Silver State Opportunities Fund. Investor Update Meeting October 20, 2016

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1 Silver State Opportunities Fund Investor Update Meeting October 20, 2016

2 Agenda Executive Summary 1 Hamilton Lane Overview 2 Silver State Opportunities Fund Overview 8 Nevada Economic and Ancillary Benefits 16 Appendix 26

3 Executive Summary The Silver State Opportunities Fund ( SSOF ) was created in 2012 to seek attractive private equity returns by investing in Nevada businesses $50.5 Fund Size $50 million - Nevada Capital Investment Corporation ( NCIC ); 1% Hamilton Lane Commitment Primary Funds and Co-Investments Objectives : Generate attractive private equity returns Focus on investments in Nevada Help develop NV s private equity and investment ecosystem SSOF Highlights $44M In Capital Invested Fully Committed $1.9B Additional Capital Raised by SSOF Investments 2 Private Equity Investor Forums Hosted 14 Total Investments 7 Fund / 7 Co-Investments 5 New Institutional Private Equity Offices in NV 92 Investment Referrals in NV 25 Nevada Companies Received Investments 1,660 Jobs Supported in Nevada Over 14 Network & Institutional Partners in NV Proprietary and Confidential Page 1

4 Hamilton Lane Overview

5 Private Markets Solutions Hamilton Lane works with sophisticated institutional investors to access the full spectrum of private markets Firm Spotlight 1 What We Offer 12 global offices 260+ employees 107 are shareholders $315B+ assets under management & supervision $22.0B in primary commitments in $194M invested alongside our clients Infrastructure Mezzanine Distressed Debt Buyout Private Markets Real Estate Natural Resources Managed Solutions Advised Solutions Product Solutions Fund-of-Funds Secondary Funds Co-Investment Funds Strategic Opportunities Funds 680+ bps realized outperformance vs MSCI World PME 3 Venture Capital Co-Investment Secondary Operational Support Solutions Reporting & Analytics Solutions Distribution Management 1 As of June 30, Please refer to endnotes in the Appendix. 3 As of March 31, As shown in our discretionary track record in Appendix. Proprietary and Confidential Page 3

6 Global Presence Our Firm 260+ Employees 12 Offices 21 Languages spoken 2.2M+ Miles traveled in ,100+ Client/GP meetings in 2015 San Francisco San Diego Las Vegas New York Philadelphia London Tel Aviv Seoul Tokyo Ft. Lauderdale Hong Kong Our Clients Rio de Janeiro Our Investments 350 Clients & Investors Clients & investors in 35 Longest standing client countries ,000+ investment opportunities in 2015 Capital deployed across 87 countries 2,800+ funds in database As of June 30, 2016 Proprietary and Confidential Page 4

7 Investment Committee Hartley Rogers Chairman Prior: CSFB Equity Partners; Morgan Stanley Education: Harvard Business School, M.B.A.; Harvard College, A.B. Thomas Kerr Managing Director Prior: BISYS Plan Services Education: Saint Joseph s University, M.B.A.; Rider University, B.S. Mario Giannini Chief Executive Officer Prior: Fidelity Bank; IVT Group Education: Boston College, J.D.; University of Virginia, Master of Laws; California State University, B.A. Erik Hirsch Vice Chairman & Head of Strategic Initiatives Prior: Brown Brothers Harriman; PFM Education: University of Virginia, B.A. David Helgerson Managing Director Prior: Morgan Stanley; Credit Suisse First Boston Education: Duke University, M.B.A.; Swarthmore College, B.A. Brian Gildea Managing Director Prior: Bear Stearns Merchant Banking; Freeman Spogli Education: Georgetown University, B.S. Kevin Lucey Chief Operating Officer Prior: Delaware Investments; Putnam Investments Education: Merrimack College, B.A. Juan Delgado-Moreira Managing Director Prior: Baring Private Equity Partners; SEPI Education: Universidad Complutense de Madrid, Ph.D. & B.A. Jerome Gates Managing Director Prior: Morgan Stanley Smith Barney; Citigroup Education: University of Michigan, M.B.A.; Baldwin Wallace College, B.S.; CFP Steve Brennan Managing Director Prior: Goldman Sachs; Bank of New York Education: Fordham University, M.B.A.; Loyola College, B.B.A. Andrea Kramer Managing Director Prior: Exelon Capital Partners; Philadelphia Gas Works Education: Temple University, M.B.A.; Franklin and Marshall College, B.A. Michael Kelly Managing Director Prior: Inter Mountain Canola Company; DNA Plant Tech. Education: The College of William and Mary, M.B.A.; Trenton State College, B.S. Paul Yett Managing Director Prior: Stone Pine Asset Management, LLC; Bramalea U.S. Properties Education: San Diego State University, B.S. Jim Strang Managing Director Prior: Dunedin LLP; Bain and Company; Gartmore Private Equity Education: University of Cambridge, Masters; University of Edinburgh, Ph.D. & B.Com Jeff Meeker Managing Director Prior: Goldman Sachs; The Perrier Group of America Education: University of Chicago s Graduate School of Business, M.B.A.; University of Delaware, B.A. Ricardo Fernandez Jr. Managing Director Prior: Capital Dynamics; Santander Private Equity Education: Harvard Business School, Exec. Ed; IESE Business School, M.B.A.; IBMEC, B.B.A. Tara Blackburn Managing Director Prior: Pacific Corporate Group; Paul Kagan Associates Education: Colorado College, B.A. Philadelphia New York Hong Kong San Francisco San Diego London Rio de Janeiro Proprietary and Confidential Page 5

8 Dedicated Global Investment Teams Private markets investing is all that we do 17 Investment Committee members 19 average years in the PE industry 12 average years working together Distressed Debt Buyout Infrastructure Mezzanine Primaries Secondaries 85 Investment LeProfessionals gal Co-Investment Real Estate Resources Natural Venture Capital Research Secondary Co-Investment Relationship Management 64 Business Development 13 Product Management 16 Finance 16 IT 13 Legal & Compliance 21 Human Resources 5 As of June 30, 2016 Proprietary and Confidential Page 6

9 Experienced In-State Program Manager Deal Flow and Market Presence Targeted Results Robust Operational Platform Multi-faceted investment platform Co-Investment Primary Secondary Variety of deal flow sources Combined gross IRR of 14.8% 1 across in-state programs Total value multiple of 1.6x 1 above across portfolios Generated material liquidity across more seasoned programs Over 12 years of in-state experience with reputable institutional LPs (NV, NY, CA, FL) Diversity of programs across strategies Over 21,800 jobs created across programs 2 Approximately 50% of capital in underserved regions Bringing outside capital to the state In-house legal, finance and reporting capabilities Access to industry-leading data and proprietary data-mining tools Enhanced transparency and portfolio company analytics Market research and outreach Please refer to endnotes in the Appendix. Proprietary and Confidential Page 7

10 Silver State Opportunities Fund Overview

11 SSOF Background Program Background: Senate Bill 75 authorized the Nevada Permanent School Fund to make private equity investments The Nevada Capital Investment Corporation ( NCIC ) was created to select a fund-of-funds manager to invest $50 million in private equity opportunities within the State of Nevada Hamilton Lane was selected as the fund-of-funds manager to make both fund and direct co-investments Primary Goals Generate attractive private equity returns Invest a minimum of 70% of capital in Nevada companies Secondary Goals Develop local private equity ecosystem Increase jobs in Nevada Diversify the Nevada economy Proprietary and Confidential Page 9

12 SSOF Evolution Number of NV Investments 1 NCIC hired Hamilton Lane to create & manage SSOF Hamilton Lane opens its first NV Office 8 SSOF hosts Private Equity/ Alternatives Conference and Investor Forum in Las Vegas 20 SSOF hosts second investor forum in Lake Tahoe 126 Attendees 25 SSOF investment period expires 175 Attendees Senate Bill 75 passed. NV Permanent School Fund authorized to make PE investments Miguel Luina Las Vegas Dave Helgerson Philadelphia Anup Sharma Philadelphia SSOF makes its first co- Investment and Fund Investment $26.4 million committed across 7 Investments SSOF fully committed across 14 investments Hamilton Lane Platform Proprietary and Confidential Page 10

13 SSOF Overview Key Investment Highlights $44.4M Committed. Fully committed including reserves for follow-on 10 Fund Managers Fund Investments Co-Investments New Private Equity offices in NV Fund Manager Location GP Company Location Co-Investment Co-Investments vs. Partnerships By Capital Committed Strategic Diversification By Capital Committed Partnership 45% 55% Co/Direct Investment Mezzanine 29% 71% Corporate Finance/Buyout Data as of June 30, 2016 Proprietary and Confidential Page 11

14 Selective Investment Process Co-Investment Diligence Process Reviewed over 270 investment opportunities to date for SSOF Phase 1 Generate Deal Flow Deal Flow Phase 2 Screening Co-Investments Primary Funds Phase 3 Preliminary Due Diligence 2, Reviewed 1 Reviewed 1 Co-Investments Total Funds Phase 4 Portfolio Consideration 247 Deals Screened for SSOF 26 Funds Screened for SSOF Phase 5 Phase 6 Full Due Diligence Legal Review & Negotiation 7 Co-Investments 7 Fund Investments Phase 7 Monitoring & Reporting Please refer to endnotes in the Appendix. Proprietary and Confidential Page 12

15 Pacing and Diversification Commitments by Calendar Year As of 6/30/16 USD in Millions $20.0 $16.5 $15.0 $10.0 $10.0 $10.9 $7.0 $5.0 $0.0 Funds Co-Investments Consumer Staples 4% Natural Resources/ Materials 11% Business Services 3% IT 30% Industry Sector diversification Healthcare 12% Consumer Discretionary 12% Financials 10% Industrials 18% Proprietary and Confidential Page 13

16 SSOF Fund Investments SSOF has committed $23.6 million to 7 Fund Investments Brentwood Private Equity V $3M Corporate Finance/Buyout Diversified Convergent Capital Partners III $5M Credit/Mezzanine Diversified Enhanced SBIC, LP $2.6M Credit/Mezzanine Diversified Graycliff Private Equity III $1M Corporate Finance/Buyout Manufacturing, Service or Distribution HCAP Fund III $5M Credit/Mezzanine Diversified Sorenson Capital III $2M Corporate Finance/Buyout Diversified Waterton Precious Metals II $5M Corporate Finance/Buyout Metals and Mining Proprietary and Confidential Page 14

17 SSOF Co-Investments SSOF has committed $20.8 million to 7 Co-Investments $3.4M Medical Software Equity Las Vegas, NV Montreux Equity $2M Consumer Retail Equity Las Vegas, NV Brentwood Associates $3.9M Sales Consulting Equity Reno, NV Providence Equity $2M Healthcare Equity Fallon, Gardnerville, Winnemucca, Ely, NV Sorenson Partners $5M IT/ Retail Services Mezzanine Las Vegas, NV Babson Capital $2M Marketing/Visual Solutions Equity Las Vegas, NV Graycliff Partners $2.5M Dermatology/ Skincare Equity 8 NV Locations Enhanced Equity Proprietary and Confidential Page 15

18 Nevada Economic and Ancillary Benefits

19 Nevada Investments To date, 25 companies have received investment capital directly from SSOF or through underlying fund managers SSOF Nevada-Based Portolio Companies /30/2013 6/30/2014 6/30/2015 6/30/2016 Fund Manager Location GP Company Location Co-Investment 190 facilities associated with the SSOF Nevada-based portfolio companies Please refer to endnotes in the Appendix. Proprietary and Confidential Page 17

20 Capital Invested in Nevada SSOF and its investment partners have in aggregate invested $528.8 million in NV Capital invested in Nevada exceeds the program goal of 70% or $35 million Capital Investment in Nevada SSOF Multiplier Effect $600 $500 $400 $300 $200 $100 $- $529 $295 $124 6/30/2013 6/30/2014 6/30/2015 6/30/2016 $44.4 $528.8 $1,973 $44.4M Capital Committed by SSOF $528.8M Capital Invested by SSOF and Fund Partners in NV $1,973M Total Capital Raised by SSOF Companies in NV Please refer to endnotes in the Appendix. Proprietary and Confidential Page 18

21 Bringing Capital to Nevada Building the Private Equity Ecosystem New Fund Managers to NV Institutional Private Equity Offices in Nevada Institutional Private Equity Professionals in Nevada The Fund s impact has helped to create a new private equity ecosystem in the State by providing local companies with access to the broader private investment community Prior to the creation of SSOF, there were no institutional private equity offices located in Nevada Please refer to endnotes in the Appendix. Proprietary and Confidential Page 19

22 Supporting Jobs in Nevada SSOF investments have grown employment by 15.3% since inception to 1,660 employees SSOF Employment (Including Investment Professionals) SSOF Impact on Job Growth 2,000 20% 1,800 1,600 1,660 15% 15.3% 1,400 1,440 10% 1, new jobs created after SSOF's initial investment 5% 1,000 At Investment 6/30/16 0% At Investment 6/30/16 Please refer to endnotes in the Appendix. Proprietary and Confidential Page 20

23 Quality of Income SSOF Salaries Outperform State and National Averages $52,000 $50,000 $48,000 $46,000 $50,345 $48,320 $44,000 $42,000 $40,000 $42,800 $38,000 Average SSOF Investment Employee Wage 2015 Nevada Mean Wage US Annual Mean Wage 1 SSOF investments have created high quality jobs, resulting in attractive wages for their employees The average wage for Nevada employees at SSOF portfolio companies is $50K, 18% higher than the average Nevada wage and 4% higher than the average national wage in 2015 Please refer to endnotes in the Appendix. Proprietary and Confidential Page 21

24 Diverse Workforce Women/Minority % in NV 70% 60% 50% 40% 46% 64% 66% 63% 65% 54% 30% 20% 10% 0% Primary Fund Average Co-Investment Average Total Growth Average women/minority workforce has grown substantially (39%) in SSOF Funds from 2015 to 2016 Total growth of women/minority employment in Nevada-based SSOF companies has grown from 54% in 2015 to 65% in 2016 Please refer to endnotes in the Appendix. Proprietary and Confidential Page 22

25 Outreach SSOF has been active within the Nevada business community and participated in several local events including: SSOF has also helped support and grow the small business ecosystem in NV through active investment referrals SciTech The Reno-Gazette Journal Governor s Office of Economic Development The Department of Business and Industry Nevada Chambers of Commerce NCET 247 Total Co-Investments Reviewed for SSOF The Rocky Mountain Venture Capital Association Board member for UNLV s Rebel Venture Fund Las Vegas C-Level Group Governor s Conference on Business Downtown Project 7 Co-Investments 92 Investment Referrals Nevada Economic Development Conference Nevada Turnaround Management Association Southern Nevada Exit Planning Institute Proprietary and Confidential Page 23

26 Our Partners Remain Active in Nevada SSOF partners have created more impact in Nevada than captured in this presentation Local service providers Legal, Accounting, Merchandise for resale, Construction services Participant in Nevada Economic & Urban Development s Catalyst Fund program, designed to attract business to Nevada to drive economic growth and job creation Please refer to endnotes in the Appendix. 135 construction jobs created during facility development Improving the economic performance of rural Nevada hospitals that are customers; help them increase revenue and maintain economic viability 75 new jobs created in Reno with fully staffed facility Majority of contracts and trades sourced locally from Reno User conference held in Nevada in August 2016 using local vendors Digital Division Headquarters now officially located in Nevada Majority of jobs in Nevada are manufacturing jobs Provider of a comprehensive suite of sales and customer service related training courses attended by individuals, small and medium businesses and/ or Fortune 1000 companies at its headquarters in Reno providing visibility to the Reno metropolitan area Proprietary and Confidential Page 24

27 Conclusion SSOF has built a strong private equity foundation and platform in Nevada. The program is well positioned for future growth Leveraging the Hamilton Lane platform and the partnership with NCIC Committed to growing private investment and economic activity throughout Nevada s economy Focus on disciplined investing as well as helping support Nevada jobs and small businesses Proprietary and Confidential Page 25

28 Appendix

29 Contact Information Philadelphia One Presidential Blvd., 4th Floor Bala Cynwyd, PA USA Rio de Janeiro Av. Niemeyer 2, Sala 102 Leblon Rio de Janeiro Brasil New York 610 Fifth Avenue, Suite 401 New York, NY USA Tokyo 17F, Imperial Hotel Tower 1-1-1, Uchisaiwai-cho, Chiyoda-ku Tokyo Japan +81 (0) London 8-10 Great George Street London SW1P 3AE United Kingdom +44 (0) San Francisco 200 California Street, Suite 400 San Francisco, CA USA Fort Lauderdale 200 SW 1st Avenue, Suite 880 Ft. Lauderdale, FL USA Las Vegas 3753 Howard Hughes Parkway Suite 200 Las Vegas, NV USA Hong Kong Room , 10th Floor St. George s Building 2 Ice House Street Central Hong Kong, China San Diego 7777 Fay Avenue, Suite 201 La Jolla, CA USA Tel Aviv 14 Shenkar Street Nolton House Herzliya Pituach, P.O. Box Israel Seoul 16/17 Fl., Posco P&S Tower Teheran-ro 134, Gangnam-Gu Seoul , Republic of Korea Proprietary and Confidential Page 27

30 Endnotes Page 3 2 The 2015 capital invested includes all primary commitments for which Hamilton Lane retains a level of discretion and all advisory client commitments for which Hamilton Lane performed due diligence and made an investment recommendation. The 2015 capital invested also includes all discretionary secondary and co-investments. Page 7 1 The performance reflects combined aggregate gross IRR multiple for Hamilton Lane targeted involvment programs. These include: Silver State Opportunities Fund; Florida Growth Fund; Golden State Investment Fund; 3 In-State Co-Investment Funds (Equity and Credit) as of March 31, Source: Reporting by GPs and companies on an annual basis, collected by Hamilton Lane. Page 12 1 Hamilton Lane Diligence (September 2016) Pages Hamilton Lane collected this information through SSOF General Partners via an annual questionnaire. All data prepared as of June 30, Page 19 1 Includes Enhanced Capital, Convergent Capital, two offices for HCAP Partners and Hamilton Lane s offices were opened in NV as a result of SSOF. Page Proprietary and Confidential Page 28

31 Endnotes Page 7 Hamilton Lane In-State Discretionary Track Record 1,12 As of March 31, 2016 USD in Millions 1 The In-State Discretionary Track Record includes all In-State separate accounts managed by Hamilton Lane for which Hamilton Lane retains a level of discretion for the investment decisions, as of March 31, The results herein include all secondary fund investments, co/direct investments, as well as primary fund investments where an In-State account participated in an investment. As of March 31, 2016 this presentation represents commitments of $1.3 billion; in total Hamilton Lane had $43.9 billion in commitments for all discretionary accounts, of which $3.8 billion represents co-investments. 2 Committed equals the total dollars committed to investments including liquidated investments. In-State Performance by Investment Type Total Spread vs.s&p 500 Spread vs. Russell 3000 Category Committed 2 Paid In 3 Distributions NAV 4 DPI Value 6 TVPI 7 IRR 8 5 PME (bps) 11 PME (bps) 11 Co/Direct Investment , x 1.6x 16.5% 702 bps 695 bps Primary Partnership x 1.4x 10.3% (174) bps (172) bps Secondary Purchase x 1.3x 17.4% 517 bps 570 bps Total In-State 1, , , x 1.6x 14.78% 445 bps 441 bps In-State Composite Performance 3 Paid-In refers to the cost of all investments made by a fund, including commitment reducing and non-commitment reducing capital calls. 1-Year 3-Year 5-Year 7-Year 10-Year Hamilton Lane Realized IRR % 33.58% 28.26% 26.52% 17.65% Spread vs. S&P 500 PME (bps) 11 3,366 bps 1,942 bps 1,624 bps 809 bps 929 bps Spread vs. Russell 3000 PME (bps) 11 3,610 bps 1,989 bps 1,671 bps 765 bps 911 bps Hamilton Lane Total IRR % 14.59% 14.93% 16.35% 11.92% Spread vs. S&P 500 PME (bps) bps 274 bps 328 bps 50 bps 215 bps Spread vs. Russell 3000 PME (bps) 11 1,114 bps 342 bps 383 bps 44 bps 218 bps 4 NAV equals net asset value of active investments in each account. NAVs for the specified period represent the latest available reported market values adjusted forward using interim cash flows. 5 Total Value is equivalent to market value plus capital distributed. A fund s market value contains unrealized investments. Valuations of unrealized investments are based on valuations by the underlying managers. The actual realized returns on unrealized investments will depend on factors other than the original cost, such as the value of the assets and market conditions at the time of disposition, any related transaction costs, and the timing and manner of sale, all of which may differ from the assumptions on which the valuations contained herein are based. Accordingly, the actual realized returns on these unrealized investments may differ materially from the assumed returns indicated herein. 6 Distributions Paid-In ( DPI ) multiple represents total distributions from underlying investments to the fund divided by total contributed capital. Gross DPI is presented net of management fees, carried interest and expenses charged by the general partners of the underlying investments, but does not include Hamilton Lane fees. 7 Total Value Paid-In ( TVPI ) multiple represents total distributions from underlying investments to the fund plus the fund s market value divided by total contributed capital. Gross TVPI is presented net of management fees, carried interest and expenses charged by the general partners of the underlying investments, but does not include Hamilton Lane fees. 8 Hamilton Lane IRR represents the pooled IRR for all In-State Discretionary Track Record investments within the relevant vintage year for the period from inception to March 31, The returns are net of management fees, carried interest and expenses charged by the underlying fund managers, but do not include Hamilton Lane management fees, carried interest or expenses since it is not possible to allocate such items accurately in a composite measured at different points in time. The Hamilton Lane IRR would decrease with the inclusion of these fees, carried interest and expenses. See the hypothetical example below. Hamilton Lane has calculated and presented these returns on a pooled basis using daily cash flows. Performance results for the most recent vintage years are considered less meaningful due to the short measurement period, the incurrence of fees and expenses and the absence of significant distributions. 9 The Hamilton Lane Realized IRR represents the pooled IRR for those In-State Discretionary Track Record investments that Hamilton Lane considers realized for purposes of its Discretionary Track Record, which are investments where the underlying investment fund has been fully liquidated, has generated a DPI greater than or equal to 1.0 or has an RVPI less than or equal to 0.2 and is older than 6 years. DPI represents total distributions divided by total invested capital. RVPI represents the remaining market value divided by total invested capital. These realized investments represent $0.4 billion of the $1.3 billion of total commitments included in the overall Discretionary Track Record. The Hamilton Lane Realized IRR is measured for the 1-, 3-, 5-, 7- and 10-year periods ending March 31, These horizon returns are calculated on a point-to-point basis over the specified time periods. The contributions, distributions and remaining asset values at the beginning and ending dates of the horizon periods are used in calculating these returns. The returns are net of management fees, carried interest and expenses charged by the underlying fund managers, but do not include Hamilton Lane management fees, carried interest or expenses since it is not possible to allocate such items accurately in a composite measured at different points in time. The Hamilton Lane Realized IRR would decrease with the inclusion of these fees, carried interest and expenses. See the hypothetical example below. Hamilton Lane has calculated and presented these returns on a pooled basis using daily cash flows, where vintage years with larger amounts committed to investment have a proportionately larger impact on returns. Proprietary and Confidential Page 29

32 Endnotes Page 7 (continued) 10 The Hamilton Lane Total IRR represents the pooled IRR for all In-State Discretionary Track Record investments and is measured for the 1-3-, 5-, 7- and 10-year periods ending March 31, These horizon returns are calculated on a point-to-point basis over the specified time periods. The contributions, distributions and remaining asset values at the beginning and ending dates of the horizon periods are used in calculating these returns. These returns are net of management fees, carried interest and expenses charged by the underlying fund managers, but do not include Hamilton Lane management fees, carried interest or expenses since it is not possible to allocate such items accurately in a composite measured at different points in time. The Hamilton Lane Total IRR would decrease with the inclusion of these fees, carried interest and expenses. See the hypothetical example below. Hamilton Lane has calculated and presented these returns on a pooled basis using daily cash flows, where vintage years with larger amounts committed to investment have a proportionately larger impact on returns. 11 The indices presented for comparison are the S&P 500 and the Russell 3000, calculated on a Public Market Equivalent (PME) basis. The PME calculation methodology assumes that capital is being invested in, or withdrawn from, the index on the days the capital was called and distributed from the underlying fund managers. Contributions were scaled by a factor such that the ending portfolio balance would be equal to the private equity net asset value. The scaling factor is found by taking the sum of all shares sold (SS), the sum of all shares purchased (SP) and calculating the number of shares the ending value is worth (SEV). Dividing SEV + SS by SP solves for the PME scaling factor. The scaling of contributions prevents shorting of the public market equivalent portfolio in order to match the performance of an outperforming private equity portfolio. Realized and unrealized amounts were not scaled by this factor. The S&P 500 Total Return Index is a capitalization weighted index that measures the performance of 500 U.S. large cap stocks. The Russell 3000 Index measures the performance of the 3000 largest U.S. companies based on total market capitalization. The indices are presented merely to show general trends in the markets for the relevant periods shown. The comparison between Hamilton Lane performance and the index is not intended to imply that a fund s or separate account s portfolio is benchmarked to the index either in composition or level of risk. The index is unmanaged, has no expenses and reflects the reinvestment of dividends and distributions. The spreads are provided for comparative purposes only. A variety of factors may cause an index to be an inaccurate benchmark for any particular fund or separate account and the indices do not necessarily reflect the actual investment strategy of a fund or separate account. 12 At the time that this track record was generated, approximately 97% of March 31, 2016 fund reported market valuations have been received from General Partners. For all other Funds represented in this track record, Hamilton Lane uses the Adjusted Market Value methodology which reflects the most recent reported market value from the General Partner adjusted for interim net cash flows through March 31, This performance is subject to change as additional March 31, 2016 reported market values are received from the General Partners. A fund s market value contains unrealized investments. Valuations of unrealized investments are based on valuations by the underlying managers. The actual realized returns on unrealized investments will depend on factors other than the original cost, such as the value of the assets and market conditions at the time of disposition, any related transaction costs, and the timing and manner of sale, all of which may differ from the assumptions on which the valuations contained herein are based. Accordingly, the actual realized returns on these unrealized investments may differ materially from the assumed returns indicated herein. The following hypothetical 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 actual returns that would be earned by similar investment vehicles having comparable features. The hypothetical assumes a separate account or fund-of-funds consisting 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 or fund. 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. We modeled the impact of fees on four different return streams over a 12-year time period. Under these models, the effect of the fees reduced returns by approximately 2%. This does not include performance fees since the performance of the account or fund 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. Both performance fees and expenses would further decrease the return. Past performance of the investments presented herein is not indicative of future results and should not be used as the basis for an investment decision. The information included 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. Proprietary and Confidential Page 30

33 Performance By Vintage Year 1,6,7 As of March 31, % 10-Year Performance 13.1% 10.6% Realized Gross IRR bps vs MSCI World PME 5 Total Gross IRR bps vs MSCI World PME 5 20% 20.6% 20.0% 15% 15.9% IRR 2 10% 10.6% 12.0% 9.2% Average: 11.6% 9.4% 12.0% 14.1% 10.7% 13.5% 11.3% 5% 5.6% 5.9% 3.6% 0% Vintage Year 2015 $38B+ of discretionary commitments* * Over the past 10 years through March 31, Represents the total dollars committed to investments in each active and inactive account including non-liquidated and liquidated investments. Please refer to endnotes in Appendix. Proprietary and Confidential Page 31

34 Endnotes Page 31 Hamilton Lane Discretionary Track Record 1,6 As of March 31, 2016 Composite Performance 5-Year 7-Year 10-Year Hamilton Lane Realized IRR % 18.61% 13.06% Spread vs. S&P 500 PME (bps) bps (50) bps 472 bps Spread vs. MSCI World PME (bps) bps 255 bps 683 bps Hamilton Lane Total IRR % 13.38% 10.61% Spread vs. S&P 500 PME (bps) 5 (96) bps (269) bps 90 bps Spread vs. MSCI World PME (bps) bps 112 bps 392 bps 1 The Discretionary Track Record includes all commingled funds-of-funds and separate accounts managed by Hamilton Lane for which Hamilton Lane retains a level of discretion for the investment decisions, as of March 31, The results herein include all secondary fund investments (except as noted below), as well as primary fund investments where a commingled fund-of-funds or multiple accounts participated in an investment. This presentation does not include co-investments or investments made on behalf of two accounts which Hamilton Lane no longer manages. As of March 31, 2016 this presentation represents commitments of $35.8 billion; in total Hamilton Lane had $43.9 billion in commitments for all discretionary accounts, of which $3.8 billion represents co-investments. 2 Hamilton Lane IRR represents the pooled IRR for all Discretionary Track Record investments within the relevant vintage year for the period from inception to March 31, The returns are net of management fees, carried interest and expenses charged by the underlying fund managers, but do not include Hamilton Lane management fees, carried interest or expenses since it is not possible to allocate such items accurately in a composite measured at different points in time. The Hamilton Lane IRR would decrease with the inclusion of these fees, carried interest and expenses. See the hypothetical example below. Hamilton Lane has calculated and presented these returns on a pooled basis using daily cash flows. Performance results for the most recent vintage years are considered less meaningful due to the short measurement period, the incurrence of fees and expenses and the absence of significant distributions. 3 The Hamilton Lane Realized IRR represents the pooled IRR for those Discretionary Track Record investments that Hamilton Lane considers realized for purposes of its Discretionary Track Record, which are investments where the underlying investment fund has been fully liquidated, has generated a DPI greater than or equal to 1.0 or has an RVPI less than or equal to 0.2 and is older than 6 years. DPI represents total distributions divided by total invested capital. RVPI represents the remaining market value divided by total invested capital. These realized investments represent $8.6 billion of the $35.8 billion of total commitments included in the overall Discretionary Track Record. The Hamilton Lane Realized IRR is measured for the 5-, 7- and 10-year periods ending March 31, These horizon returns are calculated on a point-to-point basis over the specified time periods. The contributions, distributions and remaining asset values at the beginning and ending dates of the horizon periods are used in calculating these returns. The returns are net of management fees, carried interest and expenses charged by the underlying fund managers, but do not include Hamilton Lane management fees, carried interest or expenses since it is not possible to allocate such items accurately in a composite measured at different points in time. The Hamilton Lane Realized IRR would decrease with the inclusion of these fees, carried interest and expenses. See the hypothetical example below. Hamilton Lane has calculated and presented these returns on a pooled basis using daily cash flows, where vintage years with larger amounts committed to investment have a proportionately larger impact on returns. 4 The Hamilton Lane Total IRR represents the pooled IRR for all Discretionary Track Record investments and is measured for the 5-, 7- and 10-year periods ending March 31, These horizon returns are calculated on a point-to-point basis over the specified time periods. The contributions, distributions and remaining asset values at the beginning and ending dates of the horizon periods are used in calculating these returns. These returns are net of management fees, carried interest and expenses charged by the underlying fund managers, but do not include Hamilton Lane management fees, carried interest or expenses since it is not possible to allocate such items accurately in a composite measured at different points in time. The Hamilton Lane Total IRR would decrease with the inclusion of these fees, carried interest and expenses. See the hypothetical example below. Hamilton Lane has calculated and presented these returns on a pooled basis using daily cash flows, where vintage years with larger amounts committed to investment have a proportionately larger impact on returns. 5 The indices presented for comparison are the S&P 500 and the MSCI World, calculated on a Public Market Equivalent (PME) basis. The PME calculation methodology assumes that capital is being invested in, or withdrawn from, the index on the days the capital was called and distributed from the underlying fund managers. Contributions were scaled by a factor such that the ending portfolio balance would be equal to the private equity net asset value. The scaling factor is found by taking the sum of all shares sold (SS), the sum of all shares purchased (SP) and calculating the number of shares the ending value is worth (SEV). Dividing SEV + SS by SP solves for the PME scaling factor. The scaling of contributions prevents shorting of the public market equivalent portfolio in order to match the performance of an outperforming private equity portfolio. Realized and unrealized amounts were not scaled by this factor. The S&P 500 Total Return Index is a capitalization weighted index that measures the performance of 500 U.S. large cap stocks. The MSCI World Index is a free floatadjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. The indices are presented merely to show general trends in the markets for the relevant periods shown. The comparison between Hamilton Lane performance and the index is not intended to imply that a fund s or separate account s portfolio is benchmarked to the index either in composition or level of risk. The index is unmanaged, has no expenses and reflects the reinvestment of dividends and distributions. The spreads are provided for comparative purposes only. A variety of factors may cause an index to be an inaccurate benchmark for any particular fund or separate account and the indices do not necessarily reflect the actual investment strategy of a fund or separate account. 6 The Hamilton Lane IRR for the 2016 Vintage Year, calculated on a non-annualized basis in a manner consistent with the CFA Institute s standards for private equity performance reporting, as well as on a pooled basis using daily cash flows, is (41.45%). Hamilton Lane does not consider this performance metric meaningful due to the very short measurement period. 7 At the time that this track record was generated, approximately 97% of March 31, 2016 fund reported market valuations have been received from General Partners. For all other Funds represented in this track record, Hamilton Lane uses the Adjusted Market Value methodology which reflects the most recent reported market value from the General Partner adjusted for interim net cash flows through March 31, This performance is subject to change as additional March 31, 2016 reported market values are received from the General Partners. A fund s market value contains unrealized investments. Valuations of unrealized investments are based on valuations by the underlying managers. The actual realized returns on unrealized investments will depend on factors other than the original cost, such as the value of the assets and market conditions at the time of disposition, any related transaction costs, and the timing and manner of sale, all of which may differ from the assumptions on which the valuations contained herein are based. Accordingly, the actual realized returns on these unrealized investments may differ materially from the assumed returns indicated herein. The following hypothetical 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 actual returns that would be earned by similar investment vehicles having comparable features. The hypothetical assumes a separate account or fund-of-funds consisting 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 or fund. 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. We modeled the impact of fees on four different return streams over a 12-year time period. Under these models, the effect of the fees reduced returns by approximately 2%. This does not include performance fees since the performance of the account or fund 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. Both performance fees and expenses would further decrease the return. Past performance of the investments presented herein is not indicative of future results and should not be used as the basis for an investment decision. The information included 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. Proprietary and Confidential Page 32

35 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. The S&P 500 Total Return Index is a capitalization-weighted index of 500 U.S. large cap stocks that assumes all dividends and distributions are reinvested. The MSCI World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity performance of developed markets. 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. 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. As of October 17, 2016 Proprietary and Confidential Page 33