Absolute Return Strategies Presentation

Legal Due Diligence Legal team reviews fund documents and negotiates business terms across multiple dimensions - Investor protections - Fees - - Alignment of interests Amendments & Consents Valuation Methodology Transparency Cliffwater seeks to improve terms in fund documents and through side letters on behalf of all clients When desired, Cliffwater's team will work together with client's internal and/or outside counsel Investment Limitations No Fault Advisory Boards Management Fees Carried Interest GP Commitment Monitoring & Reporting Alignment of Interests Offsets Governance Other Financial Distributions Preferred Return Key Person Fund Expenses Conflicts of Interest Clawback CLIFFWATER LIC | 15

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