Absolute Return Strategies Presentation

Sample Projected Private Equity Allocations Annual Capital Budget - Projected Allocations and Pacing Cliffwater models clients' existing portfolios to determine future annual commitment pacing Includes cash flow and strategy composition - Stress testing capabilities - Incorporated into client's strategic annual plan Strive for meaningful commitment sizes per fund while maintaining time, strategy, and geographic diversification 10.0% 9.0% Private Equity Fair Value as % of Total Plan Assets Unfunded Commitments + FV as % of Assets 8.0% % of Total Portfolio Assets Opportunistically scale cyclical strategies such as distressed debt 7.0% 5.0% 4.7% 4.9% 4.9% 5.0% 5.0% 5.0% 5.0% 4.5% 4.2% 3.9% 4.0% 3.0% 3.0% 6.0% 2.0% 1.0% 0.0% $4,000 Year 1 Year 2 Year 3 ■Non-U.S. $3,500 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Sample Projected Private Equity Allocations Natural Resources Distressed Venture Capital $3,000 ■Buyout $2,500 Capital Invested ($ mm) $2,000 $1,500 $1,000 Year 5 Year 6 Year 7 Year 10 Year 8 Year 11 Year 9 $500 $0 Year 1 Year 2 Year 3 Year 4 The charts shown above are provided for illustrative purposes only. The charts are intended to show examples of the capital budget models Cliffwater generates for its clients. Actual allocations will vary depending on the specific client circumstances and will differ. Year 10 Year 11 CLIFFWATER ULC | 32

View entire presentation