MAY 2018 PRESENTATION TO FRESNO COUNTY EMPLOYEES .

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MAY 2018PRESENTATION TOFRESNO COUNTYEMPLOYEES’ RETIREMENTASSOCIATION (“FCERA”)NOTE: ALL DATA CONTAINED HEREIN IS AS OFDECEMBER 31, 2017, UNLESS OTHERWISE NOTED.STRICTLY CONFIDENTIAL

T R A D ES E C R E TA N DS T R I C T L YC O N F I D E N T I A LDisclaimer and Forward-Looking StatementThis presentation (the “Presentation”) has been prepared by Carlyle Global Credit Investment Management L.L.C. (“CGCIM”) and AlpInvest Partners B.V. (“AlpInvest” and, together with CGCIM, each an “InvestmentAdviser”) and may only be used for informational purposes only. The information contained herein may not be used, reproduced, referenced, quoted, linked by website, or distributed to others, in whole or in part, exceptas agreed in writing by each Investment Adviser.This Presentation provides an overview of information relating to certain funds or accounts managed by CGCIM and AlpInvest is not intended to be taken by, and should not be taken by, any individual recipient asinvestment advice, a recommendation to buy, hold or sell, or an offer to sell or a solicitation of offers to purchase, any securities that may be issued by a fund or account managed by CGCIM or AlpInvest, or as legal,accounting or tax advice. An investment in securities of the type described herein presents certain risks. Any offer or solicitation to buy securities or interests in any fund or investment account managed by anInvestment Adviser (“Mandate”) is made only through the Mandate’s governing and/or offering documents (the “Governing Documents”). The information contained in this Presentation is superseded by, and is qualifiedin its entirety by the Governing Documents.Certain information contained in this Presentation may be non-public, proprietary and confidential information. This Presentation may contain confidential and/or material non-public information, which may restrict therecipient from initiating transactions in certain securities. By accepting this Presentation, the recipient agrees that it and all of its representatives and advisors will maintain such information in strict confidence and thatthe recipient will not be free to act upon any such material non-public information contained herein. This Presentation and the information contained herein may not be reproduced, redistributed in any format, ordisclosed to third parties without each Investment Adviser’s express prior written consent.Neither Investment Adviser makes any representation or warranty, express or implied, as to the accuracy or completeness of the information contained herein. Certain information contained herein has been obtainedfrom published and non-published sources prepared by third parties. While such information is believed to be reliable, neither Investment Adviser assumes any responsibility for the accuracy or completeness of theinformation, which is based on matters as they exist as of the date of this Presentation and not as of any future date.Certain statements contained in this Presentation are based on current expectations, estimates, projections, opinions, and/or beliefs constitute “forward-looking statements,” which can be identified by the use offorward-looking terminology such as “may,” “expect,” “anticipate,” “project,” “estimate,” “intend,” “target,” or “believe” or comparable terminology. No representation or warranty is made with respect to such statementsand future events may differ materially from those reflected or contemplated in such statements. As a result, investors should not rely on such forward-looking statements in making their investment decisions.An investment in a Mandate entails a high degree of risk and no assurance can be given that a Mandate’s investment objective will be achieved or that investors will receive a return on their capital. Each investor shouldconsult its own legal, accounting and tax advisors as to the legal, business, tax and related matters concerning the information contained in this Presentation in order to make an independent determination andconsequences of a potential investment in a Mandate, including federal, state, local and foreign tax consequences. Past performance is not necessarily indicative of future results, and there can be no assurance that aMandate will achieve comparable results, or that a Mandate will be able to implement its investment strategy or achieve its investment objective. Please see the Risk Factors set forth in the applicable GoverningDocuments.Information throughout the Presentation provided by sources other than each Investment Adviser (including information relating to portfolio companies or other investments) has not been independently verified and,accordingly, neither Investment Adviser makes no representation or warranty in respect of this information.The following slides contain summaries of certain financial and statistical information about certain funds or accounts managed by CGCIM and AlpInvest . The information contained in this Presentation is summaryinformation that is intended to be considered in the context of the Governing Documents and reports provided to investors in connection with a Mandate. We undertake no duty or obligation to publicly update orrevise the information contained in this Presentation.CGCIM is an SEC-registered investment adviser and a wholly owned subsidiary of The Carlyle Group L.P. (together with its affiliates, “Carlyle”). AlpInvest is an SEC-registered investment adviser an affiliate of CGCIM andCarlyle. An information barrier has been erected between AlpInvest and the rest of Carlyle (including CGCIM) that restricts certain information from being shared, including information regarding AlpInvest portfolioinvestment decisions. All investment programs managed by AlpInvest are intended to operate in accordance with the information barrier protocols and supplemental compliance procedures specific to Carlyle’sInvestment Solutions business segment of which AlpInvest is a part.This Presentation contains information about the historical performance of certain Mandates. You should not view information related to the past performance of a Mandate as indicative of the Mandate’s future results,the achievement of which is dependent on many factors, many of which are beyond the control of the Investment Adviser and cannot be assured. There can be no assurances that future dividends will match or exceedhistoric rates or will be made at all. Further, an investment in a Mandate is discrete from, and does not represent an interest in, any other Carlyle entity. Nothing contained herein shall be relied upon as a promise orrepresentation whether as to the past or future performance of a Mandate or any other Carlyle entity.2

T R A D ES E C R E TA N DS T R I C T L YC O N F I D E N T I A LTable of ContentsI.Executive SummaryII.Private Credit Overviewi.Why Private Creditii.Why Carlyle Direct LendingIII. FCERA Direct Lending Managed Account ProgramIV. FCERA AlpInvest Managed Account ProgramV. Summary & Considerations3

T R A D ES E C R E TA N DS T R I C T L YC O N F I D E N T I A LThe Carlyle Group OverviewEstablished in Washington, D.C. in 1987, Carlyle is one of the world’s largest and most diversified multiproduct global alternative asset management firms:Operating SegmentsOverall PlatformAUM 195 Billion TotalActive InvestmentVehicles317 Investment VehiclesDry Powder1 70 BillionActive Investments275 Active Portfolio Companies300 Active Real Estate InvestmentsOffices31 Offices19 CountriesEmployees1,600 Employees Including650 Investment ProfessionalsInvestors1,750 Active Carry Fund Investors From83 CountriesCorporate PrivateEquity 73 BillionAUM33 FundsGlobal Credit3 33 BillionAUM58 FundsNote: As of December 31, 2017. AUM numbers may not sum to total due to rounding. Past performance is not necessarily indicative of future results.(1) Amount of unspent commitments to Carlyle investment funds. (2) Includes four Energy & Power and Renewable funds jointly advised with Riverstone Investment Group, L.L.C. and eight fundsadvised by NGP Energy Capital Management. (3) Comprised of loans & structured credit, energy credit (Carlyle Energy Mezzanine Opportunities Fund), distressed credit (Carlyle Strategic Partners),opportunistic credit (Carlyle Credit Opportunities Fund), TCG BDC, and Carlyle Mezzanine Partners invested capital.Real Assets 43 BillionAUM29 Funds2InvestmentSolutions 46 BillionAUM197 Fund ofFunds Vehicles4

T R A D ES E C R E TA N DS T R I C T L YC O N F I D E N T I A LCarlyle Global Credit Investment PlatformCarlyle Global Credit100 Credit-Focused Investment ProfessionalsLoans & StructuredCreditDirect LendingOpportunistic CreditFirst Lien LoansU.S. and EuropeanSyndicated LoansEnergy CreditDistressed &Special SituationsDebt & Equity ofEnergy-Related AssetsDistressed-for-ControlDebt and Equity 4.7Bn 3.4BnPrivate CreditSolutionsSecond Lien LoansUnitranche LoansSpecial SituationsCarlyle StructuredCredit FundSubordinated DebtMarket Dislocations 21.6Bn1 5.2Bn2 2.0Bn3Origination TeamCredit Trading TeamLiability Management TeamWorkouts TeamCredit Industry Research TeamEnergy &CommoditiesTechnology, Media,& TelecomIndustrialsDefense & BusinessServicesConsumerNote: As of December 31, 2017 unless otherwise stated. Not included in the count are Fundraising, Legal, Finance, Operations and Risk Management professionals.(1) AUM includes 14.4 billion AUM in U.S. Structured Credit, 6.7 billion in European Structured Credit and 0.5 billion in other structured credit. (2) Not reflective of AUM ( 2.9Bn as of December31, 2017). Reflects total capital accessible to Carlyle Direct Lending in the form of current net asset value of our portfolio, equity contributions in strategic partnerships, joint ventures and managedaccounts, as well as committed financing facilities and structured CLOs. Specifically, the figure includes total Net Asset Value of TCG BDC, Inc. as of December 31, 2017, capital commitments to TCGBDC II, Inc., Carlyle Mezzanine Partners invested capital, third party capital commitments to the Carlyle Unitranche Program, third-party capital commitments to Middle Market Credit Fund, LLC,capacity provided under the Middle Market Credit Fund CLO, and third-party capital commitments to separately managed accounts, plus the committed financing facilities to TCG BDC, Inc., TCGBDC II, Inc., Middle Market Credit Fund, LLC, and separately managed accounts. (3) Represents the amount of committed capital Carlyle Credit Opportunities Fund (“CCOF”) will target to raise.Healthcare5

T R A D ES E C R E TA N DS T R I C T L YC O N F I D E N T I A LCarlyle Investment Solutions Platform A leading global alternatives investor with 46 billion of AUM focused on private market strategies Integrated set of multi-alternative capabilities can help support robust deal flow and sourcing capabilities across the entireplatform to be able to provide what we believe are the most attractive opportunities for our managed account clientsInvestment Solutions 46B AUMResponsible for asset allocation, portfolio construction, and performancePrivate Market SolutionsCapabilities across primary, secondary and co-investment strategiesGlobal Sector and Investment Strategy TeamsResponsible for manager research, due diligence, oversight and analysisPrivate Equity StrategiesReal Assets (Energy & Real Estate) StrategiesU.S. & European Leveraged BuyoutReal Estate Value-AddedU.S. & European Middle MarketReal Estate OpportunisticGlobal Emerging MarketsEnergyMezzanine / Private DebtReal Estate DebtVenture CapitalCo-Investments / SecondariesCo-Investments / SecondariesBroader Carlyle Investment PlatformSource: Carlyle Investment Solutions. Information is as of December 31, 2017.Note: Provided for informational purposes only and should not be considered a recommendation of any particular security or investment.6

T R A D ES E C R E TA N DS T R I C T L YC O N F I D E N T I A LOverview of FCERA Private Credit Managed AccountFCERA Managed Account ProgramDirect Lending ProgramThird Party Private Credit ProgramCarlyle Global Credit – Carlyle Direct Lending (“CDL”)Carlyle Investment Solutions – AlpInvestTCG BDC II, Inc.CPC V, L.P.Primary Fund InvestmentsCommingled FundSMASMATarget Assets1: First Lien Senior Secured Dollar-One Unitranche2 First Lien Last Out (Unitranche) Second Lien Senior Secured Subordinated Debt / OtherTarget Assets1: First Lien Senior Secured & DollarOne Unitranche2 (95%) Other3 (5%)Target Assets1:Commitment: 150MMCommitment: 150MMCommitment: 100MMLeverage: 1.0x Debt-to-EquityLeverage: 0.5x Debt-to-EquityLeverage: None Managers focused on Mezzanine and Subordinated Debt InvestmentsSecurities can also include: HoldCo Notes Uni-tranche securitiesValue-Added Features of Managed Account Program Leading Investment Capabilities Capital Call Efficiency Aggregated and EnhancedReporting of Investments Cost Effective Program Structure Portfolio Managementof New Investments Reduce Administration Burden(i.e. tax, audit, valuation) Highly diversified private credit portfolio universe with a focus on first lien senior secured assets Broad origination platform with enhanced credit underwriting expertise and track record of very limited defaults SMA with Carlyle Direct Lending creates fee efficiency across the entire managed account program Diversification through AlpInvest’s ability to access high quality global mezzanine funds that have historically outperformed the marketNote: For illustrative purposes only. (1) There can be no guarantee that any fund’s portfolio will include all of the target assets. (2) Senior secured dollar one unitranche loans combine typical senior andjunior financing into one tranche. (3) Includes first lien last out unitranche loans, second lien term loans7

T R A D ES E C R E TA N DS T R I C T L YC O N F I D E N T I A LFCERA Private Credit Managed Account TimelineThe FCERA Managed Account is currently being invested, with the CDL portion of the account 14%called and the AlpInvest portion of the account 50% allocated and 7% called as of March 31, 2018Key Program MilestonesAugust 2016RFP SubmittedQ3 2016Q4 2016February 2017FCERA Mandate AwardedQ1 2017December 2016Board PresentationQ2 2017October 2017AlpInvest Commitment SignedBegan investing in TCG BDC II, Inc.Q3 2017September 2017TCG BDC II, Inc. Commitment SignedCPC V, L.P. Commitment SignedDecember 2017Began investing in CPC V, L.P.Q4 2017November 2017Commitment toMezzanine Fund III The FCERA Private Credit Managed Account is collectively 12% called through March 31, 2018 CDL has collectively called 42MM of 300MM commitment as of March 31, 2018, which represents 25 individual loans To date, AlpInvest has committed to two managers on FCERA’s behalf representing 50% of their 100MM account Q1 2018January 2018Commitment toMezzanine Fund IAlpInvest has called 7% of commitments to date8

T R A D ES E C R E TA N DS T R I C T L YC O N F I D E N T I A LTable of ContentsI.Executive SummaryII.Private Credit Overviewi.Why Private Creditii.Why Carlyle Direct LendingIII. FCERA Direct Lending Managed Account ProgramIV. FCERA AlpInvest Managed Account ProgramV. Summary & Considerations9

T R A D ES E C R E TA N DS T R I C T L YC O N F I D E N T I A LCarlyle Global Credit EdgeA leading global alternative credit platform that captures excess risk-adjusted returns and capitalizeson market dislocations across credit markets on behalf of our limited partnersPerformance Capture excess riskadjusted returns byinvesting across theuniverse of credit products,throughout the capitalstructure and throughcredit cycles Deliver consistentoutperformance, at scale,while prudently managingdownside risk Capitalize on periodicdislocations to generateoutstanding total returnsSolutionsScale Deliver completefinancing solutions tocorporations andfinancial sponsors acrosssectors and geographies Deploy capital atsignificant scale acrossinvestment strategies,leveraging resourcesacross the credit platform Develop differentiatedproprietary deal flowthrough consistent, directdialogue with borrowersand integration withCarlyle’s globalinvestment network Meet the demands oflimited partners whoseek a wide breadth ofinvestment opportunitieswhile deploying capitalthrough a limitednumber of assetmanagersGrowth Organically grow existingstrategies by increasinglimited partnerrelationships, leveragingthe knowledge base ofthe credit team, andcapturing market share Pursue new investmentstrategies that canachieve scale and willbenefit from the Carlyleplatform, lead byexperienced investors10

T R A D ES E C R E TA N DS T R I C T L YC O N F I D E N T I A LMultiple Flavors of Direct LendingThere are several varieties of direct lending and risk profiles can varysignificantly depending on the investment strategy:Sponsored LoansVS.Non-Sponsored LoansHighly DiversifiedVS.Concentrated Portfolios“Healthy” CreditsVS.“Storied” CreditsNon-Cyclical CreditsVS.Cyclical CreditsSenior Secured LoansVS.Unsecured LoansLow LTV LoansVS.High LTV LoansOriginated LoansVS.Participation LoansCDL believes its strategy to be lower risk than the vastmajority of other managersCarlyle Investment StrategyNote: For illustrative purposes only. Not intended as an exhaustive list of factors to consider in determining a private credit strategy.11

T R A D ES E C R E TA N DS T R I C T L YC O N F I D E N T I A LSignificant Demand for Middle Market Loans from Non-Bank LendersDemand for middle market financing continues to experience growth driven by significant PE dry powderand upcoming loan maturities1, while global and regional banks have progressively exited the middlemarket leveraged loan space, thereby presenting a significant opportunity for alternative lendersPrimary Market for Highly Leveraged Loans byBroad TypeUninvested U.S. PE Capital by Vintage( in Bn) 2002010-1Q17 PE Capital to Deploy: 566BnUS Banks 132 150 151 29 50 4 620102011Non-US BanksInstitutional InvestorSecurities Firm100% 113 81 100Finance Co.90% 5080% 020122013201420152016YTD1Q1760%Middle Market Loan Maturities50%( in Bn)2017-2023 MM LoanMaturities: 595Bn 140.0 120.0 100.0 80.0 60.0 40.0 20.0 0.070% 114.640% 117.3 122.8 115.330% 96.220% 42009(1) No assurance is given that such demand will continue. Sources: Uninvested U.S. PE Capital by Vintage from Pitchbook 2017 PE & VC Fundraising & Capital Overhang Report; Total Middle MarketMaturities for U.S. (Sponsored and Non-Sponsored) from Thompson Reuters LPC, as of December 31, 2017; Primary Market for Leveraged Loans by Type from LCD Leveraged Lending Review – 4Q2017.201220152016201712

T R A D ES E C R E TA N DS T R I C T L YC O N F I D E N T I A LWell Positioned to Capitalize on Middle Market OpportunityMiddle Market OpportunityLargest Target Market 95% of U.S. companies are in the middlemarket1How CDL Addresses the Opportunity Broad sponsor coverage &direct origination platform Disciplined underwriting Experienced investment team Solution provider across thecapital structure Flexible product offerings 72% of transaction volume occurs in the middle market2Technical Benefits Illiquidity Premium vs. Public Credit Floating Rate Lower Volatility Greater Downside Protection Covenanted Deals Significant Access to Diligence More conservative capital structuresFavorable Default and Recovery Rates Middle market loan cumulative default rate of 7.6% withrecovery rate of 87%, compared to 10.8% and 82%,respectively, for broadly syndicated loans3Note: As of December 31, 2017, unless otherwise noted. No assurance is given that the referenced opportunities, trends, or environment will continue. (1) Refers to all operating companies in theU.S. by revenue generating 20-1,000 million in revenue. Industry criteria includes Energy, Materials, Industrials, Consumer Discretionary, Consumer Staples, Healthcare, Banks, Diversified Financials,Insurance and Utilities. Source: S&P CapIQ. (2) Includes all transactions 50 million or greater announced by U.S. private equity sponsors between January 1, 2006 and December 31, 2017. Source:S&P CapIQ. (3) Standard & Poor’s LCD; 1995-2015.13

T R A D ES E C R E TA N DS T R I C T L YC O N F I D E N T I A LIllustrative Capital Structure of BorrowerSubstantial downside protection with LTV typically 30-50%10.00xTotal Enterprise Value: 10.00x EBITDA9.00x8.00xCash Equity Invested by PE Firm5.00xMultiple of EBITDA7.00x6.00x5.00x4.00xSecond Lien Senior Secured Loan / Mezzanine Debt1.50x3.00x2.00xFirst Lien Senior Secured Loan3.50x1.00x0.00xNote: No assurance is given that the Company will invest in any or all of the illustrative structures referenced above. Provided for informational purposes only; not intended as an exhaustive list ofillustrative structures.14

T R A D ES E C R E TA N DS T R I C T L YC O N F I D E N T I A LTable of ContentsI.Executive SummaryII.Private Credit Overviewi.Why Private Creditii.Why Carlyle Direct LendingIII. FCERA Direct Lending Managed Account ProgramIV. FCERA AlpInvest Managed Account ProgramV. Summary & Considerations15

T R A D ES E C R E TA N DS T R I C T L YC O N F I D E N T I A LKey Investment Highlights1Scaled Investment Platform4One Carlyle Advantages Scale facilitates enhanced economics & terms Access to broader Carlyle platform & expertise Allows investments across the entire capitalstructure and large hold sizes Proprietary economic research and sector data 43 in-house Operating Executives12Market Leading Direct Origination Platform5Strategic Relationships Broad national coverage with offices in NewYork, Chicago, and Los Angeles Expands origination platform & productofferings Direct coverage of 200 private equity firms &150 lenders Provides significant scale & full solution offering Access to more deal flow3Experienced Investment Team Investment Committee with average 22 years ofindustry experience 29 dedicated investment professionals withsupport from 13 U.S. industry research analysts6Alignment of Interests Significant Carlyle commitment to TCG BDC II,Inc. (lesser of 45 million or 3% of commitments) Attractive fee structure (fees on drawn equityonly; fees not charged on uncalled capital orleverage)As of December 31, 2017. Communications between investment professionals of the Investment Adviser, Direct Lending, and the CGC platform, on the one hand, and other Carlyle private equity,investment solutions, and real estate investment professionals, on the other hand, are subject to certain restrictions as set forth in the applicable information barrier policies and procedures. (1)References to Operating Executives refers collectively to Carlyle Operating Executives, Senior Advisors, Operating Advisors and other consultants who are involved in portfolio company valuecreation. Operating Executives are consultants who are not considered Carlyle personnel.16

T R A D ES E C R E TA N DS T R I C T L YC O N F I D E N T I A LPortfolio Summary – TCG BDC II, Inc. & CPC V, L.P.As of March 31, 2018 (Unaudited, subject to change)Portfolio CharacteristicsTCG BDC II2(Dollar amounts in millions)Diversification by Borrower2CPC VTotal Equity Called 24.3 18.0 42.3Total Investments and Commitments 43.1 33.9 77.0Unfunded Commitments 8.9 13.4 22.3Investments at Fair Value 34.2 20.5 54.7Yield at Fair Value of Investments19.25%8.33%8.91%Number of Investments19925Number of Portfolio Companies17923100% / 0%100% / 0%100% / 0%Floating / Fixed2%Combined27%72%Next 10 InvestmentsTop 10 InvestmentsAsset t Lien DebtRemaining InvestmentsSecond Lien DebtEquity12%Healthcare & PharmaFinancial ServicesSoftwareCapital EquipmentConsumer ServicesHigh TechBusiness ServicesHotel, Gaming & LeisureNon-durable GoodsForest Products & Paper(1) Weighted average yields include the effect of accretion of discounts and amortization of premiums and are based on interest rates as of period end. Actual yields earned over the life of eachinvestment could differ materially from the yields presented above. Combined yield is calculated using portfolio yields prorated by portfolio fair value. (2) Investments and commitments for TCGBDC II, Inc. are prorated to reflect FCERA’s ownership percentage as of March, 31, 2018. Charts shown are based on FCERA’s prorated ownership in the combined portfolio of TCG BDC II, Inc. andCPC V, L.P.17

T R A D ES E C R E TA N DS T R I C T L YC O N F I D E N T I A LPortfolio Summary – TCG BDC I, Inc.As of December 31, 20171( in MM)TCG BDC 4.1Bn0.4%Capital Deployed Since Inception3Annualized Default Rate78% 30First Lien AssetsPortfolio Industries 2,086Total Investments & CommitmentsUnfunded Commitments 118Investments at Fair Value 1,968WA Yield at Cost of Investments28.86%WA Yield at Fair Value of Investments28.90%Number of Active Investments107Fair Value of Non-Accruals 19Diversification by BorrowerAsset MixInvestment Fund8.8%Top 10Investments21%Equity0.9%First Lien Last Out12.1%Next 11 – rtation: Cargo4%Consumer Services6%Second Lien Debt12.5%Remaining 82Investments46%IndustryAerospace & Defense3%Durable ConsumerGoods3%Investment Fund(MMCF)9%First Lien Debt65.7%Banking, Finance,Insurance & Real Estate9%Other (18 Industries)31%Business Services9%High Tech Industries9%Note: As of December 31, 2017, unless otherwise noted. (1) Reflects TCG BDC only. The Company commenced operations in September 2017 and, as of December 31, 2017, has not yet reached ascale we believe to be representative of the strategy. The Company’s portfolio characteristics may differ materially from those shown here. (2) Weighted average yields include the effect of accretionof discounts and amortization of premiums and are based on interest rates as of December 31, 2017. Actual yields earned over the life of each investment could differ materially from the yieldspresented above. Weighted average yields for TCG BDC do not include TCG BDC’s investment in MMCF. Includes impact of the NF acquisition. (3) Inception is May 2, 2013, the date of TCG BDC’sinitial closing of its private offering. Includes capital deployed by TCG BDC, and excludes duplicative capital deployed by TCG BDC as part of its acquisition of NF (June 9, 2017).Healthcare &Pharmaceuticals12%18

T R A D ES E C R E TA N DS T R I C T L YC O N F I D E N T I A LPrudent Risk Management ProcessRisk ManagementActive Risk Management Formal quarterly portfolio reviews consisting of individual credit analysis,and detailed portfolio construction and risk monitoring Proprietary credit surveillance report to monitor investmentperformance Broad participation includes Investment Committee, Origination,Underwriting and Portfolio Management Monthly watchlist reviews focus on all credits downgraded on our internalrisk ratings scale Quarterly risk review focused on technical analysis of migration of financialperformance and portfolio diversificationRisk GovernanceInvestmentCommitteeValuation CommitteeLiabilities ManagementBrokerage Committee Weekly portfolio dashboard focused on exposure by issuer, industry, ratingsand other risk factors Multiple layers of risk review andoversight Weekly portfolio leverage and compliance dashboard focused onprojected asset coverage and non-qualifying asset tests Business continuity plan designedto allow all critical businessfunctions to continue in efficientlyin the event of an emergency Dedicated workout function to maximize recovery Robust internal compliance controls and dedicated officer Multiple layers of checks and balances throughout underwritingprocess Ad Hoc Analysis and Projects led by Chief Risk OfficerNote: For illustrative purposes only; may be subject to change.19

T R A D ES E C R E TA N DS T R I C T L YC O N F I D E N T I A LRegular Independent ValuationValuation ProcessSound valuation framework exercises rigorous oversight including both internal and externalindependent reviewValuation CommitteeAudit Committee1 Initially reviewed by bothinvestment professionals andfinance team Reviews the assessments of theInvestment Adviser and the thirdparty valuation firm Valuation conclusions documentedand reviewed by a valuationcommittee comprised of membersof our senior management Provides Board of Directors withrecommendationBoard of Directors1 Reviews the Audit Committeevaluation recommendation Determines the fair value of theinvestment in the portfolio basedon the input of both the investmentteam and the third-party valuationadvisorThird-Party Valuation Advisor In accordance with the valuation policy, portions of middle market loan and equity portfolio are reviewed by a third partyspecialist quarterly Each loan and equity investment is reviewed at least once on a rolling 12 month basis Lincoln Partners has been engaged by the Board of Directors to perform third-party review Meets with the Audit Committee to discuss valuation methodology and analysis, and provide industry observations Conclusion communicated via a formal report to the Audit CommitteeNote: For illustrative purposes only; may be subject to change. (1) Applies to TCG BDC II, Inc. only; however, the proposed program will benefit from these committees being in place.20

T R A D ES E C R E TA N DS T R I C T L YC O N F I D E N T I A LCredit Quality of InvestmentsAs of March 31, 2018, the weighted average Internal Risk Rating of our debt investment portfolios for TCG BDC II, Inc. and CPC V, L.P. was 2.0 and 1.9,respectively. As of March 31, 2018, none of our investments were assigned an Internal Risk Rating of 4-6 and no investments in the portfolio were onnon-accrual status. All of our first and second lien debt investments were performing and current on their interest payments as of March 31, 2018. Portfolio Risk Ratings – TCG BDC II, Inc.(Dollar amounts in millions)Internal Risk RatingPortfolio Risk Ratings – CPC V, L.P.March 31, 2018Fair ValueMarch 31, 2018(Dollar amounts in millions)% of Fair Value1-0

May 02, 2018 · This Presentation and the information contained herein may not be reproduced, redistributed in any format, or . Corporate Private Equity 73 Billion AUM 33 Funds Real Assets 43 Billion AUM . Capabilities across primary, secondary and co-investment strategies Investment Solutions 46B AUM