Absolute Return Strategies Presentation

Cliffwater Senior Leadership Team Stephen Nesbitt CEO/CIO 40 years of investment experience Kathleen Barchick, CFA Senior Managing Director 24 years of investment experience Gabrielle Zadra Senior Managing Director, Head of Private Assets Research 17 years of investment experience Daniel Stern Senior Managing Director, Head of Absolute Return Research 26 years of investment experience Thomas Lynch, CFA Senior Managing Director James Feidler Senior Managing Director Jonathan Rogal General Counsel, Chief Compliance Officer Lance Johnson Chief Operations Officer 37 years of investment experience 26 years of investment experience 18 years of investment experience 22 years of investment experience Pete Keliuotis, CFA Senior Managing Director Mark Johnson Senior Managing Director David Wippel Managing Director, Head of Risk Reporting Thomas Brown Chief Technology Officer 29 years of investment experience 19 years of investment experience 19 years of investment experience 19 years of investment experience CLIFFWATERLIC | 5

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