Santa Barbara County Employees’ Retirement System 2021 Strategic Plan Agenda

• Program Review 3

• Portfolio Snapshot and Performance Summary 9

• Strategic Plan 13

• Appendix 20 Program Review PE Portfolio Highlights - September 30, 2020

Hamilton Lane (“HL”) is entering our 15th year of building the Santa Barbara County Employees’ Retirement System (“SBCERS”) PE Program

Performance • Since inception IRR of 12.67% outperforms the benchmark (Russell 3000 + 300 bps) by 28 bps • Double-digit performance for the one-year period, with a point-to-point IRR of 14.96%

Strategic Objectives • Fulfilled all objectives outlined in the 2020 Strategic Plan • PE target of 10% established in 2016; Portfolio at 11.45% as of September 30, 2020 • Established a strong foundation of top tier managers

Additional Highlights • Accessed highly sought, oversubscribed funds • Received preferred legal terms for one fund in 2020 as a result of the HL platform • Presented Private Equity 101 to new Board Members

Hamilton Lane | Global Leader in the Private Markets Proprietary and Confidential | 4 SBCERS’ Private Equity Investment Milestones

Hamilton Lane was hired by SBCERS in 2006 to select new investments, monitor, and provide advice for the private equity portfolio

2005 - Lexington Capital Partners VI • First private equity investment (made by SBCERS)

2006 - HL hired to build long-term PE allocation to 5% • Original contract allowed HL to invest $80M on behalf of SBCERS

2008 - Amendment to contract giving HL full discretion • Recommended annual commitment pacing of $40M to reach long term target

2009/2010 - Target allocation temporarily lowered • Cautious commitment pacing as a result of the Global Financial Crisis

2011 - Target increased to 8% as global markets recover • Annual commitment allocation increased to gradually reach target

2013 - Target allocation is set at 7% • Annual commitments of $60M in 2013 and 2014 to reach and maintain target

2015 - Investment Tranche extended • Approved allocation of up to $250M over three years

2016 - Target allocation is increased to 10% • Annual commitments of $60 - $70M to reach target

2019 - Allocation to PE within 10 bps of target amount • Allocation to PE is 9.94% as of September 30, 2019 SBCERS’ PE Allocation $90 14% $80 12%

$70 PE Target Allocation 10% $60 $50 8%

$40 6% $ Million $ $30 4% $20 2% $10 $0 0% 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Annual Commitment Allocation PE Target Allocation Exposure Actual PE Exposure

Hamilton Lane | Global Leader in the Private Markets Proprietary and Confidential | 5 SBCERS’ Private Equity Activity

SBCERS’ Portfolio Growth $800 80 $700 70

$600 Funds of Number 60 $500 50 $400

40 ($ ($ inMillions) $300 30

$200 20

$100 10

$0 0 9/30/06 9/30/07 9/30/08 9/30/09 9/30/10 9/30/11 9/30/12 9/30/13 9/30/14 9/30/15 9/30/16 9/30/17 9/30/18 9/30/19 9/30/20

SBCERS' Aggregate Commitments SBCERS' Market Value SBCERS' Aggregate Funds

• As of September 30, 2020, SBCERS committed $729.4M to 81 partnerships across 35 managers • Consistent allocation, market environment and fund/manager quality all factors in annual commitment pacing

Hamilton Lane | Global Leader in the Private Markets Proprietary and Confidential | 6 SBCERS’ Performance and Growth

2007 Initial IRR strong due to investment in Lexington secondary fund 2008 Net IRR decline as a result of investing in primary funds (j-curve effect) 2009 Performance increases through Global Financial Crisis (GFC) 2010 J-curve broken after two years 2011 Performance continues to improve post GFC 2012 Since inception IRR approaches double digits 2013 Performance increases each quarter reaching a new apex 2014 IRR apex of 13% achieved 2015 IRR stabilizes despite the lag in shorter-term public benchmarks performance 2016 NAV increase to just below $200M, IRR stable at 11% 2017 Since Inception IRR rises above 12% 2018 Total commitments reached just below $600M 2019 D/PI reached a high watermark of 0.8x 2020 Portfolio weathered impact from COVID-19 and rebounded strongly

SBCERS’ PE Portfolio $400 20%

15% $300

10%

$200 IRR 5% $100 Portfolio NAV Portfolio 0%

$0 (5%)

($100) (10%) 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Portfolio NAV Cumulative IRR

Hamilton Lane | Global Leader in the Private Markets Proprietary and Confidential | 7 Strategically Building the Portfolio

Strategic Diversification by Exposure 9/30/2015 9/30/2020

Secondaries - Direct Venture Capital 10% Secondaries 2% 9% Growth 3% Mega Mega Buyout Equity Growth Equity 21% Strategy: Buyout 27% exposure remains 9% Distressed3% largest exposure; Distressed Debt Debt 5% 10% Growth Equity Special Situations

Strategy increased while Special 4% Situations Distressed Debt 4% Large Buyout Large Buyout declined Small Buyout 18% 13% 11% Small Buyout 11% Mid Buyout Mid Buyout 19% 19% ROW ROW 5% 6% North Asia America 6% 5% 70% Geography: Continues to be North weighted towards Europe America Geography 19% North America 18% 70%

Utilities Consumer Real Estate Comm. Utilities 3% Discretionary Services 3% 2% Consumer Comm. 17% 9% Services Industry: Remains Discretionary Materials 23% 11% well diversified; IT 4% Materials Consumer 5% Staples and Consumer 3% Discretionary Information Information Consumer Technology exposure Technology Staples Energy increased while 15% 4%

Industry 9% 16% Energy exposure Energy decreased 6% Industrials Financials Financials Industrials 13% 8% Healthcare 7% 16% Healthcare 12% 11%

Hamilton Lane | Global Leader in the Private Markets Proprietary and Confidential | 8 Portfolio Snapshot and Performance Summary Portfolio and Performance Summary

SBCERS PE Portfolio Since Inception Summary As of As of $ in Millions Net Change 9/30/2019 9/30/2020 • Active partnerships increased by six over the Active Partnerships 75 81 6 LTM ending September 30, 2020 Active GP Relationships 31 35 4 • Market value increased 19% over the year Committed Capital $657.3 $729.4 $72.1 Unfunded Commitment $247.8 $259.7 $11.9 Paid-In Capital $502.2 $566.5 $64.3 Distributions $401.3 $452.7 $51.4 D/PI 0.8x 0.8x - Net Invested Capital $100.8 $113.8 $13.0 Market Value $316.8 $378.3 $61.5 Total Exposure $564.6 $638.0 $73.4 Average Age of Commitments 5.9 years 5.9 years -

SBCERS PE Portfolio Annual Performance Summary As of $ in Millions • Strong net value gains of $48.6M during the LTM period 9/30/2019 9/30/2020 Beginning Market Value $280.4 $316.8 • Three out of four quarters generated gains during Paid-in Capital 67.2 64.3 this period Distributions 61.4 51.4 • Since inception IRR increased 22 bps YoY Unrealized Gain/(Loss) 30.5 48.6 Ending Market Value $316.8 $378.3 Point-to-Point IRR 10.80% 14.96% Since Inception IRR 12.45% 12.67% Total Value Multiple 1.4x 1.5x

Hamilton Lane | Global Leader in the Private Markets Proprietary and Confidential | 10 Activity Review

Portfolio Cash Flow Activity $80

$60

$40

$20

$0

($ in($ Millions) ($20)

($40)

($60)

($80) 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Contributions Distributions Net Cash Flow

• Net cash outflow of $1.5M in 2020 • Record annual distribution activity in 2020 • 18 funds generated distributions greater than $1M during the year

Hamilton Lane | Global Leader in the Private Markets Proprietary and Confidential | 11 Top Manager Exposure

Investment Guidelines limits exposure to one manager to a maximum of 25% of total Program • Portfolio is well diversified by manager with top exposure at 9.7% of the total Program

Top 5 GP Relationships by Total Exposure* As of September 30, 2020 Number of Total Exposure % of Total Since General Partner Investment Strategy Funds ($M) Portfolio Inception IRR Hamilton Lane Venture Capital 6 $61.8 9.7% 18.5%

Gridiron Capital Small/Mid Buyout 3 49.8 7.8% 26.0%

Technology Crossover Ventures Growth Equity 5 40.5 6.3% 23.9%

Platinum Equity Capital Partners Mid/Large/Mega Buyout 4 36.1 5.7% 28.9%

CVC Capital Partners Mega Buyout 4 33.8 5.3% 15.8%

Total 22 $222.0 34.8% 21.1%

*Total Exposure defined as Reported Market Value plus Unfunded Commitment

• Top five manager exposures are all generating double-digit since inception returns • In aggregate the managers are generating an IRR over 20% • Technology Crossover Ventures and CVC Capital are new to the list; commitments to both managers closed in 2020

Hamilton Lane | Global Leader in the Private Markets Proprietary and Confidential | 12 Strategic Plan 2020 Strategic Plan Update

Review of themes and objectives identified for 2020

Continue to Manage • Met target commitment range with $81M in commitments; reached PE PE Exposure Exposure target of 10%

Manager • Four closed commitments represent existing managers, four new managers Concentration (Bridgepoint, Sterling Group, Symphony Technology Group, GTCR)

Strategic Exposure • Added four commitments to Mid-Buyout

Geographic Allocation • Added two commitments to European managers

Board and Staff • Presented education on Private Markets in February 2020 Education

Hamilton Lane | Global Leader in the Private Markets Proprietary and Confidential | 14 Portfolio Targets

Sector Target Exposure vs. Actual Exposure • As of September 30, 2020, all strategy Current Proposed exposures are at or near target ranges Strategy/Sub-strategy 9/30/2019 9/30/2020 Target Range Target Range identified in the PE Investment Policy Corporate Finance/Buyout 60-70% 60-80% 70% 71% • Based on macro trends the bands have been Large/Mega Buyout 20-30% 25-45% 40% 40% updated to represent a more efficient Small/Mid Buyout 30-40% 25-45% 30% 30% portfolio Special Situations 10-20% 0-20% 12% 10% Distressed Debt 10-15% 0-10% 7% 5% • Venture/Growth breakout: Venture at Secondaries 0-10% 0-10% 1% 0% 10%, Growth Equity at 9% Secondaries – Direct 0-10% 0-10% 0% 0% Special Situations 0-10% 0-10% 4% 4% Venture/Growth Equity 5-15% 10-30% 18% 19%

Geographic Target Exposure vs. Actual Exposure • Europe exposure at low end of proposed Current Proposed Location 9/30/2019 9/30/2020 target range – targeting new relationship in Target Range Target Range 2020 to increase exposure in this region North America 60-70% 60-80% 71% 70% Europe 30-40% 15-35% 17% 18% • Asia/ROW exposure within ranges – Asia 0-10% 0-10% 7% 5% opportunistic approach to investing in these Rest of World 0-10% 0-10% 6% 6% regions

Hamilton Lane | Global Leader in the Private Markets Proprietary and Confidential | 15 Commitment Activity

Commitment Activity Commitment Closing Date Partnership Investment Strategy Geographic Focus ($mil) 2020 Allocation 1/31/2020 Kohlberg Investors IX, L.P. Mid Buyout North America $10.0 5/1/2020 Bridgepoint Development Capital IV, L.P. Mid Buyout Western Europe $10.3 5/4/2020 CVC Capital Partners VIII, L.P. Mega Buyout Western Europe $10.7 5/15/2020 Sterling Group Partners V, L.P. Mid Buyout North America $10.0 5/29/2020 Fund XIV, L.P. Mega Buyout North America $10.0 10/1/2020 STG VI, L.P. Mid Buyout North America $10.0 10/2/2020 TCV XI, L.P. Growth Equity North America $10.0 11/2/2020 GTCR Fund XIII, L.P. Large Buyout North America $10.0 Total $81.0

Note: Change in commitment amounts due to FX fluctuations.

Achieved targeted commitments of $75M- Average Commitment Size by Vintage Year $85M in 2020 ($ in Million) • 2020 activity - eight commitments closed $12 12%

$10.1 ($81.0M) $9.4 $10.1 $10 $9.7 10% • Consistent with the 2020 Strategic $8.9 $8.3 Plan, added new commitments to $8.0 $8 $7.4 $7.5 $7.5 8% increase European and SMID $6.8 $6.9 $6.3 $6.5 exposure $6 6% • Four of eight partnerships represent re-ups $4 4%

• 2021 activity - first commitment pending $2 2% • Represents new relationship with a $0 0% European manager 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Average Commitment PE Target Allocation Exposure

Hamilton Lane | Global Leader in the Private Markets Proprietary and Confidential | 16 Where Are We Headed?

Identifying 2021 Portfolio Objectives

Continue to Manage • Target commitments of $75M - $85M to reach and maintain 10% PE target PE Exposure allocation

Manager • Focus on committing to core existing managers, while evaluating new Concentration managers

Strategic Exposure • Consider new commitment to SMID Buyout and/or Growth Equity

• Continue primary geographic exposure to North America, consider adding Geographic Allocation European exposure

Board and Staff • Present Board Education on Co-Investments Education

Hamilton Lane | Global Leader in the Private Markets Proprietary and Confidential | 17 Horizon Model

As of Scenario 2021 2022 2023 2024 2025 9/30/20 Scenario 1: $65M annual commitments 11.5% 12.4% 11.9% 11.0% 10.3% 9.5% Scenario 2: $75M annual commitments 11.5% 12.4% 12.0% 11.2% 10.6% 10.0% Scenario 3: $85M annual commitments 11.5% 12.5% 12.1% 11.5% 11.0% 10.5%

Projected Allocation - Assumes 7.0% Total Plan Growth Rate

13%

12%

11%

10% % of % Plan of Value

9%

8% 9/30/2020 2021 2022 2023 2024 2025 Scenario 1 - $65M annual commitments Scenario 2 - $75M annual commitments Scenario 3 - $85M annual commitments

Hamilton Lane | Global Leader in the Private Markets Proprietary and Confidential | 18 Forward Calendar

2021 Commitment Activity

Commitment Closing Date Partnership Investment Strategy Geographic Focus ($M)

2021 Allocation Closed March 2021* Fund A Mid Buyout Western Europe $10.0 2021 Total $10.0

2021 Commitment Outlook Prior Commitment Partnership Investment Strategy Geographic Focus ($M) Existing Manager Relationships - likely to come back to market GPE X, L.P. Mega Buyout Global $10.0 Hellman & Friedman Capital Partners X, L.P. Mega Buyout North America $10.0 Kelso Investment Associates XI, L.P. Large Buyout North America $10.0 OHA Strategic Credit Fund III, L.P. Distressed Debt Global $10.0 Saw Mill Capital Partners III, L.P. Small Buyout North America $10.0 TPG Tech Adjacencies II, L.P. Growth Equity North America $10.0 Total $60.0

*Pending close/projected close timing

• One commitment pending close to-date in 2021; represents new manager relationship • Existing managers back to market include several buyout managers, diversified by size and geographic focus • Based on portfolio fit and fund quality, consider adding a new manager

Hamilton Lane | Global Leader in the Private Markets Proprietary and Confidential | 19 Appendix Contact Information

Philadelphia (Headquarters) Scranton Tokyo One Presidential Blvd. Schillerstr. 12 32 Scranton Office Park 13F, Marunouchi Bldg. 4th Floor 60313 Frankfurt am Main Suite 101 2-4-1, Marunouchi Bala Cynwyd, PA 19004 Moosic, PA 18507 Chiyoda-ku USA +49 89 954 537901 USA Tokyo 100-6313, Japan +1 610 934 2222 +1 570 247 3739 +81 (0) 3 5860 3940

Hong Kong New York Seoul Toronto Room 1001-3, 10th Floor 610 Fifth Avenue, Suite 401 12F, Gangnam Finance Center 150 King St. West St. George’s Building New York, NY 10020 152 Teheran-ro, Gangnam-gu Suite 200 2 Ice House Street USA Seoul 06236 Toronto, Ontario Central Hong Kong, China +1 212 752 7667 Republic of Korea Canada M5H 1J9 +852 3987 7191 +82 2 6191 3200 +1 647 715 9457

Las Vegas Portland Singapore 3753 Howard Hughes Parkway 15350 SW Sequoia Pkwy 12 Marina View Suite 200 Suite 260 Asia Square Tower 2 Las Vegas, NV 89169 Portland, OR 97224 Suite 26-04 USA USA Singapore, 018961 +1 702 784 7690 +1 503 624 9910 +65 6856 0920

London San Diego Sydney 8-10 Great George Street 7817 Ivanhoe Avenue Level 33, Aurora Place SW1P 3AE Suite 310 88 Phillip Street La Jolla, CA 92037 Sydney NSW 2000 +44 (0) 207 340 0100 USA Australia +1 858 410 9967 +61 2 9293 7950

Miami San Francisco Tel Aviv 999 Brickell Avenue 201 California Street, Suite 550 6 Hahoshlim Street Suite 720 San Francisco, CA 94111 Building C 7th Floor Miami, Florida 33131 USA Hertzelia Pituach, 4672201 USA +1 415 365 1056 P.O. Box 12279 +1 954 745 2780 Israel +972 73 2716610

Hamilton Lane | Global Leader in the Private Markets Proprietary and Confidential | 21 Disclosures

This presentation has been prepared solely for informational purposes and contains confidential and proprietary information, the disclosure of which could be harmful to Hamilton Lane. Accordingly, the recipients of this presentation are requested to maintain the confidentiality of the information contained herein. This presentation may not be copied or distributed, in whole or in part, without the prior written consent of Hamilton Lane. The information contained in this presentation may include forward-looking statements regarding returns, performance, opinions, the fund presented or its portfolio companies, or other events contained herein. Forward-looking statements include a number of risks, uncertainties and other factors beyond our control, or the control of the fund or the portfolio companies, which may result in material differences in actual results, performance or other expectations. The opinions, estimates and analyses reflect our current judgment, which may change in the future. All opinions, estimates and forecasts of future performance or other events contained herein are based on information available to Hamilton Lane as of the date of this presentation and are subject to change. Past performance of the investments described herein is not indicative of future results. In addition, nothing contained herein shall be deemed to be a prediction of future performance. The information included in this presentation has not been reviewed or audited by independent public accountants. Certain information included herein has been obtained from sources that Hamilton Lane believes to be reliable, but the accuracy of such information cannot be guaranteed. This presentation is not an offer to sell, or a solicitation of any offer to buy, any security or to enter into any agreement with Hamilton Lane or any of its affiliates. Any such offering will be made only at your request. We do not intend that any public offering will be made by us at any time with respect to any potential transaction discussed in this presentation. Any offering or potential transaction will be made pursuant to separate documentation negotiated between us, which will supersede entirely the information contained herein. Certain of the performance results included herein do not reflect the deduction of any applicable advisory or management fees, since it is not possible to allocate such fees accurately in a vintage year presentation or in a composite measured at different points in time. A client’s rate of return will be reduced by any applicable advisory or management fees, and any expenses incurred. Hamilton Lane’s fees are described in Part 2 of our Form ADV, a copy of which is available upon request. The following hypothetical example illustrates the effect of fees on earned returns for both separate accounts and fund-of-funds investment vehicles. The example is solely for illustration purposes and is not intended as a guarantee or prediction of the actual returns that would be earned by similar investment vehicles having comparable features. The example is as follows: The hypothetical separate account or fund-of-funds consisted of $100 million in commitments with a fee structure of 1.0% on committed capital during the first four years of the term of the investment and then declining by 10% per year thereafter for the 12-year life of the account. The commitments were made during the first three years in relatively equal increments and the assumption of returns was based on cash flow assumptions derived from a historical database of actual private equity cash flows. Hamilton Lane modeled the impact of fees on four different return streams over a 12-year time period. In these examples, the effect of the fees reduced returns by approximately 2%. This does not include performance fees, since the performance of the account would determine the effect such fees would have on returns. Expenses also vary based on the particular investment vehicle and, therefore, were not included in this hypothetical example. Both performance fees and expenses would further decrease the return. Hamilton Lane (UK) Limited is a wholly-owned subsidiary of Hamilton Lane Advisors, L.L.C. Hamilton Lane (UK) Limited is authorized and regulated by the Financial Conducts Authority. In the UK this communication is directed solely at persons who would be classified as a professional client or eligible counterparty under the FCA Handbook of Rules and Guidance. Its contents are not directed at, may not be suitable for and should not be relied upon by retail clients. Hamilton Lane Advisors, L.L.C. is exempt from the requirement to hold an Australian financial services licence under the Corporations Act 2001 in respect of the financial services by operation of ASIC Class Order 03/1100: U.S. SEC regulated financial service providers. Hamilton Lane Advisors, L.L.C. is regulated by the SEC under U.S. laws, which differ from Australian laws. Any tables, graphs or charts relating to past performance included in this presentation are intended only to illustrate the performance of the indices, composites, specific accounts or funds referred to for the historical periods shown. Such tables, graphs and charts are not intended to predict future performance and should not be used as the basis for an investment decision. The information herein is not intended to provide, and should not be relied upon for, accounting, legal or tax advice, or investment recommendations. You should consult your accounting, legal, tax or other advisors about the matters discussed herein. The calculations contained in this document are made by Hamilton Lane based on information provided by the general partner (e.g. cash flows and valuations), and have not been prepared, reviewed or approved by the general partners.

As of February 16, 2021

Hamilton Lane | Global Leader in the Private Markets Proprietary and Confidential | 22