, uncertainties and other factors beyond the control of Fund VI 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 Fund VI 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 Fund VI 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. December 2021 | Proprietary and Confidential Georgian Growth Fund VI, LP & Georgian Alignment Fund II, LP | 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 December 2021 | Proprietary and Confidential Page # 3 9 15 19 24 25 Georgian Growth Fund VI, LP & Georgian Alignment Fund II, LP | Page 2#4Hamilton Lane Fund Information Organization Overview General Partner: Georgian Partners ("General Partner"), ("Georgian") Firm Inception: 2008 Team: 15 investment professionals Senior Partners: John Berton, Simon Chong and Justin LaFayette Location: Toronto December 2021 | Proprietary and Confidential Fund: Georgian Growth Fund VI, LP ("Fund VI") Georgian Alignment Fund II, LP ("Alignment II"), ("Alignment Fund") Fund Overview Target Size/Hard Cap: Fund VI: $1.1 billion/$1.3 billion Alignment II: $1.5 billion/not provided Asset Class: Private equity Strategy: Late Stage Venture/Growth Equity Substrategy: n/a Geography: Primarily United States Industries: Software Executive Summary Portfolio Construction Enterprise Values: Fund VI: $100 million to $500 million Alignment II: $500 million to $1.5 billion Equity Investments: Fund VI: $25 million to $200 million Alignment II: $100 million to $250 million Target Number of Investments: Fund VI: 20 to 22 Alignment II: 6 to 8 Max Single Investment Exposure: Fund VI: 15% Alignment II: 20% Expected Hold Period Per Investment: 3 to 6 years Target Returns: Fund VI: Not provided Alignment II: 30% gross IRR; 3.0x gross multiple Executive Summary | General Partner | Investment Strategy | Track Record | ESG | Appendices Georgian Growth Fund VI, LP & Georgian Alignment Fund II, LP | Page 3#5Net Performance and Benchmarks ($mm) Fund Fund I Fund II Fund III Fund IV Fund V Alignment I Total ● Hamilton Lane ● ● ● ● Georgian Partners Prior Investment Performance ¹,2 As of 9/30/21 Vintage Fund Size % Drawn³ 2008 2013 2016 2018 2019 2021 $63 194 375 550 850 900 100% 100% 97% 90% 60% 77% DPI 2.1x 0.7x 0.6x 0.2x 0.0x 0.0x 0.3x December 2021 | Proprietary and Confidential TVPI 2.1x 2.1x 1.5x 1.9x 2.0x 1.4x 1.7x Net IRR 19.6% 19.1% 14.3% 37.3% 97.3% 43.8% 27.4% Quarters to Break J-Curve n/a n/a n/a 4 2 0 HL Benchmark Late-Stage VC & Growth Equity4 As of 6/30/21 Spread vs. Top-Quartile DPI Executive Summary (cont.) -0.1x -0.4x -0.2x -0.1x -0.1x 0.0x TVPI -0.2x 0.0x -0.9x 0.1x 0.5x 0.2x Fundraise Update First close held on 12/3/21 for $400 million of commitments in Fund VI and $200 million in Alignment II Interim close targeted for February 2022 Final close targeted for late-June 2022 The General Partner has offered existing investors the opportunity to invest in both Fund VI and Alignment II New investors will receive access to Fund VI by investing in Alignment II Net IRR -67 bps +414 bps -1913 bps -320 bps +4660 bps -1020 bps PME Benchmark J-Curve Benchmark Nasdaq 100 TR As of 9/30/21 Spread vs. PME +268 bps -271 bps -1097 bps +406 bps +6289 bps +3063 bps +278 bps 1 Cash flows for Funds I and II were provided in CAD and converted to USD using the OANDA spot rate 2 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 3 Percent drawn provided by the General Partner, as of 6/30/21 4 Benchmark shown represents a blended benchmark of late-stage venture capital and growth equity; benchmarks as of 9/30/21 are not yet available Executive Summary | General Partner | Investment Strategy | Track Record | ESG | Appendices Growth Equity As of 6/30/21 Comparison to Peers (quarters) n/a n/a n/a 1 earlier Equal n/a Georgian Growth Fund VI, LP & Georgian Alignment Fund II, LP | Page 4#6Hamilton Lane Key Terms¹ Investment Period Fund Term Term Fee Management GP Commitment Fee Discount Fee Offset Fund VI Clawback Alignment II Fund VI Alignment II Organization Expenses Carry/Preferred Return GP Catch-up 5 years 10 years; + 2 one-year extensions with advisory board approval; + additional extensions with 66% limited partner approval 10 years; + 1 one-year extension at the discretion of the General Partner; + 1 one-year extension with advisory board approval; + additional extensions with 66% limited partner approval Summary 1.0% (at least $11 million and $15 million, respectively) 2.0% of aggregate commitments stepping down to 2.0% of net invested capital during the post- investment period 100% The sum of 0.25% of aggregate commitments and 1.25% of net invested capital stepping down to 1.25% of net invested capital during the post-investment period None Executive Summary (cont.) None $1.5 million and $2.0 million, respectively Fund VI: 20%/none; full return of contributions ; Alignment II: 20%/8%; full return of contributions Yes 1 Refers to the terms proposed by the General Partner as of July 2021; terms are subject to change during fundraising December 2021 | Proprietary and Confidential Executive Summary | General Partner | Investment Strategy | Track Record | ESG | Appendices Georgian Growth Fund VI, LP & Georgian Alignment Fund II, LP | Page 5#7Hamilton Lane Investment Thesis Cohesive senior team with focus on internal growth Significant focus on the development of its value-add platform Consistent performance ● December 2021 | Proprietary and Confidential Executive Summary (cont.) The General Partner is comprised of a cohesive senior investment team, with the three Managing Partners having worked together since inception and Messrs. LaFayette and Chong previously working together at IBM Investment professionals possess a mix of operational and investing experience, which helps identify attractive opportunities The General Partner aims to develop its talent internally and retains professionals by allocating carried interest to all employees across the firm Georgian has significantly invested in its platform in recent years to grow its operational resources and source opportunities more efficiently The General Partner intends to increase its R&D team to approximately 50 professionals, with the goal of supporting investment professionals with the implementation of value creation initiatives Georgian recently created CoLab, a platform that works with and vets target companies prior to investment, which allows the General Partner to establish relationships with management teams early and preempt funding rounds The General Partner has generated consistent median performance across prior funds Georgian experienced additional portfolio company exits in Q3 2021 as well as additional up-rounds, driving appreciation in its returns The General Partner has significantly invested in improving its sourcing and value- add platforms over time, which should continue to increase the General Partners' ability to drive strong future performance Executive Summary | General Partner | Investment Strategy | Track Record | ESG | Appendices Georgian Growth Fund VI, LP & Georgian Alignment Fund II, LP | Page 6#8Hamilton Lane Investment Considerations Georgian will be able to support the rapid expansion of its platform The General Partner will continue to differentiate its value proposition from its peers Georgian will appropriately mitigate potential conflicts with the Alignment Fund ● December 2021 | Proprietary and Confidential ● Executive Summary (cont.) The General Partner is raising substantially more capital between the two funds, while aiming to meaningfully grow the firm Georgian has thoughtfully expanded the firm over prior fundraises, focusing its effort on increasing operational resources to support portfolio companies Georgian targets a highly competitive market that has well-established firms and investors with strong brand names and sizable value-add platforms The General Partner offers management teams a differentiated value strategy, leveraging a unique founder community and in-house software tools to complement its value-add capabilities to help enable future growth at portfolio companies The Alignment Fund will be used to preempt later rounds in existing portfolio companies, which could present conflict when setting the new valuations The Alignment Fund is not expected to be an exit vehicle for the Growth Fund, and the General Partner expects all rounds led by the Alignment Fund to be priced at a discount to market comps Executive Summary | General Partner | Investment Strategy | Track Record | ESG | Appendices Georgian Growth Fund VI, LP & Georgian Alignment Fund II, LP | Page 7#9Hamilton Lane Recommendation Recommendation Based on the analysis and information presented herein, Hamilton Lane believes that a commitment to Georgian Growth Fund VI, LP and Georgian Alignment Fund II, LP works towards achieving the goals set forth for the Connecticut Retirement Plans and Trust Funds. A commitment to the Funds 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 Funds. Executive Summary | General Partner | Investment Strategy | Track Record | ESG | Appendices December 2021 | Proprietary and Confidential Georgian Growth Fund VI, LP & Georgian Alignment Fund II, LP | Page 8#10Hamilton Lane Robust team with extensive operational and investment experience Significant investment in the expansion of the broader platform Broad distribution of economics to retain and incentivize talent General Partner December 2021 | Proprietary and Confidential The General Partner is led by Managing Partners Justin LaFayette, Simon Chong and John Berton, three well-tenured professionals who possess significant operational and investment experience Messrs. LaFayette and Chong, and Lead Investors Steve Leightell and Tyson Baber all previously worked at IBM, creating a cohesive investment team Investment professionals are generalists within the software sector, promoting collaboration within deal teams The General Partner has invested significant capital to build out its sourcing and value creation platforms, aiming to grow the firm by 40% during the lives of the funds Georgian emphasizes its value creation capabilities, leveraging its R&D team to drive future growth at portfolio companies Additionally, the General Partner has invested meaningfully into its sourcing platform, SPRING, and recently created CoLab to increase direct sourcing The General Partner has experienced limited turnover since inception Georgian distributes carried interest to all employees, aiming to increase retention and alignment of interests The General Partner is focused on internal development, focusing on mentoring and developing the next generation of professionals across all teams Executive Summary | General Partner | Investment Strategy | Track Record | ESG | Appendices Georgian Growth Fund VI, LP & Georgian Alignment Fund II, LP | Page 9#11● Hamilton Lane ● Georgian was founded in 2008 by Managing Partners Justin LaFayette, Simon Chong and John Berton, with a focus on multi- stage venture investments within the software sector Messrs. LaFayette and Chong possess prior working experience for IBM Software Group and DWL, an Insight Venture Partners portfolio company In 2021, the General Partner launched Georgian Alignment Fund I, L.P. ("Alignment I"), a growth equity-focused fund line targeting follow-on financing rounds within the flagship funds' top performing investments Snapshot:¹ Inception/Founders: 2008/John Berton, Simon Chong and Justin LaFayette AUM:² $3.8 billion Management Company: Private Headcount: 15 investment professionals and 59 other professionals General Partner (cont.) 1 As of 6/30/21 2 Provided by the General Partner Location: Toronto December 2021 | Proprietary and Confidential Strategies/Product Lines: Venture capital and growth equity Current Leadership: Justin LaFayette, Simon Chong and John Berton Executive Summary | General Partner | Investment Strategy | Track Record | ESG | Appendices Georgian Growth Fund VI, LP & Georgian Alignment Fund II, LP | Page 10#12● ● ● Hamilton Lane Georgian's senior investment team consists of a well-tenured and cohesive group with deep expertise investing and operating in the targeted sector ● General Partner (cont.) Mr. Lafayette focuses his time on leading investments and also manages the Research & Development ("R&D") team Mr. Chong primarily focuses on scaling the organization and value add initiatives at portfolio companies Mr. Berton is primarily responsible for overseeing the operations of the firm, including human resources, fundraising, investment financial reviews, legal and back-office duties The investment committee is comprised of Messrs. LaFayette, Chong and Berton, with a unanimous vote needed to approve a decision The investment committee is 66% ethnically diverse but lacks female representation The majority of deals have been led by Mr. Lafayette, with 10 realized investments and 19 unrealized investments, all of which are held above cost The majority of Mr. Chong's deals are unrealized, and it is expected that he will devote most of his time toward overseeing the firm's value-add teams going forward Lead Investors Steve Leightell and Tyson Baber have relatively young portfolios, with weighted average hold periods of approximately 3.5 years and 2.1 years, respectively 1 Denotes members of the investment committee Executive Summary | General Partner | Investment Strategy | Track Record | ESG | Appendices December 2021 | Proprietary and Confidential Georgian Growth Fund VI, LP & Georgian Alignment Fund II, LP | Page 11#13Hamilton Lane The General Partner employs a "pod model" approach to its deal teams, typically consisting of a senior investment professional, a junior investment professional, a R&D team lead and a market analyst The R&D team lead is responsible for leading all technology and product due diligence efforts Investment professionals are responsible for sourcing opportunities from its networks and by leveraging SPRING, Georgian's in-house sourcing platform, which utilizes data from third-party sources along with artificial intelligence to prioritize the most promising opportunities Investment Team by Role/Region As of 6/30/21 Managing Partners Lead Investors Investors 0 1 December 2021 | Proprietary and Confidential 3 2 5 3 ■ Toronto 7 General Partner (cont.) 4 5 6 Executive Summary | General Partner | Investment Strategy | Track Record | ESG | Appendices 7 8 Georgian Growth Fund VI, LP & Georgian Alignment Fund II, LP | Page 12#14● Hamilton Lane ● The General Partner leverages several operational resources that assist with sourcing, diligence and value creation initiatives The R&D team is comprised of subject matter experts and experienced software professionals with deep domain expertise in artificial intelligence, machine learning, natural language processing, cybersecurity, software engineering, intellectual property and product strategy ● ● The Georgian Growth Network is a community of portfolio companies dedicated to increasing their competitive advantage through peer collaboration This community enables management teams to learn from and share best practices with their peers, leading to accelerated growth The Growth team receives and processes all inbound opportunities to better understand the market, company and opportunity R&D professionals help portfolio companies accelerate their adoption of each thesis area through engagements, which include strategy workshops, applied research projects and the development of software product offerings ● The Customer Success team consists of experienced software executives who work with portfolio companies to achieve growth through a focus on strategic value drivers Customer Success professionals possess expertise within sales, customer success, corporate development, mergers & acquisitions and operational leadership Cybersecurity Alex Manea Head of Security & Privacy 2 Professionals Madalin Mihailescu Head of R&D Product Strategy Jason Brenier Head of Product 4 Professionals General Partner (cont.) Justin LaFayette Managing Partner Machine Learning Parinaz Sobhani Head of Applied Research 8 Professionals December 2021 | Proprietary and Confidential Software Engineering Diego Huang Lead Engineer 2 Professionals Boma Almasi Data Engineer 1 Professional Vanessa DiMauro Head of Community 4 Professionals Executive Summary | General Partner | Investment Strategy | Track Record | ESG | Appendices Simon Chong Managing Partner Ben Wilde Christen Daniels Head of Marketing & Growth Head of Customer Success 10 Professionals 5 Professionals Georgian Growth Fund VI, LP & Georgian Alignment Fund II, LP | Page 13#15● ● Hamilton Lane The General Partner allocates carried interest to all employees across the entire firm in order to incentivize talent and align interests ● ● The General Partner does not pay bonuses in order to fully align the interests of the firm to the success of its investments Carried interest vests equally over a six-year period in order to increase employee retention The management company is solely owned by Messrs. LaFayette, Chong and Berton Georgian has experienced limited investment team turnover since the prior diligence The General Partner seeks to drive employee career growth and development to maintain high levels of employee engagement and retention Each employee has an individual development plan executed and evaluated quarterly Georgian aims to develop professionals from within the organization, actively identifying leaders within each group in the firm The General Partner intends to significantly grow the firm over the life of Fund VI and Alignment II, aiming to expand the firm by 40% General Partner (cont.) Georgian allocates the majority of carried interest among the Managing Partners, with the expectation that it will continue to decrease over time ● Executive Summary | General Partner | Investment Strategy | Track Record | ESG | Appendices December 2021 | Proprietary and Confidential Georgian Growth Fund VI, LP & Georgian Alignment Fund II, LP | Page 14#16Hamilton Lane Consistent focus on growing software businesses Thematic focus leads to proactive sourcing Hands-on approach value creation by leveraging in-house tools and operational resources December 2021 | Proprietary and Confidential ● Investment Strategy ● The General Partner has focused on investing in North American software businesses since its inception • The General Partner continually refines its subsector focus to ensure it identifies new and evolving themes to stay ahead of the market Georgian targets disruptive companies with high-growth potential that are emerging as market leaders within their respective segments Georgian has invested meaningfully into building out robust research, sourcing and execution tools to identify trends and access quality companies early SPRING focuses on market leaders within each subsegment and allows the General Partner to preempt new funding rounds The General Partner has recently created its CoLab program with the goal of nurturing companies and leading to more direct deal flow Georgian leverages its R&D team to focus on key areas within its portfolio companies and implement value creation initiatives The General Partner air to lead funding rounds with the goal of working alongside management teams Georgian offers management teams the ability to serve as a long-term partner, leveraging the Alignment Fund to continue to invest in its top-performing companies Executive Summary | General Partner | Investment Strategy | Track Record | ESG | Appendices Georgian Growth Fund VI, LP & Georgian Alignment Fund II, LP | Page 15#17100% 90% 80% 70% Prior Investments - % by Sector¹ As of 9/30/21 60% 50% 40% 30% 20% 10% Hamilton Lane 0% The General Partner exclusively targets leading, fast-growing companies in the B2B software space, where it has significant expertise Investment professionals focus their time on understanding which new trends will be pervasive and establish a thesis, playbook and software products to accelerate adoption ● Lead Investors focus on leading new deals and investors spent the majority of time on sourcing and assisting with CoLab Georgian continues to assess emerging trends, including decentralized finance, decentralized identity, blockchain and quantum computing 11% 10% 8% 28% 32% 11% Fund I 2% Enterprise 13% 18% 7% 60% Fund II 10% 5% 12% 72% Fund III 3% 8% 11% 19% 59% Fund IV Education 1% 4% December 2021 | Proprietary and Confidential 16% 75% 1% 17% 1% 1% 83% Health care 2% 3% 4% 8% 10% 70% Fund V Alignment Aggregate ■Security 1 Cash flows for Funds I and II were provided in CAD and converted to USD using the OANDA spot rate 2 Enterprise and Security investments generated a 56.6% and 48.7% gross IRR, respectively 3 Security investments generated a 48.7% gross IRR 4 E-commerce investments generated a 4.6x gross multiple E-commerce Realized Performance by Sector ¹, 2, 3, 4 As of 9/30/21 Gross Mult. Marketing 4.0 x Investment Strategy (cont.) 3.0x 2.0x 1.0x 0.0x $104.4 mm Data Management - $57.8 mm $9.7 mm Executive Summary | General Partner | Investment Strategy | Track Record | ESG | Appendices 8 95 $25.3 mm! Invested Capital ($mm) Quantum computing Fin te ch $18.6 mm 998 40% 27% 13% 0% -13% Mobile Gross IRR Gross IRR Georgian Growth Fund VI, LP & Georgian Alignment Fund II, LP | Page 16#18● Hamilton Lane The General Partner has primarily targeted North America investments but has opportunistically pursued deals in Europe and South America Investment Strategy (cont.) Georgian has proven its ability to deploy increasing amounts of capital as funds sizes have increased The General Partner aims to invest an average of $50 million per investment with Fund VI and an average of $200 million per investment with Alignment II ● Georgian expects to allocate 80% of capital to the United States and 20% across Canada, Europe and Israel, consistent with prior funds The General Partner has continued to pay up over time as its strategy has shifted to focus on investing in market leading software companies The Fund will target early-growth companies with established market-fit and steady revenue bases, which is a shift from its earlier funds that invested in companies that were earlier in their life cycle ● With Fund VI, Georgian expects to target companies raising Series B to D rounds, generating recurring revenues between $6 million and $50 million, aiming for revenue growth of 100% to 150%+ year-over-year With Alignment II, the General Partner plans to focus on flagship fund opportunities that are raising Series E and F rounds generating revenues between $40 million and $150 million and revenue CAGRS of 25% over 2021 to 2026 The General Partner seeks to lead investments, aiming to obtain board seats or observer rights in cases where the firm invests alongside a majority buyout Georgian noted that it had board or observer seats on approximately 90% of its deals Georgian aims to secure ownership stakes of 5% to 20% with Fund VI, and 10% to 50% with Alignment II The General Partner leverages its R&D team to assist portfolio companies with key areas of focus to drive continued revenue growth Executive Summary | General Partner | Investment Strategy | Track Record | ESG | Appendices December 2021 | Proprietary and Confidential Georgian Growth Fund VI, LP & Georgian Alignment Fund II, LP | Page 17#19● ● Hamilton Lane The General Partner leverages a variety of sourcing methods focused on driving direct opportunities Georgian has significantly invested in its SPRING platform, its in-house software that actively tracks and monitors deals, segmenting the software market and prioritizing the most attractive opportunities ● Investment Strategy (cont.) The General Partner recently established CoLab, its pre-investment program, that seeks to work with entrepreneurs and management teams to establish relationships and develop businesses that have potential to become portfolio companies Georgian expects to source the majority of the deals in Fund VI from CoLab ● CoLab was established in 2020, with the goal to deliver value-add services to high-potential pipeline companies prior to investment, with companies typically at the Series A stage and working alongside Georgian for 6 to 24 months The General Partner works with CoLab companies at three different levels of nurture, Automated, Personalized and Deep Nurture Automated Nurture typically encapsulates 150 companies at the earlier stage of development, generating between $1 million and $3 million of annual recurring revenue Personalized Nurture includes approximately 15 to 20 companies that have or are approaching Georgian's mandate, generating between $5 million and $6 million of annual recurring revenue Deep Nurture is reserved for 5 to 10 companies which have reached Georgian's mandate of $6 million in annual recurring revenue or more Executive Summary | General Partner | Investment Strategy | Track Record | ESG | Appendices December 2021 | Proprietary and Confidential Georgian Growth Fund VI, LP & Georgian Alignment Fund II, LP | Page 18#20Hamilton Lane Consistent net performance across prior funds Strong gross returns with expected near- term mark-ups Steady deployment with near-term liquidity expected ● December 2021 | Proprietary and Confidential ● ● ● ● Track Record The General Partner has consistently generated attractive absolute returns across prior vintages Georgian's focus on high-quality assets and continued development of its direct sourcing efforts are expected to yield high-quality opportunities for the Fund The General Partner's value-add platform is also expected to help drive additional growth and value creation across the portfolio The General Partner has generated attractive gross returns with a healthy unrealized portfolio Georgian experienced write-ups in existing Fund III and Fund IV investments in Q3 2021 The General Partner has proven its ability to deploy capital as fund sizes have increased Georgian has generated a limited loss ratio since inception and proven its ability to preserve capital Executive Summary | General Partner | Investment Strategy | Track Record | ESG | Appendices Georgian exited two investments at higher valuations in Q3 2021, benefitting net returns Georgian Growth Fund VI, LP & Georgian Alignment Fund II, LP | Page 19#21● ● ● The General Partner has generated consistent net performance Funds I and II generated strong performance in their base currency (CAD) ● Hamilton Lane • Funds IV, V and Alignment I remain relatively young with average hold periods of approximately 2.2 years, 0.8 years and 0.3 years, respectively In Q3 2021, the General Partner completed one new platform investment in Alignment I and completed funding rounds for one portfolio company in Fund III and one portfolio company in Fund IV (mm) Looking ahead to Q4 2021, Georgian completed one new platform investment and completed a fund round for an existing portfolio company in Fund V Consistent with prior funds, Georgian plans to utilize a line of credit to facilitate capital calls Additionally, the General Partner maintains the ability to recycle capital throughout its investment period, which should benefit net performance and narrow gross-to-net spreads Fund Vintage Fund Size 2008 2013 2016 2018 2019 2021 C$63 C$194 $375 $550 $850 $900 Georgian Partners Prior Investment Performance ¹,² 1,2 As of 9/30/21 Capital Drawn C$82.4 C$288.2 $469.9 $527.4 $543.6 $775.1 $2,684.9 Capital Distributed December 2021 | Proprietary and Confidential C$203.2 C$187.9 $278.7 $128.4 $0.0 $0.0 $798.1 NAV DPI C$0.0 2.5x 0.7x 0.6x 0.2x 0.0x 0.0x 0.3x C$413.1 $429.4 $894.5 $1,081.2 $1,047.2 $3,865.4 TVPI Track Record (cont.) 2.5x 2.1x 1.5x 1.9x 2.0x 1.4x 1.7x Net IRR 25.1% 19.6% 14.3% 37.3% 97.3% 43.8% 28.2% HL Benchmark Late-Stage VC & Growth Equity³ As of 6/30/21 Top-Quartile DPI Fund I Fund II Fund III Fund IV Fund V Alignment I Total 1 Performance shown in base currency 2 Capital drawn, capital distributed and NAV are calculated from the cash flows of fee-paying limited partners and excludes any cash flows from the General Partner's commitment 3 Benchmark shown represents a blended benchmark of late-stage venture capital and growth equity; benchmarks as of 9/30/21 are not yet available Executive Summary | General Partner | Investment Strategy | Track Record | ESG | Appendices 2.2x 1.1x 0.8x 0.4x 0.1x 0.0x TVPI 2.2x 2.1x 2.4x 1.9x 1.5x 1.2x Net IRR 20.3% 15.0% 33.5% 40.5% 50.7% 54.0% PME Benchmark Nasdaq 100 TR As of 9/30/21 PME IRR 16.9% 21.8% 25.3% 33.2% 34.4% 13.2% 25.9% Georgian Growth Fund VI, LP & Georgian Alignment Fund II, LP | Page 20#22Hamilton Lane The table below represents the net IRR returns in USD ($mm) Fund Fund I Fund II Fund III Fund IV Fund V Alignment I Total Vintage Fund Size 2008 2013 2016 2018 2019 2021 $63 194 375 550 850 900 Georgian Partners Prior Investment Performance ¹,2 As of 9/30/21 Capital Drawn $77.2 233.3 469.9 527.4 543.6 775.1 $2,626.4 Capital Distributed December 2021 | Proprietary and Confidential $158.8 164.9 278.7 128.4 0.0 0.0 $730.8 NAV DPI $0.0 2.1x 325.0 0.7x 429.4 0.6x 0.2x 894.5 1,081.2 0.0x 1,047.2 0.0x $3,777.3 0.3x TVPI 2.1x 2.1x 1.5x 1.9x 2.0x 1.4x 1.7x Net IRR 19.6% 19.1% 14.3% 37.3% 97.3% 43.8% 27.4% Track Record (cont.) HL Benchmark Late-Stage VC & Growth Equity³ As of 6/30/21 Top-Quartile DPI 2.2x 1.1x 0.8x 0.4x 0.1x 0.0x TVPI 2.2x 2.1x 2.4x 1.9x 1.5x 1.2x Net IRR 20.3% 15.0% 33.5% 40.5% 50.7% 54.0% 1 Cash flows for Funds I and II were provided in CAD and converted to USD using the OANDA spot rate 2 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 3 Benchmark shown represents a blended benchmark of late-stage venture capital and growth equity; benchmarks as of 9/30/21 are not yet available Executive Summary | General Partner | Investment Strategy | Track Record | ESG | Appendices PME Benchmark Nasdaq 100 TR As of 9/30/21 PME IRR 16.9% 21.8% 25.3% 33.2% 34.4% 13.2% 24.6% Georgian Growth Fund VI, LP & Georgian Alignment Fund II, LP | Page 21#23● Hamilton Lane Georgian has generated attractive gross performance to-date; however, the portfolio remains largely unrealized Funds I and II generated more attractive returns in their base currency (CAD) In Q3 2021, the General Partner exited one investment in Fund III and one investment in Fund IV (mm) Fund Fund I Fund II Fund III Fund IV Fund V Alignment I Total (mm) Fund Fund I Fund II Fund III Fund IV Fund V Alignment I Total Amount Invested C$69.9 C$21.2 Georgian Partners Realized Investment Performance¹ As of 9/30/21 $89.5 $65.2 $0.0 $0.0 $245.8 Vintage 1 Performance shown in base currency 2008 2013 2016 2018 2019 2021 # of Inv. Total Real. 11 11 12 3 13 4 14 2 14 0 5 0 69 20 C$209.2 C$83.7 $236.3 $173.1 $0.0 $0.0 $702.3 Amount Unrealized Gross Realized Value Mult. December 2021 | Proprietary and Confidential Georgian Partners Prior Investment Performance¹ As of 9/30/21 Fund Size C$3.2 3.0x C$0.0 4.0x $11.6 2.8x $6.4 2.8x $0.0 n/a $0.0 n/a $21.1 2.9x C$63 C$194 $375 $550 $850 $900 Gross IRR 29.9% 47.6% 35.0% 62.4% n/a n/a 33.9% Amount Invested C$69.9 C$237.5 $415.8 $479.6 $502.7 $766.8 $2,472.3 (mm) Fund Fund I Fund II Fund III Fund IV Fund V Alignment I Total Track Record (cont.) Amount Unrealized Gross Realized Value Mult. C$209.2 C$3.2 3.0x C$177.6 C$490.8 2.8x $278.7 $488.5 1.8x $972.8 2.4x $1,214.6 2.4x $1,114.7 1.5x $173.1 $0.0 $0.0 $838.5 $4,284.6 2.1x Amount Invested C$0.0 C$216.4 $326.3 $414.4 $502.7 $766.8 $2,226.5 Georgian Partners Unrealized Investment Performance¹ As of 9/30/21 Amount Unrealized Gross Realized Value Mult. C$0.0 C$490.8 n/a 2.7x $476.9 1.6x $966.4 2.3x $1,214.6 2.4x $1,114.7 1.5x $4,263.5 2.0x C$0.0 C$93.9 $42.4 $0.0 $0.0 $0.0 $136.2 Executive Summary | General Partner | Investment Strategy | Track Record | ESG | Appendices Gross IRR 29.9% 25.8% 21.0% 49.8% 127.6% 55.1% 35.4% Gross IRR n/a 22.8% 15.4% 47.5% 127.6% 55.1% 36.4% Georgian Growth Fund VI, LP & Georgian Alignment Fund II, LP | Page 22#24● Hamilton Lane The table below represents the net IRR returns in USD ($mm) Fund Fund I Fund II Fund III Fund IV Fund V Alignment I Total ($mm) Fund Fund I Fund II Fund III Fund IV Fund V Alignment I Total Amount Invested Vintage $66.2 19.6 89.5 65.2 0.0 0.0 $240.6 2008 2013 2016 2018 2019 2021 Georgian Partners Realized Investment Performance¹ As of 9/30/21 # of Inv. Real. 11 3 4 2 0 0 20 $164.1 64.1 236.3 173.1 0.0 0.0 $637.7 Total 11 12 13 14 14 5 69 Amount Unrealized Gross Realized Value Mult. December 2021 | Proprietary and Confidential Georgian Partners Prior Investment Performance¹ As of 9/30/21 $2.5 0.0 2.5x 3.3x 2.8x 6.4 2.8x 0.0 n/a 0.0 n/a $20.5 2.7x 11.6 Fund Size $63 194 375 550 850 900 Gross IRR 24.3% 39.5% 35.0% 62.4% n/a n/a 30.0% Amount Invested ¹ Cash flows for Funds I and II were provided in CAD and converted to USD using the OANDA spot rate $66.2 190.9 415.8 479.6 502.7 766.8 $2,422.0 ($mm) Fund Fund I Fund II Fund III Fund IV Fund V Alignment I Total Amount Realized $164.1 138.8 278.7 173.1 0.0 0.0 $754.8 Amount Invested Track Record (cont.) Unrealized Gross Value Mult. $0.0 171.3 326.3 414.4 502.7 766.8 $2,181.4 $2.5 2.5x 386.1 2.8x 488.5 1.8x 972.8 2.4x 1,214.6 2.4x 1,114.7 1.5x $4,179.4 2.0x Georgian Partners Unrealized Investment Performance¹ As of 9/30/21 Gross IRR $0.0 74.7 42.4 0.0 0.0 0.0 $117.1 24.3% 24.4% 21.0% 49.8% 127.6% 55.1% 34.3% Amount Unrealized Gross Realized Value Mult. Executive Summary | General Partner | Investment Strategy | Track Record | ESG | Appendices $0.0 n/a 386.1 2.7x 1.6x 476.9 966.4 2.3x 1,214.6 2.4x 1,114.7 1.5x $4,158.8 2.0x Gross IRR n/a 22.2% 15.4% 47.5% 127.6% 55.1% 37.2% Georgian Growth Fund VI, LP & Georgian Alignment Fund II, LP | Page 23#25. ● ● ● Hamilton Lane The General Partner is in the process of becoming a signatory to PRI and maintains a formal ESG policy, which it incorporates into its investment due diligence process and actively promotes DEI in its company culture The General Partner performs ESG diligence in the screening of its investment opportunities and consults Malk Partners, a third-party ESG firm, for advisory in its due diligence process ● Georgian ran its first annual portfolio-wide ESG survey to identify areas of opportunity and risks in 2020 Georgian focuses on diversity within its organization and has implemented initiatives to increase diversity in its own candidate pool for incoming professionals as well as on the management teams of its portfolio companies Georgian places an emphasis on its diversity and employee engagement & retention The General Partner plans to donate 1% of carry and 1% of management fees to select charities ESG Summary ESG Policy ESG-Dedicated Professionals Signatories Environmental Focus Diversity ESG in Due Diligence Process Yes Announcing a Head of ESG in the near term In the process of becoming a signatory to PRI None Environmental, Social & Governance 46% female/54% male 66% minority in decision making 66% minority in ownership Proactively identify candidates with diverse backgrounds Third party ESG DD for all investments; ESG DD policy December 2021 | Proprietary and Confidential Integration in Decision Making ESG Focus Planning Monitoring Reporting Requirements of Portfolio Companies ESG risks and opportunities considered in decision- making ESG is always included in strategic planning Monitors and collects ESG and DEI KPIs across portfolio companies Annual ESG report The GP does not require all portfolio companies to adopt ESG policies but promotes ESG and diversity practices within portfolio companies Executive Summary | General Partner | Investment Strategy | Track Record | ESG | Appendices Georgian Growth Fund VI, LP & Georgian Alignment Fund II, LP | Page 24#26Section 4 | Appendices#27Hamilton Lane Name John Berton Simon Chong Justin LaFayette Steve Leightell Tyson Baber Emily Walsh Margaret Wu Michael Robinson Nicolas Chen Niamh Barry Evan Kerr Madison Elkhazin Juri Zguri Zao Chen Michelle Yu Title Managing Partner Managing Partner Managing Partner Lead Investor Lead Investor Lead Investor Lead Investor Lead Investor Investor Investor Investor Investor Investor Investor Investor Location Toronto Toronto Toronto Toronto Toronto Toronto Toronto Toronto Toronto Toronto Toronto Toronto Toronto Toronto Toronto Tot. Exp. (yrs.) December 2021 | Proprietary and Confidential 32 32 28 25 21 13 14 10 8 6 6 5 4. 5 4 Tenure (yrs.) 13 13 13 Experience of Investment Professionals Prior Experience VRG Capital, Managing Partner Showcare Event Solutions, CEO ● Imperial Oil, Manager • IBM, Worldwide Director of Sales DWL, SVP Field Operations • NatWest Life, IT Consultant IBM, Vice President DWL, Chairman and CEO ING Canada • IBM, Business Development Executive • DWL, Director of Business Development Netcom, Account Executive IBM, M&A Business Development Executive 13 7 LO 5 4 4 5 3 3 2 2 1 1 ● ● McKinsey & Company, Senior Associate .BR Venture Fund, Fund Manager ● ● My Dash, COO • Amazon UK, Sr. Product Manager Uma Bioseed, Co-founder and VP Operations Onespout, COO • True Wind Capital, Associate • Goldman Sachs, Senior Analyst • RBC Capital Markets, Analyst ● Compass Lexecon, Analyst Union Square Advisors, Analyst • Aston Hill Financial, Analyst • Pivotal Software, Inc., Sales Productivity • PinPoint GPS Solutions, Enterprise Sales Support • BMO Capital Markets, Analyst • PSP Investments, Analyst • HDR, Analyst • Deloitte, Consultant ● Credit Suisse, Analyst • Western Investment Club, Analyst • Bank of America Merrill Lynch BMO Capital Markets • Deloitte Educational Background University of Calgary (BS) • Queen's University (BA) Henley Business School (MBA) Henley Business School • Ferris State University (BS) University of Toronto, Rotman School of Management • Carleton University (BA) Team Bios University of North Carolina (JD/MBA) University of North Carolina (BS) • Cornell University (MBA) • The Julliard School . Cornell University (MBA) • University of Waterloo Queen's University (BC) • Western University (BA) Vectr Ventures, Associate BDC, Analyst Executive Summary | General Partner | Investment Strategy | Track Record | ESG | Appendices • Western University, Ivey Business School (HBA) • Western University (BA) • University of Ottawa (BC) • Vienna Univeristy of Economics and Business (BC) University of Ottawa (BS) • Western University, Ivey Business School (HBA) • University of Toronto, Rotman School of Management • University of Waterloo • McGill University (BC) Georgian Growth Fund VI, LP & Georgian Alignment Fund II, LP | Page 26#28Benchmark 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: December 2021 | 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 Fund VI'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 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) Georgian Growth Fund VI, LP & Georgian Alignment Fund II, LP | Page 27#29Hamilton Lane Time-Zero IRR: Write-Down Ratio: Write-Off Ratio: Definitions (cont.) December 2021 | 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 Georgian Growth Fund VI, LP & Georgian Alignment Fund II, LP | Page 28#30Hamilton 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 (0) 7917 220353 December 2021 | Proprietary and Confidential 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 | ESG | Appendices Georgian Growth Fund VI, LP & Georgian Alignment Fund II, LP | Page 29