Absolute Return Strategies Presentation

Cliffwater LLC Founded in 2004 100% employee owned SEC registered, accept fiduciary responsibility Offices in Los Angeles and New York Experienced professional staff 42 employees Focused on institutional clients 46 total clients Assets under advisement¹ - $43 billion in alternative assets 1 Includes discretionary and non-discretionary assets under advisement of current clients. Total assets include approximately $1 billion in discretionary assets under management. Private assets as of September 30, 2017; all other assets as of December 31, 2017. (Private asset valuations generally lag by a quarter.) CLIFFWATERLIC 14

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