Private Equity Investment Report

Santa Barbara County Employees’ Retirement System Fourth Quarter 2019 PE Performance Update Agenda

• Private Markets Update 3

• Q4 Private Equity Performance 10

• Deal Review 17

• Appendix 20 Private Markets Update Key Private Markets Observations

• Hamilton Lane has conducted a comprehensive outreach to hundreds of GPs in order to assess investments and Portfolio reviews outlook • LP portfolios are, generally, well-diversified with varying degrees of exposure to some of the industries most ongoing severely impacted by COVID-19 • The ultimate impact will depend on the speed with which for global economies are able to re-open

• Q1 valuations will be available early-mid June Q1 valuations likely to • Given the volatility in the public markets and the impacts across business activity in Q1, we expect softness in be down but muted performance across our portfolios • Hamilton Lane estimates Q1 2020 marks will be down in the high negative single digits1

• Slight uptick in capital calls in March and April 2020, though we have not observed the surge of capital calls Limited near-term discussed in the news or feared by LPs cash flow concerns • Credit managers are driving recent capital calls as they look to “play offense” • Exits will likely remain limited for some time – distribution activity in April the lowest since January 2012

• There is a very high bar for approving new investments Investment • Portfolios with remaining capital to invest will lean into areas with attractive opportunities, such as distressed opportunity set credit, rescue finance, secondary investments, and turnaround deals evolving • Private markets, with plenty of dry powder, are well positioned to take advantage of new investment opportunities

1 Actual results may differ from Hamilton Lane estimates. Hamilton Lane analysis and estimates are based on the evaluation of information available to Hamilton Lane at the time of the estimate. Estimates are subject to change as new information becomes available and are not a guarantee of future performance The information contained herein is based on the latest available information and Hamilton Lane's opinions as of the date of this presentation and subject to change at the Firm's discretion.

Hamilton Lane | Global Leader in the Private Markets Proprietary and Confidential | 4 Portfolio Reviews Ongoing

HL continues extensive COVID-19 specific GP outreach to understand early guidance on funds/deals

What GPs are doing?

Considering Working with Evaluating availability of Scenario planning and opportunities for banks/lenders to government aid for implementation improved competitive manage cash needs portfolio companies positioning or M&A

GP’s Contacted1 Update Calls/Meetings1

220+ 400+

HL internal efforts supported by extensive investment database and active monitoring program

1As of May 5, 2020

Hamilton Lane | Global Leader in the Private Markets Proprietary and Confidential | 5 Q1 Valuation Softness Expected

Understanding the relationship between public and private markets is one piece of the larger valuation puzzle

Buyout vs MSCI World Regression Results Buyout Quarterly Returns 2008 - Q3 2019 Actual vs Alpha Beta Model Projections 15% 10%

8% 10%

6% 5%

TWR 4%

0% 2%

-5% 0% World Quarterly Quarterly World -2%

-10% MSCI -4%

-15% Alpha: 1.4% -6% Beta: 0.43 -20% -8% -25% -20% -15% -10% -5% 0% 5% 10% 15% 20% 25% 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Buyout Quarterly TWR Actual Projected

Source: Hamilton Lane; Bloomberg (April 2020) Source: Hamilton Lane (April 2020) • Private market valuations lag 60 to 90 days after quarter end • Historically buyout beta has been 0.43 with respect to public equity markets, with a quarterly alpha of about 1.4% • Assuming that beta and alpha, we estimate Q1 2020 valuations will be down in the high single digits, though individual funds will vary widely by region and sector

1 For illustrative purposes only. Actual results may differ from Hamilton Lane estimates. Hamilton Lane analysis and estimates are based on the evaluation of information available to Hamilton Lane at the time of the estimate. Estimates are subject to change as new information becomes available and are not a guarantee of future performance.

Hamilton Lane | Global Leader in the Private Markets Proprietary and Confidential | 6 Cash Flows – Limited Cause For Alarm

To date, we have not seen the surge of capital calls discussed in the news or feared by LPs

Rate of Contributions by Month for All PM

8% 7% 6% 5% 4% 3% 2% 1% 0% 2008 2010 2012 2014 2016 2018 2020

RC by Month for All PM Average Source: Hamilton Lane; Bloomberg (April 2020)

• Total capital calls for Q4 2019 and Q1 2020 were down approximately 2% and 25%, respectively, from historical quarterly averages • However, on a monthly basis, March and April were about 15 to 20% higher than historical averages • Total contributions not expected to increase significantly quarter over quarter as new deal activity has slowed

HL has surveyed managers to understand their expectations for near-term capital calls

461 39% 5%

Fund survey responses Funds expect capital Projected average % of received (April 2020) calls in Q2 2020 commitments to be called

The information contained herein is based on the latest available information and Hamilton Lane's opinions as of the date of this presentation and subject to change at the Firm's discretion.

Hamilton Lane | Global Leader in the Private Markets Proprietary and Confidential | 7 Challenging Market, But Opportunities Exist

The new investment opportunity set will shift over time, requiring flexibility, expertise, capital and speed of execution

Direct Investment Landscape Real Assets Direct Investment Landscape

Investment Prospects Investment Prospects Investment Prospects Investment Prospects Investment Area Current Deal Flow Investment Area Current Deal Flow (Today) (1 year) (Today) (1 year)

Liquid/Traded Credit Energy

Preferred/Structured - Liquidity Infrastructure Based Financings

Rescue Financing Agriculture

Distressed Real Estate

Secondary-LP Market

Secondary-GP led

Buyout

Growth Equity

Follow-On Equity

PIPES (Private Investment in Public Equity)

Venture

n Favorable n Slightly Favorable n Neutral n Slightly Unfavorable. n Unfavorable

0 to 3 months 3 to 6 months 6 to 12+ months

Credit and Credit-Like Credit; Credit-Like; Distressed Equity Opportunities Opportunities Emerge Become More Robust

The information contained herein is based on the latest available information and Hamilton Lane's opinions as of the date of this presentation and subject to change at the Firm's discretion.

Hamilton Lane | Global Leader in the Private Markets Proprietary and Confidential | 8 Dry Powder Remains Robust

Private markets well positioned to take advantage of dry powder

All Private Markets: Total Dry Powder All Private Markets: Unfunded % by Vintage Year Billions (USD) Unfunded/Commitments 90% $2,500

80%

$2,000 70%

60%

$1,500 50%

40% $1,000 30%

20% $500

10%

$0 0% 2005 2007 2009 2011 2013 2015 2017 2019 2015 2016 2017 2018 2019 Source: Hamilton Lane via Cobalt (May 2020) Source: Hamilton Lane via Cobalt (May 2020)

• 2018 and 2019 vintage year funds on average have over 60% of dry powder at their disposal • Older vintages are not as well positioned to take advantage of upcoming opportunities

The information contained herein is based on the latest available information and Hamilton Lane's opinions as of the date of this presentation and subject to change at the Firm's discretion.

Hamilton Lane | Global Leader in the Private Markets Proprietary and Confidential | 9 Q4 Private Equity Performance PE Portfolio Highlights - December 31, 2019

Performance and Value Creation • Strong since inception performance • Since inception IRR increased 6 bps YoY • Generated double-digit IRR of 12.94% for one-year period with $37.2M of gains

PE Portfolio Returns PE Portfolio Value Created

15% $20 12.57% 12.58% 12.45% 12.45% $14.9 $15 10% $12.8 $10.8 $9.5 $10 $9.4 $8.8 4.50% $7.2 5% 3.14% 2.99% ($ inMillions) $5.5 1.77% $5

0% $0 3/31/2019 6/30/2019 9/30/2019 12/31/2019 3/31/2019 6/30/2019 9/30/2019 12/31/2019

Point-to-Point IRR Since Inception IRR Net Value Gain Market Value Growth

Hamilton Lane | Global Leader in the Private Markets Proprietary and Confidential | 11 Portfolio Summary

Portfolio Snapshot 2019: continued value creation and $ millions 12/31/2018 12/31/2019 Change meaningful liquidity Active Partnerships 70 76 6 • Portfolio generating significant cash return Active GP Relationships 30 33 3 Capital Committed ¹ $598.9 $677.8 $78.9 • Distribution to paid-in ratio increased Unfunded Commitment $228.2 $250.8 $22.6 to 0.81x Capital Contributed $445.8 $519.5 $73.7 • Generated net value gains of $37.2M Capital Distributed $360.2 $419.4 $59.2 during the year D/PI 0.8x 0.8x - Market Value $283.9 $325.6 $41.7 Total Value Multiple 1.4x 1.4x - Since Inception IRR 12.39% 12.45% 6 bps Active Avg Age of Commitments 5.7 years 5.9 years 0.2 years ¹The change in the capital committed from 12/31/18 to 12/31/19 is due to eight new commitments made during the year and currency movements of non-USD Portfolio investments

• Strong LTM value creation across the Portfolio Summary Portfolio Quarter Ending Year Ended • All four quarters generated in $ millions 3/31/2019 6/30/2019 9/30/2019 12/31/2019 12/31/2019 positive performance, leading to Beginning Market Value $283.9 $298.8 $309.6 $316.8 $283.9 a one-year IRR of 12.94% Paid-in Capital 15.9 14.9 15.5 17.4 63.7 Distributions (13.8) (13.6) (13.7) (18.1) (59.2) Net Value Change 12.8 9.5 5.4 9.5 37.2 Ending Market Value $298.8 $309.6 $316.8 $325.6 $325.6 Unfunded Commitments $238.6 $244.5 $247.8 $250.8 $250.8 Total Exposure 537.4 554.1 564.6 576.4 576.4 Point-to-Point IRR 4.50% 3.14% 1.77% 2.99% 12.94% Since Inception IRR 12.57% 12.58% 12.45% 12.45% 12.45%

Hamilton Lane | Global Leader in the Private Markets Proprietary and Confidential | 12 Performance Summary

IRR Performance As of December 31, 2019 12.94% 1-Year IRR 34.02% 30.67% 18.18% 14.55% 3-Year IRR 17.57% 15.56% 17.27% 12.81% 5-Year IRR 14.24% 11.73% 13.78% 13.90% 10-Year IRR 16.41% 12.46% 14.60% 12.45% Since 12.51% Inception IRR 9.77% 12.25%

0% 5% 10% 15% 20% 25% 30% 35% 40%

Portfolio IRR Russell 3000 + 300 bps MSCI World + 300 bps Thomson / Cambridge All PE

• Portfolio generated double-digit performance across all periods • Since inception, Portfolio slightly underperformed designated public benchmark by 6 bps

Hamilton Lane | Global Leader in the Private Markets Proprietary and Confidential | 13 Commitment Activity

Commitment Activity Commitment Closing Date Partnership Investment Strategy Geographic Focus ($mil) 2020 Allocation 1/31/2020 Kohlberg Investors IX, L.P. Large Buyout North America $10.0 5/1/2020 Bridgepoint Development Capital IV, L.P. Mid Buyout Western Europe $9.9 5/4/2020 CVC Capital Partners VIII, L.P. Mega Buyout Global $10.0 May 2020 Fund A Mega Buyout North America $10.0 May 2020 Fund B Mid Buyout North America $10.0 Total $49.9

• 2020 activity - five commitments closed ($49.9M) • Consistent with the 2020 Strategic Plan, added new commitments to increase European and SMID exposure • Three of five partnerships represent re-ups • Targeting $75M - $85M for the year

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

Strategic Diversification Underlying Investment Diversification* Underlying Investment Diversification* by Total Exposure by Geography by Industry As of December 31, 2019 As of December 31, 2019 As of December 31, 2019

Special Venture Situations Capital Information 5% 9% Asia Industrials Growth Technology 6% 16% Equity 14% 9% Distressed Mid Buyout Materials Europe Healthcare Debt 18% 5% 16% 10% 7% Communication Services Small Financials 8% 7% Buyout North America ROW 11% Utilities 70% 8% 2%

Large Buyout Mega Buyout Energy 10% 15% 26% Consumer Consumer Discretionary Staples 23% 4%

• Portfolio is prudently diversified by strategy, geography and sector • Buyout represents 69% of total exposure and is well diversified by size • Geography diversification holding steady with continued weighting toward North America • Energy exposure experienced a 3% decline YoY

*The above data is excluding the Fund of Funds of Lexington VI and HL Venture Capital Fund (Series 2010, 2011, 2014, 2015, 2016, and 2017)

Hamilton Lane | Global Leader in the Private Markets Proprietary and Confidential | 15 Credit & Turnaround Manager Unfunded & Performance

As of 12/31/2019 ($M)

Vintage Paid-in Unfunded Investment Name Commitment Distributions Market Value DPI TVPI Net IRR Year Capital Commitment

Credit Exposure Apollo European Principal Finance Fund (Feeder), L.P. 2010 $7.5 $10.8 $0.9 $14.7 $0.0 1.36x 1.36x 20.35% Ascribe Opportunities Fund II, L.P. 2010 $10.0 $26.3 $1.6 $26.6 $2.1 1.01x 1.09x 5.20% Ascribe Opportunities Fund III, L.P. 2014 $10.0 $16.2 $3.1 $12.8 $3.7 0.79x 1.02x 2.00% Ascribe Opportunities Fund IV, L.P. 2020 $15.0 - $15.0 - - N/A N/A N/A Avenue Europe Special Situations Fund, L.P. 2008 $3.2 $4.2 - $6.3 - 1.49x 1.49x 15.96% Avenue Europe Special Situations Fund II, L.P. (Euro) 2011 $7.0 $7.0 - $7.9 - 1.13x 1.13x 3.25% BCP Special Opportunities Fund II, L.P. 2020 $10.0 - $10.0 - - N/A N/A N/A OHA Strategic Credit Fund IB, L.P. 2009 $5.0 $4.5 - $6.8 - 1.52x 1.52x 12.67% OHA Strategic Credit Fund II, L.P. 2017 $10.0 $4.0 $6.0 - $4.4 0.00x 1.09x 14.99% SSG Capital Partners II, L.P. 2012 $6.4 $11.0 $0.5 $11.0 $1.4 0.99x 1.12x 5.27% SSG Capital Partners III, L.P. 2014 $7.5 $12.4 $2.6 $10.1 $4.5 0.82x 1.18x 10.69% SSG Capital Partners IV, L.P. 2017 $10.0 $10.0 $4.5 $4.3 $7.1 0.43x 1.14x 15.14% Tennenbaum Opportunities Fund V, LLC 2007 $5.0 $5.0 - $5.9 $0.8 1.18x 1.35x 4.60% Sub-Total Credit Exposure $106.5 $111.4 $44.2 $106.3 $24.1 0.95x 1.17x 8.32% Generalist Exposure Apollo Investment Fund VII, L.P. 2008 $10.0 $12.2 $1.2 $19.3 $1.4 1.58x 1.70x 22.48% Apollo Investment Fund VIII, L.P. 2013 $10.0 $9.2 $1.6 $4.3 $8.6 0.47x 1.40x 12.29% Apollo Investment Fund IX, L.P. 2018 $10.0 $1.8 $8.2 - $1.6 0.00x 0.88x (20.56%) Sub-Total Generalist Exposure $30.0 $23.3 $11.0 $23.6 $11.7 1.01x 1.51x 20.11% Turnaround Exposure KPS Special Situations Fund III, L.P. 2007 $10.0 $9.8 $4.6 $20.2 $0.1 2.06x 2.07x 23.51% KPS Special Situations Fund IV, L.P. 2014 $10.0 $8.4 $2.2 $3.0 $7.2 0.35x 1.21x 16.76% KPS Special Situations Fund V, L.P. 2020 $10.0 - $10.0 - - N/A N/A N/A Platinum Equity Capital Partners III, L.P. 2012 $7.5 $7.2 $1.5 $9.3 $4.0 1.29x 1.84x 38.96% Platinum Equity Capital Partners IV, L.P. 2016 $10.0 $9.1 $2.2 $2.9 $8.9 0.32x 1.30x 22.00% Platinum Equity Capital Partners V, L.P. 2019 $10.0 $0.0 $10.0 - $0.0 0.00x 0.76x N/A Platinum Equity Small Cap Fund, L.P. 2018 $9.8 $1.7 $8.1 $0.1 $1.0 0.04x 0.64x (57.55%) Sub-Total Turnaround Exposure $67.3 $36.3 $38.5 $35.5 $21.2 0.98x 1.56x 24.42% Special Situations Portfolio $203.8 $171.0 $93.8 $165.4 $56.9 0.97x 1.30x 13.43% Total PE Portfolio $677.8 $519.5 $250.8 $419.4 $325.6 0.81x 1.43x 12.45%

• PE Portfolio has $44.2M of unfunded credit commitments that can take advantage of buying opportunity • Apollo and turnaround managers, KPS and Platinum, well poised to take advantage of market dislocation with $49.5M of unfunded capital in aggregate

Hamilton Lane | Global Leader in the Private Markets Proprietary and Confidential Page 16 Deal Review Bridgepoint Development Capital IV, L.P. CVC Capital Partners VIII, L.P. Bridgepoint Development Capital IV, L.P.

Firm Inception 1984 (spun out in 2000) Approach • Buyout investor targeting lower middle-market Fund Size £1.0 billion companies with between £30 million and £150 million Strategy Mid-market buyout in enterprise value Geography Western Europe • Flexible geographic deployment of capital across the U.K., France, and the Nordic region, with a trend away Team 27 investment professionals from the U.K. due to macroeconomic factors Business and Financial Services, Technology & Media, Industries • Focuses on six core sectors with the Business Consumer, Healthcare, Manufacturing & Industrials Services, Technology & Media, and Consumer sectors Equity Investments £20 million to £100 million making up the majority of investments • Dedicated BDC team is led by Michael Black, who is supported by 28 professionals, with offices in London, Bridgepoint Development Capital (“BDC”) Paris, and Stockholm Prior Investment Performance 1 As of 12/31/2019 • Highly structured approach, overseen by a senior (£mm) Fund Capital Capital Net Vintage NAV DPI TVPI leadership group at Bridgepoint, adding rigor, Fund Size Drawn Distributed IRR maintaining consistency of decision making, and 2 Fund I 2009 £300 £205.0 £428.3 £37.2 2.1x 2.3x 19.7% ensuring an integrative approach with the other Fund II3 2012 316 265.4 402.6 190.9 1.5x 2.2x 31.3% product lines Fund III 2016 605 317.3 77.1 449.4 0.2x 1.7x 43.6% Key Features Total £787.7 £908.0 £677.5 1.2x 2.0x 24.7% • 1 Capital Drawn, Capital Distributed and NAV are calculated from the cash flows of fee paying limited partners Highly regarded and experienced investor having and excludes any cash flows from the General Partner's commitment completed more than 390 investments across Europe 2 Fund I excludes the Hermes Private Equity assets managed through the Bridgepoint Portfolio Services division 3 The General Partner raised €353 million for its second fund; fund size converted as of 12/31/19, Fund II cash since 1984 flows converted from EUR to GBP as of the date of each cash flow • Collaborative approach to value creation focused on EBITDA growth through top-line growth and margin expansion • All three previous funds have achieved top quartile returns on a net IRR basis • Strong dispersion of returns is evidenced by a low loss On behalf of SBCERS’, Hamilton Lane approved a £8.0 million ratio and the majority of realized investments being commitment to Bridgepoint Development Capital IV, L.P. exited above 3.0x TVPI

Hamilton Lane | Global Leader in the Private Markets Proprietary and Confidential | 18 CVC Capital Partners VIII, L.P.

Firm Inception 1981 Approach • Mega buyout investor with significant presence in Fund Size €17.5 billion Europe and the United States Strategy Mega buyout • Longstanding generalist approach reinforced by Geography Global; primarily Europe three dedicated sector teams focusing on Healthcare, Financial Services, and TMT Team 109 investment professionals • Scaled, diversified buyout approach benefits Industries Diversified origination, deal-making, and value enhancement Equity Investments €200 million to €1 billion efforts • Experienced leadership with established, repeatable investment processes and frameworks CVC Capital Partners (“CVC”) • Broad resources bolster all aspects of investment 1 Prior Investment Performance activity with over 100 professionals supporting the As of 12/31/2019 (€mm) Fund Capital Capital Net flagship buyout franchise Vintage NAV DPI TVPI Fund Size Drawn Distributed IRR Fund IV 2005 €6,000 €6,122.9 €11,761.8 €5.2 1.9x 1.9x 16.6% Key Features Tandem 2007 4,123 4,264.7 6,207.6 4.2 1.5x 1.5x 9.1% • Renowned, longstanding institution with deep Fund V 2008 10,749 10,359.0 22,838.3 2,027.3 2.2x 2.4x 20.2% resources and investment capabilities Fund VI 2014 10,907 10,164.4 4,281.9 11,646.3 0.4x 1.6x 17.5% • Extensive deal flow derived from regional investment Fund VII 2018 16,400 7,768.5 65.3 8,259.1 0.0x 1.1x 18.4% teams in major European markets and a strong Total €38,679.6 €45,154.8 €21,942.0 1.2x 1.7x 16.8% brand name making CVC a sought-after partner

1 Capital Drawn, Capital Distributed and NAV are calculated from the cash flows of fee paying limited partners • Generated top-quartile or near top-quartile net and excludes any cash flows from the General Partner's commitment returns across all of its prior funds • Consistently outperformed its relative PME benchmarks across all vintages

On behalf of SBCERS’, Hamilton Lane approved a €9.1 million commitment to CVC Capital Partners VIII, L.P.

Hamilton Lane | Global Leader in the Private Markets Proprietary and Confidential | 19 Appendix Credit & Turnaround Managers

Primary General Partner Strategy Sub-Strategy Target Investments All Sectors Geography

Distressed NPLs, REOs, distressed hospitality Apollo European Principal1 Credit Diversified Europe Debt assets, and distressed shipping assets Opportunistic buyout, corporate carve- Apollo Global Management Buyout Generalist Diversified Global out, and distressed investment

Securities of stressed companies, equity Distressed North Ascribe Capital Credit / loans of distressed companies, and Diversified Debt America defaulted debt securities

Distressed debt, special situation Distressed Avenue Capital Group1 Credit financing, non-performing loans, and Diversified Asia Debt restructuring

Private lending / mezzanine / structured Special North BC Partners (BCP) Credit equity, event-driven, and stressed / Diversified Situations America distressed

Distressed companies and highly Industrials and North KPS Capital Partners Buyout Turnaround complex transactions Consumer America

Distressed Distressed, stressed, and structured North Oak Hill Advisors (OHA) Credit Diversified Debt credit America

Industrials, Technology, Traditional buyouts, complex corporate North Platinum Equity Capital Partners Buyout Turnaround and Consumer carve-outs, and public-to-private America Discretionary

Distressed / restructuring, non- Special SSG Capital Management1 Credit performing loans, and growth / Diversified Asia Situations development

Distressed Companies facing significant operational North Tennenbaum Capital Partners1 Credit Diversified Debt or cyclical challenges America 1Not a core manager

Hamilton Lane | Global Leader in the Private Markets Proprietary and Confidential Page 21 Performance Summary by Investment

Santa Barbara County Employees' Retirement System's PE Portfolio Performance Summary by Investment as of December 31, 2019 Vintage Capital Paid-In Capital Market Since Partnership Strategy Year Committed Capital Distributed Value Inception IRR ¹ Actis Global 4, L.P. 2012 Mid Buyout $7,500,000 $7,985,027 $3,369,290 $6,956,000 8.15% Advent International GPE IX, L.P. 2019 Mega Buyout 10,000,000 1,150,000 - 1,041,566 N/A Advent International GPE VIII-B, L.P. 2016 Mega Buyout 8,500,000 7,560,750 - 9,772,010 14.91% American Securities Partners VII, L.P. 2016 Large Buyout 10,000,000 8,099,164 1,214,005 6,546,192 (2.18%) American Securities Partners VIII, L.P. 2019 Large Buyout 10,000,000 75,805 - (107,964) N/A Apollo European Principal Finance Fund (Feeder), L.P. 2010 Distressed Debt 7,504,432 10,810,080 14,701,526 36,418 20.35% Apollo Investment Fund IX, L.P. 2018 Mega Buyout 10,000,000 1,841,603 18,649 1,621,480 (20.56%) Apollo Investment Fund VII, L.P. 2008 Mega Buyout 10,000,000 12,203,289 19,286,429 1,423,598 22.48% Apollo Investment Fund VIII, L.P. 2013 Mega Buyout 10,000,000 9,245,668 4,317,526 8,620,220 12.29% Ascribe Opportunities Fund II, L.P. 2010 Distressed Debt 10,000,000 26,341,279 26,566,201 2,106,206 5.20% Ascribe Opportunities Fund III, L.P. 2014 Distressed Debt 10,000,000 16,249,357 12,834,996 3,693,974 2.00% Ascribe Opportunities Fund IV, L.P. 2020 Distressed Debt 15,000,000 - - N/A N/A Avenue Europe Special Situations Fund II, L.P. (Euro) 2011 Distressed Debt 6,975,727 6,979,963 7,882,765 - 3.25% Avenue Europe Special Situations Fund, L.P. 2008 Distressed Debt 3,195,310 4,213,531 6,295,345 - 15.96% BCP Special Opportunities Fund II, L.P. 2020 Special Situations 10,000,000 - - N/A N/A Blackstone Capital Partners VII, L.P. 2016 Mega Buyout 10,000,000 7,637,209 888,865 8,863,045 N/A Blackstone Capital Partners VIII, L.P. 2020 Mega Buyout 10,000,000 - - N/A N/A Blackstone Energy Partners II, L.P. 2015 Large Buyout 10,000,000 8,071,665 521,932 8,751,715 7.08% Blackstone Energy Partners, L.P. 2011 Mid Buyout 10,000,000 11,307,398 11,333,923 5,874,521 N/A Cinven Seventh Fund 2019 Mega Buyout 8,593,443 - - (22,386) N/A CVC Capital Partners VI, L.P. 2013 Mega Buyout 10,235,877 8,912,097 4,372,155 9,253,045 17.18% CVC Capital Partners VII, L.P. 2017 Mega Buyout 10,454,854 5,222,987 44,781 5,615,685 20.54% CVC European Equity Partners V, L.P. 2008 Mega Buyout 9,409,834 9,699,649 18,164,504 1,191,657 16.40% Energy Capital Partners II, L.P. 2009 Large Buyout 10,000,000 10,120,901 12,711,676 704,966 9.22% Energy Capital Partners III, L.P. 2014 Large Buyout 7,500,000 8,226,791 3,250,637 6,638,069 8.01% Enhanced Equity Fund II, L.P. 2010 Small Buyout 5,000,000 4,827,766 2,669,958 - (21.65%) First Reserve Fund XII, L.P. 2008 Mega Buyout 10,000,000 11,295,299 5,771,039 1,506,944 (10.06%) Gilde Buyout Fund IV L.P. 2011 Small Buyout 4,345,032 4,447,661 5,395,881 1,113,649 9.12% Gridiron Capital Fund II, L.P. 2012 Small Buyout 10,000,000 10,434,545 10,554,524 7,296,248 14.10% Gridiron Capital Fund III, L.P. 2015 Small Buyout 10,000,000 9,571,692 4,254,158 20,873,189 N/A Gridiron Capital Fund IV, L.P. 2019 Mid Buyout 10,000,000 - - (175,991) N/A ¹The IRR net of Hamilton Lane fees is 11.85% Note: Total includes a $5.0 million commitment to American Securities Partners VI, L.P. Hamilton Lane | Global Leader in the Private Markets Proprietary and Confidential Page 22 Performance Summary by Investment

Santa Barbara County Employees' Retirement System's PE Portfolio Performance Summary by Investment as of December 31, 2019 Vintage Capital Paid-In Capital Market Since Partnership Strategy Year Committed Capital Distributed Value Inception IRR ¹ Hamilton Lane Venture Capital Fund, L.P. (Series 2010) 2010 Venture Capital $3,850,000 $3,826,164 $3,480,491 $4,478,515 14.47% Hamilton Lane Venture Capital Fund, L.P. (Series 2011) 2011 Venture Capital 5,000,000 4,916,034 3,823,835 6,572,831 14.26% Hamilton Lane Venture Capital Fund, L.P. (Series 2014) 2014 Venture Capital 7,500,000 6,193,768 1,298,892 11,091,661 18.42% Hamilton Lane Venture Capital Fund, L.P. (Series 2015) 2015 Venture Capital 5,000,000 3,729,096 19,337 6,035,782 19.21% Hamilton Lane Venture Capital Fund, L.P. (Series 2016) 2016 Venture Capital 10,000,000 6,719,809 607,093 8,222,848 18.27% Hamilton Lane Venture Capital Fund, L.P. (Series 2017) 2017 Venture Capital 7,000,000 3,612,710 153,112 4,271,612 N/A Hellman & Friedman Capital Partners IX, L.P. 2019 Mega Buyout 7,500,000 - - (69,016) N/A Hellman & Friedman Capital Partners VII, L.P. 2011 Mega Buyout 10,000,000 9,535,682 12,830,126 15,026,781 25.05% Hellman & Friedman Capital Partners VIII, L.P. 2016 Mega Buyout 7,500,000 7,533,344 731,288 8,263,767 11.77% High Road Capital Partners Fund II, L.P. 2013 Small Buyout 5,000,000 4,241,503 2,375,546 3,984,955 14.86% Kelso Investment Associates IX, L.P. 2015 Mid Buyout 15,000,000 14,094,085 8,045,643 12,881,468 22.13% Kelso Investment Associates X, L.P. 2018 Mid Buyout 10,000,000 1,760,396 22,275 1,807,165 8.36% Kohlberg Investors VI, L.P. 2007 Mid Buyout 10,000,000 9,099,411 15,840,384 109,997 16.47% Kohlberg Investors VII, L.P. 2012 Mid Buyout 7,500,000 7,672,082 9,388,571 3,397,770 17.17% Kohlberg Investors VIII, L.P. 2017 Mid Buyout 10,000,000 6,805,791 558,051 7,736,921 17.95% KPS Special Situations Fund III, L.P. 2007 Mid Buyout 10,000,000 9,807,379 20,213,954 55,501 23.51% KPS Special Situations Fund IV, L.P. 2014 Large Buyout 10,000,000 8,439,141 2,973,513 7,200,040 16.76% KPS Special Situations Fund V, L.P. 2020 Large Buyout 10,000,000 - - N/A N/A Lexington Capital Partners VI, L.P. 2005 Secondaries 30,000,000 31,854,913 41,992,178 2,374,011 6.91% Montreux Equity Partners IV, L.P. 2007 Venture Capital 5,000,000 4,976,866 2,741,697 4,039,725 4.64% OHA Strategic Credit Fund IB, L.P. 2009 Distressed Debt 5,000,000 4,475,666 6,786,915 - 12.67% OHA Strategic Credit Fund II, L.P. 2017 Distressed Debt 10,000,000 4,000,000 - 4,369,434 14.99% Platinum Equity Capital Partners III, L.P. 2012 Large Buyout 7,500,000 7,247,224 9,339,626 3,971,182 N/A Platinum Equity Capital Partners IV, L.P. 2016 Large Buyout 10,000,000 9,084,212 2,929,051 8,901,378 22.00% Platinum Equity Capital Partners V, L.P. 2019 Mega Buyout 10,000,000 34,096 - 25,813 N/A Platinum Equity Small Cap Fund, L.P. 2018 Mid Buyout 9,750,000 1,715,953 61,835 1,034,640 (57.55%) Providence Equity Partners VI, L.P. 2007 Mega Buyout 10,000,000 11,605,615 12,459,584 2,474,614 4.85% Providence Equity Partners VII, L.P. 2012 Large Buyout 7,500,000 9,106,671 8,472,842 7,115,499 21.30% Roark Capital Partners IV, L.P. 2016 Mid Buyout 10,000,000 8,502,402 413,286 8,643,737 2.40% Saw Mill Capital Partners II, L.P. 2016 Small Buyout 10,000,000 3,868,810 383,530 4,089,272 7.58% Secondary Investment SPV-1 L.P. 2012 Secondaries - Direct 1,996,865 1,846,654 2,987,747 270,979 31.39% ¹The IRR net of Hamilton Lane fees is 11.85% Note: Total includes a $5.0 million commitment to American Securities Partners VI, L.P. Hamilton Lane | Global Leader in the Private Markets Proprietary and Confidential Page 23 Performance Summary by Investment

¹The IRR net of Hamilton Lane fees is 11.85% Note: Total includes a $5.0 million commitment to American Securities Partners VI, L.P. Hamilton Lane | Global Leader in the Private Markets Proprietary and Confidential Page 24 Manager Monitoring

Santa Barbara County Employees' Retirement System - Manager Monitoring Private Equity Portfolio

Significant Event Fund Manager Last HL Meeting Comments (Yes/No)

Actis Capital No April 2020 • N/A Advent International No April 2020 • Founder Peter Brooke passed away in April. He retired from the firm in 1996 American Securities Capital Partners No April 2020 • N/A • David Sambur and Matt Nord promoted to co-Heads of Private Equity succeeding Apollo Global Management No April 2020 __Scott Kleinman, who will remain co-President of Apollo Ascribe Capital No April 2020 • N/A Avenue Capital Group No April 2020 • N/A BC Partners No April 2020 • Pascal Heberling recently hired as a Partner Blackstone Group No April 2020 • N/A Bridgepoint Capital Limited No April 2020 • N/A Cinven Limited No March 2020 • N/A CVC Capital Partners No April 2020 • Promoted eight professionals to Managing Partner in January Energy Capital Partners No April 2020 • N/A First Reserve Corporation No March 2020 • N/A Gilde Buyout Partners No April 2020 • N/A Gridiron Capital No April 2020 • N/A Hellman & Friedman No April 2020 • N/A High Road Capital Partners No April 2020 • Scott Rubino recently promoted to Partner Kelso & Company No April 2020 • N/A Kohlberg Investors No April 2020 • N/A KPS Capital Partners No February 2020 • N/A Lexington Advisors Inc. No November 2019 • N/A

*N/A represents no material update

Proprietary and Confidential | 25 Manager Monitoring

Santa Barbara County Employees' Retirement System - Manager Monitoring Private Equity Portfolio

Significant Event Fund Manager Last HL Meeting Comments (Yes/No)

Montreux Equity Partners No April 2018 • N/A • Hired Eric Muller as a Portfolio Manager and Partner Oak Hill Advisors, L.P. No April 2020 • Hired Greg Leveto as a Managing Director Platinum Equity Capital Partners No April 2020 • N/A Providence Equity Partners, Inc. No April 2020 • N/A • Nate Boaz recently hired as a Managing Director of Strategic Resources Roark Capital Group, Inc. No April 2020 • Sarah Scafetta recently hired as a VP in Investor Relations Saw Mill Capital No March 2020 • N/A Sterling Group No March 2020 • Hired Erin Arnold as a Director in February SSG Capital Management No April 2020 • N/A Technology Crossover Ventures No April 2020 • N/A Tennenbaum Capital Partners, LLC No April 2016 • N/A Texas Pacific Group No April 2020 • N/A Thoma Bravo No March 2020 • N/A Waterton Global Resources Management No March 2020 • N/A Zelnick Media No April 2020 • N/A

*N/A represents no material update

Proprietary and Confidential | 26 Placement Agent Disclosures for 2020

Placement Agent(s) Placement Agent(s) Material External Manager Fund Disclosed Compensation Violations?

Cash retainer; advisory fee that Kohlberg Kohlberg Investors IX, L.P. Lazard steps down based on committed No capital Bridgepoint Capital Limited Bridgepoint Development Capital IV L.P. N/A N/A No

CVC Capital Partners CVC Capital Partners VIII, L.P. N/A N/A No

Proprietary and Confidential | 27 Contact Information

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Hamilton Lane | Global Leader in the Private Markets Proprietary and Confidential | 28 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, carried interest 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 May 7, 2020

Hamilton Lane | Global Leader in the Private Markets Proprietary and Confidential | 29