Absolute Return Strategies Presentation

Absolute Return Diligence - Thorough Documentation Cliffwater clients receive multiple research reports, recommendation reports and update notes on their investments and managers. - Timely information and analysis enables clients to stay informed and make relevant decisions Reports provide Cliffwater's views and opinions, as well as a recommended course of action Report Description Profile Report 4-6 page due diligence report with fund rating Frequency Generally updated every Report Meeting / Call Notes Description two years Notes of meetings or calls between Cliffwater analysts and the funds Frequency Ongoing Investment Due Diligence Report Operations Due Diligence Report Partnership Development Report Partnership Approximately 20 page investment due diligence report for approved funds Approximately 20 page operations due diligence report for approved managers Generally Monitoring Notes updated annually Generally updated Performance Reports annually Report outlining material events As needed such as changes to organization, team or investment process Report outlining proposed As needed Amendment and changes to fund documents and Annual Meeting Report Redemption Recommendation Report Summary outlining portfolio positioning and exposures, key drivers of performance and any organizational issues Return and risk analytics including measures of alpha and market risk exposures Recommendation report to redeem from a fund that no longer meets Cliffwater's investment expectations Report covering a fund's annual meeting, if any As needed Monthly Monthly Annually Recommendation Report a recommendation on how to vote Watch List Report Report outlining significant concerns (performance, organizational or other) that As needed Industry Development Report addressing emerging topics in the industry As needed Report merit closer monitoring, followed by regular updates CLIFFWATERLC | 25

View entire presentation