CONFIDENTIAL AND TRADE SECRET

SBA of Florida (Private Equity) March | 2017 Private Investments Performance Report CONFIDENTIAL AND TRADE SECRET

SBA of Florida (Private Equity) March | 2017 Private Investments Performance Report CONFIDENTIAL AND TRADE SECRET

Copyright © 2017 by Cambridge Associates (“CA”). All rights reserved. Confidential.

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CA includes the following: Cambridge Associates, LLC, a Massachusetts limited liability company with offices in Arlington, VA; Boston, MA; Dallas, TX; Menlo Park, CA; and San Francisco, CA. Cambridge Associates Fiduciary Trust, LLC, a New Hampshire limited liability company chartered to serve as a non-depository trust company, and a wholly-owned subsidiary of Cambridge Associates, LLC. Cambridge Associates Limited, a limited company in England and Wales No. 06135829 authorized and regulated by the Financial Conduct Authority in the conduct of Investment Business. Cambridge Associates Limited, LLC, a Massachusetts limited liability company with a branch office in Sydney, Australia (ARBN 109 366 654). Cambridge Associates Asia Pte Ltd, a Singapore corporation (Registration No. 200101063G), and Cambridge Associates Investment Consultancy (Beijing) Ltd, a wholly owned subsidiary of Cambridge Associates, LLC registered with the Beijing Administration for Industry and Commerce (Registration No. 110000450174972). CONFIDENTIAL AND TRADE SECRET 1 FUNDING STATUS & PERFORMANCE OVERVIEW

As of March 31, 2017, SBA of Florida (Private Equity) had committed $26,654.1 million to 231 private investment partnerships, of which $21,157.5 million had been drawn down. Distributions of $20,293.5 million at market value, or 95.9% of paid-in capital, had been received. The total program return of 9.2% is net of fees, expenses, and carried interest associated with each partnership and is weighted according to the amount that has been drawn down from each partnership as of March 31, 2017.

Changes to the portfolio included the initial drawdowns for ABRY Senior Equity Partners V, L.P., Accel-KKR Capital Partners V, Berkshire Fund IX, L.P., European Private Equity Opportunities I LP, and Lexington Co-Investment Partners 2005 Pool IV. In the period following March 31, 2017, SBA of Florida (Private Equity) made additional commitments to Apollo Investment Fund IX ($200.0m), Carnelian Energy Capital II ($40.0m), CVC Capital Partners VII (€90.0m), OpenView Venture Partners V ($25.0m), Peak Rock Capital Credit Fund II, LP ($20.0m), Peak Rock Capital II, LP ($80.0m), Silicon Valley Bank Capital Partners IV ($25.0m), Silver Lake Partners V ($140.0m), TrueBridge Capital Partners V ($100.0m), and Waterland Private Equity Fund VII (€100.0m).

Reporting Currency: U.S. Dollars ($), in millions Current Asset Total Value/ Paid-In Unfunded Distributions Net Asset Class Paid In Asset Classes Commitment(s) Capital Commitment(s) at Market Value (NAV) IRR CA Median Multiple

U.S. Venture Capital 2,561.4 1,930.4 658.5 861.4 2,084.8 10.6% 7.5% 1.5

U.S. Growth Equity 1,162.0 871.4 229.5 573.4 723.7 12.9% 9.6% 1.5

Non-U.S. Growth Equity 423.8 201.8 213.3 71.1 161.6 5.5% 11.0% 1.2

U.S. Buyouts 11,481.0 8,665.6 2,888.6 8,576.5 4,618.4 11.9% 10.9% 1.5

Non-U.S. Buyouts 2,145.9 1,308.9 654.3 883.1 802.5 9.4% 6.9% 1.3

Distressed Securities 2,898.3 1,968.4 948.4 2,418.8 905.7 20.5% 10.6% 1.7

Secondaries 1,625.0 1,066.0 588.6 1,094.4 498.4 15.8% 15.2% 1.5

Total PE Asset Class Portfolio 22,297.4 16,012.4 6,181.1 14,478.8 9,795.1 12.7% 10.4% 1.5

Legacy 4,356.7 5,145.0 39.3 5,814.7 10.3 3.7% 12.2% 1.1

TOTAL PORTFOLIO 26,654.1 21,157.5 6,220.5 20,293.5 9,805.4 9.2% 10.8% 1.4

Paid-In Capital: Capital paid in to the partnership, which includes fees and capital for investments. Distributions at Market: Capital distributed to an investor from the partnership. Current Net Asset Value (NAV): The residual value of an investor's interest, which is reported by the partnership in its financial statements. IRR: The investor's return on its investment in the partnership, net of fees, expenses, and carried interest received by the general partners. Total Value: Total value is calculated by adding the NAV and Distributions at Market.

______© Cambridge Associates LLC. Confidential CONFIDENTIAL AND TRADE SECRET 2

Exhibit 1 SBA OF FLORIDA (PRIVATE EQUITY) PRIVATE INVESTMENTS FUNDING STATUS & PERFORMANCE SUMMARY Inception Through March 31, 2017 Reporting Currency: U.S. Dollars ($) Cash Flow & Valuation Multiples IRR

Fund Unfunded Current Distributed / Total Value / Fund Inception Commit- Paid-In Commit- Distributions Net Asset Paid In2 Paid In2 Fund CA Quartile Private Investments Partnerships Date ment Capital ment at Market Value (NAV) Fund CA4 Fund CA4 IRR3 4 Median 4 Rank

U.S. Venture Capital

Paul Capital Top Tier Investments II, L.P. 12/01 120,000,000 115,097,718 4,095,396 130,188,622 29,059,852 1.13 0.83 1.38 1.13 4.8% 2.1% 2 Fairview Ventures Fund II, L.P. 11/02 50,000,000 50,000,000 0 38,140,447 29,316,529 0.76 0.85 1.35 1.02 4.2% 0.6% 2 Pantheon Venture Partners II, L.P. 01/04 100,000,000 97,247,500 2,752,500 89,750,002 60,948,518 0.92 0.80 1.55 1.13 7.4% 1.8% 2 Grove Street Partners Ventures, L.P. 19 05/04 200,000,000 212,584,917 904,315 213,092,079 120,309,610 1.00 0.80 1.57 1.13 7.7% 1.8% 2 Paul Capital Top Tier Investments III, L.P. 12/04 75,000,000 72,957,305 2,127,341 63,673,152 38,804,799 0.87 0.80 1.40 1.13 6.0% 1.8% 2 Fairview Ventures III, L.P. 03/06 75,000,000 72,300,000 2,700,000 64,014,775 79,269,416 0.89 0.74 1.98 1.40 14.7% 6.1% 1 Paul Capital Top Tier Investments IV, L.P. 04/07 100,000,000 100,023,234 3,057,074 85,759,938 110,549,123 0.86 1.01 1.96 1.76 15.4% 12.7% 2 Grove Street Partners Ventures II, L.P. 02/08 200,000,000 207,876,140 5,978,434 129,345,176 287,769,789 0.62 0.62 2.01 1.41 20.0% 8.5% 1 Paul Capital Top Tier Special Opportunities Fund, L.P. 04/09 12,450,000 11,932,501 547,844 2,794,713 4,237,099 0.23 0.59 0.59 1.48 -9.0% 12.0% 4 CVE-Kauffman Fellows Endowment Fund II, L.P. 02/10 100,000,000 86,913,836 17,000,000 3,505,215 147,329,931 0.04 0.37 1.74 1.74 14.7% 17.4% 3 Silicon Valley Bank SIF V, L.P. 02/11 125,000,000 103,187,500 21,812,500 8,863,614 150,450,455 0.09 0.13 1.54 1.43 15.0% 13.1% 2 Silicon Valley Bank SIF V-A Opportunity, L.P. 02/11 50,000,000 36,250,000 13,750,000 0 66,229,367 0.00 0.13 1.83 1.43 19.9% 13.1% 2 Fairview Special Opportunities Fund, L.P. 03/11 220,000,000 189,038,308 30,961,692 13,829,432 305,426,675 0.07 0.13 1.69 1.43 22.4% 13.1% 1 TrueBridge FLSBA Special Purpose, LLC 20 12/11 47,972,078 38,967,500 9,004,578 5,894,711 62,901,321 0.15 0.13 1.77 1.43 18.5% 13.1% 2 Grove Street Partners Ventures III, L.P. 08/12 150,000,000 112,574,685 40,806,028 5,568,849 130,800,631 0.05 0.12 1.21 1.28 11.3% 10.9% 2 Silicon Valley Bank SIF VI-A 02/13 125,000,000 104,565,845 20,434,155 5,030,924 117,630,028 0.05 0.00 1.17 1.18 9.2% 10.4% 3 TrueBridge-Kauffman Fellows Fund III, L.P. 04/13 125,000,000 98,750,000 26,250,000 0 109,568,973 0.00 0.00 1.11 1.18 5.4% 10.4% 3 TrueBridge Special Purpose II (F) 09/13 22,500,000 12,250,000 10,250,000 0 15,836,961 0.00 0.00 1.29 1.18 14.7% 10.4% 2 Silicon Valley Bank Capital Partners III, L.P. 12/13 22,500,000 15,581,246 6,918,754 1,453,547 14,309,757 0.09 0.00 1.01 1.18 0.8% 10.4% 4 Silicon Valley Bank SIF VII, L.P. 09/14 125,000,000 54,462,500 70,537,500 0 53,605,715 0.00 0.00 0.98 1.11 -1.7% 7.1% 4 TrueBridge Capital FSA, LLC 01/15 35,000,000 7,850,005 17,149,995 0 6,763,492 0.00 0.00 0.86 0.97 -19.4% -3.0% 4 Fairview Special Opportunities Fund II 02/15 87,000,000 30,181,829 56,818,171 0 27,233,997 0.00 0.00 0.90 0.97 -10.4% -3.0% 3 Silicon Valley Bank Overage Fund 03/15 100,500,000 61,386,331 39,189,003 0 81,846,402 0.00 0.00 1.33 0.97 15.1% -3.0% 1 Truebridge-Kauffman Fellows Endowment Fund IV 07/15 125,000,000 23,750,000 101,250,000 0 21,607,368 0.00 0.00 0.91 0.97 -15.4% -3.0% 4 Tiger Iron Special Opportunities Fund, L.P. 02/16 68,460,000 6,621,340 62,257,575 0 5,767,600 0.00 0.00 0.87 0.89 -35.1% -16.2% 4 Silicon Valley Bank SIF VIII 02/16 100,000,000 8,032,889 91,975,000 518,260 7,256,305 0.06 NA 0.97 NA NA NA NA

Total U.S. Venture Capital 2,561,382,078 1,930,383,128 658,527,855 861,423,456 2,084,829,713 0.45 1.53 10.6% 7.5% 6

U.S. Growth Equity

Warburg Pincus Private Equity IX, L.P. 06/05 75,000,000 75,000,000 0 123,622,885 9,303,483 1.65 1.08 1.77 1.46 10.2% 7 7.0% 2 Warburg Pincus Private Equity X, L.P. 06/07 150,000,000 150,000,000 0 145,040,316 79,001,164 0.97 0.91 1.49 1.52 8.0% 7 9.5% 3 TA Associates XI, L.P. 13 04/09 100,000,000 82,750,000 0 128,276,033 0 1.55 0.86 1.55 1.63 19.7% 14.1% 2 Summit Partners Growth Equity Fund VIII-A, L.P. 13 03/11 125,000,000 67,512,499 0 102,468,230 0 1.52 0.31 1.52 1.35 32.0% 11.7% 1 TPG Growth Fund II, L.P. 03/11 100,000,000 91,968,291 9,222,389 13,520,336 182,582,856 0.15 0.31 2.13 1.35 27.8% 11.7% 1 Warburg Pincus Private Equity Fund XI, L.P. 09/11 200,000,000 178,800,000 21,200,000 41,771,240 202,914,996 0.23 0.21 1.37 1.34 12.7% 7 11.2% 2 Insight Venture Partners VIII, L.P. 02/13 75,000,000 74,472,811 2,737,224 9,520,011 90,589,359 0.13 0.03 1.34 1.19 11.1% 9.4% 2 OpenView Venture Partners IV, L.P. 08/14 25,000,000 12,100,000 12,900,000 0 11,944,219 0.00 0.00 0.99 1.11 -1.0% 10.0% 4 Insight Venture Partners IX, L.P. 10/14 75,000,000 46,125,000 28,875,000 0 52,553,326 0.00 0.00 1.14 1.11 11.5% 10.0% 2 Insight Venture Partners Growth-Buyout Coinvestment Fund, L.P. 10/14 50,000,000 34,500,000 15,500,000 0 42,686,979 0.00 0.00 1.24 1.11 23.5% 10.0% 1 TPG Growth Fund III, L.P. 02/15 100,000,000 36,672,256 70,617,570 9,155,637 31,439,307 0.25 0.00 1.11 0.98 17.0% -3.5% 1 Warburg Pincus Private Equity Fund XII, L.P. 11/15 87,000,000 21,510,000 68,490,000 0 20,656,225 0.00 0.00 0.96 0.97 -8.0% 7 -3.6% 3

Total U.S. Growth Equity 1,162,000,000 871,410,857 229,542,183 573,374,687 723,671,914 0.66 1.49 12.9% 9.6% 6

______© Cambridge Associates LLC. Confidential CONFIDENTIAL AND TRADE SECRET 3

Exhibit 1 (continued)

Reporting Currency: U.S. Dollars ($) Cash Flow & Valuation Multiples IRR

Fund Unfunded Current Distributed / Total Value / Fund Inception Commit- Paid-In Commit- Distributions Net Asset Paid In2 Paid In2 Fund CA Quartile Private Investments Partnerships Date ment Capital ment at Market Value (NAV) Fund CA4 Fund CA4 IRR3 4 Median 4 Rank

Non-U.S. Growth Equity

Carlyle Asia Growth Partners IV, L.P. 03/08 75,000,000 73,615,729 14,386,727 35,600,767 58,008,916 0.48 0.48 1.27 1.40 6.3% 8 6.8% 3 3i Growth Capital Fund, L.P. 12,16 03/10 54,440,286 31,535,239 0 29,292,936 0 0.93 0.43 0.93 1.29 -2.0% 10.1% 4 Asia Alternatives FL Investor, LP 03/14 200,000,000 77,498,359 124,170,273 1,915,838 89,005,906 0.02 0.00 1.17 1.21 15.2% 8 16.5% 3 Inflexion Partnership Capital Fund I, L.P. 12 04/14 26,372,724 9,976,168 12,955,816 1,400,318 8,755,254 0.14 0.00 1.02 1.01 2.4% 1.4% 2 Warburg Pincus China 12/16 68,000,000 9,180,000 61,744,000 2,924,000 5,829,394 0.32 NA 0.95 NA NA 8 NA NA

Total Non-U.S. Growth Equity 423,813,010 201,805,495 213,256,816 71,133,859 161,599,470 0.35 1.15 5.5% 11.0% 6

TOTAL GROWTH EQUITY 1,585,813,010 1,073,216,352 442,799,000 644,508,546 885,271,384 0.60 1.43 11.9% 9.9% 6

U.S. Buyouts

Lexington Co-Investment Partners (Pools I & II), L.P. 01/98 500,000,000 499,974,505 0 675,610,817 0 1.35 1.57 1.35 1.61 6.3% 9.8% 3 Lexington Co-Investment Partners II (Pools III & IV), L.P. 01/98 500,000,000 495,794,418 4,205,582 1,057,035,117 59,420,719 2.13 1.57 2.25 1.61 23.7% 9.8% 1 Carlyle Partners III, L.P. 15 11/99 200,000,000 195,781,707 0 450,780,798 0 2.30 1.54 2.30 1.54 22.8% 12.1% 1 Thomas H. Lee Equity Fund V, L.P. 15,19 03/00 50,000,000 52,312,374 0 85,506,188 0 1.63 1.68 1.63 1.73 13.4% 12.4% 2 Willis Stein & Partners III, L.P. 15,19 07/00 100,000,000 106,335,549 0 106,898,376 0 1.01 1.68 1.01 1.73 0.1% 12.4% 4 Hicks, Muse, Tate & Furst Equity Fund V, L.P. 15,19 07/00 25,000,000 27,231,920 0 48,289,446 0 1.77 1.68 1.77 1.73 21.0% 12.4% 2 Ripplewood Partners II, L.P. 15 12/00 100,000,000 97,676,727 0 116,568,788 0 1.19 1.68 1.19 1.73 6.2% 12.4% 4 FS Equity Partners V, L.P. 15 07/02 50,000,000 40,136,967 0 84,176,286 0 2.10 1.98 2.10 1.98 16.1% 18.4% 3 Green Equity Investors IV, L.P. 15,19 09/02 100,000,000 122,786,720 0 218,999,019 0 1.78 1.98 1.78 1.98 10.7% 18.4% 3 Kelso Investment Associates VII, L.P. 13 06/03 50,000,000 47,514,909 0 81,982,841 0 1.73 1.65 1.73 1.66 12.2% 12.1% 2 TPG Partners IV, L.P. 15 10/03 50,000,000 46,300,567 0 87,658,674 0 1.89 1.65 1.89 1.66 14.3% 12.1% 2 New Mountain Partners II, L.P. 03/04 50,000,000 40,479,245 9,520,755 82,551,865 968,252 2.04 1.48 2.06 1.61 13.7% 10.6% 2 Kohlberg Investors V, L.P. 15 06/04 45,000,000 42,466,621 0 45,208,998 0 1.06 1.48 1.06 1.61 1.2% 10.6% 4 Hellman & Friedman Capital Partners V, L.P. 08/04 75,000,000 67,744,774 3,631,254 183,850,421 1,503,070 2.71 1.48 2.74 1.61 29.4% 10.6% 1 Carlyle Partners IV, L.P. 12/04 75,000,000 73,611,344 6,003,486 147,497,285 2,100,019 2.00 1.48 2.03 1.61 13.1% 10.6% 2 Thoma Cressey Fund VIII, L.P. 06/05 50,000,000 49,450,000 550,000 143,380,858 1,088,583 2.90 1.36 2.92 1.60 18.3% 8.1% 1 Lexington Co-Investment Partners 2005 (Pools I & II), L.P. 08/05 500,000,000 494,849,859 5,150,141 517,965,068 143,483,234 1.05 1.36 1.34 1.60 4.7% 8.1% 3 Blackstone Capital Partners V, L.P. 21 10/05 150,000,000 146,104,648 0 234,262,007 0 1.60 1.36 1.60 1.60 7.1% 8.1% 3 Grove Street Partners Buyout, L.P. 01/06 150,000,000 146,646,977 11,118,469 149,103,032 68,108,501 1.02 1.25 1.48 1.61 9.6% 10.7% 3 RCP Advisors Fund IV, L.P. 19 01/06 50,000,000 54,745,286 0 72,800,251 23,914,781 1.33 1.25 1.77 1.61 12.9% 10.7% 2 TPG Partners V, L.P. 13 01/06 100,000,000 88,340,161 0 104,111,914 0 1.18 1.25 1.18 1.61 2.6% 10.7% 4 Thomas H. Lee Equity Fund VI L.P. 13 04/06 75,000,000 74,227,261 0 140,526,800 0 1.89 1.25 1.89 1.61 12.3% 10.7% 2 Lindsay, Goldberg & Bessemer II, L.P. 13 07/06 100,000,000 92,552,700 0 137,178,856 0 1.48 1.25 1.48 1.61 8.0% 10.7% 3 First Reserve Fund XI, L.P. 07/06 100,000,000 100,000,000 0 56,192,141 10,914,000 0.56 0.90 0.67 1.30 -8.7% 9 5.5% 4 Hellman & Friedman Capital Partners VI, L.P. 21 10/06 100,000,000 97,041,660 0 173,450,549 0 1.79 1.25 1.79 1.61 12.6% 10.7% 2 Green Equity Investors V, L.P. 19, 21 11/06 100,000,000 101,347,021 0 196,627,503 0 1.94 1.25 1.94 1.61 17.4% 10.7% 1 Providence Equity Partners VI, L.P. 21 12/06 50,000,000 47,684,103 0 69,769,291 0 1.46 1.25 1.46 1.61 7.3% 10.7% 3 RCP Advisors Fund V, L.P. 19 01/07 50,000,000 54,720,469 0 59,459,867 36,026,789 1.09 1.08 1.74 1.59 15.2% 11.5% 2 Carlyle Partners V, L.P. 21 02/07 200,000,000 175,586,973 0 317,900,250 0 1.81 1.08 1.81 1.59 13.5% 11.5% 2 New Mountain Partners III, L.P. 03/07 100,000,000 92,692,757 7,473,728 102,235,359 70,535,547 1.10 1.08 1.86 1.59 12.9% 11.5% 2 Kohlberg Investors VI, L.P. 13 03/07 50,000,000 43,063,311 0 72,089,155 0 1.67 1.08 1.67 1.59 15.8% 11.5% 2 Kelso Investment Associates VIII, L.P. 13 05/07 100,000,000 85,871,953 0 135,469,605 0 1.58 1.08 1.58 1.59 13.8% 11.5% 2 Cressey & Company Fund IV, L.P. 10/07 50,000,000 46,100,000 3,900,000 53,585,479 34,024,177 1.16 1.08 1.90 1.59 22.3% 11.5% 1 Blackstone Capital Partners VI, L.P. 12/07 200,000,000 183,483,720 33,228,399 65,458,493 186,153,579 0.36 1.08 1.37 1.59 12.2% 11.5% 2 TPG Partners VI, L.P. 13 12/07 200,000,000 179,036,297 0 255,103,553 0 1.42 1.08 1.42 1.59 11.3% 11.5% 3 RCP Advisors Fund VI, L.P. 01/08 50,000,000 53,945,003 0 38,797,636 42,422,130 0.72 0.89 1.51 1.58 12.3% 13.0% 3 Thoma Bravo Fund IX, L.P. 19 02/08 50,000,000 51,525,597 0 202,607,809 5,206,310 3.93 0.89 4.03 1.58 48.1% 13.0% 1 Riverside Capital Appreciation Fund 2008, L.P. 21 03/08 75,000,000 67,916,041 0 89,754,752 0 1.32 0.89 1.32 1.58 8.2% 13.0% 4 First Reserve Fund XII, L.P. 07/08 200,000,000 203,687,455 4,816,641 82,922,048 59,387,964 0.41 0.59 0.70 1.30 -8.6% 9 5.7% 4 Lindsay, Goldberg & Bessemer III, L.P. 13 07/08 100,000,000 92,507,383 0 109,182,421 0 1.18 0.89 1.18 1.58 6.8% 13.0% 4 Energy Capital Partners II, L.P. 12/08 100,000,000 70,310,784 30,099,613 63,014,641 59,972,150 0.90 0.60 1.75 1.38 13.2% 10 8.3% 2 Trident V, L.P. 12/08 75,000,000 69,701,117 5,427,595 24,267,649 81,929,289 0.35 0.89 1.52 1.58 11.1% 13.0% 3 FS Equity Partners VI, L.P. 01/09 75,000,000 73,545,511 3,744,836 63,487,497 82,985,958 0.86 0.86 1.99 1.63 18.3% 14.1% 2 RCP Advisors Fund VII, L.P. 02/09 50,000,000 46,592,975 3,407,025 20,189,963 57,227,522 0.43 0.86 1.66 1.63 19.3% 14.1% 2 Hellman & Friedman Capital Partners VII, L.P. 02/09 200,000,000 189,395,934 10,813,976 84,298,469 236,264,617 0.45 0.86 1.69 1.63 19.5% 14.1% 2 Charlesbank Equity Fund VII, L.P. 04/09 75,000,000 69,417,460 9,321,400 94,944,462 44,946,204 1.37 0.86 2.02 1.63 23.9% 14.1% 1

______© Cambridge Associates LLC. Confidential CONFIDENTIAL AND TRADE SECRET 4

Exhibit 1 (continued)

Reporting Currency: U.S. Dollars ($) Cash Flow & Valuation Multiples IRR

Fund Unfunded Current Distributed / Total Value / Fund Inception Commit- Paid-In Commit- Distributions Net Asset Paid In2 Paid In2 Fund CA Quartile Private Investments Partnerships Date ment Capital ment at Market Value (NAV) Fund CA4 Fund CA4 IRR3 4 Median 4 Rank

U.S. Buyouts (continued)

Francisco Partners III, L.P. 08/09 75,000,000 68,512,500 6,487,500 19,001,582 116,288,776 0.28 0.86 1.97 1.63 20.0% 14.1% 2 EnerVest Energy Institutional Fund XII, Ltd 19 12/09 60,000,000 60,004,730 0 38,071,041 5,185,958 0.63 0.69 0.72 1.25 -12.4% 9 7.5% 4 Snow Phipps II, L.P. 13 12/09 50,000,000 38,441,890 0 52,493,528 0 1.37 0.86 1.37 1.63 14.6% 14.1% 2 J.H. Whitney VII, L.P. 01/10 75,000,000 68,607,720 7,683,877 31,786,332 64,545,678 0.46 0.56 1.40 1.55 11.2% 15.5% 3 Grove Street Partners Buyout II, L.P. 10/10 200,000,000 148,491,107 88,463,039 39,137,545 149,190,529 0.26 0.56 1.27 1.55 11.1% 15.5% 3 EnCap Energy Capital Fund VIII, L.P. 10/10 75,000,000 67,715,186 7,646,074 29,411,130 32,706,915 0.43 0.38 0.92 0.96 -3.1% 9 -1.4% 3 Cortec Group Fund V, L.P. 12/10 50,000,000 45,788,761 4,211,229 20,768,784 200,098,005 0.45 0.56 4.82 1.55 54.9% 15.5% 1 Berkshire Fund VIII, L.P. 01/11 60,000,000 54,602,054 5,397,946 10,612,357 53,743,112 0.19 0.31 1.18 1.35 6.8% 11.7% 4 ABRY Partners VII, L.P. 04/11 75,000,000 68,127,725 7,099,801 46,282,671 75,416,083 0.68 0.31 1.79 1.35 16.4% 11.7% 2 Providence Equity Partners VII, L.P. 17 06/11 200,000,000 143,845,265 70,336,877 26,010,176 176,336,122 0.18 0.31 1.41 1.35 18.2% 11.7% 1 RCP Advisors Fund VIII, L.P. 08/11 50,000,000 34,206,552 15,793,448 6,706,552 34,885,116 0.20 0.31 1.22 1.35 10.7% 11.7% 3 Thoma Bravo Fund X, L.P. 08/11 100,000,000 85,325,616 14,674,384 152,474,353 94,281,295 1.79 0.31 2.89 1.35 39.5% 11.7% 1 Green Equity Investors VI, L.P. 14,15, 21 09/11 200,000,000 193,567,043 0 242,730,354 0 1.25 0.31 1.25 1.35 12.3% 11.7% 2 Denham Commodity Partners Fund VI, L.P. 11/11 100,000,000 92,274,600 20,552,115 34,398,106 75,179,186 0.37 0.31 1.19 1.35 10.6% 11.7% 3 Carlyle Partners VI, L.P. 01/12 200,000,000 136,333,006 74,923,476 29,695,374 126,062,250 0.22 0.18 1.14 1.28 8.3% 12.9% 4 Silver Lake Partners IV, L.P. 02/12 100,000,000 68,650,539 38,799,974 26,679,553 77,770,963 0.39 0.18 1.52 1.28 31.4% 12.9% 1 Lexington Co-Investment Partners 2005 (Pool III), L.P. 03/12 500,000,000 504,573,246 0 203,135,108 569,608,179 0.40 0.18 1.53 1.28 19.5% 12.9% 2 Riverside Capital Appreciation Fund VI, L.P. 07/12 75,000,000 58,204,718 19,421,231 5,872,958 67,100,814 0.10 0.18 1.25 1.28 13.9% 12.9% 2 New Mountain Partners IV, L.P. 10/12 100,000,000 60,649,977 39,350,023 3,335,508 76,379,737 0.05 0.18 1.31 1.28 22.3% 12.9% 1 EnerVest Energy Institutional Fund XIII, Ltd. 19 12/12 100,000,000 105,981,851 0 9,552,979 11,187,407 0.09 0.26 0.20 1.09 -54.3% 9 3.8% 4 EnCap Energy Capital Fund IX, L.P. 12/12 75,000,000 66,361,954 16,394,314 37,177,457 55,044,718 0.56 0.26 1.39 1.09 19.8% 9 3.8% 1 Thoma Bravo Overage Fund, L.P. 01/13 45,000,000 34,299,881 11,309,373 10,102,113 67,476,697 0.29 0.03 2.26 1.19 34.8% 9.4% 1 RCP Advisors Fund IX, L.P. 06/13 50,000,000 17,000,000 33,000,000 0 19,378,075 0.00 0.03 1.14 1.19 11.8% 9.4% 2 Energy Capital Partners III, L.P. 07/13 150,000,000 64,293,426 93,181,197 11,253,992 61,673,941 0.18 0.03 1.13 1.19 8.4% 9.4% 3 Trident VI Fund, L.P. 07/13 75,000,000 51,555,096 31,127,768 8,456,145 51,857,406 0.16 0.03 1.17 1.19 12.3% 9.4% 2 Rubicon Technology Partners L.P. 09/13 50,000,000 37,140,745 12,859,255 0 39,184,205 0.00 0.03 1.06 1.19 4.0% 9.4% 3 DCPF VI Oil and Gas Coinvestment Fund LP 09/13 50,000,000 41,410,878 10,561,815 7,211,011 58,882,723 0.17 0.02 1.60 1.15 34.7% 9 6.9% 1 Post Oak Energy Partners II, LP 11/13 25,000,000 19,803,678 5,196,324 0 35,492,767 0.00 0.03 1.79 1.19 71.0% 9.4% 1 The Energy & Minerals Group Fund III, L.P. 12/13 85,000,000 73,324,603 11,675,397 1,063,434 63,945,558 0.01 0.03 0.89 1.19 -5.4% 9.4% 4 FS Equity Partners VII, L.P. 01/14 100,000,000 57,998,948 50,130,350 8,060,624 49,927,182 0.14 0.00 1.00 1.11 0.0% 10.0% 4 Thoma Bravo Fund XI, L.P. 01/14 150,000,000 148,003,930 2,890,198 894,128 176,102,887 0.01 0.00 1.20 1.11 10.9% 10.0% 2 Accel-KKR Structured Capital Partners II, LP 01/14 25,000,000 7,404,711 17,595,291 0 6,800,031 0.00 0.00 0.92 1.11 -7.9% 10.0% 4 EnCap Flatrock Midstream Fund III 04/14 50,000,000 18,097,334 31,902,667 2,565,485 17,975,254 0.14 0.00 1.14 1.11 15.9% 10.0% 2 ABRY Partners VIII, L.P. 05/14 75,000,000 62,053,450 15,296,787 2,355,090 63,910,887 0.04 0.00 1.07 1.11 5.9% 10.0% 3 Francisco Partners IV, LP 06/14 75,000,000 36,750,000 38,250,000 0 42,486,256 0.00 0.00 1.16 1.11 12.0% 10.0% 2 Charlesbank Equity Fund VIII, L.P. 06/14 85,000,000 58,850,465 30,660,531 9,295,794 54,385,131 0.16 0.00 1.08 1.11 7.8% 10.0% 3 Cressey & Company Fund V LP 07/14 75,000,000 39,750,000 35,250,000 3,372,416 38,443,065 0.08 0.00 1.05 1.11 5.6% 10.0% 3 Siris Partners III 09/14 75,000,000 40,047,475 38,569,827 3,617,302 35,731,077 0.09 0.00 0.98 1.11 -2.4% 10.0% 4 Hellman & Friedman Capital Partners VIII, L.P. 09/14 200,000,000 12,679,858 151,332,207 2,657,581 11,337,699 0.21 NA 1.10 NA NA NA NA Blackstone Capital Partners VII, L.P. 09/14 180,000,000 16,898,596 164,256,723 23,703 16,202,599 0.00 NA 0.96 NA NA NA NA RCP Advisors Fund X 12/14 50,000,000 6,500,000 43,500,000 0 4,301,092 0.00 0.00 0.66 1.11 -46.6% 10.0% 4 Cortec Group Fund VI, L.P. 02/15 75,000,000 28,450,344 55,462,068 9,000,973 17,037,060 0.32 0.00 0.92 0.98 -12.1% -3.5% 3 Thoma Bravo Special Opportunities Fund II, L.P. 02/15 50,000,000 49,401,164 1,142,623 543,787 56,877,414 0.01 0.00 1.16 0.98 11.7% -3.5% 2 EnCap Energy Capital Fund X, L.P. 03/15 100,000,000 38,188,543 67,892,939 12,772,951 33,178,156 0.33 0.08 1.20 1.25 24.4% 9 25.1% 3 EnerVest Energy Institutional Fund XIV 04/15 100,000,000 93,086,125 18,040,521 14,273,368 85,938,355 0.15 0.08 1.08 1.25 8.9% 9 25.1% 3 Accel-KKR Capital Partners V 09/15 50,000,000 3,296,943 46,703,056 0 2,774,501 0.00 NA 0.84 NA NA NA NA Thoma Bravo Discover Fund, L.P. 11/15 50,000,000 21,156,017 28,843,983 0 20,597,642 0.00 0.00 0.97 0.98 -3.3% -3.5% 2 Berkshire Fund IX, L.P. 11/15 110,000,000 6,208,784 103,791,216 0 5,917,292 0.00 NA 0.95 NA NA NA NA Lexington Co-Investment Partners 2005 Pool IV 12/15 500,000,000 0 500,000,000 0 1,042,323 NA NA NA NA NA NA NA LCP FSBA Co-Invest Account 01/16 200,000,000 9,000,000 191,000,000 0 12,049,254 0.00 0.00 1.34 0.97 41.7% -4.2% 1 Thoma Bravo XII 02/16 150,000,000 56,072,455 94,801,809 883,528 52,422,036 0.02 NA 0.95 NA NA NA NA Post Oak Energy Partners III, LP 05/16 60,000,000 10,316,410 49,683,591 0 9,287,960 0.00 NA 0.90 NA NA 9 NA NA Denham Oil & Gas Fund LP 05/16 100,000,000 38,027,379 62,004,754 32,133 36,224,846 0.00 NA 0.95 NA NA 9 NA NA Trident VII, L.P. 07/16 75,000,000 0 75,000,000 0 0 NA NA NA NA NA NA NA Rubicon Technology Partners II 08/16 76,000,000 0 76,000,000 0 0 NA NA NA NA NA NA NA EnCap Energy Capital Fund XI, L.P. 10/16 100,000,000 0 100,000,000 0 0 NA NA NA NA NA NA NA

Total U.S. Buyouts 11,481,000,000 8,665,572,041 2,888,560,477 8,576,521,304 4,618,435,609 0.99 1.52 11.9% 10.9% 6

______© Cambridge Associates LLC. Confidential CONFIDENTIAL AND TRADE SECRET 5

Exhibit 1 (continued)

Reporting Currency: U.S. Dollars ($) Cash Flow & Valuation Multiples IRR

Fund Unfunded Current Distributed / Total Value / Fund Inception Commit- Paid-In Commit- Distributions Net Asset Paid In2 Paid In2 Fund CA Quartile Private Investments Partnerships Date ment Capital ment at Market Value (NAV) Fund CA4 Fund CA4 IRR3 4 Median 4 Rank

Non-U.S. Buyouts

3i Europartners Vb, L.P. 12,16 06/06 77,440,017 73,485,626 0 71,358,117 0 0.97 1.11 0.97 1.44 -0.6% 7.9% 4 Permira European Fund IV, L.P. 12,19, 21 07/06 64,037,705 66,661,814 0 104,162,715 0 1.56 1.11 1.56 1.44 8.3% 7.9% 2 Carlyle Europe Partners III, L.P. 12,16,19 12/06 66,000,377 65,044,510 0 104,866,855 0 1.61 1.11 1.61 1.44 12.9% 7.9% 1 KKR European Fund III, L.P. 12,16 05/07 58,757,859 50,706,630 0 53,362,696 0 1.05 1.02 1.05 1.45 1.8% 8.3% 4 PAI Europe V, L.P. 12,16 06/07 42,563,071 35,666,465 0 46,401,458 0 1.30 1.02 1.30 1.45 7.0% 8.3% 3 CVC European Equity Partners V, L.P. 12 10/07 102,826,253 91,151,719 2,981,971 114,060,675 38,900,842 1.25 1.02 1.68 1.45 13.9% 8.3% 1 Advent International GPE VI-D, L.P. 03/08 58,000,000 56,840,080 1,159,920 84,249,159 37,830,437 1.48 0.94 2.15 1.42 18.3% 11.0% 1 Charterhouse Capital Partners IX, L.P. 12,16 08/08 90,366,890 71,396,612 0 96,335,016 0 1.35 0.94 1.35 1.42 13.7% 11.0% 2 Riverside Europe Fund IV, L.P. 12,16 12/08 49,699,937 47,580,396 0 49,531,443 0 1.04 0.94 1.04 1.42 1.5% 11.0% 4 BC European Capital IX, L.P. 12,16 08/10 101,118,077 48,925,064 0 53,495,693 0 1.09 0.43 1.09 1.29 5.8% 10.1% 4 Montagu Private Equity IV, L.P. 12 12/10 56,819,796 45,665,434 4,283,005 23,264,839 35,404,860 0.51 0.43 1.28 1.29 10.0% 10.1% 3 KKR Asian Fund II, L.P. 10/11 100,000,000 72,084,075 34,273,808 3,314,557 97,060,675 0.05 0.28 1.39 1.18 20.2% 6.7% 1 Apax VIII-B, L.P. 11/11 157,584,000 157,185,066 14,196,371 18,811,053 177,463,416 0.12 0.28 1.25 1.18 12.1% 6.7% 2 AXA LBO Fund V, L.P. 12 03/12 76,858,858 68,378,221 2,975,154 12,823,561 61,730,575 0.19 0.18 1.09 1.15 3.6% 5.9% 3 Advent International GPE VII-D, L.P. 12 06/12 102,335,815 87,139,777 11,636,737 38,680,279 88,114,211 0.44 0.18 1.46 1.15 15.3% 5.9% 1 Permira V, LP 12 04/13 136,860,690 80,295,430 10,142,892 4,145,466 83,706,808 0.05 0.05 1.09 1.06 4.9% 3.8% 2 CVC Capital Partners VI, L.P. 12 05/13 102,645,517 47,330,109 36,048,172 1,331,196 49,042,045 0.03 0.05 1.06 1.06 5.2% 3.8% 2 Inflexion Buyout Fund IV, L.P. 12 04/14 52,587,527 22,427,394 23,052,709 2,046,490 19,726,441 0.09 0.00 0.97 1.01 -4.0% 1.4% 3 Montagu V 12 10/14 111,109,877 3,850,890 103,217,281 0 214,652 0.00 0.00 0.06 1.01 -99.5% 1.4% 4 Equistone European Fund V 12 03/15 74,366,455 45,900,947 25,114,181 163,490 47,083,222 0.00 0.00 1.03 0.95 2.9% -6.3% 1 Waterland Private Equity VI, L.P. 12 04/15 61,110,432 13,875,814 45,235,676 0 14,123,448 0.00 0.00 1.02 0.95 2.5% -6.3% 1 Waterland Private Equity VI Overflow Feeder Fund L.P. 12 04/15 28,974,931 39,110 28,839,715 0 3,196 0.00 0.00 0.08 0.95 -83.8% -6.3% 4 Investindustrial VI, L.P. 12 07/15 55,802,326 7,303,384 46,494,036 0 6,672,270 0.00 NA 0.91 NA NA NA NA Advent International Global Private Equity VIII-D 01/16 150,000,000 35,100,000 114,900,000 0 34,449,994 0.00 NA 0.98 NA NA NA NA Inflexion Enterprise Fund IV 12 03/16 19,982,149 636,418 18,141,464 0 201,832 0.00 NA 0.32 NA NA NA NA Ardian LBO Fund VI, L.P 12 04/16 98,905,446 13,977,561 82,898,917 664,352 10,744,086 0.05 NA 0.82 NA NA NA NA European Private Equity Opportunities I, L.P. 12,18 06/16 49,181,385 223,619 48,709,566 0 1 0.00 NA 0.00 NA NA NA NA

Total Non-U.S. Buyouts 2,145,935,390 1,308,872,167 654,301,573 883,069,110 802,473,010 0.67 1.29 9.4% 6.9% 6

Distressed Securities

Apollo Investment Fund V, L.P. 15 07/00 150,000,000 139,648,802 0 371,551,048 0 2.66 1.57 2.66 1.57 38.8% 17.5% 1 Wellspring Capital Partners III, L.P. 15 04/02 50,000,000 49,189,212 0 107,708,276 0 2.19 1.60 2.19 1.65 27.1% 20.7% 2 Gores Capital Partners, L.P. 13 08/03 50,000,000 47,063,636 0 60,965,147 0 1.30 1.50 1.30 1.52 8.4% 9.5% 3 Platinum Equity Capital Partners, L.P. 21 09/03 50,000,000 34,606,203 0 100,796,151 0 2.91 1.50 2.91 1.52 60.2% 9.5% 1 TowerBrook Investors II, L.P. 03/05 75,000,000 55,269,619 9,598,853 83,141,740 17,439,175 1.50 1.28 1.82 1.36 9.7% 5.5% 1 Wellspring Capital Partners IV, L.P. 19, 21 04/05 75,000,000 77,179,692 0 108,153,435 0 1.40 1.28 1.40 1.36 6.6% 5.5% 2 Apollo Investment Fund VI L.P. 21 08/05 200,000,000 180,181,073 0 306,469,710 0 1.70 1.28 1.70 1.36 9.5% 5.5% 1 Gores Capital Partners II, L.P. 13 03/07 50,000,000 45,307,913 0 51,590,459 0 1.14 1.30 1.14 1.43 3.8% 10.8% 4 Apollo Investment Fund VII, L.P. 21 06/07 200,000,000 168,245,182 0 339,625,436 0 2.02 1.30 2.02 1.43 23.8% 10.8% 1 Platinum Equity Capital Partners II, L.P. 09/07 75,000,000 67,814,874 12,447,802 93,359,170 36,827,110 1.38 1.30 1.92 1.43 15.8% 10.8% 1 TowerBrook Investors III, L.P. 10/07 150,000,000 112,632,946 36,820,515 122,945,617 45,227,313 1.09 1.30 1.49 1.43 10.4% 10.8% 3 Ares Corporate Opportunities Fund III, L.P. 11/07 100,000,000 90,687,943 9,312,057 118,583,965 84,690,478 1.31 1.30 2.24 1.43 21.9% 10.8% 1 Wellspring Capital Partners V, L.P. 03/09 150,000,000 147,596,421 59,300,877 145,999,301 85,000,199 0.99 1.04 1.57 1.51 18.8% 13.9% 1 KPS Special Situations Supplemental Fund III, L.P. 06/09 50,000,000 31,202,843 19,068,573 41,661,936 24,222,296 1.34 1.04 2.11 1.51 20.6% 13.9% 1 Gores Capital Partners III, L.P. 13 08/09 125,000,000 105,124,539 0 104,839,695 0 1.00 1.04 1.00 1.51 -0.1% 13.9% 4 Platinum Equity Capital Partners III, L.P. 12/11 200,000,000 178,876,492 42,771,531 144,605,191 156,953,635 0.81 0.51 1.69 1.26 35.4% 8.0% 1 Ares Corporate Opportunities Fund IV, L.P. 02/12 200,000,000 161,829,534 53,451,410 30,497,918 197,025,646 0.19 0.24 1.41 1.26 15.2% 8.9% 1 TowerBrook Investors IV, L.P. 09/12 190,000,000 67,831,147 132,716,947 41,371,932 55,025,009 0.61 0.24 1.42 1.26 38.8% 8.9% 1 Apollo Investment Fund VIII, L.P. 10/12 200,000,000 137,329,123 79,879,608 22,788,461 137,044,229 0.17 0.24 1.16 1.26 13.0% 8.9% 1 KPS Special Situations Fund IV, L.P. 01/13 150,000,000 14,686,790 136,975,506 15,737,621 9,105,440 1.07 0.02 1.69 1.16 29.0% 9.7% 1 Atlas Capital Resources II 11/13 20,000,000 7,015,213 14,022,731 2,413,080 7,963,482 0.34 0.02 1.48 1.16 23.6% 9.7% 1 Searchlight Partners II, L.P. 06/15 100,000,000 32,602,120 70,297,915 2,911,681 34,265,090 0.09 0.00 1.14 1.15 17.3% 15.4% 2 American Industrial Partners Capital Fund VI, L.P. 09/15 50,000,000 15,834,567 35,292,736 1,127,304 14,478,000 0.07 0.00 0.99 1.15 -4.1% 15.4% 4 Ares Corporate Opportunities Fund V 12/15 200,000,000 0 200,000,000 0 0 NA NA NA NA NA NA NA OpCapita Consumer Opportunities Fund II 04/16 38,251,366 650,734 36,413,479 0 398,730 0.00 NA 0.61 NA NA NA NA

Total Distressed Securities 2,898,251,366 1,968,406,618 948,370,540 2,418,844,274 905,665,832 1.23 1.69 20.5% 10.6% 6

______© Cambridge Associates LLC. Confidential CONFIDENTIAL AND TRADE SECRET 6

Exhibit 1 (continued)

Reporting Currency: U.S. Dollars ($) Cash Flow & Valuation Multiples IRR

Fund Unfunded Current Distributed / Total Value / Fund Inception Commit- Paid-In Commit- Distributions Net Asset Paid In2 Paid In2 Fund CA Quartile Private Investments Partnerships Date ment Capital ment at Market Value (NAV) Fund CA4 Fund CA4 IRR3 4 Median 4 Rank

Secondaries

Lexington Capital Partners IV, L.P. 05/00 200,000,000 196,224,328 3,775,672 347,824,795 484,669 1.77 1.58 1.78 1.61 20.2% 17.3% NA Lexington Capital Partners V, L.P. 10/01 100,000,000 99,513,278 486,722 162,158,704 5,179,227 1.63 1.60 1.68 1.61 19.0% 18.9% NA Pomona Capital VI (Combined), L.P. 12/04 50,000,000 44,551,931 5,448,069 46,022,528 13,180,357 1.03 1.31 1.33 1.50 5.0% 10.6% 4 Lexington Capital Partners VI, L.P. 19 05/05 100,000,000 106,132,653 1,634,703 116,868,271 24,270,396 1.10 1.09 1.33 1.27 6.3% 5.1% 2 Pomona Capital VII (Combined), L.P. 11/07 50,000,000 42,172,835 7,827,165 47,388,311 6,488,516 1.12 1.12 1.28 1.42 7.5% 9.4% 3 Pantheon Global Secondary Fund IV, L.P. 11/08 100,000,000 66,400,000 33,600,000 60,600,000 38,934,448 0.91 1.23 1.50 1.51 14.2% 13.8% 2 Lexington Capital Partners VII, L.P. 01/09 200,000,000 169,621,743 41,116,559 173,310,382 84,024,141 1.02 1.14 1.52 1.48 14.8% 15.4% 3 AXA Secondary Fund V, L.P. 12/10 100,000,000 80,230,371 19,769,629 70,136,111 56,141,635 0.87 0.94 1.57 1.53 17.8% 15.4% 1 W Capital Partners III, L.P. 12/11 75,000,000 40,635,065 34,364,935 9,468,902 46,402,844 0.23 0.46 1.37 1.39 15.6% 17.0% 3 Lexington Middle Market Investors III, L.P. 12/12 100,000,000 52,489,109 47,510,891 22,523,358 43,467,305 0.43 0.34 1.26 1.19 15.1% 12.9% 2 Ardian Secondary Fund VI, L.P. 07/13 150,000,000 89,183,892 63,741,111 12,971,042 99,812,640 0.15 0.31 1.26 1.39 13.9% 18.5% 3 Lexington Capital Partners VIII, L.P. 08/13 250,000,000 61,941,222 195,943,676 24,905,504 60,064,602 0.40 0.31 1.37 1.39 28.6% 18.5% 1 ASF VII, L.P. 01/15 150,000,000 16,899,488 133,345,170 257,714 19,930,028 0.02 0.00 1.19 1.33 17.8% 37.2% 4

Total Secondaries 1,625,000,000 1,065,995,915 588,564,302 1,094,435,622 498,380,808 1.03 1.49 15.8% 15.2% 6

TOTAL BUYOUTS 18,150,186,756 13,008,846,741 5,079,796,892 12,972,870,310 6,824,955,260 1.00 1.52 13.0% 10.8% 6

Total PE Asset Class Portfolio 22,297,381,844 16,012,446,221 6,181,123,747 14,478,802,312 9,795,056,356 0.90 1.52 12.7% 10.4% 6

Legacy

Corporate Partners, L.P. 11 08/88 149,192,410 118,102,670 0 251,812,055 0 2.13 1.67 2.13 1.67 12.4% 12.3% 2 Liberty Partners Pool I 11 03/93 205,686,600 198,347,330 0 465,437,875 0 2.35 2.07 2.35 2.07 20.7% 21.7% 3 Liberty Partners Pool II 11,19 06/94 359,789,821 376,606,498 0 605,073,932 0 1.61 1.41 1.61 1.41 10.7% 9.7% 2 Carlyle Partners II, L.P. 15,19 09/94 200,000,000 218,972,346 0 503,409,025 0 2.30 1.41 2.30 1.41 20.1% 9.7% 2 Centre Capital Investors II, L.P. 11,19 01/95 200,000,000 257,132,909 0 208,034,779 0 0.81 1.57 0.81 1.57 -4.1% 10.9% 4 Hicks, Muse, Tate & Furst Equity Fund III, L.P. 15,19 05/96 200,000,000 210,258,927 0 186,304,423 0 0.89 1.35 0.89 1.35 -1.8% 8.3% 4 Liberty Partners Pool III 11,19 06/96 506,208,481 529,232,632 0 538,362,219 0 1.02 1.35 1.02 1.35 0.4% 8.3% 4 Ripplewood Partners, L.P. 08/96 100,000,000 96,498,975 0 168,333,429 0 1.74 1.35 1.74 1.35 13.6% 8.3% 1 Cypress Equity Group Trust 11 12/96 15,000,000 9,231,932 0 19,830,011 0 2.15 1.35 2.15 1.35 16.1% 8.3% 1 Thomas H. Lee Equity Fund IV, L.P. 11/97 100,000,000 90,199,963 0 78,342,281 0 0.87 1.40 0.87 1.42 -2.6% 7.4% 4 Apollo Investment Fund IV, L.P. 15,19 12/97 250,000,000 255,492,548 0 387,190,065 0 1.52 1.40 1.52 1.42 6.8% 7.4% 3 Hicks, Muse, Tate & Furst Equity Fund IV, L.P. 15,19 03/98 400,000,000 423,434,828 0 266,275,496 0 0.63 1.57 0.63 1.61 -8.8% 9.8% 4 Willis Stein & Partners II, L.P.19 06/98 40,000,000 40,111,131 0 23,444,625 0 0.58 1.57 0.58 1.61 -9.7% 9.8% 4 TSG Capital Fund III, L.P. 11,19 08/98 100,000,000 100,963,018 0 54,615,569 0 0.54 1.57 0.54 1.61 -13.7% 9.8% 4 Green Equity Investors III, L.P. 15 09/98 60,000,000 54,613,145 0 125,883,576 0 2.31 1.57 2.31 1.61 21.9% 9.8% 1 Chartwell Capital Investors II, L.P. 11, 15,19 10/98 50,000,000 52,675,460 0 70,708,181 0 1.34 1.57 1.34 1.61 4.7% 9.8% 4 Liberty Partners Pool IV 11,19 12/98 195,075,745 198,104,313 0 132,103,527 0 0.67 1.57 0.67 1.61 -19.2% 9.8% 4 Liberty Partners Pool V 11,19 03/99 329,664,359 347,297,915 0 396,920,863 0 1.14 1.54 1.14 1.54 2.7% 12.1% 4 Liberty Partners Pool VI 11,19 03/02 595,484,687 1,315,542,740 0 1,127,866,135 1,325,000 0.86 1.98 0.86 1.98 -6.5% 18.4% 4 Liberty Partners Pool VII 11 12/05 290,808,542 251,467,907 39,340,635 204,778,132 8,999,267 0.81 1.36 0.85 1.60 -7.5% 8.1% 4 Liberty Partners Group II, L.P. 05/08 9,766,830 741,589 0 0 0 0.00 0.89 0.00 1.58 -100.0% 13.0% 4

Total Legacy 4,356,677,475 5,145,028,777 39,340,635 5,814,726,198 10,324,267 1.13 1.13 3.7% 12.2% 6

TOTAL PORTFOLIO 26,654,059,319 21,157,474,997 6,220,464,381 20,293,528,511 9,805,380,623 0.96 1.42 9.2% 10.8% 6

______© Cambridge Associates LLC. Confidential CONFIDENTIAL AND TRADE SECRET 7

Exhibit 1 (continued)

Reporting Currency: U.S. Dollars ($) Cash Flow & Valuation Multiples IRR

Fund Unfunded Current Distributed / Total Value / Fund Inception Commit- Paid-In Commit- Distributions Net Asset Paid In2 Paid In2 Fund CA Quartile Private Investments Partnerships Date ment Capital ment at Market Value (NAV) Fund CA4 Fund CA4 IRR3 4 Median 4 Rank

Project Prime

Carlyle Partners II, L.P. 19 09/94 200,000,000 218,972,346 0 503,409,025 0 2.30 1.41 2.30 1.41 20.1% 9.7% 2 Hicks, Muse, Tate & Furst Equity Fund III, L.P. 19 05/96 200,000,000 210,258,927 0 186,304,423 0 0.89 1.35 0.89 1.35 -1.8% 8.3% 4 Apollo Investment Fund IV, L.P. 19 12/97 250,000,000 255,492,548 0 387,190,065 0 1.52 1.40 1.52 1.42 6.8% 7.4% 3 Hicks, Muse, Tate & Furst Equity Fund IV, L.P. 19 03/98 400,000,000 423,434,828 0 266,275,496 0 0.63 1.57 0.63 1.61 -8.8% 9.8% 4 Green Equity Investors III, L.P. 09/98 60,000,000 54,613,145 0 125,883,576 0 2.31 1.57 2.31 1.61 21.9% 9.8% 1 Chartwell Capital Investors II, L.P.19 10/98 50,000,000 52,675,460 0 70,708,181 0 1.34 1.57 1.34 1.61 4.7% 9.8% 4 Carlyle Partners III, L.P. 11/99 200,000,000 195,781,707 0 450,780,798 0 2.30 1.54 2.30 1.54 22.8% 12.1% 1 Thomas H. Lee Equity Fund V, L.P. 19 03/00 50,000,000 52,312,374 0 85,506,188 0 1.63 1.68 1.63 1.73 13.4% 12.4% 2 Willis Stein & Partners III, L.P. 19 07/00 100,000,000 106,335,549 0 106,898,376 0 1.01 1.68 1.01 1.73 0.1% 12.4% 4 Apollo Investment Fund V, L.P. 07/00 150,000,000 139,648,802 0 371,551,048 0 2.66 1.57 2.66 1.57 38.8% 17.5% 1 Hicks, Muse, Tate & Furst Equity Fund V, L.P. 19 07/00 25,000,000 27,231,920 0 48,289,446 0 1.77 1.68 1.77 1.73 21.0% 12.4% 2 Ripplewood Partners II, L.P. 12/00 100,000,000 97,676,727 0 116,568,788 0 1.19 1.68 1.19 1.73 6.2% 12.4% 4 Wellspring Capital Partners III, L.P. 04/02 50,000,000 49,189,212 0 107,708,276 0 2.19 1.60 2.19 1.65 27.1% 20.7% 2 FS Equity Partners V, L.P. 07/02 50,000,000 40,136,967 0 84,176,286 0 2.10 1.98 2.10 1.98 16.1% 18.4% 3 Green Equity Investors IV, L.P. 19 09/02 100,000,000 122,786,720 0 218,999,019 0 1.78 1.98 1.78 1.98 10.7% 18.4% 3 TPG Partners IV, L.P. 10/03 50,000,000 46,300,567 0 87,658,674 0 1.89 1.65 1.89 1.66 14.3% 12.1% 2 Kohlberg Investors V, L.P. 06/04 45,000,000 42,466,621 0 45,208,998 0 1.06 1.48 1.06 1.61 1.2% 10.6% 4 Green Equity Investors VI, L.P. 09/11 10,000,000 1,587,708 0 1,600,644 0 1.25 0.31 1.25 1.35 12.3% 11.7% 2

Total Project Prime 2,090,000,000 2,136,902,128 0 3,264,717,307 0 1.53 1.53

______© Cambridge Associates LLC. Confidential CONFIDENTIAL AND TRADE SECRET 8

PORTFOLIO PERFORMANCE NOTES

1 In the period following March 31, 2017, SBA of Florida (Private Equity) made additional commitments to Apollo Investment Fund IX ($200.0m), Carnelian Energy Capital II ($40.0m), CVC Capital Partners VII (€90.0m), OpenView Venture Partners V ($25.0m), Peak Rock Capital Credit Fund II, LP ($20.0m), Peak Rock Capital II, LP ($80.0m), Silicon Valley Bank Capital Partners IV ($25.0m), Silver Lake Partners V ($140.0m), TrueBridge Capital Partners V ($100.0m), and Waterland Private Equity Fund VII (€100.0m).

2 The Distributed / Paid In Multiple is calculated by dividing the total distributions from the fund by the total paid into the fund. The Total Value / Paid In multiple is calculated by dividing the sum of the remaining investment NAV and total distributions from the fund by the total paid in to the fund.

3 Fund 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 SBA of Florida (Private Equity)'s interest in the partnership.

4 CA vintage year benchmarks are as of March 31, 2017. All benchmarks are in U.S. Dollars and are considered final, unless otherwise noted. The U.S. Venture Capital asset class utilizes the U.S. Venture Capital benchmarks. The U.S. Growth Equity, U.S. Buyouts, and Legacy asset classes utilize the U.S. Private Equity benchmarks. The Non-U.S. Growth Equity and Non-U.S. Buyout asset classes utilize the Developed Europe Private Equity benchmarks. The Distressed Securities asset class utilizes the Distressed Securities benchmarks. The Secondaries asset class utilizes the Secondary Funds benchmarks.

5 Cambridge Associates' asset class and portfolio benchmark means are a pooled return of funds sorted by designated asset group and the funds' inception dates weighted by SBA of Florida (Private Equity)'s paid-in capital to each asset class vintage year.

6 Cambridge Associates' asset class and portfolio benchmark medians are calculated using the middle breakpoint fund in each asset class vintage year respectively, and are weighted by SBA of Florida (Private Equity)'s paid-in capital.

7 Fund utilizes the Private Equity and Venture Capital benchmarks.

8 Fund utilizes the Asia Pacific Private Equity and Venture Capital benchmarks.

9 Fund utilizes the Private Equity Energy and Energy Upstream Royalties benchmarks.

10 Fund utilizes the U.S. Private Equity Energy benchmarks.

11 Historical performance prior to 9/30/2012 provided by State Board of Administration of Florida.

12 Fund reports in foreign currency. Commitment amounts are converted to USD using the daily exchange rate on the date of the fund's first cash flow or the daily exchange rate of legal inception (prior to first cash flow). Paid-In Capital and Distributions at Market amounts prior to 4/1/16 are converted based on the average daily exchange rate during the quarter in which they occurred, whereas cash flows on or after 4/1/16 are converted using the spot rate for the date on which they occurred.

13 This fund is part of the Project Buccaneer sale.

14 Green Equity Investors VI, L.P. sale represents 5% of the original $200,000,000 commitment. See Project Prime Section of Exhibit 1.

15 This fund is part of the Project Prime sale. NAV is held at 09/30/2013 value and updates according to payment schedule.

16 This fund is part of the Project Spear sale.

17 Providence Equity Partners VII, L.P. commitement increased $50,000,000 on 09/30/2012.

18 Fund NAV is reported as $1 due to a negative manager reported NAV as of 09/30/2016.

19 Inception to date paid-in capital exceeds the reported commitment amount due to manager fees and/or recallable distributions.

20 TrueBridge FLSBA Special Purpose, LLC commitment decreased from $50,000,000 to $47,972,078 on 09/30/2015.

21 This fund is part of the Project Palace sale. 12/31/2016 NAV reflects deferred payment amount and is inclusive of seller transfer expenses paid.

Funds with NA (not applicable) are too young to have produced meaningful returns or have not yet commenced operations. Benchmarks with NA (not applicable) are too young to have produced meaningful returns or have an insufficient number of funds in the vintage year sample to produce a meaningful return.

Fund vintage year is determined based on the legal inception date as noted in the partnership's closing documents and financial statements. The vintage year is not based on the first close or first draw-down.

______© Cambridge Associates LLC. Confidential CONFIDENTIAL AND TRADE SECRET 9

Exhibit 2 SBA OF FLORIDA (PRIVATE EQUITY) PRIVATE INVESTMENTS PERFORMANCE BY MANAGER As of March 31, 2017

Reporting Currency: U.S. Dollars ($)

Fund Current Total Value / Fund Inception Commit- % of Net Asset Fund Paid In Quartile Private Investments Partnerships Date ment Program Value (NAV) IRR Multiple Rank

3i Europartners Vb, L.P. 06/06 77,440,017 0.3% 0 -0.6% 0.97 4 3i Growth Capital Fund, L.P. 03/10 54,440,286 0.2% 0 -2.0% 0.93 4 Total 3i Group Plc 131,880,303 0.5% 0 -0.9% 0.96

ABRY Partners VII, L.P. 04/11 75,000,000 0.3% 75,416,083 16.4% 1.79 2 ABRY Partners VIII, L.P. 05/14 75,000,000 0.3% 63,910,887 5.9% 1.07 3 Total ABRY Partners 150,000,000 0.6% 139,326,969 14.9% 1.44

Accel-KKR Structured Capital Partners II, LP 01/14 25,000,000 0.1% 6,800,031 -7.9% 0.92 4 Accel-KKR Capital Partners V 09/15 50,000,000 0.2% 2,774,501 NA 0.84 NA Total Accel-KKR 75,000,000 0.3% 9,574,532 -13.7% 0.89

Advent International GPE VI-D, L.P. 03/08 58,000,000 0.2% 37,830,437 18.3% 2.15 1 Advent International GPE VII-D, L.P. 06/12 102,335,815 0.4% 88,114,211 15.3% 1.46 1 Advent International Global Private Equity VIII-D 01/16 150,000,000 0.6% 34,449,994 NA 0.98 NA Total Advent International Corp. 310,335,815 1.2% 160,394,642 17.1% 1.58

American Industrial Partners Capital Fund VI, L.P. 09/15 50,000,000 0.2% 14,478,000 -4.1% 0.99 4 Total American Industrial Partners 50,000,000 0.2% 14,478,000 -4.1% 0.99

Apax VIII-B, L.P. 11/11 157,584,000 0.6% 177,463,416 12.1% 1.25 2 Total Apax Partners 157,584,000 0.6% 177,463,416 12.1% 1.25

Apollo Investment Fund IV, L.P. 12/97 250,000,000 0.9% 0 6.8% 1.52 3 Apollo Investment Fund V, L.P. 07/00 150,000,000 0.6% 0 38.8% 2.66 1 Apollo Investment Fund VI L.P. 08/05 200,000,000 0.8% 0 9.5% 1.70 1 Apollo Investment Fund VII, L.P. 06/07 200,000,000 0.8% 0 23.8% 2.02 1 Apollo Investment Fund VIII, L.P. 10/12 200,000,000 0.8% 137,044,229 13.0% 1.16 1 Total Apollo 1,000,000,000 3.8% 137,044,229 12.8% 1.78

Ares Corporate Opportunities Fund III, L.P. 11/07 100,000,000 0.4% 84,690,478 21.9% 2.24 1 Ares Corporate Opportunities Fund IV, L.P. 02/12 200,000,000 0.8% 197,025,646 15.2% 1.41 1 Ares Corporate Opportunities Fund V 12/15 200,000,000 0.8% 0 NA NA NA Total Ares Management LLC 500,000,000 1.9% 281,716,124 19.5% 1.71

Asia Alternatives FL Investor, LP 03/14 200,000,000 0.8% 89,005,906 15.2% 1.17 3 Total Asia Alternatives Management LLC 200,000,000 0.8% 89,005,906 15.2% 1.17

Atlas Capital Resources II 11/13 20,000,000 0.1% 7,963,482 23.6% 1.48 1 Total Atlas Holdings 20,000,000 0.1% 7,963,482 23.6% 1.48

AXA Secondary Fund V, L.P. 12/10 100,000,000 0.4% 56,141,635 17.8% 1.57 1 AXA LBO Fund V, L.P. 03/12 76,858,858 0.3% 61,730,575 3.6% 1.09 3 Ardian Secondary Fund VI, L.P. 07/13 150,000,000 0.6% 99,812,640 13.9% 1.26 3 ASF VII, L.P. 01/15 150,000,000 0.6% 19,930,028 17.8% 1.19 4 Ardian LBO Fund VI, L.P 04/16 98,905,446 0.4% 10,744,086 NA 0.82 NA Total AXA Private Equity 575,764,304 2.2% 248,358,964 12.6% 1.28

BC European Capital IX, L.P. 08/10 101,118,077 0.4% 0 5.8% 1.09 4 Total BC Partners Limited 101,118,077 0.4% 0 5.8% 1.09

Berkshire Fund VIII, L.P. 01/11 60,000,000 0.2% 53,743,112 6.8% 1.18 4 Berkshire Fund IX, L.P. 11/15 110,000,000 0.4% 5,917,292 NA 0.95 NA Total Berkshire Partners LLC 170,000,000 0.6% 59,660,404 6.6% 1.16

Blackstone Capital Partners V, L.P. 10/05 150,000,000 0.6% 0 7.1% 1.60 3 Blackstone Capital Partners VI, L.P. 12/07 200,000,000 0.8% 186,153,579 12.2% 1.37 2 Blackstone Capital Partners VII, L.P. 09/14 180,000,000 0.7% 16,202,599 NA 0.96 NA Total Blackstone Group, The 530,000,000 2.0% 202,356,178 8.3% 1.45

Centre Capital Investors II, L.P. 01/95 200,000,000 0.8% 0 -4.1% 0.81 4 Total Centre Partners Management LLC 200,000,000 0.8% 0-4.1% 0.81

Charlesbank Equity Fund VII, L.P. 04/09 75,000,000 0.3% 44,946,204 23.9% 2.02 1 Charlesbank Equity Fund VIII, L.P. 06/14 85,000,000 0.3% 54,385,131 7.8% 1.08 3 Total Charlesbank Capital Partners 160,000,000 0.6% 99,331,335 22.0% 1.59

Charterhouse Capital Partners IX, L.P. 08/08 90,366,890 0.3% 0 13.7% 1.35 2 Total Charterhouse Capital Partners LLP 90,366,890 0.3% 0 13.7% 1.35

Chartwell Capital Investors II, L.P. 10/98 50,000,000 0.2% 0 4.7% 1.34 4 Total Chartwell Capital Mgmt Co. 50,000,000 0.2% 04.7% 1.34

Corporate Partners, L.P. 08/88 149,192,410 0.6% 0 12.4% 2.13 2 Total Corporate Partners LLC 149,192,410 0.6% 0 12.4% 2.13

______© Cambridge Associates LLC. Confidential CONFIDENTIAL AND TRADE SECRET 10

Exhibit 2 (continued)

Reporting Currency: U.S. Dollars ($)

Fund Current Total Value / Fund Inception Commit- % of Net Asset Fund Paid In Quartile Private Investments Partnerships Date ment Program Value (NAV) IRR Multiple Rank

Cortec Group Fund V, L.P. 12/10 50,000,000 0.2% 200,098,005 54.9% 4.82 1 Cortec Group Fund VI, L.P. 02/15 75,000,000 0.3% 17,037,060 -12.1% 0.92 3 Total Cortec Group, Inc. 125,000,000 0.5% 217,135,065 52.5% 3.33

Cressey & Company Fund IV, L.P. 10/07 50,000,000 0.2% 34,024,177 22.3% 1.90 1 Cressey & Company Fund V LP 07/14 75,000,000 0.3% 38,443,065 5.6% 1.05 3 Total Cressey & Company LP 125,000,000 0.5% 72,467,242 20.5% 1.51

CVC European Equity Partners V, L.P. 10/07 102,826,253 0.4% 38,900,842 13.9% 1.68 1 CVC Capital Partners VI, L.P. 05/13 102,645,517 0.4% 49,042,045 5.2% 1.06 2 Total CVC Capital Partners Limited 205,471,770 0.8% 87,942,887 13.2% 1.47

Cypress Equity Group Trust 12/96 15,000,000 0.1% 0 16.1% 2.15 1 Total Cypress Equity Group, LLC 15,000,000 0.1% 0 16.1% 2.15

Denham Commodity Partners Fund VI, L.P. 11/11 100,000,000 0.4% 75,179,186 10.6% 1.19 3 DCPF VI Oil and Gas Coinvestment Fund LP 09/13 50,000,000 0.2% 58,882,723 34.7% 1.60 1 Denham Oil & Gas Fund LP 05/16 100,000,000 0.4% 36,224,846 NA 0.95 NA Total Denham Capital Management LP 250,000,000 0.9% 170,286,755 15.7% 1.23

European Private Equity Opportunities I, L.P. 06/16 49,181,385 0.2% 1 NA 0.00 NA Total European PE Opportunity Manager 49,181,385 0.2% 1NA 0.00

EnCap Energy Capital Fund VIII, L.P. 10/10 75,000,000 0.3% 32,706,915 -3.1% 0.92 3 EnCap Energy Capital Fund IX, L.P. 12/12 75,000,000 0.3% 55,044,718 19.8% 1.39 1 EnCap Flatrock Midstream Fund III 04/14 50,000,000 0.2% 17,975,254 15.9% 1.14 2 EnCap Energy Capital Fund X, L.P. 03/15 100,000,000 0.4% 33,178,156 24.4% 1.20 3 EnCap Energy Capital Fund XI, L.P. 10/16 100,000,000 0.4% 0 NA NA NA Total EnCap Investments L.P. 400,000,000 1.5% 138,905,044 7.9% 1.16

Energy Capital Partners II, L.P. 12/08 100,000,000 0.4% 59,972,150 13.2% 1.75 2 Energy Capital Partners III, L.P. 07/13 150,000,000 0.6% 61,673,941 8.4% 1.13 3 Total Energy Capital Partners 250,000,000 0.9% 121,646,091 12.4% 1.46

EnerVest Energy Institutional Fund XII, Ltd 12/09 60,000,000 0.2% 5,185,958 -12.4% 0.72 4 EnerVest Energy Institutional Fund XIII, Ltd. 12/12 100,000,000 0.4% 11,187,407 -54.3% 0.20 4 EnerVest Energy Institutional Fund XIV 04/15 100,000,000 0.4% 85,938,355 8.9% 1.08 3 Total EnerVest, Ltd. 260,000,000 1.0% 102,311,720 -24.4% 0.63

Equistone European Fund V 03/15 74,366,455 0.3% 47,083,222 2.9% 1.03 1 Total Equistone LLP (BPE) 74,366,455 0.3% 47,083,222 2.9% 1.03

Fairview Ventures Fund II, L.P. 11/02 50,000,000 0.2% 29,316,529 4.2% 1.35 2 Fairview Ventures III, L.P. 03/06 75,000,000 0.3% 79,269,416 14.7% 1.98 1 Fairview Special Opportunities Fund, L.P. 03/11 220,000,000 0.8% 305,426,675 22.4% 1.69 1 Fairview Special Opportunities Fund II 02/15 87,000,000 0.3% 27,233,997 -10.4% 0.90 3 Total Fairview Capital Partners, Inc. 432,000,000 1.6% 441,246,617 12.9% 1.63

First Reserve Fund XI, L.P. 07/06 100,000,000 0.4% 10,914,000 -8.7% 0.67 4 First Reserve Fund XII, L.P. 07/08 200,000,000 0.8% 59,387,964 -8.6% 0.70 4 Total First Reserve Corporation 300,000,000 1.1% 70,301,964 -8.6% 0.69

Francisco Partners III, L.P. 08/09 75,000,000 0.3% 116,288,776 20.0% 1.97 2 Francisco Partners IV, LP 06/14 75,000,000 0.3% 42,486,256 12.0% 1.16 2 Total Francisco Partners, L.P. 150,000,000 0.6% 158,775,032 19.2% 1.69

FS Equity Partners V, L.P. 07/02 50,000,000 0.2% 0 16.1% 2.10 3 FS Equity Partners VI, L.P. 01/09 75,000,000 0.3% 82,985,958 18.3% 1.99 2 FS Equity Partners VII, L.P. 01/14 100,000,000 0.4% 49,927,182 0.0% 1.00 4 Total Freeman Spogli & Co., Inc. 225,000,000 0.8% 132,913,140 16.2% 1.68

Grove Street Partners Ventures, L.P. 05/04 200,000,000 0.8% 120,309,610 7.7% 1.57 2 Grove Street Partners Buyout, L.P. 01/06 150,000,000 0.6% 68,108,501 9.6% 1.48 3 Grove Street Partners Ventures II, L.P. 02/08 200,000,000 0.8% 287,769,789 20.0% 2.01 1 Grove Street Partners Buyout II, L.P. 10/10 200,000,000 0.8% 149,190,529 11.1% 1.27 3 Grove Street Partners Ventures III, L.P. 08/12 150,000,000 0.6% 130,800,631 11.3% 1.21 2 Total Grove Street Advisors 900,000,000 3.4% 756,179,060 11.3% 1.56

Hellman & Friedman Capital Partners V, L.P. 08/04 75,000,000 0.3% 1,503,070 29.4% 2.74 1 Hellman & Friedman Capital Partners VI, L.P. 10/06 100,000,000 0.4% 0 12.6% 1.79 2 Hellman & Friedman Capital Partners VII, L.P. 02/09 200,000,000 0.8% 236,264,617 19.5% 1.69 2 Hellman & Friedman Capital Partners VIII, L.P. 09/14 200,000,000 0.8% 11,337,699 NA 1.10 NA Total Hellman & Friedman, LLC 575,000,000 2.2% 249,105,386 20.6% 1.89

______© Cambridge Associates LLC. Confidential CONFIDENTIAL AND TRADE SECRET 11

Exhibit 2 (continued)

Reporting Currency: U.S. Dollars ($)

Fund Current Total Value / Fund Inception Commit- % of Net Asset Fund Paid In Quartile Private Investments Partnerships Date ment Program Value (NAV) IRR Multiple Rank

Hicks, Muse, Tate & Furst Equity Fund III, L.P. 05/96 200,000,000 0.8% 0 -1.8% 0.89 4 Hicks, Muse, Tate & Furst Equity Fund IV, L.P. 03/98 400,000,000 1.5% 0 -8.8% 0.63 4 Hicks, Muse, Tate & Furst Equity Fund V, L.P. 07/00 25,000,000 0.1% 0 21.0% 1.77 2 Total HM Capital Partners LLC 625,000,000 2.3% 0-4.9% 0.76

Inflexion Buyout Fund IV, L.P. 04/14 52,587,527 0.2% 19,726,441 -4.0% 0.97 3 Inflexion Partnership Capital Fund I, L.P. 04/14 26,372,724 0.1% 8,755,254 2.4% 1.02 2 Inflexion Enterprise Fund IV 03/16 19,982,149 0.1% 201,832 NA 0.32 NA Total Inflexion Private Equity Partners LLP 98,942,401 0.4% 28,683,527 -3.8% 0.97

Insight Venture Partners VIII, L.P. 02/13 75,000,000 0.3% 90,589,359 11.1% 1.34 2 Insight Venture Partners IX, L.P. 10/14 75,000,000 0.3% 52,553,326 11.5% 1.14 2 Insight Venture Partners Growth-Buyout Coinvestment Fund, L.P. 10/14 50,000,000 0.2% 42,686,979 23.5% 1.24 1 Total Insight Venture Partners 200,000,000 0.8% 185,829,664 12.4% 1.26

Investindustrial VI, L.P. 07/15 55,802,326 0.2% 6,672,270 NA 0.91 NA Total Investindustrial Partners Limited 55,802,326 0.2% 6,672,270 NA 0.91

J.H. Whitney VII, L.P. 01/10 75,000,000 0.3% 64,545,678 11.2% 1.40 3 Total J.H. Whitney Capital Partners, LLC 75,000,000 0.3% 64,545,678 11.2% 1.40

Kelso Investment Associates VII, L.P. 06/03 50,000,000 0.2% 0 12.2% 1.73 2 Kelso Investment Associates VIII, L.P. 05/07 100,000,000 0.4% 0 13.8% 1.58 2 Total Kelso & Company 150,000,000 0.6% 0 12.9% 1.63

Kohlberg Investors V, L.P. 06/04 45,000,000 0.2% 0 1.2% 1.06 4 Kohlberg Investors VI, L.P. 03/07 50,000,000 0.2% 0 15.8% 1.67 2 Total Kohlberg & Co. 95,000,000 0.4% 07.3% 1.37

KKR European Fund III, L.P. 05/07 58,757,859 0.2% 0 1.8% 1.05 4 KKR Asian Fund II, L.P. 10/11 100,000,000 0.4% 97,060,675 20.2% 1.39 1 Total Kohlberg Kravis Roberts & Co. (KKR) 158,757,859 0.6% 97,060,675 9.5% 1.25

KPS Special Situations Supplemental Fund III, L.P. 06/09 50,000,000 0.2% 24,222,296 20.6% 2.11 1 KPS Special Situations Fund IV, L.P. 01/13 150,000,000 0.6% 9,105,440 29.0% 1.69 1 Total KPS Capital Partners, LP 200,000,000 0.8% 33,327,736 21.7% 1.98

Green Equity Investors III, L.P. 09/98 60,000,000 0.2% 0 21.9% 2.31 1 Green Equity Investors IV, L.P. 09/02 100,000,000 0.4% 0 10.7% 1.78 3 Green Equity Investors V, L.P. 11/06 100,000,000 0.4% 0 17.4% 1.94 1 Green Equity Investors VI, L.P. 09/11 200,000,000 0.8% 0 12.3% 1.25 2 Total Leonard Green & Partners 460,000,000 1.7% 0 16.1% 1.66

Lexington Co-Investment Partners (Pools I & II), L.P. 01/98 500,000,000 1.9% 0 6.3% 1.35 3 Lexington Co-Investment Partners II (Pools III & IV), L.P. 01/98 500,000,000 1.9% 59,420,719 23.7% 2.25 1 Lexington Capital Partners IV, L.P. 05/00 200,000,000 0.8% 484,669 20.2% 1.78 NA Lexington Capital Partners V, L.P. 10/01 100,000,000 0.4% 5,179,227 19.0% 1.68 NA Lexington Capital Partners VI, L.P. 05/05 100,000,000 0.4% 24,270,396 6.3% 1.33 2 Lexington Co-Investment Partners 2005 (Pools I & II), L.P. 08/05 500,000,000 1.9% 143,483,234 4.7% 1.34 3 Lexington Capital Partners VII, L.P. 01/09 200,000,000 0.8% 84,024,141 14.8% 1.52 3 Lexington Co-Investment Partners 2005 (Pool III), L.P. 03/12 500,000,000 1.9% 569,608,179 19.5% 1.53 2 Lexington Middle Market Investors III, L.P. 12/12 100,000,000 0.4% 43,467,305 15.1% 1.26 2 Lexington Capital Partners VIII, L.P. 08/13 250,000,000 0.9% 60,064,602 28.6% 1.37 1 Lexington Co-Investment Partners 2005 Pool IV 12/15 500,000,000 1.9% 1,042,323 NA NANA LCP FSBA Co-Invest Account 01/16 200,000,000 0.8% 12,049,254 41.7% 1.34 1 Total Lexington Partners 3,650,000,000 13.7% 1,003,094,049 11.7% 1.60

Liberty Partners Pool I 03/93 205,686,600 0.8% 0 20.7% 2.35 3 Liberty Partners Pool II 06/94 359,789,821 1.3% 0 10.7% 1.61 2 Liberty Partners Pool III 06/96 506,208,481 1.9% 0 0.4% 1.02 4 Liberty Partners Pool IV 12/98 195,075,745 0.7% 0 -19.2% 0.67 4 Liberty Partners Pool V 03/99 329,664,359 1.2% 0 2.7% 1.14 4 Liberty Partners Pool VI 03/02 595,484,687 2.2% 1,325,000 -6.5% 0.86 4 Liberty Partners Pool VII 12/05 290,808,542 1.1% 8,999,267 -7.5% 0.85 4 Liberty Partners Group II, L.P. 05/08 9,766,830 0.0% 0 -100.0% 0.00 4 Total Liberty Partners 2,492,485,065 9.4% 10,324,267 3.2% 1.08

Lindsay, Goldberg & Bessemer II, L.P. 07/06 100,000,000 0.4% 0 8.0% 1.48 3 Lindsay, Goldberg & Bessemer III, L.P. 07/08 100,000,000 0.4% 0 6.8% 1.18 4 Total Lindsay Goldberg 200,000,000 0.8% 07.7% 1.33

Montagu Private Equity IV, L.P. 12/10 56,819,796 0.2% 35,404,860 10.0% 1.28 3 Montagu V 10/14 111,109,877 0.4% 214,652 -99.5% 0.06 4 Total Montagu Capital Limited 167,929,673 0.6% 35,619,512 7.4% 1.19

______© Cambridge Associates LLC. Confidential CONFIDENTIAL AND TRADE SECRET 12

Exhibit 2 (continued)

Reporting Currency: U.S. Dollars ($)

Fund Current Total Value / Fund Inception Commit- % of Net Asset Fund Paid In Quartile Private Investments Partnerships Date ment Program Value (NAV) IRR Multiple Rank

New Mountain Partners II, L.P. 03/04 50,000,000 0.2% 968,252 13.7% 2.06 2 New Mountain Partners III, L.P. 03/07 100,000,000 0.4% 70,535,547 12.9% 1.86 2 New Mountain Partners IV, L.P. 10/12 100,000,000 0.4% 76,379,737 22.3% 1.31 1 Total New Mountain Capital, LLC 250,000,000 0.9% 147,883,536 13.7% 1.73

OpCapita Consumer Opportunities Fund II 04/16 38,251,366 0.1% 398,730 NA 0.61 NA Total OpCapita LLP 38,251,366 0.1% 398,730 NA 0.61

OpenView Venture Partners IV, L.P. 08/14 25,000,000 0.1% 11,944,219 -1.0% 0.99 4 Total OpenView Venture Partners 25,000,000 0.1% 11,944,219 -1.0% 0.99

PAI Europe V, L.P. 06/07 42,563,071 0.2% 0 7.0% 1.30 3 Total PAI Partners 42,563,071 0.2% 07.0% 1.30

Pantheon Venture Partners II, L.P. 01/04 100,000,000 0.4% 60,948,518 7.4% 1.55 2 Pantheon Global Secondary Fund IV, L.P. 11/08 100,000,000 0.4% 38,934,448 14.2% 1.50 2 Total Pantheon 200,000,000 0.8% 99,882,966 8.9% 1.53

Permira European Fund IV, L.P. 07/06 64,037,705 0.2% 0 8.3% 1.56 2 Permira V, LP 04/13 136,860,690 0.5% 83,706,808 4.9% 1.09 2 Total Permira Advisers LLP 200,898,395 0.8% 83,706,808 7.6% 1.31

Platinum Equity Capital Partners, L.P. 09/03 50,000,000 0.2% 0 60.2% 2.91 1 Platinum Equity Capital Partners II, L.P. 09/07 75,000,000 0.3% 36,827,110 15.8% 1.92 1 Platinum Equity Capital Partners III, L.P. 12/11 200,000,000 0.8% 156,953,635 35.4% 1.69 1 Total Platinum Equity LLC 325,000,000 1.2% 193,780,745 39.3% 1.89

Pomona Capital VI (Combined), L.P. 12/04 50,000,000 0.2% 13,180,357 5.0% 1.33 4 Pomona Capital VII (Combined), L.P. 11/07 50,000,000 0.2% 6,488,516 7.5% 1.28 3 Total Pomona Capital 100,000,000 0.4% 19,668,873 5.9% 1.30

Post Oak Energy Partners II, LP 11/13 25,000,000 0.1% 35,492,767 71.0% 1.79 1 Post Oak Energy Partners III, LP 05/16 60,000,000 0.2% 9,287,960 NA 0.90 NA Total Post Oak Energy Capital 85,000,000 0.3% 44,780,727 60.9% 1.49

Providence Equity Partners VI, L.P. 12/06 50,000,000 0.2% 0 7.3% 1.46 3 Providence Equity Partners VII, L.P. 06/11 200,000,000 0.8% 176,336,122 18.2% 1.41 1 Total Providence Equity Partners LLC 250,000,000 0.9% 176,336,122 11.9% 1.42

RCP Advisors Fund IV, L.P. 01/06 50,000,000 0.2% 23,914,781 12.9% 1.77 2 RCP Advisors Fund V, L.P. 01/07 50,000,000 0.2% 36,026,789 15.2% 1.74 2 RCP Advisors Fund VI, L.P. 01/08 50,000,000 0.2% 42,422,130 12.3% 1.51 3 RCP Advisors Fund VII, L.P. 02/09 50,000,000 0.2% 57,227,522 19.3% 1.66 2 RCP Advisors Fund VIII, L.P. 08/11 50,000,000 0.2% 34,885,116 10.7% 1.22 3 RCP Advisors Fund IX, L.P. 06/13 50,000,000 0.2% 19,378,075 11.8% 1.14 2 RCP Advisors Fund X 12/14 50,000,000 0.2% 4,301,092 -46.6% 0.66 4 Total RCP Advisors, LLC 350,000,000 1.3% 218,155,504 13.9% 1.55

Ripplewood Partners, L.P. 08/96 100,000,000 0.4% 0 13.6% 1.74 1 Ripplewood Partners II, L.P. 12/00 100,000,000 0.4% 0 6.2% 1.19 4 Total Ripplewood Holdings, LLC 200,000,000 0.8% 0 11.9% 1.47

Rubicon Technology Partners L.P. 09/13 50,000,000 0.2% 39,184,205 4.0% 1.06 3 Rubicon Technology Partners II 08/16 76,000,000 0.3% 0 NA NA NA Total Rubicon Technology Partners 126,000,000 0.5% 39,184,205 4.0% 1.06

Searchlight Partners II, L.P. 06/15 100,000,000 0.4% 34,265,090 17.3% 1.14 2 Total Searchlight Capital 100,000,000 0.4% 34,265,090 17.3% 1.14

Silicon Valley Bank SIF V, L.P. 02/11 125,000,000 0.5% 150,450,455 15.0% 1.54 2 Silicon Valley Bank SIF V-A Opportunity, L.P. 02/11 50,000,000 0.2% 66,229,367 19.9% 1.83 2 Silicon Valley Bank SIF VI-A 02/13 125,000,000 0.5% 117,630,028 9.2% 1.17 3 Silicon Valley Bank Capital Partners III, L.P. 12/13 22,500,000 0.1% 14,309,757 0.8% 1.01 4 Silicon Valley Bank SIF VII, L.P. 09/14 125,000,000 0.5% 53,605,715 -1.7% 0.98 4 Silicon Valley Bank Overage Fund 03/15 100,500,000 0.4% 81,846,402 15.1% 1.33 1 Silicon Valley Bank SIF VIII 02/16 100,000,000 0.4% 7,256,305 NA 0.97 NA Total Silicon Valley Bank 648,000,000 2.4% 491,328,029 13.5% 1.32

Silver Lake Partners IV, L.P. 02/12 100,000,000 0.4% 77,770,963 31.4% 1.52 1 Total Silver Lake Partners, L.P. 100,000,000 0.4% 77,770,963 31.4% 1.52

Siris Partners III 09/14 75,000,000 0.3% 35,731,077 -2.4% 0.98 4 Total Siris Capital Group 75,000,000 0.3% 35,731,077 -2.4% 0.98

Snow Phipps II, L.P. 12/09 50,000,000 0.2% 0 14.6% 1.37 2 Total Snow Phipps Group, LLC 50,000,000 0.2% 0 14.6% 1.37

Trident V, L.P. 12/08 75,000,000 0.3% 81,929,289 11.1% 1.52 3 Trident VI Fund, L.P. 07/13 75,000,000 0.3% 51,857,406 12.3% 1.17 2 Trident VII, L.P. 07/16 75,000,000 0.3% 0 NA NA NA Total Stone Point Capital 225,000,000 0.8% 133,786,694 11.3% 1.37

______© Cambridge Associates LLC. Confidential CONFIDENTIAL AND TRADE SECRET 13

Exhibit 2 (continued)

Reporting Currency: U.S. Dollars ($)

Fund Current Total Value / Fund Inception Commit- % of Net Asset Fund Paid In Quartile Private Investments Partnerships Date ment Program Value (NAV) IRR Multiple Rank

Summit Partners Growth Equity Fund VIII-A, L.P. 03/11 125,000,000 0.5% 0 32.0% 1.52 1 Total Summit Partners 125,000,000 0.5% 0 32.0% 1.52

TA Associates XI, L.P. 04/09 100,000,000 0.4% 0 19.7% 1.55 2 Total TA Associates 100,000,000 0.4% 0 19.7% 1.55

Carlyle Partners II, L.P. 09/94 200,000,000 0.8% 0 20.1% 2.30 2 Carlyle Partners III, L.P. 11/99 200,000,000 0.8% 0 22.8% 2.30 1 Carlyle Partners IV, L.P. 12/04 75,000,000 0.3% 2,100,019 13.1% 2.03 2 Carlyle Europe Partners III, L.P. 12/06 66,000,377 0.2% 0 12.9% 1.61 1 Carlyle Partners V, L.P. 02/07 200,000,000 0.8% 0 13.5% 1.81 2 Carlyle Asia Growth Partners IV, L.P. 03/08 75,000,000 0.3% 58,008,916 6.3% 1.27 3 Carlyle Partners VI, L.P. 01/12 200,000,000 0.8% 126,062,250 8.3% 1.14 4 Total The Carlyle Group 1,016,000,377 3.8% 186,171,185 19.5% 1.89

The Energy & Minerals Group Fund III, L.P. 12/13 85,000,000 0.3% 63,945,558 -5.4% 0.89 4 Total The Energy & Minerals Group 85,000,000 0.3% 63,945,558 -5.4% 0.89

Gores Capital Partners, L.P. 08/03 50,000,000 0.2% 0 8.4% 1.30 3 Gores Capital Partners II, L.P. 03/07 50,000,000 0.2% 0 3.8% 1.14 4 Gores Capital Partners III, L.P. 08/09 125,000,000 0.5% 0 -0.1% 1.00 4 Total The Gores Group, LLC 225,000,000 0.8% 03.8% 1.10

Riverside Capital Appreciation Fund 2008, L.P. 03/08 75,000,000 0.3% 0 8.2% 1.32 4 Riverside Europe Fund IV, L.P. 12/08 49,699,937 0.2% 0 1.5% 1.04 4 Riverside Capital Appreciation Fund VI, L.P. 07/12 75,000,000 0.3% 67,100,814 13.9% 1.25 2 Total The Riverside Company 199,699,937 0.7% 67,100,814 7.4% 1.22

Thoma Cressey Fund VIII, L.P. 06/05 50,000,000 0.2% 1,088,583 18.3% 2.92 1 Thoma Bravo Fund IX, L.P. 02/08 50,000,000 0.2% 5,206,310 48.1% 4.03 1 Thoma Bravo Fund X, L.P. 08/11 100,000,000 0.4% 94,281,295 39.5% 2.89 1 Thoma Bravo Overage Fund, L.P. 01/13 45,000,000 0.2% 67,476,697 34.8% 2.26 1 Thoma Bravo Fund XI, L.P. 01/14 150,000,000 0.6% 176,102,887 10.9% 1.20 2 Thoma Bravo Special Opportunities Fund II, L.P. 02/15 50,000,000 0.2% 56,877,414 11.7% 1.16 2 Thoma Bravo Discover Fund, L.P. 11/15 50,000,000 0.2% 20,597,642 -3.3% 0.97 2 Thoma Bravo XII 02/16 150,000,000 0.6% 52,422,036 NA 0.95 NA Total Thoma Bravo 645,000,000 2.4% 474,052,865 27.2% 1.99

Thomas H. Lee Equity Fund IV, L.P. 11/97 100,000,000 0.4% 0 -2.6% 0.87 4 Thomas H. Lee Equity Fund V, L.P. 03/00 50,000,000 0.2% 0 13.4% 1.63 2 Thomas H. Lee Equity Fund VI L.P. 04/06 75,000,000 0.3% 0 12.3% 1.89 2 Total Thomas H. Lee Partners, L.P. 225,000,000 0.8% 05.5% 1.40

Tiger Iron Special Opportunities Fund, L.P. 02/16 68,460,000 0.3% 5,767,600 -35.1% 0.87 4 Total Tiger Iron Capital 68,460,000 0.3% 5,767,600 -35.1% 0.87

Paul Capital Top Tier Investments II, L.P. 12/01 120,000,000 0.5% 29,059,852 4.8% 1.38 2 Paul Capital Top Tier Investments III, L.P. 12/04 75,000,000 0.3% 38,804,799 6.0% 1.40 2 Paul Capital Top Tier Investments IV, L.P. 04/07 100,000,000 0.4% 110,549,123 15.4% 1.96 2 Paul Capital Top Tier Special Opportunities Fund, L.P. 04/09 12,450,000 0.0% 4,237,099 -9.0% 0.59 4 Total Top Tier Capital Partners 307,450,000 1.2% 182,650,873 7.5% 1.55

TowerBrook Investors II, L.P. 03/05 75,000,000 0.3% 17,439,175 9.7% 1.82 1 TowerBrook Investors III, L.P. 10/07 150,000,000 0.6% 45,227,313 10.4% 1.49 3 TowerBrook Investors IV, L.P. 09/12 190,000,000 0.7% 55,025,009 38.8% 1.42 1 Total TowerBrook Capital Partners, L.P. 415,000,000 1.6% 117,691,497 11.4% 1.55

______© Cambridge Associates LLC. Confidential CONFIDENTIAL AND TRADE SECRET 14

Exhibit 2 (continued)

Reporting Currency: U.S. Dollars ($)

Fund Current Total Value / Fund Inception Commit- % of Net Asset Fund Paid In Quartile Private Investments Partnerships Date ment Program Value (NAV) IRR Multiple Rank

TPG Partners IV, L.P. 10/03 50,000,000 0.2% 0 14.3% 1.89 2 TPG Partners V, L.P. 01/06 100,000,000 0.4% 0 2.6% 1.18 4 TPG Partners VI, L.P. 12/07 200,000,000 0.8% 0 11.3% 1.42 3 TPG Growth Fund II, L.P. 03/11 100,000,000 0.4% 182,582,856 27.8% 2.13 1 TPG Growth Fund III, L.P. 02/15 100,000,000 0.4% 31,439,307 17.0% 1.11 1 Total TPG Capital, L.P. 550,000,000 2.1% 214,022,163 11.2% 1.55

CVE-Kauffman Fellows Endowment Fund II, L.P. 02/10 100,000,000 0.4% 147,329,931 14.7% 1.74 3 TrueBridge FLSBA Special Purpose, LLC 12/11 47,972,078 0.2% 62,901,321 18.5% 1.77 2 TrueBridge-Kauffman Fellows Fund III, L.P. 04/13 125,000,000 0.5% 109,568,973 5.4% 1.11 3 TrueBridge Special Purpose II (F) 09/13 22,500,000 0.1% 15,836,961 14.7% 1.29 2 TrueBridge Capital FSA, LLC 01/15 35,000,000 0.1% 6,763,492 -19.4% 0.86 4 Truebridge-Kauffman Fellows Endowment Fund IV 07/15 125,000,000 0.5% 21,607,368 -15.4% 0.91 4 Total TrueBridge Capital 455,472,078 1.7% 364,008,046 12.7% 1.39

TSG Capital Fund III, L.P. 08/98 100,000,000 0.4% 0 -13.7% 0.54 4 Total TSG Capital Group, Inc. 100,000,000 0.4% 0 -13.7% 0.54

W Capital Partners III, L.P. 12/11 75,000,000 0.3% 46,402,844 15.6% 1.37 3 Total W Capital Partners 75,000,000 0.3% 46,402,844 15.6% 1.37

Warburg Pincus Private Equity IX, L.P. 06/05 75,000,000 0.3% 9,303,483 10.2% 1.77 2 Warburg Pincus Private Equity X, L.P. 06/07 150,000,000 0.6% 79,001,164 8.0% 1.49 3 Warburg Pincus Private Equity Fund XI, L.P. 09/11 200,000,000 0.8% 202,914,996 12.7% 1.37 2 Warburg Pincus Private Equity Fund XII, L.P. 11/15 87,000,000 0.3% 20,656,225 -8.0% 0.96 3 Warburg Pincus China 12/16 68,000,000 0.3% 5,829,394 NA 0.95 NA Total Warburg Pincus LLC 580,000,000 2.2% 317,705,262 9.6% 1.45

Waterland Private Equity VI Overflow Feeder Fund L.P. 04/15 28,974,931 0.1% 3,196 -83.8% 0.08 4 Waterland Private Equity VI, L.P. 04/15 61,110,432 0.2% 14,123,448 2.5% 1.02 1 Total Waterland Private Equity Investments 90,085,363 0.3% 14,126,644 2.1% 1.02

Wellspring Capital Partners III, L.P. 04/02 50,000,000 0.2% 0 27.1% 2.19 2 Wellspring Capital Partners IV, L.P. 04/05 75,000,000 0.3% 0 6.6% 1.40 2 Wellspring Capital Partners V, L.P. 03/09 150,000,000 0.6% 85,000,199 18.8% 1.57 1 Total Wellspring Capital Managments, LLC 275,000,000 1.0% 85,000,199 16.7% 1.63

Willis Stein & Partners II, L.P. 06/98 40,000,000 0.2% 0 -9.7% 0.58 4 Willis Stein & Partners III, L.P. 07/00 100,000,000 0.4% 0 0.1% 1.01 4 Total Willis Stein & Partners 140,000,000 0.5% 0-1.9% 0.89

TOTAL PORTFOLIO 26,654,059,319 100.0% 9,805,380,623 9.2% 1.42

______© Cambridge Associates LLC. Confidential CONFIDENTIAL AND TRADE SECRET 15 Exhibit 3-A SBA OF FLORIDA (PRIVATE EQUITY) PRIVATE INVESTMENTS COMMITMENTS BY VINTAGE YEAR Inception Through March 31, 2017

Reporting Currency: U.S. Dollars ($)

2016 15 Funds, 1,353.8 million 22 Funds, 2015 2,289.8 million 20 Funds, 2014 1,805.1 million 19 Funds, 2013 1,709.5 million 14 Funds, 2012 2,169.2 million 18 Funds, 2011 2,185.6 million 9 Funds, 2010 812.4 million 13 Funds, 2009 1,222.5 million 13 Funds, 2008 1,223.1 million Year 19 Funds, 2007 2,029.1 million

Vintage 13 Funds, 2006 1,107.5 million 8 Funds, 2005 1,225.0 million 8 Funds, 2004 670.0 million 4 Funds, 2003 200.0 million 4 Funds, 2002 250.0 million

2001 2 Funds, 220.0 million U.S. Venture Capital 6 Funds, 2000 U.S. Growth Equity 625.0 million Non‐U.S. Growth Equity 1 Fund, U.S. Buyouts 1999 200.0 million Non‐U.S. Buyouts 2 Funds, Distressed Securities 1998 1,000.0 million Secondaries

0.0 500.0 1000.0 1500.0 2000.0 2500.0 3000.0 Committed (millions)

______© Cambridge Associates LLC. Confidential CONFIDENTIAL AND TRADE SECRET 16 Exhibit 3-B SBA OF FLORIDA (PRIVATE EQUITY) PRIVATE INVESTMENTS COMMITMENTS BY VINTAGE YEAR Inception Through March 31, 2017

Reporting Currency: U.S. Dollars ($)

1 Fund, 2008 Legacy 9.8 million

1 Fund, 2005 290.8 million

1 Fund, 2002 595.5 million

1 Fund, 1999 329.7 million

6 Funds, 1998 845.1 million

Year 2 Funds, 1997 350.0 million Vintage

4 Funds, 1996 821.2 million

1 Fund, 1995 200.0 million

2 Funds, 1994 559.8 million

1 Fund, 1993 205.7 million

1 Fund, 1988 149.2 million

0.0 200.0 400.0 600.0 800.0 1000.0 1200.0 Committed (millions)

______© Cambridge Associates LLC. Confidential CONFIDENTIAL AND TRADE SECRET 17 Exhibit 4 SBA OF FLORIDA (PRIVATE EQUITY) PRIVATE INVESTMENTS EXPOSURE BY STRATEGY As of March 31, 2017

Based on Commitments U.S. Venture Capital, Distressed Securities, Secondaries, 7.3% 11.5% U.S. Growth Equity, 13.0% 5.2% Non‐U.S. Growth Equity, 1.9%

Non‐U.S. Buyouts, 9.6%

U.S. Buyouts, 51.5%

Based on Paid‐In Capital U.S. Venture Capital, Distressed Securities, Secondaries, 6.7% 12.1% 12.3% U.S. Growth Equity, 5.4% Non‐U.S. Growth Non‐U.S. Buyouts, Equity, 1.3% 8.2%

U.S. Buyouts, 54.1%

Based on Net Asset Value U.S. Venture Capital, Distressed Securities, Secondaries, 5.1% 21.3% 9.2%

Non‐U.S. Buyouts, 8.2%

U.S. Growth Equity, Non‐U.S.7.4% Growth Equity, 1.6%

U.S. Buyouts, 47.2%

______© Cambridge Associates LLC. Confidential CONFIDENTIAL AND TRADE SECRET 18 Exhibit 5 SBA OF FLORIDA (PRIVATE EQUITY) PRIVATE INVESTMENTS EXPOSURE BY STRATEGY As of March 31, 2017

70.0% U.S. Venture Capital U.S. Growth Equity Non‐U.S. Growth Equity 60.0% U.S. Buyouts Non‐U.S. Buyouts Distressed Securities Secondaries 50.0%

40.0%

30.0%

20.0%

10.0%

0.0% Based on Commitments Based on Paid‐In Capital Based on NAV Based on NAV plus Unfunded Commitment

______© Cambridge Associates LLC. Confidential CONFIDENTIAL AND TRADE SECRET 19 Exhibit 6 SBA OF FLORIDA (PRIVATE EQUITY) CASH FLOW ANALYSIS BY ASSET CLASS Inception Through March 31, 2017

Reporting Currency: U.S. Dollars ($)

14,000,000,000 NAV Distributions Paid‐In Capital 12,000,000,000

10,000,000,000

8,000,000,000

6,000,000,000

4,000,000,000

2,000,000,000

0 U.S. Venture U.S. Growth Non‐U.S. U.S. Buyouts Non‐U.S. Distressed Secondaries Capital Equity Growth Buyouts Securities Equity

# of Asset Class IRR Investments

U.S. Venture Capital 10.6% 26 U.S. Growth Equity 12.9% 12 Non-U.S. Growth Equity 5.5% 5 U.S. Buyouts 11.9% 102 Non-U.S. Buyouts 9.4% 27 Distressed Securities 20.5% 25 Secondaries 15.8% 13

TOTAL 12.7% 210

______© Cambridge Associates LLC. Confidential CONFIDENTIAL AND TRADE SECRET 20 Exhibit 7 SBA OF FLORIDA (PRIVATE EQUITY) PRIVATE INVESTMENTS MULTI-YEAR PERFORMANCE Periods Ending March 31, 2017

Reporting Currency: U.S. Dollars ($)

30.0% U.S. Venture Capital U.S. Growth Equity Non‐U.S. Growth Equity 25.0% U.S. Buyouts Non‐U.S. Buyouts Distressed Securities Secondaries 20.0%

15.0%

10.0%

5.0%

0.0% 3 Year1 5 Year1 10 Year1 Since Inception IRR

1IRRs are calculated using a stream of quarterly cash flows. The multi-year return calculation assumes the starting period NAV is the first contribution in the stream of cash flows used to calculate the IRR.

______© Cambridge Associates LLC. Confidential CONFIDENTIAL AND TRADE SECRET 21

Exhibit 8 SBA OF FLORIDA (PRIVATE EQUITY) MULTI-YEAR PERFORMANCE DETAIL As of March 31, 2017

Reporting Currency: U.S. Dollars ($) IRR (%)1 Fund CA Inception Current Inception Benchmark Private Investments Partnerships Date Quarter 1 Year 3 Years 5 Years 10 Years to Date Variance

U.S. Venture Capital

Paul Capital Top Tier Investments II, L.P. 12/01 2.7 -4.4 -3.9 6.9 5.9 4.8 2.7 Fairview Ventures Fund II, L.P. 11/02 5.0 18.2 12.7 11.8 5.1 4.2 3.6 Pantheon Venture Partners II, L.P. 01/04 3.4 8.0 6.7 10.2 8.5 7.4 5.7 Grove Street Partners Ventures, L.P. 05/04 7.4 9.3 7.0 10.5 8.5 7.7 5.9 Paul Capital Top Tier Investments III, L.P. 12/04 0.3 -4.0 2.9 5.0 6.1 6.0 4.2 Fairview Ventures III, L.P. 03/06 4.6 15.3 16.1 17.8 15.3 14.7 8.6 Paul Capital Top Tier Investments IV, L.P. 04/07 2.9 4.2 13.7 15.3 --- 15.4 2.8 Grove Street Partners Ventures II, L.P. 02/08 3.5 8.3 17.9 22.1 --- 20.0 11.5 Paul Capital Top Tier Special Opportunities Fund, L.P. 04/09 7.4 10.8 -11.4 -13.9 --- -9.0 -21.0 CVE-Kauffman Fellows Endowment Fund II, L.P. 02/10 1.0 3.8 15.8 14.7 --- 14.7 -2.7 Silicon Valley Bank SIF V, L.P. 02/11 2.1 6.2 15.2 15.7 --- 15.0 2.0 Silicon Valley Bank SIF V-A Opportunity, L.P. 02/11 3.6 10.4 21.8 ------19.9 6.8 Fairview Special Opportunities Fund, L.P. 03/11 7.2 14.5 23.0 22.8 --- 22.4 9.3 TrueBridge FLSBA Special Purpose, LLC 12/11 0.6 4.3 16.6 18.6 --- 18.5 5.5 Grove Street Partners Ventures III, L.P. 08/12 3.3 7.7 13.0 ------11.3 0.4 Silicon Valley Bank SIF VI-A 02/13 2.5 4.2 9.4 ------9.2 -1.1 TrueBridge-Kauffman Fellows Fund III, L.P. 04/13 0.7 3.3 7.1 ------5.4 -4.9 TrueBridge Special Purpose II (F) 09/13 -1.8 10.7 ------14.7 4.4 Silicon Valley Bank Capital Partners III, L.P. 12/13 0.7 1.6 ------0.8 -9.6 Silicon Valley Bank SIF VII, L.P. 09/14 1.7 1.7 ------1.7 -8.8 TrueBridge Capital FSA, LLC 01/15 -1.2 -15.1 ------19.4 -16.4 Fairview Special Opportunities Fund II 02/15 -1.2 -5.8 ------10.4 -7.4 Silicon Valley Bank Overage Fund 03/15 4.8 21.2 ------15.1 18.0 Truebridge-Kauffman Fellows Endowment Fund IV 07/15 -2.6 -13.5 ------15.4 -12.4 Tiger Iron Special Opportunities Fund, L.P. 02/16 -8.5 -33.2 ------35.1 -18.8 Silicon Valley Bank SIF VIII 02/16 -9.5 ------NA NA

Total U.S. Venture Capital 3.4 7.6 12.9 14.0 11.4 10.6 3.1

U.S. Growth Equity

Warburg Pincus Private Equity IX, L.P. 06/05 3.7 20.4 -4.6 8.6 10.0 10.2 3.2 Warburg Pincus Private Equity X, L.P. 06/07 7.0 16.4 4.2 11.5 --- 8.0 -1.5 TPG Growth Fund II, L.P. 03/11 3.3 19.6 30.6 29.0 --- 27.8 16.1 Warburg Pincus Private Equity Fund XI, L.P. 09/11 4.6 13.4 13.3 ------12.7 1.5 Insight Venture Partners VIII, L.P. 02/13 4.3 10.2 13.1 ------11.1 1.7 OpenView Venture Partners IV, L.P. 08/14 2.8 5.9 ------1.0 -11.0 Insight Venture Partners IX, L.P. 10/14 6.9 27.0 ------11.5 1.6 Insight Venture Partners Growth-Buyout Coinvestment Fund, L.P. 10/14 9.9 37.5 ------23.5 13.6 TPG Growth Fund III, L.P. 02/15 8.1 46.4 ------17.0 20.5 Warburg Pincus Private Equity Fund XII, L.P. 11/15 3.8 -3.6 ------8.0 -4.3

Total U.S. Growth Equity 5.0 17.2 16.0 16.3 13.0 12.9 3.3

Non-U.S. Growth Equity

Carlyle Asia Growth Partners IV, L.P. 03/08 4.9 6.4 6.4 8.4 --- 6.3 -0.5 Asia Alternatives FL Investor, LP 03/14 3.8 14.6 ------15.2 -1.4 Inflexion Partnership Capital Fund I, L.P. 04/14 11.9 21.3 ------2.4 1.0 Warburg Pincus China 12/16 -7.0 ------NA NA

Total Non-U.S. Growth Equity 4.4 10.5 6.0 9.3 --- 5.5 -5.4

Total Growth Equity 4.9 16.1 14.5 15.2 11.9 11.9 2.0

______© Cambridge Associates LLC. Confidential CONFIDENTIAL AND TRADE SECRET 22

Exhibit 8 (continued)

Reporting Currency: U.S. Dollars ($) IRR (%)1 Fund CA Inception Current Inception Benchmark Private Investments Partnerships Date Quarter 1 Year 3 Years 5 Years 10 Years to Date Variance

U.S. Buyouts

Lexington Co-Investment Partners II (Pools III & IV), L.P. 01/98 -0.1 7.2 5.7 23.5 6.1 23.7 13.9 New Mountain Partners II, L.P. 03/04 64.5 11.4 42.4 39.1 11.9 13.7 3.1 Hellman & Friedman Capital Partners V, L.P. 08/04 -14.7 -2.9 -3.3 19.0 20.7 29.4 18.9 Carlyle Partners IV, L.P. 12/04 -22.5 -3.4 4.2 13.4 12.4 13.1 2.6 Thoma Cressey Fund VIII, L.P. 06/05 -0.1 15.5 52.9 29.0 19.5 18.3 10.2 Lexington Co-Investment Partners 2005 (Pools I & II), L.P. 08/05 4.1 8.2 9.6 10.3 4.7 4.7 -3.5 Blackstone Capital Partners V, L.P. 10/05 0.0 12.5 13.5 19.2 7.6 7.1 -1.0 Grove Street Partners Buyout, L.P. 01/06 2.0 16.4 10.3 11.3 10.1 9.6 -1.1 RCP Advisors Fund IV, L.P. 01/06 2.9 21.0 18.1 19.1 13.6 12.9 2.2 First Reserve Fund XI, L.P. 07/06 1.4 44.6 -38.4 -23.6 -8.7 -8.7 -14.3 Hellman & Friedman Capital Partners VI, L.P. 10/06 0.0 -4.6 14.6 30.4 --- 12.6 1.9 Green Equity Investors V, L.P. 11/06 0.0 14.5 12.2 18.5 --- 17.4 6.7 Providence Equity Partners VI, L.P. 12/06 0.0 -7.6 6.8 5.4 7.4 7.3 -3.4 RCP Advisors Fund V, L.P. 01/07 4.2 28.7 23.4 20.9 --- 15.2 3.7 Carlyle Partners V, L.P. 02/07 0.0 13.7 11.3 17.6 --- 13.5 2.0 New Mountain Partners III, L.P. 03/07 3.6 24.9 16.4 16.7 --- 12.9 1.4 Cressey & Company Fund IV, L.P. 10/07 0.0 -4.1 22.9 37.7 --- 22.3 10.8 Blackstone Capital Partners VI, L.P. 12/07 7.2 17.8 11.0 13.5 --- 12.2 0.7 RCP Advisors Fund VI, L.P. 01/08 2.2 24.8 22.3 16.4 --- 12.3 -0.7 Thoma Bravo Fund IX, L.P. 02/08 0.4 114.3 92.1 55.5 --- 48.1 35.1 Riverside Capital Appreciation Fund 2008, L.P. 03/08 0.0 -30.2 9.0 8.1 --- 8.2 -4.8 First Reserve Fund XII, L.P. 07/08 -0.1 -13.3 -25.5 -13.6 --- -8.6 -14.2 Energy Capital Partners II, L.P. 12/08 6.8 37.9 1.3 14.1 --- 13.2 4.8 Trident V, L.P. 12/08 3.2 19.5 14.0 12.7 --- 11.1 -1.9 FS Equity Partners VI, L.P. 01/09 9.6 23.0 22.5 24.5 --- 18.3 4.2 RCP Advisors Fund VII, L.P. 02/09 -0.5 35.2 26.8 22.6 --- 19.3 5.2 Hellman & Friedman Capital Partners VII, L.P. 02/09 13.5 31.3 24.7 21.6 --- 19.5 5.4 Charlesbank Equity Fund VII, L.P. 04/09 0.8 11.7 29.6 27.7 --- 23.9 9.8 Francisco Partners III, L.P. 08/09 16.0 32.2 20.7 21.0 --- 20.0 5.9 EnerVest Energy Institutional Fund XII, Ltd 12/09 0.0 6.7 -40.6 -11.2 --- -12.4 -19.9 J.H. Whitney VII, L.P. 01/10 0.8 12.2 13.6 12.9 --- 11.2 -4.3 Grove Street Partners Buyout II, L.P. 10/10 4.2 16.5 13.3 11.4 --- 11.1 -4.4 EnCap Energy Capital Fund VIII, L.P. 10/10 -2.4 47.9 -10.6 -6.4 --- -3.1 -1.7 Cortec Group Fund V, L.P. 12/10 -11.6 83.0 77.4 57.3 --- 54.9 39.4 Berkshire Fund VIII, L.P. 01/11 1.7 9.0 8.8 7.3 --- 6.8 -4.9 ABRY Partners VII, L.P. 04/11 19.2 26.3 19.5 16.8 --- 16.4 4.7 Providence Equity Partners VII, L.P. 06/11 13.7 34.4 21.8 ------18.2 6.5 RCP Advisors Fund VIII, L.P. 08/11 3.7 16.4 17.8 ------10.7 -1.0 Thoma Bravo Fund X, L.P. 08/11 15.2 89.6 40.6 ------39.5 27.8 Green Equity Investors VI, L.P. 09/11 0.0 14.3 13.7 ------12.3 0.6 Denham Commodity Partners Fund VI, L.P. 11/11 2.1 23.5 9.8 ------10.6 -1.2 Carlyle Partners VI, L.P. 01/12 2.9 22.7 9.8 ------8.3 -4.7 Silver Lake Partners IV, L.P. 02/12 11.8 25.8 34.5 ------31.4 18.5 Lexington Co-Investment Partners 2005 (Pool III), L.P. 03/12 2.9 25.0 20.1 19.7 --- 19.5 6.6 Riverside Capital Appreciation Fund VI, L.P. 07/12 5.9 18.0 17.5 ------13.9 0.9 New Mountain Partners IV, L.P. 10/12 4.1 22.9 ------22.3 9.4 EnerVest Energy Institutional Fund XIII, Ltd. 12/12 0.0 -30.9 -55.6 ------54.3 -58.1 EnCap Energy Capital Fund IX, L.P. 12/12 -1.0 51.5 22.1 ------19.8 16.0 Thoma Bravo Overage Fund, L.P. 01/13 19.7 80.4 26.9 ------34.8 25.4 RCP Advisors Fund IX, L.P. 06/13 1.4 19.9 ------11.8 2.4 Energy Capital Partners III, L.P. 07/13 -2.6 29.7 ------8.4 -1.0 Trident VI Fund, L.P. 07/13 3.8 18.0 ------12.3 2.9 Rubicon Technology Partners L.P. 09/13 -0.9 5.5 ------4.0 -5.5 DCPF VI Oil and Gas Coinvestment Fund LP 09/13 4.3 55.8 35.9 ------34.7 27.8 Post Oak Energy Partners II, LP 11/13 12.0 133.7 73.5 ------71.0 61.6 The Energy & Minerals Group Fund III, L.P. 12/13 3.3 7.2 ------5.4 -14.9 FS Equity Partners VII, L.P. 01/14 1.7 5.4 ------0.0 -10.0 Thoma Bravo Fund XI, L.P. 01/14 0.0 15.8 ------10.9 0.9 Accel-KKR Structured Capital Partners II, LP 01/14 3.0 1.2 ------7.9 -17.8 EnCap Flatrock Midstream Fund III 04/14 -0.7 8.3 ------15.9 5.9 ABRY Partners VIII, L.P. 05/14 7.2 10.3 ------5.9 -4.0 Francisco Partners IV, LP 06/14 7.2 18.7 ------12.0 2.0 Charlesbank Equity Fund VIII, L.P. 06/14 3.4 14.6 ------7.8 -2.2

______© Cambridge Associates LLC. Confidential CONFIDENTIAL AND TRADE SECRET 23

Exhibit 8 (continued)

Reporting Currency: U.S. Dollars ($) IRR (%)1 Fund CA Inception Current Inception Benchmark Private Investments Partnerships Date Quarter 1 Year 3 Years 5 Years 10 Years to Date Variance

U.S. Buyouts (continued)

Cressey & Company Fund V LP 07/14 0.9 1.9 ------5.6 -4.3 Siris Partners III 09/14 -0.8 2.7 ------2.4 -12.4 Hellman & Friedman Capital Partners VIII, L.P. 09/14 15.0 ------NA NA Blackstone Capital Partners VII, L.P. 09/14 -2.1 ------NA NA RCP Advisors Fund X 12/14 -6.9 -39.3 ------46.6 -56.5 Cortec Group Fund VI, L.P. 02/15 -2.0 -9.0 ------12.1 -8.6 Thoma Bravo Special Opportunities Fund II, L.P. 02/15 0.0 11.9 ------11.7 15.2 EnCap Energy Capital Fund X, L.P. 03/15 0.8 45.6 ------24.4 -0.8 EnerVest Energy Institutional Fund XIV 04/15 0.0 14.5 ------8.9 -16.2 Accel-KKR Capital Partners V 09/15 -15.8 ------NA NA Thoma Bravo Discover Fund, L.P. 11/15 -1.0 -1.2 ------3.3 0.2 Berkshire Fund IX, L.P. 11/15 -4.7 ------NA NA Lexington Co-Investment Partners 2005 Pool IV 12/15 ------NA NA LCP FSBA Co-Invest Account 01/16 9.8 51.0 ------41.7 45.9 Thoma Bravo XII 02/16 -0.7 ------NA NA Post Oak Energy Partners III, LP 05/16 -4.4 ------NA NA Denham Oil & Gas Fund LP 05/16 -1.3 ------NA NA Trident VII, L.P. 07/16 ------NA NA Rubicon Technology Partners II 08/16 ------NA NA EnCap Energy Capital Fund XI, L.P. 10/16 ------NA NA

Total U.S. Buyouts 3.7 23.0 14.2 15.1 10.3 11.9 1.0

Non-U.S. Buyouts

Permira European Fund IV, L.P. 07/06 0.5 14.9 6.5 11.7 8.5 8.3 0.4 CVC European Equity Partners V, L.P. 10/07 2.5 51.9 21.0 16.0 --- 13.9 5.7 Advent International GPE VI-D, L.P. 03/08 11.1 17.2 15.8 20.9 --- 18.3 7.4 Montagu Private Equity IV, L.P. 12/10 7.4 7.2 9.6 11.3 --- 10.0 0.0 KKR Asian Fund II, L.P. 10/11 2.8 20.1 22.7 ------20.2 13.5 Apax VIII-B, L.P. 11/11 3.2 7.4 14.0 ------12.1 5.4 AXA LBO Fund V, L.P. 03/12 5.2 3.3 3.3 ------3.6 -2.3 Advent International GPE VII-D, L.P. 06/12 6.4 18.2 11.1 ------15.3 9.4 Permira V, LP 04/13 4.0 9.0 6.2 ------4.9 1.1 CVC Capital Partners VI, L.P. 05/13 0.5 17.8 5.9 ------5.2 1.4 Inflexion Buyout Fund IV, L.P. 04/14 3.6 3.8 ------4.0 -5.4 Montagu V 10/14 -63.4 -99.5 ------99.5 -101.0 Equistone European Fund V 03/15 1.3 -1.1 ------2.9 9.2 Waterland Private Equity VI, L.P. 04/15 7.5 23.7 ------2.5 8.8 Waterland Private Equity VI Overflow Feeder Fund L.P. 04/15 -17.5 -55.2 ------83.8 -77.5 Investindustrial VI, L.P. 07/15 9.3 ------NA NA Advent International Global Private Equity VIII-D 01/16 13.4 ------NA NA Inflexion Enterprise Fund IV 03/16 -95.2 ------NA NA Ardian LBO Fund VI, L.P 04/16 -11.0 ------NA NA European Private Equity Opportunities I LP 06/16 -100.0 ------NA NA

Total Non-U.S. Buyouts 3.9 12.1 9.9 14.0 9.5 9.4 2.5

Distressed Securities

Platinum Equity Capital Partners, L.P. 09/03 0.0 2.2 -27.5 -8.7 19.0 60.2 50.8 TowerBrook Investors II, L.P. 03/05 1.0 2.3 11.1 9.9 12.6 9.7 4.2 Wellspring Capital Partners IV, L.P. 04/05 0.0 -23.5 -0.9 4.6 7.3 6.6 1.1 Apollo Investment Fund VI L.P. 08/05 0.0 -21.7 -9.5 9.7 8.1 9.5 4.0 Apollo Investment Fund VII, L.P. 06/07 0.0 -5.3 1.9 27.2 --- 23.8 13.0 Platinum Equity Capital Partners II, L.P. 09/07 22.7 53.3 10.4 12.4 --- 15.8 5.1 TowerBrook Investors III, L.P. 10/07 0.7 -1.1 4.6 5.5 --- 10.4 -0.4 Ares Corporate Opportunities Fund III, L.P. 11/07 -3.0 13.5 18.9 17.7 --- 21.9 11.1 Wellspring Capital Partners V, L.P. 03/09 6.7 28.8 32.0 21.0 --- 18.8 4.9 KPS Special Situations Supplemental Fund III, L.P. 06/09 -3.7 20.7 31.0 25.3 --- 20.6 6.8 Platinum Equity Capital Partners III, L.P. 12/11 6.0 49.8 44.8 37.5 --- 35.4 27.4 Ares Corporate Opportunities Fund IV, L.P. 02/12 6.5 30.7 17.5 ------15.2 6.3 TowerBrook Investors IV, L.P. 09/12 14.4 30.9 41.9 ------38.8 29.8 Apollo Investment Fund VIII, L.P. 10/12 5.6 21.2 14.5 ------13.0 4.1 KPS Special Situations Fund IV, L.P. 01/13 -3.7 90.1 ------29.0 19.3 Atlas Capital Resources II 11/13 1.4 4.2 ------23.6 13.8 Searchlight Partners II, L.P. 06/15 3.1 26.8 ------17.3 1.9 American Industrial Partners Capital Fund VI, L.P. 09/15 -0.4 6.9 ------4.1 -19.5 Ares Corporate Opportunities Fund V 12/15 ------NA NA OpCapita Consumer Opportunities Fund II 04/16 -20.4 ------NA NA

Total Distressed Securities 4.7 20.5 12.6 14.4 14.6 20.5 10.0

______© Cambridge Associates LLC. Confidential CONFIDENTIAL AND TRADE SECRET 24

Exhibit 8 (continued)

Reporting Currency: U.S. Dollars ($) IRR (%)1 Fund CA Inception Current Inception Benchmark Private Investments Partnerships Date Quarter 1 Year 3 Years 5 Years 10 Years to Date Variance

Secondaries

Lexington Capital Partners IV, L.P. 05/00 0.2 -10.2 -4.0 4.1 9.1 20.2 3.0 Lexington Capital Partners V, L.P. 10/01 0.0 -2.0 2.2 6.2 6.2 19.0 0.1 Pomona Capital VI (Combined), L.P. 12/04 2.4 1.0 0.1 2.0 4.3 5.0 -5.6 Lexington Capital Partners VI, L.P. 05/05 3.7 4.4 3.8 8.6 6.1 6.3 1.2 Pomona Capital VII (Combined), L.P. 11/07 2.2 -4.7 -6.3 2.2 --- 7.5 -2.0 Pantheon Global Secondary Fund IV, L.P. 11/08 3.5 10.6 4.2 11.8 --- 14.2 0.4 Lexington Capital Partners VII, L.P. 01/09 -0.5 6.1 9.1 13.1 --- 14.8 -0.6 AXA Secondary Fund V, L.P. 12/10 3.1 10.7 10.9 ------17.8 2.4 W Capital Partners III, L.P. 12/11 8.3 30.9 16.9 ------15.6 -1.4 Lexington Middle Market Investors III, L.P. 12/12 0.1 19.6 8.7 ------15.1 2.2 Ardian Secondary Fund VI, L.P. 07/13 3.4 12.1 12.9 ------13.9 -4.5 Lexington Capital Partners VIII, L.P. 08/13 -0.3 15.9 20.7 ------28.6 10.1 ASF VII, L.P. 01/15 13.7 23.3 ------17.8 -19.4

Total Secondaries 2.6 12.0 9.0 12.0 10.3 15.8 0.6

TOTAL BUYOUTS 3.8 20.6 13.1 14.6 10.9 13.0 2.2

Total PE Asset Class Portfolio 3.8 17.5 13.2 14.6 11.0 12.7 2.3

Legacy

Liberty Partners Pool VI 03/02 -0.1 -4.8 30.7 -31.5 -12.0 -6.5 -24.9 Liberty Partners Pool VII 12/05 2.4 4.5 -17.8 -19.7 -8.6 -7.5 -15.6

Total Legacy 2.1 2.8 -4.0 -21.7 -6.9 3.7 -8.5

TOTAL PORTFOLIO 3.8 17.4 13.1 13.8 9.4 9.2 -1.6

1IRR calculations are based on a stream of quarterly cash flows; including NAV, paid-in capital, and distributions. The multi-year return calculation assumes the starting period NAV is the first contribution in the stream of cash flows used to calculate the IRR. Liquidated investments are only included in the total returns for each asset class and the total portfolio.

______© Cambridge Associates LLC. Confidential CONFIDENTIAL AND TRADE SECRET 25

Exhibit 9 SBA OF FLORIDA (PRIVATE EQUITY) VENTURE CAPITAL/PRIVATE EQUITY INVESTMENTS AGGREGATE PARTNERSHIP PROFILE SINCE INCEPTION Inception Through March 31, 2017

BY INDUSTRY

Reporting Currency: U.S. Dollars ($)

Since Inception Current

Invested Distributions % of Total Current % of Current Annualized Industry Capital1 at Market1 Assets Mkt Value Mkt Value % Return

Consumer/Retail 2,365,371,864 2,493,095,163 21.1% 977,201,939 17.7% 10.8% Information Technology 1,262,316,066 921,932,616 11.3% 695,677,649 12.6% 5.5% Health Care 1,121,376,935 1,156,058,777 10.0% 708,619,012 12.9% 20.4% Manufacturing 1,052,535,307 1,439,740,807 9.4% 491,535,378 8.9% 31.5% Financial Services 958,405,072 972,221,477 8.6% 434,975,553 7.9% 19.0% Software 933,155,315 867,863,573 8.3% 698,316,467 12.7% 18.4% Energy: Upstream & Royalty 932,292,253 621,179,124 8.3% 524,778,237 9.5% 9.0% Media/Communications 748,804,877 756,701,142 6.7% 119,519,988 2.2% 4.6% Energy: Private Equity Energy 283,435,674 173,098,988 2.5% 137,893,566 2.5% 3.9% Construction/Related Services 265,712,807 210,531,751 2.4% 108,643,055 2.0% 11.1% Industrial 264,410,744 299,550,074 2.4% 135,689,899 2.5% 44.7% Chemical/Materials 263,027,270 407,076,780 2.4% 121,232,081 2.2% 17.9% Electronics 244,127,960 221,781,908 2.2% 114,467,017 2.1% 13.5% Transportation 209,399,933 174,475,981 1.9% 66,872,785 1.2% 6.3% Environmental 73,315,137 47,038,344 0.7% 55,038,972 1.0% 6.5% Mining 47,285,919 18,114,748 0.4% 34,326,560 0.6% 4.3% Multi Industry 44,522,255 34,841,373 0.4% 16,082,332 0.3% 60.8% Hardware 43,542,423 24,118,238 0.4% 24,759,175 0.5% 20.4% Fund of Funds 29,328,190 34,593,747 0.3% 11,070,880 0.2% 133.1% Real Estate Investments 28,438,479 25,729,795 0.3% 24,298,263 0.4% 17.4% Real Estate 15,775,335 422,063 0.1% 12,533,538 0.2% -14.4% Timber 3,637,542 0 0.0% 0 0.0% -100.0%

Total 11,190,217,357 10,900,166,467 100.0% 5,513,532,346 100.0% 13.0%

¹Invested capital and distributions at market value represent SBA of Florida (Private Equity)'s inception to date pro rata shareof underlying portfolio investments made by the individual funds.

______© Cambridge Associates LLC. Confidential CONFIDENTIAL AND TRADE SECRET 26

Exhibit 9 (continued) SBA OF FLORIDA (PRIVATE EQUITY) VENTURE CAPITAL/PRIVATE EQUITY INVESTMENTS AGGREGATE PARTNERSHIP PROFILE SINCE INCEPTION Inception Through March 31, 2017

BY STAGE

Reporting Currency: U.S. Dollars ($)

Since Inception Current

Invested Distributions % of Total Current % of Current Annualized Stage Capital1 at Market1 Assets Mkt Value Mkt Value % Return

Equity LBO 5,972,417,090 5,935,098,315 53.4% 3,201,148,500 58.1% 23.1% Expansion Stage 1,703,872,827 1,289,520,303 15.2% 1,108,479,917 20.1% 11.3% Acquisition/Platform 1,155,805,171 1,104,029,809 10.3% 382,723,529 6.9% 6.0% Public 740,415,546 943,630,198 6.6% 238,943,468 4.3% 13.6% Senior Debt LBO 347,817,155 699,898,947 3.1% 59,584,221 1.1% 24.9% Early Stage 306,039,243 194,806,832 2.7% 138,361,682 2.5% 3.2% Sub Debt Financing of Non LBO 253,128,821 291,416,806 2.3% 50,950,623 0.9% 13.7% Oil & Gas, Equity only 217,422,012 130,819,571 1.9% 127,049,714 2.3% 6.9% Sub Debt LBO 184,498,983 100,397,443 1.6% 64,238,779 1.2% -2.6% Restart/Turnaround 80,673,321 87,290,142 0.7% 31,435,482 0.6% 22.6% Bridge Financing 69,353,857 47,460,736 0.6% 4,417,015 0.1% -4.2% Start Up Stage 67,664,351 21,999,122 0.6% 48,537,946 0.9% 1.2% Oil & Gas, Debt & Equity 34,780,432 2,595,787 0.3% 34,358,820 0.6% 3.0% Seed Stage 27,053,898 29,895,675 0.2% 12,231,771 0.2% 16.2% Fund of Funds 21,654,986 14,178,136 0.2% 11,070,880 0.2% 8.8% Secondary Position 4,094,850 7,017,206 0.0% 0 0.0% 123.4% Oil & Gas, Debt Structure/Royalty 3,524,814 111,440 0.0% 0 0.0% NA

Total 11,190,217,357 10,900,166,467 100.0% 5,513,532,346 100.0% 13.0%

¹Invested capital and distributions at market value represent SBA of Florida (Private Equity)'s inception to date pro rata share of underlying portfolio investments made by the individual funds.

______© Cambridge Associates LLC. Confidential CONFIDENTIAL AND TRADE SECRET 27

Exhibit 9 (continued) SBA OF FLORIDA (PRIVATE EQUITY) VENTURE CAPITAL/PRIVATE EQUITY INVESTMENTS AGGREGATE PARTNERSHIP PROFILE SINCE INCEPTION Inception Through March 31, 2017

BY REGION

Reporting Currency: U.S. Dollars ($)

Since Inception Current

Invested Distributions % of Total Current % of Current Annualized Region Capital1 at Market1 Assets Mkt Value Mkt Value % Return

U.S. Southwest & Mountain Region 1,907,676,319 1,836,372,650 17.0% 1,184,905,293 21.5% 14.0% U.S. Midwest Region 1,848,452,386 1,930,602,444 16.5% 866,186,169 15.7% 12.8% U.S. Northeast Region 1,486,811,348 1,840,611,702 13.3% 578,116,763 10.5% 18.9% U.S. West Coast Region 1,173,870,485 1,042,453,296 10.5% 650,639,108 11.8% 19.6% U.S. Southeast Region 1,070,875,123 941,268,326 9.6% 496,424,720 9.0% 7.8% U.S. Mid-Atlantic Region 749,778,953 1,043,065,850 6.7% 267,635,104 4.9% 17.7% United Kingdom 554,011,367 437,961,772 5.0% 228,837,171 4.2% 7.3% DACH DEV Region 355,198,432 271,422,063 3.2% 177,754,103 3.2% 8.0% Benelux DEV Region 258,391,604 286,503,058 2.3% 90,253,433 1.6% 13.5% France 234,955,093 204,930,813 2.1% 109,471,012 2.0% 10.7% Canada 220,126,073 118,652,967 2.0% 92,669,702 1.7% -2.2% Latin America EM Region 176,825,096 92,731,642 1.6% 47,701,557 0.9% -3.7% North Asia EM Region 173,928,127 108,139,759 1.6% 144,659,455 2.6% 14.2% Caribbean EM Region 139,218,972 135,438,426 1.2% 18,227,739 0.3% 3.7% South Asia EM Region 123,953,909 47,225,173 1.1% 117,027,930 2.1% 8.6% Nordic DEV Region 122,960,408 47,899,470 1.1% 107,718,480 2.0% 5.8% Italy 99,750,294 103,976,570 0.9% 43,880,780 0.8% 32.6% Spain 81,887,544 66,527,822 0.7% 37,060,414 0.7% 6.3% Australia 74,343,931 62,656,577 0.7% 42,218,034 0.8% 15.7% Japan 45,737,892 63,707,459 0.4% 39,680,714 0.7% 43.3% Central & Eastern Europe EM Region 45,520,766 33,390,561 0.4% 21,826,823 0.4% 7.8% Singapore 40,675,815 43,820,087 0.4% 24,675,230 0.5% 20.7% Limited Partner Interest 29,328,190 34,593,747 0.3% 11,070,880 0.2% 133.1% Ireland 25,018,292 18,402,710 0.2% 11,348,007 0.2% 5.9% Commonwealth of Independent States EM 23,699,161 6,080,425 0.2% 21,980,913 0.4% 5.4% Hong Kong 23,323,812 25,808,724 0.2% 8,633,989 0.2% 19.5% South-East Asia EM Region 23,187,699 5,685,437 0.2% 23,242,876 0.4% 12.1% Israel Developed (Since-2010) 21,762,694 6,201,126 0.2% 23,654,044 0.4% 14.5% U.S. Other Region 12,829,157 20,711,043 0.1% 0 0.0% 15.5% Greece 11,934,124 8,858,412 0.1% 0 0.0% 13.5% GCC Countries EM Region 9,770,529 984,975 0.1% 7,013,045 0.1% -15.2% Portugal 5,219,530 17,870 0.0% 2,681,833 0.1% -18.4% Turkey 4,458,392 13,291,567 0.0% 0 0.0% 31.0% Monaco 3,674,714 0 0.0% 3,561,795 0.1% -3.9% Sub-Saharan Africa EM Region 3,556,912 171,946 0.0% 5,574,828 0.1% 21.1% Malta 3,465,439 0 0.0% 3,748,323 0.1% 8.2% Channel Islands 2,448,336 0 0.0% 2,039,782 0.0% -11.9% North Africa EM Region 765,090 0 0.0% 714,638 0.0% -5.9% New Zealand 722,799 0 0.0% 697,658 0.0% -0.7% U.S. Cross-Region 102,552 0 0.0% 0 0.0% NA

Total 11,190,217,357 10,900,166,467 100.0% 5,513,532,346 100.0% 13.0%

¹Invested capital and distributions at market value represent SBA of Florida (Private Equity)'s inception to date pro rata shareof underlying portfolio investments made by the individual funds.

______© Cambridge Associates LLC. Confidential CONFIDENTIAL AND TRADE SECRET 28 Exhibit 10 SBA OF FLORIDA (PRIVATE EQUITY) VENTURE CAPITAL/PRIVATE EQUITY INVESTMENTS TOP 5 HOLDINGS BY INDUSTRY¹ As of March 31, 2017

Reporting Currency: U.S. Dollars ($)

Market % of Total Value % of Industry Assets Software Uber Technologies 57,285,861 8.2% 1.0% Hyland Software, Inc 41,231,350 5.9% 0.7% SolarWinds, Inc. 40,831,430 5.8% 0.7% Qlik Technologies Inc. 38,138,407 5.5% 0.7% Riverbed Technology, Inc. (NBT Technology) 32,821,577 4.7% 0.6% 210,308,625 30.1% 3.8%

Health Care Global Healthcare Exchange, LLC 87,838,257 12.4% 1.6% National Veterinary Association 38,756,646 5.5% 0.7% Jaguar Holding Company 36,096,360 5.1% 0.7% MultiPlan, Inc. 25,799,381 3.6% 0.5% VetCor Professional Practices LLC II 21,455,275 3.0% 0.4% 209,945,919 29.6% 3.8%

Consumer/Retail Securitas Direct 69,163,055 7.1% 1.3% Floor & Decor Outlets of America, Inc. 54,845,123 5.6% 1.0% Protection One 21,734,697 2.2% 0.4% The Ambassador Entertainment Group 18,527,725 1.9% 0.3% Inmar Holdings 17,959,157 1.8% 0.3% 182,229,756 18.6% 3.3%

Information Technology TravelCLICK 39,434,576 5.7% 0.7% Keynote Systems, Inc. 34,107,226 4.9% 0.6% Vertiv 24,780,024 3.6% 0.4% ImmobilienScout24 23,716,806 3.4% 0.4% Genesys Telecommunications Labs, Inc. 23,000,595 3.3% 0.4% 145,039,227 20.8% 2.6%

1This Exhibit shows the top 5 holdings for categories which make up at least 10% of the total portfolio based on market value.

______© Cambridge Associates LLC. Confidential CONFIDENTIAL AND TRADE SECRET 29 Exhibit 10 (continued) SBA OF FLORIDA (PRIVATE EQUITY) VENTURE CAPITAL/PRIVATE EQUITY INVESTMENTS TOP 5 HOLDINGS BY STAGE¹ As of March 31, 2017

Reporting Currency: U.S. Dollars ($)

Market % of Total Value % of Stage Assets Equity LBO YETI Coolers, LLC 163,209,065 5.1% 3.0% Global Healthcare Exchange, LLC 87,838,257 2.7% 1.6% Securitas Direct 69,163,055 2.2% 1.3% Floor & Decor Outlets of America, Inc. 54,845,123 1.7% 1.0% Covey Park Investment Holdings LLC 43,913,552 1.4% 0.8% 418,969,051 13.1% 7.6%

Expansion Stage Uber Technologies 57,285,861 5.2% 1.0% Asurion 24,876,906 2.2% 0.5% Avantor Performance Materials (J.T. Baker Inc.) 23,378,250 2.1% 0.4% VetCor Professional Practices LLC II 21,455,275 1.9% 0.4% MasMovil 20,590,470 1.9% 0.4% 147,586,761 13.3% 2.7%

1This Exhibit shows the top 5 holdings for categories which make up at least 10% of the total portfolio based on market value.

______© Cambridge Associates LLC. Confidential CONFIDENTIAL AND TRADE SECRET 30 Exhibit 10 (continued) SBA OF FLORIDA (PRIVATE EQUITY) VENTURE CAPITAL/PRIVATE EQUITY INVESTMENTS TOP 5 HOLDINGS BY REGION¹ As of March 31, 2017

Reporting Currency: U.S. Dollars ($)

Market % of Total Value % of Region Assets U.S. Southwest & Mountain Region YETI Coolers, LLC 163,209,065 13.8% 3.0% Global Healthcare Exchange, LLC 87,838,257 7.4% 1.6% Clayton Williams Energy, Inc 49,719,388 4.2% 0.9% Covey Park Investment Holdings LLC 43,913,552 3.7% 0.8% SolarWinds, Inc. 40,831,430 3.4% 0.7% 385,511,692 32.5% 7.0%

U.S. West Coast Region Uber Technologies 57,285,861 8.8% 1.0% National Veterinary Association 38,756,646 6.0% 0.7% Riverbed Technology, Inc. (NBT Technology) 32,821,577 5.0% 0.6% Genesys Telecommunications Labs, Inc. 23,000,595 3.5% 0.4% Smart & Final Stores LLC 17,664,216 2.7% 0.3% 169,528,895 26.1% 3.1%

U.S. Midwest Region Hyland Software, Inc 41,231,350 4.8% 0.7% Qlik Technologies Inc. 38,138,407 4.4% 0.7% Keynote Systems, Inc. 34,107,226 3.9% 0.6% American Energy Partners, LP 28,128,271 3.2% 0.5% Vertiv 24,780,024 2.9% 0.4% 166,385,278 19.2% 3.0%

U.S. Northeast Region TravelCLICK 39,434,576 6.8% 0.7% Wheelabrator Technologies, Inc. 28,665,540 5.0% 0.5% MultiPlan, Inc. 25,799,381 4.5% 0.5% VetCor Professional Practices LLC II 21,455,275 3.7% 0.4% Ortho-Clinical Diagnostics, Inc. 18,116,488 3.1% 0.3% 133,471,261 23.1% 2.4%

1This Exhibit shows the top 5 holdings for categories which make up at least 10% of the total portfolio based on market value.

______© Cambridge Associates LLC. Confidential CONFIDENTIAL AND TRADE SECRET 31

Exhibit 11 SBA OF FLORIDA (PRIVATE EQUITY) PUBLIC COMPANY EXPOSURE Periods Ending March 31, 2017

Reporting Currency: U.S. Dollars ($) Market Fund Company Ticker IPO Date Value1

Hellman & Friedman Capital Partners VII, L.P. Securitas Direct SECU.B-SE 11/16/91 69,163,055 Hellman & Friedman Capital Partners VIII, L.P. Genesys Telecommunications Labs, Inc. GCTI 06/16/97 23,000,595 Energy Capital Partners II, L.P. Summit Midstream Partners, LLC SMLP 09/28/12 22,464,132 Thoma Bravo Fund XI, L.P. Riverbed Technology, Inc. (NBT Technology) RVBD 09/21/06 22,086,197 Providence Equity Partners VII, L.P. MasMovil MAS-ES 03/30/12 20,590,470 Blackstone Capital Partners VI, L.P. Cheniere Energy Inc. LNG 02/15/94 19,832,356 Warburg Pincus Private Equity X, L.P. Antero Resources LLC (fka Antero Entities) AR 10/10/13 17,550,141 Thoma Bravo XII Qlik Technologies Inc. QLIK 07/15/10 16,686,799 Carlyle Partners VI, L.P. Veritas Software, Inc. (Open Vision Tech) VRTS 12/08/93 15,881,465 Thoma Bravo Fund XI, L.P. Qlik Technologies Inc. QLIK 07/15/10 13,223,554 Warburg Pincus Private Equity Fund XI, L.P. Capital First Limited 532938-IN 01/11/08 11,887,371 FS Equity Partners VI, L.P. Boot Barn BOOT 10/30/14 11,840,182 Silver Lake Partners IV, L.P. Dell Technologies Inc. DVMT 08/10/16 11,619,282 Silver Lake Partners IV, L.P. Symantec Corp. SYMC 06/01/89 10,945,178 Thoma Bravo Special Opportunities Fund II, L.P. Riverbed Technology Inc RVBD 09/21/06 10,554,095 Hellman & Friedman Capital Partners VII, L.P. Renaissance Learning NA NA 9,322,770 KKR Asian Fund II, L.P. Haier Group 1169-HK 12/23/97 8,315,921 Thoma Bravo Special Opportunities Fund II, L.P. Qlik Technologies Inc. QLIK 07/15/10 8,228,054 TPG Growth Fund II, L.P. Evolent Health, Inc. EVH-US NA 7,797,159 Blackstone Capital Partners VI, L.P. Mphasis BFL Software Ltd. 526299-IN NA 7,475,171 Thoma Bravo XII Imprivata, Inc. IMPR 06/25/14 7,261,489 KKR Asian Fund II, L.P. Hitachi Koki Ltf 6581-JP 01/02/85 6,437,777 Charlesbank Equity Fund VIII, L.P. Acxiom Corp. ACXM 12/01/83 6,166,933 KKR Asian Fund II, L.P. Bharti Infratel Limited 534816-IN 12/28/12 6,161,988 EnCap Flatrock Midstream Fund III Plains All American PAA 11/18/98 6,161,101 Thoma Bravo Fund X, L.P. Riverbed Technology, Inc. (NBT Technology) RVBD 09/21/06 5,776,021 Advent International GPE VI-D, L.P. TransUnion (Accupost) TRU-US 06/25/15 5,717,889 EnCap Energy Capital Fund X, L.P. Plains All American PAA 11/18/98 5,498,800 Warburg Pincus Private Equity X, L.P. Laredo Petroleum, LLC LPI 12/15/11 5,365,274 Advent International GPE VII-D, L.P. Lululemon Athletica LULU 07/27/07 5,110,401 Thoma Bravo Overage Fund, L.P. Riverbed Technology, Inc. (NBT Technology) RVBD 09/21/06 4,959,360 Trident V, L.P. Enstar Group Limited ESGR NA 4,891,168 Francisco Partners IV, LP ClickSoftware Technologies Ltd. CKSW 06/21/00 4,476,981 Warburg Pincus Private Equity IX, L.P. Laredo Petroleum, LLC LPI 12/15/11 4,059,771 Silver Lake Partners IV, L.P. Broadcom Limited AVGO 08/06/09 3,194,463 EnCap Energy Capital Fund VIII, L.P. Eclipse Resources ECR 06/20/14 3,151,250 Insight Venture Partners VIII, L.P. Alteryx, Inc. NYSE:AYX 03/24/17 2,965,227 Silver Lake Partners IV, L.P. Cegid Group SA CGD 10/17/88 2,788,013 Warburg Pincus Private Equity X, L.P. Endurance International Group EIGI 10/25/13 2,780,554 Blackstone Capital Partners VII, L.P. JDA Software Group, Inc. JDAS 03/14/96 2,710,620 EnCap Energy Capital Fund IX, L.P. Eclipse Resources ECR 06/20/14 2,409,250 Carlyle Asia Growth Partners IV, L.P. ArtGo Mining Holdings Limited 3313-HK 12/19/13 2,276,742 First Reserve Fund XII, L.P. Schlumberger SLB 11/05/84 2,217,786 Trident V, L.P. The ARC Group, LLC ARC 02/11/04 2,050,207 Carlyle Partners IV, L.P. Wesco Holdings, Inc. WAIR 07/27/11 1,971,449 Advent International GPE VI-D, L.P. Bojangles', Inc. BOJA-US 05/08/15 1,959,033 Carlyle Asia Growth Partners IV, L.P. The South Indian Bank, Ltd 532218.BO NA 1,942,516 Francisco Partners IV, LP Connecture, Inc. CNXR 12/12/14 1,871,272 Advent International GPE VI-D, L.P. Party City Holdings, Inc. (Amscan Holdings, Inc.) PRTY-US 04/16/15 1,869,822 First Reserve Fund XII, L.P. KrisEnergy SK3-SG 07/19/13 1,753,545 Accel-KKR Structured Capital Partners II, LP SciQuest.com, Inc. SQI 09/23/10 1,714,899 Insight Venture Partners VIII, L.P. Yext, Inc. YEXT-US 04/13/17 1,688,028 Carlyle Asia Growth Partners IV, L.P. Tenwow International Holdings Limited 1219:HK 09/17/13 1,656,530 Silver Lake Partners IV, L.P. Qunar Cayman Islands Limited QUNR 11/01/13 1,502,247 Advent International GPE VI-D, L.P. WorldPay, PLC WPG-GB 10/16/15 1,312,990 Berkshire Fund VIII, L.P. PT Sarana Menara Nusantara Tbk TOWR-ID 03/08/10 1,274,677 Warburg Pincus Private Equity X, L.P. AAG Energy Limited 2686-HK 06/23/15 1,234,603 Carlyle Asia Growth Partners IV, L.P. Fu Shou Yuan International Group Limited 1448.HK 12/19/13 1,228,480 TPG Growth Fund II, L.P. Flexituff International Limited FLEXITUFF 09/29/11 1,177,896 CVC Capital Partners VI, L.P. Deoleo OLE 06/26/95 854,251 Warburg Pincus Private Equity X, L.P. MEG Energy Corp. MEG-CA 07/29/10 717,534 Thoma Bravo Fund XI, L.P. Imprivata, Inc. IMPR 06/25/14 647,071 Francisco Partners IV, LP Jive Software JIVE 12/13/11 632,263 Warburg Pincus Private Equity X, L.P. Franshion Properties Ltd. 817-HK 08/17/07 588,173 Berkshire Fund VIII, L.P. TransDigm Group Incorporated TDG 03/15/06 499,567 First Reserve Fund XII, L.P. PBF Energy L.P. PBF 12/13/12 422,873 Thoma Bravo Special Opportunities Fund II, L.P. Imprivata, Inc. IMPR 06/25/14 314,320 First Reserve Fund XI, L.P. Cobalt International Energy CIE 12/16/09 250,779 Insight Venture Partners VIII, L.P. Instructure, Inc. INST-US 11/13/15 205,440 CVC European Equity Partners V, L.P. Evonik Industries EVK-DE 04/25/13 151,813 Warburg Pincus Private Equity X, L.P. Banco Indusval S.A. IDVL4-BR 07/24/07 114,246

Total Public Company Value 472,609,329

¹The market value represents SBA of Florida (Private Equity)'s to date pro-rata share of underlying portfolio investments made by the individual funds.

______© Cambridge Associates LLC. Confidential CONFIDENTIAL AND TRADE SECRET Appendix Private Investments Performance Review Methodology and Users' Guide

Cambridge Associates LLC (CA) has established a database to monitor an investor's investments in private investment partnerships.7 Users of the analysis may find the following description of the data sources, the CA classification process, and the calculation techniques helpful in their interpretation of information presented in the report:

1. Partnership financial statements and narratives are the primary source for information concerning partnership cash flows, investor transactions, market values, and portfolio company investments.

2. Vintage year is defined as the legal inception date as noted in the partnership’s closing documents and financial statements.

3. The performance calculation solves for the discount rate (IRR) which makes the Net Present Value of an investment equal to zero. The calculation is based on cash-on-cash returns over equal periods, modified for the residual value of the partnership's equity or portfolio company's net asset value. The residual value attributed to each respective group being measured is incorporated at its ending value. The private investments database accounts for investor transactions on a quarterly basis for all data prior to 4/1/16, and on a daily basis for all data on or after 4/1/16. For investments less than one year old, returns are de- annualized for reporting purposes. As a result, companies that have changed in value over a short time frame after initial investment (two quarters or less) may produce very large returns that are denoted by ******% in the report, or otherwise footnoted.

4. The residual value of an investors’ interest is that which is reported by the partnership in its financial statements. The IRR (Net to Limited Partners) reflects the investor’s return on its investment in the partnership, net of fees, expenses and carried interest received by the general partners.

5. CA classifies each portfolio company investment within a partnership by industry, stage of initial investment, and region designations based on internally defined parameters. The classification of investments is made internally to ensure consistency across all partnerships in the database.

6. The IRR on portfolio company investments reflects the partnership’s gross return on its portfolio investments. This return measures only portfolio company investment performance and does not measure the effects of uninvested cash, fees, carried interest and other expenses of the partnership.

7. The performance calculation for any industry, region or stage classification pools all company transactions of a similar designation and computes a return, since inception, on the pooled cash flows and market values.

8. Unless otherwise indicated, all foreign transactions are converted to U.S. dollars. Investors’ cash flows prior to 4/1/16 are converted based on the average daily exchange rate during the quarter in which they occurred, whereas investors’ cash flows on or after 4/1/16 are converted using the spot rate for the date on which they occurred. Partnership and company level cash flows are converted using the average daily exchange rate during the quarter in which they occurred. Market values are converted based on the closing rate of the currency on the last day of the quarter. Investors’ committed capital is converted based on the spot rate for the date of initial investment activity. If investment activity has not yet commenced, the conversion calculation leverages the partnership’s legal inception date.

9. The Distributed / Paid In Multiple is calculated by dividing the total distributions from the fund by the total paid into the fund. The Total Value / Paid In multiple is calculated by dividing the sum of the remaining investment NAV and total distributions from the fund by the total paid into the fund.

10. Unfunded commitment values are sourced from partnership financial statements where available. If unfunded values are reported less frequently than quarterly, the current quarter unfunded will be calculated using the last reported unfunded figure adjusted for interim cash flows affecting the unfunded. In the absence of a manager-sourced figure, unfunded commitment values will be calculated in local currency using the original commitment adjusted for any cash flows since inception that affect unfunded. Where a currency conversion is necessary, the local currency unfunded commitment will be converted to the reporting currency using the applicable quarter-end FX rate. It is possible that the sum of unfunded commitment and paid-in capital may not equal the original commitment due to commitment releases, fees on top of commitments, and recallable/recyclable distributions, etc.

11. Aggregate benchmark statistics are compiled on a vintage year basis for the CA benchmark mean and median.

12. Where presented, the mPME IRR evaluates what a client’s return would have been if the capital invested in private funds had been deployed in a public market index. The mPME calculation assumes that a public index's shares are purchases and sold according to the cash flow stream of the private portfolio, with distributions calculated in the same proportion as the private portfolio's. The mPME NAV (the value of the shares held by the public equivalent) is a function of mPME cash flows and public index returns.

13. Funds with NA (not applicable) are too young to have produced meaningful returns or have not yet commenced operations. Benchmarks with NA (not applicable) are too young to have produced meaningful returns or have an insufficient number of funds in the vintage year sample to produce a meaningful return. Italicized funds have an inception date that is fewer than 6 years from the report date. Analysis and comparison of these partnerships' returns to benchmark statistics may not be meaningful.

6 CONFIDENTIAL AND TRADE SECRET

General Disclaimers

The performance report represents Cambridge Associates LLC (CA) highest confidence estimate of investment performance and7 portfolio positioning prepared using the best information set available at the time of report production. It is a snapshot at a point in time and is subject to change. Historical results can and likely will adjust over time as updated information is received and processed. Estimated, preliminary, and/or proxy information may be displayed and can change with finalized information over time, and CA disclaims any obligation to update a previously provided performance report when such changes occur. The performance report is not intended as a Book of Record nor is it intended for valuation, reconciliation, accounting, auditing, or staff compensation purposes, and CA assumes no responsibility if the report is used in any of these ways.

The primary data source for CA reporting is the investment manager and/or fund administrator, as such; data may not match to custodial or other client records due to differences in data sourcing, methodology, valuation practices, etc. Estimated values may include prior quarter end data adjusted by a proxy benchmark or by subsequent cash flows. In some instances, data may be sourced directly from a client and/or prior advisors or service providers. CA makes no representations that data reported by unaffiliated parties is accurate, and reporting services provided do not include reconciliation services between manager, custodian, and client records. The nature of performance measurement is such that it is a best estimate of performance. As such, performance is displayed to a one decimal place level of precision, accommodating up to nine basis points (0.09%) of imprecision in reported returns. There are multiple methodologies available for use in the calculation of portfolio performance, each correct on their own merits, each with their own unique challenges, and each may yield different results. Differences in both data inputs and calculation methodologies can lead to different calculation results.

As part of the reporting process, errors can and do occur. For the purpose of CA reports, an error represents any component of the performance report that is missing or inaccurate, including, but not limited to, composite returns and market values, manager returns and market values, benchmark returns, risk and other statistical measures, holdings and exposures. Errors can be a result of incorrect aspects of data, calculations, setup, and software or may be a result of an omission, incorrect value, incorrect systematic computation, incorrect report production, and other similar reasons. For classification as an error, the item in question must be objectively incorrect according to the standard policies, procedures, and methodologies utilized by CA. Differences due to changes in methodology over time, the difference between preliminary and final data and other related changes do not constitute errors, but rather normal course of business for the reporting process. Though CA makes reasonable efforts to discover inaccuracies in the input data used in the performance report, CA cannot guarantee the accuracy and are ultimately not liable for inaccurate information provided by external sources. Clients should compare the values shown on our performance reports with the statements sent directly from their custodians, administrators or investment managers.

In the event that an error is discovered, CA will correct the error and maintain the most accurate information possible. In the event of a material error, CA will disclose the error to the report recipient along with an updated version of the report from the most recent period.

CA’s performance report is intended to be offered as a standardized product. CA may be instructed by the client to customize aspects of the report outside of CA’s standard policies and procedures. Deviating from CA’s standard operating policies and procedures can compromise the quality of the report and increase the risk of errors. Customization requests cannot be accommodated in all cases if it is deemed that necessary systems and controls are not in place to minimize errors or reduce the validity of the report. Customizations including but not limited to data sourcing, data input, methodologies and report display are acknowledged by the recipient as potentially compromising to the quality of the deliverable and the recipient bears joint responsibility for any ensuing quality breaches as a result of these customizations.

7