CFI Multi-Strategy Equity Fund, LLC Objective and Strategy September 30, 2015

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1 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 MSE Funds Composite Benchmark¹ S&P 500 Index INCEPTION December 2004 ASSETS MANAGED $535 Million INVESTMENT VEHICLE Delaware Limited Liability Company ELIGIBLE INVESTORS MINIMUM INVESTMENT OFFERING REDEMPTION VALUATIONS Pre-qualified Institutional Investors $1,000,000 initial; $100,000 subsequent Monthly, 5 business days notice Monthly, 5 business days notice Monthly Net Asset Value (NAV) Manager Allocations² As of Quarter End 80% U.S. Non-U.S. Historical Allocations² As of calendar year end 75% 75% 74% 79% 78% Diversifying 6% 14% 12% 13% 11% 14% 10% 15% 14% 15% 6% 7% Current The MSE Funds 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. 2. May not add to 100 percent due to rounding.

2 Performance Net Performance 1 Numbers in percent CFI Multi-Strategy Equity Fund 2 MSE Funds Composite Benchmark S&P 500 Index Year Risk Characteristics CFI MSEF vs. Composite Benchmark MSE Funds Composite Benchmark CFI MSEF vs. S&P 500 S&P 500 Index Standard Deviation 11.55% 10.98% 11.55% 11.51% Sharpe Ratio R Beta Year 3 Year 5 Year 10 Year Up Capture 99% 100% 88% 100% Down Capture 102% 100% 104% 100% Net Performance¹ Quarter CYTD FYTD Fiscal Year ended June CFI Multi-Strategy Equity Fund CFI Multi-Strategy Equity Fund MSE Funds Composite Benchmark MSE Funds Composite Benchmark S&P 500 Index S&P 500 Index Net returns are total returns net of all fees and expenses either charged to the fund or paid directly by Commonfund members. 2. See Important Notes for a description of the MSE Funds Composite Benchmark. 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. Calendar Year ended December CFI Multi-Strategy Equity Fund MSE Funds Composite Benchmark S&P 500 Index

3 Portfolio Characteristics Portfolio Characteristics¹ CFI MSEF MSE Funds Composite Benchmark² S&P 500 Index Weighted Avg Mkt Cap ($mm) $93,615 $114,258 $127,321 P/E Using FY1 Est 14.2x 15.2x 15.6x P/B Ratio 2.0x 2.0x 2.2x Dividend Yield 2.1% 2.4% 2.2% Est 3-5 Yr EPS Growth 10.3% 10.2% 10.1% Return on Equity 16.1% 17.2% 18.6% 1. Table does not include exposure to alternative strategies. 2. See Important Notes for a description of the MSE Funds Composite Benchmark.

4 Characteristics Geographic Allocations 1 Emerging Markets 3% Developed Asia 3% Developed Europe 3% Canada 1% Diversifying 14% United States 76% Market Cap Allocations $2-$10bn 16% $10-$50bn 39% <$2bn 3% >$100bn 31% $50-$100bn 11% Sector Weighting 2 3 CFI Multi-Strategy Equity Fund MSE Funds Composite Benchmark S&P 500 Index Consumer Discretionary Consumer Staples Energy Financials Healthcare Industrials Information Technology Materials Telecom Services Utilities 1. Geographic Allocations may not add to 100% due to transition cash. 2. May not add to 100% due to rounding. 3. See Important Notes for a description of the MSE Funds Composite Benchmark. Source: FactSet

5 Attribution Analysis Attribution Analysis Numbers in percent Strategies¹ QTD FYTD CYTD 1 Year 3 Years 5 Years 10 Years U.S S&P Non-U.S MSCI ACWI ex-u.s Diversifying HFRI FoF Composite Index CFI MSEF Total (Net) Composite Benchmark² S&P 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. Strategies reflect adjusted gross returns before participant fees. 2. See Important Notes for a description of the MSE Funds Composite Benchmark

6 Fund Managers ¹ Adage Capital Management Aronson, Johnson & Ortiz Global Absolute Alpha: Relative Value/Event Driven Strategy Managers² Global Hedged Partners: US, European and Asian Hedged Equity Managers and Event Driven, Diversifying Strategy Managers² Harris Associates Hedge: Hedged Equity, Global Macro and Diversifying Strategy Managers² 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 U.S. Non-U.S. Diversifying 1. 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. 2. Direct investments limited to qualified institutional investors pursuant to Confidential Offering Memorandum.

7 Commentary QUARTERLY The Multi-Strategy Equity Fund returned percent net of fees for the third calendar quarter of 2015, underperforming both the S&P 500, which returned percent, and the composite benchmark, which ended the quarter down percent. This quarter international equity markets underperformed the U.S., particularly emerging markets, which returned percent this quarter. Developed international markets also performed poorly, with the MSCI EAFE ending the quarter down percent. Hedge funds also had negative performance for the quarter, but outperformed relative to the equity market. The HFRI Fund of Fund composite returned percent this quarter. U.S. benchmarked strategies ended the quarter at 80 percent of the fund. These managers underperformed for the quarter, down percent compared with the percent return of the S&P 500. From a style perspective, the allocation to quantitative managers generally performed better than fundamental stock pickers. Among the fundamental managers, those with a value bias tended to underperform more than growth managers. Several value-oriented stock pickers were also hurt by positions in the energy sector. The allocation to a low volatility strategy performed well this quarter, returning percent versus the percent return for the S&P 500. This was driven by exposure to low beta names in Consumer Staples, Health Care, Financials and Industrials and underweight exposure to energy. Non-U.S. benchmarked managers account for 6.8 percent of the portfolio and comprise a dedicated EAFE manager, a small cap specialist Japan manager and two global emerging markets managers. The non-u.s. strategies returned percent for the quarter, well ahead of the MSCI ACWI ex-usa Index, which returned percent over the same period. Three of the four international managers outperformed their respective benchmarks. Emerging Markets strategies outperformed for the quarter, returning percent compared with the MSCI Emerging Markets Index, which was down percent over the same period. The closed-end fund strategy underperformed the EM index with a return of percent, primarily due to stock selection in Chinese Financials, Tech and Consumer Discretionary. The fundamental Emerging Markets manager had a solid relative quarter, returning percent. The manager had a large overweight allocation to India and benefited from strong stock selection in the country, particularly in Tech. The strategy also profited from being underweight China, stock selection in Mexico and a position in a UK-listed Consumer Staples stock. The EAFE strategy also beat its benchmark this quarter, posting a percent return compared with percent for the MSCI EAFE over the same period. The Japan activist strategy had a strong quarter, generating a 4.41 percent return, while the MSCI Japan was down percent for the quarter. Hedge fund strategies outperformed this quarter. The hedge fund allocation returned percent compared with percent for the HFRI Fund of Fund Composite. European hedged equity strategies performed very well this quarter, generating positive absolute performance. U.S. and Asian-focused hedged equity managers had negative performance, but still provided downside protection relative to local equity markets. Event-driven strategies struggled this quarter, especially special-situation equity positions. Credit was also negative as several widely-held distressed debt positions sold off during the quarter. Global Macro/CTA strategies were positive for the quarter. Systematic managers profited from long positions in global bond and interest rate contracts and short positions in commodity contracts.

8 Important Notes MSE Funds Composite Benchmark and Index Descriptions MSE FUNDS COMPOSITE BENCHMARK The MSE Funds Composite Benchmark consists of the following components: S&P 500 (75%), MSCI All Country World Index ex USA Net (15%), and HFRI Fund of Funds Composite Index (10%). For periods prior to January 1, 2001, the MSCI All Country World ex USA Index reflects dividends gross of withholding tax in the calculation of returns. The monthly return used for the HFRI Composite FOF Index, a component of the MSE Funds 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 MSE Funds Composite Benchmark may be retroactively restated based on later adjustments to the HFRI index. See Important Notes regarding limitations of indices. DESCRIPTION OF INDICES HFRI Monthly Indices (HFRI) The HFRI Monthly Indices (HFRI) are equally weighted performance indexes, utilized by numerous hedge fund managers as a benchmark for their own hedge funds. The HFRI are broken down into 4 main strategies, each with multiple sub-strategies. All single-manager HFRI Index constituents are included in the HFRI Fund Weighted Composite, which accounts for over 2000 funds listed on the internal HFR Database. Due to mutual agreements with the hedge fund managers listed in the HFR Database, we are not at liberty to disclose the particular funds behind any index to non-database subscribers. Funds included in the HFRI Monthly Indices must: Report monthly returns, Report Net of All Fees Returns, Report assets in USD, Have at least $50 Million under management or have been actively trading for at least twelve (12) months. Funds are eligible for inclusion in the HFRI the month after their addition to HFR Database. For instance, a fund that is added to HFR Database in June is eligible for inclusion in the indices upon reporting their July performance. The HFRI are updated three times a month: Flash Update (5th business day of the month), Mid Update (15th of the month), and End Update (1st business day of following month). The current month and the prior three months are left as estimates and are subject to change. All performance prior to that is locked and is no longer subject to change. If a fund liquidates/closes, that fund's performance will be included in the HFRI as of that fund's last reported performance update. The HFRI Fund of Funds Index is not included in the HFRI Fund Weighted Composite Index. Both domestic and offshore funds are included in the HFRI. In cases where a manager lists mirrored-performance funds, only the fund with the larger asset size is included in the HFRI. See The MSCI EAFE Index (Europe, Australasia, Far East) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the US & Canada. The MSCI EAFE Index consists of the following 21 developed market country indexes: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom (List as of June 2014). The MSCI US REIT Index is a free float adjusted market capitalization weighted index that is comprised of Equity REIT securities. The MSCI US REIT Index includes securities with exposure to core real estate (e.g. residential and retail properties) as well as securities with exposure to other types of real estate (e.g. casinos, theaters). The MSCI ACWI Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The MSCI ACWI consists of 46 country indexes comprising 23 developed and 23 emerging market country indexes. The developed market country indexes included are: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom and the United States. The emerging market country indexes included are: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey, and United Arab Emirates. (List as of June 2014) CSFB Leveraged Loan Index is an index designed to mirror the investable universe of the $US-denominated leveraged loan market. The index inception is January The index frequency is monthly. New loans are added to the index on their effective date if they qualify according to the following criteria: Loans must be rated 5B or lower; only fully- funded term loans are included; the tenor must be at least one year; and the Issuers must be domiciled in developed countries (Issuers from developing countries are excluded). Fallen angels are added to the index subject to the new loan criteria. Loans are removed from the index when they are upgraded to investment grade, or when they exit the market (for example, at maturity, refinancing or bank-

9 Important Notes MSE Funds Composite Benchmark and Index Descriptions (continued) ruptcy workout). Note that issuers remain in the index following default. Total return of the index is the sum of three components: principal, interest, and reinvestment return. The cumulative return assumes that coupon payments are reinvested into the index at the beginning of each period. The MSCI ACWI ex USA Index captures large and mid-cap representation across 22 of 23 Developed Markets (DM) countries*--excluding the United States. With 1,003 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country. The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. The MSCI Emerging Markets Index consists of the following 23 emerging market country indexes: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates (List as of June 2014) The Dow Jones U.S. Select Real Estate Securities Index (RESI) represents equity real estate investment trusts (REITs) and real estate operating companies (REOCs) traded in the U.S. The Dow Jones U.S. Select REIT Index is a subset of the Dow Jones Americas Select RESISM and includes only REITs and REIT-like securities. The S&P Global Natural Resources Index includes 90 of the largest publicly-traded companies in natural resources and commodities businesses that meet specific investability requirements, offering investors diversified and investable equity exposure across 3 primary commodity-related sectors: agribusiness, energy, and metals & mining. The Bloomberg Commodity Index (BCOM) is calculated on an excess return basis and reflects commodity futures price movements. The index rebalances annually weighted 2/3 by trading volume and 1/3 by world production and weight-caps are applied at the commodity, sector and group level for diversification. Roll period typically occurs from 6th-10th business day based on the roll schedule. The Barclays Capital U.S. Aggregate Bond Index measures the performance of the U.S. investment grade bond market. The index invests in a wide spectrum of public, investment-grade, taxable, fixed income securities in the United States - including government, corporate, and international dollar-denominated bonds, as well as mortgage-backed and asset-backed securities, all with maturities of more than 1 year. The Barclays Capital U.S. Treasury Inflation Protected Securities (TIPS) Index includes all publicly issued, U.S. Treasury inflation-protected securities that have at least one year remaining to maturity, are rated investment grade, and have $250 million or more of outstanding face value. The Citigroup World Government Bond Index (WGBI) measures the performance of fixed-rate, local currency, investment grade sovereign bonds. The WGBI is a widely used benchmark that currently comprises sovereign debt from over 20 countries, denominated in a variety of currencies, and has more than 25 years of history available. The WGBI provides a broad benchmark for the global sovereign fixed income market. Sub-indices are available in any combination of currency, maturity, or rating. The BofA Merrill Lynch 1-3 US Year Treasury Index is an unmanaged index that tracks the performance of the direct sovereign debt of the U.S. Government having a maturity of at least one year and less than three years. It is not possible to invest directly in an unmanaged index. The S&P 500 Index is a widely recognized gauge of the U.S. equities market. This index is an unmanaged capitalization-weighted index consisting of 500 of the largest capitalization U.S. common stocks. The returns of the S&P 500 include the reinvestment of dividends. The Russell 2000 Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000 Index is a subset of the Russell 3000 Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership. The Russell 2000 is constructed to provide a comprehensive and unbiased small-cap barometer and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set. The Russell 3000 Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. The Russell 3000 Index is constructed to provide a comprehensive, unbiased and stable barometer of the broad market and is completely reconstituted annually to ensure new and growing equities are reflected.

10 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 timeweighted 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.

11 Important Notes 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 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. 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

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