Santa Barbara County Employees’ Retirement System Third Quarter 2020 Private Real Return (PRR) Performance Update Agenda

• Q3 Private Real Return Performance 3

• Deal Review 8

• Appendix 14 Q3 Private Real Return Performance PRR Portfolio Highlights - September 30, 2020

Young PRR Portfolio generated continued positive performance in Q3 after Q1 volatility caused by global pandemic

• Generated positive IRR of 1.29% during Q3 with $2.3M of gains

• Since inception IRR increased 16 bps QoQ

• 71% of gains in Q2 and Q3 driven by Infrastructure funds as Natural Resource funds, particularly those focused on energy investing, have been slower to recover Q1 decline

PRR Portfolio Returns PRR Portfolio Value Created

10% 7.02% $20 6.89% $15 $13.7 $14.1 5% 3.73% $11.1 0.46% 0.84% $10 3.57% 1.29% $5.5 0% $5 $2.3 $0.7 $0 (5%)

($5) ($2.9) ($ ($ inMillions) (10%) ($10)

(11.94%) ($15) (15%) 12/31/2019 3/31/2020 6/30/2020 9/30/2020 ($20) ($19.4) 12/31/2019 3/31/2020 6/30/2020 9/30/2020 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 Snapshot

Portfolio Snapshot Q3 2020: growth of young Portfolio $ millions 6/30/2020 9/30/2020 Change • Market value up 8%, or $14.1M, QoQ Active Partnerships 30 30 - Active GP Relationships 20 20 - • Portfolio distributed $1.9M in Q3 Capital Committed ¹ $408.0 $408.3 $0.4 • Portfolio is young, with an average age of Unfunded Commitment $226.6 $215.2 ($11.4) commitments of 2.5 years Capital Contributed $196.8 $210.6 $13.8 Capital Distributed $41.8 $43.7 $1.9 Market Value $168.9 $183.0 $14.1 Total Value Multiple 1.1x 1.1x - Since Inception IRR 3.57% 3.73% 16 bps Active Avg Age of Commitments 2.4 years 2.5 years 0.1 years ¹ The change in the capital committed quarter over quarter is due to currency movements of non-USD Portfolio investments

Annual NAV Growth $ in Millions $160 $200 $183.0 • Measured growth towards 9% target $180 $140 $158.1 allocation $160 $120 • PRR allocation as of 9/30/20 is $117.6 $140 $100 5.54%, up 75 bps from one–year prior $120 $80 $72.6 $100 $60 $80 $41.7 $60 $40 $20.7 $40 $20 $4.1 $7.7 $0.0 $20 $0 $0 2012 2013 2014 2015 2016 2017 2018 2019 2020

Commitments Net Invested NAV *2020 net invested as of 12/31/20, NAV as of 9/30/20

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

IRR Performance As of September 30, 2020

(3.15%) 1-Year IRR 5.37% (7.61%)

2.34% 3-Year IRR 5.78% (0.27%)

4.13% 5-Year IRR 5.81% 3.07%

3.73% Since 5.65% Inception IRR 2.37%

(8%) (6%) (4%) (2%) 0% 2% 4% 6%

Portfolio IRR CPI - U + 400 bps Thomson / Cambridge Natural Resources and Infrastructure

• Portfolio underperformed designated public benchmark, the Consumer Price Index – All Urban Consumers (CPI-U), all time periods • CPI-U experienced limited volatility as a result of the global pandemic unlike the public and private markets • Portfolio outperformed peer benchmark (Thomson/Cambridge Natural Resources and Infrastructure) across all time periods • Since inception Portfolio IRR outperformed Thomson/Cambridge Natural Resources and Infrastructure benchmark by 136 bps

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

Strategic Diversification Underlying Investment Diversification Underlying Investment Diversification by Total Exposure by Geography* by Industry* As of September 30, 2020 As of September 30, 2020 As of September 30, 2020

Other 2% Power & ROW Oil & Gas Renewables Natural Resources 16% 19% 18% 53% Asia 3% Transportation 10% Mining and Minerals 4% Timber 2% Energy Water 14% 1% Western 23% Agriculture Infrastructure North America 47% 9% 57% Communications 21%

Portfolio is prudently diversified by strategy, geography and sector • Geography – Geographic exposure remained relatively unchanged QoQ • Strategy – Infrastructure exposure increased by 1% and Natural Resources exposure decreased by 1% QoQ • Industry – Oil & Gas exposure decreased by 1% while Transportation increased 2% QoQ

*Underlying exposures based on preliminary data and subject to change

Hamilton Lane | Global Leader in the Private Markets Proprietary and Confidential | 7 Deal Review Digital Colony Partners II, L.P. EQT Infrastructure V, SCSp Hancock Timberland and Farmland Fund, L.P. ISQ Global Infrastructure Fund III, L.P. Tiverton AgriFinance II, L.P. Digital Colony Partners II, L.P.

Firm Inception 2017 Approach • Invests in major subsectors within digital Fund Size $6 billion infrastructure including fiber, towers, data centers Strategy Infrastructure and small cell networks Geography Global • Targets investments globally with a primary focus on North America and Europe Team 37 investment professionals • Control investor with focus on downside protection Industries Digital infrastructure • Will create diversified portfolio, with mix of lower risk Investment Sizes $400 million to $600 million investments such as towers and hyperscale data centers and growth-focused investments such as small cells and enterprise fiber Digital Colony Partners • Seeks to partner with strong management teams 1 Prior Investment Performance and build robust long-term businesses through As of 6/30/2020 ($mm) Fund Capital Capital active investment management and strategic M&A Vintage NAV DPI TVPI Net IRR Fund Size Drawn Distributed Fund I 2018 $4,059 $1,828.0 $20.3 $1,735.0 0.0x 1.0x (5.3%) Total $1,828.0 $20.3 $1,735.0 0.0x 1.0x (5.3%) Key Features • Senior investment professionals have transacted in 1 Capital Drawn, Capital Distributed and NAV are calculated from the cash flows of fee paying limited partners and excludes any cash flows from the General Partner's commitment. the digital infrastructure space for over 25 years and have developed strong relationships with key customers in the industry • Established a robust network of dedicated Operating Partners and Senior Advisors who bring digital infrastructure and asset management expertise, including founding, operating and successfully exiting businesses in the sector • Fund I is young and generally performing well; all investments except one currently held at or above cost, with upside expected in near-term • Strong references of platform, team and network of On behalf of SBCERS’, Hamilton Lane approved a $15.0 million Operating Partners and Senior Advisors commitment to Digital Colony Partners II, L.P.

Hamilton Lane | Global Leader in the Private Markets Proprietary and Confidential | 9 EQT Infrastructure V, SCSp

Firm Inception 1994 Approach • EQT is well-known partner in the infrastructure space Fund Size €15 billion • Targets investments in transport & logistics, energy, Strategy Infrastructure environment, social and telecommunications Geography Global • Focus on Western Europe and the U.S., but may opportunistically invest in Asia Team 72 investment professionals • Breadth and reputation of the EQT platform, thematic Industries Diversified sourcing approach and Industrial Advisor network Investment Sizes €200 million to €1 billion drives robust deal flow • Benefits from a private equity-like operational approach, strategically repositioning investments EQT Partners AB and exiting to lower costs of capital Prior Investment Performance 1 As of 3/31/2020 (€mm) Fund Capital Capital Vintage NAV DPI TVPI Net IRR Fund Size Drawn Distributed Fund I 2008 € 1,167 € 1,258.5 € 2,363.6 € 5.2 1.9x 1.9x 17.1% Fund II 2012 1,938 1,892.0 2,538.9 607.5 1.3x 1.7x 19.2% Fund III 2016 4,041 3,593.7 81.9 4,430.4 0.0x 1.3x 14.6% Key Features Fund IV 2018 9,000 2,638.5 0.0 2,445.3 0.0x 0.9x -18.6% • Well-tenured and cohesive senior investment team that averages ~18 years of experience and 10 years Total € 9,382.7 € 4,984.4 € 7,488.3 0.5x 1.3x 16.2% at EQT 1 Capital Drawn, Capital Distributed and NAV are calculated from the cash flows of fee paying limited partners and excludes any cash flows from the General Partner's commitment. • Targets assets that display growth and scale characteristics where it can leverage its differentiated value creation approach to generate outsized returns • Generated top-quartile net performance in Funds I through III, both on a net IRR and TVPI basis • Attractive dispersion of returns in Funds I and II, with On behalf of SBCERS’, Hamilton Lane approved a $15.0 million 25% of investments realized above a 3.0x gross multiple commitment to EQT Infrastructure V, SCSp

Hamilton Lane | Global Leader in the Private Markets Proprietary and Confidential | 10 Hancock Timberland and Farmland Fund, L.P.

Approach Firm Inception 1995 • Aims to build a diversified portfolio of farmland, timberland and related infrastructure investments Fund Size Open-ended focused on generating consistent returns comprised of Strategy Natural Resources both income and capital appreciation via open-ended fund structure Geography Global • Seeks to invest up to 20% of the Fund in related Team 15 senior professionals infrastructure investments in order to increase revenue, augment diversification and enhance access to Industries Timber, permanent crops, and row crops investment opportunities Investment Sizes $5 million and greater • Invests across both permanent and row crops, but expects to allocate a larger amount to permanent Hancock Natural Resource Group, Inc. crops in the FundHancock Natural Resource Group, Inc. Prior Investment Performance • Seeks to invest primarilyRealized Investmentin the U.S., Performance but will also invest As of 12/31/19 in countries such as Australia, Brazil, , Finland, ($mm) # of Inv. Amount Amount Unrealized Gross Gross Sweden, New Zealand, and Uruguay depending on the Vintage 2 Fund 1 Total Real. Invested Realized Value Mult. IRR property type Pre-1991 1985 48 42 $985.6 $3,008.5 $123.9 3.2x 20.0% Key Features 1992-1996 1992 88 65 1,008.1 1,743.6 356.5 2.1x 9.7% • Deep experience and expertise within the natural 1997-2001 1997 81 45 1,034.2 2,120.5 591.2 2.6x 10.1% resources sector, with senior professionals averaging 2002-2006 2002 91 54 2,981.0 4,320.1 1,459.8 1.9x 7.7% approximately 27 years of total experience and 16 2007-2011 2007 114 63 3,187.4 3,083.5 1,284.7 1.4x 4.0% years of tenure 2012-2016 2012 126 11 3,396.6 1,378.5 3,599.0 1.5x 7.9% • Established in-house economic research capability 2017-2019 2017 74 1 1,885.2 85.7 2,046.4 1.1x 9.0% underpins HNRG’s investment strategy as well as HTFF 2018 12 0 490.7 10.8 501.4 1.0x 4.8% supports portfolio management decisions Total 634 281 $14,968.8 $15,751.1 $9,963.1 1.7x 11.7% • Will leverage its vertically integrated property 1 Fund refers to synthetic funds created by Hamilton Lane; with the exception of HTFF. Synthetic funds include HNRG’s separate account and fund track record across farmland and timberland investments management platform for post-investment asset 2 Vintage refers to first gross cash flow of stated synthetic fund period. management and business plan execution • Takes advantage of different regional market dynamics and is able to offset any variability in performance, through geographic and crop type diversification On behalf of SBCERS’, Hamilton Lane approved a $15.0 million • Generated attractive gross returns through funds and commitment to Hancock Timberland and Farmland Fund, L.P. separate accounts across multiple vintages • Only 6% of HNRG’s investments since 1985 have been realized at or below 1.0x gross MOIC Hamilton Lane | Global Leader in the Private Markets Proprietary and Confidential | 11 ISQ Global Infrastructure Fund III, L.P.

Approach Firm Inception 2012 • Employs a sector-agnostic investment strategy, Fund Size $12 billion targeting investments in high-quality, resilient assets • Diversifies its portfolio by region and invests globally Strategy Infrastructure across the US, Europe, Asia, and Latin America Geography Global • Expects to make 15 to 20 investments between $200 Team 48 investment professionals million and $1 billion Industries Diversified • Leverages a robust platform of in-house asset management professionals, Operating Directors & Investment Sizes $200 million to $1 billion Advisors and Senior Policy Advisors who are dedicated to portfolio company operations, value creation and risk mitigation I Squared Capital Prior Investment Performance 1 Key Features As of 6/30/2020 • Experienced senior investment team, averaging ($mm) Fund Capital Capital Vintage NAV DPI TVPI Net IRR approximately 20 years of total experience, with Fund Size Drawn Distributed extensive expertise within the infrastructure space Fund I 2014 $3,000 $3,101.7 $2,028.5 $2,586.9 0.7x 1.5x 16.2% • Developed a proprietary, ten-factor risk model that Fund II 2017 7,000 4,722.5 549.1 4,652.7 0.1x 1.1x 11.5% allows the General Partner to assess the relative Total $7,824.2 $2,577.6 $7,239.6 0.3x 1.3x 14.9% risks and return profiles in order to foster prudent 1 Capital Drawn, Capital Distributed and NAV are calculated from the cash flows of fee paying limited partners and decision making and diversification excludes any cash flows from the General Partner's commitment. • Focuses on control-oriented transactions, which enables it to act as a hands-on manager and lead value creation efforts • Generated top-quartile returns on a net IRR basis across both prior funds, with Fund I also generating top-quartile performance on a TVPI basis • Previous funds have broken the j-curve in-line with or better than peers of the same vintage • Attractive dispersion of returns across prior funds, On behalf of SBCERS’, Hamilton Lane approved a $15.0 million with zero write-offs and three investments (9% of commitment to ISQ Global Infrastructure Fund III, L.P. invested capital) held below cost across the aggregate unrealized and realized portfolio

Hamilton Lane | Global Leader in the Private Markets Proprietary and Confidential | 12 Tiverton AgriFinance II, L.P.

Firm Inception 2013 Approach Fund Size $300 million • Asset-backed loan origination to the U.S. agriculture Strategy Natural Resources sector with significant downside protection • Expects to target debt investments in row and Geography North America permanent crop farms, fruits and vegetables, dairies, Six investment professionals and three operating Team poultry and livestock operations, production and professionals processing facilities, storage facilities and other Industries Agriculture related agricultural assets Investment Sizes $3 million to $60 million • Flexible loan structures provide tailored solutions • Assesses each borrower’s use of crop insurance to Tiverton Advisors help de-risk operations through the insurance of Prior Investment Performance cash flows through federal government-backed As of 3/31/2020 programs ($mm) Fund Amount Amount Unrealized DPI TVPI Net IRR Fund Size Invested Realized Value Pre-Fund $4,059 $252.1 $290.4 $43.9 1.2x 1.3x 32.8% Key Features Total $252.1 $290.4 $43.9 1.2x 1.3x 32.8% • Senior investment and operating professionals average approximately 25 years of total experience within the agriculture sector and other related industries • Investment team is balanced by both transactional and farming expertise, which GP believes provides it with a competitive advantage relative to peers • Generated attractive gross performance across five prior agriculture debt investments which were paid off, allowing Tiverton to focus on deploying the Fund without having to monitor a large unrealized portfolio • Attractive dispersion of returns with no losses to date, all investments generating between a 1.0x and On behalf of SBCERS’, Hamilton Lane approved a $15.0 million 2.0x gross multiple commitment to Tiverton AgriFinance II, L.P.

Hamilton Lane | Global Leader in the Private Markets Proprietary and Confidential | 13 Appendix State of Real Assets

• Renewables continue to be a major theme within the infrastructure space. While demand for these opportunities is expected to grow, the impact of grid reliability and PPA prices remain as issues in the subsector. • Data and fiber assets were already growing targets prior to COVID-19 and the pandemic has only reinforced their attractiveness to infrastructure investors. Particularly, the modernization of the fiber network required to support 5G Infrastructure technologies has led to significant and compelling opportunities for private capital within the space. • Within the transportation sector, private infrastructure sees U.S. rail opportunities as ripe for consolidation and operation improvements. Although the COVID-19 pandemic has reduced some rail volumes, valuations are still holding up. Attractive areas for investment include short-line railroads with highly-diversified commodity mixes, dated technology and opportunities for growth through bolt-on acquisitions.

• Long-term U.S. agricultural returns have been attractive on an absolute basis and relative to other real asset investment sectors and the agriculture space is backed by strong, long-term demand fundamentals. Today, permanent crops exhibit stronger supply / demand characteristics compared to row crops, which are heavily dependent on export volumes. • There have been fundamental shifts across the energy value chain as technology and efficiency gains slow, with investors increasingly demanding positive free cash flow from producers. Given this shift, the energy private equity model has Natural Resources evolved, with speculative acquisition and drilling strategies no longer tenable as previous buyers have pulled back and place limited value to unproven and undeveloped acreage. Additionally, capital markets are largely closed for upstream exploration and production companies, which has forced consolidation, asset sales and capital discipline. • Within the mining sector, companies are capital constrained, leading to underinvestment in supply, and the COVID-19 pandemic has hurt pricing on key industrial metals. Looking forward, tighter markets and underinvestment in new discoveries may lead to higher prices in the future. 2020 Public Market Performance

15.9% 16.5%

-7.0%

-25.0%

-36.6% -43.5% MSCI World BBG Agriculture TR Index Dow Jones Brookfield GlobalAlerian US Midstream Energy S&P Oil & Gas E&P Select S&P Oil & Gas Equipment & Infrastructure Industry Services Select Industry

Source: Bloomberg (As of 12/31/20)

Based on the latest available information and Hamilton Lane's opinions as of 10/16/20 and subject to change at the Firm's discretion.

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

Santa Barbara County Employees' Retirement System's Private Real Return Portfolio Performance Summary by Investment as of September 30, 2020 Vintage Capital Paid-In Market Since Partnership Strategy Capital Distributed Year Committed Capital Value Inception IRR Actis Energy 3, L.P. 2013 Infrastructure $6,000,000 $6,353,807 $4,427,587 $3,505,000 8.44% Actis Energy 4, L.P. 2017 Infrastructure 10,000,000 7,728,987 1,166,478 8,428,000 12.59% Apollo Natural Resources Partners II, L.P. 2015 Natural Resources 15,000,000 12,957,411 5,875,380 7,421,182 1.49% Apollo Natural Resources Partners III, L.P. 2019 Natural Resources 15,000,000 214,285 - (708,452) N/A Asterion Industrial Infra Fund I, FCR 2019 Infrastructure 15,057,099 9,503,524 218,748 10,085,713 13.13% Avenue Energy Opportunities Fund II, L.P. 2017 Natural Resources 15,000,000 15,010,582 73,195 13,598,242 (3.93%) Avenue Energy Opportunities Fund, L.P. 2015 Natural Resources 10,000,000 10,127,592 2,918,509 6,921,721 (0.63%) Blackstone Energy Partners III, L.P. 2020 Natural Resources 15,000,000 1,926,040 65 1,753,543 (36.06%) Brookfield Infrastructure Fund III, L.P. 2016 Infrastructure 15,000,000 13,252,435 4,222,386 11,841,286 9.54% Brookfield Infrastructure Fund IV, L.P. 2019 Infrastructure 15,000,000 6,872,155 233,045 7,032,672 8.06% Castlelake Aviation IV Stable Yield, L.P. 2020 Infrastructure 20,000,000 1,548,771 - 1,769,640 14.26% Digital Colony Partners, L.P. 2018 Infrastructure 15,000,000 10,713,115 84,143 10,421,558 (2.57%) Ecosystem Investment Partners IV, L.P. 2019 Natural Resources 15,000,000 1,800,000 33,955 1,425,023 (28.34%) EnCap Energy Capital Fund X, L.P. 2015 Natural Resources 10,000,000 9,231,901 2,040,233 6,285,726 (3.93%) EnCap Energy Capital Fund XI, L.P. 2017 Natural Resources 15,000,000 4,744,519 - 2,744,288 (31.95%) EQT Infrastructure III, L.P. 2017 Infrastructure 9,258,545 8,485,331 184,759 11,474,223 16.06% EQT Infrastructure IV (No.2) USD SCSP, L.P. 2018 Infrastructure 15,000,000 8,817,805 - 8,990,188 2.72% Global Infrastructure Partners III, L.P. 2016 Infrastructure 15,000,000 13,202,103 2,172,637 12,103,771 3.37% Global Infrastructure Partners IV, L.P. 2019 Infrastructure 15,000,000 475,704 - (5,439) N/A GSO Energy Select Opportunities Fund II, L.P. 2019 Natural Resources 15,000,000 1,669,964 784,101 1,128,041 17.61% GSO Energy Select Opportunities Fund, L.P. 2015 Natural Resources 15,000,000 11,279,759 5,771,048 6,216,177 2.98% Hancock Timberland and Farmland Fund LP 2018 Natural Resources 15,000,000 11,400,000 281,250 11,594,468 2.59% HitecVision North Sea Opportunity Fund, L.P. 2020 Natural Resources 15,000,000 75,230 - 26,570 (64.68%) KKR Global Infrastructure Investors II, L.P. 2015 Infrastructure 10,000,000 10,516,772 8,045,279 7,754,191 15.06% KKR Global Infrastructure Investors III, L.P. 2018 Infrastructure 15,000,000 6,292,489 388,627 6,020,611 1.92% RRG Sustainable Water Impact Fund, L.P. 2020 Natural Resources 20,000,000 3,482,697 254,111 1,715,926 (46.85%) Stonepeak Infrastructure Fund III, L.P. 2018 Infrastructure 15,000,000 11,293,991 1,593,002 12,430,892 21.58% Stonepeak Infrastructure Fund IV, L.P. 2020 Infrastructure 15,000,000 - - - N/A U.S. Farming Realty Trust II, L.P. 2012 Natural Resources 8,000,000 8,591,133 2,035,136 7,620,201 2.03% Waterton Mining Parallel Fund, L.P. 2016 Natural Resources 5,000,000 3,000,765 917,164 3,432,886 17.43% Total Portfolio $408,315,644 $210,568,867 $43,720,838 $183,027,848 3.73%

Hamilton Lane | Global Leader in the Private Markets Proprietary and Confidential Page 16 Manager Monitoring

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

Actis Capital No September 2020 • N/A • Apollo announced that Leon Black will step-down as CEO ____following the investigation into his business relationship with ____Jeffrey Epstein • Leon Black will remain chairman of the firm and be replaced as ____CEO by co-founder Marc Rowan by mid-year • Independent, outside review conducted regarding Leon Black’s ____previous relationship with Jeffrey Epstein confirmed the ____following: Apollo Global Management Yes January 2021 • Apollo did no business with Mr. Epstein • Mr. Epstein provided extensive professional services to Leon ______Black’s family partnership and related entities, for which he was ______paid ~$158M • The fees paid to Mr. Epstein were for legitimate professional ______services, vetted by reputable law firms and accountants • No evidence that Leon Black had any involvement with Mr. ______Epstein’s egregious conduct or engaged in wrongdoing of any ______kind Asterion Industrial Partners No November 2020 • N/A

Avenue Capital Group No December 2020 • N/A • Recently hired Jennifer Morgan as Head of Transformation & ____Talent Blackstone Group No January 2021 • In October, Eric Liaw transitioned from the PE business to ____become Treasurer of The Blackstone Group Brookfield Asset Management No December 2020 • N/A • Promoted five people to Partner Castlelake No January 2021 • Hired Armin Rothauer as Head of Aviation Lending • Promoted Warren Roll and Sadiq Malik to Managing Director • Scott McBride and Hayden Boucher recently promoted to Digital Colony Partners Management No November 2020 Principal • Hired Wilson Chung from Macquarie as a Principal Ecosystem Investment Partners No December 2020 • N/A

EnCap Investments L.P. No December 2020 • N/A

*N/A represents no material update

Proprietary and Confidential | 17 Manager Monitoring

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

EQT Partners AB No January 2021 • Opened an office in Tokyo, Japan • Hired Jim Amine as a Partner Global Infrastructure Partners No December 2020 • Hired Tufan Erginbilgic as a Partner GSO Capital Partners LP No November 2020 • N/A • Tom Sarno has been appointed Global Head of Timberland Hancock Natural Resources Group No October 2020 __Investments following the departure of Brent Keefer earlier this __year HitecVision Advisory AS No January 2021 • N/A

I Squared Capital No December 2020 • N/A

International Farming Corporation No October 2020 • N/A • KKR’s Infrastructure team continues to grow and is now 46 Kohlberg, Kravis, Roberts & Co. No January 2021 __investment professionals (as of November 2020), up from 36 __investment professionals since last annual meeting in June 2019 RRG Capital Management No September 2020 • N/A

Stonepeak Infrastructure Partners No January 2021 • Hired Matt Tate on the Portfolio Operations team

Tiverton Advisors No October 2020 • N/A

Waterton Global Resources Management, Inc No October 2020 • N/A

*N/A represents no material update

Proprietary and Confidential | 18 Placement Agent Disclosures for 2020

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

HitecVision Advisory AS HitecVision North Sea Opportunity Fund, L.P. N/A N/A No

Stonepeak Infrastructure Partners Stonepeak Infrastructure Fund IV, L.P. N/A N/A No

EQT Partners EQT Infrastructure V, SCSp N/A N/A No Evercore, First Avenue Based on the aggregate new I Squared Capital ISQ Global Infrastructure Fund III, L.P. Partners, Greshler investor capital closed into No Finance the Fund as applicable Digital Colony Partners Management Digital Colony Partners II, L.P. N/A N/A No Consulting fee as well as a Tiverton Advisors Tiverton AgriFinance II, L.P. FirstPoint percentage of investor No commitments John Hancock Annual service fee as well as a Hancock Natural Resources Group Hancock Timberland and Farmland Fund, L.P. No Distributors fixed offering fee

Proprietary and Confidential | 19 Contact Information

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

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

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

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

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

Hamilton Lane | Global Leader in the Private Markets Proprietary and Confidential | 20 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 February 16, 2021

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