CFI Multi-Strategy Equity Fund, LLC Objective and Strategy March 31, 2015

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1 CFI Multi-Strategy Equity Fund, LLC Objective and Strategy Objective To offer an actively managed, multi-manager investment program that will provide broad exposure to global equity markets. The fund seeks to add value net of fees above the return of the U.S. equity market, as measured by the S&P 500 Index, over a full market cycle. The fund s risk characteristics will vary from those of the S&P 500 due to its diversified exposures to equity markets outside of that index, including non-u.s. equity markets and to certain marketable alternative strategies. A separate composite benchmark consists of typical allocations to these strategies that we believe provides greater insight on nearer term performance drivers and fund characteristics. It also provides an appropriate framework to understand the impact of allocation changes over time. The weights reflected in the composite represent our expectations for long run, average exposures to the strategies. Benchmarks S&P 500 Index Composite Benchmark¹ Inception December 2004 Assets Managed Investment Vehicle Eligible Investors $607 Million Delaware Limited Liability Company Pre-qualified Institutional Investors Minimum Investment $1,000,000 initial; $100,000 subsequent Offering Monthly, 5 business days notice Redemption Valuations Monthly, 5 business days notice Monthly Net Asset Value (NAV) U.S. Non-U.S. Diversifying Manager Allocations* As of Quarter End 81% Historical Allocation 1 As of Calendar Year End 75% 75% 74% 79% 78% 6% 13% 12% 13% 11% 14% 10% 15% 14% 15% 6% 7% Current The Composite Benchmark consists of the following components: U.S. S&P 500 (75%), Non-U.S. MSCI All Country World ex USA Index Net (15%), and Diversifying HFRI Fund of Funds Composite Index (10%). The monthly return used for the HFRI Composite FOF Index, a component of the Composite Benchmark, is the Flash Update return that is published by HFRI by the 5th business day of the following month. HFRI reserves the right to adjust the monthly return of the HFRI index up to four months after the month end performance date. Monthly returns for the Composite Benchmark may be retroactively restated based on later adjustments to the HFRI index. See Important Notes regarding limitations of indices. * May not add to 100 percent due to rounding.

2 CFI Multi-Strategy Equity Fund, LLC Performance Net Performance* 16.1% 14.7% 13.6% 12.7% 11.5% 9.9% 11.9% 14.5% 11.9% 8.1% 8.0% 7.3% 5 Year Risk Characteristics CFI MSEF vs. S&P 500 CFI MSEF vs. Composite Benchmark S&P 500 Index Composite Benchmark Standard Deviation 12.72% 12.72% 12.97% 12.26% Sharpe Ratio R Beta Up Capture 90% 101% 100% 100% 1 Year 3 Year 5 Year 10 Year Down Capture 100% 101% 100% 100% CFI Multi-Strategy Equity Fund S&P 500 Index Composite Benchmark¹ Net Performance* Quarter CYTD FYTD Fiscal Year ended June CFI Multi-Strategy Equity Fund 2.05% 2.05% 5.67% CFI Multi-Strategy Equity Fund 24.02% 21.16% -2.42% 27.04% 13.79% S&P 500 Index 0.95% 0.95% 7.12% S&P 500 Index 24.61% 20.60% 5.45% 30.69% 14.43% Composite Benchmark 1.50% 1.50% 4.81% Composite Benchmark 22.41% 18.19% 1.34% 28.03% 12.93% Calendar Year ended December CFI Multi-Strategy Equity Fund 10.80% 29.80% 15.15% -4.43% 14.12% * Net returns are total returns net of all fees and expenses either charged to the fund or paid directly by Commonfund members. For more information on fees and expenses, see Information for Members. Returns for periods of one year or greater are annualized. Past performance does not assure future results. 1. See Important Notes for a description of the Composite Benchmark S&P 500 Index 13.69% 32.39% 16.00% 2.11% 15.06% Composite Benchmark 9.84% 27.24% 15.05% -1.12% 13.66%

3 CFI Multi-Strategy Equity Fund, LLC Attribution Portfolio Characteristics 1 CFI MSEF S&P 500 Index Composite Benchmark Weighted Avg Mkt Cap ($mm) $97,742 $132,980 $120,071 P/E Using FY1 Est 15.5x 16.8x 16.5x Geographic Allocations 2 Emerging Markets 3% Developed Asia 3% Diversifying 13% Market Cap Allocations $2- $10bn 14% <$2bn 2% >$100bn 29% P/B Ratio 2.3x 2.7x 2.3x Dividend Yield 1.8% 2.0% 2.1% Est 3-5 Yr EPS Growth 10.7% 10.2% 10.4% Return on Equity 16.1% 18.7% 17.5% Developed Europe 4% Canada 1% United States 76% $10- $50bn 36% $50- $100bn 19% Sector Weighting 3 CFI Multi-Strategy Equity Fund, LLC S&P 500 Index Composite Benchmark⁴ 15% 13% 12% 10% 10% 8% 7% 8% 8% 18% 18% 16% 15% 13% 14% 10% 10% 10% 20% 18% 18% 5% 3% 4% 3% 2% 3% 2% 3% 3% Consumer Discretionary Consumer Staples Energy Financials Healthcare Industrials Information Technology Source: FactSet 1. Table does not include exposure to alternative strategies. 2. Geographic Allocations may not add to 100% due to transition cash. 3. May not add to 100% due to rounding. 4. See Important Notes for a description of the Composite Benchmark Materials Telecom Services Utilities

4 CFI Multi-Strategy Equity Fund, LLC Attribution Analysis Attribution Analysis Strategies* QTD FYTD CYTD 1 Year 3 Years 5 Years 10 Years U.S. 2.1% 7.2% 2.1% 13.7% 17.3% 14.8% 9.3% S&P % 7.1% 1.0% 12.7% 16.1% 14.5% 8.0% Non-U.S. 2.1% -6.5% 2.1% 2.8% 7.5% 5.7% 6.6% MSCI ACWI ex-u.s. 3.5% -5.8% 3.5% -1.0% 6.4% 4.8% 5.5% Diversifying 2.6% 5.1% 2.6% 6.6% 8.2% 4.5% 5.3% HFRI FoF Composite Index 2.5% 3.8% 2.5% 5.4% 5.4% 3.5% 3.2% CFI MSEF Total (Net) 2.1% 5.7% 2.1% 11.5% 14.7% 11.9% 8.1% S&P % 7.1% 1.0% 12.7% 16.1% 14.5% 8.0% Composite Benchmark¹ 1.5% 4.8% 1.5% 9.9% 13.6% 11.9% 7.3% *Strategies reflect adjusted gross returns before participant fees. Net returns are total returns net of all fees and expenses either charged to the fund or paid directly by Commonfund members. Returns for periods of one year or greater are annualized. For more information on fees and expenses, see Information for Members. Past performance does not assure future results. ¹ See Important Notes for a description of the Composite Benchmark

5 CFI Multi-Strategy Equity Fund, LLC Fund Managers * U.S. Non-U.S. Diversifying Manager Adage Capital Management Aronson, Johnson & Ortiz Global Absolute Alpha: Relative Value/Event Driven Strategy Managers ** Global Hedged Partners: US, European and Asian Hedged Equity Managers and Event Driven, Diversifying Strategy Managers ** Harris Associates Hedge: Hedged Equity, Global Macro and Diversifying Strategy Managers** JP Morgan Asset Management Lazard Asset Management Company LLC Jackson Square Partners Levin Capital Strategies Martingale Asset Management Somerset Capital Management Southeastern Asset Management Steinberg Asset Management Symphony Financial Partners Wellington Management Company * The Fund periodically makes changes to its roster of managers. There can be no assurance that the Fund will continue to invest with any of the listed managers. ** Direct investments limited to qualified institutional investors pursuant to Confidential Offering Memorandum.

6 CFI Multi-Strategy Equity Fund, LLC Commentary Quarterly The CFI Multi-Strategy Equity Fund returned 2.05 percent for the quarter, outperforming both the S&P 500 Index return of 0.95 percent, and the composite benchmark return of 1.50 percent. In a departure from recent trends, non US equity markets outperformed the US market, despite a continuation of a rising US dollar, and falling international currencies. European markets advanced over 11 percent in local currency terms, and 3.4 percent in US dollars, while Japanese equities were up over 10 percent in both local currency and dollar terms. Emerging market returns were more muted at just over 2 percent. Hedge funds also enjoyed a strong quarter, with the HFRI FOF Composite Index up 2.51 percent. US strategies ended the quarter at 81 percent, up two percent from the beginning of the quarter. Our US strategies comprise 10 different managers, ranging from sector neutral quantitatively oriented managers, to concentrated, unconstrained stock pickers. As a group, they outperformed the S&P 500 Index for the quarter, returning 2.06 percent vs percent for the Index. Stock selection within financials, health care and consumer staples provided the majority of the quarterly outperformance. Performance among the managers was broad-based, with seven of the managers outperforming the S&P Index and three underperforming for the quarter. At the beginning of the quarter we eliminated two of the active managers in the US strategies group: Marsico Capital and Frontier Capital. Our rationale for the realignment was growing concern over rising correlations within our US manager strategies. We will continue to evaluate the interaction of these managers and will look to consolidate the manager lineup further if warranted. Our dedicated non-us managers account for just 6 percent of the portfolio and comprise a dedicated EAFE manager, a small cap specialist Japan manager and two global emerging markets managers. Our total Non US strategies return was 2.10 percent for the quarter, underperforming the ACWI ex US Index return of 3.49 percent. All four of the managers underperformed their respective benchmarks. Our EAFE manager underperformed the EAFE index by 216 basis points, due to UK stock selection (energy, health care and consumer discretionary) and Japanese stock selection (autos). The two emerging markets managers combined to return 1.11 percent, 113 basis points behind the MSCI EM Index return. Weak relative stock selection in China, Korea and Turkey provided most of the quarterly underperformance. Lastly, our hedge strategies ended the quarter at 13 percent. We reduced our position at the beginning of the quarter and redeployed the proceeds toward US strategies. As a group, they combined to return 2.59 percent, ahead of the HFRI FOF Composite Index return of 2.51 percent, with performance driven by strong macro trends in currency and commodity markets, complemented by broad-based gains and positioning in relative value and equity hedge strategies.

7 Important Notes Eligible Investors Only The Common Fund for Nonprofit Organizations ( Commonfund ) was established in 1971 and manages investment funds primarily for nonprofit institutions and other qualified investors. The following Commonfund affiliate organizations are registered with the Securities and Exchange Commission ( SEC ) as investment advisers: Commonfund Asset Management Company, Inc. ( Comanco ), Commonfund Capital, Inc. ( CCI ), and Commonfund Realty, Inc. ( CRI ) Additional information regarding Commonfund and its affiliates policies and procedures for calculating and reporting performance is available upon request. This document is intended only for qualified, pre-existing investors in CCI, CRI, and Comanco programs, Members of The Common Fund For Nonprofit Organizations ( Commonfund ), or other eligible institutional investors approved by Commonfund Securities, Inc. (a broker-dealer affiliate of CCI, CRI and Comanco). It is not intended to constitute an offer to sell, nor the solicitation of an offer to buy, securities. Any such offerings will be made only by means of information memoranda and related subscription documents that will be made available by Commonfund Securities, Inc. only at the time an offering is in progress and only to investors qualified and eligible to invest. When soliciting transactions, Commonfund Group employees may be acting as registered representatives of Commonfund Securities, Inc. Past performance is not indicative of future results. All investments have the potential for profit and the possibility of loss. Similarly, our access to particular managers may vary in the future and cannot be guaranteed. Prospective investors should review with care the confidential offering memorandum or other disclosure documents for each fund; these pamphlets contain a fuller discussion of applicable risks. Returns on funds are presented net of all fees. Performance includes reinvestment of dividends. Internal Rates of Return should be evaluated in light of information on the investment program of the partnership, the risks associated therewith, and performance of the partnership as disclosed in the Information Memorandum for the partnership, the Annual Reports of Commonfund Capital, Inc. and the partnership and the Quarterly Reports of the partnership. Commonfund Capital, Inc. presents return information for its partnerships on a dollar-weighted (e.g., internal rate of return) rather than the time-weighted (e.g., annual or other period rate of return) basis, which is used principally to report performance of publicly-traded securities. The internal rate of return since inception is the most commonly used calculation methodology used for presentation of performance in the private capital business. Comparison of returns calculated on an IRR basis with returns on a time-weighted basis is not appropriate. For a description of the two return calculation methods see Measuring Investment Returns, Time vs. Dollar-Weighted What s the Difference?, a copy is available from Commonfund Capital. Gross performance results do not reflect the deduction of investment advisory fees and other fees as disclosed in Form ADV on file with the SEC. The information provided in this presentation is confidential, and is presented solely for the use of the recipient. Commonfund requests that the recipient not copy or make any further use of this material without its prior written consent. Important Information About Procedures for Opening a New Account: To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each customer who opens an account. What this means for you: When you open an account, we may ask for documents or information related to: your principal place of business, local office or other physical location; taxpayer identification number; and other documents demonstrating your lawful existence such as certified articles of incorporation, a government-issued business license, a partnership agreement, or a trust instrument, and other identifying documents.

8 Important Notes Continued Market Commentary Information, opinions, or commentary concerning the financial markets, economic conditions, or other topical subject matter are prepared, written, or created prior to printing and do not reflect current, up-to-date, market or economic conditions. Commonfund disclaims any responsibility to update such information, opinions, or commentary. To the extent views presented forecast market activity, they may be based on many factors in addition to those explicitly stated in this material. Forecasts of experts inevitably differ. Views attributed to third parties are presented to demonstrate the existence of points of view, not as a basis for recommendations or as investment advice. Managers who may or may not subscribe to the views expressed in this material make investment decisions for funds maintained by Commonfund or its affiliates. The views presented in this material may not be relied upon as an indication of trading intent on behalf of any Commonfund fund, or of any Commonfund managers. Market and investment views of third parties presented in this material do not necessarily reflect the views of Commonfund and Commonfund disclaims any responsibility to present its views on the subjects covered in statements by third parties. Statements concerning Commonfund Group s views of possible future outcomes in any investment asset class or market, or of possible future economic developments, are not intended, and should not be construed, as forecasts or predictions of the future investment performance of any Commonfund Group fund. Such statements are also not intended as recommendations by any Commonfund Group entity or employee to the recipient of the presentation. It is Commonfund Group s policy that investment recommendations to investors must be based on the investment objectives and risk tolerances of each individual investor. All market outlook and similar statements are based upon information reasonably available as of the date of this presentation (unless an earlier date is stated with regard to particular information), and reasonably believed to be accurate by Commonfund Group. Commonfund Group disclaims any responsibility to provide the recipient of this presentation with updated or corrected information. Investment Process Any descriptions involving investment process, portfolio characteristics, investment strategies, goals or risk management are provided for illustration purposes only, are not complete, will not apply in all situations, may not be fully indicative of any present or future investments and may be changed in the discretion of the investment manager. No representation is made that the investment manager s or an investment product s investment process, investment strategies, goals or risk management techniques will or are likely to be achieved or successful. Securities offered through Commonfund Securities, Inc., a member of FINRA.