The Regents of the University of California

Alternative Investments as of March 31, 2013 Since inception in 1979 through March 31, 2013, the Private Equity portfolio has consisted of $8.8 billion in commitments with 210 active partnerships. As of March 31, 2013, $6.5 billion of these commitments have been called by the partnerships and $6.0 billion of distributions have been received from the partnerships. Including the Current Net Asset Value of $4.4 billion as of March 31, 2013, the Private Equity portfolio has produced $3.9 billion in profits and a 1.6x multiple on contributed capital. The Private Equity portfolio has generated a total return of 12.5% for the 10-year period ended March 31, 2013. Since the beginning of 2001, Cambridge Associates, LLC (“CA”) has been retained by The Regents of the University of California (“The Regents”) to advise on the Private Equity portfolio and to calculate the Net Internal Rate of Return (“IRR”) for each partnership held in the Private Equity portfolio. Prior to the engagement of CA, the Office of the Treasurer did not calculate IRRs for individual partnerships. The historical returns for all portfolios reported by the Regents and the Office of the Treasurer are based on the annualized Total Returns methodology. Total Return calculations are based on the changing value of a portfolio and any cash flows received during the specified time period. The Private Equity portfolio was historically less than 2% of the total investment portfolio; therefore, the Regents evaluated the portfolio in its entirety and as part of the total equity portfolio. Moreover, Private Equity partnerships are 10 to 13 year investments, and the only relevant return measure is the amount returned at the end of the partnership compared to the capital invested. This has been the basis for investment decisions in the Private Equity asset class, and this long-term horizon has produced exceptional returns. Private Equity partnerships are subject to a J-Curve Effect; meaning returns are often low or negative during the first several years. A –30% IRR or a 0.5x Investment Multiple might make for interesting headlines; however, it says little about the current performance of the partnership or the expected returns over the life of the investment. Most of the fully realized partnerships, which demonstrate strong returns on invested capital, previously demonstrated significantly negative IRRs. Low or negative returns in the early years of a partnership are inherent to the asset class, and the expected returns do not become readily apparent until the latter years of a partnership’s life. On July 24, 2003, the Alameda County Superior Court ruled in the Coalition of University Employees, et al. v. The Regents of the University of California lawsuit. In this ruling, the Court has ordered The Regents to disclose fund-level internal rates of return under the California Public Records Act. To be consistent with the disclosure provided by other California-based institutional limited partners subject to the California Public Records Act, The Regents are disclosing detailed fund-level performance information for the most recent period available. This information should allow for more meaningful interpretation of fund performance than IRR information alone. A number of General Partners have informed CA that performance information will no longer be provided to CA as a result of the Court’s ruling. Consequently, it is uncertain whether or not The Regents will be able to provide IRRs for all partnerships in the Private Equity portfolio in future periods.

The attached performance information is sorted by Type and Vintage Year. In reviewing the attached information, please consider the following: Type Consistent with historical reporting by sub-asset class, partnerships are categorized as Venture Capital or Leveraged Buyout (“LBO”). Vintage Year Represents the year each partnership commenced investment activities according to CA; note, this may be different than the year in which The Regents committed to invest in the partnership. UC Commitment Represents the total commitment made by The Regents to each partnership, adjusted for any subsequent reductions to partnership commitments by the General Partners. Cash In Represents the total portion of The Regents’ commitment that has been contributed to the partnership from inception through March 31, 2013 (except where noted). Current NAV Represents the net asset value of The Regents’ interest in each partnership as determined by the General Partners in financial statements dated March 31, 2013 (except where noted). Cash Out Represents the total distributions received by The Regents from inception through March 31, 2013 (except where noted). Cash Out + Current NAV Represents the sum of distributions received by The Regents from inception through March 31, 2013 and the net asset value of The Regents’ interest in each partnership as determined by the General Partners in financial statements dated March 31, 2013 (except where noted). Investment Multiple Represents each partnership’s total value as a multiple of invested capital; the multiple is calculated by dividing Cash Out + Current NAV by Cash In. Net IRR Represents the cash-on-cash return net of fees, expenses, and carried interest from inception through March 31, 2013 as well as the net asset value of The Regents’ interest in each partnership as determined by the General Partners in financial statements dated March 31, 2013 (except where noted). Private Equity partnerships represent long-term commitments of typically 10 to 13 years. The majority of capital commitments are contributed to each partnership during the initial five- to six-year period when the General Partners are actively making new investments. Differences in the investment pace of each partnership have a significant impact on the Investment Multiple and Net IRR calculations. Since fees and expenses are paid on a regular schedule, partnerships with a relatively slower investment pace will tend to produce lower Investment Multiple and Net IRR figures. In addition, each General Partner uses different valuation policies to determine the net asset value of the partnership, as no industry standard currently exists. While each General Partner’s valuation policy is different, conservatism often results in early write-downs for underperforming investments. In addition, write-ups are typically limited to an independent valuation event such as a third party financing or an initial public offering. All of these issues contribute to the J-Curve Effect and limit the comparability of returns across partnerships.

The Regents of the University of CaliforniaAlternative Investments as of March 31, 2013

Fund Name Type Vintage Year UC Commitment Cash In Current NAV Cash Out Cash Out + Current NAV

Investment Multiple2 no

te Net IRR1,2,3 no

te

VENTURE CAPITAL Dollars in Thousands

Institutional Venture Partners IV, L.P. Venture Capital 1988 $12,000 ($12,000) $10,823 $17,309 $28,132 2.34x 10.5%Kleiner Perkins Caufield & Byers VII Venture Capital 1994 $20,000 ($15,000) $4,674 $482,985 $487,658 32.51x 121.7%Institutional Venture Partners VII, L.P. Venture Capital 1996 $18,000 ($18,000) $703 $120,266 $120,969 6.72x 96.2%InterWest Partners VI, L.P. Venture Capital 1996 $15,000 ($15,000) $137 $44,438 $44,575 2.97x 49.0%Kleiner Perkins Caufield & Byers VIII Venture Capital 1996 $20,000 ($20,000) $10,074 $329,915 $339,989 17.00x 286.6%Institutional Venture Partners VIII, L.P. Venture Capital 1998 $30,000 ($30,000) $234 $30,604 $30,838 1.03x 0.7%InterWest Partners VII, L.P. Venture Capital 1999 $15,000 ($15,000) $5,484 $6,745 $12,229 0.82x -2.2%Kleiner Perkins Caufield & Byers IX-A Venture Capital 1999 $20,000 ($17,000) $6,879 $0 $6,879 0.40x -23.3%Oxford Bioscience Partners III, L.P. Venture Capital 1999 $20,000 ($20,000) $837 $7,134 $7,971 0.40x -12.6%Perseus-Soros BioPharmaceutical Fund L.P. Venture Capital 1999 $10,000 ($10,000) $655 $16,867 $17,522 1.75x 20.9%Redpoint Ventures I, L.P. Venture Capital 1999 $30,000 ($29,400) $4,193 $18,827 $23,020 0.78x -2.8%Sequoia Capital Franchise Fund Venture Capital 1999 $22,000 ($16,280) $5,633 $5,966 $11,598 0.71x -17.0%Sequoia Capital IX Venture Capital 1999 $18,000 ($15,444) $3,908 $9,327 $13,236 0.86x -6.1%Versant Venture Capital I, L.P. Venture Capital 1999 $20,000 ($20,000) $10,804 $29,988 $40,792 2.04x 10.5%Accel VIII, L.P. Venture Capital 2000 $14,586 ($8,070) $4,126 $0 $4,126 0.51x -26.8%Intersouth Partners V, L.P. Venture Capital 2000 $20,000 ($20,000) $4,126 $11,359 $15,485 0.77x -3.5%InterWest Partners VIII, L.P. Venture Capital 2000 $50,000 ($50,000) $15,774 $19,314 $35,088 0.70x -5.6%Kleiner Perkins Caufield & Byers X-A, L.P. Venture Capital 2000 $20,000 ($9,500) $5,631 $0 $5,631 0.59x -17.5%Polaris Venture Partners III, L.P. Venture Capital 2000 $20,000 ($19,800) $5,185 $10,291 $15,476 0.78x -3.3%Redpoint Ventures II, L.P. Venture Capital 2000 $30,000 ($29,100) $9,735 $32,449 $42,183 1.45x 6.0%Sequoia Capital X Venture Capital 2000 $28,000 ($17,500) $9,171 $379 $9,549 0.55x -31.0%Oxford Bioscience Partners IV, L.P. Venture Capital 2001 $26,500 ($25,437) $3,938 $14,213 $18,151 0.71x -6.6%Polaris Venture Partners IV, L.P. Venture Capital 2001 $25,000 ($24,875) $18,090 $10,927 $29,017 1.17x 2.6%Versant Venture Capital II, L.P. Venture Capital 2001 $30,000 ($30,000) $19,201 $19,265 $38,466 1.28x 3.8%Warburg Pincus Private Equity VIII, L.P. Venture Capital/LBO 2001 $50,000 ($50,000) $37,403 $74,891 $112,295 2.25x 16.0%Globespan Capital Partners Fund IV, L.P. Venture Capital 2002 $20,000 ($19,500) $13,106 $14,846 $27,952 1.43x 7.7%Lighthouse Capital Partners V, L.P. Venture Capital 2002 $20,000 ($18,600) $822 $21,164 $21,986 1.18x 4.0%ARCH Venture Fund VI, L.P. Venture Capital 2003 $25,000 ($24,375) $38,288 $1,650 $39,938 1.64x 9.7%Darwin Venture Fund of Funds Venture Capital 2003 $8,424 ($7,168) $7,272 $2,578 $9,850 1.37x 6.3%De Novo Ventures II, L.P. Venture Capital 2003 $25,000 ($24,375) $9,088 $116 $9,204 0.38x -14.5%Domain Partners VI, L.P. Venture Capital 2003 $15,000 ($15,000) $7,365 $5,454 $12,819 0.85x -3.8%Intersouth Partners VI, L.P. Venture Capital 2003 $15,000 ($14,025) $8,751 $7,755 $16,506 1.18x 3.2%Novak Biddle Venture Partners IV, L.P. Venture Capital 2003 $10,000 ($9,600) $6,429 $2,602 $9,031 0.94x -1.1%Clearstone Venture Partners III-A, L.P. Venture Capital 2004 $20,000 ($18,400) $23,596 $214 $23,810 1.29x 4.4%DCM Fund IV, L.P. Venture Capital 2004 $10,000 ($9,500) $8,650 $5,297 $13,947 1.47x 6.9%Granite Global Ventures II, L.P. Venture Capital 2004 $25,000 ($23,875) $19,098 $10,807 $29,905 1.25x 4.2%InterWest Partners IX, L.P. Venture Capital 2004 $40,000 ($32,000) $32,004 $2,213 $34,217 1.07x 1.4%Kodiak Venture Partners III, L.P. Venture Capital 2004 $20,000 ($18,950) $8,398 $3,079 $11,477 0.61x -10.3%Palomar Ventures III, L.P. Venture Capital 2004 $30,000 ($25,650) $11,301 $4,186 $15,487 0.60x -11.9%Updata Venture Partners III, L.P. Venture Capital 2004 $25,000 ($24,388) $23,354 $13,730 $37,084 1.52x 7.9%Aisling Capital II, L.P. Venture Capital 2005 $15,000 ($14,539) $10,056 $4,294 $14,350 0.99x -0.3%BlueRun Ventures, L.P. Venture Capital 2005 $30,000 ($28,200) $19,971 $9,968 $29,939 1.06x 1.4%Canaan Equity Partners VII Venture Capital 2005 $35,000 ($31,500) $48,272 $16,865 $65,137 2.07x 17.2%Claremont Creek Ventures, LP Venture Capital 2005 $15,000 ($14,138) $6,511 $972 $7,483 0.53x -16.7%Granite Ventures II, LP Venture Capital 2005 $25,000 ($23,125) $19,556 $4,934 $24,490 1.06x 1.8%Insight Venture Partners V Coinvestment Fund, L.P. Venture Capital 2005 $8,400 ($8,400) $11,123 $10,744 $21,867 2.60x 25.2%Insight Venture Partners V, L.P. Venture Capital 2005 $27,000 ($26,868) $28,066 $28,140 $56,206 2.09x 20.1%Lightspeed Venture Partners VII, L.P. Venture Capital 2005 $25,000 ($24,010) $27,314 $8,229 $35,543 1.48x 9.6%The Column Group, L.P. Venture Capital 2005 $25,000 ($18,959) $19,576 $0 $19,576 1.03x 1.2%Trinity Ventures IX, L.P. Venture Capital 2005 $20,000 ($18,880) $14,752 $10,902 $25,653 1.36x 8.4%Warburg Pincus Private Equity IX, L.P. Venture Capital/LBO 2005 $160,000 ($158,606) $116,620 $148,605 $265,224 1.67x 10.6%Darwin Venture Capital Fund of Funds II LP Venture Capital 2006 $13,890 ($10,834) $16,522 $21 $16,544 1.53x 13.6%DCM Fund V, L.P. Venture Capital 2006 $18,000 ($18,000) $22,994 $900 $23,894 1.33x 7.2%De Novo Ventures III, L.P. Venture Capital 2006 $30,000 ($25,800) $17,513 $0 $17,513 0.68x -10.6%Domain Partners VII, L.P. Venture Capital 2006 $30,000 ($28,650) $20,760 $7,629 $28,388 0.99x -0.3%Globespan Capital Partners V, L.P. Venture Capital 2006 $35,000 ($30,625) $37,021 $12,612 $49,633 1.62x 12.9%Granite Global Ventures III, L.P. Venture Capital 2006 $45,075 ($44,087) $47,544 $10,845 $58,388 1.32x 9.5%Intersouth Partners VII, L.P. Venture Capital 2006 $40,000 ($31,400) $21,460 $0 $21,460 0.68x -12.5%Novak Biddle Venture Partners V, L.P. Venture Capital 2006 $11,000 ($7,882) $8,408 $459 $8,867 1.13x 3.6%OrbiMed Private Investments III, LP Venture Capital 2006 $20,000 ($18,930) $15,751 $16,194 $31,945 1.69x 16.0%Polaris Venture Partners V L.P. Venture Capital 2006 $38,000 ($32,680) $31,389 $15,620 $47,009 1.44x 10.1%ARCH Venture Fund VII, L.P. Venture Capital 2007 $40,000 ($22,800) $19,554 $11,534 $31,088 1.36x 13.3%Bessemer Venture Partners VII Institutional Venture Capital 2007 $10,000 ($7,490) $9,515 $297 $9,812 1.31x 9.9%Bluerun Ventures IV, L.P. Venture Capital 2007 $35,000 ($26,250) $35,637 $6,349 $41,986 1.60x 23.3%Canaan VIII, L.P. Venture Capital 2007 $35,000 ($25,725) $26,966 $7,959 $34,926 1.36x 13.0%Insight Venture Partners VI, L.P. Venture Capital 2007 $50,000 ($49,507) $67,309 $16,959 $84,268 1.70x 17.4%Updata Venture Partners IV, L.P. Venture Capital 2007 $36,000 ($30,636) $38,838 $2,998 $41,836 1.37x 12.5%W Capital Partners II, LP Venture Capital 2007 $60,000 ($53,442) $35,527 $43,658 $79,185 1.48x 15.5%Warburg Pincus Private Equity X, L.P. Venture Capital/LBO 2007 $175,000 ($171,325) $171,877 $33,382 $205,259 1.20x 6.0%Aisling Capital III, LP Venture Capital 2008 $30,000 ($15,609) $13,063 $672 $13,734 0.88x -8.2%Claremont Creek Ventures II, LP Venture Capital 2008 $27,000 ($13,703) $16,830 $0 $16,830 1.23x 11.9%DCM VI, L.P. Venture Capital 2008 $25,000 ($12,500) $11,783 $500 $12,283 0.98x -1.0%Energy Special Situations Fund II, L.P. Venture Capital 2008 $20,000 ($9,951) $7,078 $9,769 $16,847 1.69x 27.3%RockPort Capital Partners III, L.P. Venture Capital 2008 $25,000 ($17,788) $10,801 $449 $11,250 0.63x -20.2%Khosla Ventures Fund III, L.P. Venture Capital 2009 $60,000 ($48,600) $72,239 $2,625 $74,865 NM NMKhosla Ventures Seed, L.P. Venture Capital 2009 $17,143 ($13,543) $16,738 $0 $16,738 NM NMOrbiMed Private Investments IV, L.P. Venture Capital 2009 $25,000 ($14,500) $15,675 $1,345 $17,020 NM NMInsight Coinvest II, L.P. Venture Capital 2010 $13,000 ($8,567) $8,784 $0 $8,784 NM NMInsight Venture Partners VII, L.P. Venture Capital 2010 $50,000 ($39,138) $38,686 $4,180 $42,867 NM NMPolaris Venture Partners VI, L.P. Venture Capital 2010 $20,000 ($4,800) $6,988 $0 $6,988 NM NMSequoia Capital 2010, L.P. Venture Capital 2010 $30,000 NA NA NA NA NA NABessemer Venture Partners VIII Venture Capital 2011 $26,850 ($6,283) $5,980 $0 $5,980 NM NMGGV Capital IV, L.P. Venture Capital 2011 $35,000 ($12,250) $11,191 $233 $11,425 NM NM

1 Fund level data and IRR calculations for Accel, Kleiner Perkins Caufield & Byers, and Sequoia Capital are based on March 31, 2003 as determined by Cambridge Associates LLC and are no longer provided by Cambridge Associates LLC. 2 As determined by Cambridge Associates, funds with NM (not meaningful) are too young to have produced meaningful returns. Funds with NA (not applicable) have not yet commenced operations.3 Net IRR (internal rate of return) includes the cash-on-cash return net of fees, expenses, and carried interest as well as the net asset value of University of California Regents' interest in the partnership as determined by the General Partners. Differences in the valuation policies employed by General Partners (for which no industry standard currently exists) and differences in the investment pace of each partnership materially affect the IRR calculations. As such, IRRs should not be used to measure a fund's performance until all investments have been fully realized. In addition, a comparison of IRRs across funds would fail to account for these inherent differences.4 Cambridge Associates LLC methodology assumes a mid-quarter convention for all cash flows within the IRR calculation. In the case of Versant Venture Capital I and Versant Venture Capital II the actual cash flow dates were utilized. NM For funds formed in a vintage year of 2009 or later, the Investment Multiple and Net IRR are not yet meaningful as these funds are still in the process of making new investments and the performance of new and existing investments will not be determined for several years to come.

THESE FOOTNOTES ARE AN INTEGRAL PART OF THIS REPORT. ANY DISCLOSURE OF THE INFORMATION CONTAINED IN THIS REPORT MUST INCLUDE THESE FOOTNOTES. A FAILURE TO INCLUDETHESE FOOTNOTES WHEN DISCLOSING THIS INFORMATION TO ANY THIRD PARTY WOULD BE MISLEADING AND WOULD CONSTITUTE A MATERIAL MISREPRESENTATION.

The Regents of the University of CaliforniaAlternative Investments as of March 31, 2013

Fund Name Type Vintage Year UC Commitment Cash In Current NAV Cash Out Cash Out + Current NAV

Investment Multiple2 no

te Net IRR1,2,3 no

te

VENTURE CAPITAL Dollars in Thousands

Khosla Ventures IV, L.P. Venture Capital 2011 $60,000 ($20,100) $19,149 $3,054 $22,203 NM NMSequoia U.S. Growth V, L.P. Venture Capital 2011 $30,000 NA NA NA NA NA NAW Capital Partners III, L.P. Venture Capital 2011 $50,000 ($6,495) $7,848 $0 $7,848 NM NMCanaan IX, L.P. Venture Capital 2012 $25,000 ($4,875) $4,365 $0 $4,365 NM NMKhosla Seed B Venture Capital 2012 $20,000 ($3,800) $3,287 $0 $3,287 NM NMSequoia Global Growth, L.P. Venture Capital 2012 $35,000 NA NA NA NA NA NAWarburg Pincus Private Equity Fund XI, L.P. Venture Capital/LBO 2012 $90,000 ($19,575) $20,575 $0 $20,575 NM NMInsight Venture Partners VIII, L.P. Venture Capital 2013 $50,000 $0 $0 $0 $0 NM NM

LEVERAGED BUYOUTS Dollars in Thousands

Golder, Thoma, Cressey Fund III LBO 1987 $15,000 ($15,000) $181 $83,698 $83,879 5.59x 31.3%WCAS Capital Partners II, L.P. LBO 1990 $20,000 ($20,000) $384 $31,656 $32,041 1.60x 10.1%Golder, Thoma, Cressey, Rauner Fund IV, L.P. LBO 1993 $25,000 ($25,000) $121 $52,875 $52,996 2.12x 25.7%Welsh, Carson, Anderson & Stowe VI LBO 1993 $50,000 ($50,000) $191 $103,379 $103,569 2.07x 14.1%The SKM Equity Fund II, L.P. LBO 1996 $60,000 ($51,202) $24,588 $24,580 $49,169 0.96x -0.3%WCAS Capital Partners III, L.P. LBO 1997 $200,000 ($200,000) $18,659 $325,538 $344,197 1.72x 13.1%Calera Capital LBO 2000 $25,000 ($23,575) $14,585 $7,723 $22,308 0.95x -1.3%Madison Dearborn Capital Partners IV, L.P. LBO 2000 $50,000 ($45,981) $20,028 $71,224 $91,252 1.98x 16.7%Arsenal Capital Partners Fund, L.P. LBO 2001 $20,000 ($20,000) $1,741 $36,269 $38,010 1.90x 19.2%Blackstone Capital Partners IV, L.P. LBO 2001 $50,000 ($50,000) $27,655 $100,688 $128,343 2.57x 36.6%Glencoe Capital Partners III, L.P. LBO 2001 $20,000 ($18,308) $10,544 $14,411 $24,955 1.36x 6.4%Ripplewood Partners II LBO 2001 $20,000 ($20,000) $9,127 $18,974 $28,100 1.41x 7.8%Glencoe Capital Institutional Partners III, L.P. LBO 2002 $10,000 ($3,602) $2,663 $2,866 $5,528 1.53x 10.1%Inverness Partners II, L.P. LBO 2002 $13,125 ($9,733) $12,289 $6,617 $18,906 1.94x 10.0%Lake Capital Partners L.P. LBO 2002 $20,000 ($19,948) $3,787 $14,865 $18,652 0.94x -2.2%Lindsay, Goldberg, & Bessemer, L.P. LBO 2002 $20,000 ($18,774) $3,637 $42,311 $45,948 2.45x 33.9%Kelso Investment Associates VII, L.P. LBO 2003 $40,000 ($40,000) $23,034 $42,294 $65,328 1.63x 12.1%Olympus Growth Fund IV, L.P. LBO 2003 $25,000 ($25,000) $15,919 $26,101 $42,019 1.68x 9.9%SPC Partners III, L.P. LBO 2003 $25,000 ($22,297) $21,265 $21,642 $42,907 1.92x 14.6%Wicks Communications & Media Partners III, L.P. LBO 2003 $25,000 ($22,370) $22,287 $10,468 $32,754 1.46x 10.2%Bain Capital Fund VIII - Coinvestment Fund, L.P. LBO 2004 $7,500 ($7,044) $4,515 $8,396 $12,911 1.83x 13.8%Bain Capital Fund VIII, L.P. LBO 2004 $20,000 ($19,850) $10,221 $24,826 $35,047 1.77x 12.0%Eos Capital Partners III, L.P. LBO 2004 $25,000 ($23,840) $14,965 $17,127 $32,092 1.35x 7.1%Fortress Investment Fund III, LLC LBO 2004 $10,369 ($10,348) $10,522 $3,999 $14,521 1.40x 6.4%Genstar Capital Partners IV, L.P. LBO 2004 $20,000 ($20,000) $13,472 $15,648 $29,121 1.46x 7.5%Graham Partners II, L.P. LBO 2004 $25,000 ($24,501) $27,205 $7,198 $34,402 1.40x 6.9%JLL Partners Fund V, L.P. LBO 2004 $50,000 ($47,238) $45,687 $28,132 $73,819 1.56x 11.0%Perseus 2000 Expansion Fund, L.L.C. LBO 2004 $20,000 ($19,977) $5,174 $5,561 $10,735 0.54x -14.1%Apollo Investment Fund VI L.P. LBO 2005 $50,000 ($44,726) $53,615 $17,322 $70,937 1.59x 9.6%Blackstone Capital Partners Fund V LBO 2005 $125,000 ($119,787) $121,350 $25,463 $146,813 1.23x 4.3%Charlesbank Equity Fund VI, L.P. LBO 2005 $16,000 ($14,694) $15,775 $5,236 $21,011 1.43x 10.2%KRG Capital Partners III LBO 2005 $35,000 ($32,477) $12,765 $12,339 $25,104 0.77x -5.9%Madison Dearborn Capital Partners V, L.P. LBO 2005 $100,000 ($90,216) $93,038 $26,369 $119,406 1.32x 5.6%Quad-C Partners VII, LP LBO 2005 $25,000 ($23,645) $19,730 $13,546 $33,277 1.41x 9.5%Shamrock Capital Growth Fund II L.P. LBO 2005 $40,500 ($40,019) $26,789 $21,645 $48,434 1.21x 8.5%STAR Capital Partners II, L.P. LBO 2005 $31,726 ($23,559) $27,351 $6,984 $34,335 1.46x 21.1%SUN Capital Partners IV, LP LBO 2005 $15,750 ($15,614) $16,795 $6,252 $23,048 1.48x 7.6%Vestar Capital Partners V, L.P. LBO 2005 $64,000 ($63,848) $56,080 $15,451 $71,531 1.12x 3.1%Water Street Capital Partners, LP LBO 2005 $35,000 ($34,577) $20,694 $29,373 $50,067 1.45x 8.4%Wellspring Capital Partners IV, LP LBO 2005 $30,000 ($29,598) $19,563 $21,956 $41,518 1.40x 8.5%Wind Point Partners VI LBO 2005 $30,000 ($26,000) $22,052 $13,925 $35,977 1.38x 7.8%Ares Corporate Opportunities Fund II, L.P. LBO 2006 $35,000 ($30,661) $16,045 $38,495 $54,539 1.78x 13.9%Arsenal Capital Partners II, L.P. LBO 2006 $63,000 ($57,835) $91,850 $8,381 $100,231 1.73x 17.0%Bain Capital Fund IX Co-Invest L.P. LBO 2006 $15,000 ($14,625) $11,805 $10,114 $21,919 1.50x 7.8%Bain Capital Fund IX, L.P. LBO 2006 $45,000 ($43,762) $36,226 $27,205 $63,431 1.45x 7.4%Berkshire Fund VII L.P. LBO 2006 $30,000 ($26,611) $20,944 $14,689 $35,633 1.34x 13.6%Cerberus Institutional Partners, Series IV, L.P. LBO 2006 $40,000 ($34,703) $36,810 $13,794 $50,604 1.46x 8.1%First Reserve Fund XI, L.P. LBO 2006 $50,000 ($50,000) $42,944 $15,105 $58,049 1.16x 4.1%Fortress Investment Fund IV, L.P. LBO 2006 $20,000 ($19,921) $21,792 $2,172 $23,964 1.20x 3.2%HIG Capital IV LBO 2006 $4,500 ($3,288) $4,247 $2,421 $6,668 2.03x 41.6%J.C. Flowers II, L.P. LBO 2006 $50,000 ($48,088) $13,679 $4,765 $18,444 0.38x -18.3%Lindsay, Goldberg & Bessemer II, L.P. LBO 2006 $35,000 ($31,701) $27,879 $19,675 $47,554 1.50x 9.4%Paine & Partners Capital Fund III, L.P. LBO 2006 $50,000 ($44,238) $37,479 $15,818 $53,297 1.20x 5.5%Perseus Partners VII L.P. LBO 2006 $90,380 ($90,380) $35,736 $7,740 $43,477 0.48x -21.0%Terra Firma Capital Partners III, L.P. LBO 2006 $46,955 ($42,354) $25,486 $855 $26,341 0.62x -13.2%Apollo Investment Fund VII LBO 2007 $25,000 ($18,796) $21,743 $11,032 $32,775 1.74x 24.4%Bain Capital Europe III LBO 2007 $50,668 ($30,046) $23,517 $7,109 $30,626 1.02x 1.0%Bain Capital Fund X Co-Invest, L.P. LBO 2007 $12,500 ($3,062) $3,067 $42 $3,109 1.02x 0.5%Bain Capital Fund X, L.P. LBO 2007 $75,000 ($68,063) $68,665 $6,687 $75,352 1.11x 4.3%Blackstone Capital Partners VI, L.P. LBO 2007 $30,000 ($7,407) $7,966 $35 $8,002 1.08x 8.6%Eos Capital Partners IV, L.P. LBO 2007 $50,000 ($36,544) $31,860 $8,327 $40,187 1.10x 5.1%Fortress Investment Fund V, L.P. LBO 2007 $45,000 ($44,489) $41,782 $1,312 $43,094 0.97x -0.7%Genstar Capital Partners V, LP LBO 2007 $110,000 ($91,083) $100,774 $19,987 $120,760 1.33x 7.7%Kelso Investment Associates VIII, L.P. LBO 2007 $100,000 ($70,540) $64,029 $9,040 $73,069 1.04x 1.9%KRG Capital Fund IV, L.P. LBO 2007 $25,000 ($21,291) $16,022 $8,162 $24,183 1.14x 7.1%Madison Dearborn Capital Partners VI, L.P. LBO 2007 $130,000 ($82,000) $61,768 $30,700 $92,468 1.13x 9.4%Olympus Growth Fund V, LP LBO 2007 $98,000 ($80,491) $91,372 $35,633 $127,005 1.58x 24.0%Pine Brook Road Partners, LLC LBO 2007 $50,000 ($35,269) $38,907 $12,504 $51,411 1.46x 16.5%Segulah IV, L.P. LBO 2007 $20,283 ($15,369) $15,060 $0 $15,060 0.98x -0.8%SUN Capital Partners V, L.P. LBO 2007 $66,667 ($45,252) $59,130 $2,243 $61,373 1.36x 10.3%Vector Capital IV, L.P. LBO 2007 $25,000 ($14,573) $16,155 $0 $16,155 1.11x 4.1%WLR Recovery Fund IV, LP LBO 2007 $100,000 ($86,639) $71,792 $33,189 $104,981 1.21x 6.7%4D Global Energy Investments Fund, PLC LBO 2008 $20,000 ($11,910) $7,506 $5,505 $13,011 1.09x 10.7%Ares Corporate Opportunities Fund III, L.P. LBO 2008 $50,000 ($39,333) $40,072 $25,246 $65,318 1.66x 24.8%

1 Fund level data and IRR calculations for Accel, Kleiner Perkins Caufield & Byers, and Sequoia Capital are based on March 31, 2003 as determined by Cambridge Associates LLC and are no longer provided by Cambridge Associates LLC.2 As determined by Cambridge Associates, funds with NM (not meaningful) are too young to have produced meaningful returns. Funds with NA (not applicable) have not yet commenced operations.3 Net IRR (internal rate of return) includes the cash-on-cash return net of fees, expenses, and carried interest as well as the net asset value of University of California Regents' interest in the partnership as determined by the General Partners. Differences in the valuation policies employed by General Partners (for which no industry standard currently exists) and differences in the investment pace of each partnership materially affect the IRR calculations. As such, IRRs should not be used to measure a fund's performance until all investments have been fully realized. In addition, a comparison of IRRs across funds would fail to account for these inherent differences.4 Cambridge Associates LLC methodology assumes a mid-quarter convention for all cash flows within the IRR calculation. In the case of Versant Venture Capital I and Versant Venture Capital II the actual cash flow dates were utilized.NM For funds formed in a vintage year of 2009 or later, the Investment Multiple and Net IRR are not yet meaningful as these funds are still in the process of making new investments and the performance of new and existing investments will not be determined for several years to come.

THESE FOOTNOTES ARE AN INTEGRAL PART OF THIS REPORT. ANY DISCLOSURE OF THE INFORMATION CONTAINED IN THIS REPORT MUST INCLUDE THESE FOOTNOTES. A FAILURE TO INCLUDETHESE FOOTNOTES WHEN DISCLOSING THIS INFORMATION TO ANY THIRD PARTY WOULD BE MISLEADING AND WOULD CONSTITUTE A MATERIAL MISREPRESENTATION.

The Regents of the University of CaliforniaAlternative Investments as of March 31, 2013

Fund Name Type Vintage Year UC Commitment Cash In Current NAV Cash Out Cash Out + Current NAV

Investment Multiple2 no

te Net IRR1,2,3 no

te

LEVERAGED BUYOUTS Dollars in Thousands

Bain Sankaty Credit Opportunities IV, L.P. LBO 2008 $105,000 ($99,750) $58,620 $82,354 $140,973 1.41x 13.7%Flexpoint Ford Fund II, L.P. LBO 2008 $50,000 ($30,156) $10,732 $36,398 $47,130 1.56x 27.1%FountainVest China Growth Capital Fund, L.P. LBO 2008 $25,000 ($15,553) $18,689 $388 $19,077 1.23x 8.6%H.I.G. Bayside Debt & LBO Fund II, L.P. LBO 2008 $30,000 ($15,010) $15,554 $3,995 $19,548 1.30x 10.4%JLL Partners Fund VI, L.P. LBO 2008 $65,000 ($41,612) $32,776 $15,374 $48,150 1.16x 11.0%Lime Rock Partners V, L.P. LBO 2008 $30,000 ($25,294) $26,717 $0 $26,717 1.06x 2.0%Lindsay, Goldberg & Bessemer III, L.P. LBO 2008 $70,000 ($40,137) $39,230 $3,913 $43,143 1.07x 4.3%Sentient Global Resources Fund III, L.P. LBO 2008 $50,000 ($48,842) $45,176 $19,044 $64,221 1.31x 12.4%SG Growth Capital Partners I, L.P. LBO 2008 $20,000 ($17,069) $28,188 $311 $28,499 1.67x 24.2%Water Street Healthcare Partners II, L.P. LBO 2008 $60,000 ($42,792) $38,816 $31,615 $70,430 1.65x 30.8%Charlesbank Equity Fund VII, L.P. LBO 2009 $50,000 ($24,286) $24,979 $2,987 $27,966 NM NMFrancisco Partners III, L.P. LBO 2009 $25,000 ($9,938) $9,549 $0 $9,549 NM NMLombard Odier Private Equity Euro Choice IV LBO 2009 $31,726 ($16,915) $15,893 $80 $15,974 NM NMRoundTable Healthcare Capital Partners II, LP LBO 2010 $5,000 ($1,245) $1,093 $172 $1,265 NM NMRoundtable Healthcare Partners III, LP LBO 2010 $20,000 ($5,427) $4,719 $0 $4,719 NM NMSFC Energy Partners II LBO 2010 $22,500 ($1,856) $4,304 $0 $4,304 NM NMShamrock Capital Growth Fund III, L.P. LBO 2010 $65,000 ($18,553) $29,831 $0 $29,831 NM NMWLR Recovery Fund V, L.P. LBO 2010 $25,000 ($12,771) $13,364 $1,126 $14,490 NM NMAlpha Private Equity Fund 6 LBO 2011 $31,726 ($8,824) $9,973 $39 $10,012 NM NMApollo European Principal Finance Fund II (US) LBO 2011 $25,000 ($5,259) $5,064 $0 $5,064 NM NMBerkshire Fund VIII, L.P. LBO 2011 $62,500 ($26,576) $25,693 $0 $25,693 NM NMClyde Blowers Capital Fund III, L.P. LBO 2011 $40,226 ($13,603) $11,506 $4 $11,511 NM NMEQT VI, L.P. LBO 2011 $41,975 ($12,582) $10,814 $0 $10,814 NM NMGenstar Capital Partners VI, L.P. LBO 2011 $50,000 ($6,898) $6,887 $0 $6,887 NM NMLime Rock Partners VI, L.P. LBO 2011 $30,000 ($7,887) $7,580 $4 $7,583 NM NMSentient Global Resources Fund IV, L.P. LBO 2011 $50,000 ($21,817) $20,233 $0 $20,233 NM NMSG Growth Capital Partners II, L.P. LBO 2011 $40,000 ($7,335) $6,108 $0 $6,108 NM NMSycamore Partners, L.P. LBO 2011 $54,550 ($25,176) $23,303 $76 $23,378 NM NMVestar Capital Partners VI, L.P. LBO 2011 $30,000 ($689) $0 $0 $0 NM NMYellow Wood Partners, L.P. LBO 2011 $58,250 ($27,445) $21,179 $0 $21,179 NM NMAdvent International GPE VII-B, L.P. LBO 2012 $50,000 ($9,675) $9,281 $0 $9,281 NM NMAres Corporate Opportunities Fund IV, L.P. LBO 2012 $50,000 ($1,891) $1,542 $0 $1,542 NM NMArsenal Capital Partners III LBO 2012 $61,000 ($23,124) $27,355 $0 $27,355 NM NMBain Sankaty Credit Opportunities V, L.P. LBO 2012 $35,000 ($3,500) $3,622 $0 $3,622 NM NMFountainVest China Growth Capital Fund II, L.P. LBO 2012 $75,000 ($816) $4 $0 $4 NM NMLyceum Capital Fund III, LP LBO 2012 $39,553 ($0) $0 $0 $0 NM NMPine Brook Capital Partners II, L.P. LBO 2012 $60,000 ($5,592) $5,071 $0 $5,071 NM NMWater Street Healthcare Partners III, L.P. LBO 2012 $50,000 $0 $0 $0 $0 NM NMBain Capital Fund XI, L.P. LBO 2013 $50,000 $0 $0 $0 $0 NM NMH.I.G. Europe Capital Partners II LBO 2013 $13,197 $0 $0 $0 $0 NM NMHIG Capital V LBO 2013 $10,000 $0 $0 $0 $0 NM NMMarlin Equity IV, L.P. LBO 2013 $25,000 $0 $0 $0 $0 NM NMOlympus Growth Fund VI, L.P. LBO 2013 $50,000 $0 $0 $0 $0 NM NMSun Capital Partners VI, L.P. LBO 2013 $35,000 $0 $0 $0 $0 NM NM

1 Fund level data and IRR calculations for Accel, Kleiner Perkins Caufield & Byers, and Sequoia Capital are based on March 31, 2003 as determined by Cambridge Associates LLC and are no longer provided by Cambridge Associates LLC.2 As determined by Cambridge Associates, funds with NM (not meaningful) are too young to have produced meaningful returns. Funds with NA (not applicable) have not yet commenced operations.3 Net IRR (internal rate of return) includes the cash-on-cash return net of fees, expenses, and carried interest as well as the net asset value of University of California Regents' interest in the partnership as determined by the General Partners. Differences in the valuation policies employed by General Partners (for which no industry standard currently exists) and differences in the investment pace of each partnership materially affect the IRR calculations. As such, IRRs should not be used to measure a fund's performance until all investments have been fully realized. In addition, a comparison of IRRs across funds would fail to account for these inherent differences.4 Cambridge Associates LLC methodology assumes a mid-quarter convention for all cash flows within the IRR calculation. In the case of Versant Venture Capital I and Versant Venture Capital II the actual cash flow dates were utilized.NM For funds formed in a vintage year of 2009 or later, the Investment Multiple and Net IRR are not yet meaningful as these funds are still in the process of making new investments and the performance of new and existing investments will not be determined for several years to come.

THESE FOOTNOTES ARE AN INTEGRAL PART OF THIS REPORT. ANY DISCLOSURE OF THE INFORMATION CONTAINED IN THIS REPORT MUST INCLUDE THESE FOOTNOTES. A FAILURE TO INCLUDETHESE FOOTNOTES WHEN DISCLOSING THIS INFORMATION TO ANY THIRD PARTY WOULD BE MISLEADING AND WOULD CONSTITUTE A MATERIAL MISREPRESENTATION.