Santa Barbara County Employees’ Retirement System Second Quarter 2020 PE Performance Update Agenda

• Q2 Private Equity Performance 3

• Deal Review 9

• Appendix 12 Q2 Private Equity Performance PE Portfolio Highlights - June 30, 2020

Strong rebound in Q2 performance after Q1 volatility caused by global pandemic • Generated double digit IRR of 12.21% during Q2 with $37.6M of gains • Strong since inception performance • Since inception IRR increased 95 bps QoQ

PE Portfolio Returns PE Portfolio Value Created

$50 $47.5 15% 12.45% 12.55% 12.00% 11.05% $37.6 12.21% $40 10% $30 3.97% 5% $20 1.77% $12.6 $11.9 $10 $5.5 $7.2 0% $0

(5%) ($ inMillions) ($10) ($20) (10%) ($30) (10.64%) ($29.2) (15%) ($40) ($35.3) 9/30/2019 12/31/2019 3/31/2020 6/30/2020 9/30/2019 12/31/2019 3/31/2020 6/30/2020

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

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

Portfolio Snapshot Q2 2020: Portfolio resumed value creation $ millions 3/31/2020 6/30/2020 Change and market value growth Active Partnerships 77 81 4 • Market value increased 16% QoQ Active GP Relationships 33 35 2 Capital Committed ¹ $687.5 $727.9 $40.4 • Net value gains of $37.6M during Q2 Unfunded Commitment $242.6 $266.0 $23.4 • Quarterly IRR of 12.21% Capital Contributed $539.4 $555.3 $15.9 Capital Distributed $433.2 $439.2 $6.0 D/PI 0.8x 0.8x - Market Value $299.5 $347.0 $47.5 Total Value Multiple 1.4x 1.4x - Since Inception IRR 11.05% 12.00% 95 bps Active Avg Age of Commitments 6.0 years 5.9 years (0.1 years) ¹ The change in the capital committed from 3/31/20 to 6/30/20 is due to four new commitment made during the quarter and currency movements of non-USD Portfolio investments

Portfolio Summary • Strong value creation in 3 of 4 quarters over LTM, with Q1 negatively impacted Quarter Ending Year Ended by global pandemic in $ millions 9/30/2019 12/31/2019 3/31/2020 6/30/2020 6/30/2020 Beginning Market Value $309.6 $316.8 $328.7 $299.5 $309.6 • Portfolio generated significant Paid-in Capital 15.5 17.4 19.9 15.9 68.7 cash return of $51.6M during Distributions (13.7) (18.1) (13.8) (6.0) (51.6) one-year period Net Value Change 5.4 12.6 (35.3) 37.6 20.3 • Net value increase of $20.3M Ending Market Value $316.8 $328.7 $299.5 $347.0 $347.0 over the one-year period despite Unfunded Commitments $247.8 $250.8 $242.6 $266.0 $266.0 impact in Q1 from COVID-19 Total Exposure 564.6 579.5 542.1 613.0 613.0 • Generated positive one-year IRR Point-to-Point IRR 1.77% 3.97% (10.64%) 12.21% 6.50% of 6.50% Since Inception IRR 12.45% 12.55% 11.05% 12.00% 12.00%

Hamilton Lane | Global Leader in the Private Markets Proprietary and Confidential | 5 Performance Summary

IRR Performance As of June 30, 2020

6.50% 1-Year IRR 9.51% 5.19% 9.25% 11.83% 3-Year IRR 13.03% 9.69% 13.76% 11.70% 5-Year IRR 13.02% 9.89% 11.96% 13.44% 10-Year IRR 16.71% 12.94% 14.35% 12.00% Since 11.88% Inception IRR 9.07% 11.47%

0% 2% 4% 6% 8% 10% 12% 14% 16% 18% Portfolio IRR Russell 3000 + 300 bps MSCI World + 300 bps Thomson / Cambridge All PE

• Portfolio outperforming MSCI World + 300 bps across all time periods • Since inception, Portfolio outperformed designated public benchmark by 12 bps

Hamilton Lane | Global Leader in the Private Markets Proprietary and Confidential | 6 Commitment Activity

Commitment Activity Commitment Closing Date Partnership Investment Strategy Geographic Focus ($mil) 2020 Allocation 1/31/2020 Kohlberg Investors IX, L.P. Mid 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 Western Europe $10.3 5/15/2020 Sterling Group Partners V, L.P. Mid Buyout North America $10.0 5/29/2020 Thoma Bravo 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 November 2020* Fund A Large Buyout North America $10.0 Total $80.1 Note: Change in commitment amounts due to FX fluctuations. *Pending close/projected close timing Average Commitment Size by ($ in Million) $12 12%

$10.1 • 2020 activity - seven commitments $9.4 $10.0 $10 $9.7 10% closed ($70.1M) $8.9 $8.3 • Consistent with the 2020 Strategic $8.0 $8 $7.4 $7.5 $7.5 8% $6.8 $6.9 Plan, added new commitments to $6.3 $6.5 increase European and SMID $6 6% exposure • Four of seven partnerships $4 4% represent re-ups • Targeting $75M - $85M for the year $2 2%

$0 0% 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 | 7 Portfolio Diversification

Strategic Diversification Underlying Investment Diversification* Underlying Investment Diversification* by Total Exposure by Geography by Industry As of June 30, 2020 As of June 30, 2020 As of June 30, 2020 Special Situations Distressed Debt ROW 5% Industrials 6% 7% Asia 15% Information Mega Buyout 6% Technology Growth Equity 9% 27% 17%

Materials Healthcare Europe 5% Venture Capital 17% 11% 10% Communication Services 9% Financials 7% Utilities Small Buyout Large Buyout 2% North America 11% 14% 70% Energy 7% Consumer Mid Buyout Consumer Staples Discretionary 18% 4% 21%

• Portfolio is prudently diversified by strategy, geography and sector • Buyout represents 70% of total exposure and is well diversified by size • Geography diversification holding steady with continued weighting toward North America • Healthcare exposure experienced a 1% increase QoQ and Consumer Discretionary exposure experienced a 3% decrease

*The above data is excluding the of Lexington VI and HL Venture Capital Fund (Series 2010, 2011, 2014, 2015, 2016, and 2017) *Underlying exposures based on preliminary data and subject to change

Hamilton Lane | Global Leader in the Private Markets Proprietary and Confidential | 8 Deal Review STG VI, L.P. TCV XI, L.P. STG VI, L.P.

Approach Firm Inception 2002 • Exclusively focused on enterprise software and tech- Fund Size $1.5 billion enabled service companies with strong recurring revenue base but potential for significant expansion Strategy Mid-market buyout and top-line growth • Maintains a value-oriented investment approach, Geography North America and Western Europe targeting complex situations in which it can drive Team 21 investment professionals business transformation initiatives to create significant margin expansion and top-line growth Enterprise software and software-enabled technology Industries • Primarily targets companies based in the United services States, with a lessor focus on companies in Western Equity Investments $50 million to $200 million Europe • Expects to make 14 to 16 investments in middle- market businesses with equity checks ranging from STG Partners, LLC (“STG”) $50 million to $200 million Prior Investment Performance 1 • Seeks a control-oriented, majority ownership As of 6/30/2020 approach in order to contribute significant value-add ($mm) Fund Capital Capital Vintage NAV DPI TVPI Net IRR capabilities across functional and business process Fund Size Drawn Distributed areas Fund III 2007 $700 $559.6 $1,155.4 $45.0 2.1x 2.1x 14.7% • Utilizes a thematic sourcing approach, identifying attractive vertical and horizontal end markets with a Fund IV 2012 872 488.6 646.0 305.5 1.3x 1.9x 18.3% focus on undermanaged businesses Fund V 2018 1,000 328.1 174.2 280.7 0.5x 1.4x 23.9% Total $1,376.3 $1,975.6 $631.3 1.4x 1.9x 14.8% Key Features 1 Capital Drawn, Capital Distributed and NAV for Funds III and IV are calculated from the cash flows of fee paying • Established and experienced senior investment team limited partners and excludes any cash flows from the General Partner's commitment. Capital Drawn, Capital Distributed and NAV for Fund V are calculated from the cash flows of both the limited partners and the General that has an average tenure of 15 years at the firm Partner's commitment. and is supported by an institutionalized platform • Generates value-creation through its Operating Group, a group of functional experts focusing on human capital, cost rationalization, and financial operations • Produced attractive performance with top-quartile returns on a net IRR, DPI, and TVPI basis across the three prior funds On behalf of SBCERS’, Hamilton Lane approved a $10.0 million • Demonstrated an attractive dispersion of returns by commitment to STG VI, L.P. realizing 51% of invested capital above a 3.0x gross multiple while maintaining an attractive write-off ratio

Hamilton Lane | Global Leader in the Private Markets Proprietary and Confidential | 10 TCV XI, L.P.

Firm Inception 1995 Approach Fund Size $3.25 billion • Consistently focused on growth equity investments in attractive B2B and B2C technology companies Strategy Growth Equity since the firm’s inception in 1995 Geography North America and Europe • Seeks to take an active approach to value creation through highly supportive minority positions and may Team 45 investment professionals opportunistically invest in control transactions and publicly listed companies Industries Technology • Expects to predominantly target investments in Equity Investments $50 million to $200 million North America but will also invest globally • Leverages its newly created portfolio operations Technology Crossover Ventures (“TCV”) team to generate significant value at the portfolio Prior Investment Performance 1 company level As of 6/30/2020 • TCV has invested significant resources in the Data ($mm) Fund Capital Capital Vintage NAV DPI TVPI Net IRR Intelligence Group and proprietary sourcing engine Fund Size Drawn Distributed that have increased efficiency in company sourcing Fund VII 2008 $3,018 $2,937.4 $7,694.7 $1,238.1 2.6x 3.0x 23.2% capabilities Fund VIII 2014 2,231 1,826.2 274.2 3,570.8 0.2x 2.1x 17.9% Fund IX 2016 2,500 1,858.7 128.6 2,695.2 0.1x 1.5x 23.6% Key Features Fund X 2019 3,161 1,138.1 0.0 1,419.0 0.0x 1.2x 28.3% • Established strong organization and has developed Total $7,760.5 $8,097.4 $8,923.0 1.0x 2.2x 22.4% deep domain expertise through its longstanding focus

1 Capital Drawn, Capital Distributed and NAV are calculated from the cash flows of fee paying limited partners on growing technology companies and excludes any cash flows from the General Partner's commitment • Deep experience investing in the target sectors through numerous market environments and technology cycles • Delivered top-quartile performance on a net IRR and TVPI basis on its mature funds, with substantial upside expected in its developing vintages • Strong value in the portfolio with conservative On behalf of SBCERS’, Hamilton Lane approved a $10.0 million valuations commitment to TCV XI, L.P. • Consistent deployment with steady distributions from mature vintages and an attractive loss ratio

Hamilton Lane | Global Leader in the Private Markets Proprietary and Confidential | 11 Appendix Public Markets in 2020 – Q2 Rebounds

2020 YTD Index Performance YTD through 8/31/2020, Indexed to 100 110 MSCI World

100 CS High Yield

Bloomberg Commodity 90 FTSE NAREIT

80

70 Q1 2020 Returns Q2 2020 Returns MSCI World: -21.1% MSCI World: 19.4% 60 CS High Yield: -14.0% CS High Yield: 10.0% FTSE NAREIT: -23.4% FTSE NAREIT: 13.2% Bloomberg Commodity: -23.3% Bloomberg Commodity: 5.1% 50 Jan 2020 Feb 2020 Mar 2020 Apr 2020 May 2020 Jun 2020 Jul 2020 Aug 2020

Source: Bloomberg (August 2020)

• Global equities plummeted during the outset of the COVID-19 crisis, but have since pared much of their losses • Government stimulus measures and a commitment to keeping interest rates low have continued • High-yield debt experienced its largest decline since the GFC and defaults are expected to rise, but there are questions around the ultimate volume and timing of defaults • Commodities saw solid price gains during July and August as global demand strengthened and supply chains began to recover

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 | 13 Key Private Markets Observations

• Portfolio reviews are ongoing, but most GPs and LPs are generally well-diversified with varying degrees of GP & LP activity exposure to impacted industries • GP activity focused on current portfolio in Q2, shifting to a subdued level of new deal and exit activity through continues, but cautiously Q3 to date • LP commitment activity has continued, supported by robust data and technology

Q2 valuations see a • Hamilton Lane's data shows Q2 2020 marks up in the mid-to-high single digits, dependent on strategy positive rebound • Similar to what we’ve seen in public markets, there has been a positive rebound for private market strategies

• rates in Q2 slowed modestly to 7.7% of unfunded commitments in Q2 2020 after averaging Limited near-term cash 10.1% per quarter from 2017 - 2019 flow concerns • Notably, credit managers stepped up their deployment pace in Q2, deploying 10.3% of unfunded capital • Exits will likely remain limited for some time – TTM distribution activity in 2020 at lowest level since 2009

Investment opportunity • There is a very high bar for approving new investments • Private markets with plenty of dry powder are well positioned to take advantage of new investment set evolving 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 | 14 Q2 Valuations – Positive Rebound Across Strategies

Preliminary data indicates Q2 2020 valuations see a positive rebound across private market strategies

Source: Hamilton Lane Data (September 2020) Bubbles sized by NAV. Y-axis is truncated for visibility. Some individual data points may not be visible. Based on data available to Hamilton Lane as of September 3, 2020. As of this date, Hamilton Lane has received Q2 2020 valuations for 60% of the total number of investments in the Hamilton Lane database. Figures are subject to change materially as additional data becomes available.

• In Q2 2020, growth-style strategies have seen strong gains, while credit and real asset strategies have been more muted in recovery • While likely less volatile than Q1 and Q2, continued meaningful swings in valuations are possible as COVID-19 continues to disrupt activity

Hamilton Lane | Global Leader in the Private Markets Proprietary and Confidential | 15 Performance Summary by Investment

Santa Barbara County Employees' Retirement System's PE Portfolio Performance Summary by Investment as of June 30, 2020 Vintage Capital Capital Since Partnership Strategy Paid-In Capital Market Value Year Committed Distributed Inception IRR Actis Global 4, L.P. 2012 Mid Buyout $7,500,000 $8,058,267 $5,410,205 $4,810,000 7.03% Advent International GPE IX, L.P. 2019 Mega Buyout 10,000,000 2,450,000 - 2,851,580 23.50% Advent International GPE VIII-B, L.P. 2016 Mega Buyout 8,500,000 7,964,500 - 10,703,857 14.05% American Securities Partners VII, L.P. 2016 Large Buyout 10,000,000 8,581,385 1,293,296 6,670,644 (3.30%) American Securities Partners VIII, L.P. 2019 Large Buyout 10,000,000 1,471,126 - 1,136,253 (47.09%) Apollo European Principal Finance Fund (Feeder), L.P. 2010 Distressed Debt 7,505,705 10,814,186 14,720,417 31,251 20.36% Apollo Investment Fund IX, L.P. 2018 Mega Buyout 10,000,000 2,657,457 253,260 2,306,681 (5.77%) Apollo Investment Fund VII, L.P. 2008 Mega Buyout 10,000,000 12,223,150 19,476,787 934,307 22.20% Apollo Investment Fund VIII, L.P. 2013 Mega Buyout 10,000,000 9,484,390 4,787,678 7,378,489 8.44% Ascribe Opportunities Fund II, L.P. 2010 Distressed Debt 10,000,000 26,346,888 26,786,164 1,038,499 3.54% Ascribe Opportunities Fund III, L.P. 2014 Distressed Debt 10,000,000 16,586,365 12,968,496 2,408,439 (10.22%) Ascribe Opportunities Fund IV, L.P. 2020 Distressed Debt 15,000,000 - - (7,045) 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 4,000,000 - 4,230,958 5.38% Blackstone Capital Partners VII, L.P. 2016 Mega Buyout 10,000,000 9,182,763 907,677 9,738,486 10.41% Blackstone Capital Partners VIII, L.P. 2019 Mega Buyout 10,000,000 - - (4,406) N/A Blackstone Energy Partners II, L.P. 2015 Large Buyout 10,000,000 10,277,577 641,406 6,978,604 (14.90%) Blackstone Energy Partners, L.P. 2011 Mid Buyout 10,000,000 11,316,420 11,520,724 4,524,710 9.85% Bridgepoint Development Capital IV, L.P. 2020 Mid Buyout 9,861,690 - - - N/A Cinven Seventh Fund 2019 Mega Buyout 8,573,163 918,165 - 862,112 (6.10%) CVC Capital Partners VI, L.P. 2013 Mega Buyout 10,237,607 8,912,097 4,402,388 8,655,261 13.81% CVC Capital Partners VII, L.P. 2017 Mega Buyout 10,449,699 5,202,749 93,711 5,629,505 10.95% CVC Capital Partners VIII, L.P. 2020 Mega Buyout 10,252,034 - - - N/A CVC European Equity Partners V, L.P. 2008 Mega Buyout 9,409,969 9,699,649 18,492,948 1,162,709 16.56% Energy Capital Partners II, L.P. 2009 Large Buyout 10,000,000 10,120,901 12,711,676 361,179 8.56% Energy Capital Partners III, L.P. 2014 Large Buyout 7,500,000 8,435,552 3,250,637 7,002,939 7.61% 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 5,784,175 912,444 (12.68%) Gilde Buyout Fund IV L.P. 2011 Small Buyout 4,345,032 4,447,661 5,395,881 934,897 8.42% Gridiron Capital Fund II, L.P. 2012 Small Buyout 10,000,000 10,438,785 13,091,523 4,147,150 12.95% Gridiron Capital Fund III, L.P. 2015 Small Buyout 10,000,000 9,621,577 5,430,875 24,876,398 52.00% Gridiron Capital Fund IV, L.P. 2019 Mid Buyout 10,000,000 2,573,516 - 2,570,327 (0.12%)

Hamilton Lane | Global Leader in the Private Markets Proprietary and Confidential Page 16 Performance Summary by Investment

Santa Barbara County Employees' Retirement System's PE Portfolio Performance Summary by Investment as of June 30, 2020 Vintage Capital Capital Since Partnership Strategy Paid-In Capital Market Value Year Committed Distributed Inception IRR Hamilton Lane Venture Capital Fund, L.P. (Series 2010) 2010 Venture Capital $3,850,000 $3,826,164 $3,582,641 $5,059,550 15.20% Hamilton Lane Venture Capital Fund, L.P. (Series 2011) 2011 Venture Capital 5,000,000 4,916,034 4,358,693 7,089,618 15.20% Hamilton Lane Venture Capital Fund, L.P. (Series 2014) 2014 Venture Capital 7,500,000 6,193,768 1,298,892 12,901,268 19.95% Hamilton Lane Venture Capital Fund, L.P. (Series 2015) 2015 Venture Capital 5,000,000 3,729,096 19,337 6,862,587 20.65% Hamilton Lane Venture Capital Fund, L.P. (Series 2016) 2016 Venture Capital 10,000,000 7,986,493 607,093 11,778,841 25.97% Hamilton Lane Venture Capital Fund, L.P. (Series 2017) 2017 Venture Capital 7,000,000 4,245,478 153,112 5,560,597 21.81% Hellman & Friedman Capital Partners IX, L.P. 2019 Mega Buyout 7,500,000 1,667,205 - 1,582,713 (5.07%) Hellman & Friedman Capital Partners VII, L.P. 2011 Mega Buyout 10,000,000 9,547,282 14,301,297 13,493,938 23.96% Hellman & Friedman Capital Partners VIII, L.P. 2016 Mega Buyout 7,500,000 7,571,368 731,288 9,047,730 13.29% High Road Capital Partners Fund II, L.P. 2013 Small Buyout 5,000,000 4,252,001 2,431,496 3,996,138 13.81% Kelso Investment Associates IX, L.P. 2015 Mid Buyout 15,000,000 14,134,308 9,842,920 10,912,667 18.96% Kelso Investment Associates X, L.P. 2018 Mid Buyout 10,000,000 1,874,597 22,275 1,842,221 (0.58%) Kohlberg Investors IX, L.P. 2020 Mid Buyout 10,000,000 - - (20,290) N/A Kohlberg Investors VI, L.P. 2007 Mid Buyout 10,000,000 9,099,411 15,840,384 110,544 16.46% Kohlberg Investors VII, L.P. 2012 Mid Buyout 7,500,000 7,672,082 9,388,571 3,408,920 16.61% Kohlberg Investors VIII, L.P. 2017 Mid Buyout 10,000,000 8,234,411 694,499 8,743,716 10.06% KPS Special Situations Fund III, L.P. 2007 Mid Buyout 10,000,000 9,807,379 20,213,954 60,953 23.51% KPS Special Situations Fund IV, L.P. 2014 Large Buyout 10,000,000 9,423,432 2,975,630 8,022,114 12.01% KPS Special Situations Fund V, L.P. 2020 Large Buyout 10,000,000 - - - N/A Lexington Capital Partners VI, L.P. 2005 Secondaries 30,000,000 31,854,913 42,337,455 1,904,325 6.85% Montreux Equity Partners IV, L.P. 2007 Venture Capital 5,000,000 4,976,866 2,741,697 3,827,431 4.03% OHA Strategic Credit Fund IB, L.P. 2009 Distressed Debt 5,000,000 4,475,643 6,786,915 - 12.67% OHA Strategic Credit Fund II, L.P. 2017 Distressed Debt 10,000,000 5,000,000 - 4,940,135 (1.32%) Platinum Equity Capital Partners III, L.P. 2012 Large Buyout 7,500,000 7,219,624 10,144,437 3,395,691 38.10% Platinum Equity Capital Partners IV, L.P. 2016 Large Buyout 10,000,000 9,366,790 3,265,990 8,350,783 14.28% Platinum Equity Capital Partners V, L.P. 2019 Mega Buyout 10,000,000 1,216,898 - 1,172,829 (4.81%) Platinum Equity Small Cap Fund, L.P. 2018 Mid Buyout 9,750,000 3,462,409 61,835 1,879,149 (77.91%) Providence Equity Partners VI, L.P. 2007 Mega Buyout 10,000,000 11,605,615 12,459,584 2,391,156 4.70% Providence Equity Partners VII, L.P. 2012 Large Buyout 7,500,000 9,141,657 8,472,842 6,740,475 19.16% Roark Capital Partners IV, L.P. 2016 Mid Buyout 10,000,000 8,602,758 542,361 8,226,911 0.62% Saw Mill Capital Partners II, L.P. 2016 Small Buyout 10,000,000 5,507,477 408,370 5,423,076 3.29%

Hamilton Lane | Global Leader in the Private Markets Proprietary and Confidential Page 17 Performance Summary by Investment

Santa Barbara County Employees' Retirement System's PE Portfolio Performance Summary by Investment as of June 30, 2020 Vintage Capital Capital Since Partnership Strategy Paid-In Capital Market Value Year Committed Distributed Inception IRR Secondary Investment SPV-1 L.P. 2012 Secondaries - Direct $1,996,865 $1,851,173 $3,001,647 $240,263 31.10% Secondary Investment SPV-2 L.P. 2012 Secondaries - Direct 5,850,312 5,762,952 10,585,045 176,524 29.49% Secondary Investment SPV-4, L.P. 2013 Secondaries - Direct 2,231,943 2,171,059 2,136,077 568,853 7.71% SSG Capital Partners II, L.P. 2012 Special Situations 6,365,714 11,042,321 11,085,293 1,128,421 4.72% SSG Capital Partners III, L.P. 2014 Special Situations 7,500,000 12,487,597 10,766,810 3,723,530 8.97% SSG Capital Partners IV, L.P. 2017 Special Situations 10,000,000 10,242,824 5,262,346 6,089,928 9.09% Sterling Group Partners V, L.P. 2020 Mid Buyout 10,000,000 - - - N/A TCV IX, L.P. 2016 Growth Equity 10,000,000 7,938,000 549,489 11,516,649 23.66% TCV VII, L.P. 2008 Growth Equity 5,000,000 4,920,188 12,939,384 2,096,303 23.34% TCV VIII, L.P. 2014 Growth Equity 5,000,000 4,358,752 654,468 8,526,945 17.93% TCV X, L.P. 2019 Growth Equity 10,000,000 3,794,000 - 4,730,297 28.33% Tennenbaum Opportunities Fund V, LLC 2007 Distressed Debt 5,000,000 5,000,000 5,931,655 702,116 4.32% The Rise Fund, L.P. 2017 Growth Equity 6,000,000 4,153,313 133,322 4,560,857 8.11% Thoma Bravo Fund XIII, L.P. 2018 Mega Buyout 5,000,000 3,617,040 21 5,455,871 62.63% Thoma Bravo Fund XIV, L.P. 2020 Mega Buyout 10,000,000 - - - N/A TPG Growth II, L.P. 2011 Mid Buyout 5,000,000 5,561,181 8,490,380 1,487,263 14.67% TPG Growth IV, L.P. 2017 Mid Buyout 4,000,000 2,512,763 18,614 2,506,253 0.41% TPG Tech Adjacencies, L.P. 2018 Growth Equity 10,000,000 2,793,096 21,652 3,031,207 15.49% Waterton Precious Metals Fund II Cayman, L.P. 2013 Small Buyout 5,000,000 4,410,551 1,542,667 4,849,953 11.93% ZMC III, L.P. 2020 Small Buyout 9,019,166 1,608,214 - 1,481,149 (16.33%) Total $727,869,936 $555,296,775 $439,208,467 $347,032,449 12.00%

Hamilton Lane | Global Leader in the Private Markets Proprietary and Confidential Page 18 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 September 2020 • N/A Advent International No October 2020 • N/A American Securities Capital Partners No October 2020 • N/A • The New York Times released an article detailing Leon Black’s business __relationship with Jeffrey Epstein • Leon Black confirmed Apollo never had any business with Mr. Epstein. Mr. Epstein __provided professional services to entities affiliated with Leon Black’s family Apollo Global Management No October 2020 __regarding estate planning, tax and philanthropic endeavors for a period of six __years. Importantly, there has never been an allegation by anyone, including the __New York Times, that Leon Black engaged in any wrongdoing or inappropriate __conduct • SSG announced the combination with Ares and rebranded as Ares SSG with Edwin Ares SSG Capital Management No June 2020 __Wong staying in place as the CEO • Added Kevin Penn, Managing Director, to the investment committee, replacing Ascribe Capital No May 2020 __David Horing Avenue Capital Group No September 2020 • N/A • Pascal Heberling recently hired as a Partner and will join the London office in __September 2020 • Moritz Elfers, Lisa Sibenac, and Tanya Thompson were promoted to Managing BC Partners No September 2020 __Director • Matthew Evans, Sheilja Patel, Ben Phillips, and Pauline Spire were promoted to __Director Blackstone Group No October 2020 • N/A Bridgepoint Capital Limited No September 2020 • N/A Cinven Limited No July 2020 • N/A • Hired Justin Choi as a Managing Director in September 2020 CVC Capital Partners No September 2020 • Hired 10 additional senior-level professionals • Yokinori Sugiyama was promoted to Partner Energy Capital Partners No August 2020 • Chris Leininger and Andrew Gilbert were promoted to Partner • Hired Brian Cohen as COO First Reserve Corporation No August 2020 • CFO, Jennifer Zarilli left the firm after 22 years in the role • Managing Director, Brook Sugar left the firm to manage a portfolio company *N/AGilde representsBuyout no Partners material update No April 2020 • N/A

Proprietary and Confidential | 19 Manager Monitoring

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

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

Gridiron Capital No September 2020 • N/A Hellman & Friedman No October 2020 • N/A High Road Capital Partners No September 2020 • N/A Kelso & Company No July 2020 • Hired Lindsey Paterson as a Vice President on the investment team Kohlberg Investors No September 2020 • N/A KPS Capital Partners No March 2020 • N/A

Lexington Advisors Inc. No November 2019 • N/A

Montreux Equity Partners No April 2018 • N/A

Oak Hill Advisors, L.P. No June 2020 • N/A

Platinum Equity Capital Partners No August 2020 • N/A

Providence Equity Partners, Inc. No October 2020 • N/A • Raised $8M employee relief fund to benefit COVID-19 impact Roark Capital Group, Inc. No July 2020 • Hired Allison Fellner as Chief People Officer Saw Mill Capital No June 2020 • Promoted Ken Foskett to VP • Hired Erin Arnold as a Director in February Sterling Group No May 2020 • Held a closing of Fund V in May • Promoted Rushi Kulkami and Edouard Didier to Principal in June STG Partners No September 2020 • Hired Amit Bushan as a Vice President in July • Promoted John Burke and Matt Robinson to Principal Technology Crossover Ventures No October 2020 • Hired Neil Tolaney as a General Partner Tennenbaum Capital Partners, LLC No April 2016 • N/A Texas Pacific Group No October 2020 • N/A Thoma Bravo No July 2020 • N/A Waterton Global Resources Management No August 2020 • N/A Zelnick Media No August 2020 • N/A

*N/A represents no material update

Proprietary and Confidential | 20 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

The Sterling Group Sterling Group Partners V, L.P. N/A N/A No

Thoma Bravo Thoma Bravo Fund XIV, L.P. N/A N/A No Fee will be a percentage of the amount of capital Evercore is STG Partners STG VI, L.P. Evercore No responsible for raising in connection with the formation of the Fund Technology Crossover Ventures TCV XI, L.P. N/A N/A No

Proprietary and Confidential | 21 Contact Information

Philadelphia (Headquarters) Munich Scranton Tokyo One Presidential Blvd. Leopoldstrasse 8-10 30 Ed Preate Drive 13F, Marunouchi Bldg. 4th Floor 80802 Munich Moosic, PA 18507 2-4-1, Marunouchi Bala Cynwyd, PA 19004 Germany USA Chiyoda-ku USA +49 89 954537901 Tokyo 100-6313, Japan +1 610 934 2222 +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

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Hamilton Lane | Global Leader in the Private Markets Proprietary and Confidential | 22 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 October 19, 2020

Hamilton Lane | Global Leader in the Private Markets Proprietary and Confidential | 23