Disclosure This document is meant only to provide a broad overview for discussion purposes. All information provided here is subject to change. This document.

Hedge Funds’ View on Emerging Markets
Macro- Hedge Funds’ View on Emerging Markets Mr. Hans-Jorg Baumann, Partner and Chairman, StepStone Hedge Funds & Private Debt Contact Asia/Eurasia: Mr. Shin Kim, Partner September | Confidential

Disclosure This document is meant only to provide a broad overview for discussion purposes. All information provided here is subject to change. This document is for informational purposes only and does not constitute an offer to sell, a solicitation to buy, or a recommendation for any security, or as an offer to provide advisory or other services by StepStone Group LP, StepStone Group Real Assets LP, StepStone Group Real Estate LP, Swiss Capital Invest Holding (Dublin) Ltd, Swiss Capital Alternative Investments AG or their subsidiaries or affiliates (collectively, “StepStone”) in any jurisdiction in which such offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction. The information contained in this document should not be construed as financial or investment advice on any subject matter. StepStone expressly disclaims all liability in respect to actions taken based on any or all of the information in this document. This document is confidential and solely for the use of StepStone and the existing and potential clients of StepStone to whom it has been delivered, where permitted. By accepting delivery of this presentation, each recipient undertakes not to reproduce or distribute this presentation in whole or in part, nor to disclose any of its contents (except to its professional advisors), without the prior written consent of StepStone. While some information used in the presentation has been obtained from various published and unpublished sources considered to be reliable, StepStone does not guarantee its accuracy or completeness and accepts no liability for any direct or consequential losses arising from its use. Thus, all such information is subject to independent verification by prospective investors. The presentation is being made based on the understanding that each recipient has sufficient knowledge and experience to evaluate the merits and risks of investing in private equity products. All expressions of opinion are intended solely as general market commentary and do not constitute investment advice or a guarantee of returns. All expressions of opinion are as of the date of this document, are subject to change without notice and may differ from views held by other businesses of StepStone. All valuations are based on current values provided by the general partners of the Underlying Funds and may include both realized and unrealized investments. Due to the inherent uncertainty of valuation, the stated value may differ significantly from the value that would have been used had a ready market existed for all of the portfolio investments, and the difference could be material. The long-term value of these investments may be lesser or greater than the valuations provided. StepStone is not in the business of providing tax or legal advice. These materials and any tax-related statements are not intended or written to be used, and cannot be used or relied upon, by any taxpayer for the purpose of avoiding tax penalties. Tax-related statements, if any, may have been written in connection with the “promotion or marketing” of the transaction(s) or matter(s) addressed by these materials, to the extent allowed by applicable law. Any taxpayer should seek advice based on the taxpayer’s particular circumstances from an independent tax advisor. Prospective investors should inform themselves and take appropriate advice as to any applicable legal requirements and any applicable taxation and exchange control regulations in the countries of their citizenship, residence or domicile which might be relevant to the subscription, purchase, holding, exchange, redemption or disposal of any investments. Each prospective investor is urged to discuss any prospective investment with its legal, tax and regulatory advisors in order to make an independent determination of the suitability and consequences of such an investment. An investment involves a number of risks and there are conflicts of interest. Please refer to the risks and conflicts disclosed herein. Each of StepStone Group LP, StepStone Group Real Assets LP and StepStone Group Real Estate LP is an investment adviser registered with the Securities and Exchange Commission (“SEC”). StepStone Group Europe LLP is authorized and regulated by the Financial Conduct Authority, firm reference number Swiss Capital Invest Holding (Dublin) Ltd (“SCHIDL”) is an SEC Registered Investment Advisor and Swiss Capital Alternative Investments AG (“SCAI”) (together with SCHIDL, “Swiss Cap”) is registered as a Relying Advisor with the SEC. Such registrations do not imply a certain level of skill or training and no inference to the contrary should be made. All data is as of September 1, 2017 unless otherwise noted. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. ACTUAL PERFORMANCE MAY VARY.

Agenda Introduction to StepStone Group Global Macro
Strategic Dilemma and Investor Options Characteristics of Global Macro Managers Global Macro Themes Emerging Markets Introduction to StepStone Hedge Funds Features of Global Macros Flexibility of Hedge Funds Emerging Markets Hedge Funds Historical Performance Challenges when investing in Hedge Funds Summary of our Services Conclusion Appendix

I. Introduction to StepStone Group

Private Markets Solutions
Private Markets Capabilities Real Estate StepStone is a global private markets firm currently overseeing $120 billion of private capital allocations, including $31 billion of assets under management on behalf of the world’s most sophisticated investors Infrastructure & Real Assets Private Equity This enhanced platform is expected to result in a comprehensive suite of private markets solutions, offering customized portfolios through a combination of separately managed accounts, advisory relationships and specialized commingled funds across primary, secondary and co-investment strategies Private Markets Solutions Hedge Funds Private Debt Source: StepStone, as of August 2017

StepStone at a Glance 14 offices 10 countries 2,200+ manager meetings1
StepStone’s global private markets platform, dedicated research teams, proprietary databases, and management experience provide a distinct advantage in the private markets sector Diversified Platform Global Team Research-Focused Active Investor Private Equity Private Debt Real Estate Infrastructure & Real Assets Hedge Funds 14 offices 10 countries 2,200+ manager meetings1 200+ Investment Committee approvals1 US$120 bn2 including US$31+ bn AUM Primaries Secondaries Co-Investments Direct Investment & Asset Advisory Portfolio & Risk Management Monitoring & Reporting 140+ investment professionals 300+ employees SPITM database 33,000+ companies 25,000 funds 9,500 GPs US$19+ bn annual commitments3 As of August 2017. All dollars are US$ Last twelve months through August 2017. US$120 billion indicates total private markets allocations and includes over US$31 billion in assets under management. StepStone deployed over US$19 billion in 2016.

II. Global Macro

Long-Term Low Interest Rate Environment Elevated Equity valuations
Strategic Dilemma and Investor Options Long-Term Low Interest Rate Environment (10Y US Gov Yield, 1985 to date) Traditional asset classes (equities and fixed income) face major challenges: Long-term decline in interest rates Elevated equity valuations Private Markets can offer long term and cyclical solutions: Long Term Options: Replace traditional allocations with private markets/ alternative investments Diversify returns by seeking uncorrelated asset classes Cyclical Options: Enhance returns by identifying mispriced assets Diversify returns by periodically allocating to lower-risk assets Monthly Basis From Data and Graphs – Excel S:\CLIENT ADVISORY\4_General & Product Presentations\0_Neue Master Präsentationen (DE & EN)\Supporting Files Tab: Strategic Dilemma Elevated Equity valuations (S&P 500 Index, 1985 to date) Private Markets can offer long term and cyclical solutions to traditional investment dilemmas – low interest rates, high valuations and volatility Sources: Bloomberg as of July 2017 This slide is for illustrative purposes only.

Characteristics of Global Macro Managers
The global macro strategy invests globally in different asset classes, e.g., equities, currencies, interest rate, commodities Global macro managers have a top-down view and use macroeconomic models to identify shifts in global demand and supply and forecast associated price dislocations Global macro investing is typically not rule based, managers take their discretionary investment decisions predominantly opportunistic and rely on their personal experience and economic understanding The global macro investment strategy produces uncorrelated and steady positive returns, particularly also during bear-markets

Economic Policy Uncertainty Central Bank’s balance sheets as % of GDP
Global Macro Themes Stronger, more uniform global growth: Global growth and prospects have improved Less divergence in growth: for example in the EU, growth has spread more evenly across regions Risky assets rotate more globally Policy shifts: Gradual decline of Central Bank support, gradual monetary tightening: The Fed, PBoC, BoC all started tightening monetary policies The ECB is thinking about, and preparing the markets for a decrease in QE The Fed is ready to start Normalizing the Balance Sheet Pivot towards Fiscal policy Reflation: Higher rates are expected, driven by monetary tightening Inflation is going through a soft patch, but inflationary potential, improving labor markets, and QE unwinding strongly shift the risks to the upside Geo-political risks: North Korea, Qatar crisis, terrorism, … Globalization headwinds: Trump has US’s trading power as both a tool, and objective ; Brexit Economic Policy Uncertainty Central Bank’s balance sheets as % of GDP Source: Bloomberg, StepStone Aug 2017

Emerging Markets

Emerging Markets Macro Themes (“challenges”)
EM Growth: Economic and structural reforms are taking place Infrastructure investments are boosting economic activity and future growth prospects Profiting from DM reflation; Risks from DM de-globalization Markets are assuming increased economical independence from DM, but links are stronger then ever (e.g. USD debt) China deleveraging: Aims at reducing leverage across the economy, not just the financial system! Risk: China > other EM > DM Commodities: With no major improvement in commodity prices in sight, non-commodity exporters are favored Currency fluctuations (esp. USD appreciation) pose a major risk to commodity exporters GDP Growth All GDPs PPP based, Current Dollars Source: Bloomberg, IMF EM non-financial debt EM investing requires a much more granular and selective approach than before EM investments need to be hedged against global macro themes Total USD EUR Source: BIS

Global interest in Megatrend themes (“opportunities”)
Successful 19 year track record Megatrend Themes “Investing in Growth and Productivity” Focus on: Asia/ Emerging Markets Technology, Healthcare/Biotech Global Macro / Commodity Sectors

III. Introduction to StepStone Hedge Funds

Features of Global Macros
Equity market Phase Bull market Clear trend Side market No clear trend Bear market Clear trend Performance development Performance assessment  ~  Hedge Funds Performance development Performance assessment    For illustrative purposes only. There can be no assurance that the investment will achieve its objectives, strategies or avoid substantial losses

Flexibility of Hedge Funds
Negative (Short) Market Exposure Positive (Long) Hedge funds cover the whole spectrum of market exposure and volatility matrix Generally more agility across all financial markets Greater diversity in financial instruments Hedge funds are more reactive to price movements across financial markets worldwide, therefore often able to capitalize on opportunities efficiently as well as help preserve capital β -1 β +1 Low <5% Money market Bonds Volatility 5-10% Hedge Fund Equity High >10% β -1 β +1 Traditional „Long only“ Universe β -1: short only β +1: long only For illustrative purposes only

Different types of single Long/Short Equity Funds
Short Bias Long Bias Market Neutral Opportunistic Source: Bloomberg, StepStone 2006 For illustrative purposes only

Emerging Markets Hedge Funds
Russia/CIS & CEE Latin America Asia ex-Japan China Hedge Fund Return Market Return HFRI Indices L/S Equity Cluster Macro Cluster Source: Bloomberg, StepStone July 2017

Emerging Markets Shine in 2017 YTD
+ 8% Source: Bloomberg, September 2017

Historical Performance 10y period (1)
+52% China - 35% Russia /Eastern EM Source: Bloomberg, StepStone April 2017

Historical Performance 10y period (2)
HFRI China HFRI Asia ex-Japan HFRI Russia/CIS & CEE HFRI Latin America 10y Return (p.a.) 4.0% 2.8% -4.5% 0.1% 12m Return 14.2% 17.4% 12.5% 13.6% Equity Beta to MSCI World 0.6 0.9 Alpha over MSCI World 2.7% 1.3% -5.9% -1.3% Correlation to MSCI World 0.7 0.8 Source: Bloomberg, StepStone Aug 2016

Challenges when investing in Hedge Funds
Large Strategy Dispersion Limited Return Persistence Large Turnover 2008 2009 2010 2011 2012 2013 2014 2015 2016 HFRI MRO Syst HFRI RV 25.75 HFRI ED 11.82 HFRI RV 0.09 HFRI RV 10.61 HFRI EH 14.3 HFRI MRO Syst. 10.6 HFRI EMN 4.23 HFRI ED 10.87 HFRI EMN (5.92) HFRI ED 24.95 HFRI RV 11.54 HFRI EMN (2.08) HFRI ED 9.03 HFRI ED 12.54 HFRI RV 3.96 HFRI MRO Disc. 0.05 HFRI RV 7.64 HFRI MRO Disc. (7.34) HFRI EH 24.58 HFRI EH 10.48 HFRI ED (3.33) HFRI EH 7.42 HFRI RV 7.07 HFRI EMN 3.09 HFRI RV (0.23) HFRI EH 5.41 HFRI RV (18.04) HFRI MRO Disc HFRI MRO Syst. 9.75 HFRI MRO Syst. (3.49) HFRI MRO Disc. 3.7 HFRI EMN 6.47 HFRI EH 1.84 HFRI EH (0.99) HFRI MRO Disc. 2.88 HFRI ED (21.82) HFRI EMN 1.39 HFRI MRO Disc. 6.03 HFRI MRO Disc. (5.98) HFRI EMN 2.96 HFRI MRO Disc. 1.84 HFRI ED 0.98 HFRI MRO Syst. (2.22) HFRI EMN 2.23 HFRI EH (26.65) HFRI MRO Syst. (1.72) HFRI EMN 2.85 HFRI EH (8.42) HFRI MRO Syst. (2.51) HFRI MRO Syst. (0.88) HFRI MRO Disc. 0.75 HFRI ED (3.65) HFRI MRO Syst. (1.43) Large Fund Dispersion Liquidity Restrictions Requires Permanent Re-Underwriting Large Strategy Dispersion: Indices used: 4 main strategies from HFR (LSE, ED, RV, Macro) plus 2 substrategies (EMN, CTA) On average, there is a 9% spread between the best and worst performing strategy in any given calendar year Since the GFC the top two ranks regualrly went to ED and RV (11 out of 16 observations) Right-skewed strategies like CTAs regularly appear in the bottom-quartile (which is natural) Large Fund Dispersion On average there is a 12% spread between the top-quartile and the bottom-quartile boundaries In terms of size, this spread is comparable with what we know from the PE side (there the IRR spread is 11%) Limited Return Persistence Data set: All SHFs in AIDA with an uninterrupted (5 year) track record and ‘Style’ set to either LSE, MRO, ED, CTA, EMN, or DIS. Data set size: 750 SHFs Charts shows how many SHFs remain in top half one year forward CTAs have no persistence at all LSEs and MROs seem to exhibit a tiny little bit of persistence over time EMNs show reasonable persistence for 1-2 years but then become entirely random (like CTAs) There seems to be greater persistence in Credit-heavy strategies (ED, DIS) Liquidity Restrictions “Tools” considered: Gates, side pockets, redemptions in-kind, redemption suspensions Period : 30% of Hedge Funds restricted redemptions using the above More than 700 funds wound down over the same period 3 years later (2011) circa $100bn of assets were still not returned Large Turnover On average, 8% of SHFs close every year On average, 10% new SHFs open every year Index Value “Retail characteristics” “Institutional characteristics” Index Value Investable Universe (“HFRX”) Non-Investable Universe (“HFRI”) Source: StepStone, Bloomberg as of December 2016 This slide is for illustrative purposes only. The referenced indices are shown for general market comparisons and are not meant to represent any particular investment. An investor cannot directly invest in an index. Moreover, indices do not reflect commissions or fees that may be charged to an investment product based on the index, which may materially affect the performance data presented.

Monitoring & Reporting
Summary of our Services Clients ask for a full suite of customizable hedge fund investment services specifically tailored to help address our clients’ specific investment goals. Solutions / Products Research & Advisory Monitoring & Reporting Portfolio Construction & Management Outsourced CIO Management of Troubled Positions Implementation (Separate Accounts, Legal Support) Strategic Advice Manager Due Diligence Industry & Strategy Research Brick & Click Portfolios Investment Monitoring Performance & Analytics Fund Administration Access to Proprietary Research & Intelligence Tools & Analytics AIDATM Database AIDATM Workflow Market/Peer Maps Fingerprints Exposure Control Reports & Materials Fund Summary Investment Memo Operational DD Portfolio Report Monitoring Reports Source: StepStone This slide is for illustrative purposes only.

IV. Conclusion

Conclusion Macro Investments Contact details:
Reflation Proper understanding of Investment Themes and Investment Rational √ √ Policy shift of major CB’s Rotation on Themes √ √ Rotation of global risky assets √ √ Quality Insurance by Selection of Asset managers Asset Class Dispersion to increase Best in class implementation and execution of strategies √ √ Contact details: Shin Kim Hans-Jörg Baumann

V. Appendix

About us 20 total investment professionals 5 Partners
StepStone’s hedge fund program leverages StepStone’s global platform to help enhance the client’s overall asset allocation through liquid alternatives 20 total investment professionals 5 Partners US$5.4+ bn in assets across all liquid Hedge Fund strategies and Fixed Income/Credit (relative value) solutions Multiple Tailored Mandates Offering across entire investment Value Chain 19 years of hedge fund experience US$15+ bn in total investments 600+ single investments Experienced Team Experienced team of 20 investment professionals with significant senior leadership and over 180 years of combined investment experience Platform Size More than $5.4bn deployed over 70+ Managers, most of them in bespoke solutions and with significant fee discounts based on our volume Customized Offerings Flexible and adaptive solutions across all hedge fund strategies and vast experience in implementation Significant Expertise Stable team with 18 years of experience investing in hedge funds, with proven ability to preserve capital through multiple economic cycles Source: StepStone as of May 2017.

Our Coverage of the Hedge Fund Universe
Space ~ 5,000 Funds  ~ 400 EM/Frontier Funds Universe ~ 1,000 Funds  ~ 50 EM/Frontier Funds Pipeline 12 – 15 Funds Indicative Strategy Breakdown: 35% L/S Equity 25% Event Driven 20% Rel. Value 10% Global Macro 10% CTA Investable 65 Funds Invested 60 Funds Space Universe Pipeline Investable Invested Turnover per year In: ~ 500 Out: n/a In: ~ 250 Out: ~ 100 In: In: ~ 10 Out: ~ 10 Responsibility Hedge Fund Databases 2 Analysts 3 Senior Analysts Advisory Committee 1 Advisory Committee 2 Meetings / Calls - Desk Research > 100 Calls: Meetings: 50 – 100 Calls: 200 – 300 Visits: min. 1 per year Calls: weekly Source: StepStone as of December 2016 Note: This slide is for illustrative purposes only.

Hedge Funds industry The industry has experienced large growth since This has led to a very big space with more than 10,000 funds and a variety of strategies. Turnover (open/closures of Single Hedge Funds (SHFs)) is significant and requires continuous re-underwriting of an investment by the selector. Strong industry growth over the last 15 years: SHF assets quintupled since 2000 Assets today stand at c. $2.4trn (double-counting of FoHF assets and inclusion of ’40 Act funds leads to figures >$3.0trn) Steady inflows since Global Financial Crisis (GFC) into all strategies Significant outflows from FoHFs Very large space with a lot of turnover: far more than 10,000 active funds – this number also quintupled since 2000 SHF launches average around 900 per year since the GFC while closures have been around 800 per year FoHF launches decreased steadily since the GFC from c. 400 to nearly zero last year Assets under Management / Flows #Funds / Open and Closures Hedge Funds US and L/S Equity are still the main focuses: 2/3 of funds are US-centric 35% of funds are labeled L/S Equity Global Macro used to be the largest strategy in the 90’s (close to 40% of all funds) but now ranks only 3rd with 20% behind L/S Equity and RV (30%). Pressure on fee has led to more attractive pricing: Average management fee of a SHF is today around 1.5% p.a. A 20% performance is generally still the norm but due to Alt. Beta products charging 0% that average will come in. FoHF fees went from 1.4/10 to 0.8/4* Geographical, strategy, and size breakdown Fees (SHFs and FoHFs) Source: StepStone, Bloomberg, Preqin as of April 2017 *Management fee/Performance fee

What are Hedge Funds? Strategies that still require skills from Hedge Fund or other Active Managers and where we draw the line Alpha Alt. Betas Other Traditional Equity Arbitrage opportunities Stock-picking Credit-picking Macro divergence Distressed investing Market-making Macro convergence Carry Value Momentum ILS / Collateralized Re CDO ABL Syndicated Loans MBS Specific Sectoral Risk EM & Frontier Equity Risk Developed Equity Risk Duration Risk (Term) Sov Bonds (Credit) Corp Bonds (Credit) Real Estate Commodities “Trading” strategies Disc. Market timing luck-only1 long-only Source: StepStone This slide is for illustrative purposes only. 1 target can not be achieved consistently

Demystification of Alpha over time
What once was all Alpha, has been demystified over time and will continue to be demystified. However, while the remaining Alpha has shrunk the total harvestable (accessible) return has relatively increased. today Total $ Returns not accessible Return Sources not accessible Return Sources not accessible Return Sources not accessible Return Sources not accessible Return Sources Equity Risk Premium Other Traditional Risk Premia Alt. Betas (market-neutral) Alpha ? Equity Risk Premium Other Traditional Risk Premia Alt. Betas (market-neutral) Alpha Equity Risk Premium Other Traditional Risk Premia Alpha Equity Risk Premium Alpha Alpha Time Source: StepStone This slide is for illustrative purposes only.

Sample of current EM/Frontier Exposures (1)
South America: Brazil: Receiving interest rates, long corporate credit and Brazil CDS Argentina: Long sovereigns and corporate bonds in USD and or long ARG Peso Venezuela: Long sovereign bonds Central America: Mexico: Long sovereign bonds and tactical longs in Mexican Peso Middle East and Africa: Egypt: Long Egyptian pound and long USD / local Egyptian pound denominated bonds Turkey: Tactical longs in FX and local rates Short Equities in Qatar and Long Saudi Arabia

Sample of current EM/Frontier Exposures (2)
Eastern Europe and Russia: Greece: Move from long government bonds into long equities, in particular financials and real estate Russia: Long sovereign and corporate credit exposure in USD Czech Republic: Short Interest rates and long Czech Krona Long Russian Banks Asia: Long Chinese Renmimbi vs. USD Closing the short HKD vs. USD position (is now close to the upper band of 7.85), move was mostly due to interest rate differentials Many managers have taken profits on long India positions Interest rate receiving positions in countries like Korea and Thailand Short bias in Asian currencies like Taiwan and Korea Long Chinese Tech names such as Alibaba, Tencent, MoMo. Long Chinese Financials as NPLs in China are declining. Long Equities in Vietnam (TMT), India (Financials) and Pakistan (Consumer). Short Singapore.

Financial System as part of the Economic System
Financial system (institutions and markets related to the circulation of money and credit): Central bank; Monetary financial institutions (normal banks); Non monetary financial intermediaries (investment and pension funds, insurance companies, rating agencies, investment banks…) Money markets (Short-term financial assets) Financial markets (bonds, shares, derivatives, forex, commodities) Source: StepStone

Risks and Other Considerations
Risks Associated with Investments. Identifying attractive investment opportunities and the right underlying fund managers is difficult and involves a high degree of uncertainty. There is no assurance that the investments will be profitable and there is a substantial risk that losses and expenses will exceed income and gains. Restrictions on Transfer and Withdrawal; Illiquidity of Interests; Interests Not Registered. The investment is highly illiquid and subject to transfer restrictions and should only be acquired by an investor able to commit its funds for a significant period of time and to bear the risk inherent in such investment, with no certainty of return. Interests in the investment have not been and will not be registered under the laws of any jurisdiction. Investment has not been recommended by any securities commission or regulatory authority. Furthermore, the aforementioned authorities have not confirmed the accuracy or determined the adequacy of this document. Limited Diversification of Investments. The investment opportunity does not have fixed guidelines for diversification and may make a limited number of investments. Reliance on Third Parties. StepStone will require, and rely upon, the services of a variety of third parties, including but not limited to attorneys, accountants, brokers, custodians, consultants and other agents and failure by any of these third parties to perform their duties could have a material adverse effect on the investment. Reliance on Managers. The investment will be highly dependent on the capabilities of the managers. Risk Associated with Portfolio Companies. The environment in which the investors directly or indirectly invest will sometimes involve a high degree of business and financial risk. StepStone generally will not seek control over the management of the portfolio companies in which investments are made, and the success of each investment generally will depend on the ability and success of the management of the portfolio company. Taxation. An investment involves numerous tax risks. Please consult with your independent tax advisor. Conflicts of Interest. Conflicts of interest may arise between StepStone and investors. Certain potential conflicts of interest are described below; however, they are by no means exhaustive. There can be no assurance that any particular conflict of interest will be resolved in favor of an investor. Allocation of Investment Opportunities. StepStone currently makes investments, and in the future will make investments, for separate accounts having overlapping investment objectives. In making investments for separate accounts, these accounts may be in competition for investment opportunities. Existing Relationships. StepStone and its principals have long-term relationships with many private equity managers. StepStone clients may seek to invest in the pooled investment vehicles and/or the portfolio companies managed by those managers. Carried Interest. The entitlement of StepStone and the underlying portfolio fund managers to carried interest over and above their basic management fees could create an incentive for StepStone and the portfolio fund managers to make investments that are riskier or more speculative than would otherwise be the case. Other Activities. Employees of StepStone are not required to devote all of their time to the investment and may spend a substantial portion of their time on matters other than the investment. Material, Non-Public Information. From time to time, StepStone may come into possession of material, non-public information that would limit their ability to buy and sell investments.

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