Absolute Return Strategies Presentation

Investment Due Diligence Investment due diligence is led by senior research team members - Research responsibilities organized by strategy - In-depth diligence typically ― completed over several months Onsite meetings and reference calls conducted - Multiple senior Cliffwater Distributions Length and Depth of Track Record Public and Private Benchmarks Performance Organizational Growth Team & Organization Succession Team Depth Governance Fees & Expenses Investment Process Origination professionals involved in the due diligence process Cliffwater utilizes a consistent and thorough diligence process for private asset fund recommendations GP $ Commitment Transparency Financing Portfolio Strategy CLIFFWATERLC | 13

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