INAUGURAL INVESTOR DAY

The commentary herein is intended for informational purposes only and does not constitute investment, legal, or tax advice or an offer to sell, or a solicitation of an offer to buy, securities, or an endorsement with respect to any investment strategy or vehicle managed by the Firm.

Certain information in this presentation may have been obtained from third parties. We make no warranties or representations and disclaim all express, implied and statutory warranties of any kind to the user and any third party, including, but not limited to, any warranties of accuracy, timeliness and completeness. We shall not be liable to user or any third party for lost profits or lost opportunity, direct, indirect, special, consequential, incidental or punitive damages whatsoever, even if we have been advised of the possibility of such damages Nothing herein shall preclude you from any remedies under relevant securities laws.

Certain statements included in this presentation, including, without limitation, statements regarding the investment goals, the Firm’s investment strategy, and statements as our beliefs, expectations or opinions are forward-looking statements within the meaning of the relevant securities laws and are subject to numerous known and unknown risks and uncertainties. The factors discussed herein and throughout this presentation could cause actual results and developments to be materially different from those expressed in or implied by such forward-looking statements. Forward-looking statements generally include the use of words such as "believes," "intends," "expects," "anticipated," "plans," and similar expressions. Undue reliance should not be placed on these forward-looking statements. Actual results could differ materially from those expressed or implied in the forward-looking statements for many reasons, including the risks described herein and the Offering Documents. Such statements relate only to events as of the date on which the statements are made and there can be no assurance that future results, levels of activity, performance, or actual achievements will meet these expectations.

All historical financial information is unaudited and shall not be construed as a representation or warranty by us. References to indices and their respective performance data are not intended to imply that the Partnership’s objectives, strategies or investments were comparable to those of the indices in technique, composition or element of risk nor are they intended to imply that the fees or expense structures relating to the Partnership or its affiliates, were comparable to those of the indices; since the indices are unmanaged and cannot be invested in directly.

The S&P 500 Index is a market capitalization-weighted index of 500 widely held common stocks. Investors cannot invest directly in an index and unmanaged index returns do not reflect any fees, expenses or sales charges.

CTV stands for “central tendency of value” and is a probability-weighted estimate of intrinsic value per share. As part of this process, we build detailed, long-term company models for a variety of scenarios and use multiple valuation methods, such as discounted cash flow (DCF), comparable company analysis, private market analysis, historicals, liquidation, and leveraged buyout (LBO) analysis. These different valuation methodologies are probability weighted to create our CTV. The analysis embeds both risk and return features and allows comparison across securities.  Upside to CTV refers to the expected return from a stock reaching our estimate of intrinsic value from its current trading price.

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. ANY INVESTMENT INVOLVES RISK, INCLUDING THE RISK OF LOSING ALL OR A PORTION OF AN INVESTMENT.

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