Report Methodology

2 | BRG QUARTERLY GP REPORT

When performing a valuation of a private GP, determining basic indicators for comparable publicly traded GPs cannot be done solely using common technology platforms. An analyst must make certain adjustments to estimate the enterprise value associated with the operations of public GPs. As such, three primary adjustments were made:

1) Direct investments: the value associated with direct investments owned by the GP was excluded from the enterprise value. Direct investments typically include assets invested in funds managed by the GP that are commingled withthe LPs.

2) Operating debt: the debt associated with variable interest entities (VIEs) was excluded from the enterprise value. When GPs set up levered funds, such as CLOs, they typically set them up as VIEs. Although the LPs contribute theoverwhelming majority of capital to the VIE, the GP retains control over the VIE. As such, the GP may have to consolidate the debt held at the VIE level into their financials, even though the debt is not actually operating debt. Giventhe debt belongs to the investment vehicle and not the GP, we removed it to determine the enterprise value of the GP.

3) Market capitalization: the entire share count was included to capture the entire market capitalization of the enterprise. Public GPs often float only a certain amount of stock on the public markets, leaving the remaining portion inprivate hands. Given that the public indications only represent a portion of a company's equity, the public and private share counts must be included to capture the entire equity value.

BERKELEY RESEARCH GROUP Q4 2020

Quarterly Transaction Updates ($MM)

Announced Date Target Industry

Manager Role Implied EV

Announced Date Target Industry

Manager Role Implied EV

Apollo Global Management The Carlyle Group12/29/20 Arlington Valley Solar Energy II Independent Power Seller n/a 12/24/20 Carroll Cuisine UC Food Products Seller n/a12/23/20 Metal Container Plants of Anheuser-Busch Containers and Packaging Buyer $6,012 12/23/20 Lifespan Ambulatory Care Center Real Estate Management Buyer $1912/9/20 Cardtronics plc IT Services Buyer $2,384 12/15/20 The Bridgewater Medical Office Building Real Estate Management Buyer n/a12/1/20 Mood Media Corporation Entertainment Seller n/a 12/10/20 Broadstone Oceanside Apartments Real Estate Management Seller $9512/1/20 Express Energy Services Operating, L.P. Energy Equipment and Services Seller n/a 12/8/20 IC Consult Group GmbH N/A Buyer n/a11/11/20 3150 Fairview Park Drive Real Estate Management Buyer $90 12/7/20 Link Administration Holdings Limited IT Services Seller n/a11/10/20 Great Canadian Gaming Corporation Hotels, Restaurants and Leisure Buyer $3,515 12/7/20 Groupe Acrotec SA Textiles, Apparel and Luxury Goods Buyer n/a10/14/20 Parallel Infrastructure LLC Diversified Telecommunication Buyer n/a 12/2/20 Barbon Insurance Group Limited Insurance Seller n/a

11/30/20 PA Consulting Group Limited Professional Services Seller $2,436Ares Management 11/30/20 Fang Holdings Limited Interactive Media and Services Seller $50012/22/20 Northpoint Crossing Real Estate Management Buyer n/a 11/19/20 ECI Software Solutions, Inc. Software Seller n/a12/15/20 215 Residential Units in Northern Germany Real Estate Management Buyer n/a 11/17/20 WingArc1st Inc. Software Seller n/a11/9/20 Exemplar Health Care Limited Health Care Providers and Services Buyer n/a 11/13/20 Guitar Center Holdings, Inc. Specialty Retail Buyer n/a11/6/20 IAS Solar Parent, LLC Independent Power and Renewable Seller n/a 11/9/20 Supreme Holdings, Inc. Leisure Products Seller $2,40010/30/20 AMP Limited Diversified Financial Services Buyer n/a 11/6/20 Manna Pro Products, LLC Food Products Buyer n/a10/29/20 Residential Solar Portfolio Independent Power Seller n/a 11/5/20 Japan Asia Group Limited Professional Services Buyer $85310/19/20 Front Yard Residential Corporation Real Estate Investment Trusts Buyer $2,522 11/5/20 The District at Chandler Real Estate Management Seller $95

11/5/20 Kokusai Kogyo Co., Ltd./JAG Energy Co., Ltd. Construction and Engineering Buyer n/aThe Blackstone Group 11/4/20 Beechcroft Developments Ltd Construction and Engineering Buyer n/a

** 12/30/20 Portfolio of Eight Industrial Assets in UK Real Estate Management Buyer $455 10/29/20 Flender GmbH Professional Services Buyer $853** 12/24/20 Solar and Storage Projects Independent Power Seller n/a 10/26/20 Prime French and German distribution assets Real Estate Management Buyer $95

12/23/20 SUNZ Holdings, LLC Insurance Buyer n/a 10/26/20 Calastone Limited Food Products Buyer n/a12/22/20 Applegreen plc Specialty Retail Buyer $2,279 10/15/20 Two Medical Office Buildings in Germantown Professional Services Buyer $85312/14/20 Calle Principe de Vergara 108 Real Estate Management Seller $63 10/12/20 Link Administration Holdings Limited Real Estate Management Buyer $9512/11/20 Piramal Glass Limited Containers and Packaging Buyer $1,000 10/12/20 Coda Apartments Construction and Engineering Seller n/a12/3/20 Custom Truck/Utility One Source Trading Companies and Distributors Seller n/a 10/2/20 AA Ireland Ltd. Household Durables Seller n/a

** 12/3/20 Pacific Northwest Portfolio Real Estate Management Buyer $175 10/1/20 Colombia Onshore Assets of Occidental Petroleum Electrical Equipment Buyer $2,480** 12/3/20 Pacific Northwest Portfolio Real Estate Management Buyer $175** 11/30/20 Citigate Apartments in Jacksonville Real Estate Management Buyer $90 KKR & Co.** 11/30/20 DCI, LLC Capital Markets Buyer n/a 12/30/20 College Terrace's First Republic Center Real Estate Management Buyer $104

11/23/20 SERVPRO of Norristown/SERVPRO Diversified Consumer Services Seller n/a 12/22/20 Caruna Networks Oy Electric Utilities Buyer n/a11/16/20 Broadstone Stockyard Apartments Real Estate Management and Buyer $105 ** 12/21/20 RigNet, Inc. Energy Equipment and Services Seller $248 11/9/20 Therma Corporation Construction and Engineering Buyer n/a 12/21/20 Portfolio of Toxic Assets Banks Buyer $159 11/9/20 RE Tech Advisors, Inc. Professional Services Buyer n/a 12/21/20 382-unit Preston View Apartments Real Estate Management Seller $79 11/6/20 Bayview Centre in Wollongong Real Estate Management Seller $35 12/17/20 680 Student Accommodation Units in Utrecht Real Estate Management Seller $121

** 11/5/20 Portfolio of 60 Property Industrial Assets Real Estate Management Buyer n/a ** 12/17/20 Hensoldt AG Aerospace and Defense Seller $3,004** 11/3/20 The Park & Market apartments at North Hills Real Estate Management Buyer $110 12/16/20 Zernike Tower in Groningen Real Estate Management Seller $111

11/3/20 The Park & Market apartments at North Hills Real Estate Management Buyer $110 12/15/20 600,000 square foot industrial property Real Estate Management Buyer n/a** 10/28/20 Portfolio of 4.3 million square feet of buildings Real Estate Management Buyer $614 12/11/20 9.7 Million Square Feet Industrial Real Estate Real Estate Management Buyer $835

10/28/20 Autostrade per l'Italia SpA Transportation Infrastructure Buyer n/a 12/8/20 Tarena International, Inc. Diversified Consumer Services Seller $287 10/17/20 Certain Offices, Retail, Hotel Properties and Real Estate Management Buyer $1,249 ** 12/8/20 Velero Immobilien AG Real Estate Management Buyer n/a10/15/20 BioMed Realty Trust Inc. Real Estate Investment Trusts Buyer $14,600 ** 12/4/20 Two Industrial Distribution Properties in Texas Real Estate Management Buyer $171 10/15/20 Coleman Highline Office Complex in San Jose Real Estate Management Buyer n/a 11/23/20 Four Industrial Distribution Properties in Atlanta Real Estate Management Buyer $136 10/12/20 The Palmer Real Estate Management Buyer $64 11/21/20 Multifamily Portfolio in Brooklyn Real Estate Management Buyer $860 10/12/20 Pacific Gateway in Los Angeles South Bay Real Estate Management Seller $56 11/18/20 Argenta Limited Life Sciences Tools and Services Buyer n/a10/5/20 The Villages at Westford apartments in Apex Real Estate Management Buyer $61 ** 11/15/20 Seiyu GK Food and Staples Retailing Buyer $1,660

** 11/2/20 1,000 megawatt (MW) renewable energy portfolio Independent Power Buyer $600 ** 10/29/20 Operating Solar Projects in India Independent Power Buyer n/a** 10/28/20 CMC Srl Machinery Buyer n/a

10/27/20 10 Lexington Avenue in Clinton Hill Real Estate Management Buyer $46 10/27/20 Graduation Alliance Inc. Diversified Consumer Services Buyer n/a10/22/20 Groupe ELSAN SAS Health Care Providers and Services Buyer n/a10/20/20 CNT Holdings I Corp N/A Buyer n/a10/16/20 TSK Corporation Commercial Services and Supplies Buyer $1,078

Notes: ** 10/2/20 Leigh House Apartments Real Estate Management Seller $55 **Represents transactions that have not closed as of the issuance of this report.

3 | BRG QUARTERLY GP REPORT