Aon Proprietary and Confidential

Investment Summary

Global Investment Management

Genstar Capital Partners IX, L.P.

November 2018

Risk. Reinsurance. Human Resources. Aon Proprietary and Confidential

Executive Summary Overall Rating Genstar Capital Partners’ in-depth sector knowledge, focus on talent management, M&A value creation strategy, and 25-member Strategic Advisory Board enables the Firm to be a value-added investor for Fund IX.

Category Rating Business  Staff  Process  Risk  Operations  Performance  Terms

&Conditions 

Aon Hewitt Investment Consulting, Inc. (“AHIC”) has reviewed and performed an in-depth analysis of the above categories which includes, but is not limited to:

.Retention of Limited Partners .Complementary Skill Sets .Market Opportunity . Representation .Alignment of Interest .Stability of Strategy .Management Company Ownership .Turnover/Tenure .Investment Restrictions .Reporting Transparency .Depth of Team Resources .Approval process .Back-office Resources .Management Team Network .Ability to handle troubled deals .Firm Leadership .Exit strategy .Size of Fund

.Consistency / Volatility of Returns . and Offsets .Ability to Create Value in Deals .Realization Record .Priority of Distributions .Quality of Source .Unrealized Portfolio Performance .Clawback .Valuation Discipline .Write-Offs .Investment Period .Sole or Consortium Deals .Transaction Experience in Strategy .No Fault Divorce .Overlap with Prior Portfolios .GP Attribution Concentration .Key Man .Advisory Board

In addition, AHIC’s Operational Due Diligence Team has reviewed the Firm from an operating perspective and has given Genstar Capital Partners IX a passing rating.

Genstar Capital Partners IX, L.P. 2 Data is as of 06/30/2018 unless otherwise noted. Aon Proprietary and Confidential

Recommendation

As part of its recommended 2019 investment pacing of $150 million for Nebraska Investment Council’s (“NIC”)’s Defined Benefit/Cash Balance Benefit plan, Aon Hewitt Investment Consulting, Inc. (“AHIC”) supports NIC Staff’s recommendation to make a $50 million commitment to Genstar Capital Partners IX, L.P. (the Fund) subject to completion of a legal review and satisfactory agreement of terms. This recommendation is based on our due diligence of this fund and is supported by our full due diligence report. Firm Summary

Genstar Capital Partners Head Office Location San Francisco, CA Parent Name LLC Firm AUM $9.8bn Investment Staff 20

Strategy Summary

Target Geography North America Ownership Target Control Target Industries , Software, Industrial Technology, and Healthcare Fund Overview Genstar Capital Partners LLC (“Genstar” or the “Firm”) is forming Genstar Capital Partners IX (“Genstar IX” or the “Fund”) to continue the Firm’s growth- investment strategy of making control investments in predominately mature North American middle-market businesses that can benefit from Genstar’s “change capital”. Genstar targets businesses that have the potential to be transformed into industry leaders through its focus on human capital and strategic business improvement (the Firm builds its portfolio companies through both organic and acquisition growth, in addition to making operational improvements). The Firm has 20 investment professionals and holds a 25-member Senior Advisory Board that works exclusively with Genstar and its investments. The investment team and SAB take an active approach in developing strategic initiatives, accelerating revenue growth, and improving operating performance.

Typically, Genstar acquisition targets have enterprise values of between $250 million and $1.25 billion. History Genstar traces its roots to Genstar Corporation, a formerly listed New York Stock Exchange company with over $4.0 billion in revenues, whose senior executives founded Genstar Capital Partners in 1988. All of the senior executives who founded Genstar were in their 60s or 70s during the initial fund, and did not have a heavy hand in the formation of Fund II and the Firm’s subsequent funds. The current Chairman of Genstar, J.P. Conte, started at the Firm in 1995 as a Vice President commencing with the start of Fund II. The current President of Genstar, Ryan Clark, started at the Firm in 2004 as a Senior Associate. In addition to J.P. Conte, each of the Managing Directors at Genstar today have played an integral part in shaping the current Genstar model, as they have all been with the Firm since the Vice President level or earlier. This career development model has created a strong Genstar culture, in addition to an experienced and cohesive investment team. In addition to J.P. Conte, who joined in 1995, and Ryan Clark who joined in 2004, the three other Managing Directors all joined between 2003 and 2008.

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Specifically, Rob Rutledge joined in 2003 (and re-joined in 2007 after attending business school), Tony Salewski joined in 2007, and Eli Weiss joined in 2008.

The Firm has raised and invested a total of seven private equity funds, of which J.P. Conte, current Chairman of the Firm, was fully responsible for and led all investment activities for beginning with Fund III ( 2000). Genstar currently has $9.8 billion in with a planned fundraise of $5.0 billion for Fund IX. Business Strategy Genstar will continue to focus on investing in the North American middle-market in Genstar’s four core sectors of financial services, software, healthcare, and industrial technology. The depth of these verticals offers a wide enough scope to accommodate shifts in secular and macroeconomic trends while remaining sector focused. The Firm’s investment professionals participate in regular offsite strategy meetings to review industry trends and to consider new secular themes. Additionally, the Firm’s SAB is composed of influential senior executives who are current or former leaders of major companies and help shape the Firm’s investment strategy in their particular verticals of strength.

Typically, Genstar acquisition targets have enterprise values of $250.0 million to $1.25 billion. Genstar typically structures an investment through: (i) majority investments in privately held businesses; (ii) carve‐ outs of corporate divisions; (iii) ownership restructurings/recapitalizations; (iv) control growth equity investments; (v) take‐private transactions; (vi) industry consolidations; and (vii) partnerships with other strategic or financial investors.

The Firm favors high quality businesses in stable industries that exhibit long‐term growth potential, but where Genstar sees an opportunity to grow the business and improve performance. Genstar targets businesses that have the potential to be transformed into industry leaders through its focus on human capital, strategic acquisitions, and operational improvements. Competitive Landscape As a private equity group investing within the upper end of the middle-market, there are many competitors within Genstar’s peer universe. While they do not run into any one private equity firm consistently, the following is a sampling of firms that they may encounter by industry vertical: . Financial Services: Stonepoint Capital, Lightyear Capital, Aquiline Capital, ABRY, HGGC, and Flexpoint Ford . Software: Insight Equity, Vista Equity Partners, Thoma Bravo, and Francisco Partners . Industrial Technology: Industrial Growth Partners, Odyssey Investment Partners, Kohlberg & Co, Sentinel Capital Partners, and The Jordan Company . Healthcare: WaterStreet Healthcare Partners and Avista Capital Investment Team Genstar is comprised of 20 investment professionals, including six Managing Directors, two Directors, three Principals, two Vice Presidents, one Senior Associate, and six Associates. The Firm has also hired three additional Vice Presidents who will join in 2019. These professionals have a variety of backgrounds, but the majority has financial and investing experience as opposed to operational experience. The Firm has maintained a Managing Director of Talent Management on staff for the last eight years, who has been a large asset to the team by working across Genstar’s portfolio. Additionally, Genstar has an

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exclusive 25 member Strategic Advisory Board comprised of industry experts and executives that work with portfolio companies to bring them operational expertise. The Firm also recently hired a Principal, Debt Capital Markets, to assist the investment team in financing portfolio companies. Additionally, the investment team is supported by eight non-investment professionals, including a Chief Financial Officer/Managing Director, Operations, a VP of Investor Relations, a Senior Controller, a Fund Controller, two Senior Accountants, a VP of Compliance, and an outsourced Technology Manager. The investment team is organized into four industry groups: healthcare, financial services, software, and industrial technology, with each team led by one or two senior investment professionals. Junior staff members are trained across verticals as generalists, exposing them to a wider variety of deals and industries that fit under Genstar’s strategy.

Years at Professionals Title Firm Relevant Prior Work Experience Jean-Pierre (J.P.) Chairman 23 . Previously a Principal at the NTC Conte Managing Director Group, Inc. and at Chase Manhattan Bank. . BA from Colgate University and an MBA from Harvard Business School. Ryan Clark President 14 . Previously an Associate at Hellman Managing Director & Friedman LLC. Also worked in the M&A group at & Co. . AB in Environmental Science and Public Policy from Harvard College and an MBA from Harvard Business School. Tony Salewski Managing Director 11 . Previously Chief of Staff at Global Investors and an Associate at Hellman & Friedman LLC. . AB in Economics from Harvard College and an MBA from Harvard Business School. Rob Rutledge Managing Director 15 . Re-joined Genstar in 2007. . Previously an Associate at Genstar from 2003-2005 and an Associate in the division of . . BComm from Queen’s University and an MBA from Stanford University. Eli Weiss Managing Director 10 . Previously an Associate at Hellman & Friedman LLC and worked in the M&A group at Greenhill & Co.

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. BA in History from Yale University and an MBA from Stanford University. David Golde Director 10 . Re-joined Genstar in 2010. . Previously an Associate at Genstar from 2006-2008 and an Analyst in the investment banking group at First Boston. . BBA in Finance, Investments & Banking from the University of Wisconsin-Madison and an MBA from Stanford University. Katie Solomon Managing Director, 8 . Previously VP of Human Capital Human Capital and Investor Relations at Vector Capital. . MA in English from Stanford University and an MBA from Stanford School of Business. Geoff Miller Director 10 . Previously a Financial Analyst at Robert W. Baird. . BA in Economics from Northwestern University and an MBA from Stanford School of Business. Ben Marshall Principal 8 . Previously an Analyst at Peter J. Solomon Company. . BA from Duke University and an MBA from Harvard Business School. Rob Clark Principal 3 . Previously an Associate at Kelso & Company and an Analyst at Citi. . BS in Finance from Wake Forest University and an MBA from Stanford School of Business.

David Graham Principal, Debt 1 . Previously Vice President at Capital Markets Sterling Partners and in Debt Advisory Group at Lincoln International. . BS in Accounting, Finance, and International Studies from Indiana University and MBA from University of Chicago.

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Disclaimer

This document has been produced by Aon Hewitt’s Global Investment Management (GIM) Research Team, a division of Aon plc and is appropriate solely for institutional investors. Nothing in this document should be treated as an authoritative statement of the law on any particular aspect or in any specific case. It should not be taken as financial advice and action should not be taken as a result of this document alone. Consultants will be pleased to answer questions on its contents but cannot give individual financial advice. Individuals are recommended to seek independent financial advice in respect of their own personal circumstances. The information contained herein is given as of the date hereof and does not purport to give information as of any other date. The delivery at any time shall not, under any circumstances, create any implication that there has been a change in the information set forth herein since the date hereof or any obligation to update or provide amendments hereto. The information contained herein is

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derived from proprietary and non-proprietary sources deemed by Aon Hewitt to be reliable and are not necessarily all inclusive. Aon Hewitt does not guarantee the accuracy or completeness of this information and cannot be held accountable for inaccurate data provided by third parties. Reliance upon information in this material is at the sole discretion of the reader.

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