ICG Strategic Partnership Presentation to State of Connecticut Retirement Plans and Trust Funds (CRPTF)

PREPARED FOR CRPTF. PRIVATE AND CONFIDENTIAL. Important Information ICG IMPORTANT DISCLOSURE INFORMATION THE INFORMATION IN THIS COMMUNICATION IS FOR INFORMATIONAL PURPOSES ONLY AND IS NOT A SOLICITATION OF AN OFFER TO SELL, SUBSCRIBE FOR OR BUY ANY SECURITIES OR THE SOLICITATION THEREOF. NO. OFFER OF SECURITIES SHALL BE MADE EXCEPT BY MEANS OF A PROSPECTUS (PRIVATE PLACEMENT MEMORANDUM) MEETING THE REQUIREMENTS OF THE INVESTMENT COMPANY ACT OF 1940, THE INVESTMENT ADVISORS ACT OF 1940 AND THE SECURITIES ACT OF 1933, AS AMENDED. FOR INSTITUTIONAL/PROFESSIONAL/ACCREDITED INVESTORS ONLY. THIS DOCUMENT IS BEING PROVIDED TO YOU BY THE SUBSIDIARIES OR AFFILIATES OF INTERMEDIATE CAPITAL GROUP PLC ("ICG", AND TOGETHER WITH THEIR RESPECTIVE DIRECTORS, OFFICERS, EMPLOYEES, PARTNERS, MEMBERS, SHAREHOLDERS, ADVISERS AND AGENTS, AS THE CONTEXT REQUIRES, "THE ICG PARTIES") ON A STRICTLY CONFIDENTIAL BASIS AND NO PART MAY BE REPRODUCED OR REDISTRIBUTED IN ANY FORM, BY ANY MEANS WITHOUT THE PRIOR EXPRESS WRITTEN CONSENT OF ICG. THIS DOCUMENT IS INTENDED ONLY FOR INFORMATION PURPOSES AND CONVENIENT REFERENCE AND DOES NOT CREATE ANY LEGALLY BINDING OBLIGATION ON ANY OF THE ICG PARTIES. THE ICG PARTIES EXPRESSLY DISCLAIM ANY LIABILITY FOR THE USE, MISUSE, OR DISTRIBUTION OF THIS INFORMATION TO UNAUTHORISED RECIPIENTS. THIS DOCUMENT: (I) IS NOT INTENDED AS AN OFFER OR SOLICITATION WITH RESPECT TO THE PURCHASE OR SALE OF ANY SECURITY OR FINANCIAL INSTRUMENT; (II) IS NOT TO BE RELIED UPON IN EVALUATING THE MERITS OF INVESTING IN ANY SECURITIES; AND (III) IS PROVIDED SOLELY AS REFERENCE MATERIAL FOR BACKGROUND PURPOSES. YOU SHOULD BE AWARE THAT INVESTING IN A VEHICLE MANAGED OR ADVISED BY ICG (AN "ICG ACCOUNT") INVOLVES A HIGH DEGREE OF RISK, AND THERE CAN BE NO ASSURANCE THAT AN ICG ACCOUNT'S INVESTMENT OBJECTIVE WILL BE ACHIEVED OR THAT YOU WILL RECEIVE A RETURN ON YOUR CAPITAL. THE POSSIBILITY OF PARTIAL OR TOTAL LOSS OF CAPITAL FROM AN INVESTMENT IN AN ICG ACCOUNT WILL EXIST AND YOU MUST BE PREPARED TO BEAR SUCH LOSSES. YOU SHOULD REFRAIN FROM INVESTING IN AN ICG ACCOUNT UNLESS YOU FULLY UNDERSTAND ALL THE RISKS INVOLVED AND YOU INDEPENDENTLY DETERMINE THAT THE INVESTMENT IS SUITABLE FOR YOU. ICG IS NOT YOUR DESIGNATED INVESTMENT ADVISOR. CG MAY ENCOUNTER POTENTIAL CONFLICTS OF INTEREST IN CONNECTION WITH THE ACTIVITIES OF AN ICG FUND. PLEASE SEE THE APPLICABLE ICG ACCOUNT'S OFFERING OR CONSTITUTIONAL DOCUMENTS FOR ADDITIONAL INFORMATION (THE "OFFERING DOCUMENTS"), WHICH MAY BE FURNISHED TO QUALIFIED INVESTORS ON A CONFIDENTIAL BASIS AT THEIR REQUEST FOR THEIR CONSIDERATION IN CONNECTION WITH SUCH OFFERING. THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO THE OFFERING DOCUMENTS, WHICH MAY CONTAIN ADDITIONAL INFORMATION ABOUT THE INVESTMENT OBJECTIVE, TERMS AND CONDITIONS OF AN INVESTMENT IN THE ICG ACCOUNT AND MAY ALSO CONTAIN TAX INFORMATION AND RISK AND CONFLICT OF INTEREST DISCLOSURES THAT ARE IMPORTANT TO ANY INVESTMENT DECISION REGARDING THE ICG ACCOUNT. NO PERSON HAS BEEN AUTHORIZED TO GIVE ANY INFORMATION OR MAKE ANY REPRESENTATIONS OTHER THAN AS CONTAINED IN THE OFFERING DOCUMENTS AND, IF GIVEN OR MADE, ANY SUCH INFORMATION OR REPRESENTATION MUST NOT BE RELIED UPON AS HAVING BEEN AUTHORIZED BY THE FUND OR ANY OF THE ICG PARTIES. A PROSPECTIVE INVESTOR SHOULD NOT INVEST IN ANY ICG ACCOUNT UNLESS SATISFIED THAT IT (ALONE OR TOGETHER WITH ITS INVESTMENT REPRESENTATIVE) HAS ASKED FOR AND RECEIVED ALL INFORMATION THAT WOULD ENABLE THE INVESTOR (OR BOTH OF THEM) TO EVALUATE THE MERITS AND RISKS OF THE PROPOSED INVESTMENT. ALTHOUGH CERTAIN INFORMATION HAS BEEN OBTAINED FROM, AND IS BASED UPON SOURCES THAT WE CONSIDER RELIABLE, NONE OF THE ICG PARTIES GUARANTEE ITS ACCURACY, AND IT MAY BE INCOMPLETE OR CONDENSED. ALL OPINIONS, PROJECTIONS AND ESTIMATES CONSTITUTE THE JUDGEMENT OF THE ICG PARTIES, AS OF THE DATE OF THE DOCUMENT AND ARE SUBJECT TO CHANGE WITHOUT NOTICE. THE ICG PARTIES MAKE NO REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED AS TO THE FAIRNESS, CORRECTNESS, ACCURACY OR COMPLETENESS OF THIS DOCUMENT. THE ICG PARTIES ACCEPT NO RESPONSIBILITY FOR ANY LOSS ARISING FOR ANY ACTION TAKEN OR NOT TAKEN BY ANYONE USING THE INFORMATION CONTAINED HEREIN. THIS DOCUMENT IS NOT TO BE RELIED UPON IN SUBSTITUTION FOR THE EXERCISE OF INDEPENDENT JUDGMENT. ICG MAY HAVE ISSUED, AND MAY IN THE FUTURE ISSUE, OTHER COMMUNICATIONS THAT ARE INCONSISTENT WITH, AND REACH DIFFERENT CONCLUSIONS FROM, THE INFORMATION CONTAINED HEREIN. THIS DOCUMENT REFLECTS THE DIFFERENT ASSUMPTIONS, VIEWS AND ANALYTICAL METHODS OF THE ANALYSTS WHO PREPARED THEM AND ICG IS UNDER NO OBLIGATION TO ENSURE THAT SUCH COMMUNICATIONS ARE BROUGHT TO THE ATTENTION OF ANY RECIPIENT OF THIS DOCUMENT. PAST PERFORMANCE SHOULD NOT BE TAKEN AS AN INDICATION OR GUARANTEE REGARDING FUTURE PERFORMANCE, AND NO REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED IS MADE REGARDING FUTURE PERFORMANCE. MOREOVER, CERTAIN INFORMATION CONTAINED HEREIN CONSTITUTE "FORWARD-LOOKING STATEMENTS," WHICH MAY BE IDENTIFIED BY THE USE OF FORWARD-LOOKING TERMINOLOGY SUCH AS "MAY," "WILL", "SHOULD," "EXPECT," "ANTICIPATE," "TARGET," "PROJECT," "FORECAST," "ESTIMATE," "INTEND," "CONTINUE" OR "BELIEVE," OR THE NEGATIVES THEREOF OR OTHER VARIATIONS THEREON OR COMPARABLE TERMINOLOGY. ANY FORWARD-LOOKING STATEMENTS OR RESULTS IN THIS PRESENTATION ARE BASED UPON CURRENT ASSUMPTIONS, MAY BE SIMPLIFIED AND MAY DEPEND ON EVENTS OUTSIDE ICG'S CONTROL. DUE TO VARIOUS RISKS AND UNCERTAINTIES ACTUAL EVENTS OR RESULTS OR THE ACTUAL PERFORMANCE OF THE FUND MAY DIFFER MATERIALLY FROM THOSE REFLECTED OR CONTEMPLATED IN SUCH FORWARD-LOOKING STATEMENTS. STATEMENTS HEREIN ARE MADE AS OF THE DATE HEREOF UNLESS STATED OTHERWISE HEREIN. NORTH AMERICA THIS DOCUMENT HAS BEEN ISSUED AND APPROVED FOR DISTRIBUTION WHERE RELEVANT BY INTERMEDIATE CAPITAL GROUP, INC, WHICH IS REGISTERED AS AN INVESTMENT ADVISER UNDER THE US INVESTMENT ADVISERS ACT 1940 AND RELIES ON THE FORM ADV OF ITS AFFILIATE, INTERMEDIATE CAPITAL GROUP, INC., A REGISTERED INVESTMENT ADVISER, TO EFFECT ITS REGISTRATION. ADDITIONAL INFORMATION ABOUT INTERMEDIATE CAPITAL GROUP INC. AND ICG NORTH AMERICAN PRIVATE DEBT ADVISORS LLC IS AVAILABLE IN PART 2A OF THE FORM ADV OF INTERMEDIATE CAPITAL GROUP, INC. A COPY OF THE FORM ADV IS AVAILABLE ON THE SEC'S INVESTMENT ADVISER PUBLIC DISCLOSURE (IAPD) WEBSITE AT WWW.ADVISERINFO.SEC.GOV. THIS DOCUMENT IS BEING SENT ONLY TO (A) QUALIFIED INSTITUTIONAL BUYERS OR INSTITUTIONAL ACCREDITED INVESTORS WITHIN THE MEANING OF REGULATION D UNDER THE U.S. SECURITIES ACT OF 1933 WHO ARE ALSO QUALIFIED PURCHASERS WITHIN THE MEANING OF SECTION 3(C) (7) OF THE U.S. INVESTMENT COMPANY ACT OF 1940 OR (B) NON-U.S. PERSONS IN OFFSHORE TRANSACTIONS WITHIN THE MEANING OF REGULATION S UNDER THE U.S. SECURITIES ACT OF 1933. RECIPIENTS OF THIS DOCUMENT MUST INFORM THEMSELVES ABOUT AND OBSERVE ALL RELEVANT LEGAL AND REGULATORY REQUIREMENTS. NONE OF THE INFORMATION CONTAINED HEREIN HAS BEEN FILED WITH THE SEC, ANY U.S. OR NON-U.S. SECURITIES REGULATOR OR SELF-REGULATORY AUTHORITY AND NONE OF THE SEC, ANY U.S. OR NON-U.S. SECURITIES REGULATOR OR SELF- REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED, PASSED ON, OR ENDORSED, THE MERITS OF THESE SECURITIES. ANY REPRESENTATION TO THE CONTRARY IS UNLAWFUL. FOR THE AVOIDANCE OF DOUBT, THIS DOCUMENT WILL NOT BE ISSUED TO OR DIRECTED AT, AND ANY INVESTMENT IN AN ICG FUND WILL NOT BE AVAILABLE TO, PERSONS IN ANY COUNTRY WHERE SUCH ACTIONS WOULD BE CONTRARY TO LOCAL LAWS OR REGULATIONS IN THAT RELEVANT COUNTRY. THIS DOCUMENT IS NOT INTENDED FOR DISTRIBUTION TO OR USE BY ANY PERSON OR ENTITY IN ANY JURISDICTION OR COUNTRY WHERE SUCH DISTRIBUTION OR USE WOULD BE CONTRARY TO LOCAL LAW OR REGULATION. THIS DOCUMENT IS NOT INTENDED TO PROVIDE, AND SHOULD NOT BE RELIED UPON, FOR ACCOUNTING, LEGAL, TAX ADVICE OR INVESTMENT RECOMMENDATIONS. YOU SHOULD CONSULT YOUR TAX, LEGAL, ACCOUNTING OR OTHER ADVISORS ABOUT THE ISSUES DISCUSSED HEREIN. FOR THE AVOIDANCE OF DOUBT, THIS DOCUMENT WILL NOT BE ISSUED TO OR DIRECTED AT, AND ANY INVESTMENT IN AN ICG FUND WILL NOT BE AVAILABLE TO, PERSONS IN ANY COUNTRY WHERE SUCH ACTIONS WOULD BE CONTRARY TO LOCAL LAWS OR REGULATIONS IN THAT RELEVANT COUNTRY. THIS DOCUMENT IS NOT INTENDED FOR DISTRIBUTION TO, OR USE BY ANY PERSON OR ENTITY IN ANY JURISDICTION OR COUNTRY WHERE SUCH DISTRIBUTION OR USE WOULD BE CONTRARY TO LOCAL LAW OR REGULATION. TRADEMARK DISCLAIMER: ALL COMPANY NAMES AND LOGOS ARE TRADEMARKS ARE OWNED BY THEIR RESPECTIVE HOLDERS. USE OF THEM HEREIN DOES NOT IMPLY ANY AFFILIATION WITH OR ENDORSEMENT BY THEM. ID: COD00001312 24