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WEX2011 Presentation WaterAssetManagement

DynamicInvestmentApproachtoCapitalize onPositiveTrendsinWater

February,2011

W Water Investment I Opportunity O i


Global demand for clean water growing at a rate greater than GDP. Growing scarcity of fresh water supplies due to contamination,
overuse, climate change, and inefficient agricultural practices.

Deterioratingwaterinfrastructureandincreasinglystringentwater
qualityregulationsrequiresignificantincreasesincapitalspending.

Waterindustryshistoricallypositivepricingpowerisacceleratingas
marketbasedpricingforwatergrowsinacceptanceasameansto allocatescarceresources.

Overleveraged government and municipal balance sheets lead to


increased privatization pressure.

Proven and available solutions exist to remedy all water supply and
quality issues.

Water related equity returns have a high degree of dispersion in


comparison to the broader market, offering compelling opportunities on both longs and shorts.
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TheWorldIsRunningOutOfCheapWater
W Water Tariff T iff:Denmark/Germany k/
US/Canada/Spain/Japan India/China

1.003.00cent/gallon / ll * 0.250.70cent/gallon* 0.050.20cent/gallon* $3.26/gallon $2.89/gallon $7.98/gallon

Other:

Soda: Gasoline: OrganicMilk:

Waterpricesarelessthan1%ofdisposableincome.Plentyofroomforpricesto continuetoincrease,allowingattractivereturnsoncapitalnecessarytoensurewater supplyandquality,yetremainaffordable. AverageUSmonthlywaterbillistypicallylessthan50%ofcellular,cable,orelectricity.

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W Water Hi Historically i ll Has H Been B An A Effective Eff i Inflation I fl i Hedge H d


Water&SewerRatesVs.CPI ForUrbanWageEarners
Water and Sewer Component of CPI Water and Sewer CPI 6 Month Rolling Average% Change YOY CPI All Urban Consumers % Change YOY

16.0% 14.0% 12.0%


Cha angeInIndex YOY,6mo onthrolingaverage

350.0 300.0 250.0 200.0 150.0 100.0 50.0 0.0


May06 May07 May08 May93 May94 May95 May96 May97 May98 May99 May00 May01 May02 May03 May04 May81 May82 May83 May84 May85 May86 May87 May88 May89 May90 May91 May77 May78 May79 May80 May92 May05 May09 May10
Water &Sew wer CPI Index

10.0% 8.0% 6 0% 6.0% 4.0% 2.0% 0.0% 2.0% 4.0%

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F t Global Future Gl b lInfrastructure I f t t S Spending di :Power P &Water W t Lead L d

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Chi and China dIndia I di Water W Capital C i lSpending S di

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L Large USInfrastructure I f t t Spending S di N Needs d


EPAsCleanWater andDrinkingWater InfrastructureGap Analysisestimated drinkingwater systems20year capitalneedswithin arangeof$170to $493Billion,witha midpointestimate of$303Billion.1

TheCongressional g Budget g Office( (CBO) )report p FutureInvestmentinDrinking gWater andWastewaterInfrastructureestimatesannualwatersystemneedsof$12.2to $21.2Billion,whichwouldextrapolatetoa20yeartotalneedintherangeof$245to $424Billion.2 TheWaterInfrastructureNetworks(WINs)CleanandSafeWaterforthe21st Century ARenewed R dNational N ti lCommitment C it tto t Water W t and dWastewater W t t Infrastructure I f t t estimateswatersystemneedsof$21Billionannually,whichextrapolatesto$420 Billionover20years. 3

1U.S.EnvironmentalProtectionAgency,CleanWaterandDrinkingWaterInfrastructureGapAnalysis(September2002),p.5. Needswereassumedtobein1999dollars basedonthedateofthereportandplanningperiodused used. 2CongressionalBudgetOffice,FutureInvestmentinDrinkingWaterandWastewaterInfrastructure(November2002),p.ix.Needswerereportedin2001dollars. 3WaterInfrastructureNetwork,CleanandSafeWaterforthe21stCentury ARenewedNationalCommitmenttoWaterandWastewaterInfrastructure(undated),p.31. Needswereassumedtobein1999dollarsbasedontheplanningperiodanddataused.

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F Forecasted t dGrowth G thfor f Private P i t Water W t &Sewerage S S Services i


Milli people Million l WesternEurope C&EEurope ME&Africa South&CAsia SouthEastAsia Oceania NorthAmerica LatinAmerica Worldtotal 2008E 187.1 33.8 67 3 67.3 10.1 250.7 8.4 93.9 79.9 731.2 2015E 217.5 64.4 119 1 119.1 53.1 436.1 12.1 137.9 120.5 1160.6 2025E 229.6 81.1 202 6 202.6 97.4 555.2 14.7 209.0 148.0 1537.6

%ofPopulation

%ofPopulation

%ofPopulation

46% 10% 6% 1% 12% 25% 21% 17% 11%

53% 20% 8% 3% 20% 32% 29% 24% 16.0%

55% 27% 12% 5% 24% 36% 40% 27% 19%

Source:GlobalWaterIntelligence g 11/08 /

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Hi t i ll F Historically Favorable bl R Returns t And A dVolatility V l tilit F ForW Water t Equities E iti
17YearAnnualizedReturnsandVolatilitythroughNovember2010

Thewatersector continuesto generateabove averagereturns withlowervolatility thantheS&P500, electricutilities, energycompanies andcommodities overtime

25% 20% 15% 10% 5% 0% WAM OpportunitySet USWater Utilities S&P500 Philadelphia Utility Index Price Return,CAGR AnnualVolatility Amex OilIndex GSCommodity Index

17Y YearC Cumulative l ti R Returns t th through hN November b 2010


7 6 5 4 3 2 1 0
US Water Utilities S&P 500 Philadelphia Utility Index Amex Oil Index GS Commodity di Index d

Jun-10 Dec-09 Jun-09 Dec-08 Jun-08 Dec-07 Jun-07 Dec-06 Jun-06 Dec-05 Jun-05 Dec-04 Jun-04 Dec-03 Jun-03 Dec-02 Jun-02 Dec-01 Jun-01 Dec-00 Jun-00 Dec-99 Jun-99 Dec-98 Jun-98 Dec-97 Jun-97 Dec-96 Jun-96 Dec-95 Jun-95 Dec-94 Jun-94 Dec-93 Jun-93 Dec-92

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WAMOpportunity O t it Set S tReturn R t Di Dispersion i vsS&P500


QuarterlySpreadofBestDecile Averagevs.Worst DecileAverageReturn
140%

120%

100%

Quarterlysp pread

80%
S&P 500 WAM OpSet

60%

40%

20%

0%
1Q04 2Q04 3Q04 4Q04 1Q05 2Q05 3Q05 4Q05 1Q06 2Q06 3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10

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Hi Historically i ll High Hi hDispersion Di i OfReturns R For F Water W E Equities ii

Historically,thewater sectorhas demonstratedahigh degreeofdispersion ininvestmentreturns returns, offeringopportunities togeneratereturns onbothlongand shortstockselection

AverageAnnual Performance19962009,byDecile
Decile1

133.6% 51.6% 30.3% 17.4% 8 1% 8.1%


Decile6

Decile2

Decile3

Decile4

Decile5

0.0% 7.4% 16.8% 28.1% 49.5%


60% 40% 20% 0%

Decile7

Decile8

Decile9

Decile10

20%

40%

60%

80%

100%

120%

140%

160%

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TRFMaster M t F Fund dInvestment I t tResults R lt Si Since2006


Growth of Initial $1000
$2,000 $1,800 $1,600 $1,400 $1,200 $1,000 $800 $600 $400 $200 $0 Sep-06 Sep-07 Sep-08 Sep-09 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Sep-10 Dec-10 Mar-06 Mar-07 Mar-08 Mar-09 Mar-10 Jun-06 Jun-07 Jun-08 Jun-09 Jun-10

TRF Historical Data

TRF Results

S&P 500

MSCI AC

Compound ROR

11.48%

2.29%

3.02%

Cumulative Return

72.18%

11.99%

16.03%

TRF Master Fund Cayman LP

S&P 500

MSCI AC

Cumulative Growth of $1000

$1,722

$1,120

$1,160

Risk vs. Return


TRF Master Fund Cayman LP 13% 11% Annual Return 9% 7% 5% 3% 1% 14% 15% 16% 17% 18% 19% 20% 21% S&P 500 MSCI AC

TRF Comparison To Benchmark

S&P 500

MSCI AC

Monthly hl Alpha l h Alpha Annualized Beta C Correlation l ti R-Squared

08 % 0.87% 10.96% 0.42 0 49 0.49 0.24

0 83% 0.83% 10.37% 0.43 0 57 0.57 0.32

Annualized Standard Deviation

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CERES & WAM Co C Authored A h d Municipal M i i l Water W Risk Ri k R Report

KeyCERESmembersinclude
CalPERS CalSTRS IllinoisStateBoard of Retirement IllinoisStateTreasurer NorthCarolina Treasurer NYCComptroller Deutsche Asset Management BlackrockFinancial TIAACREF StateStreet GlobalAdvisors PrudentialInvestment Management

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ANewEraofWaterStressintheU U.S. S
LakeMead
z z

Wateratlowestpointin75years HooverDammaybereducedto3turbines EnergyWaterConnection:30%ofpowerusedtomove watertoSouthernCalifornia

LakePowell
z

WatermaybetransferredtoLakeMead

EnergyWaterConnection:PowellcoolsNavajo GeneratingStation, Station whichprovides20%ofitspowerto LADWP

Bay Delta
z z z

Uncertaintyofrestorationfunding,stakeholderbuyinStorage Limitedstorageopportunities:capacity&quality Highcost Si ifi toperating Significant ti cost tf forsomesupplies li

Energy
z

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Creditratingsdonotconsistentlycommunicatethesetrends
Rating gopinions: p

Assumethatwaterflowsinthefuturewillbeconsistentwiththerecentpast. Nostresstesttounderstandrevenueeffectsofmanmadesupplyshocks. Donotalwaysassesshowwaterlimitationsfacingwholesaleproviderscanimpact providers. retailp Sometimesconfoundrevenuegrowthandvolumegrowth. Applymetricslikeregionalwaterratebenchmarksthatmaydiscourageconservation pricing. Donotnecessarilydifferentiatebetweenwelldiversified,resilientsystemsfrommore vulnerablesystems.

Utilityinvestorsfacetwomainfinancialrisks:

Defaultrisk.Failuretoincorporateallmaterialemergingtrendsintoresourceplanning candamageautilitysabilitytohonoritsdebtobligations. Pricevolatility.Inabilitytopassthroughcostsorraisefuturedebtcanimpairautilitys creditquality.Creditchangesormarketrecognitionofriskmayresultinchangesin bondpricesonthesecondarymarketwellbeforematurity.

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USWaterStress:ProjectedPopulationGrowthinWesternU U.S. S
Population shifts due to migration and birth rates will continue to favor the Western U.S. populations p are p projected j to increase by y almost 40% % between 2005 and 2030. where p
State .Arizona Arizona .California .Colorado .Idaho .Nevada Nevada .NewMexico .Oregon .Texas .Utah .Washington TOTAL
Footnotes:
Source:U.S.CensusBureau,PopulationDivision,InterimStatePopulationProjections,2005.

2005 5,868,004 5 868 004 36,038,859 4,617,962 1,407,060 2 352 086 2,352,086 1,902,057 3,596,083 22,775,044 2,417,998 6,204,632 87,179,785

Projections 2030 10 712 397 10,712,397 46,444,861 5,792,357 1,969,624 4 282 102 4,282,102 2,099,708 4,833,918 33,317,744 3,485,367 8,624,801 121,562,879

Projected Growth 4 844 393 4,844,393 10,406,002 1,174,395 562,564 1 930 016 1,930,016 197,651 1,237,835 10,542,700 1,067,369 2,420,169 34,383,094

%Increase 83% 29% 25% 40% 82% 10% 34% 46% 44% 39% 39%

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WesternUSWaterResourcesInvestmentRationale
Tenmillionacrefeetofadditionalwaterannuallycouldberequiredto sustaintheWesternU.S.overthenexttwentyyears
This increase in water will be needed to:
Replace depleted allocations Enhance existing supplies Provide for future housing Enable industrial development Ensure recreational viability Preserve critical habitat Satisfycoolingandprocessingneedsof conventionalandrenewablepowerplants

EstimatedUrbanWaterUsage Increaseby2030
State
California Texas Utah C l d Colorado Arizona Nevada Oregon TOTAL

ProjectedIncrease
1,300,0005,800,000af 2,500,0003,000,000af 600,000af 670 000af 670,000 f 250,000500,000af 200,000300,000af 250,000500,000af 5,770,00011,400,000af

Ca l i foni a Wa terPl a n Advi s oryCommi ttee 2005Upda te on Urba n Us e Texa s Wa terDevel opmentBoa rd Uta h Di vi s i on ofWa terRes ources Col ora do Sta tewi de Wa terSuppl yIni ti a ti ve Ari zona Depa rtmentofWa terRes ources Neva da Di vi s i on ofWa terPl a nni ng,Neva da Sta te Wa terPl a n Sta tewi de Wa terNeeds As s es ment,Oregon Wa terRes ource Depa rtment
4

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U S Water U.S. W and dLand, L d LLCTransaction T i


Winnemucca Farm
Price: Location: Acreage: Water: Assets: A t $70,000,000including$10,000,000insellerfinancing HumboldtCounty,Nevada,roughly20miles NorthofWinnemucca 14,486acresofirrigatedlandand5,514acresofdryland 36,261AFofappurtenantcertifiedannualwaterrights 118center t pivot i ti irrigation i ti systems t and d57d deep waterirrigationwells 40yearhistoryofuninterruptedwaterusage

WAL acquires i 50% of f Winnemucca Wi F Farm f from Wi Winnemucca F Farms, I (WFI). Inc. (WFI) WFI will Triple Net Lease the farm from WAL for an initial 10 year term at a rate of $3,000,000 per year. The lease will be collateralized by WFIs ownership in WAL. Lease payments will be used to: Pay a 4% annual dividend Fund asset development Cover management overhead Pursue additional transactions

Pursuant to the business plan WAL has initiated discussions with a company pursuing a Northern Nevada integrated power generation and transmission strategy and a company interested in constructing concentrating solar power plants. Both entities are considering either acquiring and/or leasing water from the property or alternatively developing a portion of the property as a power site.
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WaterResources:PotentialWaterSupplyBuyers
ConventionalPowerPlantOperator

Leaseswaterfornewgeneratingstationson alongtermbasisinordertominimizeinitial capitalexpenditure.

RealEstateDeveloper

Purchaseswaterrightsanddedicates themtoalocalwaterauthorityin g forservicecommitmentsfor exchange anewsubdivision.

AgricultureWaterDistrict

Leaseswateronastandbybasisto augmentitssurfacewaterresources indryyearsinordertomeet commitmentstoitsmembers.

CoalBedMethaneProducer

WaterBankingAuthority

Leaseswatertoreplacethe wateritisextractingasapartof itsnaturalgasproduction.

Purchaseswaterinwetyearswhen pricesarelowerinordertoaddtoits undergroundstoragereserves.

ConcentratingSolarPlantFacility

Leaseswatertosecureareliable longtermsupply.
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RegulatedUtilitieslikelytoseeconsolidationopportunities
Regulatedutilitiesprovideinflationprotected,highvisibilitycashflows Regulatedmonopolieswithsignificantdownsideprotectionandahistoryofgeneratinglongtermlow doubledigitreturns Toplinerevenuegrowthsupportedbysalesofanessentialresourcewithconsistentpricingpower Highlyvisibleinflationprotectedcashflowssupportconsistentdividendgrowth Financialshocksmitigatedbyregulatoryenvironmentwhichpermitsrecoveryofunanticipated expenses Preapprovedcapitalinvestmentsandtheassociatedincreaseinratesareprimarilydrivenby environmentalcomplianceandthereplacementofdilapidatedcriticalinfrastructure SouthWestoperatesintwoofthemostdynamicstatesforeconomicgrowthandwaterresource development Californiascustomerbaseisaprimarilyurban,stablecustomerbasewhiletheTexascustomerbaseis primarilylocatedinthefastgrowingsuburbanandexurbanmetroregionsofAustinandDallas Contractserviceshaveadiversecustomerbaseacrosssixstateswithminimalcustomerconcentration SouthWesthassubstantialwaterrightsandwaterstoragerights Whileoffbalancesheet,thesehavesignificantvalue:~$160million Strategiesforassuringwatersupplyreliabilityandwaterresourcevaluecreationinexistingbasins beingdeveloped Diverseserviceterritories,includingnonregulatedbusinesses,providecomplementarygrowthopportunities Financiallystressedmunicipalities,manyoutofcompliance,requirequalifiedwaterandwastewater solutionproviderstocreateoperatingefficienciesandtocomplywithenvironmentalrequirements
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RegulatedUtilities:USAWaterServicesLLC
USAWaterServicesLLC,throughitsinvestmentinSouthWest Waterprovidesinvestorsa unique i opportunity i toi investi inthe h consolidation lid i of fthe h USwaterutility ili i industry d with i h attractivefinancialreturns. SouthWest WaterCompanyisauniquelyattractiveinvestmentforlongterminvestors Expected E t dannual lcash hdi dividend id dyield: i ld 8 8.5% 5%(fi (first t10yearaverage), ) growing i 4% longterm ExpectedIRRof12%+ Keyassetslocatedinattractiveregulatoryenvironments Opportunity O t it t toi invest tsubstantial b t ti ladditional dditi lcapital it lin i platform l tf growth thstrategy t t SouthWestWaterCompanywasacquiredbyWaterAssetManagementandJ.P.Morgan AssetManagementsInfrastructureInvestmentsFundforapproximately$336millionin S t b 2010 September

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Conclusion

Waterinvestmentspendingtoaccelerateglobally Wateravailabilityanincreasinglyimportantrisk,largely underappreciatedbythefinancialcommunity. Governmentownershiptodeclinedrivenbyfiscalpressuresand recognitionofincreasedinvestmentandoperatingexpense. Regulatoryreformlikelyasprivatecapitalisincentivizedtoenterthe void idcreated db bypublic bli fi financial i lconstraints. i Privateownershipandinvestmentinbothphysicalwaterand distributionassetswillgrowglobally. WAMinvestsinmultiplevehiclestocapitalizeontheopportunity opportunity, longshortequity,privateU.Swaterutility,waterrights,and agriculturalpropertieswithexcesswaterinkeyhydrologicalareas.

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Di l i Disclaimer
THE INFORMATION CONTAINED HEREIN IS PROVIDED FOR INFORMATIONAL AND DISCUSSION PURPOSES ONLY AND IS NOT, AND MAY NOT BE RELIED ON IN ANY MANNER AS, LEGAL, TAX OR INVESTMENT ADVICE OR AS AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY AN INTEREST IN TRF MASTER FUND (CAYMAN), LP (THE FUND). A PRIVATE OFFERING OF INTERESTS IN THE FUND WILL ONLY BE MADE PURSUANT TO A CONFIDENTIAL PRIVATE PLACEMENT MEMORANDUM (THE OFFERING MEMORANDUM) AND THE FUNDS SUBSCRIPTION DOCUMENTS, , WHICH WILL BE FURNISHED TO PROSPECTIVE INVESTORS AT A LATER DATE. ANY INFORMATION CONTAINED HEREIN TO BE Q QUALIFIED IN ITS ENTIRETY BY REFERENCE TO THE OFFERING MEMORANDUM, WHICH CONTAINS ADDITIONAL INFORMATION ABOUT THE INVESTMENT OBJECTIVE, TERMS AND CONDITIONS OF AN INVESTMENT IN THE FUND AND ALSO CONTAINS TAX INFORMATION AND RISK DISCLOSURES THAT ARE IMPORTANT TO ANY INVESTMENT DECISION REGARDING THE FUND. NO PERSON HAS BEEN AUTHORIZED TO MAKE ANY STATEMENT CONCERNING THE FUND OTHER THAN AS SET FORTH IN THE OFFERING MEMORANDUM AND ANY SUCH STATEMENTS, IF MADE, MAY NOT BE RELIED UPON. THE INFORMATION CONTAINED HEREIN MUST BE KEPT STRICTLY CONFIDENTIAL AND MAY NOT BE REPRODUCED OR REDISTRIBUTED IN ANY FORMAT WITHOUT THE APPROVAL OF THE FUND. WITHOUT LIMITATION OF ANY KIND, THE TAX TREATMENT AND TAX STRUCTURE OF THE FUND AND ITS INVESTMENTS AND ALL MATERIALS OF ANY KIND (INCLUDING OPINIONS OR OTHER TAX ANAYLSES) THAT ARE PROVIDED TO SUCH INVESTOR OR PROSPECTIVE INVESTOR RELATING TO SUCH TAX TREATMENT AND TAX STRUCTURE, MAY BE DISCLOSED BY SUCH INVESTOR OR PROSPECTIVE INVESTOR PROVIDED, HOWEVER, THAT SUCH DISCLOSURE SHALL NOT INCLUDE THE NAME (OR OTHER IDENTIFYING INFORMATION NOT RELEVANT TO THE TAX STRUCTURE OR TAX TREATMENT) ) OF ANY PERSON AND SHALL NOT INCLUDE INFORMATION FOR WHICH NONDISCLOSURE IS REASONABLY NECESSARY IN ORDER TO COMPLY WITH APPLICABLE SECURITIES LAWS. INVESTMENT IN THE FUND WILL INVOLVE SIGNIFICANT RISKS, INCLUDING LOSS OF THE ENTIRE INVESTMENT. THE FUND WILL BE ILLIQUID, AS THERE IS NO SECONDARY MARKET FOR INTERESTS IN THE FUND AND NONE IS EXPECTED TO DEVELOP. THERE WILL BE RESTRICTIONS ON TRANSFERRING INTERESTS IN THE FUND, INVESTMENTS MAY BE LEVERAGED AND THE INVESTMENT PERFORMANCE MAY BE VOLATILE. BEFORE DECIDING TO INVEST IN THE FUND, PROSPECTIVE INVESTORS SHOULD READ THE OFFERING MEMORANDUM AND PAY PARTICULAR ATTENTION TO THE RISK FACTORS CONTAINED IN THE OFFERING MEMORANDUM. INVESTORS SHOULD HAVE THE FINANCIAL ABILITY AND WILLINGNESS TO ACCEPT THE RISK CHARACTERISTICS OF THE FUNDS INVESTMENTS. IN CONSIDERING ANY PERFORMANCE DATA CONTAINED HEREIN, YOU SHOULD BEAR IN MIND THAT PAST OR TARGETED PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS, AND THERE CAN BE NO ASSURANCE THAT THE FUND WILL ACHIEVE COMPARABLE RESULTS OR THAT TARGET RETURNS WILL BE MET. IN ADDITION, THERE CAN BE NO ASSURANCE THAT UNREALIZED INVESTMENTS WILL BE REALIZED AT THE VALUATIONS SHOWN AS ACTUAL REALIZED RETURNS WILL DEPEND ON, AMONG OTHER FACTORS, FUTURE OPERATING RESULTS, 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. THE IRRS PRESENTED ON A GROSS BASIS DO NOT REFLECT, AND WILL BE REDUCED BY, ANY MANAGEMENT FEES, CARRIED INTEREST, TAXES AND ALLOCABLE EXPENSES BORNE BY INVESTORS, WHICH IN THE AGGREGATE MAY BE SUBSTANTIAL. ALL IRRS PRESENTED ARE ANNUALIZED AND CALCULATED ON THE BASIS OF MONTHLY INVESTMENT INFLOWS AND OUTFLOWS. NOTHING CONTAINED HEREIN SHOULD BE DEEMED TO BE A PREDICTION OR PROJECTION OF FUTURE PERFORMANCE OF THE FUND. PROSPECTIVE INVESTORS SHOULD MAKE THEIR OWN INVESTIGATIONS AND EVALUATIONS OF THE INFORMATION CONTAINED HEREIN. EACH PROSPECTIVE INVESTOR SHOULD CONSULT ITS OWN ATTORNEY, BUSINESS ADVISER AND TAX ADVISER AS TO LEGAL, BUSINESS, TAX AND RELATED MATTERS CONCERNING THE INFORMATION CONTAINED HEREIN AND SUCH OFFERING. EXCEPT WHERE OTHERWISE INDICATED HEREIN, THE INFORMATION PROVIDED HEREIN IS BASED ON MATTERS AS THEY EXIST AS OF THE DATE OF PREPARATION AND NOT AS OF ANY FUTURE DATE, AND WILL NOT BE UPDATED OR OTHERWISE REVISED TO REFLECT INFORMATION THAT SUBSEQUENTLY BECOMES AVAILABLE, OR CIRUMSTANCES EXISTING OR CHANGES OCCURING AFTER THE DATE HEREOF. CERTAIN INFORMATION CONTAINED IN THIS PRESENTATION CONSTITUTES FORWARDLOOKING STATEMENTS, WHICH CAN BE IDENTIFIED BY THE USE OF FORWARDLOOKING TERMINOLOGY SUCH AS MAY, WILL, SHOULD, EXPECT, ANTICIPATE, TARGET, PROJECT, ESTIMATE, INTEND, CONTINUE OR BELIEVE, OR THE NEGATIVES THEREOF OR OTHER VARIATIONS THEREON OR COMPARABLE TERMINOLOGY, DUE TO VARIOUS RISKS AND UNCERTAINTIES, ACTUAL EVENTS OR RESULTS OR THE ACTUAL PERFORMANCE OF ANY THE FUND MAY DIFFER MATERIALLY FROM THOSE REFLECTED OR CONTEMPLATED IN SUCH FORWARDLOOKING STATEMENTS, CAPITALIZED TERMS USED AND NOT OTHERWISE DEFINED HEREIN ARE DEFINED IN THE OFFERING MEMORANDUM.

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