KIPLING INVESTORS, LLC

Investing Side-By-Side With Our Clients

Kipling Capital Inc.

Kipling Investors Inc.

In 2004, the Kipling principals have formed a separate investment company, Kipling Investors, LLC, to invest side-by-side with our clients. Through Kipling Investors, we strive to invest in each investment opportunity offered by Kipling Capital. Since our inception, Kipling Capital has placed $2.2 billion in equity capital and the Kipling principals have committed to co-invest a combined amount of over $70 million alongside and on an equal basis with our clients. This structure provides strong incentives and natural commonality of interests within our investment structures.

We are committed to building a quality alternative investment portfolio for all of our investors and to maintaining a strong "commonality of interests" between the Kipling principals, our investment managers and our clients. We believe that commonality of interests created with meaningful co-investment is a key component of our investment success.