Absolute Return Strategies Presentation

Absolute Return Coverage Absolute Return Universe 7,000+ Funds¹ 2,200 Unique Firms¹ Research Group Preliminary Due Diligence and Rating (A, B or C) Strategy Coverage: Market Neutral Credit/Distressed Event Driven Equity Long/Short Macro - Discretionary Macro-Systematic Multi-Strategy Focus List Funds² Approved Funds² 218 A-Rated 132 Funds 331 B-Rated Focus List Funds² Absolute Return Strategies Focus List Funds² Firm Headquarters Multi- Strategy 7% Macro- Systematic 9% Market Neutral 18% Europe 19% Annual Activity by Research Group³ 360 175 936 104 2,462 Funds sourced and reviewed Initial Fund meetings Investment due diligence meetings Operations due diligence meetings Manager calls Macro- Discretionary 13% Equity Long/Short 21% Event Driven 12% Credit/ Distressed 21% Asia/Pacific 7% North America 74% 1 Source: HFRI. 2 As of December 31, 2017. 3 Unless otherwise indicated, approximate annual activity, based on average over past three years (2015, 2016, 2017). 4 Estimated approximate annual activity. CLIFFWATER LLC | 24

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