Real Assets Market Overview 2023 The information contained herein is based on the latest available information as of 12/31/2022 and Hamilton Lane's opinions as of the date of this presentation and is subject to change at the Firm's discretion. Agenda Private Markets 3 Infrastructure 18 Energy 32 Real Estate 48 Agriculture 60 Mining & Materials 77 Timber 85 Proprietary and Confidential | 2 Private Markets Evolution of the Private Markets Growth of Private Markets – $ Trillions1 MSCI World Market Cap Private Markets Total Exposure 2022 2020 2007 1999 16.0 0.48 34.1 58.1 50.8 2.17 7.93 8.60 24 Year CAGR of 4.9% 24 Year CAGR of 12.8% Private Markets Diversification2 Infrastructure 1% Natural Resources Real Estate 1% 11% Private Credit 6% Infrastructure 4% Natural Resources 3% Real Estate 16% Private Credit 11% Private Equity 81% 1,2 Total exposure and market caps as of year-end for 1999, 2007, 2020 and 9/30/2022 for 2022 Source: Hamilton Lane data via Cobalt, Bloomberg as of September 30, 2022 Natural Resources Infrastructure 3% 8% Natural Resources 3% Infrastructure 8% Real Estate 10% Real Estate 11% Private Credit 14% Private Equity 66% Private Credit 15% Private Equity 63% Private Equity 65% Proprietary and Confidential | 4 Fundraising Activity Closed-end Fund Fundraising by Strategy USD in Billions $350 $300 $250 $200 $150 $100 $50 $0 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Real Estate Infrastructure Natural Resources Source: Hamilton Lane data via Cobalt, as of September 30, 2022, for all strategies through 2019 and natural resources through 2022; PERE, Inframation by infralogic data for real estate and infrastructure, respectively, from 2020 to 2022. Note: 2022 data for natural resources is September 30, 2022 Cobalt data annualized; 2022 data for real estate is September 30, 2022 PERE data annualized. Proprietary and Confidential | 5 NAV and Unfunded Commitments by Year Real Estate Infrastructure Natural Resources USD in Billions USD in Billions USD in Billions $700 $700 $700 $600 $600 $600 $500 $500 $500 $400 $400 $400 $300 $300 $300 $200 $200 $200 $100 $100 $100 $- $- $0 NAV Unfunded Source: Hamilton Lane data via Cobalt as of September 30, 2022 Proprietary and Confidential | 6 Distributions as a % of NAV and Contributions as a % of Unfunded Real Estate Infrastructure 180% 180% 180% 160% 160% 160% 140% 140% 140% 120% 120% 120% 100% 100% 100% 80% 80% 80% 60% 60% 60% Average 47.48% Natural Resources Average 46.26% 40% 40% Average 52.53% 40% Average 26.75% 20% 20% 20% 0% 0% Average 26.78% 0% Dist. As % of NAV Average 27.00% Cont. As % of Unfunded Source: Hamilton Lane data via Cobalt as of December 31, 2022 Proprietary and Confidential | 7 Annual Liquidity Ratio Liquidity by Year Private Equity Source: Hamilton Lane data via Cobalt as of December 31, 2022 Credit Real Estate Infrastructure 2022 2021 2020 2019 2018 2017 2016 2022 2021 2020 2019 2018 2017 2016 2022 2021 2020 2019 2018 2017 2016 2022 2021 0.00 2020 0.00 2019 0.50 2018 0.50 2017 1.00 2016 1.00 2022 1.50 2021 1.50 2020 2.00 2019 2.00 2018 2.50 2017 2.50 2016 Liquidity Ratio Distributions/Contributions Natural Resources Proprietary and Confidential | 8 PPMs Received by Strategy No. of PPMs Received by Hamilton Lane 350 300 14 39 250 36 28 36 17 26 78 61 24 150 10 12 11 24 100 11 0 0 1 4 3 5 56 40 40 45 2002 2003 2004 Real Estate 2005 Infrastructure Source: Hamilton Lane Diligence as of January 1, 2023 19 23 25 33 9 7 2 3 18 117 110 2007 2008 99 100 2009 2010 24 119 26 45 55 76 31 26 50 57 28 200 54 88 95 41 143 113 135 142 134 2014 2015 2016 158 182 199 199 181 163 71 2006 2011 2012 2013 2017 2018 2019 2020 2021 2022 Natural Resources Proprietary and Confidential | 9 Real Assets Performance 2006 2007 2008 2009 2010 2011 2012 Energy 47.85% Mining 98.26% Agriculture 15.84% Mining 42.12% Mining 58.65% Agriculture 15.18% Agriculture 18.58% Mining 36.93% Energy 28.38% Timber 9.52% Energy 9.86% Real Assets 13.74% Energy 14.65% Real Estate 10.54% Energy 12.09% Real Estate 13.11% Real Estate 14.26% Timber 7.75% Real Estate 10.99% Agriculture Infrastructure Real Assets 12.63% 9.17% 10.34% Energy 12.00% Real Assets 9.28% Real Assets 2.59% Real Assets 8.69% Real Estate 11.81% Timber 4.97% Timber 10.48% Real Assets 4.41% Real Estate 7.97% Real Assets 23.78% Real Assets Infrastructure Agriculture 18.58% 2.47% 6.33% 2014 2015 Agriculture Infrastructure Real Estate 20.93% 22.09% 13.33% Real Assets 13.03% Agriculture 10.34% Infrastructure 21.32% Timber 18.43% Agriculture 21.16% Agriculture 15.90% Mining -3.70% Real Estate 16.59% Real Estate 15.84% Real Estate -6.46% Timber -4.76% Agriculture 8.79% Timber 1.58% Energy 1.21% Timber 5.92% Energy 3.18% Mining -9.33% Timber 13.68% Infrastructure 2.47% Energy -18.52% Real Estate -16.86% Timber -0.16% Mining -14.99% Mining -8.63% Mining -20.75% Mining -0.63% Energy -22.57% • Real Assets Infrastructure -3.39% 0.87% 2013 Real Assets Infrastructure Infrastructure Infrastructure Infrastructure -3.49% 11.39% 4.67% 2.07% 7.27% 2016 Mining 24.03% Energy 17.31% 2017 2018 Infrastructure Agriculture 16.02% 6.74% Real Assets 8.81% 2019 2021 9/30/22 Energy 41.50% Energy 32.72% Real Assets 20.28% Real Estate 16.08% Real Estate 1.61% Mining 19.60% Real Assets 14.39% Timber 0.81% Real Estate 17.70% Timber 12.55% Real Estate Infrastructure 6.42% 7.67% Real Estate Infrastructure Agriculture 6.71% 5.28% 3.09% Real Estate Infrastructure Agriculture 6.98% 6.16% 4.82% Infrastructure Agriculture 9.57% 6.19% 2020 Real Assets 4.35% Real Assets 2.48% Energy 5.14% Timber 3.43% Timber 1.29% Agriculture 7.09% Timber 3.63% Energy -1.26% Energy -8.93% Mining -0.36% Timber 9.17% Infrastructure 6.26% Timber 2.59% Mining -0.07% Mining -10.37% Mining -10.46% Energy -19.52% Agriculture 7.84% Mining 4.32% Real Assets Infrastructure 0.64% 17.70% Agriculture 10.21% Portfolio construction continues to be key in building a real assets portfolio given the variance of sector performance Real assets consists of 40% real estate, 30% infrastructure, 15% energy, 5% mining, 5% timber and 5% agriculture Source: Bloomberg, Bison data via Cobalt and NCREIF, as of September 30, 2022 For illustrative purposes only. Actual results may vary. Proprietary and Confidential | 10 Pooled Returns by Vintage Year Dispersion of Returns by Strategy and Geography Vintage Years: 2000-2020; Ordered by Spread of Returns Dispersion of Returns Median IRR 20.0% Geography Strategy All PM 2,000 16.0% 12.0% 1,200 8.0% 800 4.0% 400 0 Median IRR Spread (bps) 1,600 Growth Equity Venture Capital CI Funds SMID Buyout Mega/ Large Buyout Real Estate Secondary FoF Source: Hamilton Lane Data via Cobalt (January 2023); All PM includes Secondary Fund of Funds and Fund of Funds FoF Natural Infrastructure Credit Resources Asia ROW ex. Asia Global North America Western Europe All PM 0.0% Proprietary and Confidential | 11 Dispersion of Returns Top Decile 2nd Quartile Median 3rd Quartile Bottom Decile Dispersion of Returns by Strategy Vintage Years: 2000-2020 40% 30% 20% 10% 0% -10% -20% Top Q – Bottom Q Spread: 1391 bps 1250 bps 969 bps 1615 bps Real Estate Natural Resources Infrastructure All PM Source: Hamilton Lane Data via Cobalt (January 2023); All PM includes Secondary Fund of Funds and Fund of Funds Proprietary and Confidential | 12 Performance in Inflationary Environments Strategy Correlation to Various Indices Growth of $100 by Strategy Quarterly returns from 2002 to 9/30/2022 December 31, 2021 to September 30, 2022 $120 Strategy CPI Real Estate 0.37 Infrastructure 0.21 $104.14 $101.85 Natural Resources 0.39 $94.93 Buyout 0.26 $87.40 Growth 0.17 Venture Capital 0.06 Credit 0.35 S&P 500 0.11 Barclay’s Aggregate Global Bond Index -0.33 $117.71 $115 $110 $105 $100 $95 $90 $85 $83.89 $80 $79.42 $75 $70 Real Estate Q4 2021 Infrastructure Q1 2022 Natural Resources Q2 2022 Buyout Source: Hamilton Lane data via Cobalt as of September 30, 2022, Bloomberg as of January 2023 Growth Equity Q3 2022 Venture Capital S&P 500 Proprietary and Confidential | 13 Pooled Returns by Vintage Year (cont.) Real Estate IRR vs. PME By Vintage Year 30% 20% 10% 0% -10% -20% 2000 2001 2002 2003 2004 2005 2006 2007 Real Estate IRR 2008 2009 2010 2011 Real Estate 1st & 2nd Quartile IRR 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 FTSE Nareit Equity REIT Index PME Infrastructure IRR vs. PME By Vintage Year 25% 15% 5% -5% 2002 - 2005 2006 2007 2008 2009 2010 - 2011 Infrastructure IRR Source: Hamilton Lane data, Bloomberg as of January 2023 2012 2013 2014 Infrastructure 1st & 2nd Quartile IRR 2015 2016 2017 2018 2019 2020 2021 DJ Brookfield Global Infrastructure PME Proprietary and Confidential | 14 Pooled Returns by Vintage Year (cont.) Natural Resources IRR vs. PME By Vintage Year 60% 50% 40% 30% 20% 10% 0% -10% -20% 2000 2001 2002 2004 2005 2006 2007 2008 Natural Resources IRR Source: Hamilton Lane data, Bloomberg as of January 2023. Please refer to endnotes 2009 2010 2011 2012 2013 Natural Resources 1st & 2nd Quartile IRR 2014 2015 2016 2017 2018 2019 2020 2021 MSCI World Energy Index PME Proprietary and Confidential | 15 Risk-Adjusted Returns 3-Year Asset Class Risk-Adjusted Performance Annualized Time-Weighted Returns as of September 30, 2022 Private Markets Outperforming by 300+ bps Private Markets Outperforming by 0–300 bps Public Markets Outperforming • Private markets typically deliver a return premium over public market alternatives with lower levels of volatility (even after desmoothing volatility) • Private real assets have historically had low levels of correlation to the public markets, including to REITs and public infrastructure, which have been highly correlated to the broad public market • The benchmark and timeframe you use matters 25% Equity 20% Real Assets Credit 15% 10% Private Equity 5% S&P 500 Index Russell 3000 Index 0% MSCI World Index Hedge Funds Private Credit Credit Suisse High Yield Index Barclays Aggregate Bond Index Private Real Estate (NonCore) Private Private Natural DJ InfrastrucFTSE Brookfield Resources ture NAREIT Global Equity REIT InfrastrucIndex ture Index MSCI World Energy Sector -5% Sharpe Ratio 0.67 0.26 0.23 0.11 0.29 0.39 n/a n/a 0.48 n/a 1.09 n/a 0.22 Source: Hamilton Lane Data via Cobalt, Bloomberg. Indices used: Hamilton Lane All Private Equity with volatility de-smoothed; S&P 500 Index; Russell 3000 Index; MSCI World Index; HFRI Composite Index; Hamilton Lane Private Credit with volatility de-smoothed; Credit Suisse High Yield Index; Barclays Aggregate Bond Index; Hamilton Lane Private Real Estate with volatility de-smoothed; Hamilton Lane Private Infrastructure with volatility de-smoothed; Hamilton Lane Private Natural Resources with volatility de-smoothed; FTSE NAREIT Equity REIT Index; DJ Brookfield Global Infrastructure Index; MSCI World Energy Sector Index. Geometric mean returns in USD. Assumes risk free rate of 1.8%, representing the average yield of the ten-year treasury over the last three years. (January 2023) Source: Hamilton Lane data, Bloomberg as of January 2023. Please refer to endnotes and definitions in appendix. For illustrative purposes only. Actual results may vary. Proprietary and Confidential | 16 Risk-Adjusted Returns 10-Year Asset Class Risk-Adjusted Performance Annualized Time-Weighted Returns as of September 30, 2022 Private Markets Outperforming by 300+ bps Private Markets Outperforming by 0–300 bps Public Markets Outperforming • Private markets typically deliver a return premium over public market alternatives with lower levels of volatility (even after desmoothing volatility) • Private real assets have historically had low levels of correlation to the public markets, including to REITs and public infrastructure, which have been highly correlated to the broad public market • The benchmark and timeframe you use matters 18% 16% Equity Real Assets Credit 14% 12% 10% Private Real Estate (Non-Core) 8% 6% Private Equity 4% S&P 500 Index Russell 3000 Index MSCI World Index 2% Hedge Funds Private Credit Credit Suisse High DJ Private Brookfield FTSE Infrastruc- Global NAREIT Infrastructure ture Index Barclays Aggregat e Bond Index 0% Sharpe Ratio 0.82 0.62 0.57 0.39 0.23 0.79 0.19 n/a 0.70 0.29 1.59 0.26 Private Natural Resource MSCI World Energy Sector 0.03 Source: Hamilton Lane Data via Cobalt, Bloomberg. Indices used: Hamilton Lane All Private Equity with volatility de-smoothed; S&P 500 Index; Russell 3000 Index; MSCI World Index; HFRI Composite Index; Hamilton Lane Private Credit with volatility de-smoothed; Credit Suisse High Yield Index; Barclays Aggregate Bond Index; Hamilton Lane Private Real Estate with volatility de-smoothed; Hamilton Lane Private Infrastructure with volatility de-smoothed; Hamilton Lane Private Natural Resources with volatility de-smoothed; FTSE/NAREIT Equity REIT Index; DJ Brookfield Global Infrastructure Index; MSCI World Energy Sector Index. Geometric mean returns in USD. Assumes risk free rate of 2.2%, representing the average yield of the ten-year treasury over the last ten years. (January 2023) Source: Hamilton Lane data, Bloomberg as of January 2023. Please refer to endnotes and definitions in appendix. For illustrative purposes only. Actual results may vary. Proprietary and Confidential | 17 Infrastructure The Big Picture • Transaction activity set a new high-water mark in 2022; SMID opportunities continue to be an attractive segment of the market given lack of competition from an increasing number of mega funds • Infrastructure has historically outperformed during periods of elevated inflation; we are keeping an eye on longer term inflation expectations across geographies • Infrastructure assets were remarkably stable during COVID highlighting the asset class's downside, protected cash flow streams underpinned by recurring, contracted revenues • “Energy transition” encompasses a wide range of opportunities from early-stage venture to core stabilized assets; significant amounts of capital will be required to fully transition to clean energy, particularly as assets reach their growth and stabilization stages • Transaction structures in the renewables space continue to evolve with more developers opting to hold projects through stabilization; investors need to have a clear understanding of the differences between development, construction and stabilization risks • The data center market has become very competitive in the U.S. with very few opportunities for brownfield growth remaining; data center capacity in Europe’s tier-1 markets is approximately 5 years behind the U.S. • COVID highlighted the importance of contract structuring and downside protection for transportation assets; assets underpinned by long-term contracts continue to exhibit remarkable stability with opportunities for further upside Proprietary and Confidential | 19 Infrastructure Transaction Activity >$2.5B 4% $1B - $2.5B 7% Number of Transactions by Enterprise Value in 2022 <$100M 3% $100M $500M 16% $500M - $1B 11% Transaction Volume by Enterprise Value in 2022 <$100M 39% $100M - $500M 39% $500M - $1B 14% >$2.5B 50% $1B - $2.5B 17% Source: Inframation as of December 31, 2022 Source: Inframation as of December 31, 2022 Transaction Volume by Quarter $300 $250 Billions $200 $150 $100 $50 $ Q1 Q2 Q3 2017 Source: Inframation as of December 31, 2022 Q4 Q1 Q2 Q3 2018 Q4 Q1 Q2 Q3 2019 Q4 Q1 Q2 Q3 2020 Q4 Q1 Q2 Q3 2021 Q4 Q1 Q2 Q3 Q4 2022 Proprietary and Confidential | 20 Infrastructure Sector Activity by Region 2022 Infrastructure Transactions by Enterprise Value Transport 33% Transport 13% Energy 30% Telecom 20% North America $320.0B Transaction Volume Other 4% Social 6% Europe $358.5B Transaction Volume Energy 14% Renewables 17% Environment Power 9% 1% Other 2% Social 3% Environment Power 1% 4% Renewables 21% Transport 23% Transport 34% Asia Pacific $183.5B Transaction Volume Energy 12% Other 1% Environment 1% Telecom 12% Renewables 18% Social 8% Source: Inframation as of December 31, 2022 Telecom 22% Power 14% Energy 27% Rest of World $150.2B Transaction Volume Other 2% Social 1% Environment 6% Telecom 10% Renewables 18% Power 13% Proprietary and Confidential | 21 Infrastructure Performance During COVID As an asset class, infrastructure was resilient during the COVID-19 pandemic In particular, assets in North America and Europe were very stable Median Infrastructure MOIC by Quarter Median Return by Subsector Portfolio-Company Level; n=410 1.41x Transportation 1.09x Telecom 1.26x 1.36x Environment 1.37x 0.75x 1.00x 1.30x ROW 1.29x Q3 Q4 Q1 2020 1.29x Q2 Q3 2021 Q4 Q1 Q2 2022 Asia Pacific 0.75x * EU data = 2009 – TTM Q2 2022 1.75x 2.00x 1.35x 1.37x 1.34x 1.12x 1.00x Source: Hamilton Lane data as of September 30, 2022 1.43x 1.41x 1.25x Q1 2020 Sources: Bloomberg, Hamilton Lane data as of September 30, 2022 2.00x 1.50x 1.35x Europe Q2 1.75x Q2 2022 1.10x North America Q1 1.50x Median Return by Region South America 1.29x 1.46x 1.25x Q1 2020 1.34x 1.38x 1.29x Energy 1.36x 1.33x 1.41x 1.10x Power 1.38x 1.38x 1.31x Renewables 1.39x 1.49x 0.89x Social 1.41x 1.44x 1.50x Q2 2022 Proprietary and Confidential | 22 Infrastructure Has Outperformed During Elevated Inflation to Date Infrastructure assets tend to perform well during periods of elevated inflation… Average Performance During Periods of Elevated Inflation (≥2%) Average inflation over the next decade is expected to cross the 2% mark Expected Inflation Over the Next 10Y vs. Past 10Y Inflation 1999 - TTM Q3 2022 Australia 9.4% 9.1% 7.5% 7.4% 7.0% 6.8% Germany France 4.4% 2.7% UK US N. America Infra EU Infra* Periods with inflation ≥2% Sources: Bloomberg, Hamilton Lane data via Cobalt as of September 30, 2022 * EU data = 2009 – TTM Q3 2022 APAC Infra All periods Global Infra 0.0% 0.5% 1.0% Average Past 10Y 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% Expected 10Y Breakeven Inflation Source: Bloomberg as of January 9, 2023 Inflation metric used for US and Australia is respective CPI, metric used for UK is RPI and the metric used for France and Germany is HICP Proprietary and Confidential | 23 “Energy Transition” Can Be Played in Many Different Ways Opportunities abound across emerging, growth and established energy transition investments Company Growth Cycle Generation Transmission Storage • Over the last few years, we have discussed the continuum of “energy transition” investments and how investors can access the space based on their desired risk-return profile • Across the infrastructure space, we focus on assets that are in their later stages of growth or are beginning to enter into stabilization • As the energy transition market continues to mature and evolve, we believe there are three main sub-sectors where infrastructure investors can participate in the “energy transition”: generation, transmission and storage • In the following case studies, we compare several projects across geographies that highlight the nuances and potential risks investors should look out for when evaluating infrastructure opportunities in the energy transition space Proprietary and Confidential | 24 Theme: Energy Transmission – North America Case Study Build and Hold Buy and Hold Project A Project B 4.0x 4.0x 2.9x 3.0x Gross MOIC Gross MOIC 3.0x 2.0x 1.0x 0.0x -1.0x 2.0x 1.5x 1.0x 0.0x Year 0 Year 5 Year 10 Year 15 -1.0x Year 20 Year 0 Projected Base Case Returns (20-year hold) Gross IRR Year 5 Year 10 Year 15 Year 20 Projected Base Case Returns (20-year hold) ~12% IRR Gross IRR ~6-7% IRR Gross multiple ~2.9x Gross multiple ~1.5x Payback period Year 12 Payback period Year 17 Stabilized yield on cost (excl. recaps) ~8.3% Stabilized yield on cost (excl. recaps) ~5.6% • One of the largest bottlenecks slowing the build out of renewables today is lack of transmission capacity • • Project A is a to-be-built 1,250MW high voltage transmission line spanning 339 miles between Canada and NYC • • The project is expected to provide NYC with 24/7 renewable power for ~20% of NYC’s total daily power consumption • • The project is fully permitted and construction-ready, backed by an investment-grade counterparty and 40 year take-or-pay with annual escalators • Source: Hamilton Lane internal data as of December 2022; for illustrative purposes only; actual results may vary Project B is comprised of 2 existing transmission assets in in the Southwest U.S. with opportunities for additional growth through further build out of renewable generation and related interconnection infrastructure The assets are also under long-term, fixed price contracts with investment grade counterparties and no volume or commodity risk Existing transmission assets are typically bid down into single-digit returns given their bond-like cash flow streams Due to their stability, existing transmission assets are typically, highly levered, reducing opportunities for future debt-funded recaps Source: Hamilton Lane internal data as of December 2022; for illustrative purposes only; actual results may vary Proprietary and Confidential | 25 Theme: Energy Storage – Europe Case Study Project Example Energy storage needs are substantial and are forecast to be accelerated by the energy transition Europe Energy Storage Needs 800 GW 600 165 Transaction Dynamic Opportunity to invest in a vehicle to acquire a 50% stake in an essential infrastructure asset involved in the storage of strategic energy reserves with energy transition upside 400 265 200 0 Mix 60 40 88 89 Current Capacity 2030 Capacity Needs Short Term Storage (seconds to hours) Long Term Storage (days to seasons) 170 2050 Capacity Needs Power-to-X Storage • Storage solutions are expected to range from battery storage and EV-to-grid to longer solutions such as pumped hydro storage and hydrogen storage • Hydrogen storage has the potential to provide a part of the baseload needed to balance the increasing proportion of intermittent energy sources – • Asset Description European company specializing in the underground storage and transport of hydrocarbons, consisting of more than 30 underground salt caverns storing a meaningful amount of strategic reserves Underground storage will be critical to any large-scale hydrogen economy by providing long-term ballast to the grid Other forms of storing energy such as batteries and vehicle-to-grid, could be utilized for short-term balancing of power supply intermittency Source: European Association for Storage of Energy, June 2022 Investment Thesis • Opportunity to acquire core infrastructure with high resilience and pre-identified growth potential • Significant market opportunity; asset offers attractive brownfield characteristics and is well-positioned to capitalize on the energy transition 2018 Hydrocarbon Storage 2028 Onward Diversified revenue away from hydrocarbons 2022 - 2028 Hydrogen Storage Development and Construction Proprietary and Confidential | 26 Theme: Energy Generation – Asia Pacific Case Study Taiwan - a leader in Asia driving toward net-zero and anchoring the push for renewable energy 4 Asian economies have net-zero policies and legislation Taiwan Offshore Wind Supportive Governmental Policies • 5.7GW by 2025 • 20.7GW by 2035 • Aiming to power 380,000 households Energy Lifestyle Industrial Social To acquire an additional stake in a pre-baked, greenfield, offshore wind farm under a platform with a track record of successful offshore wind farm installations ~13% Gross IRR; ~1.6x MOIC base case returns Investment Thesis Target Milestones 2025 No new coal-fired plants 2040 CCUS in all coal and gas-fired plants 2035 100% smart meter installation • In 2021, 98% of Taiwan’s total energy supply was imported fossil fuels • 82% of electricity generated from coal and natural gas Opportunity Target Areas for Taiwan 2050 Net-Zero 2030 40 GW wind & solar capacity For an energy import-reliant economy 2050 Renewable electricity >60% 100% smart substation installation Source: Hamilton Lane internal data as of December 2022; for illustrative purposes only; actual results may vary Energy import-dependent market supportive for FIT rates Renewable energy generation to support energy independence and security Downside protection with long-term, full-offtake PPAs with a local power co. De-risked opportunity with considerable construction progress with only tailend construction risk remaining Ability to invest alongside a skilled, renewable energy manager in a de-risked, greenfield, offshore wind asset with a high degree of revenue certainty in a supportive market 1 Proprietary and Confidential | 27 Representative Stabilized Cap Rates & Development Yields Theme: European Data Centers 14.0% European data center immaturity offers attractive opportunity set • Data center capacity per capita in Europe’s “FLAPD”* market (Tier-1) is 5 years behind the U.S. • The European data-center market is significantly concentrated in Tier 1 cities (83% of capacity), with Tier 2 and 3 cities lagging far behind • The current low capacity of Tier 2 and 3 cities offers a strong investment and development opportunity • Less developed European market offers greater potential yield than similar projects in the U.S. • The projected demand for European data centers is supported by new government regulations on digital sovereignty and local data storage 25.0 Watts 6.0% 5.8% 6.7% 4.0% 2.0% 0.0% USA European Reference - Tier 1** Europe - Tier 2 Europe - Tier 3 Data Centers Cap Rate Development Yield 17% 16.1 15.0 11.8 11.5 0.0 7.7% 8.0% 22.0 20.0 5.0 10.0% Split of Data Center Capacity in Europe (MW) Data Center Capacity per Capita 10.0 12.0% 12.0% 12.9 14.3 11.6 9.7 9.4 3.5 3.6 2014 2015 4.3 2016 US * FLAPD means Frankfurt, London, Amsterdam, Paris and Dublin ** Data from one European Tier 1 project 5.9 5.1 2017 2018 Europe FLAPD 7.3 8.4 83% 2019 2020 2021 FLAPD (Tier 1) Tier 2&3 Proprietary and Confidential | 28 Theme: Transportation Market Evolution Long-Term Contracts Lead to Stability Short-Term Contracts Exhibit Volatility Project A - Throughput YoY 91% 18% 77% 81% 80% 5% 72% 72% 95% 85% 79% 58% 42% -8% -2% 79% 68% -1% 2% 6% 10% 77% 5% 6% 3% 5% 9% 1% 5% 8% 3% 10% 17% 5% 13% 8% 11% 14% 18% 90% 6% 13% 28% Project B - Utilization Rates 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Global Throughput 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Project A Throughput • Transportation infrastructure assets have historically exhibited high correlation with GDP growth • Project A is a container terminal operator with more than 40 sites across 27 countries, which serve key ports and trade routes globally • The company benefits from a privileged partnership with the majority shareholder (70%) and largest container shipping line in the world • The partner’s majority ownership ensures alignment of interest underpinned by longterm contractual commitments that address capacity, volume, and pricing • These long-term contracts have historically reduced profit volatility in absolute terms and relative to peers • Project B owns and manages dry and refrigerated shipping containers including generator sets used to power refrigerated containers when transported over land for prolonged periods of time • The business serves multiple industries including frozen food, pharma, construction, retail and storage • The company’s contract structures are a combination of long-term operating leases, direct finance leases and short-term leases • The utilization rates of company B’s shipping containers have historically been highly correlated with macro economic events and GDP growth, introducing volatility into the business and uncertainty in underlying cash flows • During the GFC as global shipping declined by 8%, the company’s volumes contracted by 2%; during COVID the company grew by 5% while the industry shrunk by 1% Source: Hamilton Lane internal data as of December 2022; for illustrative purposes only Source: Hamilton Lane internal data as of December 2022; for illustrative purposes only Proprietary and Confidential | 29 Infrastructure Sentiment Indicators Today 2021 • Purchase price multiples jumped over the last year as investors focused on growth platforms and energy transition opportunities • We expect purchase multiples to moderate over the medium term as new projects continue to mature • Leverage has decreased over the last year and remains at conservative levels on an absolute and relative basis • Average public market returns were relatively flat YoY but still below historical norms • Fund size and time to next fundraise data is skewed in 2022, driven by several mega cap funds coming to market during the year and delayed fundraises following COVID 2007 Legend +2σ Long-Term Average -2σ 18.6x 11.9x 5.2x 8.5x 4.0x -0.6x Purchase Price Multiples Leverage Multiples Trailing Public Market Returns 30.7% 10.0% (10.7%) Fund Size Step Up 4.4x 2.0x -0.4x Time to Next Fundraise 1.2 years 3.2 years Source: Hamilton Lane Data, Bloomberg, Cobalt, Pitchbook (January 2023). Please refer to endnotes in appendix 5.2 years Proprietary and Confidential | 30 Attractive Areas for Investment Focus Sectors Market-Driven Themes Renewable & Traditional Power • High power prices driving corporate users to sign longterm PPAs with cost pass throughs and escalators • Interim opportunities in conventional peaking assets to address renewable intermittency • Expect to see more distributed generation opportunities Data/ Communications • Continued growth in data usage and cloud services • Hyperscale valuations look rich today; risk of overbuild in the medium term • Demand driven by multinational telcos following customers into “emerging” markets Transportation • Valuations and opportunities for platform growth improving in current market • Seeing most opportunities in mid-market platform roll-up strategies Waste/Water Energy Infrastructure • EfW continues to grow as landfills become constrained; regulations hinder new development • Need for efficiency in water and sewage • Aging infrastructure • LNG export to become a major theme as countries around the world seek energy independence • Water delivery, treatment, storage and transportation infrastructure still required • Early days for carbon capture; may be an angle to retrofit legacy midstream assets for carbon capture Target Investment Characteristics • Entry price defined by attractive, relative value • Cash flow streams underpinned by recurring, contracted revenues • Assets with diversified, credit-rated counterparties • High barriers to entry created by high capex, pricing power, market or other regulatory constraints • Low risk of technological disruption • Limited commodity price, merchant or cyclical volume risk • Limited development risk • Upside driven by platform growth, operational improvements, re-contracting, and/or execution of pre-contracted, success-based capex programs The information contained herein is based on the latest available information as of 1/31/22 and Hamilton Lane's opinions as of the date of this presentation and subject to change at the Firm's discretion. Proprietary and Confidential | 31 Energy The Big Picture • Energy takes center stage globally amid energy security concerns, energy’s role as an inflationary input, and the potential for energy availability and cost determining the viability of whole industries in certain regions • Conversations around energy gains nuance, with less absolutism than in prior years, as lofty decarbonization commitments by both governments and market participants are put to the test • Record profits for E&P companies amid surging commodity prices and investment restraint. Lack of investment in new production sets the stage for a period of sustained, strong investment returns despite select headwinds on the horizon • Energy transition gains steam; massive capital requirements and investment opportunities exist across the risk/reward spectrum and capital stack • Energy markets are complex, volatile and evolving; not a place for the inexperienced or faint of heart. Despite significant growth and tremendous opportunity for investment, proceed cautiously Proprietary and Confidential | 33 Energy’s Foundational Role in Modern Society Takes Center Stage Energy Takes Many Forms, All of Which Embedded in Day-to-Day Life U.S. Energy Consumption by Sector Commercial 12% Transportation 37% Residential 16% Industrial 35% U.S. Energy Consumption by Source Nuclear 8% Coal 11% Petroleum 36% Renewable Energy 12% Natural Gas 32% Source: EIA. Accessed January 2023. Data through year-end 2022 Proprietary and Confidential | 34 The Energy Transition Gains Steam, Encompassing a Vast Opportunity Set Net Annual Generation; Coal vs. Renewables Energy Transition Opportunity Set 2,500 RNG Generation 2,000 Transmission & Storage EFW Million mWh 1,500 Energy Transition 1,000 CO2 500 Demand-Side 0 2001 2004 2007 Wind Source: EIA. 2010 Solar 2013 2016 2019 2022 H2 De-Carbonization CO2 Coal Proprietary and Confidential | 35 ...Requiring Vast Sums of Capital Global EV Unit Sales Energy Transition Investment Investment Priorities for 1.5 Annual, Millions 2020 vs. Projected Requirements, $ Trillions Annual Investment Allocation Requirements 70 $4.4 60 • Energy transition encompasses a broad opportunity set “fueled” by electrification and a push toward renewable generation • Supply and demand is transforming, requiring substantial investment in infrastructure and technology Other 18% 50 Heat, Transport Electrification 22% 40 30 Renewables 26% 20 10 0 Efficiency 34% $0.5 2017 2020 2023 2026 2029 2032 2035 2020 Energy Transition Annual Required Investment -> 2050 Sources: Bloomberg as of January 2023; IRENA World Energy Transitions Outlook as of June 2021; and IEA World Energy Investments 2021 Proprietary and Confidential | 36 Electrification will require substantial investments in generation, transmission and storage U.S. Household Electricity Consumption Impact of EV Adoption1 Annual kilowatt-hours Building Heating Energy Demand Change (2021-2030)2 EJ 4 20000 2 15000 • A trend toward electrification across residential, industrial, commercial and transport applications will require substantial investment • At the household level, EV and heat pump adoption to drive significant demand growth for electricity +34% 0 -2 10000 -4 5000 -6 0 -8 2022 2022 +EV Electricity Coal Oil Natural gas Source: Hamilton Lane illustration leveraging information from Ev-database.org, Federal Highway Administration, EIA. Assumptions: EV consumption rate of 170 Wh/Km, average annual household electricity consumption of 10,632 KWh as of May 2022, and average miles driven of 13,476 per NHTSA as of October 2022. single EV addition per household in +EV scenario 2 Source:, IEA. Changes account for national emissions reduction and net zero national announcements as of September 2022 for 2030 1 Proprietary and Confidential | 37 Select Renewables Cost Competitive With Traditional Generation Technologies Have Rapidly Matured, Incentivizing Investment, Often on an Unsubsidized Basis Wind Unsubsidized LCOE Levelized Cost of Energy Comparison – Unsubsidized Analysis LCOE ($MWh) Levelized Cost ($MWh) $180 Conventional Gas Combined Cycle $160 Coal $140 Nuclear Gas Peaking $120 Wind $100 Renewable Energy Geothermal $80 Solar Thermal Tower w/Storage Solar PV - Thin Film Utility Scale $60 Solar PV - Crystalline Utility Scale $40 Solar PV - Community Solar PV - Rooftop C&I $20 Solar PV - Rooftop Resi $0 $50 $100 $150 $200 $250 $- 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Source: Lazard Levelized Cost of Energy and Levelized Cost of Storage – 2021. Published October 2021 Proprietary and Confidential | 38 $750+ Billion of Key Policy Initiatives Support Energy Transition Recent Policy Support Initiatives: Annual Investment in Energy Supply-Related Infrastructure Current Policy (including bipartisan infrastructure law) vs. Senate Inflation Reduction Act (“IRA”) • November 2021, $65 billion of Infrastructure Investment & Jobs Act related to grid upgrades resiliency • January 2022, U.S. Department of Energy launched “Building a Better Grid” Initiative, $20 billion • March 2022, RePowerEU, €300 billion ($315 billion) • August 2022, Inflation Reduction Act, $369 billion • In response to the IRA, the EU has suggested that additional climate legislation is a priority for 2023 • The IRA and other policy initiatives seek to incentivize global investment in established and nascent area of the energy transition USD Billions Per Year 900 800 700 600 500 400 300 200 100 0 2026 Transmission 2026 Sola r 2026 Wind 2028 Nuclear 2028 Fossil Power 2028 Fossil Power w/CCs 2030 2030 2030 CO2 Transport & Storage Source: Princeton University, Preliminary Report: The Climate and Energy Impacts of the Inflation Reduction Act of 2022, August 2022 2035 Hydrogen 2035 2035 Biofuels & Synthetic Fuels Other Proprietary and Confidential | 39 Despite Tailwinds, Challenges Abound • Despite tailwinds, intermittency can compound challenges facing the grid, particularly during system-wide failures • Reliable baseload nuclear and coal plants (running 80-95% of time) are being shut down in favor of intermittent renewables (running 10-30% of the time) • NIMBY-ism and opposition blocks development of crucial new transmission capacity • Limited transmission grid expansion with an increasing demand for renewables will lead to further strain on grid • As of October 2022, S&P Global is tracking more than 21,000 proposed transmission miles to help integrate the nearly 320,000 MW of wind and solar capacity in early planning stages Grid Constraints and Intermittency Pose Continued Challenges Hourly U.S. Electricity Generation by Energy Source August 9, 2022 ERCOT Megawatthours 80,000 70,000 60,000 50,000 40,000 30,000 20,000 10,000 0 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 a.m. a.m. a.m. a.m. a.m. a.m. a.m. a.m. a.m. a.m. a.m. a.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. a.m. Nuclear (MWh) Coal (MWh) Natural Gas (MWh) Solar (MWh) Wind (MWh) Hydro (MWh) Other (MWh) Limited Growth in Transmission Capacity Miles of transmission lines added by year and region 3,000 2,500 2,000 1,500 1,000 500 0 2018 2019 CAISO ERCOT 2020 MISO SPP New York Source: U.S. EIA. Data for August 9, 2022 and accessed January 2023, S&P CapIQ and accessed January 2023 2021 Non-ISO New England 2022 PJM Proprietary and Confidential | 40 Challenges: Increasing Costs & Underperformance • Demand for raw material inputs associated with energy transition investments is causing inflation in input costs, pressuring profit margins • For example, the price of solargrade polysilicon tripled in 2021 and continues in 2022 to trend above historic averages • Trade policy presents another challenge to importing raw materials • Despite renewable technologies maturing, persistent underperformance relative to underwriting remains an issue for select technologies. KWh Analytics documents solar projects underperforming P50 forecasts by ~7% on average, a figure that has not improved in recent years Despite Challenges, a Robust Opportunity Set for Active Management Polysilicon Raw Material Cost $/kg, through December 31, 2022 Underproduction is the largest driver of EBITDA shortfalls Average difference between actual & expected EBITDA Curtailment 7% 50 Increased Operating Expenses & Other 1% 45 40 Underproduction due to poor availability, unrealistic P50 estimates and weather 92% 35 30 25 Solar Projects are experiencing P99 events, 17x more often than expected 20 20% 1 in 7 projects are persistently underperforming their P99 over multiple years 15 17% 15% 15% 10 10% 5 5% P99 events happening 17x more frequently than expected in any given year 1% 0 Feb-16 Jun-16 Oct-16 Feb-17 Jun-17 Oct-17 Feb-18 Jun-18 Oct-18 Feb-19 Jun-19 Oct-19 Feb-20 Jun-20 Oct-20 Feb-21 Jun-21 Oct-21 Feb-22 Jun-22 Oct-22 0% Source: Bloomberg accessed in January 2023; kWh Analytics: Solar Risk Assessment: 2022 Over 1 Year Expected P99 Probability Persistent underperformance exponentially higher than expected over multiple years <1% Over 4 Years Actual P99 Probability Proprietary and Confidential | 41 Lines Blurring Amid Rise of “Energy” Companies Oil & Gas Companies Broaden Horizons Amid Expanding Opportunity Set Select Energy Transition Investments by “Traditional” Energy Companies Generation Transmission & Storage Demand-Side De-Carbonization Source: Hamilton Lane, Capital IQ, As of January 2023. HL custom energy index equal-weighted and comprised of : Ørsted A/S, Brookfield Renewable Corporation, Atlantica Sustainable Infrastructure plc, Voltalia SA, Falck Renewables S.p.A., Northland Power Inc., NextEra Energy Partners, LP, Ormat Technologies, Inc., Scatec ASA, Sunnova Energy International Inc. • Traditional energy companies around the world are beginning to play a leading role in the energy transition, with noteworthy investments across the opportunity set • Traditional energy companies have been able to play to their strengths, leveraging their expertise and scale in areas such as carbon capture and in offshore wind Proprietary and Confidential | 42 E&P Profitability Reached Historic Highs in 2022 Levered Free Cash Flow Margin Median Across Selected Peer Sets 40% 37% $120 32% 30% 20% $100 20% 18% 18% Levered FCF Margin 14%14% 16% 10% 0% -6% -10% $60 0% -1% -1% -7% -21% -30% -40% $20 -30% -30% 2012 2013 Continued capex restraint drove outsized free cash flow generation for North American and international producers in 2022 as growth in operating cash flow exceeded capex $40 -12% -15% -20% • $80 WTI Price ($/bbl) 23% 2014 2015 US Onshore 2016 2017 2018 International/Offshore 2019 2020 2021 2022 $- WTI (LHS) Source: Hamilton Lane, CapitalIQ. Data as of January 28, 2023, with available LTM data shown for 2022. *U.S. producers include: Vital Energy, Inc., Permian Resources Corporation, Callon Petroleum Company, SM Energy Company, PDC Energy, Inc., Matador Resources Company, Devon Energy Corporation, APA Corporation, Chord Energy Corporation, Pioneer Natural Resources Company, Ovintiv Inc., Marathon Oil Corporation, Civitas Resources, Inc., Diamondback Energy, Inc., EOG Resources, Inc. and Northern Oil and Gas, Inc.. International producer universe includes: DNO ASA, Woodside Petroleum Ltd, Talos Energy Inc., Aker BP ASA,, Frontera Energy Corporation, Tullow Oil plc, Harbour Energy plc, Canadian Natural Resources Limited, EnQuest PLC, Kosmos Energy Ltd., Hurricane Energy plc. Proprietary and Confidential | 43 A Paradigm Shift For Shale; Will It Last? “The aggressive growth of US shale is over…The shale model definitely is no longer a swing producer” – Scott Sheffield, CEO, Pioneer Natural Resources (January 2023) E&P Levered FCF Margin vs. Oil Prices1 Shale Well Cost2 2003 – 2022 Average, $ Millions • “The world was really lulled into sleep by the success of the shale revolution…The US took control of prices from OPEC, because we became the sole source of growth for oil supply globally. Until suddenly, all of that changed” – Will VanLoh • Lack of reinvestment, inventory concerns and cost inflation weigh on outlook • Concerns particularly pronounced for short-cycle producers given decline rates and rising gas-to-oil ratios • New investments in natural gas takeaway capacity required amid rising gas production in Permian $9.0 30% $7.3 2021 Levered FCF Margin 20% 2022 2019 10% Current Reinvestment3 Capex / Operating Cash Flow (%) 0% 250% 200% -10% 150% 100% -20% 50% -30% 0% $- $20 $40 $60 WTI ($/bbl) $80 $100 $120 2012 2014 US Shale 2016 2018 2020 International/Offshore 2022 1Source: Hamilton Lane, Capital IQ, FRED, As of January 2023. LTM Levered FCF margin shown for 2022. S&P 1500 Oil & Gas E&P (Sub-Index) Levered Free Cash Flow Margin (%) vs. Oil Prices shown Average WTI Price ($/bbl) by Year vs. Levered FCF Margin (%). 2 Financial Times, Rystad Energy. January 5, 2023. 3 Hamilton Lane analysis, Capital IQ. Median reinvestment figures shown across selected universe. See custom universe on page 11. Latest LTM figures shown for 2022. As of January 29, 2023. Proprietary and Confidential | 44 Carbon Capture Is a Part of the Energy Transition and Decarbonization Capture and Storage of CO2 Source: California Air Resource Board Accessed January 2023 • Carbon capture technology sequesters carbon derived from difficult-todecarbonize industrial processes such as steel and cement production • The oil and gas industry is uniquely positioned to deliver carbon capture solutions to industry by leveraging existing infrastructure and expertise while also benefitting from enhanced oil recovery Proprietary and Confidential | 45 Parting Thoughts…Have We Seen This Story Before? TEV/EBITDA 2012 - 2022 • 45x 40x 35x 30x • 25x 20x 15x Valuations in the clean energy sector remain well above historic averages on the heels of technological advancement and commercialization, policy support initiatives and a bright outlook for demand/adoption The U.S. shale revolution was largely driven by improvements in technology, enabling the extraction of oil and gas from shale rock formations 10x 5x Renewable Energy: Custom Index* Sep-22 May-22 Jan-22 Sep-21 May-21 Jan-21 Sep-20 May-20 Jan-20 Sep-19 May-19 Jan-19 Sep-18 May-18 Jan-18 Sep-17 May-17 Jan-17 Sep-16 May-16 Jan-16 Sep-15 May-15 Jan-15 Sep-14 May-14 Jan-14 Sep-13 May-13 Jan-13 Sep-12 May-12 Jan-12 0x S&P Oil & Gas E&P Select Index Source: Hamilton Lane, Capital IQ, As of January 2023. HL custom energy index equal-weighted and comprised of : Ørsted A/S, Brookfield Renewable Corporation, Atlantica Sustainable Infrastructure plc, Voltalia SA, Falck Renewables S.p.A., Northland Power Inc., NextEra Energy Partners, LP, Ormat Technologies, Inc., Scatec ASA, Sunnova Energy International Inc. Proprietary and Confidential | 46 Attractive Areas for Investment Focus Sectors Market-Driven Themes • Upstream • • Midstream/ Downstream • • • • Generation • • • Transmission/ Distribution Strong commodity prices paired with capital discipline have driven strong returns; cost inflation and inventory considerations moderate outlook Opportunities to acquire existing production from energy majors who seek to divest non-core assets, some in heeding calls for de-carbonization Preference for long-lived offshore opportunities Rising gas production in North America to require additional pipeline takeaway capacity Focus on energy transition-oriented opportunities, including LNG De-carbonization opportunities, including CO2 EOR Favorable contracting backdrop amid elevated power prices; cost inflation and supply-chain constraints pose challenges globally Opportunities to invest in conventional generation assets addressing intermittency associated with renewables Technological advancement and government support pose as tailwinds to the energy transition Target Investment Characteristics • Long-lived, free cash flow-generating, upstream assets that are well positioned on the global cost-curve • Contracted, midstream assets connecting supply and demand (e.g. LNG, natural gas pipelines) • Select opportunities to capitalize on return premiums associated with de-risking/ advancing renewable development projects • Projects and assets benefitting from, yet not wholly dependent upon, government support schemes Substantial investments in grid transmission required amid rising interconnection queues and strains on the grid from intermittent renewables The information contained herein is based on the latest available information as of 1/31/22 and Hamilton Lane's opinions as of the date of this presentation and subject to change at the Firm's discretion. Proprietary and Confidential | 47 Real Estate The Big Picture Rising rates, capital markets volatility and reduced liquidity • “Risk-off” sentiment amid rising rates and questions of “how high” and for “how long” central banks and the Fed will go in raising rates, resulting in higher borrowing spreads on top of higher base rates • Rising rates and a pullback in lending from traditional real estate lenders has reduced liquidity in the real estate market, setting the stage for select distress in the market + Despite market volatility, there are reasons for optimism + Reduced competition drives better buying opportunities • Fundamentals remain strong overall, with high levels of demand and positive rent growth across most sectors • Real estate income yields have generally been low over the past decade, a trend we see reversing rapidly • There has been a meaningful flight to quality from a user perspective leading to sustained, high performance of high-quality, well-located assets • Particularly compelling opportunities to provide financing at rates seemingly unimaginable ~12 months ago. Credit investors with existing exposure to floating rate loans to see meaningful uplift in returns going forward. Attractive secondary pricing. • Slowing new supply, reduced buyer competition and market distress leading to lower prices and better yields • Opportunity set no longer dominated by four major property types Proprietary and Confidential | 49 Myths About Today’s Real Estate Market Sell-Off in the Non-Traded REIT (“NTR”) Space Signals a Market Downturn The NTR selloff in late 2022 / early 2023 was driven by retail investors primarily seeking liquidity and portfolio rebalancing Overall, fundamentals in the US real estate market remain strong with high occupancy and strong NOI growth A Rising Interest Rate Environment Leads to Declines in Property Values The impact of a rising interest rate environment on property values depends on whether NOI growth offsets a potential increase in cap rates - As interest rates increase, cap rates also tend to rise (though at a narrower range), negatively impacting property values - Rent growth typically accelerates during periods of higher inflation, resulting in NOI expansion, which positively impacts property values A Strong Dollar Deters Foreign Investment in U.S. Real Estate Even though the U.S. Dollar is at 2-year highs relative to other world currencies, foreign investors are still buying US real estate for several reasons: - Properties are trading at higher yields - U.S. commercial real estate is viewed as a safe haven for capital - U.S. real estate has historically produced consistent returns and portfolio diversification Proprietary and Confidential | 50 Real Estate Fundamentals Cap Rate by Property Type Effective Rent Growth Transaction Volume $900 10% $200 $800 9% $180 $700 $600 $ Billion 8% $160 $500 7% $140 $400 6% $120 $300 $100 5% $80 4% $60 3% 2008 $200 $100 $0 2010 2012 2014 2016 2018 Multifamily Office Retail Hotel Industrial Source: Bloomberg as of December 31, 2022 2020 2022 2008 2010 Multifamily 2012 Office 2014 2016 Retail Source: Bloomberg as of December 31, 2022 & Green Street Advisors 2018 Industrial 2020 2022 2010 Multifamily 2012 Office 2014 2016 Retail 2018 Hotel 2020 2022 Industrial Source: Green Street Advisors and Bloomberg as of December 31, 2022 Proprietary and Confidential | 51 Real Estate Fundamentals Real Estate Returns (NPI) vs. 10-Year Treasury Yield1 Cap Rate vs. 10-Year Treasury Yield Spreads NPI Income vs. Appreciation 20% 8% 7% • Given rising interest rates, cap rate spreads have come in significantly since 2021, with multifamily and industrial continuing to have the tightest spreads • The NPI (“NCREIF Property Index”) posted its highest calendar year return since the Global Financial Crisis (“GFC”) in 2021 thanks in large part to record multifamily and industrial sector returns • The one-year return for 2022 was 5.5%, driven primarily by income 15% 6% 5% 10% 4% 5% 3% 2% 0% NPI Total Return (LTM) 10-year Treasury Yield NPI Income Source: NCREIF as of December 31, 2022; FRED, as of December 31, 2022 Multifamily Office Retail Hotel Industrial All Prop Type LT Avg. Source: FRED, Green Street Advisors, and Bloomberg as of December 31, 2022 -5% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 0% 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 1978 1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 1% Income Appreciation Source: NCREIF as of December 31, 2022 1Yield associated with 10-year constant maturity treasury note shown relative to last twelve-month return for NCREIF Property Index (“NPI”) total return, as well as annualized quarterly income return associated with the NPI Proprietary and Confidential | 52 Performance Across Real Estate Sector NPI Quarterly Returns 7% 6% 5% 4% 3% 2% 1% 0% -1% -2% -3% -4% -5% -6% Jun-17 Income Appreciation Total Return • • Dec-17 Jun-18 Dec-18 Jun-19 Dec-19 Jun-20 Dec-20 Jun-21 Dec-21 Jun-22 – This was primarily driven by a strong rebound in income for the sector Dec-22 NPI Performance by Property Type • 25% Multifamily 20% Office Retail Hotel Industrial Though 2022 was off to a strong start, the fourth quarter posted negative returns, primarily driven by negative appreciation Industrial continued to lead other property types; however, the hotel sector posted a strong 1-year total return of almost 10% The office sector continued to face challenges, driven by negative appreciation during the year – Negative returns for office were partially offset by positive incomedriven returns during the year 15% 10% 5% 0% -5% -10% 1 Year Source: NCREIF as of December 31, 2022 3 Year 5 Year 10 Year 15 Year 20 Year Inception Proprietary and Confidential | 53 Performance Divergence Across Real Estate Sector Annual NOI Growth by Property Type (%) Vacancy Rates by Property Type 25% 15% 20% 15% 13% 10% 11% 5% 9% 0% 7.8% 7% -5% -10% 6.4% 5% -15% • • YoY NOI growth was highest in the industrial sector, with multifamily NOI growth remaining strong, albeit normalizing from 2021 levels Industrial vacancy rates remained low, with a slight uptick observed in multifamily 3% -20% -25% 12.8% 2010 2012 Multifamily 2014 Office 2016 Retail Source: NCREIF as of December 31, 2022 For illustrative purposes only. Actual results may vary. 2018 2020 Industrial 2022 1.5% 1% Multifamily Office Retail Industrial Source: NCREIF as of December 31, 2022 Proprietary and Confidential | 54 Housing U.S. Multifamily Fundamentals 400 98% 300 96% 95% 200 94% 93% 100 • Significant decline in new multifamily starts due to increased construction costs and borrowing costs should protect sector fundamentals • Multifamily rent growth remained the strongest in the Southeast region of the U.S., with 13.5% year-over-year rent growth, approximately 300bps higher than the national average • With cap rates bottoming out in 2021, the market observed considerable cap rate expansion in 2022 as transaction volume slowed and asset repricing began to occur Occupancy Thousand Units 97% 92% 91% 0 2012 Completions 2014 Net Absorption 2016 2018 2020 90% 2022 Occupancy Source: Bloomberg as of December 31, 2022 U.S. Multifamily Cap Rates 5.5% 5.1% 4.9% 4.9% 5.0% 4.5% 4.3% 4.4% 4.0% Source: CBRE Research, September 30, 2022 Dec-22 Sep-22 Jun-22 Mar-22 Dec-21 Sep-21 Jun-21 Mar-21 Dec-20 Sep-20 Jun-20 Mar-20 Dec-19 Sep-19 Jun-19 Mar-19 3.8% Dec-18 3.5% Source: Green Street Advisors, December 31, 2022 Proprietary and Confidential | 55 Industrial/E-Commerce Net Absorption by Region – 3Q 2022 U.S. Industrial Completions, Net Absorption and Occupancy Million SqFt 99% 200 Million SqFt 150 All Markets South 98% 100 • The market absorbed over 359 million sq. ft. through the first three quarters of 2022, with the South accounting for over 45% of all demand 52.8 Midwest 20.4 West 20.4 97% 50 0 108.2 Q2 '21 Q3 '21 Completions Q4 '21 Q1 '22 Net Absorption Q2 '22 Q3 '22 96% Northeast 13.8 0 Occupancy 20 40 60 80 100 Source: Cushman & Wakefield Marketbeat U.S. National, Q3 2022 Source: Cushman & Wakefield Marketbeat U.S. National & NCREIF Q3 2022 120 • While preleasing activity is still happening, it has fallen 11.2% yearover-year, as of 3Q 2022 • Despite some economic slowdown, strong demand from larger occupiers and third-party logistics continued, while less demand was observed from smaller businesses YTD Leasing by Facility Size 1,200k+ SqFt 700-1,200k SqFt 300-700k SqFt 100-300k SqFt 20-100k SqFt Under 25k SqFt 0 • In 3Q 2022, industrial supply began to outpace demand as absorption slightly slowed, although vacancy rates remained very low 50 100 150 200 250 – Small businesses are top occupiers of light industrial facilities under 25k sq.ft., for which demand decreased by 20% year-over-year, as of 3Q 2022 Million SqFt Leased 2022 2021 Source: CBRE Research, September 30, 2022 Proprietary and Confidential | 56 Office Sector 50 92% 40 90% 30 88% 20 86% 10 2011 Completions 2012 2013 2014 Net Absorption 2015 2016 2017 2018 2019 2020 2021 2022 • This trend continued into 2022, with 88.5 million sq.ft. of net absorption in new vintage/Class A product, with older vintage/lower quality product all facing negative absorption • Sublease availability space in the U.S. grew to a high of 169.9 million sq.ft. in 3Q 2022, with additions doubling quarter-overquarter • Fundamentals for medical office, however, held strong, with significant demand outpacing supply and rising occupancy rates Occupancy U.S. Medical Office Fundamentals 92.5% 92.3% 20 15 2015-present 91.9% 2010-2014 91.5% 91.3% 5 91.1% 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 2020 2020 2020 2020 2021 2021 2021 2021 2022 2022 Completions (TTM) Absorption (YOY) Source: JLL Office Market Outlook, 2Q 2022 Million SqFt 92.1% 91.7% 10 Net Absorption Since COVID-19 by Building Vintage 90.9% Occupancy Rate (TTM) Year of delivery 25 Millions SqFt Since the onset of the pandemic, we have seen a flight to quality in the office sector 82% Source: Bloomberg as of December 31, 2022 0 • 84% 0 -10 Occupancy Millions SqFt U.S. Office Fundamentals 88.5 -4.5 2000-2009 -43.2 1990s 1980s -34.4 -89.0 1970s -31.2 1960s -16.7 Pre-1950s -125 -37.7 -75 -25 25 75 125 Source: JLL Research, September 30, 2022 Proprietary and Confidential | 57 Attractive Areas for Investment – U.S. Focus Sectors Industrial Residential Office & Retail Market Driven Themes • E-commerce tailwinds • • • Sustained supply/demand imbalance Evolving sector with deep demand characteristics Logistics users constantly looking to reduce distance to consumers • Structural demand tailwinds • Short term leases benefit from rental growth • Multiple ways to play • Capital flows support build-to-core • Rental housing growing internationally • • • Alternative Sectors & Real Estate Credit • • • • Considerations • Rental growth slowing in certain markets • Cap rates remain low, despite slight increases in 2022 • Narrow or negative spreads over borrowing rates • Highly competitive environment • Rental growth slowing in certain markets • Cap rates remain low despite slight increases in 2022 • Negative leverage spreads may impact performance • Highly competitive environment Grocery-anchored retail has demonstrated defensive, resilient demand Flight to quality for newly delivered, Class A modern office space Portfolio premiums for medical office assets given fragmented market • Structural headwinds for brick and mortal retail due to rise of ecommerce • • • • Cyclical lack of demand for office during economic downturns Potential distress for office leases and loans coming due Fragmented medical office market Life science demand to decline if venture capital funding erodes Structural demand drivers for self-storage and data centers Post-Covid rebound in demand for travel and leisure services Aggressive push for content fueling demand for modern studio real estate Opportunity to generate equity-like returns as traditional sources of financing have pulled back; opportunities across the capital stack including senior loans, mezzanine and preferred equity • Non-institutional, self-storage owners with poorly managed facilities creates need for top-quality operators Fragmented, self-storage market creates barriers to scale Specialized nature of data centers requires need for experienced operating partners Limited land availability in infill locations Limited upside relative to equity; cash flow may also be limited through PIK structures • • • • The information contained herein is based on the latest available information as of 1/28/22 and Hamilton Lane's opinions as of the date of this presentation and subject to change at the Firm's discretion. Proprietary and Confidential | 58 Attractive Areas for Investment – Europe and Asia Europe Focus Sectors Industrial • • • • Multifamily Retail • • • Office • • • Asia Robust demand for logistics with continued rise in e-commerce Shortage of new spaces and rising inflation have put upward pressure on rental growth Prime yields are expected to widen in leading European markets due to rising long-term yields and inflationary pressures • Multifamily remained resilient throughout the Covid-19 pandemic as shrinking households and rising house prices have led to strong growth in private rentals Mixed outlook for PBSAs with a shortage of beds amid disruptions from Covid-19 • Recovery of footfall and sales in luxury retail has led to upward rental pressure, outpacing mass-market streets Headwinds continue to dominate the sector with the growth of e-commerce and weaker household incomes • Undersupplied core markets to support rental growth Vacancy rates remain low in prime markets Dislocation in sub-prime markets remains, driven by obsolescence risks and remote work trends • • • • • • • Other/Niche • Led by strong absorption from hyperscalers, upcoming supply of data center space is expected to be met by demand with vacancies remaining flat or decreasing Increasing environmental concerns has resulted in fewer new project approvals in FLAP regions, driving demand for data centers outside these core markets • • Low-to-moderate yield expansion is expected across the region after experiencing rises in capital values during the pandemic Australia is an attractive logistics market, as low vacancy rates (0.8% in 2022) are driving rental growth Japan remains the key multifamily market, supported by continual net migration into Tier I cities (Tokyo, Osaka, Fukuoka, Nagoya) Japan multifamily investment volumes are expected to remain healthy, underpinned by strong fundamentals, low cost of debt and a relatively cheaper yen While fundamentals have started to improve, concerns over recession, inflation and rising interest rates continue to weigh on investor sentiment Domestic-focused and suburban retail expected to outperform in the near term Office space utilization is back to pre-pandemic levels, as most employees are returning to office-based working Grade A office rents are expected to remain resilient in the near term, as workers demand more workspace amid supply pressures Cap rates are expected to tick upwards with rising rates (Japan is exception) Data centers are supported by strong, unmet demand from e-commerce and hyperscale players. Tight cap rates result in transactions dominated by greenfield opportunities The hospitality sector is expected to rebound sharply, riding on the surge in tourism from the reopening of China's borders The information contained herein is based on the latest available information as of 12/31/22 and Hamilton Lane's opinions as of the date of this presentation and subject to change at the Firm's discretion. Proprietary and Confidential | 59 Agriculture The Big Picture • Farm incomes are higher than they’ve ever been before, buoyed by high commodity prices but tempered by increasing expenses • Geopolitical upheaval has led to disturbances in agricultural supply chains worldwide, including famine • Labor remains a perennial issue for U.S. farmers, and H2A work visas remain the best option to fix it • Farms are getting larger as the industry continues to consolidate • ESG issues are at the forefront for agriculture investors, and there is an abundance of opportunity Proprietary and Confidential | 61 The Inflation Correlation Farmland Averaged Returns During Periods of High, Medium and Low Inflation (1960 – 2012) 14.7% 10.5% 10.0% • 7.3% Farmland returns are historically, positively correlated with inflation 3.2% 1.7% High Medium Farmland Source: Morningstar, NCREIF, Bureau of Labor Statistics and Hancock Agricultural Investment Group, as of December 31, 2022 Low Inflation Proprietary and Confidential | 62 Net Farm Incomes Are Higher Than Ever, Giving Equity a Boost U.S. Net Farm Income and Net Cash Farm Income, Inflation Adjusted Total Farm Equity 2.9 200 2.82 2.85 2.8 175 2.73 2.7 125 $ in Trillions 2022 Dollars (Billions) 150 100 This performance was largely driven by an increase in receipts from both the sale of product and the highestever insurance payments 2.59 2.54 • Production expenses have also increased significantly, a move which is expected to be sticky into next year as farmers look to prepay many expenses • Farm equity continues to increase as leverage remains relatively subdued and farmland prices continue to increase 2.45 2.4 50 2.3 25 0 • 2.62 2.62 2.52 75 Real farm incomes were the highest in history in 2022 2.66 2.6 2.5 • 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 Net Farm Income Source: USDA, as of December 1, 2022 2.2 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Net Cash Farm Income Source: USDA, as of December 31, 2022 Proprietary and Confidential | 63 Farmer Mac: Lender’s Top Concern for Producers Third-Party Financing Water Availability A Slowing Economic Recovery Total Leverage Farm Labor Cost or Availability Land Rents • Inflationary pressures remain a top concern for farm financers • These pressures tighten liquidity Weather Farm Income Levels Liquidity Inflationary Pressures 0% 10% 20% 1 - High Source: Federal Agricultural Mortgage Corporation, as of December 31, 2022 30% 2 3 40% 4 50% 5 6 60% 7 8 70% 9 80% 90% 100% 10 - Low Proprietary and Confidential | 64 Crop Prices Remain Elevated Commodity Futures Prices (Indexed to 100) 350 300 250 • 200 The major farmed commodities are priced at historically high levels 150 100 50 2018 2019 2020 Corn Source: Bloomberg, as of January 17, 2023 2021 Soybean 2022 2023 Wheat Proprietary and Confidential | 65 Geopolitics Has Seeped Into Agricultural Markets U.S. Wheat Export Prices, Monthly Averages 550 500 Dollars per Metric Ton 450 • Wheat prices, in particular, surged in early 2022 • Russia and Ukraine are nearly 1/3 of the export market, and other key exporters were also forecasting tight supplies • Generally, spring wheat is the highest-priced, but the winter wheats compete more with Russian and Ukrainian supply 400 350 300 250 200 Hard Red Winter Soft Red Winter March 2021 Source: USDA and International Grains Council, as of April 22, 2022 January 2022 Hard Red Spring March 2022 Proprietary and Confidential | 66 Increasing Food Insecurity Global Oil Prices and U.S. Exports of Wheat to Nigeria Dollars (Billions) 1.0 0.5 0.0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 U.S. Wheat Exports to Nigeria 120 100 80 60 40 20 0 Oil Price (U.S. Dollars) 1.5 Change in the Prevalence of Food Insecurity in 2022 Relative to 2021 Oil Price 300 150 200 100 100 50 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Source: USDA, as of August 11, 2022 U.S. Poultry Exports to Angola 0 Oil Price (U.S. Dollars) Dollars (Millions) Global Oil Prices and U.S. Exports of Poultry to Angola Change in food insecurity prevalence, percent <0 1-10 11-30 >50 Non-IFSA country Note: USDA's International Food Security Assessment (IFSA) model estimates how food prices affect food demand and access in 77 low-and middle-income countries. Source: USDA, Economic Research Service based on results from the International Food Security Assessment model. Oil Price • All of this has led to a 10% increase in the global population that is food-insecure, with North Africa as high as 25% • This is also affected by the terms of trade for particular countries; oil exporters’ food imports vary directly with the price of oil Source: USDA, as of October 11, 2022 31-50 Proprietary and Confidential | 67 Food Prices Are Increasing Across the Board Inflation for Major U.S. Food Categories Food at Home (all categories) Eggs Fats and Oils Poultry Other Foods • The U.S. and other Western nations are also affected by geopolitics and agricultural issues, with significant increases in the price of food in nearly all categories • 2022 saw retail food prices increase more than 5x the 20-year average Cereals and Bakery Products Dairy Products Fish and Seafood Fresh Fruits Nonalcoholic Beverages Meats Sugar and Sweets Fresh Vegetables 0 5 2022 2021 10 Percent change in retail price, January-July 15 20 Historical Average (2001 - 2020) Source: USDA and U.S. Bureau of Labor Statistics Consumer Price Index, as of August 25, 2022 Proprietary and Confidential | 68 Farmers’ Costs Are Increasing Too Total Costs of Producing Corn on High-Productivity Farmland in Central Illinois $1,200 $ per acre $1,000 $800 $600 $400 $200 • The cost of production has increased significantly this year, driven largely by inflationary pressures on expenses like chemicals • A decline in input costs (natural gas) may mitigate this in the future, but not for the coming crop year $0 Non-land Costs Source: University of Illinois, as of December 31, 2022 Cash rent Fertilizer Prices per Ton in Illinois from 2008 to 2022 1,600 $1,469 1,400 1,200 1,000 $983 800 DAP 600 Anhydrous Ammonia $862 Potash 400 200 0 2008 2009 2010 Source: USDA, as of September 2022 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Proprietary and Confidential | 69 Labor Is a Perennial Issue for Farmers Number of H-2A Jobs and Visas Labor as a Portion of Total Cash Expenses by Crop or Livestock Enterprise 350,000 • Crops vary in their labor intensity, with the high-value permanent crops targeted by investors the most vulnerable to labor costs • The H-2A program continues to be the favored method for contending with the need for seasonal labor • Six states account for half of H2A labor: Florida, Georgia, Washington, California, North Carolina and Louisiana • H2A workers are subject to a specific minimum wage, which is increasing 300,000 All Farms Specialty Crops 250,000 Other Livestock Dairy 200,000 Other Field Crops Poultry Hogs 150,000 Cotton, Tobacco and… General Cash Grains 100,000 Wheat Cattle 50,000 Corn Soybeans Jobs Certified Source: USDA, as of December 31, 2020 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 0 2009 50 2008 40 2007 20 30 Percent 2006 10 2005 0 Visas Created Source: USDA, the U.S. Department of Labor and the U.S. Department of State, as of October 3, 2022 Proprietary and Confidential | 70 Crop Insurance Can Provide Significant Protection, With Caveats Spring Wheat Acres Planted in the First Full Week Share of Fruit and Nut Acreage by Insurance 40 100% 90% 35 80% Late-Planted Acres (Percent) 50% 40% 30% 20 10% 5 Almonds Apples Avocados Blueberries Cherries Cranberries Grapefruits Grapes Hazelnuts Kiwifruits Lemons Macadamia Nuts Olives Oranges Peaches Pears Pecans Pistachios Plums & Prunes Strawberries Walnuts 10 Acreage Not Covered Source: USDA, as of December 31, 2017 FCIP Acres NAP Acres 6 15 20% Each program has a different design, and some are more palatable to farmers than others • The USDA is constantly adjusting these programs in order to increase their use and applicability to farming operations; farmers who stay on top of these changes can benefit • Usage is also defined by cutoff dates, with a third of this year’s wheat missing the insurance cutoff due to poor weather • Farmers have two choices after this date: get a payment to recoup preplanting costs (and letting the land lie), or planting regardless if crop prices are high enough, as they likely were this year 4 2 0 0 Minnesota • 8 25 Dollars per Bushel 60% Crop insurance programs vary in use depending on crop 10 30 70% 0% 12 • North Dakota Source: USDA, as of September 30, 2022 Spring Wheat Projected Price Proprietary and Confidential | 71 It’s Hard to Avoid GMOs Adoption of Genetically Engineered Crops in the U.S. 100 Percent of Planted Acres 75 • 50 Genetically engineered crops were introduced in 1996 and have quickly come to dominate the market 25 0 HT Soybeans Source: USDA, as of October 27, 2022 HT Cotton Bt Cotton Bt Corn HT Corn Proprietary and Confidential | 72 Farm Consolidation Is a Slow Process Farms, Land Included in Farms, and Average Acres per Farm 8 • The number of farms in the U.S. and average farm size has remained relatively steady over the past several decades • The real consolidation happened in the first half of the 20th century; it is by no means a recent phenomenon • The ongoing aging of farm owners and increasing interest from institutional capital providers may lead to a second wave of consolidation, as investors look to take advantage of the benefits of scale and aging farmers look to settle their estates Million Farms, Billion Acres, or 100 Acres per Farm 7 6 5 4 3 2 1 0 1850 1870 1890 Farms (millions) Source: USDA, as of June 30, 2022 1910 1925 1935 1945 1954 1964 Average Farm Size (100 acres per farm) 1974 1982 1992 2002 2012 2021 Land included in Farms (billion acres) Proprietary and Confidential | 73 Family Farms Still Dominate the Industry Value of Production of Selected Commodities by Farm Type Distribution of Farms, Land Operated and Value of Production by Farm Type 90% 2 6 3 80% 100 10 17 27 70% 60% 46 18 50% 40% 89 30% 18 45 20% 10% 0% 90 Percent of Value of Production 100% 5 13 18 80 8 16 18 35 30 14 47 73 • The value of production they control is tempered by investors’ focus on higher value crops • Family farms still dominate many crop categories 69 35 40 39 30 10 Family farms still manage the vast majority of U.S. land in production, despite the fear of their demise 51 50 20 • 43 20 70 60 7 47 53 11 26 17 26 13 0 15 16 4 8 5 10 8 18 Percentage of Farms Small Family Farms Percentage of Agricultural Land Percentage of Value of Production Midsize Family Farms Large-Scale Family Farms Nonfamily Farms Source: USDA, as of December 31, 2022 Small Family Farms Midsize Family Farms Large-Scale Family Farms Nonfamily Farms Proprietary and Confidential | 74 Droughts and Floods Across the Western U.S. Percent of Land in Western States Experiencing Drought, 2000-22 Western state land area experiencing drought (percent) 80 Drought Classifications: Severe Extreme Exceptional • While much of the Western U.S. is still in a state of drought, recent weather events have led to massive flooding and an above average snowpack in many areas, particularly California • The Colorado snowpack is also healthy (150%+ of average in January 2023) so far, and this feeds the Colorado River 60 40 20 0 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 Notes: The Western states include Arizona, California, Colorado, Idaho, Kansas, Montana, Nevada, New Mexico, North Dakota, Oklahoma, Oregon, South Dakota, Texas, Utah, Washington, and Wyoming. Drought classifications determined by U.S. Drought Monitor. Source: USDA, Economic Research Service using U.S. Drought Monitor data; as of September 19, 2022 Proprietary and Confidential | 75 Agriculture Comprises a Large Portion of GHG Emissions Estimated U.S. Greenhouse Gas Emissions by Sector Industry, 30.3% U.S. Territories, 0.4% • Greenhouse gas emissions from agriculture are declining overall but increasing as a percentage of U.S. emissions as a whole • Fertilizer usage, manure and fermentation all contribute to emissions Direct N2O, 5.6% Residential, 15.4% Agriculture, 11.2% Direct CO2, 4.2% Transportation, 27.3% ElectricityRelated, 0.6% Commercial, 15.4% Direct CH4, 0.8% Source: USDA and the U.S. Environmental Protection Agency, as of April 30, 2022 Proprietary and Confidential | 76 Mining & Minerals The Big Picture • Mining capex remains subdued even through rising commodity prices • Any kind of “green” energy transition is going to require a massive amount of newly-mined raw materials • Despite the Western nations best efforts, coal is back Proprietary and Confidential | 78 All Major, Mined Commodity Prices Have Increased Since 2015 Commodity Prices (Indexed to 100) 800 700 600 • Mined commodity prices are up, driven by supply disruptions worldwide as economies reopen • Coal has been the real outperformer as nations fight to keep the lights on, coming after many proclamations of the death of the industry 500 400 300 200 100 0 2015 2016 2017 2018 Gold Source: Bloomberg, as of December 31, 2022 2019 Iron Ore Coal 2020 2021 2022 Copper Proprietary and Confidential | 79 Investment in Future Supply Has Fallen Capital Expenditure - Mining Major Copper Discovery Drought Continues 35,000 150 5000 30,000 4000 • 100 25,000 3000 Mt 2000 50 15,000 1000 10,000 0 5,000 0 2002 U.S. ($M) 20,000 Mining capex and exploration budgets are well below their prior peak, leading to a dearth of new mine supply 1990 1995 2000 2005 2010 2015 2020 0 Projected new copper from major discoveries (Mt) 2007 2011 2015 2019 Chain Volume Measures ($m) Source: Australian Bureau of Statistics, as of December 31, 2022 2022 Copper in reserves, resources and past production (Mt) Copper exploration budgets ($m) Source: S&P Global, as of May 10, 2022 Proprietary and Confidential | 80 Green Energy Needs Mined Materials Steel t/MW of Capacity Wind Offshore 190 Hydro 161 Wind Onshore 124 Nuclear 59 Coal 58 Solar 45 Gas • Any kind of energy transition is going to require a massive investment in mining and the extraction of raw materials to supply development • Wind energy, in particular, is highly steel-intensive, necessitating iron ore, coking coal, and other commodities • Batteries require an array of materials, often currently mined in sub-optimal locations and in less desirable manners 35 Oil 15 Non-Fossil Fuel Share of Steel Demand in Power Generation (%) 2015 2030 2050 63% 94% ~100% Source: Hatch and ArcelorMittal, as of December 31, 2022 Proprietary and Confidential | 81 India Needs Cheaper Energy Storage to Phase Out Coal $ per Megawatt-Hour 300 Solar $33 200 Wind GW $38 Coal 100 $59 Wind with Storage 0 $78 China Planned Thermal Capacity Additions 2016-2020 2011-2015 2006-2010 Source: Bloomberg, as of December 31, 2022 Despite headlines to the contrary, coal is not dead, in fact its use is increasing globally • Coal is the best performing commodity of 2022; even nations like Germany and the UK are restarting coal plants as they contend with a reduced gas supply from Russia $65 Solar with Storage 2021-2025 • 270 GW 210 GW 280 GW 320 GW Proprietary and Confidential | 82 Africa Is a Key Destination for Mining All Sorts of Materials 100 500 90 80 400 • New projects are generally farther afield, as many resources near to end users have already been tapped • Resource nationalism is a key issue in many nations with prospective geology • This is not isolated to Africa and other developing nations, as even Australia has imposed new taxes and royalties on resource extraction now that prices have risen 60 300 50 40 200 30 20 100 Number of Active African Projects Metal Reserves (%) 70 10 0 Manganese PGM Cobalt Diamonds African Reserves Source: S&P Global, as of November 11, 2022 Specialty Uranium World Reserves Gold Base Bulk Silver 0 African Projects Count Proprietary and Confidential | 83 The Big Miners Have Diversified Businesses Top 40 Revenue-Based Commodity Mix 12% 13% 17% 22% 24% 22% • The big miners operate in many commodities, so there are many opportunities to sell them good projects • Changes in commodity prices can dramatically shift revenues from one category to another as can be seen with coal over the past three years 16% 21% 20% 9% 8% 8% 17% 16% 2020 Gold Source: PwC, as of December 31, 2022 31% 23% Coal 11% 10% 2021 2022 Forecast Other Crucial Minerals Iron Ore Copper Others Proprietary and Confidential | 84 Timber Key Themes • Mill capacity has been expanding in the Southeastern U.S., leading to increasing timber demand • Demographics look good for ongoing, high timber demand Proprietary and Confidential | 86 Mills Are Increasing Capacity in the Southeastern U.S., Driving Timber Demand U.S. South Softwood Lumber Capacity 4.4 BBF +18% 30 28.4 BBF 5.0 BBF +26% 25 24.0 BBF • There has been significant investment in mill capacity across the Southeastern U.S. • Mill capacity creates timber demand, as fixed costs are high, so throughput is crucial Billion Board Feet 20 19.0 BBF 15 Last 5 Years Next 5 Years 10 5 0 2016 2017 2018 Source: Timberland Investment Resources, as of 12/31/22 2019 2020 2021 2022 2023 2024 2025 2026 Proprietary and Confidential | 87 -30% Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 YoY Change in Price -30% Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 YoY Change in Price Timber Prices Are Rising in Response U.S. South - Pine Sawtimber 30% 20% 10% 0% -10% -20% Pacific Northwest - Douglas Fir 30% 20% 10% Source: Timberland Investment Resources, as of 12/31/22 • Timber markets are regional, driven by a limited catchment area for mills due to transportation costs • Different woods also differ in their properties and uses • These broad regions can be broken down into much smaller submarkets, each with its own supply/demand dynamics 0% -10% -20% Proprietary and Confidential | 88 Inventory Is a Key Driver of Prices Relationship Between Price of Pine Sawtimber and Years of Supply in the U.S. South (1990-2021) 80 70 Pine Sawtimber $/ton (current $) 60 • As with any commodity, timber prices are a function of supply and demand • Current inventory sits at about 15 years, but all new mill capacity is expected to drive this down and prices up 50 40 30 20 10 0 11 12 13 14 15 16 17 18 Years of Inventory Source: Timberland Investment Resources, as of 12/31/22 Proprietary and Confidential | 89 Demand Is Dependent on Housing-Related Spend U.S. Housing Starts Average Age of OwnerOccupied Homes U.S. Population Age 25-34 1.45 44 46 Million per Year 1.30 Short 200,000 Homes a Year 1.25 1.20 45.5 45 1.22 44 43 42 42 38 34 41.2 Average Home 7 Years Older 36 1.15 41 42 • The largest driver of timber demand is for lumber to build and remodel homes • The U.S. has underbuilt housing just as Millennials come into prime homebuying age 40 4.3M More Potential Home Buyers Years of Age 1.35 1.42 Million People 1.40 35 1.10 1.00 32 40 1.05 39 Long-Run Average Last 10 Years (50 Years) (thru June '22) Source: Timberland Investment Resources, as of 12/31/22 2010 2021 30 2011 2021 Proprietary and Confidential | 90 Appendix Endnotes Real Estate: NCREIF Property Index – The NCREIF Property Index is a quarterly time series composite total rate of return measure of investment performance of a very large pool of individual commercial real estate properties acquired in the private market for investment purposes only. All properties in the NPI have been acquired, at least in part, on behalf of tax-exempt institutional investors – the great majority being pension funds. As such, all properties are held in a fiduciary environment. Source: Bloomberg FTSE NAREIT – The FTSE NAREIT All Equity REITs Index is a free-float adjusted, market capitalization-weighted index of U.S. equity REITs. Constituents of the index include all tax-qualified REITs with more than 50% of total assets in qualifying real estate assets other than mortgages secured by real property. Moody’s CPPI – Transaction-based price indices developed and published by Real Capital Analytics (“RCA”), a subsidiary of Moody’s. The Index measures the actual price experience of property investors – the capital appreciation component of total return, by quantifying the change in prices based on empirical results of validated transaction. The index is based on transaction data exclusively compiled by RCA from research that includes the cumulative sourcing and cross-referencing of hundreds of independent sources. Bonds: Bloomberg Barclays US Aggregate Bond Index – The Bloomberg Barclays US Aggregate Bond Index is a broad-based flagship benchmark that measures the investment grade, US dollar denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM pass-throughs), ABS and CMBS (agency and non-agency). Source: Bloomberg Energy: Cobalt Energy Manager Universe - Includes all private equity energy managers from 1999 - 2016 that Hamilton Lane clients are invested with either on an advisory or discretionary basis. Source: Cobalt Infrastructure: Cobalt Infrastructure Manager Universe - Includes all private equity infrastructure managers from 1999 - 2016 that Hamilton Lane clients are invested with either on an advisory or discretionary basis. Source: Cobalt Agriculture: NCREIF Farmland Index - The NCREIF Farmland Index is a quarterly time series composite return measure of investment performance of a large pool of individual farmland properties acquired in the private market for investment purposes only. All properties in the Farmland Index have been acquired, at least in part, on behalf of tax-exempt institutional investors - the great majority being pension funds. As such, all properties are held in a fiduciary environment. Source: Bloomberg Timber: NCREIF Timberland Index - The NCREIF Timberland Index is a quarterly time series composite return measure of investment performance of a large pool of individual timber properties acquired in the private market for investment purposes only. All properties in the Timberland Index have been acquired, at least in part, on behalf of tax-exempt institutional investors - the great majority being pension funds. As such, all properties are held in a fiduciary environment. Source: Bloomberg Mining: The Mining index used is a combination of the following two indices: 1) 1999-2007 – 100% MSCI ACWI Metals and Mining Index - The MSCI ACWI Metals and Mining Index is composed of large and mid cap stocks across 23 Developed Markets (DM) countries and 24 Emerging Markets (EM) countries. All securities in the index are classified in the Metals & Mining industry (within the Materials sector) according to the Global Industry Classification Standard (GICS®). Source: Bloomberg 2) 2007-2016 – 100% Cobalt Mining Manager Universe - Includes all Private Equity Mining Managers from 2007-2016 that Hamilton Lane clients are invested with either on an advisory or discretionary basis. Source: Cobalt Private Equity: Cobalt Private Equity Manager Universe - Includes all Private Equity from 1999 - 2016 that Hamilton Lane clients are invested with either on an advisory or discretionary basis. Excludes Real Estate, Fund-of-Fund, and Secondary managers/investments. Source: Cobalt Stocks: S&P 500 Index - The S&P 500 index is a basket of 500 of the largest U.S. stocks, weighted by market capitalization. Source: Bloomberg Inflation: Consumer Price Index All Urban Consumers: A measure that examines the changes in the price of a basket of goods and services purchased by urban consumers. Source: Bloomberg Real Asset Portfolio Weighting: The Real Assets Portfolio uses the above indices to create a portfolio with the following weightings: 1) Real Estate – 40% 2) Energy – 20% 3) Infrastructure – 15% 4) Mining – 10% 5) Agriculture – 7.5% 6) Timber – 7.5% Proprietary and Confidential | 92 Endnotes (cont.) Page 14: Indices used: Hamilton Lane All Private Markets with volatility de-smoothed; Hamilton Lane All Private Equity ex. Credit and Real Assets with volatility de-smoothed; S&P 500 Index; Russell 3000 Index; MSCI World Index; HFRI Composite Index; Hamilton Lane Private Credit with volatility de-smoothed; Credit Suisse High Yield Index; Barclays Aggregate Bond Index; Hamilton Lane Private Real Estate with volatility de-smoothed; Hamilton Lane Private Infrastructure with volatility de-smoothed; Hamilton Lane Private Natural Resources with volatility de-smoothed; FTSE/NAREIT Equity REIT Index; S&P Global Infrastructure Index; MSCI World Energy Sector Index. Geometric mean returns in USD. Assumes risk free rate of 2.8%, representing the average yield of the ten-year treasury over the last fifteen years. Page 15: Indices used: Hamilton Lane All Private Markets with volatility de-smoothed; Hamilton Lane All Private Equity ex. Credit and Real Assets with volatility de-smoothed; S&P 500 Index; Russell 3000 Index; MSCI World Index; HFRI Composite Index; Hamilton Lane Private Credit with volatility de-smoothed; Credit Suisse High Yield Index; Barclays Aggregate Bond Index; Hamilton Lane Private Real Estate with volatility de-smoothed; Hamilton Lane Private Infrastructure with volatility de-smoothed; Hamilton Lane Private Natural Resources with volatility de-smoothed; FTSE/NAREIT Equity REIT Index; S&P Global Infrastructure Index; MSCI World Energy Sector Index. Geometric mean returns in USD. Assumes risk free rate of 2.2%, representing the average yield of the ten-year treasury over the last ten years. Page 16: Indices used: Hamilton Lane All Private Markets with volatility de-smoothed; Hamilton Lane All Private Equity ex. Credit and Real Assets with volatility de-smoothed; S&P 500 Index; Russell 3000 Index; MSCI World Index; HFRI Composite Index; Hamilton Lane Private Credit with volatility de-smoothed; Credit Suisse High Yield Index; Barclays Aggregate Bond Index; Hamilton Lane Private Real Estate with volatility de-smoothed; Hamilton Lane Private Infrastructure with volatility de-smoothed; Hamilton Lane Private Natural Resources with volatility de-smoothed; FTSE/NAREIT Equity REIT Index; S&P Global Infrastructure Index; MSCI World Energy Sector Index. Geometric mean returns in USD. Assumes risk free rate of 2.0%, representing the average yield of the ten-year treasury over the last three years. Page 34: If a data set is distributed normally, about 95% of all data points will lie within two standard deviations of the mean. Proprietary and Confidential | 93 Definitions Strategy Definitions Index Definitions All Private Markets – Hamilton Lane’s definition of “All Private Markets” includes all private commingled funds excluding fund-of-funds and secondary fund-of-funds. Barclays U.S. Corporate Aggregate Index – Tracks the performance of U.S. fixed rate corporate debt rated as investment grade. CI Funds – Any fund that either invests capital in deals alongside a single lead general partner or alongside multiple general partners. BofAML High Yield Index – The BofAML High Yield index tracks the performance of below investment grade U.S. dollar-denominated corporate bonds publicly issued in the U.S. domestic market. Co/Direct Investment Funds – Any PM fund that primarily invests in deals alongside another financial sponsor that is leading the deal. Credit Suisse High Yield Index – The Credit Suisse High Yield index tracks the performance of U.S. sub-investment grade bonds. Corporate Finance/Buyout – Any PM fund that generally takes a control position by buying a company. Credit Suisse Leveraged Loan Index – The CS Leveraged Loan Index represents tradable, senior-secured, U.S. dollar-denominated non-investment grade loans. Credit – This strategy focuses on providing debt capital. Distressed Debt – Includes any PM fund that primarily invests in the debt of distressed companies. EU Buyout – Any buyout fund primarily investing in the European Union. FTSE/NAREIR Equity REIT Index – The FTSE/NAREIT All Equity REIT Index tracks the performance of U.S. equity REITs. HFRI Composite Index – The HFRI Composite Index reflects hedge fund industry performance. Fund-of-Funds (FoF) – A fund that manages a portfolio of investments in other private equity funds. MSCI Emerging Markets Index – The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. Growth Equity – Any PM fund that focuses on providing growth capital through an equity investment. MSCI Europe Index – The MSCI Europe Index tracks large and mid-cap equity performance across 15 developed market countries in Europe. Infrastructure – An investment strategy that invests in physical systems involved in the distribution of people, goods, and resources. MSCI World Energy Sector Index – The MSCI World Energy Sector Index measures the performance of securities classified in the GICS Energy sector. Late Stage VC – A venture capital strategy that provides funding to developed startups. MSCI World ex. U.S. Index – The MSCI World ex. U.S. Index tracks large and mid-cap equity performance in developed market countries, excluding the U.S. Mega/Large Buyout – Any buyout fund larger than a certain fund size that depends on the vintage year. Mezzanine – Includes any PM fund that primarily invests in the mezzanine debt of private companies. Multi-Management CI – A fund that invests capital in deals alongside a lead general partner. Each deal may have a different lead general partner. MSCI World Index – The MSCI World Index tracks large and mid-cap equity performance in developed market countries. Russell 3000 Index – The Russell 3000 Index is composed of 3000 large U.S. companies as determined by market capitalization. Multi-Stage VC – A venture capital strategy that provides funding to startups across many investment stages. Russell 3000 Net Total Return Index – The Russell 3000 NTR Index is composed of 3000 large U.S. companies as determined by market capitalization with net dividends reinvested. Natural Resources – An investment strategy that invests in companies involved in the extraction, refinement, or distribution of natural resources. S&P 500 Index – The S&P 500 Index tracks 500 largest companies based on market capitalization of companies listed on NYSE or NASDAQ. Origination – Includes any PM fund that focuses primarily on providing debt capital directly to private companies, often using the company’s assets as collateral. S&P Global Infrastructure Index – The S&P Global Infrastructure Index tracks the performance of 75 companies from around the world that represent the infrastructure industry. Private Equity – A broad term used to describe any fund that offers equity capital to private companies. Real Assets – Real Assets includes any PM fund with a strategy of Infrastructure, Natural Resources, or Real Estate. Other Real Estate – Any closed-end fund that primarily invests in non-core real estate, excluding separate accounts and joint ventures. De-smoothing – A mathematical process to remove serial autocorrelation in the return stream of assets that experience infrequent appraisal pricing, such as private equity. De-smoothed returns may more accurately capture volatility than reported returns. The formula used here for de-smoothing is: ROW - Any fund with a geographic focus outside of North America and Western Europe. ROW Equity – Includes all buyout, growth, and venture capital-focused funds, with a geographic focus outside of North America and Western Europe. Where rD(t) = the de-smoothed return for period t, r(t) = the return for period t, ρ = the autocorrelation Secondary FoF – A fund that purchases existing stakes in private equity funds on the secondary market. rD(t) = (r(t) – r(t-1) * ρ) / (1 – ρ) Seed/Early VC – A venture capital strategy that provides funding to early-stage startups. Single Manager CI – A fund that invests capital in deals alongside a single lead general partner. SMID Buyout – Any buyout fund smaller than a certain fund size, dependent on vintage year. U.S. Mega/Large – Any buyout fund larger than a certain fund size that depends on the vintage year and is primarily investing in the United States. U.S. SMID – Any buyout fund smaller than a certain fund size that depends on the vintage year and is primarily investing in the United States. VC/Growth – Includes all funds with a strategy of venture capital or growth equity. Venture Capit al – Venture Capital incudes any PM fund focused on any stages of venture capital investing, including seed, early-stage, mid-stage, and late-stage investments. PME (Public Market Equivalent) – Calculated by taking the fund cash flows and investing them in a relevant index. The fund cash flows are pooled such that capital calls are simulated as index share purchases and distributions as index share sales. Contributions are scaled by a factor such that the ending portfolio balance is equal to the private equity net asset value (equal ending exposures for both portfolios). This seeks to prevent shorting of the public market equivalent portfolio. Distributions are not scaled by this factor. The IRR is calculated based on these adjusted cash flows. Sharpe Ratio – The Sharpe Ratio is the average return earned in excess of the risk-free rate per unity of volatility or total risk. Time-weighted Return – Time-weighted return is a measure of compound rate of growth in a portfolio. Total Exposure – Total Exposure is equal to NAV + Unfunded Commitment. Volatility – Volatility is a statistical measure of dispersion of return, specifically standard deviation. Proprietary and Confidential | 94 Disclosures This presentation has been prepared solely for informational purposes and contains confidential and proprietary information, the disclosure of which could be harmful to Hamilton Lane. Accordingly, the recipients of this presentation are requested to maintain the confidentiality of the information contained herein. This presentation may not be copied or distributed, in whole or in part, without the prior written consent of Hamilton Lane. The information contained in this presentation may include forward-looking statements regarding returns, performance, opinions, the fund presented or its portfolio companies, or other events contained herein. Forward-looking statements include a number of risks, uncertainties and other factors beyond our control, or the control of the fund or the portfolio companies, which may result in material differences in actual results, performance or other expectations. The opinions, estimates and analyses reflect our current judgment, which may change in the future. All opinions, estimates and forecasts of future performance or other events contained herein are based on information available to Hamilton Lane as of the date of this presentation and are subject to change. Past performance of the investments described herein is not indicative of future results. In addition, nothing contained herein shall be deemed to be a prediction of future performance. The information included in this presentation has not been reviewed or audited by independent public accountants. Certain information included herein has been obtained from sources that Hamilton Lane believes to be reliable, but the accuracy of such information cannot be guaranteed. This presentation is not an offer to sell, or a solicitation of any offer to buy, any security or to enter into any agreement with Hamilton Lane or any of its affiliates. Any such offering will be made only at your request. We do not intend that any public offering will be made by us at any time with respect to any potential transaction discussed in this presentation. Any offering or potential transaction will be made pursuant to separate documentation negotiated between us, which will supersede entirely the information contained herein. Certain of the performance results included herein do not reflect the deduction of any applicable advisory or management fees, since it is not possible to allocate such fees accurately in a vintage year presentation or in a composite measured at different points in time. A client’s rate of return will be reduced by any applicable advisory or management fees, carried interest and any expenses incurred. Hamilton Lane’s fees are described in Part 2 of our Form ADV, a copy of which is available upon request. The following hypothetical example illustrates the effect of fees on earned returns for both separate accounts and fund-of-funds investment vehicles. The example is solely for illustration purposes and is not intended as a guarantee or prediction of the actual returns that would be earned by similar investment vehicles having comparable features. The example is as follows: The hypothetical separate account or fund-of-funds consisted of $100 million in commitments with a fee structure of 1.0% on committed capital during the first four years of the term of the investment and then declining by 10% per year thereafter for the 12-year life of the account. The commitments were made during the first three years in relatively equal increments and the assumption of returns was based on cash flow assumptions derived from a historical database of actual private equity cash flows. Hamilton Lane modeled the impact of fees on four different return streams over a 12-year time period. In these examples, the effect of the fees reduced returns by approximately 2%. This does not include performance fees, since the performance of the account would determine the effect such fees would have on returns. Expenses also vary based on the particular investment vehicle and, therefore, were not included in this hypothetical example. Both performance fees and expenses would further decrease the return. Hamilton Lane (Germany ) GmbH is a wholly -owned subsidiary of Hamilton Lane Advisors, L.L.C. Hamilton Lane (Germany ) GmbH is authorised and regulated by the Federal Financial Supervisory Authority (BaFin). In the European Economic Area this communication is directed solely at persons who would be classified as professional investors within the meaning of Directive 2011/61/EU (AIFMD). Its contents are not directed at, may not be suitable for and should not be relied upon by retail clients. Hamilton Lane (UK) Limited is a wholly-owned subsidiary of Hamilton Lane Advisors, L.L.C. Hamilton Lane (UK) Limited is authorized and regulated by the Financial Conducts Authority. In the UK this communication is directed solely at persons who would be classified as a professional client or eligible counterparty under the FCA Handbook of Rules and Guidance. Its contents are not directed at, may not be suitable for and should not be relied upon by retail clients. Hamilton Lane Advisors, L.L.C. is exempt from the requirement to hold an Australian financial services license under the Corporations Act 2001 in respect of the financial services by operation of ASIC Class Order 03/1100: U.S. SEC regulated financial service providers. Hamilton Lane Advisors, L.L.C. is regulated by the SEC under U.S. laws, which differ from Australian laws. The PDS and target market determination for the Hamilton Lane Global Private assets Fund (AUD) can be obtained by calling 02 9293 7950 or visiting our website www.hamiltonlane.com.au. Any tables, graphs or charts relating to past performance included in this presentation are intended only to illustrate the performance of the indices, composites, specific accounts or funds referred to for the historical periods shown. Such tables, graphs and charts are not intended to predict future performance and should not be used as the basis for an investment decision. The information herein is not intended to provide, and should not be relied upon for, accounting, legal or tax advice, or investment recommendations. You should consult your accounting, legal, tax or other advisors about the matters discussed herein. The calculations contained in this document are made by Hamilton Lane based on information provided by the general partner (e.g. cash flows and valuations), and have not been prepared, reviewed or approved by the general partners. 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