WATER & POWER EMPLOYEES’ RETIREMENT PLAN (WPERP) 1Q2017 Private Equity Performance Report

WPERP Private Equity Performance Report – 1Q2017 Page 1 OVERVIEW

Private equity is a long-term asset class with performance results influenced by various factors. This report concentrates on several key exposures that contribute to performance, including: sector, geography, structure and vintage year. In addition, the broad industry trends highlighted herein may affect future returns.

As of March 31, 2017, the Program had $879.0 million in commitments across 25 partnerships generating a net since inception Internal Rate of Return (IRR) of 9.4%, up from 9.3% the prior quarter and 8.5% one year prior. Strong returns across exposures, particularly distressed debt and energy due to a recovery from recent declines, contributed to improved performance results over the latest year. Material contribution activity over the past year (26% of current market value) continues to dampen returns as underlying investments are commonly held at cost during the early periods.

The Program’s reported value represented 3.4% of total Plan assets as of Q1 2017. WPERP’s current target allocation to private equity is 5% (an increase to 8% over the long-term was approved in September of 2015 by the Board). Including unfunded commitments of $428.9 million as of Q1 2017 results in an approximate allocation of 7.3% on a total exposure basis (market value plus unfunded commitments). Subsequent to the reporting period, an additional $298.5 million of commitments have closed or been approved, but had yet to begin deploying capital, bringing the approximate allocation to 10.0% on a total exposure basis. Continued commitment activity is required to achieve the target allocation on a market value basis.

WPERP Private Equity Program – one-year change as of March 31, 2017 ($ Millions)

% of Total Target PE Since Inception Committed Contributed Distributed Market Value Assets Allocation Multiple IRR* Beginning of Period $626.5 $387.0 $182.9 $293.4 3.0% 5.0% 1.2x 8.5% End of Period 879.0 480.8 246.3 365.2 3.4% 5.0% 1.3x 9.4% Change 252.5 93.8 63.4 71.8 0.4% 0.0% 0.1x 0.9% * initial capital call was on June 22, 2006

WPERP Private Equity Performance Report – 1Q2017 Page 2 Horizon Performance, as of March 31, 2017

The WPERP private equity portfolio underperformed the policy benchmark (Russell 3000 Index plus 300 basis points) over all time periods evaluated. The continued strong performance of the public equity markets contributed to the underperformance as public equity has generated returns well above long-term expectations while private markets’ appreciation has not kept pace. Given this dynamic, benchmarks utilizing a public equity index plus a premium construct have been difficult to outperform over recent periods. Relative to the broad private equity market (as represented by the Cambridge Associates Horizon Summary Report provided on page 16 of this report), the WPERP private equity portfolio outperformed the broad private equity market over the past one-year, three-year and ten-year periods.

WPERP Private Equity Performance vs. Policy Benchmark as of March 31, 2017 One-Year Three-Year Five-Year Ten-Year Since Inception WPERP Private Equity 13.3% 9.4% 10.5% 9.3% 9.4% Russell 3000 + 300 bps* 21.3% 12.7% 14.9% 12.8% 12.8% Variance (8.0%) (3.3%) (4.4%) (3.5%) (3.5%)

*utilizing the Index Comparison Methodology, which is a public market equivalent calculation exhibiting how an investment would have performed in the public index

WPERP Private Equity Performance Report – 1Q2017 Page 3 PORTFOLIO DIVERSIFICATION

Structure, Sector, and Geographic Diversification, as of March 31, 2017

Investment Structure Diversification: Investment Structure Diversification: market value total exposure*

Primary fund of funds 20% Direct Primary fund of Partnerships funds 77% 8% Direct Partnerships Secondary 64% Secondary fund of funds fund of funds 15% 16%

Sector Diversification: market value Geographic Diversification: market value

Buyout Credit Related 17% 65% North Europe America 12% 83% Asia Growth 3% 9% ROW 2% Venture 9%

The WPERP Private Equity Program is diversified across structure, sector, and geography. Portfolio construction has evolved towards direct partnership commitments, but declined to 64% from 80% of total exposure last quarter as the large separately managed account by Adams Street began deploying capital. Buyouts, at 65% of market value, is below the broad market as buyouts represent approximately 73% of domestic commitments raised over the past five years (primarily offset by WPERP’s 17% credit related exposure). The Program remains domestically oriented, with an 83% exposure to North America.

* includes unfunded commitments

WPERP Private Equity Performance Report – 1Q2017 Page 4 Industry and Vintage Year Diversification

Industry Diversification: market value Based on reported value, the Plan’s portfolio is diversified Energy Consumer across industries. The five largest sectors are information 15% 14% technology (40%), energy (15%), consumer (14%), industrials (9%), and financials (7%). The Program’s relatively high exposure to information technology is due primarily to Industrials 9% commitments to Fisher Lynch Capital, Silver Lake Partners, and Vista Equity Partners which are diversified across stage of company. Financials 7%

Information Healthcare 8% Technology Other 40% 3% Telecom Materials 2% 2%

Vintage Year Diversification As the Program matures and evolves there are expected to $80.0 be variations in vintage year exposure, but the primary goal $70.0 is to gain exposure across multiple years and across market $60.0 cycles. With the exception of 2010, the Program has $50.0 successfully achieved this diversification to date. Exposure $40.0 Millions to the 2016 and 2017 vintage years will increase as recent $30.0 commitments begin to deploy capital. As the Program $20.0 strives to achieve the recently adopted 8% target $10.0 allocation, more recent vintages are expected to represent $0.0 a larger proportion of market value as annual commitment Pre-06 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

pacing increases. Reported Value

WPERP Private Equity Performance Report – 1Q2017 Page 5 Firm Diversification

Total Exposure

Vista Equity Partners Adams Street Partners Ares Management EnCap Investments Landmark Partners Blackstone Group Crestview Partners Industry Ventures Apollo Global Management Harvest Partners Lexington Partners Clayton, Dubilier & Rice Fisher Lynch Capital Silver Lake Partners Capital Dynamics Audax Group Oaktree Capital Management

- 40.0 80.0 120.0 160.0 Millions

Reported Value ($) Remaining Unfunded ($)

The Program is currently constructed with 25 partnerships committed across 17 investment firms. On a total exposure basis (market value plus unfunded commitments), Vista Equity Partners is the largest exposure at approximately $143 million. This represents 18% of the Program’s total exposure as of March 31, 2017. Adams Street Partners (16%), Ares Management (10%), EnCap Investment (8%), and Landmark Partners (7%) round out the top five relationships by total exposure. Vista’s relative exposure within the Program is expected to decline as potential re-up commitments to several of the other largest exposures begin investing capital (a $60 million commitment to Ares Corporate Opportunities Fund V and a $50 million commitment to EnCap Energy Capital XI have been finalized, but have yet to deploy capital and therefore is not represented above).

WPERP Private Equity Performance Report – 1Q2017 Page 6 PROGRAM CASH FLOWS

Program's Annual Cash Flows and Since Inception IRR

The Program is in the funding/portfolio construction stage as $80.0 25% contributions (blue bars) represent the largest proportion of $60.0 20% cash flows. The 2015 calendar year represented the largest $40.0 15% capital deployment to date at $102 million. Contribution $20.0 10% activity in 2016 declined slightly to $96 million. Q1 17 $0.0 5% contribution activity also slowed at $19.1 million, but the -$20.0 0% IRR

Program has material unfunded commitments that are Millions -$40.0 -5% expected to increase contribution activity going forward. -$60.0 -10% Distribution activity in the full 2016 calendar year was the -$80.0 -15% highest level to date at approximately $58 million and 2017 -$100.0 -20% distribution activity to date is on pace to match that level. -$120.0 -25% 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17

Contributions Distributions Net Cash Flow IRR

Quarterly Reprted Value Activity The value of the portfolio increased by $13.4 million over the $380.0 latest quarter driven by contributions and appreciation. The $19.1 $370.0 - $8.8 $365.2 largest sources of contribution activity during the quarter $360.0 came from Harvest Partners VII ($4.6 million), EnCap Energy $351.8 Capital Fund X ($2.4 million), Apollo Investment Fund VIII $350.0 $14.4 ($2.2 million) and Vista Equity Partners V ($1.4 million). $340.0 Millions $330.0 EnCap Energy Capital Fund X ($4.3 million), EnCap Energy Capital Fund IX ($2.7 million), Lexington Capital Partners VII $320.0 ($1.3 million), and Apollo Investment Fund VIII ($1.3 million) $310.0 were the largest providers of distributions. $300.0 12/31/2016 Contributions Distributions Valuation 3/31/2017 Change

WPERP Private Equity Performance Report – 1Q2017 Page 7 PERFORMANCE METRICS

Cash Flow Adjusted Benchmark Comparison: periods ending March 31, 2017 To compare performance across time periods relative to 25% the policy benchmark, PCA calculates customized “cash flow adjusted” benchmark returns utilizing the Index 21.3% 20% Comparison Methodology. The Program underperformed the policy benchmark across all periods evaluated. The 13.6% 14.9% 15% 13.3% 12.7% 12.8% chart to the right differentiates Program performance by 12.7% 11.6% 12.8% 10.9% the maturity of the underlying partnership. As to be 10.5% 9.9% 9.9% 10% 9.4% 9.3% 9.4% expected, the less mature vintages (2014 to 2017) underperformed on a since inception basis. A rebound in oil 4.3% Horizon IRR 5% & gas and distressed debt exposures from prior lows bolstered the performance for new vintages over the latest 0% one-year period. The older vintages (2006 to 2013) have One-Year Three-Year Five-Year Ten-Year Since Inception* performed closer to the policy benchmark over longer WPERP Portfolio Older Vintages (2006-2013) periods. Newer Vintages (2014-2017) Russell 3000 Index + 300 bps *initial capital call made in June of 2006

Program Investment Multiple

$650.0 1.27x Another way to view a program’s progress is to examine the $600.0 1.26x contributions, distributions, and reported value of a $550.0 $500.0 1.25x portfolio. Given the nature of private market investing, it is $450.0 not uncommon for contributions to exceed distributions and $400.0 1.29x reported value as investments are initially held at cost and Millions $350.0 $300.0 management fees are assessed early in the partnership. The 1.28x $250.0 Program’s investment multiple of 1.27x, as of March 31, 2017, 1.20x $200.0 was up slightly from 1.26x as of year-end 2016. The chart 1.16x $150.0 1.13x portrays the historical trend of these since-inception $100.0 0.99x 1.14x 0.85x components. $50.0 1.02x $0.0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 17

Contributions Program Reported Value Distributions

WPERP Private Equity Performance Report – 1Q2017 Page 8 PORTFOLIO DETAIL

As of March 31, 2017, approximately 55% of the Plan’s committed capital for active partnerships had been invested and the Program had developed a diversified portfolio of underlying private equity investments. Of the 18 partnerships with sufficient performance history, 11 of the partnerships placed at or above–median while four placed in the top-quartile among their respective peer universes, according to Cambridge Associates data as of March 31, 2017. (“NM” represents “not meaningful” as the performance history is too short.) Program Partnerships, as of March 31, 2017 Since Peer Top Vintage Management Committed Invested Distributed Reported Partnership Type MOIC Inception Median Quartile Year Fee* Capital ($ M) Capital ($ M) Capital ($ M) Value ($ M ) Net IRR IRR IRR Lexington Capital Partners VI Secondary Fund 2006 1.00% 30.0 31.8 36.0 7.3 1.4x 6.8% 7.4% 11.3% Landmark Equity Partners XIII Secondary Fund 2006 0.89%** 30.0 28.8 27.8 8.6 1.3x 5.2% 7.4% 11.3% HRJ Special Opportunities Fund II Primary Fund of Funds 2007 0.90% 20.0 18.0 19.2 8.4 1.5x 7.2% 7.6% 13.6% Fisher Lynch Venture Fund II Primary Fund of Funds 2008 1.00% 20.0 17.6 10.3 19.0 1.7x 10.5% 8.2% 18.6% Landmark Equity Partners XIV Secondary Fund 2008 1.00% 30.0 28.2 24.8 11.8 1.3x 10.2% 10.3% 15.7% Oaktree Principal Fund V Distressed Debt 2009 1.60% 16.0 15.0 9.2 8.2 1.2x 3.6% 13.9% 20.9% Lexington Capital Partners VII Secondary Fund 2009 0.95%** 30.0 26.0 26.6 12.6 1.5x 14.8% 13.1% 19.5% Audax Mezzanine Fund III Mezzanine 2011 1.00% 17.0 15.0 10.0 8.8 1.3x 9.6% 8.2% 11.8% EnCap Energy Capital Fund VIII Growth: oil and gas 2011 1.50% 12.5 12.7 6.3 5.5 0.9x -3.3% 12.1% 19.2% Vista Equity Partners Fund IV Buyout 2011 1.50% 25.0 24.5 13.6 32.1 1.9x 20.1% 12.1% 19.2% Ares Corporate Opportunities IV Special Situations 2012 1.50% 25.0 22.7 6.3 24.6 1.4x 15.2% 12.7% 17.3% EnCap Energy Capital Fund IX Growth: oil and gas 2013 1.50% 17.0 16.3 9.7 12.5 1.4x 20.0% 10.6% 18.5% Silv er Lake Partners IV Buyout 2013 1.50% 18.0 13.5 6.0 14.0 1.5x 31.5% 10.6% 18.5% Apollo Inv estment Fund VIII Buyout 2013 1.19%** 34.0 24.1 4.6 23.3 1.2x 13.2% 10.6% 18.5% Landmark Equity Partners XV Secondary Fund 2013 1.00% 40.0 17.8 7.7 13.4 1.2x 12.4% 10.3% 16.6% Clayton, Dubilier & Rice Fund IX Buyout 2013 1.50% 25.0 17.5 6.9 17.6 1.4x 23.9% 10.6% 18.5% Vista Equity Partners V Buyout 2014 1.50% 50.0 49.9 9.3 49.0 1.2x 10.4% 9.5% 17.7% Crestv iew Partners III Buyout 2014 1.75% 50.0 15.6 0.3 15.2 1.0x -0.9% 9.5% 17.7% Ares Special Situations Fund IV Distressed Debt 2015 1.38% 50.0 18.9 4.0 9.5 0.7x -18.9% NM NM EnCap Energy Capital Fund X Growth: oil and gas 2015 1.50% 37.0 14.1 4.7 12.3 1.2x 25.9% NM NM Blackstone Tactical Opportunities II Debt Related 2015 1.50% 50.0 23.5 3.1 23.7 1.1x 11.6% NM NM Vista Equity Partners VI Buyout 2016 1.50% 60.0 22.5 0.0 22.1 1.0x -2.2% NM NM Harv est Partners VII Buyout 2016 2.00% 30.0 5.0 0.0 4.4 0.9x -45.8% NM NM Adams Street Global SMB WPERP Fund of Funds 2016 0.30%** 125.0 1.2 0.0 1.0 0.8x -16.1% NM NM Industry Ventures Secondary VIII, Secondaries 2016 1.50% 37.5 0.5 0.0 0.5 1.1x 6.7% NM NM Total Program ------879.0 480.8 246.3 365.2 1.3x 9.4% ------* management fee assessed during the investment period, ** blended rate [1] Source: Cambridge Associates Benchmark Calculator on Thomson One, by vintage year and sector as of March 31, 2017.

WPERP Private Equity Performance Report – 1Q2017 Page 9 Vintage Year Performance, as of March 31, 2017 ($ Millions)

Committed Invested Distributed Reported Since Peer Peer Vintage Capital Capital Capital Value Inception Median Median Year ($ M) ($ M) ($ M) ($ M) Net MOIC Net IRR MOIC1 IRR1

2006 60.0 60.6 63.8 15.9 1.32x 6.0% 1.39x 6.0%

2007 20.0 18.0 19.2 8.4 1.53x 7.2% 1.45x 7.9%

2008 50.0 45.8 35.1 30.8 1.44x 10.4% 1.45x 9.1%

2009 46.0 41.1 35.8 20.8 1.38x 10.1% 1.53x 12.4%

2011 54.5 52.2 29.9 46.3 1.46x 13.6% 1.45x 11.2%

2012 25.0 22.7 6.3 22.6 1.27x 15.2% 1.30x 11.8%

2013 134.0 89.2 34.9 80.8 1.30x 19.6% 1.21x 10.9%

2014 100.0 65.5 9.5 64.1 1.12x 8.1% 1.13x 10.5%

2015 137.0 56.6 11.8 45.4 1.01x 1.0% ------

2016 215.0 28.7 --- 27.5 0.96x (6.2%) ------

2017 37.5 0.5 --- 0.5 1.0x 6.7% ------

Total 716.5 480.8 246.3 365.2 1.27x 9.4% ------

WPERP’s private equity program has matched or outperformed the vintage year peer median five of eight years where there are measureable results on an IRR basis and outperformed in three years on a Multiple of Invested Capital basis.

[1] Source: Cambridge Associates Benchmark Calculator on Thomson One, by vintage year as of March 31, 2017

WPERP Private Equity Performance Report – 1Q2017 Page 10 Recent/Pending Retirement Plan Commitments Fund Type Commitment Board Approval Initial Funding

Ares Corporate Opportunities Fund V Buyout/Special Situations $60.0 M 10/28/2015 6/22/2017

Industry Ventures Secondary VIII Secondaries: venture capital $60.0 M* 5/11/2016 3/8/2017

Adams Street Global SMB WPERP Fund Fund of Funds: small buyout $125.0 M** 9/14/2016 2/16/2017

Clayton, Dubilier & Rice Fund X Buyout: generalist $54 M 1/11/2017 NA

Silver Lake Partners V Buyout: information technology $58 M 2/8/2017 NA

Apollo Investment Fund IX Buyout/Special Situations $54 M 3/8/2017 NA

EnCap Energy Capital Fund XI Growth: oil and gas $50 M 4/12/2017 NA

* Includes commitment to Industry Ventures Special Opportunities Fund III-A (the “Overage Fund”) ** To be committed to underlying partnerships over a three-year period

As private equity is a self-liquidating asset class, ongoing commitment activity is necessary to meet and maintain the target asset allocation level. Annual commitment targets are $260 million (up to $340 million) for the Retirement Plan and $52 million for the Health Fund (up to $68 million).

The table above represents recent commitments made for the Retirement Plan and includes both the date approved by the Board and the date of the initial capital call. As of the production of this report, one fund (representing $60 million of commitments) made its initial capital call subsequent to quarter-end. In addition, there were four partnerships (representing $216 million of commitments) that had been approved but had not yet drawn capital.

WPERP Private Equity Performance Report – 1Q2017 Page 11 INDUSTRY TRENDS

• Fundraising activity in 1H 2017 was on pace to achieve record levels. After raising $312 billion in 2016, approximately $181 billion was raised domestically in the first half of 2017. Annualized, this is on pace to achieve over $360 billion for the 2017 calendar year, exceeding the $325 billion raised in 2007. Buyouts continue to represent the largest proportion of commitments at approximately 75% for the first six months of 2017. It continues to be an environment of the “haves” and the “have nots” as the most sought after managers are quickly achieving established hard caps.

• Announced U.S. buyout deal volume for 2016 was in-line with 2015. Total announced U.S. buyout deal volume in the first half of 2017 was $192 billion, on pace to exceed the $311 billion in 2016. The second quarter of 2017 exhibited an increase to $120 billion of announced deal volume during the quarter, the largest amount since Q4 2007.

• Risk metrics in the buyout market remain high as both purchase price multiples and debt multiples are above their ten-year averages. The average purchase price multiple in 1H 2017, at 10.3x, increased from 10.0x in 2016 and is above the ten-year average of 9.1x. Debt multiples in 1H 2017 were at 5.8x, above the 5.5x level for the 2016 calendar year and the ten-year average of 5.3x.

• Venture capital investment activity increased in the first half of 2017. Approximately $33 billion was invested across 2,358 companies in 1H 2017, on pace to slightly exceed the $63 billion invested in the 2016 calendar year.

• Exit activity for venture capital investments was mixed in 1H 2017. The value of merger and acquisition (M&A) transactions slowed slightly in the 1H 2017 and is on pace to trail 2016. The initial public offering (IPO) market increased slightly in the first half of 2017 and is on pace to exceed 2016 levels.

• The outlook for distressed debt investment strategies remains uncertain. Debt pricing has stabilized after recent volatility (according to the Leveraged Loan Index produced by the Loan Syndications and Trading Association), potentially decreasing the near-term opportunity set for trading strategies. The high yield and leveraged loan markets are large, but default rates have remained low dampening the situations for distressed-for-control opportunities.

WPERP Private Equity Performance Report – 1Q2017 Page 12 PRIVATE MARKET OVERVIEW

This section examines the private equity market environment including fundraising, purchase price multiples, debt multiples, distressed debt, U.S. venture capital trends, and private equity market performance.

Commitments to U.S. Private Equity Partnerships Commitments to Non-U.S. Private Equity $400 $350

$350 $300 $300 $250 $250 $200 $200

Billions $150 $150 Billions $100 $100 $50 $50

$0 $0 2008 2009 2010 2011 2012 2013 2014 2015 2016 1H 17 2008 2009 2010 2011 2012 2013 2014 2015 2016 1H 17 Year Year Buyouts Venture Mezzanine Secondary and Other Fund of funds Annualized Asia Private Equity Fundraising European Fund Private Equity Fundraising

Source: Private Equity Analyst through June 2017 Source: Thomson Reuters, through June 2017

• Domestic and Non-U.S. fundraising activities continued to exhibit annual increases with 1H 17 on pace to continue upward trend.

Equity Contribution 60%

50%

40%

30%

20%

10% % Equity Contribution

0% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 1H 17 Year Source: S&P Global • Buyout transaction activity increased in 1H 2017, with Q2 2017 the largest quarter since Q4 2007.

WPERP Private Equity Performance Report – 1Q2017 Page 13 Average U.S. Purchase Price Multiples Average European Purchase Price Multiples 12.0 12.0 11.2x 10.3x 10.4x 10.3x 10.3x 10.2x 10.2x 10.5x 10.0x 9.7x 9.7x 9.7x 10.0 9.2x 9.5x 10.0 9.1x 8.9x 8.7x 8.5x 8.8x 8.7x 8.8x 7.7x 8.0 8.0

6.0 6.0 TEV/EBITDA TEV/EBITDA 4.0 4.0

2.0 2.0

0.0 0.0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 1H 17 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 1H 17 Year *Transaction size of €500M or more Year Source: S&P Global Source: S&P Global

•LBO transactions continued to be expensive, both domestically and in Europe…

Average U.S. Large LBO Debt Multiples Average European Debt Multiples 7.0 7.0 6.2x 6.3x 5.8x 5.7x 5.8x 6.0 5.5x 5.2x 5.3x 5.4x 6.0 5.4x 4.9x 5.2x 5.2x 5.1x 5.1x 5.0 4.7x 4.7x 5.0 4.4x 4.5x 4.0x 4.1x 4.3x 4.0 4.0

3.0 3.0 Debt/EBITDA Debt/EBITDA 2.0 2.0

1.0 1.0

0.0 0.0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 1H 17 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 1H 17 *Large defined as issues with EBITDA >$50M, Year Year Source: S&P Global Source: S&P Global • …while use of leverage also continued to be high.

WPERP Private Equity Performance Report – 1Q2017 Page 14 Leveraged Loan Index High Yield Default Rates 110 16.0%

100 14.0% 12.0% 90 10.0% 80 8.0% 6.0% 70 4.0% Avg. Bid Level Bid Avg. 60 2.0% 0.0% 50 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Jul-17 Jul-16 Jul-15 Jul-14 Jul-13 Jul-12 Jul-11 Jul-10 Jul-09 Jul-08 Apr-17 Apr-16 Apr-15 Apr-14 Apr-13 Apr-12 Apr-11 Apr-10 Apr-09 Apr-08 Jan-17 Jan-16 Jan-15 Jan-14 Jan-13 Jan-12 Jan-11 Jan-10 Jan-09 Jan-08 Oct-16 Oct-15 Oct-14 Oct-13 Oct-12 Oct-11 Oct-10 Oct-09 Oct-08 High Yield Default Rate Avg. HY Default Rate

Source: Loan Syndications and Trading Association (LSTA) Source: Moody's Investor Service

• Default rates remained low and pricing recovered, but the opportunity set for distressed could grow materially with increased volatility.

• Venture capital investment activity slowed in 2016, but rebounded modestly in 1H 2017.

WPERP Private Equity Performance Report – 1Q2017 Page 15 • Exit environment for venture capital was relatively stable in the 1H 2017.

Cambridge Associates Horizon Summary Report as of March 31, 2017 Public Market Performance Comparision, as of March 31, 2017 Fund Type 1 Yr 3 Yr 5 Yr 10 Yr 15 Yr 20 Yr Fund Type 1 Yr 3 Yr 5 Yr 10 Yr 20 Yr Venture Capital 6.8% 12.3% 14.4% 9.7% 7.7% 21.2% All Private Equity 11.9% 9.1% 11.3% 8.3% 11.7% Growth Equity 12.0% 9.7% 11.5% 10.3% 11.4% 13.6% Russell 3000 18.1% 9.8% 13.2% 7.5% 8.1% Buyout 14.6% 10.3% 12.8% 9.2% 13.5% 12.6% Russell 2000 26.2% 7.2% 12.4% 7.1% 8.7% Mezzanine 9.5% 8.1% 9.7% 8.8% 9.5% 9.1% MSCI EAFE 12.2% 1.0% 6.3% 1.5% 5.0% Distressed 14.7% 6.8% 10.5% 9.3% 10.8% 10.7% BC Aggregate 0.4% 2.7% 2.3% 4.3% 5.4% Private Equity Energy 24.1% -0.7% 1.9% 5.5% 10.1% 10.2% Upstream Energy & Royalties 11.2% -11.7% -5.9% 2.5% 10.9% 10.4% • Public equity continued its strong performance, posting Timber 2.6% 2.4% 4.9% 3.7% 4.3% 4.3% returns above long-term expectations. Real Estate 7.6% 10.5% 11.2% 4.1% 6.8% 7.2% Infrastructure 9.9% 9.4% 9.1% 7.2% 7.6% 6.9% Fund of Funds 7.6% 8.7% 10.4% 8.1% 8.9% 8.9% Secondary Funds 8.2% 8.6% 10.5% 9.5% 11.8% 12.0% Total 11.9% 9.1% 11.3% 8.3% 10.7% 11.7%

• Buyouts exhibited a strong 14.6% over the latest year and have exhibited longer-term stability.

WPERP Private Equity Performance Report – 1Q2017 Page 16 This report is solely for the use of client personnel. No part of it may be circulated, quoted, or reproduced for distribution outside the client organization without prior written approval from Pension Consulting Alliance, LLC.

This document is provided for informational purposes only. It does not constitute an offer of securities of any of the issuers that may be described herein. Information contained herein may have been provided by third parties, including investment firms providing information on returns and assets under management, and may not have been independently verified. The past performance information contained in this report is not necessarily indicative of future results and there is no assurance that the investment in question will achieve comparable results or that the Firm will be able to implement its investment strategy or achieve its investment objectives. The actual realized value of currently unrealized investments (if any) will depend on a variety of factors, including future operating results, the value of the assets and market conditions at the time of disposition, any related transaction costs and the timing and manner of sale, all of which may differ from the assumptions and circumstances on which any current unrealized valuations are based.

Neither PCA nor PCA’s officers, employees or agents, make any representation or warranty, express or implied, in relation to the accuracy or completeness of the information contained in this document or any oral information provided in connection herewith, or any data subsequently generated herefrom, and accept no responsibility, obligation or liability (whether direct or indirect, in contract, tort or otherwise) in relation to any of such information. PCA and PCA’s officers, employees and agents expressly disclaim any and all liability that may be based on this document and any errors therein or omissions therefrom. NeitherPCAnor any of PCA’s officers, employees or agents, make any representation of warranty, express or implied, that any transaction has been or may be effected onthe terms or in the manner stated in this document, or as to the achievement or reasonableness of future projections, management targets, estimates, prospects or returns, if any. Any views or terms contained herein are preliminary only, and are based on financial, economic, market and other conditions prevailing as of the date of this document and are therefore subject to change.

The information contained in this report may include forward-looking statements. Forward-looking statements include a number of risks, uncertainties and other factors beyond the control of the Firm, which may result in material differences in actual results, performance or other expectations. The opinions, estimates and analyses reflect PCA’s current judgment, which may change in the future.

Any tables, graphs or charts relating to past performance included in this report are intended only to illustrate investment performance for the historical periods shown. Such tables, graphs and charts are not intended to predict future performance and should not be used as the basis for an investment decision. All trademarks or product names mentioned herein are the property of their respective owners. Indices are unmanaged and one cannot invest directly in an index. The index data provided is on an “as is” basis. In no event shall the index providers or its affiliates have any liability of any kind in connection with the index data or the portfolio described herein. Copying or redistributing the index data is strictly prohibited.

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Nothing herein is intended to serve as investment advice, a recommendation of any particular investment or type of investment, a suggestion of the merits of purchasing or selling securities, or an invitation or inducement to engage in investment activity.

WPERP Private Equity Performance Report – 1Q2017 Page 17 A(Y)ltiNIttGBtibtiittIttStiittMlllID EttdVl l d IRRt ($)($)Uf f t C t ($)d t P i t E it3/31/2017 T ki S h d l All P tf li I t t LA lD Los Angeles Department of Water and Power Employees' Retirement Plan Private Equity Tracking Schedule

Date of Actual Total As of: Investment Initial Total Capital Contribution Remaining Distribution Reported Total Net 3/31/2017 Sector Investment Committed ($) to Date* ($) Unfunded ($) to Date ($) Value ($) Exposure ($) Multiple IRR Investments Lexington Capital Partners VI Holdings, L.P. Secondaries Jun-06 30,000,000 31,839,795 490,410 36,014,403 7,281,111 7,771,521 1.4x 6.8% Landmark Equity Partners XIII, L.P. Secondaries Nov-06 30,000,000 28,798,328 1,201,672 27,828,918 8,618,890 9,820,562 1.3x 5.2% HRJ Special Opportunities II, L.P. Fund of Funds Mar-08 20,000,000 17,950,000 4,750,000 19,150,000 8,443,849 13,193,849 1.5x 7.2% Fisher Lynch Venture Partnership II, LP Fund of Funds May-08 20,000,000 17,630,000 2,370,000 10,262,595 18,996,384 21,366,384 1.7x 10.5% Landmark Equity Partners XIV, L.P. Secondaries Sep-08 30,000,000 28,219,693 1,780,307 24,844,605 11,846,808 13,627,115 1.3x 10.2% Oaktree Principal Fund V, L.P. Debt Related Feb-09 16,000,000 15,038,733 1,761,267 9,176,182 8,176,192 9,937,459 1.2x 3.6% Lexington Capital Partners VII, L.P. Secondaries Dec-09 30,000,000 26,020,893 6,073,546 26,574,182 12,603,610 18,677,156 1.5x 14.8% Audax Mezzanine Fund III, L.P. Debt Related Feb-11 17,000,000 15,004,188 1,995,812 10,022,907 8,752,463 10,748,275 1.3x 9.6% EnCap Energy Capital Fund VIII, L.P. Growth Feb-11 12,500,000 12,693,354 1,274,341 6,264,340 5,451,153 6,725,494 0.9x -3.3% Vista Equity Partners IV, L.P. Buyout Nov-11 25,000,000 24,470,438 2,657,177 13,596,054 32,067,157 34,724,334 1.9x 20.1% Ares Corporate Opportunities Fund IV, L.P. Buyout Nov-12 25,000,000 22,718,196 6,318,882 6,301,743 24,628,209 30,947,091 1.4x 15.2% EnCap Energy Capital Fund IX, L.P. Growth Jan-13 17,000,000 16,300,788 3,716,044 9,685,635 12,476,803 16,192,847 1.4x 20.0% Silver Lake Partners IV, L.P. Buyout Oct-13 18,000,000 13,505,406 5,852,362 5,950,628 13,998,786 19,851,148 1.5x 31.5% Apollo Investment Fund VIII Buyout Feb-14 34,000,000 24,079,842 13,452,973 4,607,929 23,297,519 36,750,492 1.2x 13.2% Landmark Equity Partners XV, L.P. Secondaries Mar-14 40,000,000 17,788,480 22,211,520 7,714,179 13,416,182 35,627,702 1.2x 12.4% Clayton, Dubilier & Rice Fund IX, L.P. Buyout Mar-14 25,000,000 17,485,779 7,589,035 6,935,118 17,625,213 25,214,248 1.4x 23.9% Vista Equity Partners V, L.P. Buyout May-14 50,000,000 49,938,252 61,748 9,259,423 48,964,851 49,026,599 1.2x 10.4% Crestview Partners III, L.P. Buyout Jan-15 50,000,000 15,604,913 34,532,728 252,710 15,162,313 49,695,041 1.0x -0.9% Ares Special Situations Fund IV, L.P. Debt Related Feb-15 50,000,000 18,893,825 35,115,512 4,038,673 9,483,727 44,599,239 0.7x -18.9% EnCap Energy Capital Fund X, L.P. Growth Mar-15 37,000,000 14,129,761 25,120,388 4,725,992 12,275,918 37,396,305 1.2x 25.9% Blackstone Tactical Opportunities Fund II, L.P.Debt Related May-15 50,000,000 23,534,854 27,181,527 3,075,214 23,688,063 50,869,590 1.1x 11.6% Vista Equity Partners VI, L.P. Buyout Apr-16 60,000,000 22,526,322 37,473,678 0 22,066,433 59,540,111 1.0x -2.2% Harvest Partners VII, L.P. Buyout Jul-16 30,000,000 4,975,674 25,024,326 0 4,434,269 29,458,595 0.9x -45.8% Adams Street Global SMB WPERP Fund L.P. Buyout Feb-17 125,000,000 1,187,500 123,812,500 0 996,551 124,809,051 0.8x -16.1% Industry Ventures Secondary VIII, L.P. Secondaries Feb-17 37,500,000 450,000 37,050,000 0 480,200 37,530,200 1.1x 6.7%

Total Portfolio $879,000,000 $480,785,015 $428,867,754 $246,281,430 $365,232,653 $794,100,407 1.3x 9.4%

All All All Total

* May exceed committed capital due to recycling of recallable distributions.

A-1 Adams Street Global SMB WPERP Fund L.P. Los Angeles Department of Water and Power Employees' Retirement Plan

Investment Strategy The Fund will seek to complete 8-12 primary fund commitments to small market buyout managers, expected to represent at least 80% of the Fund’s total capitalization. Up to 20% may be invested in small market buyout co-investments. The Fund will have a bias toward North American managers, although up to 25% can be invested in Western European funds and co-investments. It is expected that the Fund will be fully committed to underlying funds and co-investments within approximately 2.5 to 3.0 years, though actual deployment of capital may vary depending on the opportunity set.

Investment Review Portfolio Profile Reported Value$ 996,551 Top 10 Portfolio Investments Investment Date Sector Distributions $ 0 DataBank Feb-17 Financial Services Amount Contributed $ 1,187,500 Original Commitment $ 125,000,000 Remaining to be invested$ 123,812,500 Age of fund (in years) 0.1 Internal rate of return to date -16.1% Total Value Multiple 0.8x Percent of capital returned 0% Total Number of Portfolio Companies 1

Fund Profile Portfolio Cash Flows - Valuations - IRR Performance Client Initial Investment Feb-17 Target termination date 1,000,000

Investment strategy Buyout 800,000 Asset Class Private Equity Funds 600,000 Fund Manager Adams Street Partners, LLC Vintage Year 2016 400,000 Fund Size 150,000,000 200,000 % Drawn 0.9% 0 (16.1% ) Client % ownership 83.3% (200,000) IRR

Cash Flow and Valuation Summary Since Inception (400,000)

(600,000) 5 (800,000)

(1,000,000)

Total (1,200,000) Distributions ($) 3/31/2017 i ilos) Millions (in

0 T otal Capital Valuation ($) Contributions Dis tributions NAV IRR Contributed ($)

22-Aug-2017 15:43:01

A-2 Apollo Investment Fund VIII Los Angeles Department of Water and Power Employees' Retirement Plan

Investment Strategy Apollo will implement three strategies with a value-orientation and contrarian footing: distressed, corporate carve-outs, and opportunistic buyouts. The investment strategy allows for nimble investing across market cycles. Apollo will work with management, rationalize non-core and underperforming assets, maximize liquidity, and engage in M&A and JV when appropriate. Apollo is, largely, an industry generalist and has the ability to create and complete complex transactions and structuring.

Investment Review Portfolio Profile Reported Value$ 23,297,519 Top 10 Portfolio Investments Investment Date Sector Distributions $ 4,607,929 ADT Jul-15 Business Services Amount Contributed $ 24,083,176 Presidio Feb-15 Business Services Original Commitment $ 34,000,000 Outerwall Sep-16 Consumer Services Remaining to be invested$ 13,452,973 Diamond Resorts Sep-16 Hospitality Age of fund (in years) 3.2 Jupiter Resources Jun-14 Oil & Gas Exploration and Production Internal rate of return to date 13.2% Apollo Education Group Feb-17 Education CEC Entertainment, Inc. Jan-14 Entertainment and Leisure Total Value Multiple 1.2x Rackspace Dec-16 Business Services Percent of capital returned 19% Maxim Crane / AmQuip Dec-16 Industrials Total Number of Portfolio Companies 26 RegionalCare Dec-15 Healthcare Fund Profile Portfolio Cash Flows - Valuations - IRR Performance Client Initial Investment Feb-14 Target termination date Dec-23 22,000,000 Investment strategy Buyout 10.0% 20,000,000 Asset Class Private Equity Funds 18,000,000 5.0% Fund Manager Apollo Global Management, LLC 16,000,000 Vintage Year 2013 14,000,000 0.0% Fund Size 18,400,000,000 12,000,000 (5.0% ) % Drawn 60.4% 10,000,000

Client % ownership 0.2% 8,000,000 (10.0% ) IRR 6,000,000 Cash Flow and Valuation Summary Since Inception 4,000,000 (15.0% ) 2,000,000 50 (20.0% ) Total 0 40 Distributions ($) (2,000,000) (25.0% ) 30 (4,000,000) (30.0% ) 20 3/31/2014 6/30/2014 9/30/2014 12/31/2014 3/31/2015 6/30/2015 9/30/2015 12/31/2015 3/31/2016 6/30/2016 9/30/2016 12/31/2016 3/31/2017 i ilos) Millions (in 10

0 Total Capital Valuation ($) Contributions Dis tributions NAV IRR Contributed ($)

22-Aug-2017 15:43:01

A-3 Ares Corporate Opportunities Fund IV, L.P. Los Angeles Department of Water and Power Employees' Retirement Plan

Investment Strategy ACOF IV pursues opportunistic investments in middle-market companies targeting investment sizes generally in the $100 to $400 million range. ACOF IV seeks opportunities primarily in under-capitalized middle market companies with strong franchises that have not fully exploited their growth opportunities. A company’s failure to exploit its growth opportunities typically stems from: (i) a lack of available capital, either because the company is over-leveraged or in distress, (ii) the existing owner’s unwillingness or inability to inject additional capital into the business to fund growth or (iii) a management team’s lack of depth or inability to focus on growth.

Investment Review Portfolio Profile Reported Value$ 24,628,209 Top 10 Portfolio Investments Investment Date Sector Distributions $ 6,301,743 Clayton Williams Energy Mar-16 Oil and Gas Amount Contributed $ 22,718,196 National Veterinary Associates Aug-14 Healthcare Original Commitment $ 25,000,000 AOT Building Products (CPG Internationa) Sep-13 Manufacture of Building Products Remaining to be invested$ 6,318,882 American Tire Distributors Feb-15 Industrials Age of fund (in years) 4.4 Smart & Final Stores LLC Nov-12 Consumer Staples Internal rate of return to date 15.2% Valet Waste Holdings, Inc. Sep-15 Industrials Coordinated Women's Care, L.P. Jul-13 Medical/Health Related Total Value Multiple 1.4x Farrow & Ball Nov-14 manufacturer/retailer of premium branded paint Percent of capital returned 28% BlackBrush Oil & Gas Jul-14 Oil and Gas Total Number of Portfolio Companies 21 London Square Developments Jul-14 Real Estate Fund Profile Portfolio Cash Flows - Valuations - IRR Performance Client Initial Investment Nov-12 Target termination date Nov-22 24,000,000 15.0% Investment strategy Buyout 22,000,000 10.0% Asset Class Private Equity Funds 20,000,000 Fund Manager Ares Management, LLC 18,000,000 5.0% Vintage Year 2012 16,000,000 0.0% Fund Size 4,700,000,000 14,000,000 % Drawn 74.7% 12,000,000 (5.0% ) 10,000,000 Client % ownership 0.5% IRR 8,000,000 (10.0% ) Cash Flow and Valuation Summary Since Inception 6,000,000 (15.0% ) 4,000,000 50 2,000,000 (20.0% ) Total 40 Distributions ($) 0 (25.0% ) (2,000,000) 30 (4,000,000) (30.0% ) 20 12/31/2012 3/31/2013 6/30/2013 9/30/2013 12/31/2013 3/31/2014 6/30/2014 9/30/2014 12/31/2014 3/31/2015 6/30/2015 9/30/2015 12/31/2015 3/31/2016 6/30/2016 9/30/2016 12/31/2016 3/31/2017 i ilos) Millions (in 10

0 Total Capital Valuation ($) Contributions Dis tributions NAV IRR Contributed ($)

22-Aug-2017 15:43:01

A-4 Ares Special Situations Fund IV, L.P. Los Angeles Department of Water and Power Employees' Retirement Plan

Investment Strategy Ares SSF IV seeks to capitalize on stressed and distressed opportunities, dislocated and out-of-favor assets and other special situations by deploying flexible capital across multiple geographies, industries and asset types. The Fund will target 30-40 total investments in global opportunities with a focus on North America (excluding Mexico), Western Europe and Australia. With respect to core distressed debt, rescue capital, and post-reorganization equity positions, the Fund will generally target portfolio companies with total debt capitalizations of no less than $500 million.

Investment Review Portfolio Profile Reported Value$ 9,483,727 Top 10 Portfolio Investments Investment Date Sector Distributions $ 4,038,673 Corporate Debt Jun-15 Debt Amount Contributed $ 18,882,309 Common Stock Jun-15 Equity Original Commitment $ 50,000,000 Bank Loans Jun-15 Debt Remaining to be invested$ 35,115,512 Preferred Stock Sep-16 Equity Age of fund (in years) 2.2 Collateralized Loan Obligations Jun-15 Debt Internal rate of return to date -18.9% Total Value Multiple 0.7x Percent of capital returned 21% Total Number of Portfolio Companies 19

Fund Profile Portfolio Cash Flows - Valuations - IRR Performance Client Initial Investment Feb-15

Target termination date Aug-22 12,000,000 (10.0% ) Investment strategy Debt Related 10,000,000 (15.0% ) Asset Class Private Equity Funds Fund Manager Ares Management, LLC 8,000,000 (20.0% ) Vintage Year 2015 6,000,000 (25.0% ) Fund Size 1,500,000,000 4,000,000 (30.0% ) % Drawn 29.8% 2,000,000 (35.0% ) Client % ownership 3.3% IRR 0 (40.0% ) Cash Flow and Valuation Summary Since Inception (2,000,000) (45.0% ) 30 (4,000,000) (50.0% ) 25 Total (6,000,000) (55.0% ) 20 Distributions ($) 15 (8,000,000) (60.0% ) 3/31/2015 6/30/2015 9/30/2015 12/31/2015 3/31/2016 6/30/2016 9/30/2016 12/31/2016 3/31/2017 10 i ilos) Millions (in 5 0 Total Capital Valuation ($) Contributions Dis tributions NAV IRR Contributed ($)

22-Aug-2017 15:43:01

A-5 Audax Mezzanine Fund III, L.P. Los Angeles Department of Water and Power Employees' Retirement Plan

Investment Strategy Audax Mezzanine implements an investment strategy, targeting middle market companies in change of control transactions sponsored by leading private equity firms. The Fund is expected to continue to construct a portfolio with debt and equity components that may include senior debt, subordinated debt, convertible debt, preferred stock, common stock and/or common stock warrants. Target companies will have $10 million to $60 million of EBITDA and be diversified across size and industry.

Investment Review Portfolio Profile Reported Value$ 8,752,463 Top 10 Portfolio Investments Investment Date Sector Distributions $ 10,022,907 PlayCore Holdings, Inc. May-14 Manufacturing Amount Contributed $ 15,004,188 Cross MediaWorks, LLC Jul-13 Media Related Services Original Commitment $ 17,000,000 IntraPac International Corporation Dec-11 Packaging Products & Systems Remaining to be invested$ 1,995,812 Area Wide Protective, Inc. Jun-15 Transportation Age of fund (in years) 6.1 Integrated Power Services, LLC Jul-13 Industrial Services Internal rate of return to date 9.6% Engineered Controls International, LLC Dec-13 Manufacturing Chesapeake IRB Dec-15 Business Services Total Value Multiple 1.3x Rio Brands Mar-15 Consumer Percent of capital returned 67% CenterPlate, Inc. Oct-12 Other Restaurants Total Number of Portfolio Companies 22 Archway Marketing Services, Inc. Jul-12 Consulting Services Fund Profile Portfolio Cash Flows - Valuations - IRR Performance Client Initial Investment Feb-11 Target termination date Jan-21 10.0% 9,000,000 Investment strategy Debt Related 8.0% Asset Class Private Equity Funds 8,000,000 Fund Manager Audax Group 7,000,000 6.0% Vintage Year 2011 6,000,000 4.0% Fund Size 1,002,250,000 5,000,000 2.0% % Drawn 88.3% 4,000,000

Client % ownership 1.7% 3,000,000 0.0% IRR

Cash Flow and Valuation Summary Since Inception 2,000,000 (2.0% ) 1,000,000 30 (4.0% ) Total 0 25 Distributions ($) (1,000,000) (6.0% ) 20 (2,000,000) 15 (8.0% ) 3/31/2011 6/30/2011 9/30/2011 12/31/2011 3/31/2012 6/30/2012 9/30/2012 12/31/2012 3/31/2013 6/30/2013 9/30/2013 12/31/2013 3/31/2014 6/30/2014 9/30/2014 12/31/2014 3/31/2015 6/30/2015 9/30/2015 12/31/2015 3/31/2016 6/30/2016 9/30/2016 12/31/2016 3/31/2017 10 i ilos) Millions (in 5 0 Total Capital Valuation ($) Contributions Dis tributions NAV IRR Contributed ($)

22-Aug-2017 15:43:01

A-6 Blackstone Tactical Opportunities Fund II, L.P. Los Angeles Department of Water and Power Employees' Retirement Plan

Investment Strategy BTOF II seeks to implement an opportunistic investment strategy to capitalize on a perceived high volume of attractive non-traditional investment opportunities that are available to Blackstone. These opportunities may include (1) equity, credit and real asset investments, (2) investments across the capital structure, from lower volatility/yield to common equity, and (3) investments in North America, Europe, Asia, Latin America and the Middle East. The Fund’s strategy is based upon Blackstone’s belief that markets change rapidly and attractive opportunities are often ephemeral.

Investment Review Portfolio Profile Reported Value$ 23,688,063 Top 10 Portfolio Investments Investment Date Sector Distributions $ 3,075,214 T4U / Phoenix Towers do Brasil Jun-15 Telecom Amount Contributed $ 23,566,765 Northview Group Jan-15 Specialty Finance Original Commitment $ 50,000,000 Czech Resi (RPG Byty) Nov-15 Real Estate Remaining to be invested$ 27,181,527 Targa Resources Mar-16 Energy Age of fund (in years) 1.9 NCR Corporation Dec-15 Information Technology Internal rate of return to date 11.6% JDA Software Oct-16 Information Technology Pretium Sep-15 Mining Total Value Multiple 1.1x Diamond Direct Nov-15 Retail and Consumer Percent of capital returned 13% Finance of America II Apr-15 Specialty Finance Total Number of Portfolio Companies 25 Viva Capital Limited II Oct-15 Financials Fund Profile Portfolio Cash Flows - Valuations - IRR Performance Client Initial Investment May-15 Target termination date 24,000,000 12.0% Investment strategy Debt Related 22,000,000 10.0% 20,000,000 Asset Class Private Equity Funds 8.0% 18,000,000 6.0% Fund Manager Blackstone Group, The 16,000,000 4.0% Vintage Year 2015 14,000,000 2.0% Fund Size 2,647,787,742 12,000,000 0.0% % Drawn 45.6% 10,000,000 (2.0% )

Client % ownership 1.9% 8,000,000 (4.0% ) IRR 6,000,000 (6.0% ) Cash Flow and Valuation Summary Since Inception 4,000,000 (8.0% ) 2,000,000 (10.0% ) 50 0 (12.0% ) 40 Total (2,000,000) (14.0% ) Distributions ($) (4,000,000) (16.0% ) 30 (6,000,000) (18.0% ) 20 6/30/2015 9/30/2015 12/31/2015 3/31/2016 6/30/2016 9/30/2016 12/31/2016 3/31/2017 i ilos) Millions (in 10

0 Total Capital Valuation ($) Contributions Dis tributions NAV IRR Contributed ($)

22-Aug-2017 15:43:01

A-7 Clayton, Dubilier & Rice Fund IX, L.P. Los Angeles Department of Water and Power Employees' Retirement Plan

Investment Strategy CD&R is a buyout specialist, focusing on acquiring North American and Western European businesses with market leading positions and implementing operational improvements, primarily in the consumer, healthcare, services and industrial sectors. The Firm’s six key investment tenets are (1) a singular organizational focus on leveraged buyouts, (2) tight integration between CD&R’s financial and operating partners, (3) consistent and clearly-defined transaction parameters, (4) active approach to post-acquisition ownership, (5) careful crafting of capital structures, and (6) maximization of exit optionality.

Investment Review Portfolio Profile Reported Value$ 17,625,213 Top 10 Portfolio Investments Investment Date Sector Distributions $ 6,935,118 Brand Energy & Infrastructure Services Dec-13 Industrial Services Amount Contributed $ 17,573,054 Mauser Group Aug-14 Industrial Services Original Commitment $ 25,000,000 Solenis Aug-14 Materials Remaining to be invested$ 7,589,035 TruGreen Holding Corporation Apr-16 Consumer Related Age of fund (in years) 3.0 Motor Fuel Group Jul-15 Industrial Services Internal rate of return to date 23.9% Drive DeVilbiss Healthcare Jan-17 Healthcare Tranzact Jul-16 Business Services Total Value Multiple 1.4x Healogics, Inc. Jul-14 Medical/Health Related Percent of capital returned 39% High Ridge Brands Co. Jun-16 Consumer Related Total Number of Portfolio Companies 10 Agilon Health Jul-16 Healthcare Fund Profile Portfolio Cash Flows - Valuations - IRR Performance Client Initial Investment Mar-14 Target termination date May-24 18,000,000 30.0% Investment strategy Buyout 16,000,000 Asset Class Private Equity Funds 14,000,000 25.0%

Fund Manager Clayton, Dubilier & Rice, Inc. 12,000,000 20.0% Vintage Year 2013 10,000,000 Fund Size 6,000,000,000 8,000,000 15.0% % Drawn 69.6% 6,000,000 Client % ownership 0.4% 10.0% IRR 4,000,000 Cash Flow and Valuation Summary Since Inception 2,000,000 5.0%

40 0 Total 0.0% (2,000,000) 30 Distributions ($) (4,000,000) (5.0% ) 20 3/31/2014 6/30/2014 9/30/2014 12/31/2014 3/31/2015 6/30/2015 9/30/2015 12/31/2015 3/31/2016 6/30/2016 9/30/2016 12/31/2016 3/31/2017

i ilos) Millions (in 10

0 Total Capital Valuation ($) Contributions Dis tributions NAV IRR Contributed ($)

22-Aug-2017 15:43:01

A-8 Crestview Partners III, L.P. Los Angeles Department of Water and Power Employees' Retirement Plan

Investment Strategy Crestview III implements a value-oriented investment strategy targeting investments that arise from market dislocations or through proprietary relationships. Crestview targets industries where it has internal expertise, which include media, financial services, energy and healthcare, but opportunistically transacts outside of these industries where it has a unique edge or a senior investment advisor (“Senior Advisor”) has a particular expertise. Target transactions are expected to require $100 to $400 million equity investments in companies with enterprise values of up to $2 billion.

Investment Review Portfolio Profile Reported Value$ 15,162,313 Top 10 Portfolio Investments Investment Date Sector Distributions $ 252,710 WOW! Dec-15 Consumer Discretionary Amount Contributed $ 15,604,913 JR Automation Mar-15 Industrials Original Commitment $ 50,000,000 Accuride Nov-16 Financial Services Remaining to be invested$ 34,532,728 Fidelis Insurance Jun-15 Financials Age of fund (in years) 2.2 Interoute Apr-15 Consumer Discretionary Internal rate of return to date -0.9% NYDJ Corporation Jan-14 Consumer Discretionary CP Energy Nov-13 Energy Total Value Multiple 1.0x W Energy Partners Apr-16 Oil & Gas Exploration and Production Percent of capital returned 2% Arxis Nov-15 Financials Total Number of Portfolio Companies 9

Fund Profile Portfolio Cash Flows - Valuations - IRR Performance Client Initial Investment Jan-15 Target termination date Jan-25 (1.0% ) Investment strategy Buyout 14,000,000 (2.0% ) Asset Class Private Equity Funds 12,000,000 (3.0% ) Fund Manager Crestview Partners (4.0% ) 10,000,000 Vintage Year 2014 (5.0% ) Fund Size 3,114,845,000 8,000,000 (6.0% ) (7.0% ) % Drawn 30.9% 6,000,000 (8.0% ) Client % ownership 1.6% IRR 4,000,000 (9.0% )

Cash Flow and Valuation Summary Since Inception 2,000,000 (10.0% ) (11.0% ) 0 30 (12.0% ) 25 Total (2,000,000) (13.0% ) 20 Distributions ($) (14.0% ) (4,000,000) 15 (15.0% ) 3/31/2015 6/30/2015 9/30/2015 12/31/2015 3/31/2016 6/30/2016 9/30/2016 12/31/2016 3/31/2017 10 i ilos) Millions (in 5 0 Total Capital Valuation ($) Contributions Dis tributions NAV IRR Contributed ($)

22-Aug-2017 15:43:01

A-9 EnCap Energy Capital Fund VIII, L.P. Los Angeles Department of Water and Power Employees' Retirement Plan

Investment Strategy EnCap VIII’s investment strategy focuses on providing growth capital, typically making investments of $50 million to $200 million per transaction, on a paced and incremental basis. The EnCap investment team looks to provide growth capital to proven management teams who focus on creating value through opportunities in the United States and Canada by: acquiring and exploiting oil and gas reserves; developing low risk drilling opportunities in areas that are known to be producing and using advanced drilling and completion technologies to both conventional and non-conventional reservoirs; and implementing operational enhancement to portfolio companies.

Investment Review Portfolio Profile Reported Value$ 5,451,153 Top 10 Portfolio Investments Investment Date Sector Distributions $ 6,264,340 PennEnergy Resources, LLC Sep-11 Oil & Gas Exploration and Production Amount Contributed $ 12,696,375 Forge Energy, LLC Jul-11 Oil & Gas Exploration and Production Original Commitment $ 12,500,000 Broad Oak Energy II, LLC Jul-12 Oil & Gas Exploration and Production Remaining to be invested$ 1,274,341 Eclipse Resources, LP Feb-11 Oil & Gas Exploration and Production Age of fund (in years) 6.1 FireWheel Energy, LLC Aug-11 Oil & Gas Exploration and Production Internal rate of return to date -3.3% Phillips Energy Partners III, LLC Aug-12 Oil & Gas Exploration and Production Tracker Resources Development III, LLC Apr-11 Oil & Gas Exploration and Production Total Value Multiple 0.9x Plantation Petroleum Holdings V, LLC Sep-11 Oil & Gas Exploration and Production Percent of capital returned 49% Payrock Energy, LLC Nov-12 Energy Total Number of Portfolio Companies 21 Dorado E&P Partners, LLC Jun-11 Oil & Gas Exploration and Production Fund Profile Portfolio Cash Flows - Valuations - IRR Performance Client Initial Investment Feb-11 Target termination date Oct-20 12,000,000 90.0%

Investment strategy Growth 11,000,000 80.0% Asset Class Private Equity Funds 10,000,000 70.0% Fund Manager EnCap Investments 9,000,000 Vintage Year 2011 8,000,000 60.0% Fund Size 3,953,200,000 7,000,000 50.0% 6,000,000 % Drawn 89.8% 40.0% 5,000,000 Client % ownership 0.3% IRR 4,000,000 30.0% Cash Flow and Valuation Summary Since Inception 3,000,000 20.0% 2,000,000 25 10.0% 1,000,000 0.0% 20 Total 0

15 Distributions ($) (1,000,000) (10.0% )

10 3/31/2011 6/30/2011 9/30/2011 12/31/2011 3/31/2012 6/30/2012 9/30/2012 12/31/2012 3/31/2013 6/30/2013 9/30/2013 12/31/2013 3/31/2014 6/30/2014 9/30/2014 12/31/2014 3/31/2015 6/30/2015 9/30/2015 12/31/2015 3/31/2016 6/30/2016 9/30/2016 12/31/2016 3/31/2017 i ilos) Millions (in 5

0 Total Capital Valuation ($) Contributions Dis tributions NAV IRR Contributed ($)

22-Aug-2017 15:43:02

A-10 EnCap Energy Capital Fund IX, L.P. Los Angeles Department of Water and Power Employees' Retirement Plan

Investment Strategy EnCap IX’s investment strategy focuses on providing growth capital, typically making investments of $200 million to $300 million per transaction, on a paced and incremental basis. The EnCap investment team looks to invest growth capital with proven management teams which focus on creating value through opportunities, primarily in the United States, including the following: acquiring and exploiting oil and gas reserves, developing low risk drilling opportunities in areas that are known to be producing and using advanced drilling and completion technologies to both conventional and non-conventional reservoirs, and implementing operational enhancements to underlying portfolio companies.

Investment Review Portfolio Profile Reported Value$ 12,476,803 Top 10 Portfolio Investments Investment Date Sector Distributions $ 9,685,635 Felix Energy, LLC Apr-13 Oil & Gas Exploration and Production Amount Contributed $ 16,300,788 Santa Elena Minerals, L.P. Jan-15 Oil & Gas Exploration and Production Original Commitment $ 17,000,000 Bold Energy III, LLC Apr-13 Oil & Gas Exploration and Production Remaining to be invested$ 3,716,044 Travis Peak Resources, LLC Nov-13 Oil & Gas Exploration and Production Age of fund (in years) 4.2 QStar LLC Jun-13 Oil & Gas Exploration and Production Internal rate of return to date 20.0% Silverback Exploration, LLC Nov-13 Oil & Gas Exploration and Production Protege Energy III, LLC Sep-13 Oil & Gas Exploration and Production Total Value Multiple 1.4x Southland Royalty Company, LLC Feb-15 Energy Percent of capital returned 59% Sabalo Energy, LLC Mar-14 Oil & Gas Exploration and Production Total Number of Portfolio Companies 21 Paloma Partners III, LLC Jan-13 Oil & Gas Exploration and Production Fund Profile Portfolio Cash Flows - Valuations - IRR Performance Client Initial Investment Jan-13 Target termination date Dec-22 60.0% Investment strategy Growth 14,000,000 50.0% 40.0% Asset Class Private Equity Funds 12,000,000 Fund Manager EnCap Investments 30.0% Vintage Year 2013 10,000,000 20.0% 10.0% Fund Size 5,154,600,000 8,000,000 % Drawn 78.1% 0.0% 6,000,000 Client % ownership 0.3% (10.0% ) IRR (20.0% ) Cash Flow and Valuation Summary Since Inception 4,000,000 (30.0% ) 2,000,000 40 (40.0% ) Total (50.0% ) 0 30 Distributions ($) (60.0% )

20 (2,000,000) (70.0% ) 3/31/2013 6/30/2013 9/30/2013 12/31/2013 3/31/2014 6/30/2014 9/30/2014 12/31/2014 3/31/2015 6/30/2015 9/30/2015 12/31/2015 3/31/2016 6/30/2016 9/30/2016 12/31/2016 3/31/2017

i ilos) Millions (in 10

0 Total Capital Valuation ($) Contributions Dis tributions NAV IRR Contributed ($)

22-Aug-2017 15:43:02

A-11 EnCap Energy Capital Fund X, L.P. Los Angeles Department of Water and Power Employees' Retirement Plan

Investment Strategy EnCap X’s investment strategy focuses on providing growth capital, typically making investments of $250 million to $400 million per transaction, on a paced and incremental basis. The EnCap investment team looks to invest growth capital with proven management teams which focus on creating value through opportunities, primarily in the United States, including the following: acquiring and exploiting oil and gas reserves, developing low risk drilling opportunities in areas that are known to be producing and using advanced drilling and completion technologies to both conventional and non-conventional reservoirs, and implementing operational enhancements to underlying portfolio companies.

Investment Review Portfolio Profile Reported Value$ 12,275,918 Top 10 Portfolio Investments Investment Date Sector Distributions $ 4,725,992 Felix Energy Holdings II, LLC Nov-15 Oil & Gas Exploration and Production Amount Contributed $ 14,129,761 Plains All American Jan-16 Oil & Gas Master Limited Partnership Original Commitment $ 37,000,000 Southland Royalty Company, LLC Mar-15 Energy Remaining to be invested$ 25,120,388 Fortis Minerals, LLC Jun-16 Mineral Rights Age of fund (in years) 2.1 Staghorn Petroleum, LLC Oct-15 Oil & Gas Exploration and Production Internal rate of return to date 25.9% Scala Energy, LLC Jul-15 Oil & Gas Exploration and Production Santa Elena Minerals IV, L.P. Sep-16 Mineral Rights Total Value Multiple 1.2x Council Oak Resources, LLC Jul-15 Oil & Gas Exploration and Production Percent of capital returned 33% Verdun Jan-16 Energy Total Number of Portfolio Companies 20 Raisa Energy II, LLC Apr-16 Oil & Gas Exploration and Production Fund Profile Portfolio Cash Flows - Valuations - IRR Performance Client Initial Investment Mar-15 Target termination date Mar-25 14,000,000 35.0% Investment strategy Growth 30.0% 12,000,000 25.0% Asset Class Private Equity Funds 20.0% Fund Manager EnCap Investments 10,000,000 15.0% Vintage Year 2015 10.0% 8,000,000 Fund Size 6,500,000,000 5.0% % Drawn 32.1% 6,000,000 0.0% (5.0% ) Client % ownership 0.6% 4,000,000 (10.0% ) IRR Cash Flow and Valuation Summary Since Inception (15.0% ) 2,000,000 (20.0% ) (25.0% ) 30 0 (30.0% ) 25 Total Distributions ($) (2,000,000) (35.0% ) 20 (40.0% ) 15 (4,000,000) (45.0% ) 3/31/2015 6/30/2015 9/30/2015 12/31/2015 3/31/2016 6/30/2016 9/30/2016 12/31/2016 3/31/2017 10 i ilos) Millions (in 5 0 Total Capital Valuation ($) Contributions Dis tributions NAV IRR Contributed ($)

22-Aug-2017 15:43:02

A-12 Fisher Lynch Venture Partnership II, LP Los Angeles Department of Water and Power Employees' Retirement Plan

Investment Strategy Fisher Lynch Capital invests in venture capital partnerships (10 to 15 firms) focusing on making venture capital investments primarily in information technology and life sciences companies. The targeted venture funds are based, chiefly, in the U.S. The Fund targets outstanding returns by adhering to the following objectives: investing with the leading private equity venture capital firms that have demonstrated historically successful investment performances, judicious diversification of the Fund’s portfolio, and by continuing the use of a rigorous investment process.

Investment Review Portfolio Profile Reported Value$ 18,996,384 Top 10 Portfolio Investments Investment Date Sector Distributions $ 10,262,595 Lightspeed Venture Partners VIII, L.P. Jun-08 Venture Capital Amount Contributed $ 17,630,000 New Enterprise Associates 13, L.P. Jun-08 Venture Capital Original Commitment $ 20,000,000 Versant Venture Capital IV, L.P. Jun-08 Venture Capital Remaining to be invested$ 2,370,000 U.S. Venture Partners X, L.P. Jun-08 Venture Capital Age of fund (in years) 8.9 Austin Ventures X, L.P. Jun-08 Venture Capital Internal rate of return to date 10.5% Charles River Partnership XIV, L.P. Jun-09 Venture Capital Redpoint Ventures IV, L.P. Jun-10 Venture Capital Total Value Multiple 1.7x Draper Fisher Jurvetson Fund X, L.P. Jun-09 Venture Capital Percent of capital returned 58% Accel Growth Fund, L.P. Jun-08 Venture Capital Total Number of Portfolio Companies 17 Khosla Ventures III, L.P. Jun-09 Venture Capital Fund Profile Portfolio Cash Flows - Valuations - IRR Performance Client Initial Investment May-08 Target termination date Dec-19 20.0% 22,000,000 Investment strategy Fund of Funds 15.0% 20,000,000 Asset Class Private Equity Funds 10.0% 18,000,000 5.0% Fund Manager Fisher Lynch Capital 0.0% 16,000,000 Vintage Year 2008 (5.0% ) 14,000,000 Fund Size 81,799,182 (10.0% ) % Drawn 88.1% 12,000,000 (15.0% ) (20.0% ) Client % ownership 24.5% 10,000,000 IRR (25.0% ) 8,000,000 Cash Flow and Valuation Summary Since Inception (30.0% ) 6,000,000 (35.0% ) 50 4,000,000 (40.0% ) Total (45.0% ) 40 2,000,000 Distributions ($) (50.0% ) 0 30 (55.0% )

(2,000,000) (60.0% ) 20 6/30/2008 9/30/2008 12/31/2008 3/31/2009 6/30/2009 9/30/2009 12/31/2009 3/31/2010 6/30/2010 9/30/2010 12/31/2010 3/31/2011 6/30/2011 9/30/2011 12/31/2011 3/31/2012 6/30/2012 9/30/2012 12/31/2012 3/31/2013 6/30/2013 9/30/2013 12/31/2013 3/31/2014 6/30/2014 9/30/2014 12/31/2014 3/31/2015 6/30/2015 9/30/2015 12/31/2015 3/31/2016 6/30/2016 9/30/2016 12/31/2016 3/31/2017 i ilos) Millions (in 10

0 Total Capital Valuation ($) Contributions Dis tributions NAV IRR Contributed ($)

22-Aug-2017 15:43:02

A-13 Harvest Partners VII, L.P. Los Angeles Department of Water and Power Employees' Retirement Plan

Investment Strategy Harvest implements a investment strategy focusing primarily on control middle-market buyouts and recapitalizations of companies based in North America with: (i) annual revenues between $100 million and $1 billion; (ii) EBITDA between $20 million and $70 million; (iii) enterprise values between $100 million and $750 million; and (iv) equity investments between $50 million and $250 million. The majority of capital will be invested in Harvest core industry verticals, namely Business Services & Consumer, Healthcare Services, Industrial & Energy Services, and Manufacturing & Distribution.

Investment Review Portfolio Profile Reported Value$ 4,434,269 Top 10 Portfolio Investments Investment Date Sector Distributions $ 0 Document Technologies, LLC Sep-16 Business Services Amount Contributed $ 4,975,674 Material Handling Services Mar-17 Business Services Original Commitment $ 30,000,000 Advanced Dermatology & Comsetic Surgery May-16 Healthcare Remaining to be invested$ 25,024,326 Age of fund (in years) 0.7 Internal rate of return to date -45.8% Total Value Multiple 0.9x Percent of capital returned 0% Total Number of Portfolio Companies 3

Fund Profile Portfolio Cash Flows - Valuations - IRR Performance Client Initial Investment Jul-16 Target termination date (30.0% ) Investment strategy Buyout 4,000,000 (35.0% ) (40.0% ) Asset Class Private Equity Funds 3,000,000 Fund Manager Harvest Partners, L.P. (45.0% ) 2,000,000 Vintage Year 2016 (50.0% ) Fund Size 2,200,000,000 1,000,000 (55.0% ) % Drawn 16.6% (60.0% ) 0 (65.0% ) Client % ownership 1.4% IRR (1,000,000) (70.0% ) Cash Flow and Valuation Summary Since Inception (75.0% ) (2,000,000) (80.0% ) 10 (3,000,000) (85.0% ) Total (90.0% ) (4,000,000) Distributions ($) (95.0% ) 5 9/30/2016 12/31/2016 3/31/2017 i ilos) Millions (in

0 T otal Capital Valuation ($) Contributions Dis tributions NAV IRR Contributed ($)

22-Aug-2017 15:43:02

A-14 HRJ Special Opportunities II, L.P. Los Angeles Department of Water and Power Employees' Retirement Plan

Investment Strategy SOF II constructed a portfolio of special opportunities fund managers who have the expertise to pursue unique transactions during periods of instability and distress, as well as having the expertise to pursue more traditional buyout related private equity transactions during more stable periods of growth. These transactions commonly include turnaround-oriented transactions and distressed investments.

Investment Review Portfolio Profile Reported Value$ 8,443,849 Top 10 Portfolio Investments Investment Date Sector Distributions $ 19,150,000 Fortress Investment Fund V, L.P. May-07 Distressed/Special Situations Amount Contributed $ 17,967,579 Sun Capital Partners V, L.P. Mar-07 Buyout Original Commitment $ 20,000,000 H.I.G. Bayside Debt & LBO Fund II, L.P. May-08 Distressed/Special Situations Remaining to be invested$ 4,750,000 Wayzata Opportunities Fund II, L.P. May-08 Distressed/Special Situations Age of fund (in years) 9.1 Wexford Partners 11, L.P. Aug-07 Distressed/Special Situations Internal rate of return to date 7.2% Fortress Investment Fund V Co-Investment, L.P. May-07 Distressed/Special Situations OCM Opportunities Fund VIIb, L.P. May-07 Distressed/Special Situations Total Value Multiple 1.5x OCM Opportunities Fund VII, L.P. May-07 Distressed/Special Situations Percent of capital returned 107% Avenue Special Situations Fund V, L.P. May-07 Distressed/Special Situations Total Number of Portfolio Companies 9

Fund Profile Portfolio Cash Flows - Valuations - IRR Performance Client Initial Investment Mar-08 10.0% Target termination date Dec-19 20,000,000 Investment strategy Fund of Funds 18,000,000 5.0% 16,000,000 Asset Class Private Equity Funds 0.0% Fund Manager Capital Dynamics 14,000,000 12,000,000 (5.0% ) Vintage Year 2007 10,000,000 (10.0% ) Fund Size 153,976,916 8,000,000 (15.0% ) % Drawn 76.3% 6,000,000

Client % ownership 13.0% 4,000,000 (20.0% ) IRR 2,000,000 (25.0% ) Cash Flow and Valuation Summary Since Inception 0 (2,000,000) (30.0% ) 50 (4,000,000) (35.0% ) Total 40 (6,000,000) Distributions ($) (8,000,000) (40.0% ) 30 (10,000,000) (45.0% ) 20 3/31/2008 6/30/2008 9/30/2008 12/31/2008 3/31/2009 6/30/2009 9/30/2009 12/31/2009 3/31/2010 6/30/2010 9/30/2010 12/31/2010 3/31/2011 6/30/2011 9/30/2011 12/31/2011 3/31/2012 6/30/2012 9/30/2012 12/31/2012 3/31/2013 6/30/2013 9/30/2013 12/31/2013 3/31/2014 6/30/2014 9/30/2014 12/31/2014 3/31/2015 6/30/2015 9/30/2015 12/31/2015 3/31/2016 6/30/2016 9/30/2016 12/31/2016 3/31/2017 i ilos) Millions (in 10

0 Total Capital Valuation ($) Contributions Dis tributions NAV IRR Contributed ($)

22-Aug-2017 15:43:02

A-15 Industry Ventures Secondary VIII, L.P. Los Angeles Department of Water and Power Employees' Retirement Plan

Investment Strategy Industry Ventures will target venture capital investments across a spectrum of secondary transactions including: limited partnership interests, secondary directs, and special situation transactions. The strategy will focus on making 20 to 40 investments of less than $25 million in sector-leading venture backed companies with revenues of $20-$200 million and 10 to 20 limited partnership interests, as well as some direct portfolios and special situation investments.

Investment Review Portfolio Profile Reported Value$ 480,200 Top 10 Portfolio Investments Investment Date Sector Distributions $ 0 Brookside Capital Partners Fund, L.P. Mar-17 Venture Capital Amount Contributed $ 450,000 DCM IV, L.P. Mar-17 Venture Capital Original Commitment $ 37,500,000 ExtraHop Networks, Inc. Mar-17 Information Technology Remaining to be invested$ 37,050,000 Age of fund (in years) 0.1 Internal rate of return to date 6.7% Total Value Multiple 1.1x Percent of capital returned 0% Total Number of Portfolio Companies

Fund Profile Portfolio Cash Flows - Valuations - IRR Performance Client Initial Investment Feb-17 Target termination date 500,000

Investment strategy Secondaries 400,000 Asset Class Private Equity Funds 300,000 Fund Manager Industry Ventures Vintage Year 2017 200,000 Fund Size 512,704,682 100,000 % Drawn 1.2% 0 6.7% Client % ownership 7.3% IRR

Cash Flow and Valuation Summary Since Inception (100,000)

(200,000) 10 (300,000)

(400,000) 5

Total 3/31/2017 i ilos) Millions (in Distributions ($)

0 T otal Capital Valuation ($) Contributions Dis tributions NAV IRR Contributed ($)

22-Aug-2017 15:43:02

A-16 Landmark Equity Partners XIII, L.P. Los Angeles Department of Water and Power Employees' Retirement Plan

Investment Strategy Landmark XIII was formed to acquire interests in established private equity investments through secondary market transactions. The Partnership constructed a diversified portfolio of private equity interests with the objectives of achieving superior returns at lower risk for this asset class and generating cash distributions to its partners beginning in the Partnership’s first year.

Investment Review Portfolio Profile Reported Value$ 8,618,890 Top 10 Portfolio Investments Investment Date Sector Distributions $ 27,828,918 Royalty Pharma US Partners I, L.P. Jun-97 Expansion Amount Contributed $ 28,798,328 Thomas H. Lee Equity Fund VI, L.P. Jun-06 Buyout Original Commitment $ 30,000,000 Psilos Group Partners II SBIC, L.P. Jun-02 Buyout Remaining to be invested$ 1,201,672 Vision Capital Partners VI, L.P. Jun-06 Buyout Age of fund (in years) 10.3 Hunt Ventures Fund I, L.P. Jun-04 Venture Capital Internal rate of return to date 5.2% MP II Preferred Partners, L.P. Jun-08 Distressed/Special Situations Apple Tree Partners II Jun-00 Buyout Total Value Multiple 1.3x Landmark Portfolio Advisors Fund I, LLC Jun-06 Diversified Percent of capital returned 97% Friedman Fleisher & Lowe Capital Partners III Jun-08 Buyout Total Number of Portfolio Companies 91 Oak Hill Capital Partners III Jun-07 Buyout Fund Profile Portfolio Cash Flows - Valuations - IRR Performance Client Initial Investment Nov-06 Target termination date Nov-19 26.0% 18,000,000 Investment strategy Secondaries 24.0% 16,000,000 Asset Class Private Equity Funds 22.0% 14,000,000 20.0% Fund Manager Landmark Partners, Inc. 12,000,000 18.0% Vintage Year 2006 10,000,000 16.0% Fund Size 1,194,454,545 8,000,000 14.0% % Drawn 96.0% 6,000,000 12.0%

10.0% IRR Client % ownership 2.5% 4,000,000 8.0% 2,000,000 Cash Flow and Valuation Summary Since Inception 6.0% 0 4.0% 60 (2,000,000) 2.0% Total 50 (4,000,000) 0.0% Distributions ($) 40 (6,000,000) (2.0% ) (4.0% ) 30 (8,000,000) 12/31/2006 3/31/2007 6/30/2007 9/30/2007 12/31/2007 3/31/2008 6/30/2008 9/30/2008 12/31/2008 3/31/2009 6/30/2009 9/30/2009 12/31/2009 3/31/2010 6/30/2010 9/30/2010 12/31/2010 3/31/2011 6/30/2011 9/30/2011 12/31/2011 3/31/2012 6/30/2012 9/30/2012 12/31/2012 3/31/2013 6/30/2013 9/30/2013 12/31/2013 3/31/2014 6/30/2014 9/30/2014 12/31/2014 3/31/2015 6/30/2015 9/30/2015 12/31/2015 3/31/2016 6/30/2016 9/30/2016 12/31/2016 3/31/2017 20 i ilos) Millions (in 10 0 Total Capital Valuation ($) Contributions Dis tributions NAV IRR Contributed ($)

22-Aug-2017 15:43:03

A-17 Landmark Equity Partners XIV, L.P. Los Angeles Department of Water and Power Employees' Retirement Plan

Investment Strategy Landmark XIV was formed to acquire interests in established private equity investments through secondary market transactions. The Partnership constructed a diversified portfolio of private equity interests with the objectives of achieving superior returns at lower risk for this asset class and generating cash distributions to its partners beginning in the Partnership’s first year.

Investment Review Portfolio Profile Reported Value$ 11,846,808 Top 10 Portfolio Investments Investment Date Sector Distributions $ 24,844,605 LAF IV Colony, L.P. Jun-10 Diversified Amount Contributed $ 28,130,798 Landmark Acquisition Fund VI, L.P. Jun-13 Diversified Original Commitment $ 30,000,000 WS Gatsby Partners, L.P. Jun-12 Buyout Remaining to be invested$ 1,780,307 TCL Aventura, L.P. Jun-11 Diversified Age of fund (in years) 8.5 TDR Capital II A, L.P. Jun-06 Buyout Internal rate of return to date 10.2% HL Investments, L.P. Jun-11 Diversified Ridgemont Equity Partners I, LP Jun-12 Buyout Total Value Multiple 1.3x Landmark Aquisition Fund III, L.P. Jun-09 Diversified Percent of capital returned 88% Vision Capital Partners VII, L.P. (C) Jan-09 Buyout Total Number of Portfolio Companies 239 Delta-V Capital Access Fund, L.P. Jun-13 Venture Capital Fund Profile Portfolio Cash Flows - Valuations - IRR Performance Client Initial Investment Sep-08 Target termination date Feb-24 20,000,000 25.0% Investment strategy Secondaries 18,000,000 Asset Class Private Equity Funds 20.0% 16,000,000 Fund Manager Landmark Partners, Inc. 14,000,000 Vintage Year 2008 15.0% 12,000,000 Fund Size 1,997,242,424 10,000,000 % Drawn 94.1% 10.0% 8,000,000 Client % ownership 1.5% IRR 6,000,000 5.0% Cash Flow and Valuation Summary Since Inception 4,000,000 2,000,000 0.0% 60 Total 0 50 Distributions ($) (5.0% ) (2,000,000) 40 (4,000,000) 30 (10.0%) 9/30/2008 12/31/2008 3/31/2009 6/30/2009 9/30/2009 12/31/2009 3/31/2010 6/30/2010 9/30/2010 12/31/2010 3/31/2011 6/30/2011 9/30/2011 12/31/2011 3/31/2012 6/30/2012 9/30/2012 12/31/2012 3/31/2013 6/30/2013 9/30/2013 12/31/2013 3/31/2014 6/30/2014 9/30/2014 12/31/2014 3/31/2015 6/30/2015 9/30/2015 12/31/2015 3/31/2016 6/30/2016 9/30/2016 12/31/2016 3/31/2017 20 i ilos) Millions (in 10 0 Total Capital Valuation ($) Contributions Dis tributions NAV IRR Contributed ($)

22-Aug-2017 15:43:03

A-18 Landmark Equity Partners XV, L.P. Los Angeles Department of Water and Power Employees' Retirement Plan

Investment Strategy Landmark XV was formed to acquire interests in established private equity investments through secondary market transactions. The Partnership constructed a diversified portfolio of private equity interests with the objectives of achieving superior returns at lower risk for this asset class and generating cash distributions to its partners beginning in the Partnership’s first year.

Investment Review Portfolio Profile Reported Value$ 13,416,182 Top 10 Portfolio Investments Investment Date Sector Distributions $ 7,714,179 LEP XV Holdings, L.P. Mar-15 Diversified Amount Contributed $ 17,731,978 Landmark Acquisition Fund VI, L.P. Jun-13 Diversified Original Commitment $ 40,000,000 Landmark Acquisition Fund VIII Jun-14 Diversified Remaining to be invested$ 22,211,520 Landmark Acquisition Fund VII, L.P. Jun-14 Diversified Age of fund (in years) 3.0 Landmark Acquisition Fund IX, L.P. Jun-16 Diversified Internal rate of return to date 12.4% Landmark Acquisition Fund X, L.P. Jun-16 Diversified TDR II Holdings, L.P. Jun-16 Buyout Total Value Multiple 1.2x Ares Corporate Opportunities Fund IV Jun-14 Buyout Percent of capital returned 44% TDR Capital II C, L.P. May-15 Buyout Total Number of Portfolio Companies 162 Fortress Investment Fund III, L.P. Jun-04 Buyout Fund Profile Portfolio Cash Flows - Valuations - IRR Performance Client Initial Investment Mar-14 Target termination date Apr-28 40.0% Investment strategy Secondaries 12,000,000 38.0% Asset Class Private Equity Funds 36.0% 10,000,000 Fund Manager Landmark Partners, Inc. 34.0% 32.0% Vintage Year 2013 8,000,000 30.0% Fund Size 3,250,000,000 6,000,000 28.0% % Drawn 44.5% 26.0%

Client % ownership 1.2% 4,000,000 IRR 24.0% Cash Flow and Valuation Summary Since Inception 2,000,000 22.0% 20.0% 0 40 18.0%

Total (2,000,000) 16.0% 30 Distributions ($) 14.0%

(4,000,000) 20 12.0% 3/31/2014 6/30/2014 9/30/2014 12/31/2014 3/31/2015 6/30/2015 9/30/2015 12/31/2015 3/31/2016 6/30/2016 9/30/2016 12/31/2016 3/31/2017

i ilos) Millions (in 10

0 Total Capital Valuation ($) Contributions Dis tributions NAV IRR Contributed ($)

22-Aug-2017 15:43:03

A-19 Lexington Capital Partners VI Holdings, L.P. Los Angeles Department of Water and Power Employees' Retirement Plan

Investment Strategy Lexington VI acquires interests in established leveraged buyout, venture capital, and mezzanine funds, primarily in secondary transactions. The Partnership created a diversified portfolio of private equity partnership interests with the expectation of achieving superior returns at a well-diversified level of risk while generating cash distributions beginning in the Partnership’s first year.

Investment Review Portfolio Profile Reported Value$ 7,281,111 Top 10 Portfolio Investments Investment Date Sector Distributions $ 36,014,403 KKR & Co. L.P. Jun-07 Buyout Amount Contributed $ 31,860,385 ZM Private Equity Fund I, L.P. Jun-07 Diversified Original Commitment $ 30,000,000 Thomas H. Lee Equity Fund VI, L.P. Jun-06 Buyout Remaining to be invested$ 490,410 Azini Fund IA Jun-07 Direct Secondaries Age of fund (in years) 10.8 Azini Fund II Jun-10 Direct Secondaries Internal rate of return to date 6.8% Vestar Capital Partners V, L.P. Jun-05 Buyout Lindsay Goldberg & Bessemer II, L.P. Jun-06 Buyout Total Value Multiple 1.4x 2007 Co-Investment Portfolio, L.P. Jun-07 Diversified Percent of capital returned 113% Saints Capital Chamonix, L.P. Jun-01 Diversified Total Number of Portfolio Companies 420 American Capital Equity I, LLC Jun-02 Buyout Fund Profile Portfolio Cash Flows - Valuations - IRR Performance Client Initial Investment Jun-06 Target termination date Aug-15 18.0% 22,000,000 Investment strategy Secondaries 16.0% 20,000,000 14.0% Asset Class Private Equity Funds 18,000,000 12.0% Fund Manager Lexington Partners, Inc. 16,000,000 10.0% Vintage Year 2006 8.0% 14,000,000 6.0% Fund Size 3,773,870,707 12,000,000 % Drawn 98.4% 4.0% 10,000,000 2.0% Client % ownership 0.8% 8,000,000 0.0% IRR Cash Flow and Valuation Summary Since Inception 6,000,000 (2.0% ) (4.0% ) 4,000,000 (6.0% ) 80 2,000,000 (8.0% ) Total 0 (10.0% ) 60 Distributions ($) (2,000,000) (12.0% )

40 (4,000,000) (14.0% ) 6/30/2006 9/30/2006 12/31/2006 3/31/2007 6/30/2007 9/30/2007 12/31/2007 3/31/2008 6/30/2008 9/30/2008 12/31/2008 3/31/2009 6/30/2009 9/30/2009 12/31/2009 3/31/2010 6/30/2010 9/30/2010 12/31/2010 3/31/2011 6/30/2011 9/30/2011 12/31/2011 3/31/2012 6/30/2012 9/30/2012 12/31/2012 3/31/2013 6/30/2013 9/30/2013 12/31/2013 3/31/2014 6/30/2014 9/30/2014 12/31/2014 3/31/2015 6/30/2015 9/30/2015 12/31/2015 3/31/2016 6/30/2016 9/30/2016 12/31/2016 3/31/2017

i ilos) Millions (in 20

0 Total Capital Valuation ($) Contributions Dis tributions NAV IRR Contributed ($)

22-Aug-2017 15:43:03

A-20 Lexington Capital Partners VII, L.P. Los Angeles Department of Water and Power Employees' Retirement Plan

Investment Strategy Lexington VII acquires interests in established leveraged buyout, venture capital and mezzanine funds through secondary market transactions. The Partnership is expected to assemble a diversified portfolio of private equity partnership interests with the expectation of achieving superior returns at a well-diversified level of risk while generating cash distributions back to investors early in the partnership's life cycle.

Investment Review Portfolio Profile Reported Value$ 12,603,610 Top 10 Portfolio Investments Investment Date Sector Distributions $ 26,574,182 2007 Co-Investment Portfolio, L.P. Jun-07 Diversified Amount Contributed $ 25,951,534 KKR/Lexington Co-Investments Jun-11 Diversified Original Commitment $ 30,000,000 Lexington Private Equity VI, L.P. Jun-15 Diversified Remaining to be invested$ 6,073,546 Providence Equity Partners VI, L.P. Jun-07 Buyout Age of fund (in years) 7.3 Lexington Private Equity IV, L.P. Jun-06 Diversified Internal rate of return to date 14.8% TPG Partners VI, L.P. Jun-08 Buyout Lexington Private Equity V, L.P. Jun-06 Diversified Total Value Multiple 1.5x Rosetta Capital V, L.P. Jun-15 Buyout Percent of capital returned 102% Warburg Pincus Private Equity X, L.P. Jun-07 Buyout Total Number of Portfolio Companies 603 Metalmark Capital Partners II, L.P. Jun-08 Buyout Fund Profile Portfolio Cash Flows - Valuations - IRR Performance Client Initial Investment Dec-09 Target termination date Jun-21 160.0% 20,000,000 Investment strategy Secondaries 140.0% 18,000,000 Asset Class Private Equity Funds 120.0% 16,000,000 Fund Manager Lexington Partners, Inc. 100.0% 14,000,000 80.0% Vintage Year 2009 12,000,000 60.0% Fund Size 6,099,106,061 10,000,000 40.0% % Drawn 79.8% 8,000,000

Client % ownership 0.5% 6,000,000 20.0% IRR 0.0% Cash Flow and Valuation Summary Since Inception 4,000,000 2,000,000 (20.0% ) 0 (40.0% ) 60 Total 50 Distributions ($) (2,000,000) (60.0% ) 40 (4,000,000) (80.0% )

30 (6,000,000) (100.0% ) 12/31/2009 3/31/2010 6/30/2010 9/30/2010 12/31/2010 3/31/2011 6/30/2011 9/30/2011 12/31/2011 3/31/2012 6/30/2012 9/30/2012 12/31/2012 3/31/2013 6/30/2013 9/30/2013 12/31/2013 3/31/2014 6/30/2014 9/30/2014 12/31/2014 3/31/2015 6/30/2015 9/30/2015 12/31/2015 3/31/2016 6/30/2016 9/30/2016 12/31/2016 3/31/2017 20 i ilos) Millions (in 10 0 Total Capital Valuation ($) Contributions Dis tributions NAV IRR Contributed ($)

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A-21 Oaktree Principal Fund V, L.P. Los Angeles Department of Water and Power Employees' Retirement Plan

Investment Strategy The Fund is implementing a distress-for-control investment strategy that generally involves purchasing one or more classes of a target company’s debt, at a discount, in anticipation of a financial restructuring that will allow the exchange of debt for a controlling ownership stake at an attractive valuation. In these situations, the Fund attempts to become the largest, or one of the largest, creditors of the target company, seeking at a minimum a blocking position in the fulcrum security in order to exert negative control during the restructuring process. Investment Review Portfolio Profile Reported Value$ 8,176,192 Top 10 Portfolio Investments Investment Date Sector Distributions $ 9,176,182 Agro Merchants Sep-13 Services Amount Contributed $ 15,065,861 Quicksilver Sep-14 Apparel, Accessories & Luxury Goods Original Commitment $ 16,000,000 Caerus Oil & Gas, LLC Dec-09 Oil & Gas Exploration and Production Remaining to be invested$ 1,761,267 Billabong International Nov-13 Retailing Related Age of fund (in years) 8.1 Dayco LLC Aug-09 Motor Vehicles, Transporation Equipment & Parts Internal rate of return to date 3.6% First BanCorp Oct-11 Financial Services Floatel International Limited Feb-12 Energy Related Total Value Multiple 1.2x HW Topco, Inc Mar-11 Media Related Services Percent of capital returned 61% Townsquare Media Feb-10 Radio & TV Broadcasting Stations Total Number of Portfolio Companies 19 General Maritime Corporation May-11 Other Transportation Fund Profile Portfolio Cash Flows - Valuations - IRR Performance Client Initial Investment Feb-09 Target termination date Feb-19 13,000,000 35.0% Investment strategy Debt Related 12,000,000 11,000,000 Asset Class Private Equity Funds 30.0% Fund Manager Oaktree Capital Management LLC 10,000,000 9,000,000 Vintage Year 2009 8,000,000 25.0% Fund Size 2,755,860,000 7,000,000 % Drawn 89.0% 6,000,000 20.0%

Client % ownership 0.6% 5,000,000 IRR 4,000,000 15.0% Cash Flow and Valuation Summary Since Inception 3,000,000 2,000,000 10.0% 30 1,000,000 Total 25 0 Distributions ($) 5.0% 20 (1,000,000) (2,000,000) 15 0.0% 3/31/2009 6/30/2009 9/30/2009 12/31/2009 3/31/2010 6/30/2010 9/30/2010 12/31/2010 3/31/2011 6/30/2011 9/30/2011 12/31/2011 3/31/2012 6/30/2012 9/30/2012 12/31/2012 3/31/2013 6/30/2013 9/30/2013 12/31/2013 3/31/2014 6/30/2014 9/30/2014 12/31/2014 3/31/2015 6/30/2015 9/30/2015 12/31/2015 3/31/2016 6/30/2016 9/30/2016 12/31/2016 3/31/2017 10 i ilos) Millions (in 5 0 Total Capital Valuation ($) Contributions Dis tributions NAV IRR Contributed ($)

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A-22 Silver Lake Partners IV, L.P. Los Angeles Department of Water and Power Employees' Retirement Plan

Investment Strategy Silver Lake Partners’ investment strategy is to (i) apply its technology expertise; (ii) leverage its global relationship network; (iii) focus on market leaders with transformational opportunities; (iv) invest in companies with exceptional growth prospects; (v) utilize creative investment structures and formats; and (vi) partner with its management teams to implement value creation initiatives. Silver Lake will focus primarily on technology companies with enterprise values of $500 million or more. The Fund expects to invest approximately $200 million to $1 billion or more of Fund capital per transaction.

Investment Review Portfolio Profile Reported Value$ 13,998,786 Top 10 Portfolio Investments Investment Date Sector Distributions $ 5,950,628 Dell, Inc. Oct-13 Hardware & IT Infrastructure Amount Contributed $ 13,505,406 Symantec Mar-16 Information Technology Original Commitment $ 18,000,000 SolarWinds Holdings, Inc. Feb-16 Information Technology Remaining to be invested$ 5,852,362 Motorola Solutions, Inc. Aug-15 Communications Age of fund (in years) 3.4 Cast & Crew Entertainment Services Aug-15 Business Services Internal rate of return to date 31.5% Ancestry May-16 DNA Testing UFC Aug-16 Media Total Value Multiple 1.5x Fanatics Holdings, Inc Sep-15 eCommerce Percent of capital returned 44% Red Ventures Holdco Oct-14 Venture Capital Total Number of Portfolio Companies 16 Avago Technologies, Ltd. May-14 Semiconductors Fund Profile Portfolio Cash Flows - Valuations - IRR Performance Client Initial Investment Oct-13

Target termination date Jun-23 14,000,000 70.0% Investment strategy Buyout 13,000,000 12,000,000 60.0% Asset Class Private Equity Funds 11,000,000 Fund Manager Silver Lake Partners 10,000,000 50.0% 9,000,000 Vintage Year 2013 40.0% Fund Size 10,263,000,000 8,000,000 7,000,000 30.0% % Drawn 67.5% 6,000,000

Client % ownership 0.2% 5,000,000 20.0% IRR 4,000,000 10.0% Cash Flow and Valuation Summary Since Inception 3,000,000 2,000,000 0.0% 30 Total 1,000,000 25 Distributions ($) 0 (10.0% ) (1,000,000) 20 (2,000,000) (20.0% ) 15 12/31/2013 3/31/2014 6/30/2014 9/30/2014 12/31/2014 3/31/2015 6/30/2015 9/30/2015 12/31/2015 3/31/2016 6/30/2016 9/30/2016 12/31/2016 3/31/2017 10 i ilos) Millions (in 5 0 Total Capital Valuation ($) Contributions Dis tributions NAV IRR Contributed ($)

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A-23 Vista Equity Partners IV, L.P. Los Angeles Department of Water and Power Employees' Retirement Plan

Investment Strategy Vista Equity Partners (VEP) focuses on making control-oriented investments in middle-market companies that specialize in providing enterprise software and that have considerable opportunities for generating additional value. Target companies will have enterprise values of $100.0 million to $1.0 billion. These targeted transactions must have some aspect on which VEP believes material operational change can be enacted and then translated into outsized investment returns.

Investment Review Portfolio Profile Reported Value$ 32,067,157 Top 10 Portfolio Investments Investment Date Sector Distributions $ 13,596,054 Misys Limited Jan-12 Information Technology Amount Contributed $ 24,445,906 Cvent (fka: Active Networks) Nov-13 Information Technology Original Commitment $ 25,000,000 Omnitracs Oct-13 Information Technology Remaining to be invested$ 2,657,177 Greenway Nov-11 Healthcare Age of fund (in years) 5.3 Vivid Seats Feb-16 Information Technology Internal rate of return to date 20.1% STATS Jun-14 Information Technology Aptean Apr-12 Information Technology Total Value Multiple 1.9x Sovos Compliance Dec-12 Information Technology Percent of capital returned 56% Total Number of Portfolio Companies 8

Fund Profile Portfolio Cash Flows - Valuations - IRR Performance Client Initial Investment Nov-11 Target termination date Mar-22 30,000,000 Investment strategy Buyout 20.0% Asset Class Private Equity Funds 25,000,000 Fund Manager Vista Equity Partners 15.0% Vintage Year 2011 20,000,000 Fund Size 3,069,540,817 10.0% 15,000,000 % Drawn 89.4% 5.0% Client % ownership 0.8% 10,000,000 IRR Cash Flow and Valuation Summary Since Inception 5,000,000 0.0%

80 0 (5.0% ) Total 60 Distributions ($) (5,000,000) (10.0% ) 40 12/31/2011 3/31/2012 6/30/2012 9/30/2012 12/31/2012 3/31/2013 6/30/2013 9/30/2013 12/31/2013 3/31/2014 6/30/2014 9/30/2014 12/31/2014 3/31/2015 6/30/2015 9/30/2015 12/31/2015 3/31/2016 6/30/2016 9/30/2016 12/31/2016 3/31/2017

i ilos) Millions (in 20

0 Total Capital Valuation ($) Contributions Dis tributions NAV IRR Contributed ($)

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A-24 Vista Equity Partners V, L.P. Los Angeles Department of Water and Power Employees' Retirement Plan

Investment Strategy Vista Equity Partners (VEP) focuses on making control-oriented investments in middle-market companies that specialize in providing enterprise software and that have considerable opportunities for generating additional value. Target companies will have enterprise values of $100.0 million to $1.0 billion. These targeted transactions must have some aspect on which VEP believes material operational change can be enacted and then translated into outsized investment returns.

Investment Review Portfolio Profile Reported Value$ 48,964,851 Top 10 Portfolio Investments Investment Date Sector Distributions $ 9,259,423 TIBCO Software, Inc. Dec-14 Information Technology Amount Contributed $ 49,919,825 Solera Feb-16 Information Technology Original Commitment $ 50,000,000 EagleView Technology Corporation Jul-15 Information Technology Remaining to be invested$ 61,748 MediaOcean Aug-15 Information Technology Age of fund (in years) 2.9 Marketo Aug-16 Information Technology Internal rate of return to date 10.4% Advanced Computer Software Group, plc Mar-15 Information Technology DelaerSocket May-14 Information Technology Total Value Multiple 1.2x NAVEX Nov-14 Information Technology Percent of capital returned 19% Forcepoint May-15 Information Technology Total Number of Portfolio Companies 12 Vivid Seats Feb-16 Information Technology Fund Profile Portfolio Cash Flows - Valuations - IRR Performance Client Initial Investment May-14 Target termination date Oct-24 50,000,000 Investment strategy Buyout 45,000,000 15.0% Asset Class Private Equity Funds 40,000,000 10.0% Fund Manager Vista Equity Partners 35,000,000 Vintage Year 2014 30,000,000 5.0% Fund Size 6,200,000,000 25,000,000 % Drawn 99.9% 20,000,000 0.0%

Client % ownership 0.8% 15,000,000 IRR (5.0% ) Cash Flow and Valuation Summary Since Inception 10,000,000 5,000,000 (10.0% ) 100 0 Total (5,000,000) (15.0% ) 80 Distributions ($) (10,000,000) 60 (20.0% ) (15,000,000) 40 3/31/2014 6/30/2014 9/30/2014 12/31/2014 3/31/2015 6/30/2015 9/30/2015 12/31/2015 3/31/2016 6/30/2016 9/30/2016 12/31/2016 3/31/2017 i ilos) Millions (in 20

0 Total Capital Valuation ($) Contributions Dis tributions NAV IRR Contributed ($)

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A-25 Vista Equity Partners VI, L.P. Los Angeles Department of Water and Power Employees' Retirement Plan

Investment Strategy Vista Equity Partners (VEP) focuses on making control-oriented investments in upper middle-market companies that specialize in providing enterprise software and that have considerable opportunities for generating additional value. Target companies will have enterprise values of $400.0 million to $5.0 billion. These targeted transactions must have some aspect on which VEP believes material operational change can be enacted and then translated into outsized investment returns.

Investment Review Portfolio Profile Reported Value$ 22,066,433 Top 10 Portfolio Investments Investment Date Sector Distributions $ 0 Cvent Nov-16 Information Technology Amount Contributed $ 22,439,168 Marketo Mar-16 Information Technology Original Commitment $ 60,000,000 Infoblox Inc. Mar-16 Information Technology Remaining to be invested$ 37,473,678 Vertafore Jun-16 Information Technology Age of fund (in years) 1.0 Ping Identity Jun-16 Information Technology Internal rate of return to date -2.2% Superion Feb-17 Information Technology Total Value Multiple 1.0x Percent of capital returned 0% Total Number of Portfolio Companies 6

Fund Profile Portfolio Cash Flows - Valuations - IRR Performance Client Initial Investment Apr-16 Target termination date 22,000,000 1.0% Investment strategy Buyout 20,000,000 0.8% 0.6% Asset Class Private Equity Funds 18,000,000 16,000,000 0.4% Fund Manager Vista Equity Partners 14,000,000 0.2% Vintage Year 2016 0.0% 12,000,000 (0.2% ) Fund Size 8,979,000,000 10,000,000 (0.4% ) % Drawn 37.5% 8,000,000 (0.6% )

6,000,000 IRR Client % ownership 0.7% (0.8% ) 4,000,000 (1.0% ) Cash Flow and Valuation Summary Since Inception 2,000,000 (1.2% ) 0 Total (1.4% ) 30 (2,000,000) Distributions ($) (1.6% ) 25 (4,000,000) (1.8% ) 20 (6,000,000) (2.0% ) 15 (8,000,000) (2.2% ) 6/30/2016 9/30/2016 12/31/2016 3/31/2017 10 i ilos) Millions (in 5 0 Total Capital Valuation ($) Contributions Dis tributions NAV IRR Contributed ($)

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A-26 HEALTH FUND PRIVATE EQUITY PROGRAM OVERVIEW

As of March 31, 2017, the Program had $149.5 million in commitments across 21 partnerships generating a net since inception IRR of 11.5%, up from 11.4% last quarter and 9.7% one year prior. Recovery from prior declines in some oil & gas holdings and distressed debt securities, contributed to recent performance improvements. However, material contribution activity (29% of current market value) continues to be a slight drag on recent results as underlying investments are initially held at cost. The Program’s reported value represented 3.3% of total Plan assets as of Q1 2017. WPERP’s current target allocation to private equity is 5% (an increase to 8% over the long-term was approved in September of 2015 by the Board). Including unfunded commitments of $82.1 million results in an approximate allocation of 7.7% on a total exposure basis (market value plus unfunded commitments). Subsequent to the reporting period, an additional $56.0 million of commitments have closed or been approved, but had yet to begin deploying capital, bringing the approximate allocation to 10.8% on a total exposure basis. Continued commitment activity is required to achieve the target allocation on a market value basis.

WPERP Health Fund Private Equity Program – one-year change as of March 31, 2017 ($ Millions)

% of Total Target PE Since Inception Committed Contributed Distributed Market Value Assets Allocation Multiple IRR* Beginning of Period $99.0 $54.2 $17.1 $45.8 2.7% 5.0% 1.2x 9.7% End of Period $149.5 $72.1 $27.5 $61.2 3.3% 5.0% 1.2x 11.5% Change $50.5 $17.9 $10.4 $15.4 0.6% 0.0% --- 1.8% * initial capital call was on September 19, 2008

The WPERP Health Fund private equity portfolio underperformed the policy benchmark (Russell 3000 Index plus 300 basis points) over all periods evaluated. The continued strong performance of the public equity markets contributed to the underperformance as public equity has generated returns well above long-term expectations while private markets’ appreciation has not kept pace. Given this dynamic, public equity index plus a premium benchmarks have been difficult to outperform over recent periods. Relative to the broad private equity market (as represented by the Cambridge Associates Horizon Summary Report provided on page 16 of this report), the Health Fund private equity portfolio outperformed the broad private equity market over all periods evaluated, except for the latest five-year period.

WPERP Health Fund Private Equity Performance vs. Policy Benchmark as of March 31, 2017 One-Year Three-Year Five-Year Since Inception WPERP Private Equity 15.9% 10.8% 11.1% 11.5% Russell 3000 + 300 bps 21.4% 13.0% 14.7% 15.1% Variance (5.5%) (2.2%) (3.6%) (3.6%)

WPERP Private Equity Performance Report – 1Q2017 B-1 A(Y)ltiNIttGBtibtiittIttStiittMlllID EttdVl l d IRRt ($)($)Uf f t C t ($)d t P i t E it3/31/2017 T ki S h d l All P tf li I t t LA lD Los Angeles Department of Water and Power Retiree Health Benefits Fund Private Equity Tracking Schedule

Date of Actual Total As of: Investment Initial Total Capital Contribution Remaining Distribution Reported Total Net 3/31/2017 Sector Investment Committed ($) to Date* ($) Unfunded ($) to Date ($) Value ($) Exposure ($) Multiple IRR Investments Landmark Equity Partners XIV, L.P. Secondaries Sep-08 5,000,000 4,703,293 296,707 4,140,769 1,974,470 2,271,177 1.3x 10.2% Oaktree Principal Fund V, L.P. Debt Related Feb-09 2,500,000 2,349,802 275,198 1,433,476 1,277,536 1,552,734 1.2x 3.6% Lexington Capital Partners VII, L.P. Secondaries Dec-09 5,000,000 4,336,811 1,012,260 4,428,990 2,100,632 3,112,892 1.5x 14.8% Audax Mezzanine Fund III, L.P. Debt Related Feb-11 3,000,000 2,647,795 352,205 1,768,749 1,544,550 1,896,755 1.3x 9.6% EnCap Energy Capital Fund VIII, L.P. Growth Feb-11 2,500,000 2,538,673 254,866 1,252,868 1,090,231 1,345,097 0.9x -3.3% Vista Equity Partners IV, L.P. Buyout Nov-11 5,000,000 4,894,087 531,436 2,719,212 6,413,434 6,944,870 1.9x 20.1% Ares Corporate Opportunities Fund IV, L.P. Buyout Nov-12 5,000,000 4,543,640 1,263,776 1,260,347 4,925,644 6,189,420 1.4x 15.2% EnCap Energy Capital Fund IX, L.P. Growth Jan-13 3,000,000 2,876,610 567,573 1,709,230 2,201,789 2,769,361 1.4x 20.0% Silver Lake Partners IV, L.P. Buyout Oct-13 3,000,000 2,250,901 975,392 991,770 2,333,140 3,308,532 1.5x 31.5% Apollo Investment Fund VIII Buyout Feb-14 6,000,000 4,249,384 2,382,484 813,164 4,111,327 6,493,811 1.2x 13.2% Landmark Equity Partners XV, L.P. Secondaries Mar-14 7,000,000 3,112,983 3,887,017 1,349,973 2,347,841 6,234,858 1.2x 12.4% Clayton, Dubilier & Rice Fund IX, L.P. Buyout Mar-14 5,000,000 3,497,158 1,517,805 1,387,026 3,525,042 5,042,847 1.4x 23.9% Vista Equity Partners V, L.P. Buyout May-14 10,000,000 9,987,648 12,352 1,851,885 9,792,972 9,805,324 1.2x 10.4% Crestview Partners III, L.P. Buyout Jan-15 10,000,000 3,120,982 6,906,546 50,543 3,032,460 9,939,006 1.0x -0.9% Ares Special Situations Fund IV, L.P. Debt Related Feb-15 10,000,000 3,778,765 7,023,102 807,735 1,896,745 8,919,847 0.7x -18.9% EnCap Energy Capital Fund X, L.P. Growth Mar-15 7,000,000 2,673,199 4,752,505 894,107 2,322,471 7,074,976 1.2x 25.8% Blackstone Tactical Opportunities Fund II, L.P.Debt Related May-15 10,000,000 4,706,970 5,436,306 615,042 4,737,613 10,173,919 1.1x 11.6% Vista Equity Partners VI, L.P. Buyout Apr-16 12,000,000 4,505,265 7,494,735 0 4,413,289 11,908,024 1.0x -2.2% Harvest Partners VII, L.P. Buyout Jul-16 6,000,000 995,135 5,004,865 0 886,853 5,891,718 0.9x -45.8% Adams Street Global SMB WPERP Fund L.P. Buyout Feb-17 25,000,000 237,500 24,762,500 0 199,310 24,961,810 0.8x -16.1% Industry Ventures Secondary VIII, L.P. Secondaries Feb-17 7,500,000 90,000 7,410,000 0 96,040 7,506,040 1.1x 6.7%

Total Portfolio $149,500,000 $72,096,601 $82,119,629 $27,474,885 $61,223,388 $143,343,017 1.2x 11.5%

All All All Total

* May exceed committed capital due to recycling of recallable distributions.

B-2