State of Utah, School and Institutional Trust

Funds Office (SITFO)

Investment Consulting Services

Salt Lake City -- March 24, 2020

Proposed Agenda

• Introductions and proposed client team

• Albourne: our story, history and ethos

• Global footprint and resources

• How we can add value to SITFO

• Q&A

Albourne Presentation and SITFO Teams

3

Albourne Credentials Experience and Education

Dr John Claisse

• CEO of Albourne Group, Portfolio Analyst

• Partner

• Shareholder

• Joined 1996, from university

• Based in San Francisco

• 1996-2003 Albourne Partners Limited, London (UK)

• 2000 PhD, Applied Mathematics, University of Sussex, Brighton (UK)

• 1996 BSc, Mathematics, University of Sussex, Brighton (UK)

James Walsh

• Head of Portfolio Group

• Partner

• Share option holder

• Joined in 2012

• Based in San Francisco

• 2010-2012 Cayuga Capital Partners LLP, London (UK), CEO, CIO

• 2006-2010 Cornell University Office of University Investments, Ithaca, NY (USA), Chief Investment Officer

• 1995-2006 Hermes Pensions Management, London (UK)

2001-2006 Executive Director, Head of Strategy and Alternatives

1998-2001 Director

1995-1998 Senior Economist

• 1992-1995 Economist Intelligence Unit (The Economist Group), Macroeconomic Forecaster

• 1989-1992 Confederation of British Industry, Senior Economist

• 1991 MSc, Economics, Birkbeck College, University of London (UK)

• 1989 BSc, Economics, Brunel University, London (UK)

• CAIA

Steve Kennedy

• Portfolio Analyst Coordinator

• Partner

• Shareholder

• Joined in 2006

• Based in Connecticut

• 2000-2006 MyCFO Inc., CA (USA), Director of Research

• 1997-2000 Bank of America Securities (USA), Vice-President of Multi-Manager Investment Management Consulting Program, Senior Manager/Research Analyst, Business Analyst

• 2001 MS, Investment Management, Boston University Graduate School of Management, Boston (USA)

• 1993 BA, Environmental Policy and Analysis, Boston University, Boston (USA)

• CFA

Albourne Presentation and Client Teams

4

Albourne Credentials Experience and Education

JonathanKoerner

• Portfolio Analyst, Implementation Support

• Partner

• Share option holder

• Joined in 2015

• Based in Connecticut

• 2010-2014 Utah Retirement Systems (USA), URS Investment Counsel

• 2013-2014 University of Utah, David Eccles School of Business (Graduate Finance Program)

(USA), Adjunct Professor of Venture Capital Finance

• 2007-2010 Utah Retirement Systems (USA), Senior Investment Analyst

• 2005-2010 Juris Doctorate, University of Utah, S.J. Quinney College of Law, Salt Lake City(USA)

• 2006-2010 MBA, Finance Focus, University of Utah, David Eccles School of Business, Salt Lake City (USA)

• 2002-2005 BA, Asian Studies, Brigham Young University, Provo (USA)

• 2002 Mandarin Chinese Fluency Certificate, Beijing Language and Culture University, Beijing (China)

Andrew Bae

• Client Account Manager

• Joined in 2018

• Based in San Francisco

• 2019 Passed CFA Level I

• 2017-2018 LPL Financial, Manhattan Beach, CA (USA), Financial Advisor Intern

• 2014-2018 BSc, Finance, University of California, Riverside

Jonny Lach

• Client Relationship Manager

• Partner

• Joined in 2010

• Based in Connecticut

• 2002-2010 BlueStar Capital Management, Westport, CT (USA), CEO, CIO and founder

• 2000-2002 Mezzacappa Management, New York (USA), Partner

• 1998-2000 Winter Capital International, New York (USA), CIO, Partner

• 1995-1998 CTC Consulting (USA), Head of Alternatives/Senior Consultant

• 1985 MBA, JD, Booth School of Business and Law School, University of Chicago, Chicago (USA)

• 1981 BSc, Finance, McIntire School, University of Virginia

DedicatedSITFOTeam

Our Client Experience

“The Client Account Manager provides valuable day to day logistical support to both the client and the Portfolio Analyst team.” James Lewis, Partner

BoardService

Providers*

SITFO Investment Team

DirectAccess to Analysts

Interactive &Online

Resources

Client Relationship

Manager

Client Account

Manager (CAM)

Portfolio

Analysts

IDD Analysts ODD Analysts QDD Analysts

Albourne CastleAlbourne App & TV

*Including General Consultants

5

Albourne’s Model

"Our goal is to empower our clients to be the best investors that they can be.”Dr. John Claisse, Executive Committee Member

Albourne is committed to:

• Non-discretionary advice

• Fixed fee pricing

• Independence

Albourne believes in promoting alignment and avoiding conflicts

6

Our Clients

“We can add significant global leverage to your investment team. The quality and breadth of our client base is pivotal to this leverage.” David Harmston, Head of Client Group

Public Pension PlanCorporate Pension

Plan

Endowment &

Foundation

Teacher Retirement System of Texas

The Missouri Education

Pension Trust

Utah Retirement Systems

Barclays Bank UK Retirement Fund

Boeing Company Pension

Fund

BT Pension Scheme

Management

Regents of the University of California

University of Texas

Investment Management Company (UTIMCO)

Wellcome Trust

1.The aggregate number of cliententitiesfor the Albourne Group worldwide. Clientsmay be subscribed to multiple services.

2.A conservative aggregation of the estimated investments in alternatives(where known) of Albourne Group clientsworldwide, using public sourceswhere possible.

3.Percentage ofAlbourne Group clientswho can accessresearch in Private Marketsor Dynamic Beta by contractual agreement (i.e.,via subscription, exchange ofcreditsor purchasing a report).

The client list is a partial sampling of Albourne’s client universe. In accordance with the SEC’s requirement for an objective methodology for partial client lists, these clients are the three largest in each

category, using what Albourne believes to be their AUM in hedge fundsas the criterion and omitting only those requesting anonymity. It is not known whether the listed clientsapprove or disapprove of

the servicesprovided byAlbourne. All figuresasof 1 January 2020

>280 Clients1

>$550bn Amount our clients have

invested in alternatives2

>60% Percentage of clients who can

access Private Markets or

Dynamic Beta research3

Clients by Type Institutions by Type

7

Institution57%

Family Office14%

Financial Intermediary

29%

Endow ment &

Foundation

32%

Corporate Pension Plan

28%

Public Pension Plan26%

Insurance Company9%

Sovereign Wealth Fund5%

Our Colleagues

“We are very proud of our low staff turnover. No doubt our equity policy is a factor.”Meropi Stavrou, Head of HR

1. Headcount numbers are aggregated across all Albourne Group entities worldwide

2. Plusthe Albourne Employee Benefit Trust

3. Professional staff includes all analysts and all staff with a professional qualification, 3 year average

4. B2Y - Albourne’s Implementation Support Service - is not available in certain jurisdictions

5. D&A – Albourne’s Data & Analytics Service

Analysts 275

Portfolio AnalystsPlus 28 Client Service

32

Private Markets

Investment Due Diligence Includes 12 multi asset

42

Hedge Fund

Investment Due Diligence Includes 12 multi asset

38

Operational Due Diligence 94

RiskB2Y4 Back Off ice Analysts 11

B2Y Fees & Liquidity Analysts 10

D&A5 Analysts 16

QDD Analysts 44

81

Total Headcount1 417

Locations

Worldwide11

Owned by full

time employees2 100%

Partners 98

Partners’ average

tenure

>12 years

Partners’ average

experience in

alternatives and

finance

>20 years

Professional staff

turnover3 <5%

Year end

8

Year end

0

50

100

150

200

250

300

Analysts

Portfo lio

PM IDD

Multi IDD

HF/DB IDD

ODD

QDD

0

20

40

60

80Share and Option Holders

Global Research Footprint

Toronto 46Investment Due Diligence

HedgeFundsPrivate Markets

Operational DueDiligence StrategyResearchClientServices

Connecticut 48Investment Due Diligence

HedgeFundsPrivateMarkets DynamicBeta

Operational DueDiligencePortfolio Advice Risk Management StrategyResearch ClientServices

San Francisco 44Investment Due Diligence

Hedge Funds PrivateMarkets

Operational DueDiligence PortfolioAdviceRisk ManagementStrategy ResearchClientServices

London 69Investment Due Diligence

HedgeFundsPrivateMarkets DynamicBeta

Operational DueDiligencePortfolio Advice Risk Management StrategyResearch ClientServices

Munich 5Investment Due DiligenceHedgeFundsPortfolioAdvice ClientServices

Hong Kong 15Investment Due Diligence

HedgeFundsPrivate Markets

Operational DueDiligence StrategyResearchClientServices

Singapore 9Investment Due DiligencePrivateMarketsPortfolioAdvice ClientServices

Nicosia 168Operational Due DiligenceInvestment Due DiligenceRiskManagementITDevelopment

9

Offices with a headcount of 3 or less: Bahrain, Bermuda, andTokyo

*Figures as of December 2019

“Our truly global platform operates as extension of each client’s team.”Jonny Lach, Partner

Global Private Markets Team

“We have Private Markets IDD team members in North America, Europe and Asia. The team has global reach and access to a robust technology platform.” David Low, Partner

10

FINTECH ADVISORY IMPLEMENTATION

Our Services

“We believe our fastest growing services will be Private Markets in the short term, B2Y (Implementation Support) in the medium term and Risk Management in the long term.”

Debra Ng, Partner

RESEARCH

B2Y

Dynamic

Beta

Hedge

Funds

Private

Markets

Quantitative

Due Diligence

Investment

Due Diligence

Operational

Due Diligence

D&A

Risk

Management

Portfolio

Construction

Desk Based Monitoring

Strategy Forecasting

Mid and

Back Office

Fees and

Liquidity

Data, News

Analytics

11

Design Phase

Investment Phase

Monitoring

Portfolio Advisory

“Albourne’s customized portfolio advisory service acts as an extension of client staff - whether Investment Analyst, Back or Middle Office Analyst or CIO.” James Walsh, Head of Portfolio Group

Governance Phase• Process Review

• Investment Policy Statement

• Benchmarking

• Strategic & Tactical Planning

• Engagement Planning

• Asset Allocation (5A)

• Strategy Outlook

• Portfolio Construction

• Cash Flow,

Commitment &

Liquidity Modeling

• Risk Modeling

• Manager Selection:

IDD, ODD & QDD

• Customized Investments

• Terms Review

• Fee Negotiation

• IC / Board Presentation

• Monthly / Quarterly reporting

• Ongoing IDD, ODD & QDD

• Performance & Liquidity

• Fund Amendments & Issues

• Portfolio Controller

12

Portfolio Construction

“Typically at the start of a relationship we review a client’s portfolio, looking for issues and

establishing best practice going forward.” Marianna Inston, Partner

13

For illustrativ e purposes only .

5A: Asset Allocation Across All

Alternatives

• Simulation model

• Allows for different market states

• Solves the problem of valuing liquidity

Advanced Cash Flow Model

• Flexible, based on Albourne’s IDD

• Back-tested

• Projects NAV and cash-flow

• Allows scenario planning

Investment Due Diligence (IDD)

“By the end of 2019, we had accumulated over 18,000† fund-years of rated funds research. We are the industry’s memory.” Travis Williamson, Head of Hedge Fund IDD

We rate:

IDD Assessment 1,2,3

Conviction 1,2,3

Expected Alpha 2,3

Expected Beta 2,3

Expected Risk 2,3

Strategy & Investment Process 2,3

Management & Team 2,3

Risk Process 2

Terms 3

Portfolio 3

Track Record 3

Process & Engineering 1

Robustness 1

Optionality 1

Execution Risk 1

Fees and Costs 1

Quality of Platform 1

1. Dynamic Beta

2. Hedge Funds

3. Private Markets

Our approach We deliver

• Pursuit of alpha

• Breadth improves depth

• Strategy specialists with objectivity

• Ratings Committee oversight

• Conviction score

• Extension of clients’ research staff

• Qualitative & quantitative insights

• Clear rating scheme by strategy

• Top Picks Report

• New and Emerging Managers

• Access to IDD Analysts

• Annual meeting attendance

Albourne helpedpioneer Focus for 2020

• Open Protocol (OP) based analysis

• Core Control reports

• Primary Premia analytical framework

• ESG

• Emerging Managers (NEMO)

• Expanded Quantitative Tools

IDD needs dispassionate intensity

† Where we have produced an IDD Report on a fund in a given year this is counted as a fund-year

*Analysis of a fund against various models and benchmarks

14

“Private markets return dispersion is significantly greater than in many asset classes, which underlines the critical importance of diligent manager selection.” Kellie Hata, Partner

15

Transparent & opinionated communication of IDD:

• Rating and analyst’s name clearly defined

• Clients encouraged to contact analyst directly

• Overall rating of A (high) to E (low)

• Conviction level of 5 (high) to 1 (low) reflects the

confidence the analyst has in the rating and how well

the GP is known

• Approved by Investment Committee prior to

publishing

Investment Due Diligence

Private Markets Coverage

“We apply a consistent rigorous due diligence, rating and approval process, so GPs can

readily be compared within strategies.” Frank Moens, Partner

• Experienced Senior Analysts

• Market leaders in ODD

• Field Experience

• Pioneering IDD in emerging asset class

• Key team members in 3 continents

• Cover entire liquidity spectrum

• Cover broad range of structures

• All four RE quadrants

16

Rea

l A

ss

ets

Rea

l E

sta

te

Cre

dit

Pri

va

te E

qu

ity

• Relative

Value

• Fixed

Income Arb

• Structured

Credit

• Direct

Lending

• Rescue

Lending

• Non-Control

Distressed

• Distressed

For Control

Fully Liquid Fully Il l iquid

Pu

bli

c P

riva

te

Equity Credit

Operational Due Diligence (ODD)

“Fund managers know the questions and the answers that investors would like to hear. It takes real experience, a distinct mind-set and sometimes courage to dig as deep as is needed.”

Adrian Sales, Head of Operational Due Diligence

Our approach We deliver

• Onsite meetings

• Review terms & conditions

• Review audited financial statements

• Third party reference checks

• Regular fund contact

• Internal/external background checks

• Daily monitoring

• Fund onsite meetings with Albourne

• Clear rating scheme

• Bootcamps

• Quarterly newsletter

• Feedback to managers

Albourne helpedpioneer Focus for 2020

• Administrator Transparency Reports

• Standardized expense reporting

• Private Markets ODD

• Data Analytics & Digitization

• Desk-based monitoring

• ODD educational road trips

We rate:

ODD Assessment

Disclosure

Manager Organization

Regulatory & Media Checks

Compliance Resources & Policy

Trade Operations

Infrastructure & Business

Continuity

Fund Terms & Governance

Custody & Counterparties

Valuation

Review of Financial Statements

ODD has to be intrusive to be effective

17

Operational Due Diligence

“Albourne’s comprehensive reports represent the culmination of 18 years’ experience

developing our proprietary ODD methodology.’’ Steven Taylor, PM ODD Analyst

18

• Follows Albourne’s rigorous ODD process

• Investigates fees, expenses, accounting methods

• Average of 15-20 PM ODD GP meetings per month globally

• 554 PM ODD reports published

• Key participant in developing ILPA reporting templates

• Detailed ongoing monitoring available*

Initial ODD Process for Private Markets

Onsite visit with key operation, finance, compliance and IT staff during fundraising process √

Service provider references √

LPA business review √

Review and report on the Audited Financial Statements of a proxy fund √

Background checks on GPs √

Feedback to GPs where appropriate √

Review of legal and regulatory issues and media check √

*This service may be offered on a task priced basis

Why PM Operational Due Diligence?

“When the SEC examined how fees and expenses were handled by advisers to PE funds, they identified what they believed were violations of law or material weaknesses in controls over 50% of the time.” Carmen Lam, Partner

Venture capital firm

principal transferred $28m

in illegal profits to

accounts under his control

at the expense of

investors.

Fees &

Expenses

• GPs often have a lot of latitude in collecting income from portfolio companies and applying fees at the fund level (e.g. transaction fees, consulting fees, break-up fees, dead deal costs)

• Is remuneration paid to Operating Partners specifically carved out of the management fee offset provision?

Valuation• GPs can be incentivized to inflate valuations, to aid fundraising or

because fees are based on fair values

• The SEC’s focus on this area can bring headline risk

Fraud

• Assets are often self custodied, bringing “existence risk” concerns

• Servicing of assets may lead to third party relationships that present unique operational and misappropriation risks, needing an appropriate control environment

Oversight & Compliance

• PE funds are typically structured as partnerships, so do not have an independent board

• Many funds are still self administered, raising the bar for appropriate internal controls and division of duties

19

https://www.sec.gov/litigation/litreleas

es/2018/lr24110.htm

Typical issues include:

Quantitative Due Diligence (QDD)

“To access secure capital, the best managers are offering ever greater risk transparency. Albourne co-shoulders responsibility for monitoring this information. We help clients to work out when to be sad, angry or disappointed – and what to do about it.”

Dr. Gaurav Amin, Executive Committee Member

We monitor:

Five Pillars of Risk

• Leverage

• Concentration

• Liquidity

• Market risk

• Tail risk

Portfolio Manager

Client users: 310*

Client portfolios: 840**

Our approach We deliver

• Sophisticated exposure & factor models

• Proprietary risk system

• Analysis across liquidity spectrum

• Online tools and/or analysis performed

by Albourne

• Seamlessly blended qualitative and quantitative risk monitoring

• Fund, strategy and portfolio

level analysis

• Flexible reporting

• OP Reports (> 690 funds)

• Core Control alerts

• Dynamic Beta research

• Portfolio Manager

Albourne helpedpioneer Focus for 2020

• Open Protocol (OP), common language

to facilitate risk aggregation

• FeeMometer

• Into the Matrix

• Private Credit QDD

• Fee analysis for HF and PM

• PM Indices (PrimeRS)

* The number of individuals within Albourne clients who have accessed the Portfolio Manager in 4Q 2019

** The number of portfolios created through the Portfolio Manager by Albourne clients

Measure, monitor and manage risk

20

Quantitative Due Diligence

“Albourne’s PM QDD fully complements IDD and ODD - the combination of all three can assist

investors in making accurate, informed investment decisions..’’ Ogonna Nneji, PM Risk Analyst

21

Portfolio

Fund

Investment

Investment

Investment

Investment

Fund

Investment

Investment

Investment

Investment

Fund

Investment

Investment

Investment

Investment

QUESTION: Has the portfolio provided attractive risk adjusted

returns? Is the data from the funds being smoothed?

ANSWER: Public Market Benchmarking and Dimson Betas

QUESTION: Has the GP added value to its investments?

ANSWER: Attribution Analysis adjusted by industry performance

QUESTION: Has the fund outperformed peers & delivered on promises?

ANSWER: Peer benchmarking. Matching performance vs. forecasts

Implementation (B2Y)

“A comprehensive implementation solution for alternative investments requires a practical understanding of different possible approaches by differently resourced investors.”

Jonathan Koerner, Partner

* This Service is not available in certain jurisdictions. Albourne manages client’s external counsel, ensuring terms are consistent with client defined requirements.

Implementation Support services are provided on a task-based pricing basis, depending on client requirements.

Albourne does not provide legal or tax advice.

Outsourced Middle Office*

Fees & Liquidity

Outsourced Back Office

• Full-service project management

of deal work

• Coordinate external legal review

of fund documents

• Manage external counsel’s

negotiations and drafting of side

letter

• Assist in completing subscription

documents including AML

• Evaluate and comment on fund

amendments, consents, notices

etc.

• Albourne group fee discounts on

some hedge funds and Private

Markets funds

• Analysis of investor fee terms

and recommended changes*

• Bespoke fee negotiation

assistance*

• Fee collection, aggregation

and/or fee reconciliation service

• Liquidity calendar

• Portfolio Controller: Back Office

software solution

• Account statement aggregation

• Reconciled portfolio performance

reporting

• NAV reconciliation with custodian

• Cash flow & transaction logging

• Capital call & distribution pre-

processing and confirmation

• Ongoing monitoring of manager

communications

22

Reporting and Back Office Solutions

“Albourne works closely with the LP to establish an appropriate communication framework which will be flexible with respect to the content, frequency of scheduled meetings, calls and delivery of supporting materials.” Anita Kouzapa, Partner

23

For illustrativ e purposes only .

Past perf ormance is not indicativ e of f uture results and there is no guarantee an inv estor can

make a prof it or av oid incurring a loss

Reporting

• Comprehensive, flexible reporting

• Highly customized

• All information contained in Albourne’s proprietary information systems

Portfolio Controller

• Stand alone software solution

• Seamless linking of front and back office

• Breakdown of capital calls, fees, distributions, recallable capital

• Shows NAV deployed, committed, recallable and unfunded, plus performance calculation

• Integrated filing for accounting and audit trail

24

Market Commentary

COVID-19 Oil Price War

DyBeRS Insurance

“Timely insights from expert analysts synthesizing data and providing opinions to inform our clients.” Kristen Jones, Partner

Portfolio NewsNew s feed on your portfolio

Albourne TVAnalyst and Manager interview s

Advanced SearchFund due diligence search

13F ExplorerAnalysis of quarterly long positions

Portfolio ManagerAdvanced portfolio modelling

FeeMometerFee analysis and comparison

Open Protocol ExplorerExposure evolution

Factor AnalysisMulti-factor modelling

Portfolio ControllerTransaction tracking platform

Liquidity CalendarAnalysis of fund liquidity terms

Peer AnalysisComparison of fund performance

Combined HarvesterExcel Add-in for Albourne data

Client Website: The Castle

“We believe having all data, analysis, information and tools in one place on the Castle gives Albourne clients significant advantages.” Adriaan Joubert, Head of IT

25

Not all tools and services are included in all client contracts.

The ISO 27001 standard provides requirements for establishing, implementing, maintaining and continually improving an informa tion security

management system, but it is not a standard for products or services.

IT Team of 39

26 Developers &

Engineers

13 Systems

Administration

Certificate No. ISMS.20.001

Our Industry Presence

“We pride ourselves on our ability to stimulate industry discussion on current topics in the

alternatives world.” Simon Ruddick, Chairman

The SBAI, The Open Protocol, ILPA, the UNPRI, Asset Management Association of China, AIMA, Alignment of Interest Association and the

Connecticut Hedge Fund Association do not necessarily approve or endorse Albourne or the services that Albourne provides.

Albourne Core Supporter, SBAI

Albourne Special Member, Asset Management Association of China

Simon Ruddick Member, Board of Trustees, SBAI

Dr. John Claisse Member, North American Advisory Committee, SBAI

Dr. Gaurav Amin Co-chair, Working Group, The Open Protocol

Tom Cawkwell Member, Portfolio Company Template Working Group, ILPA

Debra Ng Member, Executive Committee, AIMA Singapore

Steven Kennedy Chair, Hedge Funds Steering Committee, UNPRI

Adrian Sales Member, AIMA’s Sound Practices Committee

Jonathan Koerner Member, Advisory Committee, Alignment of Interests Association

David Harmston Member, Board of Directors, Connecticut Hedge Fund Association

Albourne

Partners Limited

founded in

London

Launched

village.albourne

Open to all

>100,000

residents

Hosted

Hedgestock

Open to all

>4,000 attended

Launched

ATRs

>1,400 funds

producing

Launched The

Open Protocol

>670 funds

producing

Launched

The Investor

Manifesto I

& FeeMometer

Hedge Fund

Steering

Committee

chair UN PRI

Launched

1 or 30 and

Aggregated

Consultant

Discounts

Launched

The Investor

Manifesto II

1994 2000 2006 20072010 2011 2016 20192013

26

27

Conclusion + Q&A

• Our goal is to empower SITFO to be the best investor it can be

• Our business model, coupled with deep investment and operational

experience, uniquely empower us to achieve this

• We see ourselves as partners, working proactively to be an

extension of your staff

• Our philosophy and values are closely aligned with those of SITFO

Disclaimer

IM PORTANT NOTICE

The information in this presentation (the “Information”) is for informational

purposes regarding the Albourne Group, which includes Albourne Partners

Limited, Albourne America LLC, Albourne Partners (Canada) Limited,

Albourne Partners Japan, Albourne Partners (Asia) Limited, Albourne Partners

(Singapore) Pte. Ltd., Albourne Partners (Bermuda) Limited, Albourne

Partners Deutschland AG, Albourne Partners (Cyprus) Limited and Albourne

Cyprus Limited (each an "Albourne Group Company" and collectively, the

“Albourne Group”). The Information is an invitation communicated by the

relevant Albourne Group Company, as more fully described below, to

subscribe to such Albourne Group Company’s investment advisory services in

jurisdictions where such invitation is lawful and authorised. The Information

does not constitute an invitation, inducement, offer or solicitation in any

jurisdiction to any person or entity to acquire or dispose of, or deal in, any

security, any interest in any fund, or to engage in any investment activity, nor

does it constitute any form of investment, tax, legal or other advice.

In the United States, the Information is being furnished, subject to United

States law, by Albourne America LLC (registered as an investment adviser

with the United States Securities and Exchange Commission) to persons that

Albourne America LLC believes to be an “Accredited Investor”, as that term is

defined in Regulation D under the Securities Act of 1933, and a “Qualified

Purchaser”, as that term is defined in Section 2(a)(51) of the Investment

Company Act of 1940. In Canada, the Information is being furnished, subject

to Canadian law, by Albourne America LLC to persons that Albourne America

LLC believes to be a “Permitted Client” within the meaning of the National

Instrument 31-103. In the United Kingdom, the Information is being furnished,

subject to English law, by Albourne Partners Limited (authorised and regulated

by the Financial Conduct Authority with registered number 175725) to an

investment professional, high net worth company or unincorporated

association, high value trust or other person specified in articles 19 and 49 of

the Financial Services and Markets Act 2000 (Financial Promotions) Order

2005.

In each of Japan, Hong Kong, Singapore, Bermuda and Germany the

Information is being furnished respectively by: Albourne Partners Japan

(authorised and regulated by Director of Kanto Local Financial Bureau, with

reference number 1528) subject to Japanese law; Albourne Partners (Asia)

Limited (regulated by the Securities and Futures Commission of Hong Kong

with Central Entity number AKX858) subject to Hong Kong law; Albourne

Partners (Singapore) Pte. Ltd. subject to Singapore law; Albourne Partners

(Bermuda) Limited subject to Bermuda law and Albourne Partners

Deutschland AG subject to German law, and in all cases, to persons whom the

relevant Albourne Group Company believes to be financially sophisticated,

high net worth and institutional investors capable of evaluating the merits and

risks of hedge funds, private equity funds and/or any other alternative

investment securities (collectively, “Funds”). To the extent that the Information

is supplied in any jurisdiction other than the United States, Canada, the United

Kingdom, Japan, Hong Kong, Singapore, Bermuda or Germany, the relevant

Albourne Group Company is Albourne Partners Limited and the Information is

supplied subject to English law.

If you are not the kind of investor described above in the jurisdictions listed

above, or if in your jurisdiction it would be unlawful for you to receive the

Information, the Information is not intended for your use. The Information and

the services provided by any Albourne Group Company is not provided to and

may not be used by any person or entity in any jurisdiction where the provision

or use thereof would be contrary to applicable laws, rules or regulations or

where any Albourne Group Company is not authorized to provide such

Information or services.

In the United States, interests in Funds are made through private offerings

pursuant to one or more exemptions provided under the United States

Securities Act of 1933, as amended. You should carefully review the relevant

offering documents before investing in any Funds.

No part of the Information in this presentation is intended as an offer to sell or

a solicitation to buy any security or as a recommendation of any firm, Fund or

security. You should be aware that any offer to sell, or solicitation to buy,

interests in any such Funds may be unlawful in certain states or jurisdictions.

Disclaimer

There can be no assurance or guarantee that the Albourne Group’s

performance record or any Albourne Group Company’s performance record

will be achievable in future. There is no assurance that any client of an

Albourne Group Company will necessarily achieve its investment objective or

that such client will make any profit, or will be able to avoid incurring

losses. Funds are speculative, involve a high degree of risk, and are illiquid:

you could lose all or a substantial amount of any investment you make in such

Funds. Furthermore, such Funds are not subject to all the same regulatory

requirements as are mutual funds; may involve complex tax structures and

delays in the distribution of important tax information; often charge higher fees

than mutual funds and such fees may offset the Funds’ trading profits; may

have a limited operating history; may be highly volatile; and there may not be a

secondary market for interests in such Funds. There may be restrictions on

redemptions and transfer of interests in such Funds, and such interests may

otherwise be illiquid. Such Funds may also be highly leveraged and may have

a fund manager with total investment and/or trading authority over the Fund. It

should also be noted that, in the case of hedge funds, there may be a single

adviser applying generally similar trading programs with the potential for a lack

of diversification and concomitantly higher risk; hedge funds may also effect a

substantial portion of trades on foreign exchanges, which have higher trading

costs. On the other hand, private equity, real estate, real asset and/or other

private market funds may have a limited number of holdings and concomitantly

higher risk.

You are solely responsible for reviewing any Fund, the qualifications of its

manager, its offering documents and any statements made by a Fund or its

manager and for performing such additional due diligence as you may deem

appropriate, including consulting your own legal, tax and compliance advisers.

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