Maryland State Retirement and Pension System Report: June 30, 2011

Funds Current Period Since Inception Performance

Fund investmentsCommitment

dateOpening Balance

Drawn

in Period

Distributed

in Period

Closing Valuation

(a)Commitment

Drawn down to

date

Outstanding

Commitment

Distributed

to date

(b)

Total

Value

(a + b)

Multiple (3) IRR (4)

1 Apr 2011 30 Jun 2011

Private Equity Funds

US Buyout

Audax Private Equity Fund II Jan 2005 25,458,492 – 1,389,442 25,385,768 40,000,000 40,000,000 – 28,811,504 54,197,272 1.4 9%

Calvert Street Capital Partners III Mar 2005 8,185,945 370,000 – 9,105,507 18,000,000 13,060,000 4,940,000 – 9,105,507 0.7 -12%

Vestar Capital Partners V Aug 2005 18,111,108 298,015 1,038,637 18,532,208 20,000,000 19,430,760 569,240 5,005,659 23,537,867 1.2 6%

Hancock Park Capital III Sep 2005 32,787,113 – – 38,198,988 25,000,000 25,000,000 – 6,087,191 44,286,179 1.8 18%

Madison Dearborn Capital Partners V Feb 2006 31,570,453 57,079 30,556 33,792,422 40,000,000 36,052,490 3,947,510 5,190,145 38,982,567 1.1 2%

Bain Capital IX Mar 2006 13,749,836 – 204,943 14,315,316 15,000,000 14,587,500 412,500 3,756,542 18,071,858 1.2 6%

Bain Capital IX Co-Investment Fund Mar 2006 2,477,703 – 56,783 2,510,722 2,500,000 2,425,000 75,000 521,064 3,031,786 1.3 6%

Hellman and Friedman Capital Partners VI Dec 2006 31,547,941 262,326 149,990 30,803,053 35,000,000 30,623,004 4,376,996 5,270,959 36,074,012 1.2 6%

Littlejohn Fund III Jan 2007 17,505,428 -43,068 – 17,296,524 20,000,000 16,494,160 3,505,840 5,379,534 22,676,058 1.4 12%

Summer Street Capital II Mar 2007 21,071,845 – – 22,094,632 25,000,000 19,532,545 5,467,455 – 22,094,632 1.1 6%

New Mountain Partners III May 2007 20,141,725 5,954,818 – 26,485,751 47,500,000 27,425,069 20,074,931 1,381,314 27,867,065 1.0 1%

Audax Private Equity Fund III Jun 2007 39,686,865 3,649,686 4,715,089 40,507,067 45,000,000 37,327,837 7,672,163 7,341,373 47,848,440 1.3 12%

Bain Capital X Oct 2007 20,463,855 4,000,000 – 25,085,154 50,000,000 28,375,000 21,625,000 3,165,775 28,250,929 1.0 0%

Bain Capital X Co-Investment Fund Nov 2007 2,147,647 – – 2,128,653 50,000,000 3,500,000 46,500,000 84,788 2,213,441 0.6 -15%

Carlyle Partners V Feb 2008 104,762,970 -3,452,413 10,655,500 98,930,803 150,000,000 88,651,456 61,348,544 13,235,497 112,166,300 1.3 12%

Madison Dearborn Capital Partners VI Apr 2008 45,380,162 572,444 7,358,936 39,299,021 150,000,000 43,308,206 106,691,794 9,853,550 49,152,571 1.1 7%

Riverside Capital Appreciation Fund V Jun 2008 34,513,620 3,150,578 – 38,711,785 75,000,000 36,996,529 38,003,471 167,653 38,879,438 1.1 4%

Wind Point Partners VII Jul 2008 18,643,338 4,128,858 – 24,783,793 75,000,000 25,757,879 49,242,121 – 24,783,793 1.0 -4%

TPG Partners VI Aug 2008 41,746,217 2,494,658 691,691 44,016,575 100,000,000 46,602,648 53,397,352 2,130,649 46,147,224 1.0 -1%

Brazos Equity Fund III Sep 2008 4,192,563 2,688,246 – 8,539,824 35,000,000 8,250,378 26,749,622 113,485 8,653,309 1.0 4%

Apollo VII Nov 2008 60,301,158 169,567 463,522 61,142,500 100,000,000 43,885,873 56,114,127 6,204,317 67,346,817 1.5 26%

Blackstone VI Feb 2009 – – -316,378 – 100,000,000 – 100,000,000 -616,961 -616,961 n/a n/m

Yucaipa America Alliance Fund II Feb 2009 42,738,754 947,612 – 45,268,006 50,000,000 31,581,491 18,418,509 2,821,786 48,089,792 1.5 27%

Hellman and Friedman Capital Partners VII Feb 2009 – – – – 100,000,000 – 100,000,000 – – n/a n/m

Littlejohn Fund IV Aug 2009 5,568,586 211,832 36 5,964,573 25,000,000 5,027,399 19,972,601 31,466 5,996,039 1.2 25%

Clayton, Dubilier & Rice Fund VIII (Secondary Investment) Sep 2009 27,148,786 2,528,427 – 31,903,155 49,100,049 24,277,236 24,822,813 3,608,621 35,511,776 1.5 60%

Clayton, Dubilier & Rice Fund VIII Sep 2009 13,572,357 1,264,024 – 15,949,185 25,000,000 12,884,588 12,115,412 -2,664 15,946,521 1.2 22%

Black River Capital Partners Fund (Agriculture A) Oct 2010 30,983,252 553,791 – 32,491,855 50,000,000 16,828,519 33,171,481 -596,764 31,895,091 1.9 0%

Total US Buyout 714,457,719 29,806,479 26,438,749 753,242,840 1,517,100,049 697,885,568 819,214,482 108,946,484 862,189,324 1.2 10%

Venture/Growth

Frazier Healthcare V Dec 2004 11,817,815 210,000 2,721,142 9,882,862 15,000,000 14,137,500 862,500 7,296,064 17,178,926 1.2 7%

Azure Capital Partners II Aug 2005 16,330,404 735,000 765,000 16,518,662 15,000,000 13,785,000 1,215,000 2,595,000 19,113,662 1.4 14%

Great Hill Equity Partners III Dec 2005 13,513,399 – – 14,117,249 20,000,000 19,450,000 550,000 3,000,000 17,117,249 0.9 -4%

TA Associates X Mar 2006 3,274,800 – 357,000 2,971,820 4,200,000 4,053,000 147,000 1,323,000 4,294,820 1.1 2%

RLH Investors II May 2006 14,867,792 150,000 143,393 14,856,141 15,000,000 11,926,734 3,073,266 423,533 15,279,674 1.3 9%

Valhalla Partners II Nov 2006 4,307,896 – – 4,272,914 10,625,000 5,902,396 4,722,604 358,770 4,631,684 0.8 -11%

Commonwealth Capital Ventures IV Jan 2007 12,023,669 – – 11,569,756 20,000,000 14,850,000 5,150,000 779,530 12,349,286 0.8 -8%

Symmetric Partners Mar 2007 5,800,135 1,237,569 124,014 7,432,472 15,000,000 7,198,402 7,801,598 208,406 7,640,878 1.1 3%

Vector Capital IV May 2007 4,373,860 761,133 – 5,131,757 20,000,000 5,502,995 14,497,005 – 5,131,757 0.9 -3%

Frazier Healthcare Ventures VI Nov 2007 13,281,258 525,000 2,229,924 12,231,819 35,000,000 15,645,000 19,355,000 4,400,809 16,632,628 1.1 4%

Great Hill Equity Partners IV May 2008 14,482,591 3,550,000 – 21,488,351 50,000,000 23,175,000 26,825,000 2,875,000 24,363,351 1.1 5%

Longitude Venture Partners May 2008 20,922,879 -207,624 513,932 21,912,150 25,000,000 12,332,257 12,667,743 499,486 22,411,636 1.8 32%

TA Associates XI Apr 2009 6,237,525 3,250,000 – 10,009,078 50,000,000 9,250,000 40,750,000 – 10,009,078 1.1 18%

ABS Capital Partners VI May 2009 17,925,160 414,140 1,372,073 16,778,644 25,000,000 16,747,940 8,252,060 1,799,289 18,577,933 1.1 8%

Quaker BioVentures II Nov 2009 8,078,572 -159,948 231,696 7,921,047 17,500,000 8,574,435 8,925,565 316,062 8,237,109 1.0 -3%

Camden Partners Strategic IV Dec 2009 6,684,012 1,350,000 – 7,969,764 15,000,000 8,700,000 6,300,000 – 7,969,764 0.9 -8%

Azure Capital Partners III Dec 2009 – – – – 10,572,000 – 10,572,000 – – n/a n/m

North Sky Clean Tech Fund IV (fka Piper Jaffray) Jan 2010 8,466,386 750,000 – 8,824,105 25,000,000 8,500,000 16,500,000 – 8,824,105 1.0 3%

Total Venture/Growth 182,388,153 12,565,270 8,458,173 193,888,591 387,897,000 199,730,659 188,166,341 25,874,950 219,763,541 1.1 5%

Currency USD

STRICTLY CONFIDENTIAL ©. Copyright All rights reserved

Maryland State Retirement and Pension System Report: June 30, 2011

Funds Current Period Since Inception Performance

Fund investmentsCommitment

dateOpening Balance

Drawn

in Period

Distributed

in Period

Closing Valuation

(a)Commitment

Drawn down to

date

Outstanding

Commitment

Distributed

to date

(b)

Total

Value

(a + b)

Multiple (3) IRR (4)

1 Apr 2011 30 Jun 2011

Currency USD

Private Equity Funds (continued)

Non-US

Apax Europe VI Dec 2004 9,020,260 – – 9,616,560 13,319,000 12,438,930 217,477 8,664,378 18,280,938 1.5 13%

Alchemy Plan (MD) (1) Mar 2005 7,573,062 12,003 – 7,658,065 20,310,633 13,098,451 8,004,006 671,665 8,329,730 0.6 -10%

Lion Capital Fund I Apr 2005 6,539,793 -27,851 2,577,246 3,444,029 19,273,500 13,850,583 6,331,458 25,142,546 28,586,576 2.1 25%

ECI 8 Apr 2005 5,119,577 482,910 – 6,375,743 11,219,400 10,985,248 192,654 1,284,896 7,660,639 0.7 -11%

Advent International GPE V-D Partnership Apr 2005 12,772,914 – – 14,224,137 12,649,000 12,759,440 1,014,894 16,308,275 30,532,412 2.4 59%

BC European Capital VIII Apr 2005 18,275,524 1,076,959 – 20,623,928 19,524,000 17,898,373 2,653,224 3,367,159 23,991,087 1.3 12%

HgCapital 5 Jan 2006 13,247,734 -441,278 2,786,510 12,098,482 17,699,000 14,871,566 3,377,384 8,509,250 20,607,731 1.4 10%

Charterhouse Capital Partners VIII Mar 2006 19,943,545 861,160 – 22,401,108 23,812,000 23,024,476 4,803,794 – 22,401,108 1.0 -1%

Permira IV Jul 2006 12,511,336 868,496 – 14,857,667 15,103,200 13,313,165 3,584,027 161,656 15,019,323 1.1 4%

Arcadia II Dec 2006 2,471,007 – – 2,160,895 12,428,400 4,568,675 9,026,444 – 2,160,895 0.5 -32%

Private Equity Partners IV Apr 2007 4,800,134 – – 4,782,037 13,360,000 6,989,666 7,332,722 – 4,782,037 0.7 -13%

Lion Capital Fund II May 2007 22,053,987 – 314,885 21,377,807 27,158,000 22,890,173 5,749,599 1,354,335 22,732,143 1.0 0%

Apax Europe VII May 2007 31,089,730 2,172,237 1,043,551 33,612,642 40,605,000 31,994,517 10,438,913 4,756,981 38,369,623 1.2 8%

Graphite Capital Partners VII Jun 2007 4,803,879 237,501 2,095,088 3,832,693 13,795,600 5,858,023 5,806,521 2,112,235 5,944,928 1.0 1%

Graphite Capital Partners VII Top-Up Fund Jun 2007 6,670,843 29,150 4,403,456 4,054,245 13,795,600 6,723,670 5,307,528 4,432,884 8,487,129 1.3 10%

CVC V Apr 2008 42,039,826 -2,104,710 2,801,184 40,782,879 79,005,000 33,821,265 37,156,723 3,347,939 44,130,819 1.3 19%

Advent International GPE VI-A Partnership Apr 2008 22,698,800 – – 23,364,580 40,000,000 22,000,000 18,000,000 1,200,000 24,564,580 1.1 8%

Advent Central and Eastern Europe Fund IV Apr 2008 5,922,616 4,969,975 – 10,128,280 31,272,000 13,152,735 15,658,369 – 10,128,280 0.8 -24%

Charterhouse Capital Partners IX Oct 2008 13,526,109 – – 14,597,635 68,160,000 12,348,286 59,332,566 -9,085 14,588,550 1.2 12%

HgCapital 6 Nov 2008 22,670,714 2,322,896 – 25,008,835 47,607,000 24,400,221 23,007,326 13,889 25,022,723 1.0 3%

ECI 9 Dec 2008 1,448,278 5,073,120 – 6,483,419 22,059,000 7,704,180 16,375,598 – 6,483,419 0.8 -40%

Triton III Dec 2008 17,954,197 4,057,795 182,298 22,999,729 38,193,000 17,736,333 25,389,206 399,647 23,399,376 1.3 29%

Apax France VIII Dec 2008 – 8,075,794 – 7,832,460 41,949,000 8,075,794 35,387,922 – 7,832,460 1.0 -41%

Riverside Europe Fund IV Dec 2008 10,399,735 3,289,847 – 13,121,149 41,949,000 15,362,138 27,716,505 260,302 13,381,451 0.9 -12%

KKR Europe Fund III Mar 2009 19,779,891 686,288 – 20,679,965 50,000,000 20,653,969 29,346,031 – 20,679,965 1.0 0%

Navis Asia Fund VI Jun 2009 8,021,251 3,950,000 – 11,990,752 50,000,000 12,560,999 37,439,001 47,322 12,038,074 1.0 -6%

Everstone Capital Partners II Mar 2011 3,340,000 – – 3,210,000 25,000,000 3,750,000 21,250,000 -81,370 3,128,630 0.8 n/m

Crescent Capital Partners IV Apr 2011 – – – – 53,320,000 – 52,985,000 – – n/a n/m

Lion Capital Fund III (USD) May 2011 – – – – 50,000,000 – 50,000,000 – – n/a n/m

MD Asia Investors Jun 2011 – – – – 200,000,000 – 200,000,000 – – n/a n/m

Total Non-US 344,694,743 35,592,292 16,204,218 381,319,720 1,112,566,333 402,830,876 722,884,892 81,944,905 463,264,625 1.2 7%

Special Situations

Venture Capital Trust (2) Jan 1992 308,374 – – 335,422 15,000,000 15,000,000 – 26,653,580 26,989,002 1.8 10%

Abbott Capital Private Equity Fund III, LP May 1999 19,116,517 – 2,000,000 17,720,405 50,000,000 48,250,000 1,750,000 64,591,119 82,311,524 1.7 12%

Brinson Partnership Fund Trust Program (1) May 1999 56,971,855 104,854 2,578,057 56,927,405 98,511,177 102,526,803 4,745,030 94,605,233 151,532,638 1.5 8%

HarbourVest Partners VI - Buyout Partnership Jun 1999 31,500,039 – 3,346,089 29,499,921 60,000,000 56,400,000 3,600,000 72,976,825 102,476,746 1.8 13%

HarbourVest Partners VI - Partnership Fund LP Jun 1999 20,876,845 200,000 1,798,053 19,829,996 40,000,000 38,600,000 1,400,000 27,657,383 47,487,379 1.2 4%

HarbourVest - Dover Street VII Oct 2008 67,645,861 5,000,000 2,048,276 76,111,637 100,000,000 59,500,000 40,500,000 4,625,577 80,737,214 1.4 25%

Goldman Sachs Vintage Fund V Oct 2008 46,749,944 7,095,618 4,064,584 55,417,832 100,000,000 49,202,265 50,797,735 7,301,509 62,719,341 1.3 17%

Partners Group Secondary 2008 Nov 2008 49,890,780 5,705,320 1,407,790 59,121,316 63,755,000 50,769,970 17,888,390 6,795,336 65,916,652 1.3 24%

Lexington Capital Partners VII Jun 2009 41,532,619 3,215,757 107,740 43,380,905 100,000,000 37,069,081 62,930,919 155,038 43,535,943 1.2 27%

Landmark Equity Partners XIV, L.P. Dec 2009 13,873,038 2,809,254 1,145,194 17,263,189 75,000,000 13,896,224 61,103,776 2,582,993 19,846,182 1.4 46%

Total Special Situations 348,465,873 24,130,803 18,495,783 375,608,028 702,266,177 471,214,343 244,715,850 307,944,593 683,552,621 1.5 11%

Emerging Managers

Bunker Hill Capital II Dec 2010 – 998,214 -10,891 – 25,000,000 998,214 24,001,786 -10,891 -10,891 0.0 n/m

Total Emerging Managers – 998,214 -10,891 – 25,000,000 998,214 24,001,786 -10,891 -10,891 0.0 n/m

Total Private Equity Funds 1,590,006,487 103,093,058 69,586,031 1,704,059,179 3,744,829,559 1,772,659,661 1,998,983,351 524,700,040 2,228,759,220 1.3 10%

STRICTLY CONFIDENTIAL ©. Copyright All rights reserved

Maryland State Retirement and Pension System Report: June 30, 2011

Funds Current Period Since Inception Performance

Fund investmentsCommitment

dateOpening Balance

Drawn

in Period

Distributed

in Period

Closing Valuation

(a)Commitment

Drawn down to

date

Outstanding

Commitment

Distributed

to date

(b)

Total

Value

(a + b)

Multiple (3) IRR (4)

1 Apr 2011 30 Jun 2011

Currency USD

Credit Strategies Funds

PPIP

Advent - Wellington PPIP Oct 2009 68,645,584 7,500,000 1,501,932 69,558,638 75,000,000 67,546,146 7,453,854 3,814,599 73,373,237 1.1 8%

Angelo Gordon - GE PPIP Oct 2009 57,422,682 1,250,000 656,250 55,521,907 50,000,000 45,000,000 5,000,000 2,198,754 57,720,661 1.3 24%

Marathon PPIP Oct 2009 56,544,781 5,000,000 – 58,000,078 50,000,000 50,000,000 – – 58,000,078 1.2 15%

RLJ - Western PPIP Oct 2009 121,993,186 – 1,082,118 116,729,277 100,000,000 100,000,000 – 8,866,093 125,595,370 1.3 19%

Total PPIP 304,606,234 13,750,000 3,240,301 299,809,900 275,000,000 262,546,146 12,453,854 14,879,446 314,689,346 1.2 17%

Mezzanine

TA Subordinated Debt Fund III Apr 2009 5,854,859 – – 5,904,991 25,000,000 5,625,000 19,375,000 – 5,904,991 1.0 9%

Falcon Strategic Partners III May 2009 20,793,268 139,700 518,876 21,596,711 35,000,000 23,156,366 11,843,634 6,649,477 28,246,188 1.2 17%

Prudential Capital Partners III Aug 2009 31,132,691 3,140,051 776,542 34,419,465 50,000,000 33,361,056 16,638,944 2,084,964 36,504,428 1.1 10%

Peninsula Fund V Oct 2009 3,657,811 1,437,500 – 5,286,057 25,000,000 5,000,000 20,000,000 – 5,286,057 1.1 9%

LBC Credit Partners Fund II Nov 2009 5,369,470 2,500,000 315,646 8,171,698 25,000,000 10,272,537 14,727,463 1,776,256 9,947,954 1.0 -4%

Partners Group European Mezzanine 2008 Dec 2009 31,489,998 – 674,349 32,320,288 72,950,000 30,626,598 40,367,083 2,616,799 34,937,087 1.1 12%

Merit Mezzanine Fund V Dec 2009 3,163,604 244,898 – 3,036,759 25,000,000 3,551,020 21,448,980 – 3,036,759 0.9 -23%

Park Square Capital Partners II Dec 2009 21,097,540 -404,027 19,378 22,414,542 71,737,452 20,801,015 50,518,056 405,148 22,819,690 1.1 8%

KKR Mezzanine Partners I Mar 2010 33,606,349 -8,853,743 478,201 24,746,172 100,000,000 23,677,623 76,322,377 -148,975 24,597,197 1.0 5%

Energy Fund XV Mar 2011 – 6,500,000 – 5,856,362 100,000,000 6,500,000 93,500,000 – 5,856,362 0.9 n/m

Total Mezzanine 156,165,590 4,704,379 2,782,992 163,753,046 529,687,452 162,571,215 364,741,537 13,383,668 177,136,714 1.1 9%

Distressed

Oaktree Opportunistic Fund VIII-A Dec 2009 45,006,145 10,050,000 – 54,978,595 67,000,000 50,250,000 16,750,000 585,254 55,563,849 1.1 13%

Oaktree Principal Fund V Dec 2009 29,573,754 10,000,000 – 39,401,080 100,000,000 35,000,000 65,000,000 -72,329 39,328,751 1.1 13%

Oaktree Opportunistic Fund VIII-B Mar 2010 – – – – 33,000,000 – 33,000,000 – – n/a n/m

Varde Fund X Apr 2010 53,876,964 – – 53,706,587 100,000,000 50,000,000 50,000,000 – 53,706,587 1.1 8%

CVI Credit Value Fund A Sep 2010 47,600,000 – – 47,636,100 100,000,000 45,000,000 55,000,000 63,000 47,699,100 1.1 13%

Alchemy Special Opportunities Fund II Mar 2011 – 7,048,894 -34,158 6,643,901 48,088,483 7,048,894 41,202,677 -34,158 6,609,744 0.9 n/m

Total Distressed 176,056,863 27,098,894 -34,158 202,366,263 448,088,483 187,298,894 260,952,677 541,768 202,908,031 1.1 11%

Other

PIMCO Distressed Senior Credit Opportunities Fund, L.P. Oct 2008 309,693,209 – – 301,739,535 200,000,000 200,000,000 – -555,447 301,184,088 1.5 18%

Blackrock Credit Investors II Dec 2008 15,493,429 -2,944,646 – 12,390,246 50,000,000 7,497,452 42,502,548 4,147,434 16,537,680 2.2 23%

TCW Credit Opportunities Fund IB (6) Dec 2008 – – – – 50,000,000 25,000,000 – 33,293,170 33,293,170 1.3 25%

Total Other 325,186,638 -2,944,646 – 314,129,781 300,000,000 232,497,452 42,502,548 36,885,157 351,014,938 1.5 18%

Total Credit Strategies Funds 962,015,325 42,608,626 5,989,134 980,058,990 1,552,775,935 844,913,707 680,650,616 65,690,039 1,045,749,029 1.2 16%

STRICTLY CONFIDENTIAL ©. Copyright All rights reserved

Maryland State Retirement and Pension System Report: June 30, 2011

Funds Current Period Since Inception Performance

Fund investmentsCommitment

dateOpening Balance

Drawn

in Period

Distributed

in Period

Closing Valuation

(a)Commitment

Drawn down to

date

Outstanding

Commitment

Distributed

to date

(b)

Total

Value

(a + b)

Multiple (3) IRR (4)

1 Apr 2011 30 Jun 2011

Currency USD

Real Assets Funds

Energy

Natural Gas Partners VIII Nov 2005 5,066,903 15,742 153,579 5,418,106 5,000,000 4,765,454 234,546 1,176,019 6,594,125 1.4 11%

Quantum Energy Partners IV Oct 2006 7,165,040 831,439 – 7,792,999 25,000,000 10,498,539 14,501,461 2,415,259 10,208,258 1.0 -1%

Natural Gas Partners IX Sep 2007 37,826,831 -1,500,505 556,195 40,434,000 49,000,000 29,290,627 19,709,373 1,117,730 41,551,730 1.4 21%

NGP Midstream & Resources Sep 2007 22,240,937 -356,193 1,245,549 20,920,205 25,000,000 21,462,969 3,537,031 8,098,810 29,019,015 1.4 15%

Quantum Energy Partners V Jul 2008 882,464 – – 690,081 40,000,000 2,666,450 37,333,550 21,246 711,327 0.3 -39%

First Reserve XII Oct 2008 80,785,000 11,628,103 – 107,361,000 200,000,000 116,040,629 83,959,371 8,045,679 115,406,679 1.0 0%

White Deer Energy Nov 2009 13,829,152 1,061,353 – 18,128,156 35,000,000 11,459,989 23,540,011 -3,471 18,124,685 1.6 101%

Total Energy 167,796,327 11,679,939 1,955,323 200,744,547 379,000,000 196,184,657 182,815,343 20,871,272 221,615,819 1.1 7%

Infrastructure

Alinda Infrastructure Fund II Jul 2009 15,885,872 3,452,123 – 19,403,440 50,000,000 18,000,971 31,999,029 -246,962 19,156,478 1.1 6%

Total Infrastructure 15,885,872 3,452,123 – 19,403,440 50,000,000 18,000,971 31,999,029 -246,962 19,156,478 1.1 6%

Timber

Hancock Timberland X Mar 2010 36,006,214 – – 34,610,466 50,000,000 26,388,485 23,611,515 – 34,610,466 1.3 38%

Global Timber Investors 9 Nov 2010 6,681,564 5,741,019 – 12,285,090 50,000,000 12,653,494 37,346,506 -50,189 12,234,901 1.0 -11%

Timbervest Partners III Apr 2011 – 5,000,000 -161,096 4,732,648 50,000,000 5,000,000 45,000,000 -161,096 4,571,553 0.9 n/m

Total Timber 42,687,778 10,741,019 -161,096 51,628,204 150,000,000 44,041,979 105,958,021 -211,285 51,416,919 1.2 29%

Total Real Assets Funds 226,369,977 25,873,081 1,794,227 271,776,191 579,000,000 258,227,607 320,772,393 20,413,025 292,189,216 1.1 8%

PORTFOLIO TOTAL 2,778,391,789 171,574,765 77,369,392 2,955,894,361 5,876,605,494 2,875,800,974 3,000,406,360 610,803,104 3,566,697,465 1.2 11%

Notes

1. For Brinson Partnership Fund and Alchemy Plan, management fees are treated separately to capital calls and are not part of fund commitments. Total Drawdown to date includes both management fees and capital calls.

2. Venture Capital Trust Valuation as of June 30, 2011.

3. Multiple equals Total Value divided by total Drawdown to Date.

4. IRR is calculated using monthly cash flows. Interim performance of funds of funds is not necessarily a guide to future performance due to the structure and investment profile of funds of funds.

5. Negative distributions reflect interest charged on late closing.

6. Unfunded is shown as zero, as the fund has been terminated.

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