Fresno County Employees’ Retirement Association Andrew T. Preda, Managing Director Bradley H. Meyers, CPA, Managing Director Lisa A. Kastigar, Director

March 6, 2019

The Notes and Disclosures following this presentation are an integral part of this presentation and must be read in connection with your review of this presentation. GCM Grosvenor®, Grosvenor®, Grosvenor Capital Management®, GCM Customized Fund Investment Group™ and Customized Fund Investment Group™ are trademarks of Grosvenor Capital Management, L.P. and its affiliated entities. This presentation has been prepared by Grosvenor Capital Management, L.P. and GCM Customized Fund Investment Group, L.P. ©2019 Grosvenor Capital Management, L.P., and GCM Customized Fund Investment Group, L.P. All rights reserved. Presenters’ Biographies

Andrew T. Preda, Managing Director, Hedge Fund Strategies Mr. Preda serves as a Portfolio Manager for a number of multi-strategy portfolios and for other specialized strategies and custom mandates. Mr. Preda leads activities related to the construction, implementation and monitoring of portfolios. Prior to joining GCM Grosvenor, from 2004 to 2007, Mr. Preda was a Vice President and Underwriting Team Leader at Madison Capital Funding, L.L.C., a provider of leveraged capital products for private equity sponsors. Mr. Preda was responsible for structuring, underwriting, negotiating, closing, and managing both Madison-led transactions and participation transactions. From 1998 to 2004, Mr. Preda was in the Mergers & Acquisitions Group of Banc One Capital Markets, where he focused on providing investment banking advisory services to the bank's middle market and large corporate clients. From 1993 to 1998, he was a Relationship Manager with the Market Commercial Banking Subsidiary at American National Bank and Trust Company of Chicago. Mr. Preda received his Bachelor of Arts in Political Science from the University of Michigan in 1993 and his Master of Business Administration from the University of Chicago Booth School of Business in 2003. Bradley H. Meyers, CPA, Managing Director, Hedge Fund Strategies Investment Committee Member, Head of Portfolio Management Mr. Meyers is a member of the Hedge Fund Strategies Investment Committee, Head of Hedge Fund Strategies Portfolio Management and serves on the Global Investment Council. Mr. Meyers is also a member of the Hedge Fund Strategies Seeding and Strategic Investments Investment Committees. Mr. Meyers oversees the portfolio management process and approves portfolio allocations prior to implementation. Prior to assuming his role as Head of Portfolio Management, Mr. Meyers was a Vice President on the Hedge Fund Strategies Research Team with a focus on credit and arbitrage strategies. Prior to joining GCM Grosvenor, he was a Financial Analyst with Merrill Lynch in the Mergers & Acquisitions Group. Prior to Merrill Lynch, he worked as an Associate for PricewaterhouseCoopers, LLP. Mr. Meyers received his Bachelor of Science in Accountancy from the University of Illinois at Urbana- Champaign in 1997 and his Master of Business Administration from the University of Chicago Booth School of Business in 2003. Mr. Meyers is a Certified Public Accountant. Lisa A. Kastigar, Director, Client Group Ms. Kastigar shares responsibility for business development, client service and consultant relations. Prior to joining GCM Grosvenor, she was the Director of Research at Marco Consulting Group, where she guided asset allocation studies, research and investment manager due diligence. A subset of her responsibilities was leading fund of hedge funds research, which included client education, due diligence, on-going monitoring, and reporting. She also worked at the Federal Reserve Bank of Chicago and at the Financial Services Authority in London as a financial markets regulatory policy economist. She began her career in the financial industry working on the derivatives exchanges of the CME Group. Ms. Kastigar received her Bachelor of Science in Business Economics from Marquette University and her Master of Business Administration from the University of Chicago Booth School of Business. Ms. Kastigar serves on the Board of Directors for Working in the Schools (WITS).

2 Table of Contents

. Tab A GCM Grosvenor Overview

. Tab B Investment Perspective

. Tab C Client Update › Fresno County Employees’ Retirement Association - Consolidated › Grosvenor Institutional Partners, L.P. › GCM Better Futures Fund, LLC (“BFF”) . Appendix 1 Market Update

. Appendix 2 How we Work with Clients

. Appendix 3 Notes and Disclosures

3 Tab A GCM Grosvenor Overview Global and Diversified Alternative Asset Management

GCM Grosvenor is one of the world’s largest and most diversified $52.2 bn independent alternative asset management firms. Assets under management

What defines us: 1971 First year of investing . Delivering comprehensive alternative investment solutions . Global investment experience that spans alternative asset classes1: 511 Employees

162 Investment professionals

$26.9 bn $18.2 bn $4.5 bn $1.7 bn $2.3 bn 95% Institutional client base . Partnering with institutional clients worldwide . Our position as a leader in customized solutions 76% Of AUM in customized client . Our breadth of turn-key investment products portfolios . Seeking to align our interests with clients by investing alongside them $536 mm . Ongoing commitment to the community, to diversity and to responsible investing Capital invested and committed alongside our clients2

1 In cases where a Hedge Fund Strategies portfolio invests in Strategic Investments, assets are counted in both asset classes. 2 Includes investments and commitments to investments made by the firm, its affiliates, and employees and employees’ relatives. Employee data as of January 1, 2019. AUM data as of September 30, 2018. The Operational Due Diligence team is included in the Investment professionals count.

5 Tab B Investment Perspective Few Safe Havens in 2018 Markets Summary Most risk assets finished 2018 in negative territory. Against this challenging market backdrop, hedged strategies generally preserved capital and limited drawdown risks, relative to traditional asset classes.

5% 1.9% -0.2% -1.2% -1.4% -2.4% -4.4% -4.6% -7.6% -8.2% -11.0% -13.6% -13.8% -14.5% -16.2% -22.7% 0% 0.0% -5% -3.0% -5.3% -5.0% -5.6% -6.8% -10%

-15%

-20% -18.3% -19.4% YTD ROR (as of 12/31/2018) -19.9% -20.7% -25% Max PTT Drawdown (Trailing 12m) -24.9% -24.2% -26.9% -26.9% -30% -29.1%

-35%

S&P 500 S&P

GIP (Net) ¹ (Net) GIP

MSCI World MSCI

Russell 2000 Russell

Cash (3M T-Bill) (3M Cash

MSCI World ex-US World MSCI

Eurostoxx 50 (USD) 50 Eurostoxx

Shanghai Composite Shanghai

HFRI FW Composite ¹ Composite FW HFRI

GSCI Commodity Index Commodity GSCI

Aggregate Bond Index Bond Aggregate

S&P 500 (Equal-Weighted) 500 S&P

Bloomberg Barclays Global Barclays Bloomberg

Credit Suisse High Yield Index Yield High Suisse Credit

MSCI Emerging Markets Index Markets Emerging MSCI GCM Better Futures Fund, LLC ¹ LLC Fund, Futures Better GCM

Data as of December 31, 2018. 1 Drawdowns for Grosvenor Institutional Partners (GIP), GCM Better Futures Fund, LLC and HFRI FW Composite are based on monthly data, whereas drawdown estimates for other assets shown are based on daily returns. Past performance is not necessarily indicative of future results. No assurance can be given that any investment will achieve its objectives or avoid losses.

7 Improved Environment for Hedge Funds Late Cycle Environment We believe hedge funds are well-positioned in the current environment. Over many years, the flexible mandates and ability to mitigate losses in declining markets have proved valuable.

Capital Preservation Higher Interest Rates

› Limiting portfolio drawdowns is a critical › Hedge funds have historically benefitted component of compounding long-term from higher interest rates, through direct returns and indirect positive impacts on strategies

Accessing Lesser-Correlated Strategies Volatility on the Rise

› Active, hedged strategies, allow portfolios › While higher volatility is a headwind for to access lesser-correlated return streams many traditional asset classes, it has largely unavailable to passive investors historically benefitted hedge funds

We believe GCM-managed portfolios are nimble and sufficiently liquid to adapt to evolving market conditions in 2019. Our focus on lesser-correlated return streams can provide prudent diversification to global investment portfolios.

Unless apparent from context, all statements herein represent GCM Grosvenor’s opinion. Past performance is not necessarily indicative of future results. No assurance can be given that any investment will achieve its objective or avoid losses.

8 GCM Grosvenor Market Outlook Summary In late cycle environments, we believe actively managed strategies are particularly vital, as they are capable of generating attractive absolute and relative returns while traditional assets may struggle.

Cautious about markets Opportunities on which and valuations broadly we are focused Concerning indicators and late cycle Complex and difficult to access strategies: dynamics in markets: › Complex situational investing › Decelerating economic growth and earnings › Process and distressed driven strategies growth › Relative value approaches › Higher short-term interest rates › Fundamental and quantitative long/short › Rising volatility strategies › Geopolitical and policy risks abundant globally Research focus heading into 2019: › Credit has yet to meaningfully reprice › Emerging markets and Asia › Concerning liquidity indicators › Sector specific opportunities › Deteriorating financial conditions › Persistent alpha

Unless apparent from context, all statements herein represent GCM Grosvenor’s opinion. Past performance is not necessarily indicative of future results. No assurance can be given that any investment will achieve its objectives or avoid losses.

9 Portfolio Construction in a Cautious Market Environment Attractive Environment For Hedge Funds

Our Market Optimism Perspective Caution

Volatility Interest Rates Liquidity Valuations Geopolitical (expect elevated)

Barbell Approach Portfolio Construction

Defensive All Weather Pro-Cyclical Strategies Strategies Strategies

. Volatility Arbitrage . Persistent Alpha Strategies . Opportunistic Credit . Credit Shorts . Market-Neutral Equity . Emerging Market Strategies . Long/Short Credit . Diversified Macro . Distressed Securities . Portfolio Hedges . Quantitative Strategies . Sector Specialists . Liquidity / Dry Powder . Special Situations . Asia Strategies . Relative Value

Unless apparent from context, all statements herein represent GCM Grosvenor’s opinion. Past performance is not necessarily indicative of future results. No assurance can be given that any investment will achieve its objectives or avoid losses.

10 Current Themes

Our portfolio approach combines allocations to core, “all-weather” strategies complemented by tactical investments that seek to capture niche and/or timely market opportunities.

Backdrop We seek to: . Interest rates have risen from historical lows Generate cash yield and margin of safety by Opportunistic . Illiquidity premium available in a number of markets capitalizing on less crowded areas within credit Credit . Non-traditional approaches often have less competition markets, as well as dislocations and complex situations globally . Removal of central bank liquidity increases dispersion Access Macro, Quant and other market neutral Lesser Correlated . Volatility regime has inflected higher or low-net strategies with the ability to generate Strategies . Exponential growth in available data persistent alpha through talent, technology and . Growing macroeconomic and geopolitical uncertainty research . Complexity in sectors and regions undergoing dynamic Invest, both long and short, across select sectors Niche Equity change and subject to idiosyncratic volatility and regions with specialist managers we believe Sector & Regional . Both regulatory and technological changes have developed edge through domain expertise Focused Opportunities . Improved infrastructure and liquidity in select regions (e.g. Asia) improve opportunities for hedged strategies . Seek to capitalize on dislocations, major themes, inflection Leverage our opportunistic investment platform Strategic points, misunderstood assets, and complex situations to identify special opportunities and dislocations Investments using a tactical approach

. Economic imbalances beginning to manifest through Build allocations to relative value specialists with Defensive dislocations across asset classes long volatility profiles, isolate idiosyncratic short Strategies . Opportunities exist to create positive expected return opportunities across asset classes (e.g. equities, strategies with negative expected market beta credit, DM and EM Foreign Exchange)

Unless apparent from context, all statements herein represent GCM Grosvenor’s opinion. Past performance is not necessarily indicative of future results. No assurance can be given that any investment will achieve its objectives or avoid losses.

11 Tab C Client Update Client Update Tab C

› Fresno County Employees' Retirement Association – Consolidated › Grosvenor Institutional Partners, L.P. › GCM Better Futures Fund, LLC (“BFF”)

13 Executive Summary Fresno County Employees' Retirement Association (January 31, 2019) Grosvenor Institutional Partners, L.P.1 (“GIPLP”) Net performance summary2

Fund Details Performance Fund 3M U.S. T-Bill HFRI FoF Grosvenor Institutional Partners, L.P. (the "Fund") Trailing 12 Months (02/2018-01/2019) Inception Date January 1, 2000 Return -0.33% 1.96% -3.84% Strategy Multi-Strategy 2019 1st Quarter (1 month) 2.11% 0.20% 2.60% AUM (1/31/2019) $4,646.5M Year to Date (1 month) 2.11% 0.20% 2.60% Client Capital Account 2018 Opening Balance on November 1, 2009 $50,000,000 4th Quarter -4.00% 0.57% -5.01% Additional Subscriptions $78,548,034 3rd Quarter 0.59% 0.50% 0.24% (Redemptions) $0 2nd Quarter 1.58% 0.44% 0.46% Cumulative Investment Results $37,321,496 1st Quarter 1.23% 0.35% 0.27% Balance as of January 31, 2019 $165,869,530 Year -0.69% 1.86% -4.09% Annualized Client - Since Initial Investment 4.37% 0.39% 2.62%

Annualized Standard Deviation Fund GCM Better Futures Fund, LLC (“BFF”) Trailing 12 Months (02/2018-01/2019) 3.61% Client - Since Initial Investment 3.61% Fund Details GCM Better Futures Fund, LLC Beta vs. S&P 500 Fund Inception Date October 1, 2016 Trailing 12 Months (02/2018-01/2019) 0.20 Strategy Multi-Strategy Client - Since Initial Investment 0.22 AUM (1/31/2019) $162.4M

Client Capital Account Opening Balance $150,125,000 Additional Subscriptions $0 (Redemptions) $0 Cumulative Investment Results $12,249,302

Balance as of January 31, 2019 $162,374,302 1 AUM is shown at the Master Fund level. AUM for GIPLP is available upon request. 2 Performance for periods commencing October 1, 2016, reflects the investor’s aggregate performance of GIPLP and BFF. Past performance is not necessarily indicative of future results.

14 Allocations to Diverse Strategies Fresno County Employees' Retirement Association – Consolidated1 (February 1, 2019)

Diversified portfolio Specialty strategies

13% Fundamental 3% Long/Short Credit 1% Emerging Markets Equities Credit 0% Structured 17% 22% 13% Event Driven 3% Specialist Quantitative Asset Multi- Equities 2% Fundamental Market Neutral 2% 2% Directional allocation 19% Strategy Cash & Other 5% 1% Activism (% of NAV) Macro 7% Quantitative 2% Non-Directional

28% Relative Value Macro 6% Diversified 1% Specialist

Relative Value 26% Diversified 2% Option Volatility Arbitrage

Multi-Strategy 19% Diversified

1 Data reflects the investor’s aggregate allocation to GIPLP and BFF. Allocations are based on GCM Grosvenor’s classification of the underlying funds’ primary strategy focus. “Cash & Other” (if present) may include: cash, bank loans, net receivables/payables, accrued fees and expenses, residual positions with underlying funds from which the Fund has redeemed, foreign exchange hedges, and general trades.

15 Historical Net Performance Fresno County Employees' Retirement Association – Consolidated1 (January 31, 2019)

Fresno County Employees' Retirement 3-Month U.S. Treasury HFRI Fund of Funds HFRX Global Hedge Association – Consolidated Bill Index Composite Index Fund Index 2009 (2 months) 2.07% 0.01% 1.56% 2.22% 2010 6.74% 0.13% 5.70% 5.19% 2011 -3.73% 0.08% -5.72% -8.87% 2012 8.58% 0.07% 4.79% 3.51% 2013 15.22% 0.05% 8.96% 6.72% 2014 3.47% 0.03% 3.37% -0.58% 2015 0.02% 0.03% -0.27% -3.64% 2016 3.05% 0.27% 0.51% 2.50% 2017 4.63% 0.84% 7.77% 5.99% 2018 1st Quarter 1.23% 0.35% 0.27% -1.02% 2nd Quarter 1.58% 0.44% 0.46% 0.17% 3rd Quarter 0.59% 0.50% 0.24% -0.39% 4th Quarter -4.00% 0.57% -5.01% -5.56% Year -0.69% 1.86% -4.09% -6.72% 2019 January 2.11% 0.20% 2.60% 2.13% Year-to-Date (1 month) 2.11% 0.20% 2.60% 2.13% Since 11/2009 Cumulative Return 48.49% 3.63% 26.99% 7.34% Annualized Return 4.37% 0.39% 2.62% 0.77% Annualized Standard Deviation 3.61% 0.18% 3.90% 4.08%

1 Performance for periods commencing October 1, 2016, reflects the investor’s aggregate performance of GIPLP and BFF. Past performance is not necessarily indicative of future results.

16 Client Update Tab C

› Fresno County Employees' Retirement Association – Consolidated › Grosvenor Institutional Partners, L.P. › GCM Better Futures Fund, LLC (“BFF”)

17 Our Flagship Multi-Strategy Portfolio

Grosvenor A diversified multi-strategy portfolio that invests Institutional with hedge funds across global capital markets Partners › Combines core and diversifying investments with tactical exposures (“GIP”) › Tactically adjusts strategy allocations according to the market environment and investment opportunity set › Leverages GCM Grosvenor strategy teams across the spectrum of hedge fund strategies and regions

Target objectives/constraints1 Fund snapshot

90-Day U.S. T-Bills Less than 8% January 2000 $4.65 billion + 500 to 1,000 bps Annualized standard deviation Inception date Assets under management Annualized net return over a full market cycle 69% 5.23% Invested capital benefiting from Annualized net ROR since inception 0.20 or less 10% favorable fee terms with managers Grosvenor Institutional Partners, L.P. Beta to major equity markets Max allocation to a manager (as of July 1, 2018)

Quarterly liquidity, no lock-up Upon 70 days’ notice Data as of January 31, 2019 unless otherwise noted. Past performance is not necessarily indicative of future results. 1 Target returns, forward looking estimates, and risk parameters are shown to illustrate the current risk/return profile of how the fund or investment is/will be managed. They do not forecast, predict, or project any fund, investment, or investor return. See the Notes and Disclosures following this report for additional information regarding target returns, forward looking estimates and risk parameters. No assurance can be given that any investment will achieve its target return, forward looking estimate, risk parameters, or investment objectives.

18 An All-Weather Solution For Hedge Fund Investors Grosvenor Institutional Partners Select risks include: Macroeconomic risk, mark-to-market risk and liquidity risk. Additional risks that result in losses may be present. GIP provides instant access to an all-weather, dynamically managed hedge fund portfolio with attractive benefits to investors.

Key Benefits to Investors

      Turn-Key All Preferential Enhanced Exclusive Reduced Solution Weather Fees & Terms Transparency Funds Risk Instantaneous Actively managed Includes Comprehensive Includes niche and Mitigate manager exposure that portfolio combines advantageous terms information and specialist funds and and strategy complements core, diversifying and fees with data sharing on exposures created concentration risk traditional equity and tactical managers based on underlying fund exclusively for GCM with a broadly and credit portfolios investment GCM Grosvenor’s investments Grosvenor diversified portfolio exposures economies of scale

Risk management, diversification and due diligence processes seek to mitigate, but cannot eliminate risk, nor do they imply low risk. No assurance can be given that any investment will achieve its objectives or avoid losses. Unless apparent from context, all statements herein represent GCM Grosvenor’s opinion.

19 Allocations to Diverse Strategies Grosvenor Institutional Partners Master Fund, Ltd. (February 1, 2019)

Diversified portfolio Specialty strategies

7% Fundamental Credit 5% Long/Short 2% Emerging Markets Credit 1% Structured Equities 14% 22% 7% Specialist Multi- 5% Fundamental Market Neutral Asset Equities 5% Event Driven Quantitative 19% Strategy 3% Directional 5% allocation 3% Activism (% of NAV) Cash & Other 8% Quantitative 5% Non-Directional 14% 17% Macro Relative Value 11% Diversified Macro 3% Specialist

13% Diversified Relative Value 4% Option Volatility Arbitrage

Multi-Strategy 19% Diversified

Allocations are based on GCM Grosvenor’s classification of the underlying funds’ primary strategy focus. “Cash & Other” (if present) may include: cash, bank loans, net receivables/payables, accrued fees and expenses, residual positions with underlying funds from which the Fund has redeemed, foreign exchange hedges, and general trades.

20 Strategy Allocation Shifts Grosvenor Institutional Partners Master Fund, Ltd. (As of January 1, 2019)

Strategy allocation Percent of portfolio capital, yearly data as of the first of the month

Jan 1, 2015 Jan 1, 2016 Jan 1, 2017 Jan 1, 2018 Jan 1, 2019 30% Credit Equities Quant- Macro Relative Multi- Commod- itative Value Strategy ities

25%

20% 20% 17%

15% 14%

10%

7% 6% 5% 5% 5% 5% 5% 3% 3% 2% 1% 0% 0% 0% 0% 0% 0%

Data updated quarterly. Additional information available upon request.

21 Historical Net Performance Grosvenor Institutional Partners, L.P. (January 31, 2019) Grosvenor Institutional 3-Month U.S. Treasury HFRI Fund of Funds HFRX Global Hedge Partners, L.P. Bill Index Composite Index Fund Index 2000 15.64% 5.96% 4.07% 14.29% 2001 8.39% 4.09% 2.80% 8.67% 2002 2.48% 1.70% 1.02% 4.72% 2003 11.40% 1.07% 11.61% 13.39% 2004 7.22% 1.24% 6.86% 2.69% 2005 7.13% 3.00% 7.49% 2.72% 2006 9.77% 4.76% 10.39% 9.26% 2007 11.08% 4.74% 10.25% 4.23% 2008 -20.59% 1.80% -21.37% -23.25% 2009 14.23% 0.16% 11.47% 13.40% 2010 6.81% 0.13% 5.70% 5.19% 2011 -3.67% 0.08% -5.72% -8.87% 2012 8.63% 0.07% 4.79% 3.51% 2013 15.21% 0.05% 8.96% 6.72% 2014 3.30% 0.03% 3.37% -0.58% 2015 -0.13% 0.03% -0.27% -3.64% 2016 2.43% 0.27% 0.51% 2.50% 2017 6.25% 0.84% 7.77% 5.99% 2018 1st Quarter 1.66% 0.35% 0.27% -1.02% 2nd Quarter 1.53% 0.44% 0.46% 0.17% 3rd Quarter 0.57% 0.50% 0.24% -0.39% 4th Quarter -4.98% 0.57% -5.01% -5.56% Year -1.37% 1.86% -4.09% -6.72% 2019 January 2.02% 0.20% 2.56% 2.13% Year-to-Date (1 month) 2.02% 0.20% 2.56% 2.13% Since 01/2000 Cumulative Return 164.52% 37.04% 84.75% 61.89% Annualized Return 5.23% 1.66% 3.27% 2.56% Annualized Standard Deviation 4.25% 0.54% 4.91% 5.45%

Past performance is not necessarily indicative of future results.

22 Fee Savings with Managers Grosvenor Institutional Partners Master Fund, Ltd. (the “Fund”) (July 1, 2018)

We generally pay lower management and performance fees to managers Fund fee and structure benefits:

Management fee Incentive fee 69% of investments allocated to funds with economic and 37 bps lower structural benefits from 305 bps lower 1.55% 20.00% underlying hedge fund managers 1.18% 16.95% 5.65% cap weighted hurdle rate2

4.89% cap weighted preferred Managers’ Managers’ return2 Our Terms Our Terms standard terms standard terms

51 bps of aggregate fee savings assuming gross 8% ROR for underlying investments1 All fee savings are passed directly through to our clients

1 The analysis presented assumes a gross rate of return for the underlying funds of 8%. At 0% or any negative gross hedge fund returns, the annual potential fee savings would be 37 bps. In instances where the negotiated deal includes an asset threshold, the calculation assumes the current threshold. 2 Cap weighted hurdle and preferred return are computed using portfolio funds that have a hurdle and/or a preferred return, respectively. The Fund may allocate to GCM Grosvenor Special Opportunities Master Fund, Ltd. (the “SOF”). SOF purchases and sells direct interests in securities, among other investments. When a GCM Fund invests in the SOF Gross share class, the analysis calculates potential fee savings by comparing the fee terms of SOF to the weighted average stated fee terms of Grosvenor-approved portfolio funds (the “Average Stated Terms”). SOF may materially differ from components of the Average Stated Terms in numerous material respects, including investment mandate and guidelines, risk/return profile, concentration, type of investment services provided, and liquidity. This information is provided to present the potentially lower effective fees that apply to GCM Grosvenor-advised assets in certain underlying funds. The analysis is presented, and assumes certain gross return rates for the underlying funds, for illustrative purposes only; it is not intended to imply that any GCM Grosvenor-advised assets will achieve a specific return or “fee savings” over any period. This analysis ignores the impact of operating expenses, which may be material for certain managers, particularly those that pass through firm operating expenses. The inclusion of such operating expenses would result in significantly higher Standard and GCM Grosvenor weighted average management fee terms, but would not result in a change to the potential fee savings. A number of assumptions were made and significant limitations exist in preparing this analysis. See the slide titled “Fee Savings Notes and Disclosures” following this presentation.

23 Client Update Tab C

› Fresno County Employees' Retirement Association – Consolidated › Grosvenor Institutional Partners, L.P. › GCM Better Futures Fund, LLC (“BFF”)

24 Allocations to Diverse Strategies GCM Better Futures Fund, LLC (“BFF”) (February 1, 2019)

Diversified portfolio Specialty strategies

Credit 19% Fundamental Equities Credit

22% 19%

Cash & Other Asset Equities 22% Event Driven 1% allocation Multi- (% of NAV) 19% Strategy

Relative Value 39% Relative Value 39% Diversified

Multi-Strategy 19% Diversified

Allocations are based on GCM Grosvenor’s classification of the underlying funds’ primary strategy focus. “Cash & Other” (if present) may include: cash, bank loans, net receivables/payables, accrued fees and expenses, residual positions with underlying funds from which the Fund has redeemed, foreign exchange hedges, and general trades.

25 Historical Performance GCM Better Futures Fund, LLC (“BFF”) (January 31, 2019)

GCM Better Futures 3-Month U.S. Treasury HFRI Fund of Funds HFRX Global Hedge Fund, LLC Bill Index Composite Index Fund Index 2016 (3 months) 3.10% 0.08% 0.86% 1.15% 2017 2.83% 0.84% 7.77% 5.99% 2018 1st Quarter 0.75% 0.35% 0.27% -1.02% 2nd Quarter 1.59% 0.44% 0.46% 0.17% 3rd Quarter 0.58% 0.50% 0.24% -0.39% 4th Quarter -3.02% 0.57% -5.01% -5.56% Year -0.17% 1.86% -4.09% -6.72% 2019 January 2.19% 0.20% 2.60% 2.13% Year-to-Date (1 month) 2.19% 0.20% 2.60% 2.13% Since 10/2016 Cumulative Return 8.16% 3.01% 6.97% 2.14% Annualized Return 3.42% 1.28% 2.93% 0.91% Annualized Standard Deviation 2.90% 0.19% 3.76% 4.02%

Past performance is not necessarily indicative of future results.

26 Fee Savings with Managers GCM Better Futures Fund, LLC (“BFF”) (the “Fund”) (July 1, 2018)

We generally pay lower management and performance fees to managers Fund fee and structure benefits:

Management fee Incentive fee 57% of investments allocated to funds with economic and 26 bps lower structural benefits from 26 bps lower 1.59% 20.00% underlying hedge fund managers 1.33% 19.74%

Managers’ Managers’ Our Terms Our Terms standard terms standard terms

23 bps of aggregate fee savings assuming gross 8% ROR for underlying investments1 All fee savings are passed directly through to our clients

1 The analysis presented assumes a gross rate of return for the underlying funds of 8%. At 0% or any negative gross hedge fund returns, the annual potential fee savings would be 26 bps. In instances where the negotiated deal includes an asset threshold, the calculation assumes the current threshold. This information is provided to present the potentially lower effective fees that apply to GCM Grosvenor-advised assets in certain underlying funds. The analysis is presented, and assumes certain gross return rates for the underlying funds, for illustrative purposes only; it is not intended to imply that any GCM Grosvenor-advised assets will achieve a specific return or “fee savings” over any period. This analysis ignores the impact of operating expenses, which may be material for certain managers, particularly those that pass through firm operating expenses. The inclusion of such operating expenses would result in significantly higher Standard and GCM Grosvenor weighted average management fee terms, but would not result in a change to the potential fee savings. A number of assumptions were made and significant limitations exist in preparing this analysis. See the slide titled “Fee Savings Notes and Disclosures” following this presentation.

27 Appendix 1 Market Update Improved Environment for Hedge Funds Late Cycle Environment We believe hedge funds are well-positioned in the current environment. Over many years, the flexible mandates and ability to mitigate losses in declining markets have proved valuable.

Capital Preservation Higher Interest Rates

› Limiting portfolio drawdowns is a critical › Hedge funds have historically benefitted component of compounding long-term from higher interest rates, through direct returns and indirect positive impacts on strategies

Accessing Lesser-Correlated Strategies Volatility on the Rise

› Active, hedged strategies, allow portfolios › While higher volatility is a headwind for to access lesser-correlated return streams many traditional asset classes, it has largely unavailable to passive investors historically benefitted hedge funds

We believe GCM-managed portfolios are nimble and sufficiently liquid to adapt to evolving market conditions in 2019. Our focus on lesser-correlated return streams can provide prudent diversification to global investment portfolios.

Unless apparent from context, all statements herein represent GCM Grosvenor’s opinion. Past performance is not necessarily indicative of future results. No assurance can be given that any investment will achieve its objective or avoid losses.

29 Long-Term Hedge Fund Performance January 1990 through December 31, 2018 Hedge funds have generated strong absolute and relative returns with half the volatility of broad equity markets. Loss avoidance is critical to compounding long-term returns. Ann. Ann. Cumulative returns Net Return Std. Dev. 1400% 9.4% 6.5% Hedge Funds HFRI FW Composite 1100% 800% Equities 6.6% 14.7% 500% MSCI World Index 5.6% 5.4% 200% Bonds Bloomberg Barclays Global Agg. Bond Index -100% 1990 1995 2000 2005 2010 2015

Pre-Global Financial Crisis Post-Global Financial Crisis Cumulative returns, January 1990 to March 2009 Cumulative returns, March 2009 through December 2018 1000% 80% HFRI FW Composite HFRI FW Composite 800% 60% 600% 40% 400% Risk Free Rate1 + 500 bps 200% 20% Risk Free Rate1 + 500 bps 0% 0%

1 Risk Free Rate defined as the FTSE 3-Month U.S. Treasury Bill Index. Past performance is not necessarily indicative of future results.

30 Recovery Following Down Periods Grosvenor Diversified Multi-Strategy Composite Historically, GCM-managed portfolios have generated favorable returns in periods following negative periods.

Early 2000's Corporate Crisis Global Financial Crisis Trough Date: July 31, 2002 Trough Date: February 28, 2009 25.1% Grosvenor Diversified Multi-Strategy Composite (Net) 18.6% 16.3% 14.1% HFRI FoF Composite

-2.4% -2.2%

-19.6% -19.8%

(Trailing 12-month PTT) (Subsequent 24-month recovery) (Trailing 12-month PTT) (Subsequent 24-month recovery)

European Crisis Q1 2016 Emerging Market & High Yield Unwind Trough Date: September 30, 2011 Trough Date: February 29, 2016

20.5% 15.5% 13.5% 9.6%

-6.6% -7.2% -7.6% -7.6%

(Trailing 12-month PTT) (Subsequent 24-month recovery) (Trailing 12-month PTT) (Subsequent 24-month recovery)

Trough dates coincide with the nearest month-end date. This information is SUPPLEMENTAL to the compliant presentation included in this presentation. Past performance is not necessarily indicative of future returns.

31 The Impact of Higher Rates

As ZIRP (zero interest rate policy) moves into the rear-view mirror, corporations and investors face a material cost for short term capital. Historically, higher short term capital costs have been a headwind for traditional equity returns, but have benefitted hedge fund performance and alpha. Higher interest rates can be challenging for both companies Higher Rates a Headwind for Equities… and long-only strategies: Next 12mo avg. total rate of return when 3mo T-Bills are above and below 2.5% (Most Recent Fed Target): 2000-2017 Multiple Contraction & Spread Widening . As holding cash becomes a more attractive proposition for investors, 11.5% corporate credit rates tend to rise, while equity multiples contract 6.5% Higher Interest Costs 5.0% . Higher interest rates are a headwind for corporate earnings . This increased cost may be particularly acute in the current environment, given relatively high corporate debt built amid ZIRP -4.4% However, higher short-term interest rates tend to contribute to S&P 500 ROR Grosvenor MS Composite (Net) ROR alpha opportunities for hedge funds: 3M T-Bill Rate ≤ 2.5% 3M T-Bill Rate >2.5% Direct Return Contribution . Short rebates and higher interest on unencumbered cash and posted … But, May Benefit Hedged Strategies margin, drive higher absolute returns in various strategies Next 12mo avg. Grosvenor MS Composite (Net) beta and alpha when 3mo T-Bills are above and below 2.5%: 2000-2017 . This includes most leveraged strategies, including relative value, volatility, and market neutral equities 0.19 0.16 Indirect Contribution 2.3% 2.6% . Higher cash costs contribute to near-term stress for corporations, as financing and re-financing costs/risks are more material to results . Additionally, traditional discounted cash flow analysis places a higher emphasis on near-term results and data-points, an area in which hedge fund managers are often able to develop an informational edge Grosvenor MS Composite (Net) Grosvenor MS Composite (Net) Beta to S&P 500 (LHS) Alpha vs. S&P 500 (RHS) Data as of December 31, 2018. 3M T-Bill Rate ≤ 2.5% 3M T-Bill Rate >2.5% Data sources: Bloomberg Finance L.P. This information is SUPPLEMENTAL to the compliant presentation included in this presentation. Unless apparent from context, all statements herein represent GCM Grosvenor’s opinion. Past performance is not necessarily indicative of future results. No assurance can be given that any investment will achieve its objective or avoid losses.

32 The Impact of Higher Volatility

The onset of QT (quantitative tightening), rising short-term interest rates, political uncertainty, and the ongoing trade war, are all contributing to elevated market volatility. While typically a headwind for long-only strategies, higher volatility often creates opportunities for hedge funds. Higher volatility is typically a challenge for long-only Higher Volatility Negatively Impacts Equities... investors: Next 12mo avg. total rate of return when VIX is above and below 20 (approximate current level): 2000-2017 Strategic planning is put on hold 10.1% . Corporate executives and allocators defer major, long term decisions amid material uncertainty

Elevated risk of ‘tail outcomes’ 5.6% 5.2% . The potential for negative outcomes negatively impacts traditional equity 3.1% and credit investor behavior Active and hedged investors seek to capitalize on elevated volatility to generate alpha S&P 500 ROR Grosvenor MS Composite (Net) ROR Ability to reduce market exposure Low Volatility (VIX ≤ 20) High Volatility (VIX > 20) . Unlike long-only strategies, hedge funds can quickly shift market exposure in response to rapidly changing dynamics ... and May Create Alpha Opportunities . Historically, Grosvenor Multi-Strategy Composite has exhibited a below Next 12mo avg. total rate of return when VIX is above and below 20 : 2000-2017 average realized beta in periods of higher market volatility periods 3.1% Attractive trading opportunities 0.23 . Some hedge fund strategies rely on active trading and price movement to 1.9% generate returns. While low volatility markets typically offer smaller and 0.11 less-attractive unlevered returns, higher volatility markets are conducive to more frequent trading opportunities and may require less leverage to generate attractive returns. Grosvenor MS Composite (Net) Grosvenor MS Composite (Net) Beta to S&P 500 (LHS) Alpha vs. S&P 500 (RHS) Data as of December 31, 2018. Low Volatility (VIX ≤ 20) High Volatility (VIX > 20) Data sources: Bloomberg Finance L.P. This information is SUPPLEMENTAL to the compliant presentation included in this presentation. Past performance is not necessarily indicative of future results. No assurance can be given that any investment will achieve its objective or avoid losses.

33 Quantitative Tightening in Process

After a decade of easing, central banks are in the process of quantitative tightening (QT); prior attempts to end QE have often been precursors to periods of market stress. Central Banks Taking Away the ‘Punch Bowl’ Federal Reserve, European Central Bank and Bank of Japan monthly change (trailing 6-month) in total central bank assets in $bn

$250 $250 Estimate based on central bank guidance $200 $200

$150 $150

$100 $100

$50 $50

$0 $0

($50) ($50)

($100) ($100)

($150) ($150) 2011 2012 2013 2014 2015 2016 2017 2018 2019 Fed ECB BOJ G3 Total G3 Total (forecast)

Data as of December 31, 2018. Data sources: Federal Reserve Bank. European Central Bank. Bank of Japan. Unless apparent from context, all statements herein represent GCM Grosvenor’s opinion. Past performance is not necessarily indicative of future results. No assurance can be given that any investment will achieve its objectives or avoid losses.

34 Short-Term Rates Have Moved Higher

Rising short term interest rates have begun to pressure long-term rates higher, creating pressures on a number of key funding markets.

Both Short-Term and Long-Term Rates Have Driving Costs Higher Across Key Wholesale Moved Higher Funding Markets 2010 to 2018: U.S. government yields 2010 to 2018

5% 6% 30-Year Yield 10-Year Yield 2-Year Yield 5% 4% 30 Year Mortgage Rate 4%

3% 3 Month LIBOR 3%

2% 2%

1% 1%

0% 0% 2010 2012 2014 2016 2018 2010 2012 2014 2016 2018

Data as of December 31, 2018. Data sources: Bloomberg Finance L.P.

35 Late Cycle Indicators Signal Caution

With the U.S. labor market above estimates of full employment, bottlenecks in the U.S. economy may rise and create pressure for further rate hikes.

Tight U.S. Labor Markets a Late Cycle Indicator Yield Curve Inversions Presage Recession Risk Labor market slack (natural rate of unemployment less current U3 Spread between U.S. Government 10 year and 2 year bonds unemployment rate): 1985 through 2018 1978 to 2018

Gulf War Dot-Com GFC 300 6% 0.5

0.45 5% 200

0.4 4% 100 0.35 19 bps 3% 0 0.3

2% 0.25 -100

0.2 1% -200

0.15 0% -300 0.1 1978 1983 1988 1993 1998 2003 2008 2013 2018 -1% 0.05 Date of inversion prior to recession Time to recession August 17, 1978 17 months -2% 0 December 14, 1988 19 months 1985 1990 1996 2001 2007 2012 2018 February 3, 2000 13 months

Data as of December 31, 2018. June 8, 2006 18 months Data sources: Bloomberg Finance L.P. Federal Reserve Bank. U-3 is the most widely used, official unemployment rate counting civilians without jobs that have actively looked for work within the past four weeks. No assurance can be given that any investment will achieve its objectives or avoid losses.

36 Volatility on the Rise

While indicators, including equity volatility and credit spreads, had previously indicated extreme complacency, markets have more recently shifted into a higher volatility regime.

Equity Volatility off Its Lows Credit Spreads Rising From Post-Crisis Lows VIX Index Rolling 90-Day Simple Moving Average: 2010 to 2018 JP Morgan Credit Spread Indices, 90 Day Simple Moving Averages 40 260 800 JP Morgan Global IG JP Morgan Global HY 35 Spread Index (LHS) Spread Index (RHS) Rolling 90 Days 2018 Average 30 220 700 JPMIndex Global HYSpread Average Since GFC 2017 Average 25

Current Level: 180 600 20 19

Post GFC Average: 18 Global IG Spread IG Global Index

17 JPM JPM 15 140 500 11 10

5 100 400 2010 2012 2014 2016 2018 2010 2012 2014 2016 2018

Data as of December 31, 2018. Data source: Bloomberg Finance L.P.

37 Credit Growth Flourished Under Quantitative Easing

Monetary easing coincided with credit growth. In the U.S., the ratio of corporate credit to GDP now exceeds financial crisis highs. Credit growth in emerging markets, led by China, has also reached concerning levels. U.S. Corporate Credit Growth Has Been High EM Credit Growth Went into Overdrive 1990 to January 2018 1990 to January 2018

110% 225% Current Level: Current Level: U.S. Non-Financial Corporate Credit / GDP 105.2% China Total Credit to Private Non-Financial 213.4% U.S. Federal Debt / GDP Sector / GDP 200% 100%

175% 90%

150% Average Since 1990: 80% 126.9% Current Level: 125%

73.5%

Percentage GDP of Percentage ofGDP 70% 100%

60% 75%

50% 50% 1990 1997 2004 2011 2018 1990 1997 2004 2011 2018

Data as of January 1, 2018. Data Source: Federal Reserve. Past performance is not necessarily indicative of future results. No assurance can be given that any investment will achieve its objective or avoid losses.

38 Trade War Escalation

Threats have become realities in recent months as the scope of tariffs between the world’s two largest economies is growing. The imposition of tariffs in September and threats for further escalation have weighed on markets and contributed to recent volatility and weakness. Trade War Between U.S. and China Cumulative tariffs imposed by the U.S. and China on each other as of the stated date (in $ Billions) China United States $505 $500

$400

$300 $263 Tariffs increase from 10% to 25% on the $200 bn on March 1st following a truce temporary truce $200

$130 $112 $100 $52 $63

$2 $13 $0 June 30 August 23 September 24 2017 imports June 30 August 23 September 24 Maximum from U.S. ’$50 billion list‘ Threatened announced on May 29 Data as of January 31, 2018. Data sources: Bloomberg Finance, L.P. Peterson Institute for International Economics. https://piie.com/blogs/trade-investment-policy-watch/trump-trade-war-china-date-guide. U.S. Census Bureau. Past performance is not necessarily indicative of future results. No assurance can be given that any investment will achieve its objective or avoid losses.

39 Equity Market Response to Major Trade War Developments

While Chinese markets have been highly sensitive to the trade war since escalation began earlier in 2018, U.S. markets began to respond more aggressively to concerns in the fourth quarter despite a 90 day ‘truce’ agreed between the U.S. and China at December’s G20 meeting. Chinese Equities Have Underperformed U.S. Markets The ‘Truce’ Announced at December’s G20 Meeting Following the Imposition of Tariffs Was Unable to Douse Market Concerns Equity market performance 60 days pre announcement through Equity market performance in December 2018 December 2018

Tariffs Announced: Truce Announced: May 29 Dec 1 10% 4%

5% Since Since May 29, 2018: Dec 1, 2018: 0% 0%

-3.6% -5% -4% -6.8%

-10% -8% -9.2% -15%

-12% -20% -20.1%

-25% -16% Apr-18 Jun-18 Aug-18 Oct-18 Dec-18 Dec 1 Dec 31

S&P 500 Shanghai Composite S&P 500 Shanghai Composite Data as of December 31, 2018. Data sources: Bloomberg Finance L.P. Past performance is not necessarily indicative of future results. No assurance can be given that any investment will achieve its objective or avoid losses.

40 Credit Remains Expensive

Despite a challenging fourth quarter and some spread widening in December, broad credit market indicators remain expensive on a historical basis and relative to market conditions in our view. Despite a sell-off in speculative credit grades amid ... high yield remains relatively expensive on a limited December liquidity... historical basis in our view. Normalized performance of select credit ETFs: JP Morgan HY Spread Index: 2000-2018 June 30, 2018 to December 31, 2018

105 2000 bps

1500 bps

100

1000 bps

Top Quartile: 689 95 Current: 579 Index PTT Max Drawdown 500 bps Median: 533 HYG (High Yield ETF) -7.9% Bottom Quartile: 448 BKLN (Levered Loan ETF) -7.0%

90 0 bps Jun 2018 Sep 2018 Dec 2018 2000 2003 2006 2009 2012 2015 2018

Data as of December 31, 2018. Data sources: Bloomberg Finance L.P. Past performance is not necessarily indicative of future results.

41 Appendix 2 How we Work with Clients Hedge Fund Strategies and Offerings

Primary portfolio offerings Global hedge fund strategies

1. Broadly diversified multi-strategy Multi-Strategy Credit Equities portfolios . Multi-strategy Broad range of global Seeks risk/return profile Seeks equity-like returns hedge fund strategies that superior to traditional with less volatility over a 2. Portfolios that seek to replace or typically seek low beta to credit-focused strategies market cycle using various supplement investments in traditional traditional investments using non-traditional and hedged equity techniques assets opportunistic approaches . Long/short equity . Long/short and structured credit Macro Relative Value Special Opportunities 3. Concentrated opportunistic portfolios Seeks low correlation to Seeks to capitalize on Opportunistic investments . Opportunistic credit risk assets and other perceived mispricings implemented largely hedge fund strategies of one instrument through co-investments . Special opportunities relative to another and direct investments . Niche equity 4. Lesser correlated portfolios Quantitative Hedge Fund Seeding Small and Diverse . Macro Managers . Quantitative Seeks diversifying Seeks investment returns Varied investments with exposure in order to and upside from interest small firms or firms owned 5. Specialty portfolios capitalize systematically in managers’ businesses by women and minorities . Hedge fund seeding on inefficiencies across time horizons and asset . Small and diverse classes

No assurance can be given that any investment will achieve its objectives or avoid losses.

43 Customized Hedge Fund Investments

A hedge fund solutions provider Assets under management By portfolio type . 1994: First implemented solution . 1996: First customized portfolio

Customized funds represent more than 60% of our Multi-Client business Portfolios 32% . 95 customized portfolios . 71 relationships

Interactive and collaborative relationships Customized . Tailored to the client’s goals, needs, and resources Portfolios . Clients leverage our core investment, operations, 68% risk management, and structuring capabilities . Flexibility to evolve as the client’s governance, capabilities, and resources change . Broad knowledge-sharing platform . Comprehensive customized reporting program

Data as of September 30, 2018. Data updated quarterly.

44 Appendix 3 Notes and Disclosures Grosvenor Institutional Partners Notes and Disclosures

In reviewing this presentation, please consider the following: Grosvenor Institutional Partners, L.P. (“GIPMS”) commenced operations on January 1, 2000. Grosvenor Institutional Partners, Ltd. (“GIPLTD”) commenced operations on November 1, 2012. GIPMS and GIPLTD (together, the “GIP Funds”) invest substantially all of their assets in Grosvenor Institutional Partners Master Fund, Ltd. To the extent this presentation sets forth returns of GIPMS, such returns are calculated net of all fees, expenses and profit participations borne by all investors in GIPMS. To the extent this presentation sets forth returns of GIPLTD, GIPLTD was not in existence during the entire performance reporting period covered by this presentation, although GIPMS (which commenced investment operations on January 1, 2000) was in existence during the entire performance reporting period covered by this presentation. This presentation uses the performance of GIPMS as a proxy for the performance of GIPLTD for the period prior to GIPLTD’s inception, based on certain assumptions, as described below. The returns for the period of January 2000 through October 2012 are pro forma returns based on the returns of GIPMS, calculated net of all fees, expenses and profit participations borne by all investors in GIPMS adjusted to reflect deduction of an assumed operating expense load for GIPLTD of 10 basis points, representing the operating expense cap of GIPLTD (the expense cap is further described in GIPLTD’s offering documents). The returns for the period November 2012 through the present are calculated net of all fees, expenses and profit participations borne by all investors in GIPLTD. The actual fee rate payable by an investor in a GIP Fund depends on the size of the investor’s account. Certain investors in the GIP Funds are not subject to advisory fees, and the inclusion of such investors’ accounts in the returns presented will result in such returns being higher than if such accounts were not included. Furthermore, since the fee rates applicable to investors vary, inclusion of investor accounts that are subject to lower effective fees in the returns presented will result in such returns being higher than the returns that would be achieved by particular fee paying investors subject to higher effective fees over the same time period. Additional details relating to the methodology used in calculating returns and returns calculated net of specific fee rates are available upon request. Figures for 2000-2017 are derived from books and records of the GIP Funds that have been audited by the GIP Funds’ independent public accountants. Figures for 2018 are estimated based on unaudited books and records of the GIP Funds. GCM Grosvenor and/or certain qualified officers and employees of GCM Grosvenor (together, with members of their families, “GCM Personnel”) may have investments in the GIP Funds and additional GCM Personnel may invest in the GIP Funds in the future. Except as otherwise expressly contemplated by such GIP Fund’s governing documents, however, no such person is required to maintain an investment any GIP Fund.

46 Fresno County Employees' Retirement Association - Consolidated Notes and Disclosures

In reviewing this presentation, you should consider the following: GCM Better Futures Fund, LLC (“BFF”) commenced operations on October 1, 2016. Grosvenor Institutional Partners, L.P. (“GIPLP”) commenced operations on January 1, 2000. Returns represent the aggregate performance of the investor and are calculated net of all fees and expenses. Figures from 2009-2016 are derived from books and records of GIPLP that have been audited by GIPLP’s independent public accountants. Figures for 2017 and 2018 are estimated based on unaudited books and records of BFF and GIPLP.

47 Target Returns, Forward Looking Estimates, and Risk Parameters Notes and Disclosures

Target Returns, Forward Looking Estimates, and Risk Parameters: Target returns, forward looking estimates, and risk parameters are shown to illustrate the current risk/return profile of how the fund or investment is/will be managed. Target returns, forward looking estimates, and risk parameters do not forecast, predict, or project any fund, investment, or investor return. It does not reflect the actual or expected returns of any investor, investment, GCM fund, or strategy pursued by any GCM fund, and does not guarantee future results. Target returns, forward looking estimates, and risk parameters: . are based solely upon how the fund or investment is expected to be managed including, but not limited to, GCM Grosvenor’s current view of the potential returns and risk parameters of the investment, investments in the GCM fund, or strategy pursued by a GCM fund; . do not forecast, predict, or project the returns or risk parameters for any investor, investment, GCM fund, or any strategy pursued by any GCM fund; and . are subject to numerous assumptions including, but not limited to, observed and historical market returns relevant to certain investments, asset classes, projected cash flows, projected future valuations of target assets and businesses, other relevant market dynamics (including interest rate and currency markets), anticipated contingencies, and regulatory issues. Changes in the assumptions will have a material impact on the target returns, forward looking estimates, and risk parameters presented. Target returns and forward looking estimates are generally shown before fees, transactions costs and taxes and do not account for the effects of inflation. Management fees, transaction costs, and potential expenses may not be considered and would reduce returns and affect parameters. Target Returns And Risk Parameters May Not Materialize.

48 Fee Savings – Hedge Fund Strategies Notes and Disclosures (July 1, 2018)

Grosvenor has presented you with an analysis of potential fee savings of investing in a Grosvenor Fund. Please consider the following when reviewing this analysis: 1. Grosvenor-advised assets may obtain a potentially lower effective fee on assets managed by a particular Investment Manager by investing in a Portfolio Fund managed by such Investment Manager that has been specifically created for investment by Grosvenor-advised assets (a “Grosvenor Separate Account”). As further described in #2 below, Grosvenor has compared the fees borne in a Grosvenor Separate Account to the fees borne in another commingled fund managed by the same Investment Manager pursuant to the same or similar mandate (“Manager’s Commingled Fund”). In cases where the Investment Manager does not manage a commingled fund pursuant to the same or similar mandate, another commingled fund managed by the Investment Manager may be used for comparison purposes. The Grosvenor Separate Account may differ from the relevant Manager’s Commingled Fund in material respects, including, but not limited to: risk/return profile, investor liquidity and investment mandate and guidelines. The Grosvenor Separate Account may incur operating expenses (excluding the impact of management and performance fees) that exceed those paid by investors in the Manager’s Commingled Fund. 2. For Portfolio Funds that are Grosvenor Separate Accounts, Grosvenor has compared the fee rates borne by Grosvenor Separate Accounts to the maximum fee that an investor would bear in the Manager’s Commingled Fund. For Portfolio Funds other than Grosvenor Separate Accounts, Grosvenor has compared the fee rates borne by Grosvenor-advised assets to the maximum fee that an investor would bear in the same Portfolio Fund (or share class) in which such Grosvenor-advised assets invest. 3. The analysis may include investments in vehicles designed to participate in a specific investment theme (which may represent a single investment or group of related investments) (a “Direct Opportunity”). In such cases, the analysis compares the fee terms of a Direct Opportunity to the maximum fee terms of a commingled fund managed by the same Investment Manager that manages such Direct Opportunity that may or may not participate in such Direct Opportunity. The Direct Opportunity materially differs from a commingled fund in numerous material respects, including investment mandate and guidelines, risk/return profile, concentration, type of investment services provided, and liquidity. 4. Grosvenor has conducted this analysis using fee rates based on the amount of Grosvenor-advised assets allocated as of the date above. Because of timing differences between investments/redemptions in Portfolio Funds, and the date on which the fee rate is reset to reflect such investments/redemptions, this analysis may include rates not currently being received by Grosvenor-advised assets. 5. Certain underlying funds do not charge management fees, but instead pass through operating expenses that are typically borne by the investment manager (e.g., employee salaries and bonuses, rent) to investors in the fund. For the purpose of calculating the weighted average fee terms, this analysis ignores the impact of operating expenses. The inclusion of such pass through operating expenses would result in significantly higher Standard and Grosvenor weighted average management fee terms, but would not result in a change to the potential fee savings. Additional information on the expenses paid is available upon request. 6. In order to demonstrate potential fee savings relating to incentive compensation, this analysis assumes, for illustrative purposes only, certain gross return rates for the Portfolio Funds; it is not intended to imply that any Portfolio Fund or portfolio of Portfolio Funds will achieve a specific return over any performance period; there can be no assurance that a Portfolio Fund or portfolio of Portfolio Funds will achieve its investment objective or avoid significant losses. In presenting potential fee savings for a portfolio of Portfolio Funds, this analysis assumes that each Portfolio Fund in such portfolio experienced the same gross return, which is unlikely to occur. In assessing the impact of certain hurdle rates and/or preferred returns, this analysis assumes the following rates of return (“Assumed Benchmark Returns”): › 1-month LIBOR (annual return) = 2.86% › 3-month LIBOR (annual return) = 2.91% › S&P 500 Index (annual return) = 9.60% The annual returns are based on the actual compound annual return of each figure from January 1, 1993 through June 30, 2018. The actual returns for LIBOR and/or S&P 500 Index likely will differ from the Assumed Benchmark Returns and such difference will affect this analysis (perhaps materially). This analysis does not account for any correlation between the Assumed Benchmark Returns and those achieved by the Portfolio Funds; it is likely that Portfolio Funds will have some correlation with the LIBOR and/or S&P 500 Index and such correlation could have a material impact on the fees paid to the Investment Managers and thus on the fee savings realized. 7. The more successful Investment Managers may not agree to potentially favorable fee structures. As of July 1, 2018, approximately 70% of Portfolio Funds in which Grosvenor Funds invest (representing approximately 67% of the aggregate AUM of such Grosvenor Funds), excluding Portfolio Funds that have been terminated by Grosvenor, provide potential fee savings. No assurance can be given that Grosvenor-advised assets will invest in any Portfolio Fund that provides potential fee savings. 8. Additional detail concerning the methodology used and assumptions made to calculate potential fee savings in the foregoing analysis is available upon request. Data is as of the date above.

49 A number of Managers selected by the Company may use leverage by purchasing instruments GCMLP Diversified Multi-Strategy Composite (USD) Schedule of Performance Results with borrowed funds, selling securities short and/or trading futures, written or purchased Composite Annualized Percent of options, forward foreign currency contracts or other derivative instruments. The exposure to Gross-of- Net-of- Assets Number of Internal 3-Year Percent of Non-Fee Paying risk of each Composite Fund in the Composite is limited to the amount of the Composite Fund’s Calendar Fees Fees (USD Composite Composite Standard Firm Assets Composite investment in each underlying investment fund managed by a Manager. Year Return Return Millions) Funds Dispersion Deviation Managed Assets Certain Composite Funds may borrow funds on a secured or unsecured basis. Leverage utilized 2008 -20.60% -21.39% 14,627.2 21 1.38% 7.55% 67.87 2.2 by the Composite Funds are typically through borrowings under unsecured lines of credit from 2009 16.77% 15.60% 14,985.3 18 1.89% 7.84% 65.3 2.52 major banks and, for certain Composite Funds, involves the issuance of notes. Leverage is 2010 8.71% 7.67% 15,066.4 19 1.07% 7.63% 61.88 2.66 primarily used to: (1) handle short-term cash flow requirements involving timing differences in 2011 -2.37% -3.27% 14,176.9 21 0.56% 4.46% 60.96 2.76 investments and contributions to and withdrawals from the Composite Funds, and (2) 2012 9.93% 8.93% 14,298.7 23 0.88% 4.04% 64.07 3.27 occasionally to increase the Composite Funds’ investments at the Company's discretion. 2013 15.38% 14.31% 14,146.4 20 1.17% 4.08% 57.19 3.56 2014 3.83% 2.96% 14,175.8 26 0.66% 2.97% 53.47 3.62 Generally, the Company negotiates fees separately for each Composite Fund. In addition, 2015 -0.14% -0.96% 15,417.1 28 1.18% 3.38% 56.79 3.66 certain Composite Funds may have multiple fee structures. The Composite Funds typically are 2016 3.74% 2.89% 13,651.9 30 1.44% 3.41% 51.8 4.29 charged management fees up to 2% of net assets on an annual basis. A Composite Fund may 2017 7.10% 6.24% 12,299.8 29 0.64% 3.24% 46.14 4.85 also be assessed a performance-based fee or allocation up to 15%, which may be calculated based on the performance in excess of a hurdle rate of return. The management fees, Grosvenor Capital Management, L.P. (the “Company”) claims compliance with the Global Investment Performance structuring fees, and performance-based fees and allocations are deducted in the net returns Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. The Company presented. has been independently verified for the periods January 1, 1993 through December 31, 2017. Certain Composite Funds are assessed an initial structuring fee, typically up to 2% of the capital Verification assesses whether (1) the firm has complied with all the composite construction requirements of the committed. Structuring fees have been deducted in the net return calculations, as applicable. GIPS standards on a firm-wide basis and (2) the firm’s policies and procedures are designed to calculate and present Some investors within the Composite Funds are not subject to structuring fees, advisory fees, or performance in compliance with the GIPS standards. The GCMLP Diversified Multi-Strategy Composite (USD) (the performance-based fees or allocations. The percentages of these assets are shown on the “Composite”) has been examined for the periods January 1, 1993 through December 31, 2017. The verification and Schedule of Performance Results as non-fee paying composite assets. performance examination reports are available upon request. The “Internal Composite Dispersion” measures the deviation of the monthly returns of the The “Company” is defined as Grosvenor Capital Management, L.P. GCMLP provides hedge fund investment Composite versus the monthly mean return for the Composite annualized for the given time management and advisory services to clients worldwide. The Composite was created in January 2004. The period. Composite represents discretionary, globally diversified, multi-strategy, multi-manager investment portfolios (“Composite Funds”) whose capital is allocated to underlying investment managers (“Managers” that utilize a broad As the Composite is asset-weighted, consistency of the Composite’s performance results with range of alternative investment strategies, including credit, relative value, multi-strategy, event driven, equities, respect to the Composite Fund returns within the Composite (“Composite Dispersion”) is macro, commodities and portfolio hedges.) All Composite Funds included in the Composite are denominated in U.S. measured by asset-weighted standard deviation. This calculation measures the deviation dollars. In general, the Composite Funds seek to achieve superior long-term, risk-adjusted rates of return with low between the Composite returns and the asset-weighted returns of the Composite Funds within volatility and low levels of correlation to the broad equity and fixed income markets. the Composite for an entire calendar year. A Composite Fund is added to the Composite at the start of the first measurement period that it was substantially The three-year annualized standard deviation measures the variability of the composite returns invested. A terminated Composite Fund is excluded from the composite at the end of the last measurement period over the preceding 36-month period. Each Composite Fund (either directly or through its that it was substantially invested. The Company defines “substantially” as the point where the initial objectives of investment in a “master fund”) generally pursues absolute, as opposed to relative, return the Composite Fund are met. The Company seeks to meet the objectives with the initial funding, however, the strategies, and the Company does not believe that an appropriate absolute return index timing, amount and the ability of the Composite Fund to invest in selected Managers on the funding date may delay currently exists. Accordingly, the Company does not formally measure a Composite Fund's a Composite Fund from being substantially invested. The percentage of Composite Fund assets invested that meets performance against particular absolute return or relative return indices; rather, the Company the initial objectives varies from Composite Fund to Composite Fund. The Company’s measurement period is measures a Composite Fund's performance against such Composite Fund's stated performance monthly. objectives. The Composite return incorporates the return of all of the Composite Funds’ assets, including cash and cash The Company's domestic Composite Funds are not subject to U.S. Federal income taxes; each equivalents. Investment income is accrued as earned. Time-weighted rates of return, which allow for the effect of partner in a domestic Composite Fund is individually liable for income taxes, if any, on its share external cash flows, are calculated on a monthly basis for each Composite Fund. External cash flows are permitted of such Composite Fund’s net taxable income. At the Manager level, non-U.S. sourced interest, no more frequently than monthly. These monthly returns are geometrically linked to determine annual returns. dividends and other income, as well as capital gains realized on the sale of securities of non- U.S. issuers, may be subject to withholding and other taxes levied by the jurisdiction in which The Composite returns are asset-weighted and are presented in USD. The monthly returns are calculated as the sum the income is sourced. of the monthly returns of each Composite Fund weighted by its beginning monthly value as compared to the Composite total. Gross-of-fee returns include operating expenses, but do not reflect the deduction of the The Company's offshore Composite Funds domiciled in the Cayman Islands do not pay income, Composite Funds’ respective advisory or performance-based fees. Net-of-fee returns include operating expenses estate, transfer, sale or other taxes under the current laws of the Cayman Islands. The and the Composite Funds’ actual respective advisory, performance-based, structuring and other fees. Additional Composite Funds trade investments and, as such, are generally not subject to U.S. tax on such information regarding policies for valuing Composite Funds, calculating and reporting returns, and presenting earnings. However, the earnings on any U.S. sourced dividends at the Manager level are subject compliant presentations, along with a full list and description of composites, are available upon request. to the appropriate withholding tax. Data Sources Notes and Disclosures

Bloomberg Finance L.P. Credit Suisse. Preqin. Hedge Fund Research (HFR). S&P. S&P and its third-party information providers do not accept liability for the information and the context from which it is drawn. FTSE International Limited ("FTSE") © FTSE 2019. FTSE is a trade mark of the London Stock Exchange Group companies and is used by FTSE under license. All rights in the FTSE Indices and/or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE Indices and/or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE's express written consent. FTSE Russell. Source: London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2019. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®” “Russell®”, “FTSE Russell®”, “MTS®”, “FTSE4Good®”, “ICB®”, “Mergent®, The Yield Book®,” are a trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. “TMX®” is a trade mark of TSX, Inc. and used by the LSE Group under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication. MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used to create indices or financial products. This report is not approved or produced by MSCI. STOXX Limited ("STOXX") is the source of Euro Stoxx 50 and Euro Stoxx 600 and the data comprised therein. STOXX has not been involved in any way in the creation of any reported information and does not give any warranty and excludes any liability whatsoever (whether in negligence or otherwise) - including without limitation for the accuracy, adequateness, correctness, completeness, timeliness, and fitness for any purpose - with respect to any reported information or in relation to any errors, omissions or interruptions in the Euro Stoxx 50 and Euro Stoxx 600 or its data. Any dissemination or further distribution of any such information pertaining to STOXX is prohibited.

51 GCM Grosvenor Notes and Disclosures

This presentation is being provided by Grosvenor Capital Management, L.P. and/or GCM Customized Fund Investment Group, L.P. (together with their affiliates, “GCM Grosvenor”). GCM Grosvenor and its predecessors have been managing investment portfolios since 1971. While GCM Grosvenor's business units share certain operational infrastructure, each has its own investment team and investment process, and is under no obligation to share with any other business unit any investment opportunities it identifies. The information contained in this presentation (“GCM Information”) relates to GCM Grosvenor, to one or more investment vehicles/accounts managed or advised by GCM Grosvenor (the “GCM Funds”) and/or to one or more investment vehicles/accounts (“Underlying Funds”) managed or advised by third-party investment management firms (“Investment Managers”). GCM Information is general in nature and does not take into account any investor’s particular circumstances. GCM Information is neither an offer to sell, nor a solicitation of an offer to buy, an interest in any GCM Fund. Any offer to sell or solicitation of an offer to buy an interest in a GCM Fund must be accompanied by such GCM Fund’s current confidential offering or risk disclosure document (“Fund Document”). All GCM Information is subject in its entirety to information in the applicable Fund Document. Please read the applicable Fund Document carefully before investing. Except as specifically agreed, GCM Grosvenor does not act as agent/broker for prospective investors. An investor must rely on its own examination in identifying and assessing the merits and risks of investing in a GCM Fund or Underlying Fund (together, “Investment Products”). A summary of certain risks and special considerations relating to an investment in the GCM Fund(s) discussed in this presentation is set forth below. A more detailed summary of these risks is included in the relevant Part 2A for the GCM Grosvenor entity (available at: http://www.adviserinfo.sec.gov). Regulatory Status- neither the GCM Funds nor interests in the GCM Funds have been registered under any federal or state securities laws, including the Investment Company Act of 1940, and interests in GCM Funds are sold in reliance on exemptions from the registration requirements of such laws. Investors will not receive the protections of such laws. Market Risks- the risks that economic and market conditions and factors may materially adversely affect the value of a GCM Fund’s investments. Illiquidity Risks- Investors in GCM Funds have either very limited or no rights to redeem or transfer interests. Interests in GCM Funds will not be listed on an exchange and it is not expected that there will be a secondary market for interests. The limited liquidity of a GCM Fund depends on its ability to withdraw/redeem capital from the Underlying Funds in which it invests, which is often limited due to withdrawal/redemption restrictions. Strategy Risks- the risks associated with the possible failure of the asset allocation methodology, investment strategies, or techniques used by GCM Grosvenor or an Investment Manager. GCM Funds and Underlying Funds may use leverage, which increases the risks of volatility and loss. The fees and expenses charged by GCM Funds and Underlying Funds may offset the trading profits of such funds. Valuation Risks- the risks relating to GCM Grosvenor's’ reliance on Investment Managers to value the financial instruments in the Underlying Funds they manage. In addition, GCM Grosvenor may rely on its internal valuation models to calculate the value of a GCM Fund and these values may differ significantly from the eventual liquidation values. Tax Risks- the tax risks and special tax considerations arising from the operation of and investment in pooled investment vehicles. An Investment Product may take certain tax positions and/or use certain tax structures that may be disallowed or reversed, which could result in material tax expenses to such Investment Product. GCM Funds will not be able to prepare their returns in time for investors to file their returns without requesting an extension of time to file. Institutional Risks- the risks that a GCM Fund could incur losses due to failures of counterparties and other financial institutions. Manager Risks- the risks associated with investments with Investment Managers. Structural and Operational Risks- the risks arising from the organizational structure and operative terms of the relevant GCM Fund and the Underlying Funds. Follow-On Investments- the risk that an Investment Product underperforms due to GCM Grosvenor's decision to not make follow-on investments. Cybersecurity Risks- technology used by GCM Grosvenor could be compromised by unauthorized third parties. Foreign Investment Risk- the risks of investing in non-U.S. Investment Products and non-U.S. Dollar currencies. Concentration Risk- GCM Funds may make a limited number of investments that may result in wider fluctuations in value and the poor performance by a few of the investments could severely affect the total returns of such GCM Funds. Controlling Interest Risks- the risks of holding a controlling interest in an investment and the losses that may arise if the limited liability of such investment is disallowed. Disposition Risks- the disposition of an investment may require representations about the investment and any contingent liabilities may need to be funded by investors. In addition, GCM Grosvenor, its related persons, and the Investment Managers are subject to certain actual and potential conflicts of interest in making investment decisions for the GCM Funds and Underlying Funds, as the case may be. An investment in an Underlying Fund may be subject to similar and/or substantial additional risks and an investor should carefully review an Underlying Fund’s risk disclosure document prior to investing. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS, AND THE PERFORMANCE OF EACH INVESTMENT PRODUCT COULD BE VOLATILE. AN INVESTMENT IN AN INVESTMENT PRODUCT IS SPECULATIVE AND INVOLVES SUBSTANTIAL RISK (INCLUDING THE POSSIBLE LOSS OF THE ENTIRE INVESTMENT). NO ASSURANCE CAN BE GIVEN THAT ANY INVESTMENT PRODUCT WILL ACHIEVE ITS OBJECTIVES OR AVOID LOSSES.

52 GCM Grosvenor Notes and Disclosures (continued)

By your acceptance of GCM Information, you understand, acknowledge, and agree that GCM Information is confidential and proprietary, and you may not copy, transmit or distribute GCM Information, or any data or other information contained therein, or authorize such actions by others, without GCM Grosvenor’s express prior written consent, except that you may share GCM Information with your professional advisors. If you are a professional financial adviser, you may share GCM Information with those of your clients that you reasonably determine to be eligible to invest in the relevant Investment Product (GCM Grosvenor assumes no responsibility with respect to GCM Information shared that is presented in a format different from this presentation). Any violation of the above may constitute a breach of contract and applicable copyright laws. In addition, you (i) acknowledge that you may receive material nonpublic information relating to particular securities or other financial instruments and/or the issuers thereof; (ii) acknowledge that you are aware that applicable securities laws prohibit any person who has received material, nonpublic information regarding particular securities and/or an the issuer thereof from (a) purchasing or selling such securities or other securities of such issuer or (b) communicating such information to any other person under circumstances in which it is reasonably foreseeable that such person is likely to purchase or sell such securities or other securities of such issuer; and (iii) agree to comply in all material respects with such securities laws. You also agree that GCM Information may have specific restrictions attached to it (e.g. standstill, non-circumvent or non- solicitation restrictions) and agrees to abide by any such restrictions of which it is informed. GCM Grosvenor and its affiliates have not independently verified third-party information included in GCM Information and makes no representation or warranty as to its accuracy or completeness. The information and opinions expressed are as of the date set forth therein and may not be updated to reflect new information. GCM Information may not include the most recent month of performance data of Investment Products; such performance, if omitted, is available upon request. Interpretation of the performance statistics (including statistical methods), if used, is subject to certain inherent limitations. GCM Grosvenor does not believe that an appropriate absolute return benchmark currently exists and provides index data for illustrative purposes only. Except as expressly otherwise provided, the figures for each index are presented in U.S. dollars. The figures for any index include the reinvestment of dividends or interest income and may include “estimated” figures in circumstances where “final” figures are not yet available. Indices shown are unmanaged and are not subject to fees and expenses typically associated with investment vehicles/accounts. Certain indices may not be “investable.” GCM Grosvenor considers numerous factors in evaluating and selecting investments, and GCM Grosvenor may use some or all of the processes described herein when conducting due diligence for an investment. Assets under management for hedge fund investments include all subscriptions to, and are reduced by all redemptions from, a GCM Fund effected in conjunction with the close of business as of the date indicated. Assets under management for private equity, real estate, and infrastructure investments include the net asset value of a GCM Fund and include any unallocated investor commitments during a GCM Fund’s commitment period as well as any unfunded commitments to underlying investments as of the close of business as of the date indicated. GCM Grosvenor may classify Underlying Funds as pursuing particular “strategies” or “sub-strategies” (collectively, “strategies”) using its reasonable discretion; GCM Grosvenor may classify an Underlying Fund in a certain strategy even though it may not invest all of its assets in such strategy. If returns of a particular strategy or Underlying Fund are presented, such returns are presented net of any fees and expenses charged by the relevant Underlying Fund(s), but do not reflect the fees and expenses charged by the relevant GCM Fund to its investors/participants. GCM Information may contain exposure information that GCM Grosvenor has estimated on a “look through” basis based upon: (i) the most recent, but not necessarily current, exposure information provided by Investment Managers, or (ii) a GCM Grosvenor estimate, which is inherently imprecise. GCM Grosvenor employs certain conventions and methodologies in providing GCM Information that may differ from those used by other investment managers. GCM Information does not make any recommendations regarding specific securities, investment strategies, industries or sectors. Risk management, diversification and due diligence processes seek to mitigate, but cannot eliminate risk, nor do they imply low risk. To the extent GCM Information contains “forward-looking” statements, such statements represent GCM Grosvenor's good-faith expectations concerning future actions, events or conditions, and can never be viewed as indications of whether particular actions, events or conditions will occur. All expressions of opinion are subject to change without notice in reaction to shifting marketing, economic, or other conditions. Additional information is available upon request. This presentation may include information included in certain reports that are designed for the sole purpose of assisting GCM Grosvenor personnel in (i) monitoring the performance, risk characteristics, and other matters relating to the GCM Funds and (ii) evaluating, selecting and monitoring Investment Managers and the Underlying Funds (“Portfolio Management Reports”). Portfolio Management Reports are designed for GCM Grosvenor's internal use as analytical tools and are not intended to be promotional in nature. Portfolio Management Reports are not necessarily prepared in accordance with regulatory requirements or standards applicable to communications with investors or prospective investors in GCM Funds because, in many cases, compliance with such requirements or standards would compromise the usefulness of such reports as analytical tools. In certain cases, GCM Grosvenor provides Portfolio Management Reports to parties outside the GCM Grosvenor organization who wish to gain additional insight into GCM Grosvenor’s investment process by examining the types of analytical tools GCM Grosvenor utilizes in implementing that process. Recipients of Portfolio Management Reports (or of information included therein) should understand that the sole purpose of providing these reports to them is to enable them to gain a better understanding of GCM Grosvenor’s investment process. GCM Grosvenor®, Grosvenor®, Grosvenor Capital Management®, GCM Customized Fund Investment Group™, and Customized Fund Investment Group™ are trademarks of GCM Grosvenor and its affiliated entities. ©2019 Grosvenor Capital Management, L.P. All rights reserved. Grosvenor Capital Management, L.P. is a member of the National Futures Association. Neither GCM Grosvenor nor any of its affiliates acts as agent/broker for any Underlying Fund.

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