Santa Barbara County Employees’ Retirement System Fourth Quarter 2017 Private Real Return (PRR) Performance Update Agenda

• Q4 Private Real Return Performance 1 • Deal Review 10 • Real Assets Market Update 13 • Appendix 19 Q4 Private Real Return Performance PRR Portfolio Highlights - December 31, 2017

Performance and Value Creation • Portfolio outperforms the Consumer Price Index – All Urban Consumers (designated public benchmark) across all time periods • 391 bps since inception; 511 bps for the 3-year period • 8.61% point-to-point IRR for the one-year period, with three of four quarters positive performance • $4.3M net gains for the year with total distributions of $4.1M

PRR Portfolio Returns PRR Portfolio Value Created

15% $20

10.91% $15 $14.4 10% 8.89% 9.00% 9.72%

$10 $8.5 5% 3.41% $6.3 2.87% 2.36% $5 ($ Millions) ($ in $2.2 (0.54%) $1.3 $1.7 $1.2 0% $0 ($0.3)

(5%) ($5) 3/31/2017 6/30/2017 9/30/2017 12/31/2017 3/31/2017 6/30/2017 9/30/2017 12/31/2017

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

Page 2 Portfolio Snapshot

Portfolio Snapshot • Four investments added to the $ millions 12/31/2016 12/31/2017 Change Portfolio in 2017; two new managers (EQT and Stonepeak) Active Partnerships 11 15 4 Active GP Relationships 10 12 2 • Portfolio IRR moderated over the Capital Committed1 $119.0 $173.6 $54.6 year; expected volatility for young Unfunded Commitment $82.7 $108.5 $25.8 portfolio Capital Contributed $38.5 $69.2 $30.7 • Average age of commitments at Capital Distributed $2.3 $6.5 $4.2 1.7 years Market Value $41.7 $72.6 $30.9 Total Value Multiple 1.14x 1.14x - Since Inception IRR 10.68% 9.72% (96 bps) Avg Age of Commitments 1.3 years 1.7 years 0.4 years 1The “change” in the capital committed from 12/31/2016 to 12/31/2017 is due to currency fluctuations from existing foreign partnerships, as well as four new commitments

Annual NAV Growth $ in Million Annual NAV Growth • Continued Portfolio NAV growth: 74% $80 $80 $72.6 over the year $70 $70 • Net invested capital increase as 14 of $60 $60 15 partnerships called capital by the $50 $50 $41.7 end of 2017 $40 $40

$30 $20.7 $30 $20 $20 $7.7 $10 $4.1 $10 $0.0 $0 $0 2012 2013 2014 2015 2016 2017

Commitments Net Invested NAV

Page 3 Top Five Portfolio Drivers

Top Five Drivers for the Year Ending December 31, 2017 Vintage Net Value Point to Point Since Total Value Investment Name Investment Strategy Year Change ($M) IRR Inception IRR Multiple KKR Global Infrastructure Investors II, L.P. Infrastructure 2015 $1.0 21.72% 12.43% 1.11x Actis Energy 3, L.P. Infrastructure 2013 $0.8 16.90% 16.39% 1.37x GSO Energy Select Opportunities Fund, L.P. Natural Resources 2015 $0.7 15.26% 21.20% 1.23x Apollo Natural Resources Partners II, L.P. Natural Resources 2015 $0.5 13.55% 23.11% 1.29x Avenue Energy Opportunities Fund, L.P. Natural Resources 2015 $0.5 4.08% 10.91% 1.24x Subtotal $3.5 11.74% 14.87% 1.23x

• The top five partnerships accounted for 72% of positive net value gain during the year • Top drivers diversified among infrastructure and natural resources strategies • KKR Global Infrastructure II driven by underlying investment performance

Page 4 Portfolio Summary

Portfolio Summary Year Quarter Ending Ended $ Millions 3/31/2017 6/30/2017 9/30/2017 12/31/2017 12/31/2017 Beginning Market Value $41.7 $48.0 $49.7 $58.2 $41.7 Paid-in Capital 6.3 4.0 7.4 13.0 30.7 Distributions (1.2) (2.0) (0.1) (0.8) (4.1) Net Value Change 1.3 (0.3) 1.2 2.2 4.3 Ending Market Value $48.0 $49.7 $58.2 $72.6 $72.6 Unfunded Commitments $95.6 $108.1 $106.1 $108.5 $108.5 Total Exposure $143.6 $157.8 $164.3 $181.1 $181.1 Point-to-Point IRR 2.87% (0.54%) 2.36% 3.41% 8.61% Since Inception IRR 10.91% 8.89% 9.00% 9.72% 9.72%

• Three of four quarters with positive performance in 2017, leading to one-year IRR of 8.61% • Twelve partnerships generated net value gains of $4.8M • Significant market value growth in the fourth quarter • KKR Global Infrastructure II and EQT added combined $6.2M

Page 5 Performance Summary

IRR Performance IRR Performance as of DecemberAs of December 31, 31, 2017 2017

8.61% 1-Year IRR 6.12% 11.72%

10.73% 3-Year IRR 5.62% 5.41%

9.72% Since Inception IRR 5.81% 4.88%

0% 2% 4% 6% 8% 10% 12% 14% Portfolio IRR CPI- U + 400 bps Thomson / Cambridge Natural Resources and Infrastructure Benchmark

*Portfolio since inception is 9/24/2013

• Portfolio outperforms designated public benchmark, the Consumer Price Index – All Urban Consumers (CPI-U) across all time periods • Since inception outperformance of 391 bps • Since inception, Portfolio outperforms Thomson/Cambridge Natural Resources and Infrastructure benchmark by 484 bps

Page 6 Commitment Activity

2017 Commitment Activity - PRR Closing Date Partnership Investment Strategy Geographic Focus Commitment ($mil) 2/15/2017 EQT Infrastructure III, L.P. Infrastructure Global €8.0/$9.1 3/28/2017 EnCap Energy Capital Fund XI, L.P.* Natural Resources North America $15.0 5/4/2017 Avenue Energy Opportunities Fund II, L.P.* Natural Resources North America $15.0 10/13/2017 Stonepeak Infrastructure Fund III. L.P. Infrastructure North America $15.0 1/31/2018 Hancock Timberland and Farmland Fund LP** Natural Resources Global $15.0 2017 Total $69.1 *Existing manager **Closed in 2018, but part of 2017 allocation

2018 YTD Commitment Activity - PRR Closing Date Partnership Investment Strategy Geographic Focus Commitment ($mil) 3/29/2018 KKR Global Infrastructure Investors III, L.P.* Infrastructure Global $15.0 6/30/2018 Fund A Natural Resources North America $15.0 6/30/2018 Fund B Natural Resources Global $15.0 TBD 2Q Fund C Infrastructure Global $15.0 2018 YTD Total $60.0 *Existing manager

• 2017 commitment activity in-line with strategic objectives for the year • 2018 allocation: one commitment closed; three additional commitments expected to close by end of Q2 • Three commitments represent re-ups to existing managers, one to new manager

Page 7 Activity Review

Underlying Diversification Strategic Diversification UnderlyingUnderlying Investment Investment Diversification byUnderlying GeographicDiversification Location by Total Exposure Diversificationby Industry by Industry Asby of Geographic December Location 31, 2017 AsStrategic of DecemberDiversification 31, 2017 by AsAs of of December December 31, 31, 2017 2017 As of December 31, 2017 Total Exposure As of December 31, 2017 Asia Other 3% 1% Europe Power & 14% Infrastructure Renewables 46% Oil & Gas 24% 33% Natural ROW Resources Transportation 14% 54% North 4% America Mining and 69% Minerals Agriculture 5% 13% Energy Communications 14% 6%

• Geography – Europe increased by 1% due to underlying investments, North America declined as a result • Strategy – No change to exposure year-over-year; expect 2018 commitments to be equally weighted to each strategy • Industry – Communications increased by 4% from prior year due to investments made by Infrastructure partnerships

Page 8 Quarterly Cash Flow Summary

Net Portfolio Cash Flow Activity Net Portfolio Cash Flow Activity

$3.0 $2.0 $1.2 $1.1 $0.8 $0.1 $0.0

($3.0) ($4.0) ($6.0) ($6.3) ($ Millions) ($ in

($9.0) ($7.4)

($12.0)

($13.0) ($13.9) ($15.0) Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018

Paid-In Capital Capital Distributed Net Cash Flow

• Increased paid-in capital activity continues through the first quarter of 2018 • Hancock Timberland and Farmland began investing and called $3.3M • Slight uplift to quarterly distribution activity, GSO returned $0.6M

Page 9 Deal Reviews KKR Global Infrastructure Investors III, L.P. KKR Global Infrastructure Investors III, L.P.

Fund Information General Partner: & Co. L.P. (“KKR”) Fund: KKR Global Infrastructure Investors III, L.P. Firm Inception: 1976 Fund Size: $5 billion Strategy: Real Assets Geography: Primarily Europe and North America Team: 25 investment professionals Senior Partners: Joseph Bae, Raj Agrawal, Brandon Freiman, Tara Davies and Vincent Policard Location New York (headquarters), Menlo Park, Houston, London and Madrid Industries Diversified Target Number of Investments 10 to 15

Approach: • Target brownfield infrastructure assets with an opportunistic allocation to greenfield investments for alpha generation • Expects to invest globally with a focus on North America and OECD-member countries • Target investments in at least one of the three following categories: regulated investments, contracted investments, and investments with market or structural protections • Historically invested between $15 million and $300 million in portfolio companies, excluding co-investment capital

Page 11 KKR Global Infrastructure Investors III, L.P.

Kohlberg Kravis Roberts & Co. L.P. - Prior Investment Performance As of 12/31/17 ($mm) Capital Capital Vintage Fund Size NAV DPI TVPI Net IRR Fund Drawn Distributed Fund I 2011 $1,045 $1,049.5 $821.6 $760.4 0.8x 1.5x 12.9% Fund II* 2014 3,079 2,459.3 202.5 2,566.1 0.1x 1.1x 14.1% Total $3,508.8 $1,024.1 $3,326.5 0.3x 1.2x 13.2% *SBCERS is invested in Fund II

Key Features: • Generated top-quartile net returns across prior Funds on an IRR basis • Large unrealized portfolio from which it expects to capture additional upside • KKR broke the Fund I and Fund II j-curves well before private market peers and continue to outperform

On behalf of SBCERS’, Hamilton Lane approved a $15.0 million commitment to KKR Global Infrastructure Investors III, L.P.

Page 12 Real Assets Market Overview Fundraising Activity

Closed Fund Fundraising by Strategy Total Target Fund Size by Strategy USD in Billions USD in Billions

$200 $250

$160 $200

$120 $150 $56.4 Average $90 $124.1 $80 $100 $35.4 $40 $50 $119.0 $60.2 $74.7 $0 $0 2000 2002 2004 2006 2008 2010 2012 2014 2016 Real Estate Natural Resources Infrastructure Real Estate Natural Resources Infrastructure Projected Fundraising As of 9/30/2017 Includes funds in market as of February 2018

• Through the third quarter, fundraising momentum slowed for real estate and natural resources, while infrastructure remained near its five-year trailing average

• As valuations continue to rise in the real estate sector, general partners are slowing their capital deployment and extending their time to return to market

• Favored names in the general partner community continue to raise successively larger funds

• The energy sector, the largest component of natural resources, has slowed its fundraising pace in the midst of low commodity prices

• Institutional appetite for infrastructure continues to grow

Source: Bison data via Cobalt (February 2018)

Page 14 Dry Powder

Natural Resources Cumulative NAV and Unfunded Infrastructure Cumulative NAV and Unfunded USD in Billions USD in Billions

$200 $200

$160 $150

$120 $100 $80 $50 $40

$0 $0 2001 2003 2005 2007 2009 2011 2013 2015 2017 2001 2003 2005 2007 2009 2011 2013 2015 2017 NAV Dry Powder NAV Dry Powder As of 9/30/2017 As of 9/30/2017 Real Estate Cumulative NAV and Unfunded by Year USD in Billions

$400 • Reflecting the slow down in capital raising, real estate $300 dry powder has plateaued along with NAVs

$200 • Infrastructure continues to notch higher as managers look to deploy capital and are more broadly defining $100 infrastructure

$0 • Fundraising activity has slowed in the energy sector 2001 2003 2005 2007 2009 2011 2013 2015 2017 in recent years, curtailing dry powder NAV Dry Powder As of 9/30/2017

Source: Bison data via Cobalt (January 2018)

Page 15 Cash Flow Pacing

Natural Resources Distribution as % of Infrastructure Distribution as % of NAV NAV and Contribution as % of Unfunded and Contribution as % of Unfunded

100% 150%

80% 125% 100% 60% Average 54% 75% 40% Average 53% 50% 20% Average 18% Average 28% 25% 0% 0% 2001 2003 2005 2007 2009 2011 2013 2015 2017 2001 2003 2005 2007 2009 2011 2013 2015 2017 Dist. As % of NAV Cont. As % of Unfunded Dist. As % of NAV Cont. As % of Unfunded As of 12/31/2017 As of 12/31/2017

• Real estate is steadily increasing its distribution pace, Real Estate Distribution as % of NAV and while slowing capital deployment Contribution as % of Unfunded • Long-dated GFC vintages are beginning to be 100% retired and post-GFC funds are locking in gains 80% • Infrastructure is operating in line with averages; the Average 50% 60% long-dated nature of the assets results in slower 40% disposition pacing

20% Average 28% • In natural resources, energy related funds are holding 0% assets longer and more recent vintages are being more 2001 2003 2005 2007 2009 2011 2013 2015 2017 judicious in the deployment of capital Dist. As % of NAV Cont. As % of Unfunded As of 12/31/2017 • Mining, agriculture and timber make up a small portion of this universe Source: Bison data via Cobalt (January 2018)

Page 16 Cash Flow Pacing (cont.)

Time Between Funds by Strategy Fund Size Step-Up by Strategy Median Time to Next Fund Median Multiple of Previous Fund Size

5 4.0x

4 3.0x

3 2.0x Years

2 1.0x

1 0.0x 2001 2003 2005 2007 2009 2011 2013 2015 2017 2001 2003 2005 2007 2009 2011 2013 2015 2017 Real Estate Real Assets Real Estate Real Assets As of 10/31/2017 As of 10/31/2017 Time to Deploy Capital by Strategy Median Time to Next Fund

5 • Managers have been largely consistent in post-GFC 4 years as they return to market, deploy capital and adjust fund sizes 3 Years • Real estate is beginning to show signs of slowing 2 deployment pace, in line with dry powder and fundraising activity, and surprisingly general partners 1 are responding to the market and slowing their fund 2001 2003 2005 2007 2009 2011 2013 2015 2017 size step-up Real Estate Real Assets As of 10/31/2017 Real Assets includes natural resources and infrastructure. Source: Hamilton Lane Fund Investment Database (January 2018) Page 17 Real Assets Performance

Portfolio construction continues to be key in constructing a real assets portfolio given the variance of sector performance

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

14.25%

Infrastructure 13.24%

Private

11.93%

Infrastructure 5.08%

Infrastructure Infrastructure Infrastructure 3.96%

Infrastructure Infrastructure 3.17%

Infrastructure Infrastructure Infrastructure Infrastructure 3.15%

Infrastructure Infrastructure Infrastructure Infrastructure Infrastructure 2.07%

Infrastructure -0.51%

Infrastructure Infrastructure -3.03%

Real Assets consists of 40% real estate, 20% energy, 15% infrastructure, 7.5% agriculture, 7.5% timber and 10% mining Source: Bloomberg, Bison data via Cobalt (January 2018) For illustrative purposes only. Actual results may vary.

Page 18 Appendix Portfolio Summary

As of December 31, 2017

Vintage Investment Capital Paid-In Unfunded Capital Reported Net Investment Name Net IRR2 Year Strategy Committed Capital Commitment Distributed1 Market Value Multiple U.S. Farming Realty Trust II, L.P. 2012 Natural Resources $8,000,000 $8,591,133 - $859,299 $8,676,133 3.10% 1.11x Actis Energy 3, L.P. 2013 Infrastructure 6,000,000 4,398,299 1,700,871 92,143 5,916,104 16.39% 1.37x Apollo Natural Resources Partners II, L.P. 2015 Natural Resources 15,000,000 5,765,480 10,315,485 2,560,906 4,857,820 23.11% 1.29x Avenue Energy Opportunities Fund, L.P. 2015 Natural Resources 10,000,000 10,127,592 - 65,975 12,528,471 10.91% 1.24x EnCap Energy Capital Fund X, L.P. 2015 Natural Resources 10,000,000 6,769,271 3,855,721 1,394,030 6,375,877 15.79% 1.15x GSO Energy Select Opportunities Fund, L.P. 2015 Natural Resources 15,000,000 5,028,059 9,971,941 - 6,183,848 21.20% 1.23x KKR Global Infrastructure Investors II, L.P. 2015 Infrastructure 10,000,000 8,495,905 2,360,429 687,256 8,729,154 12.43% 1.11x Brookfield Infrastructure Fund III, L.P. 2016 Infrastructure 15,000,000 5,259,274 9,991,045 583,211 5,136,572 10.63% 1.09x Global Infrastructure Partners III, L.P. 2016 Infrastructure 15,000,000 3,955,185 11,621,467 249,601 3,373,798 (9.80%) 0.92x Waterton Mining Parallel Fund, L.P. 2016 Natural Resources 5,000,000 1,231,475 3,768,525 - 1,524,440 19.74% 1.24x Actis Energy 4, L.P. 2017 Infrastructure 10,000,000 2,987,119 7,012,881 520 2,743,000 (26.52%) 0.92x Avenue Energy Opportunities Fund II, L.P. 2017 Natural Resources 15,000,000 3,750,000 11,250,000 - 3,780,503 1.23% 1.01x EnCap Energy Capital Fund XI, L.P. 2017 Natural Resources 15,000,000 533,601 14,466,399 - 398,409 (43.01%) 0.75x EQT Infrastructure III, L.P. 2017 Infrastructure 9,551,638 2,336,991 7,199,694 - 2,392,448 4.34% 1.02x Stonepeak Infrastructure Fund III, L.P. 2018 Infrastructure 15,000,000 - 15,000,000 - - N/A N/A Total Portfolio: $173,551,638 $69,229,383 $108,514,458 $6,492,941 $72,616,577 9.72% 1.14x 1Capital distributed includes recallable returns of capital, which will increase the unfunded commitment 2The IRR net of Hamilton Lane fee is 9.45% The analysis was completed using available information provided by the general partner of each investment, unless otherwise noted. Cash flows are representative of SBCERS’ actual cash paid and received. Market values reflect SBCERS’ unrealized interest in each investment. The IRRs are representative SBCERS’ return to date and not the IRR reported by the general partner.

Page 20 Manager Monitoring

Santa Barbara County Employees’ Retirement System - Manager Monitoring Private Natural Resources and Infrastructure Signficant Events Fund Manager Last HL Meeting Comments (Yes/No)

Actis Energy No March 2018 • N/A

Apollo Management No May 2018 • N/A

Avenue Capital Group No April 2018 • N/A

Brookfield Asset Management No May 2018 • N/A

EnCap Investments L.P. No April 2018 • Fund XI held a final close in December, total commitments of $7.0 billion

• Fabian Gröne (Singapore) and Jan Vesely (New York) were promoted to EQT Partners No October 2017 Partner • Hired a new Partner and Chair of GIP Credit (Jennifer Powers), Chief Risk Global Infrastructure Partners No May 2018 Officer, 8 new Associates/Senior Associates, and four new professionals in Finance and Investor Relations • Dwight Scott was promoted to President from Senior Managing Director in Q1 2018 • GSO acquired Harvest, an MPL equities manager to assist the management GSO Capital Partners LP No May 2018 of MPL investments • Tripp Smith, currently Senior Managing Director & Co-founder of GSO, is expected to depart the management company by 6/30/18.

Hancock Natural Resources Group No October 2017 • N/A

International Farming Corporation No May 2015 • N/A

• Hired James Cunningham, previously a Managing Director and head of midstream team at Denham Capital, as a Managing Director in October 2017 Kohlberg Kravis Roberts & Co. No May 2018 • Hired Tim Osnabrug and Felipe Hamaoui, previously members of KKR America’s Private Equity team, joined as a Director and a Principal, respectively

Waterton Global Resources Mgmt, Inc No February 2018 • N/A

*N/A represents no material update

Page 21 Placement Agent Disclosures for 2017

Santa Barbara County Employees’ Retirement System - Placement Agent Disclosures for 2017

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

EQT Infrastructure III, L.P. N/A N/A No

EnCap Energy Capital Fund XI, L.P. N/A N/A No

Avenue Energy Opportunities Fund II, L.P. Sonia Gardner N/A No

CL Ltd will be paid a fee (the "Success Fee") based on the amount of commitments to the Fund as a whole and not on any specific accounts. The Success Fee shall be payable in USD and will be calculated by reference to commitmetns as Stonepeak Infrastructure Fund III. L.P. Campbell Lutyens & Co No follows: (i) 0.25% on commitments made by potential investors accepted by the Fund on the first $4 billion of aggregate commitments (excluding the general partner commitments), and (ii) 0.50% on commitments in excess of $4 billion

Hancock Timberland and Farmland Fund LP N/A N/A No

KKR Global Infrastructure Investors III, L.P. N/A N/A No

Page 22 Disclosures

The information contained in this presentation and in the Horizon Model includes forward-looking statements regarding the Horizon Model, investment strategies, returns, performance, opinions, activity, the funds presented or their portfolio companies, or other events contained herein. Forward-looking statements include a number of risks, uncertainties and other factors beyond our control, control of the Horizon Model or the control of the Funds, the underlying funds or their portfolio companies, which may result in material differences in actual results, performance or other expectations. The Horizon Model has been prepared based upon historical private equity fund data and is not intended to indicate future performance of investments made with, or independently of, Hamilton Lane. Its assumptions are derived from historical private equity investments and are designed to demonstrate potential behaviors of private equity investments. The opinions, estimates and analyses refl ect our current judgment, which may change in the future. Therefore, the Horizon Model is not intended to predict future performance and should not be used as the basis for an investment decision. 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 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 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 Conduct 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. 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 tax, legal, accounting, or other advisors about the matters discussed herein.

As of June 6, 2018

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