Hedge Fund of Fund Focus List Profiles Report

INDEPENDENT ADVISER GROUP Hedge Fund of Fund Focus List Profiles Report Third Quarter 2018

Hedge Fund of Fund Focus List Profiles Report Third Quarter 2018 Table of Contents 1. ABS Investment Management - ABS Offshore Ltd. Global Port Class R (page 1) 2. ABS Investment Management - ABS Long/Short Strategies Fund, CI I (page 7) 3. Blackstone Alternative Asset Management - Blackstone Partners Investment Fund L.P. (page 13) 4. Blackstone Alternative Asset Management - BPIF Non-Taxable (page 19) 5. Blackstone Alternative Asset Management - Blackstone Partners Offshore (page 25) 6. Corbin Capital Partners - Pinehurst Partners, L.P. (page 31) 7. Corbin Capital Partners - Pinehurst Partners, L.P. (page 37) 8. Grosvenor Capital Management, L.P. - Grosvenor Institutional Partners, L.P. (page 44) 9. Grosvenor Capital Management, L.P. - Grosvenor Registered Multi-Strategy Fund (page 50) 10. Lighthouse Partners, LLC - Lighthouse Diversified Fund, Ltd. (page 56) 11. Lighthouse Partners, LLC - Lighthouse Diversified Fund, L.P. (page 62) 12. Lighthouse Partners, LLC - Lighthouse Global Long/Short, L.P. (page 68) 13. Lighthouse Partners, LLC - Lighthouse Global Long/Short, Ltd. (page 74) 14. Lighthouse Partners, LLC - Lighthouse V Fund, Ltd. (ERISA-only fund) (page 80) 15. UBS Hedge Fund Solutions, LLC - UBS A&Q Neutral Alpha Strategies Limited (page 86) Knowledge. Experience. Integrity.

ABS Investment Management 537 Steamboat Road Greenwich, CT 06830 History ABS Investment Management, LLC is an independent fund of hedge funds that began operations in the fall of 2002. The firm is a Delaware Limited Liability Company and is based in Greenwich, CT. ABS specializes in Global Equity L/S strategies. The principals; Alain De Coster, Laurence Russian and Guilherme Valle, worked together investing in hedge funds in the same function since 1994 at ABS, Credit Suisse Asset Management, and Banco Garantia. In 2011, Evercore, an investment banking advisory firm, became the firm s second strategic investor replacing former partners of Banco Garantia. ABS is an SEC registered investment advisor. Structure Founded: 2002 Registered Investment Advisor: Yes "Broker Dealer" Affiliate: N/A Hedge Fund Affiliate: N/A Key Professionals (Hedge fund-related) Laurence Russian - Managing Dir Guilherme Valle - Managing Part Alain De Coster - CIO Michael Halper - Dir of Hedge Fd Res David Finn - CFO, Dir of ODD Total Asset Growth $(Millions) 8000 7000 6000 5000 4000 3000 2000 1000 0 5122 2015 4776 2016 Joined Investment Firm Experience 2002 1993 2002 1993 2002 1984 2003 2001 2003 1996 5416 2017 Type of Mandate #Acct $(mm) % Tot Total 0 5,416 10 Total 0 5,416 10 Contact: Celina Rodriguez 537 Steamboat Road Greenwich, CT 06830 Phone: (203) 618-3700 Fax: (203) 622-4889 Email: cmr@absinv.com Employee Structure Total Asset Structure as of December 31, 2017 Administrative 8 Hedge Fund Analyst 5 Other 2 Portfolio Manager 3 Total 18 Investment Professional Turnover Last Yr Last Yr # Emp Gained Lost Hedge Fund Analyst 5 0 0 Operational Due Diligence 5 0 0 Portfolio Manager 3 0 0 Risk Management 3 0 0 Client Type #Acct $(mm) % Tot Total 0 5,416 10 Total 0 5,416 10 1 ABS Investment Management

ABS Investment Management ABS Offshore Ltd. Global Port - Class R Investment Philosophy: ABS believes that equity long/short strategies provide an attractive long term risk reward profile in all market environments, making it not only an appealing alternative to long-only investing, but also an attractive approach to alternative asset investing. Coupled with their focus on equity long/short strategies, ABS believes that the FoHF portfolio framework enables investors the opportunity to invest in diversified portfolios with less volatility than the general equity markets. ABS manages portfolios employing a fundamental, global investment focus that target global equity market returns with significantly less volatility over a full market cycle. Research Process: The ABS investment process relies upon the incorporation of independent qualitative due diligence, quantitative analysis and operational due diligence. It begins by utilizing a fundamental, bottom-up research to narrow the universe of potential equity long/short managers to those possessing a competitive edge, strong ethics and clear alignment of interest. Potential managers are frequently recommended by a network of industry contacts, most often directly from hedge fund managers with whom there is already a business relationship. Prospective managers will be considered regardless of the length of their track record or assets under management. After initial materials have been reviewed, attempts to gain understanding of the manager s investment strategy, investment process, business model and employees are made through conducting multiple meetings. As the due diligence process progresses, independent reference checks and third-party background checks are conducted and analyzed. From a quantitative perspective, the risk analysts examine track records (when available) and study portfolio diversification, exposure analysis and correlation analysis. The analysis supplements qualitative analysis and serves to strengthen or question conviction in a particular fund or investment strategy. If the qualitative and quantitative due diligence conducted determines a fund to be of significant interest to ABS, the operational due diligence team will continue the review and complete a report which includes (among other things) the examination of fund documents, confirmation of counterparty relationships and the completion of a third-party background check on key personnel. Asset Allocation: ABS has two formal allocation meetings each month. The first is held on or around the 12th business day of the month and is focused on reviewing the invested funds and portfolio risk levels. The second is the formal allocation meeting, which is held after the final monthly inflow and outflow amounts have been received (typically on or around the 25th day of the month). Final recommendations for manager additions and redemptions by portfolio are made during this meeting, and the proposed changes are analyzed by the risk analysts to ensure the portfolios will not breach their overall risk limits. Manager Selection: Managers are initially found through industry contacts, and not through public or private databases. ABS s qualitative analysts review basic fund information including team background, investment strategy, historical performance statistics, and assets under management data, which is tracked in a proprietary database. The qualitative due diligence process then seeks to identify a manager s motivation and competitive edge, as well as determine if there is alignment of interest through a series of meetings, phone calls and reference checks. Lastly, a minimum of 2 ABS analysts will meet with the hedge fund manager and other members of the organization to evaluate the business and investment strategy from a qualitative perspective. Risk Management: ABS believes the hedge fund business is dynamic in nature and that active monitoring is crucial to successful portfolio risk management. From a quantitative standpoint, monthly risk budgeting focuses on position sizing based on each underlying fund s maximum loss in addition to the overall portfolio s maximum loss and peak to trough drawdown. Focus is also paid to monthly exposure analysis and portfolio sector, geography and market cap breakdowns. Monthly diversification, correlation, and liquidity analysis are also analyzed. From a qualitative standpoint, ABS seeks to continuously reassess each of the three levels of the monitoring process to determine whether or not to maintain each investment. On the strategy level, ABS evaluates whether the implemented strategy makes sense given the current macroeconomic and/or financial environment, and whether there has been any change in liquidity and/or volatility that will affect the strategy. On the implementation level, the manager is evaluated for manager execution in a cost-effective manner, the effectiveness of risk controls, and if current systems/teams are sufficient to deal with new developments in the market. Manager Termination Discipline: General factors that have caused ABS to redeem from underlying hedge funds include asset growth exceeding that initially targeted by a manager, a change in investment style, and/or diminishing manager motivation or focus. Additional reasons for termination include, but are not limited to, lack of alignment of interest, loss of competitive edge, employee turnover, poor performance vs. peers, poor performance vs. environment, style drift, a diversion from strengths, a change in service providers or an increase or reduction in AUM beyond a level ABS believes is appropriate for the strategy or business. 2 ABS Investment Management

ABS Investment Management ABS Offshore Ltd. Global Port - Class R As of December 31, 2017 Product Highlights: Investment Style: Long/Short Equity Return Target: MSCI World Volatility Target: 10. Inception Date: 200301 Type of Vehicle: 3c7 Country of Incorporation: Cayman Islands Investment Process: 1 Strategic Allocation 9 Manager Selection Current Allocation Long Short Equity 100. Total 100. Vehicle Terms Investment Minimum ($mil) $0.50 mm Subscription Period: Monthly Redemption Period: Quarterly Notice Period: 45 days Lock-up Period: 1 Year Initial Payout: 95% Final Payout: 5% Gate Provisions: Total Asset Structure Client Type # Acct $(mm) %Tot Total 0 1,357 10 Total 0 1,357 10 Total Asset Growth $(Millions) 2000 1500 1000 500 0 1341 2013 1352 2014 1478 2015 1261 2016 1357 2017 Fees & Expenses Flat Sample Fees Account Size $(mm) Mgmt (%) Balance 1.00 Performance Sample Fees Account Size $(mm) Mgmt (%) Perf (%) Hurdle Rate: High Water Mark: Yes Additional Fees/Consideration Administrative/Operating Expenses: 0.10 Equity Interest in any Hedge Fund: No Other Considerations Fund Administrator: Citco Fund Services Custodian: Citco Auditor: KPMG Last Audit Completed: 12/31/2017 Open to U.S. Taxable: No Open to U.S. Tax-Exempt: Yes UBIT incurred: No Open to ERISA Tax-Exempt: Yes Subject to 25% Limit: Yes Class R shares are available to Callan IAG members for a 1% flat mgmt fee without the 5% incentive fee compared to Class B. 3 ABS Investment Management

ABS Global - Class R Period Ended September 30, 2018 Relative Returns Investment Philosophy ABS believes that equity long/short strategies provide an attractive long term risk reward profile in all market environments, making it not only an appealing alternative to long-only investing, but also an attractive approach to alternative asset investing. Coupled with their focus on equity long/short strategies, ABS believes that the FoHF portfolio framework enables investors the opportunity to invest in diversified portfolios with less volatility than the general equity markets. ABS manages portfolios employing a fundamental, global investment focus that target global equity market returns with significantly less volatility over a full market cycle. Quarterly Summary and Highlights ABS Global - Class R s portfolio posted a 0.7 return for the quarter placing it in the 31 percentile of the Callan Long/Short Equity Fund of Funds group for the quarter and in the 62 percentile for the last year. ABS Global - Class R s portfolio underperformed the MSCI World by 4.2 for the quarter and underperformed the MSCI World for the year by 7.49%. Performance vs Callan Long/Short Equity Fund of Funds () () () () 1 1 1 1 () () (1) (31) (6) (62) (1) Last Quarter Last Year Last 3 Years Last 5 Years Last 10 Years 10th Percentile 1.77 9.08 7.31 6.40 6.85 25th Percentile 1.35 7.00 6.38 5.62 5.93 Median (0.30) 4.86 5.17 4.87 5.33 75th Percentile (1.08) 2.86 4.21 4.07 4.49 90th Percentile (1.71) (1.25) 3.38 1.49 3.64 ABS Global - Class R 0.76 3.75 4.09 5.11 5.27 MSCI World 4.98 11.24 13.54 9.28 8.56 Relative Return vs MSCI World 13 2014 2015 2016 2017 2018 ABS Global - Class R Returns 1 9% 7% 5% 3% 1% (79) (2) (45) (4) (53) Callan Long/Short Equity Fund of Funds Annualized Five Year Risk vs Return MSCI World ABS Global - Class R 3 4 5 6 7 8 9 10 11 Standard Deviation 4 ABS Investment Management

ABS Global - Class R Return Analysis Summary Return Analysis The graphs below analyze the manager s return on both a risk-adjusted and unadjusted basis. The first chart illustrates the manager s ranking over different periods versus the appropriate style group. The second chart shows the historical quarterly and cumulative manager returns versus the appropriate market benchmark. The last two charts illustrate the manager s ranking relative to their style using various risk-adjusted return measures. Performance vs Callan Long/Short Equity Fund of Funds 3 25% 2 15% 1 5% (5%) (1) (15%) (19) (71) (4) (24) (7) 12/17-9/18 2017 2016 2015 2014 10th Percentile 6.83 15.71 6.61 4.71 8.41 25th Percentile 4.99 12.34 4.11 2.39 5.10 Median 3.35 11.26 (0.21) (0.07) 3.53 75th Percentile 1.59 6.31 (2.44) (4.96) 2.02 90th Percentile (2.82) 3.41 (4.54) (7.51) (0.29) ABS Global - Class R 1.76 12.76 (4.27) 3.99 4.89 MSCI World 5.43 22.40 7.51 (0.87) 4.94 Cumulative and Quarterly Relative Return vs MSCI World Relative Returns 15% 1 5% (5%) (1) (15%) (2) (25%) (3) 2013 2014 2015 2016 2017 2018 ABS Global - Class R (81) (54) Callan Long/Short Eq FoF Risk Adjusted Return Measures Sharpe Ratio Rankings Against Callan Long/Short Equity Fund of Funds Rankings Against Callan Long/Short Equity Fund of Funds Five Years Ended September 30, 2018 Rolling Periods of 3 Years 9 8 7 6 5 4 3 2 1 0 (45) (38) Returns Standard Sharpe Deviation Ratio 10th Percentile 6.40 7.49 1.21 25th Percentile 5.62 6.70 1.06 Median 4.87 5.67 0.79 75th Percentile 4.07 4.82 0.56 90th Percentile 1.49 4.20 0.15 ABS Global - Class R 5.11 6.00 0.77 (52) 2.5 2.0 1.5 1.0 0.5 0.0 (0.5) (14) (75) (41) (32) (31) (34) (12) 3 Years 3 Years 3 Years 3 Years 3 Years Ended Ended Ended Ended Ended 9/18 9/17 9/16 9/15 9/14 10th Percentile 1.58 0.84 0.75 1.65 1.94 25th Percentile 1.20 0.77 0.60 1.39 1.82 Median 0.78 0.59 0.36 1.13 1.63 75th Percentile 0.56 0.28 0.05 0.53 1.32 90th Percentile 0.40 0.03 (0.09) 0.35 1.03 ABS Global - Class R 0.55 0.64 0.49 1.59 1.46 5 (65) ABS Investment Management

ABS Global - Class R Risk Analysis Summary Risk Analysis The charts below analyze the risk or variation of a manager s return pattern as well as its correlation to the appropriate market index returns; and hence potential diversification benefits. The first chart ranks several manager risk and correlation statistics relative to an appropriate peer group. The second chart displays the Sharpe Ratio versus correlation tradeoff of the manager and the members of the peer group. The line chart in the center illustrates the changes in risk levels through multiple rolling time periods. The bottom two charts address relative return, downside risk and their tradeoff (Sortino Ratio) for the manager and the peer group. Risk Statistics vs MSCI World Rankings Against Callan Long/Short Equity Fund of Funds Five Years Ended September 30, 2018 1.10 1.00 0.90 0.80 0.70 0.60 0.50 0.40 0.30 0.20 0.10 (38) (31) (41) (31) Rel. Standard Beta Correlation R-Squared Deviation 10th Percentile 1.01 0.73 0.81 0.61 25th Percentile 0.90 0.61 0.77 0.54 Median 0.76 0.52 0.71 0.44 75th Percentile 0.65 0.44 0.64 0.37 90th Percentile 0.56 0.31 0.58 0.27 ABS Global - Class R 0.81 0.58 0.73 0.50 Rolling 12 Quarter Standard Deviation Standard Deviation 1 1 1 1 1 ABS Global - Class R MSCI World Callan Long/Short Eq FoF Sharpe Ratio 1.4 1.2 1.0 0.8 0.6 0.4 0.2 ABS Global - Class R 0.0 0.40 0.50 0.60 0.70 0.80 0.90 Correlation 2014 2015 2016 2017 2018 Downside Risk Statistics Rankings vs Callan Long/Short Eq FoF Rankings Against Callan Long/Short Equity Fund of Funds Five Years Ended September 30, 2018 5% 3% 1% (1%) () (3%) (45) (59) Relative Downside Sortino Returns Risk Ratio 10th Percentile 2.52 3.79 2.77 25th Percentile 1.77 2.37 1.54 Median 1.05 1.61 0.73 75th Percentile 0.28 1.04 0.12 90th Percentile (2.21) 0.77 (0.47) ABS Global - Class R 1.28 1.54 0.86 (44) Relative Returns 5% 3% 1% (1%) () ABS Global - Class R (3%) 1% 3% 5% 7% Downside Risk 6 ABS Investment Management

ABS Investment Management ABS Long/Short Strategies Fund, Cl I Investment Philosophy: ABS believes that equity long/short strategies provide an attractive long term risk reward profile in all market environments, making it not only an appealing alternative to long-only investing, but also an attractive approach to alternative asset investing. Coupled with their focus on equity long/short strategies, ABS believes that the FoHF portfolio framework enables investors the opportunity to invest in diversified portfolios with less volatility than the general equity markets. ABS manages portfolios employing a fundamental, global investment focus that target global equity market returns with significantly less volatility over a full market cycle. Research Process: The ABS investment process relies upon the incorporation of independent qualitative due diligence, quantitative analysis and operational due diligence. It begins by utilizing a fundamental, bottom-up research to narrow the universe of potential equity long/short managers to those possessing a competitive edge, strong ethics and clear alignment of interest. Potential managers are frequently recommended by a network of industry contacts, most often directly from hedge fund managers with whom there is already a business relationship. Prospective managers will be considered regardless of the length of their track record or assets under management. After initial materials have been reviewed, attempts to gain understanding of the manager s investment strategy, investment process, business model and employees are made through conducting multiple meetings. As the due diligence process progresses, independent reference checks and third-party background checks are conducted and analyzed. From a quantitative perspective, the risk analysts examine track records (when available) and study portfolio diversification, exposure analysis and correlation analysis. The analysis supplements qualitative analysis and serves to strengthen or question conviction in a particular fund or investment strategy. If the qualitative and quantitative due diligence conducted determines a fund to be of significant interest to ABS, the operational due diligence team will continue the review and complete a report which includes (among other things) the examination of fund documents, confirmation of counterparty relationships and the completion of a third-party background check on key personnel. Asset Allocation: ABS has two formal allocation meetings each month. The first is held on or around the 12th business day of the month and is focused on reviewing the invested funds and portfolio risk levels. The second is the formal allocation meeting, which is held after the final monthly inflow and outflow amounts have been received (typically on or around the 25th day of the month). Final recommendations for manager additions and redemptions by portfolio are made during this meeting, and the proposed changes are analyzed by the risk analysts to ensure the portfolios will not breach their overall risk limits. Manager Selection: Managers are initially found through industry contacts, and not through public or private databases. ABS s qualitative analysts review basic fund information including team background, investment strategy, historical performance statistics, and assets under management data, which is tracked in a proprietary database. The qualitative due diligence process then seeks to identify a manager s motivation and competitive edge, as well as determine if there is alignment of interest through a series of meetings, phone calls and reference checks. Lastly, a minimum of 2 ABS analysts will meet with the hedge fund manager and other members of the organization to evaluate the business and investment strategy from a qualitative perspective. Risk Management: ABS believes the hedge fund business is dynamic in nature and that active monitoring is crucial to successful portfolio risk management. From a quantitative standpoint, monthly risk budgeting focuses on position sizing based on each underlying fund s maximum loss in addition to the overall portfolio s maximum loss and peak to trough drawdown. Focus is also paid to monthly exposure analysis and portfolio sector, geography and market cap breakdowns. Monthly diversification, correlation, and liquidity analysis are also analyzed. From a qualitative standpoint, ABS seeks to continuously reassess each of the three levels of the monitoring process to determine whether or not to maintain each investment. On the strategy level, ABS evaluates whether the implemented strategy makes sense given the current macroeconomic and/or financial environment, and whether there has been any change in liquidity and/or volatility that will affect the strategy. On the implementation level, the manager is evaluated for manager execution in a cost-effective manner, the effectiveness of risk controls, and if current systems/teams are sufficient to deal with new developments in the market. Manager Termination Discipline: General factors that have caused ABS to redeem from underlying hedge funds include asset growth exceeding that initially targeted by a manager, a change in investment style, and/or diminishing manager motivation or focus. Additional reasons for termination include, but are not limited to, lack of alignment of interest, loss of competitive edge, employee turnover, poor performance vs. peers, poor performance vs. environment, style drift, a diversion from strengths, a change in service providers or an increase or reduction in AUM beyond a level ABS believes is appropriate for the strategy or business. 8 ABS Investment Management

ABS Investment Management ABS Long/Short Strategies Fund, Cl I As of December 31, 2017 Product Highlights: Investment Style: Long/Short Equity Return Target: MSCI World Volatility Target: Inception Date: 201601 Type of Vehicle: Closed-End Registered Investment Company Investment Process: 1 Strategic Allocation 9 Manager Selection Current Allocation Long Short Equity 100. Total 100. Vehicle Terms Investment Minimum ($mil) $0.03 mm Subscription Period: Monthly Redemption Period: Quarterly Notice Period: Lock-up Period: Initial Payout: 95% Final Payout: 5% Gate Provisions: Total Asset Structure Client Type # Acct $(mm) %Tot Total 0 75 10 Total 0 75 10 Total Asset Growth $(Millions) 100 80 60 40 20 0 60 2016 75 2017 Fees & Expenses Flat Sample Fees Account Size $(mm) Mgmt (%) Balance 1.00 Performance Sample Fees Account Size $(mm) Mgmt (%) Perf (%) Hurdle Rate: High Water Mark: No Additional Fees/Consideration Administrative/Operating Expenses: 0.35 Equity Interest in any Hedge Fund: No Other Considerations Fund Administrator: UMB Fund Services, Inc. Custodian: UMB Financial Corporation Auditor: RSM International Last Audit Completed: 04/30/2018 Open to U.S. Taxable: Yes Last K-1 Mailed: Open to U.S. Tax-Exempt: Yes UBIT incurred: No Open to ERISA Tax-Exempt: Yes Subject to 25% Limit: No 9 ABS Investment Management

ABS Long/Short Strategies Period Ended September 30, 2018 Relative Returns Investment Philosophy ABS believes that equity long/short strategies provide an attractive long term risk reward profile in all market environments, making it not only an appealing alternative to long-only investing, but also an attractive approach to alternative asset investing. Coupled with their focus on equity long/short strategies, ABS believes that the FoHF portfolio framework enables investors the opportunity to invest in diversified portfolios with less volatility than the general equity markets. ABS manages portfolios employing a fundamental, global investment focus that target global equity market returns with significantly less volatility over a full market cycle. Quarterly Summary and Highlights ABS Long/Short Strategies s portfolio posted a 1.1 return for the quarter placing it in the 28 percentile of the Callan Long/Short Equity Fund of Funds group for the quarter and in the 60 percentile for the last year. ABS Long/Short Strategies s portfolio underperformed the MSCI World by 3.8 for the quarter and underperformed the MSCI World for the year by 7.1. Performance vs Callan Long/Short Equity Fund of Funds 1 1 1 1 () () (1) (28) (6) (60) (1) Last Quarter Last Year Last 3 Years Last 5 Years Last 7-1/2 Years 10th Percentile 1.77 9.08 7.31 6.40 6.68 25th Percentile 1.35 7.00 6.38 5.62 5.67 Median (0.30) 4.86 5.17 4.87 5.13 75th Percentile (1.08) 2.86 4.21 4.07 4.06 90th Percentile (1.71) (1.25) 3.38 1.49 3.07 ABS Long/Short Strategies 1.10 4.11 3.97 4.84 4.81 () () () () MSCI World 4.98 11.24 13.54 9.28 9.00 Relative Return vs MSCI World 13 2014 2015 2016 2017 2018 ABS Long/Short Strategies Returns 1 9% 7% 5% 3% 1% (81) (2) (51) (1) (63) Callan Long/Short Equity Fund of Funds Annualized Five Year Risk vs Return MSCI World ABS Long/Short Strategies 3 4 5 6 7 8 9 10 11 Standard Deviation 10 ABS Investment Management

ABS Long/Short Strategies Return Analysis Summary Return Analysis The graphs below analyze the manager s return on both a risk-adjusted and unadjusted basis. The first chart illustrates the manager s ranking over different periods versus the appropriate style group. The second chart shows the historical quarterly and cumulative manager returns versus the appropriate market benchmark. The last two charts illustrate the manager s ranking relative to their style using various risk-adjusted return measures. Performance vs Callan Long/Short Equity Fund of Funds 3 25% 2 15% 1 5% (5%) (1) (15%) (19) (57) (4) (32) (7) 12/17-9/18 2017 2016 2015 2014 10th Percentile 6.83 15.71 6.61 4.71 8.41 25th Percentile 4.99 12.34 4.11 2.39 5.10 Median 3.35 11.26 (0.21) (0.07) 3.53 75th Percentile 1.59 6.31 (2.44) (4.96) 2.02 90th Percentile (2.82) 3.41 (4.54) (7.51) (0.29) ABS Long/Short Strategies 2.48 11.99 (4.10) 3.13 4.60 MSCI World 5.43 22.40 7.51 (0.87) 4.94 Cumulative and Quarterly Relative Return vs MSCI World Relative Returns 1 5% (5%) (1) (15%) (2) (25%) (3) 2013 2014 2015 2016 2017 2018 ABS Long/Short Strategies (79) (54) Callan Long/Short Eq FoF Risk Adjusted Return Measures Sharpe Ratio Rankings Against Callan Long/Short Equity Fund of Funds Rankings Against Callan Long/Short Equity Fund of Funds Five Years Ended September 30, 2018 Rolling Periods of 3 Years 9 8 7 6 5 4 3 2 1 0 (51) (50) Returns Standard Sharpe Deviation Ratio 10th Percentile 6.40 7.49 1.21 25th Percentile 5.62 6.70 1.06 Median 4.87 5.67 0.79 75th Percentile 4.07 4.82 0.56 90th Percentile 1.49 4.20 0.15 ABS Long/Short Strategies 4.84 5.67 0.76 (53) 2.0 1.5 1.0 0.5 0.0 (0.5) (17) (32) (74) (49) (41) 3 Years 3 Years 3 Years Ended Ended Ended 9/18 9/17 9/16 10th Percentile 1.58 0.84 0.75 25th Percentile 1.20 0.77 0.60 Median 0.78 0.59 0.36 75th Percentile 0.56 0.28 0.05 90th Percentile 0.40 0.03 (0.09) ABS Long/Short Strategies 0.57 0.59 0.45 11 (34) ABS Investment Management

ABS Long/Short Strategies Risk Analysis Summary Risk Analysis The charts below analyze the risk or variation of a manager s return pattern as well as its correlation to the appropriate market index returns; and hence potential diversification benefits. The first chart ranks several manager risk and correlation statistics relative to an appropriate peer group. The second chart displays the Sharpe Ratio versus correlation tradeoff of the manager and the members of the peer group. The line chart in the center illustrates the changes in risk levels through multiple rolling time periods. The bottom two charts address relative return, downside risk and their tradeoff (Sortino Ratio) for the manager and the peer group. Risk Statistics vs MSCI World Rankings Against Callan Long/Short Equity Fund of Funds Seven and One-Half Years Ended September 30, 2018 1.00 0.90 0.80 0.70 0.60 0.50 0.40 0.30 0.20 (38) (28) (15) (12) Rel. Standard Beta Correlation R-Squared Deviation 10th Percentile 0.76 0.63 0.87 0.74 25th Percentile 0.65 0.53 0.84 0.67 Median 0.57 0.46 0.81 0.64 75th Percentile 0.48 0.37 0.74 0.49 90th Percentile 0.42 0.31 0.67 0.44 ABS Long/Short Strategies 0.59 0.50 0.85 0.71 Rolling 12 Quarter Standard Deviation Standard Deviation 9% 7% 5% 3% ABS Long/Short Strategies Callan Long/Short Eq FoF Sharpe Ratio 1.4 1.2 1.0 0.8 0.6 0.4 0.2 ABS Long/Short Strategies 0.0 0.55 0.60 0.65 0.70 0.75 0.80 0.85 0.90 0.95 Correlation 2014 2015 2016 2017 2018 Downside Risk Statistics Rankings vs Callan Long/Short Eq FoF Rankings Against Callan Long/Short Equity Fund of Funds Seven and One-Half Years Ended September 30, 2018 5% 3% 1% (1%) () (63) (65) Relative Downside Sortino Returns Risk Ratio 10th Percentile 2.72 3.61 2.37 25th Percentile 1.75 2.20 1.65 Median 1.23 1.60 0.90 75th Percentile 0.20 0.98 0.08 90th Percentile (0.76) 0.79 (0.31) ABS Long/Short Strategies 0.91 1.35 0.70 (61) Relative Returns 3% 1% (1%) () (3%) ABS Long/Short Strategies () 1% 3% 5% 7% Downside Risk 12 ABS Investment Management

Blackstone Alternative Asset Management 345 Park Avenue28th Floor New York, NY 10154-0004 History Blackstone Alternative Asset Management L.P. (BAAM), the marketable alternative investments division of Blackstone, was founded in 1990 to manage the internal assets of the firm by creating a diversified portfolio of hedge fund investments to offset the equity exposure of the firm s other businesses. In June, 2007, The Blackstone Group (TBG) listed approximately 23. of its holding company on the NYSE under the symbol "BX". TBG is majority-owned (51%) by the founders or their estates and its employees. Approximately 95% of BAAM s assets under management come from institutional investors. Structure Founded: 1990 Parent: The Blackstone Group Registered Investment Advisor: Yes "Broker Dealer" Affiliate: No Hedge Fund Affiliate: GSO Capital Partners Key Professionals (Hedge fund-related) John McCormick - President, CEO Stephen Sullens - Managing Part Brian Gavin - COO Gideon Berger - Dir of Risk Mgmt Ian Morris - Managing Dir Greg Geiling - Dir of Hedge Fd Res Arthur Liao - CFO Total Asset Growth $(Millions) 100000 80000 60000 40000 20000 0 55002 2013 63636 2014 67528 2015 Joined Investment Firm Experience 2005 1995 2001 1991 2002 1991 2002 1997 2010 1993 2011 1994 2003 1994 68975 2016 72638 2017 Type of Mandate #Acct $(mm) % Tot Total 661 72,638 10 Total 661 72,638 10 Contact: Eric Perlyn 345 Park Avenue28th Floor New York, NY 10154-0004 Phone: (212) 583-5957 Fax: (646) 253-7672 Email: perlyn@blackstone.com Employee Structure Total Asset Structure as of December 31, 2017 Hedge Fund Analyst 90 Other 138 Portfolio Manager 8 Total 236 Investment Professional Turnover Last Yr Last Yr # Emp Gained Lost Hedge Fund Analyst 65 0 0 Operational Due Diligence 11 0 2 Portfolio Manager 8 1 0 Risk Management 14 0 0 Client Type #Acct $(mm) % Tot Corporate 71 7,713 17% Foundation/Endowment 80 3,514 Insurance 29 3,882 9% High Net Worth 205 4,279 1 Sovereign Wealth Funds 21 16,927 3 Other 55 8,066 1 Total 461 44,382 10 13

Blackstone Alternative Asset Management Blackstone Partners Investment Fund L.P. Investment Philosophy: BAAM s Partners LP fund targets attractive risk-adjusted returns through investments in a well-diversified group of managers that employ a variety of unique investment strategies including Interest Rate-Driven, Credit-Driven, Commodities, Event-Driven, Equity, Managed Futures, and Global Macro. Partners LP targets low volatility and low correlation to traditional asset classes. Research Process: As a hedge fund solutions provider, BAAM s research function is that of manager due diligence. BAAM does not have a research department, but its research capabilities are conducted in-house. As a part of BAAM s investment research process, BAAM meets with hundreds of managers each year. Peer groups are created, ranked, and re-ranked on both quantitative and qualitative criteria on an ongoing basis. This assists BAAM in sourcing new managers for review, prioritizing workflow, identifying trends in investment strategies, and monitoring existing managers. Asset Allocation: Portfolio construction begins with the establishment of an investment strategy, objectives, and restrictions including return objectives, volatility constraints, sector and strategy allocation limits, liquidity needs, and regulatory issues. A top-down asset allocation/sector view is then formed using short- and medium-term sector return and risk expectations, guided by weekly investment opportunity and monthly Allocation Strategy meetings, along with open dialogue across the organization. Next, a bottom-up approach is used for sourcing and selecting managers that, when assembled, reflect the team s top-down view. Following an exhaustive identification and due diligence process, BAAM will continually review and make periodic adjustments to the portfolio based on underlying manager performance and changes in market conditions and opportunities. Manager Selection: Prior to investing in a new manager, the Investment Team is required to complete an Investment Summary Package ("ISP") for each newly funded manager. The ISP is a comprehensive summary of the due diligence procedures performed by the Portfolio Management (PM), Business & Financial Evaluation (BFE), Risk Management (RM), and Legal & Product Structuring (LPS) Teams and includes a certification by each team that the manager meets BAAM s standards. The Investment Team prepares a synopsis and recommendation for each Prospect manager to the Investment Committee, who determines whether a Prospect has met (or is expected to meet) all of BAAM s due diligence criteria. Should a Prospect manager be rejected at any stage, it may continue to be monitored. Next, BAAM s Executive Committee must formally approve prospective managers, either approve or reject the recommendations of the Investment Committee relating to the funding of and redemption from underlying hedge funds. While the manager approval process is consensus driven, any BAAM Team involved in the due diligence process (PM, RM, BFE, and LPS) may veto an investment decision. Risk Management: Risk is examined at the individual manager level and on an aggregate portfolio level. Risk reports, which break out exposure levels across all asset classes, are filled out quarterly by the underlying managers. Managers also report the percentage of their portfolio that is considered illiquid and the top ten long and short positions. Each of these reports is analyzed against data gathered during the prior three quarters. Inconsistencies with the understanding of the manager are questioned and trends are noted. These reports are entered into the proprietary system which aggregates portfolio exposures for further analysis. Each manager must complete an extensive due diligence questionnaire prior to funding, updated annually. At least once a year the Portfolio Management team performs an on-site front-office review, and the Business/Financial Evaluation team performs an on-site back-office review for every funded manager. Manager Termination Discipline: The following are criteria that BAAM during consideration of termination: 1.) Manager s positions and trading activity are not consistent with their stated guidelines. 2.) Assets under management outgrow the underlying manager s ability to attain return objectives, or overly strains their infrastructure. 3.) A manager significantly reduces their time or capital commitment to the investment strategy. 4.) Changes in key management personnel. 5.) BAAM is uneasy about the managers specific investment decisions 14

Blackstone Alternative Asset Management Blackstone Partners Investment Fund L.P. As of December 31, 2017 Product Highlights: Investment Style: Broadly Diversified Return Target: Volatility Target: Inception Date: 199009 Type of Vehicle: 3c7 Investment Process: Year Portfolio Characteristics End Portfolio Leverage 4.8 Current Allocation Market Neutral Equity 10.9% Distressed 5.9% Long/Short Credit 16. Multi-Strategy Event Driven 14.7% Long Short Equity 21. Global Macro 13. Managed Futures 2. Cash, Hedging, and Overlay 14.7% Total 100. Vehicle Terms Investment Minimum ($mil) $5.00 mm Subscription Period: Monthly Redemption Period: Semi-annually Notice Period: 90 days Lock-up Period: None Initial Payout: 95% Final Payout: 5% Gate Provisions: Yes Investments made on or after January 1, 2007, are subject to a 25% at the Fund l Total Asset Structure Client Type # Acct $(mm) %Tot Total 90 2,497 10 Total 90 2,497 10 Total Asset Growth $(Millions) 3500 3000 2500 2000 1500 1000 500 0 1619 2013 2037 2014 2228 2015 Fees & Expenses Flat Sample Fees Account Size $(mm) Mgmt (%) First $99 Next $100 Next $100 Balance 1.25 1.10 0.95 0.95 2297 2016 2497 2017 Performance Sample Fees Account Size $(mm) Mgmt (%) Perf (%) Hurdle Rate: High Water Mark: No Additional Fees/Consideration Administrative/Operating Expenses: 0.07 Equity Interest in any Hedge Fund: No Other Considerations Fund Administrator: Citigroup Custodian: Citigroup Auditor: Deloitte Last Audit Completed: 12/31/2017 Open to U.S. Taxable: Yes Last K-1 Mailed: Open to U.S. Tax-Exempt: No Open to ERISA Tax-Exempt: No 15

Blackstone Partners Investment Fund L.P. Period Ended September 30, 2018 Relative Returns Investment Philosophy BAAM s Partners LP fund targets attractive risk-adjusted returns through investments in a well-diversified group of managers that employ a variety of unique investment strategies including Interest Rate-Driven, Credit-Driven, Commodities, Event-Driven, Equity, Managed Futures, and Global Macro. Partners LP targets low volatility and low correlation to traditional asset classes. Quarterly Summary and Highlights Blackstone Partners Investment Fund L.P. s portfolio posted a 1.25% return for the quarter placing it in the 22 percentile of the Callan Core Diversified Fund of Funds group for the quarter and in the 30 percentile for the last year. Blackstone Partners Investment Fund L.P. s portfolio underperformed the 90 Day T-Bill + 5 % by 0.45% for the quarter and underperformed the 90 Day T-Bill + 5 % for the year by 1.6. Performance vs Callan Core Diversified Fund of Funds 1 () (9) (22) (14) (30) (2) Last Quarter Last Year Last 3 Years Last 5 Years Last 10 Years 10th Percentile 1.68 8.03 4.98 5.16 6.44 25th Percentile 1.18 5.39 4.54 4.57 5.44 Median 0.68 3.37 3.76 3.61 4.36 75th Percentile 0.29 2.53 2.18 2.69 3.41 90th Percentile (0.18) 1.57 1.12 1.90 2.66 Blackstone Partners Investment Fund L.P. 1.25 4.93 4.99 5.17 5.16 90 Day T-Bill + 5 % 1.70 6.59 5.84 5.52 5.34 3% 1% (1%) () (3%) () (5%) Relative Return vs 90 Day T-Bill + 5 % 13 2014 2015 2016 2017 2018 Blackstone Partners Investment Fund L.P. Returns 7% 5% 3% 1% (9) (5) (9) (28) (33) Callan Core Diversified Fund of Funds Annualized Five Year Risk vs Return 90 Day T-Bill + 5 % Blackstone Partners Investment Fund L.P. (1%) 0 1 2 3 4 5 6 7 Standard Deviation 16

Blackstone Partners Investment Fund L.P. Return Analysis Summary Return Analysis The graphs below analyze the manager s return on both a risk-adjusted and unadjusted basis. The first chart illustrates the manager s ranking over different periods versus the appropriate style group. The second chart shows the historical quarterly and cumulative manager returns versus the appropriate market benchmark. The last two charts illustrate the manager s ranking relative to their style using various risk-adjusted return measures. Performance vs Callan Core Diversified Fund of Funds 1 () () () (14) (28) (55) (43) (7) 12/17-9/18 2017 2016 2015 2014 10th Percentile 5.56 8.05 3.78 2.39 5.68 25th Percentile 3.96 7.04 2.72 1.40 4.56 Median 2.73 6.24 0.20 0.02 3.52 75th Percentile 1.17 4.70 (1.13) (2.03) 2.28 90th Percentile 0.29 2.65 (2.79) (3.83) 1.51 Blackstone Partners Investment Fund L.P. 3.93 6.59 3.78 2.66 5.65 90 Day T-Bill + 5 % 5.01 5.86 5.33 5.05 5.03 Cumulative and Quarterly Relative Return vs 90 Day T-Bill + 5 % Relative Returns () () () () (1) (1) (1) 2013 2014 2015 2016 2017 2018 Blackstone Partners Investment Fund L.P. Risk Adjusted Return Measures Rankings Against Callan Core Diversified Fund of Funds Five Years Ended September 30, 2018 7 6 5 4 3 2 1 0 (9) (94) Returns Standard Sharpe Deviation Ratio 10th Percentile 5.16 5.55 1.62 25th Percentile 4.57 4.65 1.03 Median 3.61 3.83 0.66 75th Percentile 2.69 3.12 0.52 90th Percentile 1.90 2.66 0.36 Blackstone Partners Investment Fund L.P. 5.17 2.41 1.93 (6) (10) (3) Callan Core Diversif FoF (9) (22) (12) 17

Blackstone Partners Investment Fund L.P. Risk Analysis Summary Risk Analysis The charts below analyze the risk or variation of a manager s return pattern as well as its correlation to the appropriate market index returns; and hence potential diversification benefits. The first chart ranks several manager risk and correlation statistics relative to an appropriate peer group. The second chart displays the Sharpe Ratio versus correlation tradeoff of the manager and the members of the peer group. The line chart in the center illustrates the changes in risk levels through multiple rolling time periods. The bottom two charts address relative return, downside risk and their tradeoff (Sortino Ratio) for the manager and the peer group. Risk Statistics vs S&P 500 Index Rankings Against Callan Core Diversified Fund of Funds Five Years Ended September 30, 2018 0.90 0.80 0.70 0.60 0.50 0.40 0.30 0.20 0.10 0.00 (94) (91) (65) (58) Rel. Standard Beta Correlation R-Squared Deviation 10th Percentile 0.76 0.45 0.70 0.42 25th Percentile 0.64 0.36 0.64 0.36 Median 0.53 0.28 0.58 0.30 75th Percentile 0.43 0.21 0.51 0.23 90th Percentile 0.37 0.17 0.50 0.20 Blackstone Partners Investment Fund L.P. 0.33 0.17 0.54 0.25 Rolling 12 Quarter Standard Deviation Standard Deviation 1 1 1 1 1 Blackstone Partners Investment Fund L.P. S&P 500 Index Callan Core Diversif FoF Sharpe Ratio 2.5 2.0 1.5 1.0 0.5 0.0 Blackstone Partners Investment Fund L.P. (0.5 ) 0.10 0.20 0.30 0.40 0.50 0.60 0.70 0.80 0.90 Correlation 2014 2015 2016 2017 2018 Downside Risk Statistics Rankings vs 90 Day T-Bill + 5 % Rankings Against Callan Core Diversified Fund of Funds Five Years Ended September 30, 2018 () () () (9) (94) Relative Downside Sortino Returns Risk Ratio 10th Percentile (0.34) 4.88 (0.14) 25th Percentile (0.89) 4.19 (0.28) Median (1.81) 3.46 (0.51) 75th Percentile (2.68) 2.82 (0.80) 90th Percentile (3.43) 2.22 (1.05) Blackstone Partners Investment Fund L.P. (0.33) 1.96 (0.18) (12) Relative Returns 1% (1%) () (3%) () (5%) Blackstone Partners Investment Fund L.P. () 1% 3% 5% Downside Risk 18

Blackstone Alternative Asset Management BPIF Non-Taxable L.P. Investment Philosophy: BAAM s Partners NT fund targets attractive risk-adjusted returns through investments in a well-diversified group of managers that employ a variety of unique investment strategies including Interest Rate-Driven, Credit-Driven, Commodities, Event-Driven, Equity, Managed Futures, and Global Macro. Partners NT targets low volatility and low correlation to traditional asset classes. Research Process: As a hedge fund solutions provider, BAAM s research function is that of manager due diligence. BAAM does not have a research department, but its research capabilities are conducted in-house. As a part of BAAM s investment research process, BAAM meets with hundreds of managers each year. Peer groups are created, ranked, and re-ranked on both quantitative and qualitative criteria on an ongoing basis. This assists BAAM in sourcing new managers for review, prioritizing workflow, identifying trends in investment strategies, and monitoring existing managers. Asset Allocation: Portfolio construction begins with the establishment of an investment strategy, objectives, and restrictions including return objectives, volatility constraints, sector and strategy allocation limits, liquidity needs, and regulatory issues. A top-down asset allocation/sector view is then formed using short- and medium-term sector return and risk expectations, guided by weekly investment opportunity and monthly Allocation Strategy meetings, along with open dialogue across the organization. Next, a bottom-up approach is used for sourcing and selecting managers that, when assembled, reflect the team s top-down view. Following an exhaustive identification and due diligence process, BAAM will continually review and make periodic adjustments to the portfolio based on underlying manager performance and changes in market conditions and opportunities. Manager Selection: Prior to investing in a new manager, the Investment Team is required to complete an Investment Summary Package Prior to investing in a new manager, the Investment Team is required to complete an Investment Summary Package ("ISP") for each newly funded manager. The ISP is a comprehensive summary of the due diligence procedures performed by the Portfolio Management (PM), Business & Financial Evaluation (BFE), Risk Management (RM), and Legal & Product Structuring (LPS) Teams and includes a certification by each team that the manager meets BAAM s standards. The Investment Team prepares a synopsis and recommendation for each Prospect manager to the Investment Committee, who determines whether a Prospect has met (or is expected to meet) all of BAAM s due diligence criteria. Should a Prospect manager be rejected at any stage, it may continue to be monitored. Next, BAAM s Executive Committee must formally approve prospective managers, either approve or reject the recommendations of the Investment Committee relating to the funding of and redemption from underlying hedge funds. While the manager approval process is consensus driven, any BAAM Team involved in the due diligence process (PM, RM, BFE, and LPS) may veto an investment decision. Risk Management: Risk is examined at the individual manager level and on an aggregate portfolio level. Risk reports, which break out exposure levels across all asset classes, are filled out quarterly by the underlying managers. Managers also report the percentage of their portfolio that is considered illiquid and the top ten long and short positions. Each of these reports is analyzed against data gathered during the prior three quarters. Inconsistencies with the understanding of the manager are questioned and trends are noted. These reports are entered into the proprietary system which aggregates portfolio exposures for further analysis. Each manager must complete an extensive due diligence questionnaire prior to funding, updated annually. At least once a year the Portfolio Management team performs an on-site front-office review, and the Business/Financial Evaluation team performs an on-site back-office review for every funded manager. Manager Termination Discipline: The following are criteria that BAAM during consideration of termination: 1.) Manager s positions and trading activity are not consistent with their stated guidelines. 2.) Assets under management outgrow the underlying manager s ability to attain return objectives, or overly strains their infrastructure. 3.) A manager significantly reduces their time or capital commitment to the investment strategy. 4.) Changes in key management personnel. 5.) BAAM is uneasy about the managers specific investment decisions 20