AUM Disclosure

Total assets under management ("AUM") presented here differs from regulatory assets under management ("RAUM") reported on Forbes' Form ADVs. AUM reflects net assets under management for private funds and other alternative assets managed by Forbes, while RAUM reflects gross assets under management. AUM also includes Forbes' affiliates' assets under advisement, which are not included in Forbes' RAUM. AUM as of 12/31/2020.