Public Disclosure Report

San Francisco Employees Retirement System Alternative Investment Program as of 6/30/12

Cumulative Cumulative Reported Vintage SFERS Investment Net IRR as of Fund/Investment Contributions Distributions Value as of Year Commitment Multiple 6/30/12 1 through 6/30/12 through 6/30/12 6/30/12

ABRY Broadcast Partners II, LP 1995 $5.00 $5.00 $15.76 $0.76 3.31x 47.32% ABRY Broadcast Partners III, LP 1997 $20.00 $18.02 $17.77 $3.65 1.19x 3.28% ABRY Partners IV, LP 2001 $20.00 $14.42 $25.94 $9.46 2.46x 18.15% ABRY Partners V, LP 2005 $20.00 $18.32 $29.48 $8.40 2.07x 18.94% ABRY Partners VI, LP 2008 $30.00 $25.65 $6.41 $30.06 1.42x NM 2 ABRY Partners VII, LP 2011 $30.00 $6.45 $0.00 $7.00 1.08x NM 2 ABRY Senior Equity III, LP 2010 $20.00 $14.13 $0.00 $16.03 1.13x NM 2 ABS Capital Partners III, LP 1999 $21.02 $21.02 $13.24 $0.16 0.64x (9.15)% ABS Capital Partners IV Trust 2000 $17.63 $17.63 $35.21 $4.68 2.26x 20.90% Actis Emerging Markets 3, LP 2007 $30.00 $22.30 $0.12 $25.40 1.14x 7.05% Advanced Technology Ventures V, LP 1998 $11.00 $11.00 $6.80 $0.34 0.65x (6.20)% Advanced Technology Ventures VI, LP 2000 $20.00 $20.00 $6.95 $2.01 0.45x (8.47)% Advanced Technology Ventures VII, LP 2001 $18.00 $17.19 $8.20 $9.96 1.06x 1.06% Advent International GPE VI-A, L.P. 2008 $30.00 $23.78 $1.44 $28.29 1.25x NM 2 Advent VII, LP* 1993 $7.50 $7.50 $28.17 $0.00 3.76x 55.44% Advent VIII, LP 1997 $17.50 $17.15 $38.94 $0.22 2.28x 23.38% Alta Subordinated Debt Partners III, LP* 1993 $10.00 $10.00 $34.07 $0.00 3.41x 28.89% Alta V, LP 1992 $10.00 $10.00 $22.77 $0.12 2.29x 24.74% American Securities Partners VI, LP 2011 $25.00 $4.27 $0.00 $4.05 0.95x NM 2 APAX Credit Risque III, LP* 1990 $3.53 $3.53 $8.02 $0.00 2.27x 13.44% APAX Europe IV, LP 1999 $52.22 $52.22 $67.87 $1.15 1.32x 7.72% APAX Europe V, LP 2001 $60.51 $60.51 $117.39 $7.73 2.07x 36.20% APAX Europe VI, LP 2005 $25.40 $25.40 $19.09 $18.43 1.48x 11.25% APAX Europe VII, LP 2007 $30.69 $29.61 $4.78 $27.50 1.09x 3.23% APAX Germany II, LP* 1997 $6.02 $6.02 $13.90 $0.00 2.31x 63.14% APAX UK V, LP* 1995 $15.88 $15.88 $84.94 $0.00 5.35x 75.13% APAX UK VI, LP* 1997 $24.55 $24.55 $49.52 $0.00 2.02x 39.54% APAX Ventures IV, LP* 1990 $5.26 $5.26 $14.75 $0.00 2.8x 25.10% Apollo European Principal Finance Fund, L.P. 2008 $26.69 $26.34 $11.39 $18.00 1.12x NM 2 Apollo European Principal Finance Fund II (Dollar A) , LP 2012 $25.00 $6.45 $0.00 $6.45 1.00x NM 2 Apollo Investment Fund IV, LP 1998 $30.00 $29.94 $49.76 $0.48 1.68x 8.54% Apollo Investment Fund V, LP 2001 $20.00 $18.54 $41.52 $8.32 2.69x 38.82% Apollo Investment Fund VI, LP 2005 $20.00 $17.89 $3.69 $20.87 1.37x 7.49% Apollo Investment Fund VII, LP 2008 $30.00 $20.71 $5.88 $24.49 1.47x NM 2 Asia Pacific Growth Fund II Liquidating Trust 1996 $15.00 $15.00 $24.16 $0.28 1.63x 10.30% Asia Pacific Growth Fund III, LP 1999 $10.00 $10.00 $7.97 $2.34 1.03x 0.35% Asia Pacific Trust 1990 $8.83 $8.83 $10.32 $0.00 1.17x 2.45% Avenue Asia Special Situations Fund IV, LP 2006 $15.26 $15.26 $7.01 $9.95 1.11x 3.53% Bain Capital Venture Fund 2012, LP 2012 $10.00 $0.00 $0.00 $0.00 0.00 NM 2 Bain-Sankaty Credit Opportunities III, LP 2007 $20.00 $20.00 $0.68 $18.20 0.94x (1.25)% Bain-Sankaty Credit Opportunities IV, LP 2008 $30.00 $27.00 $12.43 $25.05 1.39x NM 2 Baring Asia Private Equity Fund V, LP 2011 $20.00 $4.68 $0.00 $3.80 0.81x NM 2 Battery Ventures III, LP* 1994 $9.00 $9.00 $41.15 $0.00 4.57x 29.14% Battery Ventures IV, LP* 1997 $13.50 $13.50 $96.68 $0.00 7.16x 161.55% Battery Ventures V, LP 1999 $25.00 $25.00 $32.85 $0.39 1.33x 8.24% Battery Ventures VI, LP 2000 $29.45 $29.45 $30.99 $6.48 1.27x 4.43% Bay Partners XI, LP 2005 $14.21 $11.46 $6.78 $8.40 1.32x 8.19% BC European Capital IX, LP 2011 $38.39 $4.42 $0.00 $4.91 1.11x NM 2 BC European Capital VI, LP* 1998 $7.78 $7.78 $23.18 $0.00 2.98x 27.51% BC European Capital VII, LP 2000 $27.01 $27.01 $67.43 $1.78 2.56x 24.02% BC European Capital VIII, LP 2005 $26.69 $25.41 $10.08 $18.67 1.13x 4.05% BC Partners Fund VII Top-Up 2001 $9.08 $9.08 $22.89 $0.74 2.60x 28.40% BCI Growth V, LP 1999 $20.00 $18.95 $8.23 $1.06 0.49x (9.63)% Belmont Capital Partners II, LP* 1993 $10.00 $10.00 $14.23 $0.00 1.42x 12.00% Bertram Growth Capital II, L.P. 2010 $20.00 $5.71 $3.81 $3.13 1.22x NM 2 Blackstone Capital Partners II, LP 1993 $19.41 $19.41 $44.25 $0.00 2.13x 22.78% Blackstone Capital Partners III, LP 1997 $29.94 $28.64 $60.83 $0.15 2.04x 14.77% Blackstone Capital Partners IV, LP 2002 $32.38 $30.97 $56.56 $23.88 2.57x 37.61% Blackstone Capital Partners V, LP 2006 $26.40 $24.18 $3.22 $22.13 1.01x 0.13% Blackstone Capital Partners VI, LP 2011 $30.00 $3.55 $0.00 $3.32 0.83x NM 2 Blackstone Capital Partners V-S, LP (Supplemental) 2006 $3.60 $3.49 $0.26 $3.07 0.95x (1.21)% Canaan Fund VIII, L.P. 2007 $20.00 $13.20 $1.81 $14.60 1.24x 11.10% Canaan Fund IX, LP 2012 $24.00 $1.56 $0.00 $1.40 0.90x NM 2 Capital International PE Fund V, LP 2007 $20.00 $16.25 $7.13 $13.71 1.28x 8.97% Capital International PE Fund VI, LP 2011 $25.00 $3.38 $0.00 $3.07 0.91x NM 2 Capvis Equity III, L.P. 2008 $17.25 $10.41 $0.00 $12.30 1.18x NM 2 Castle Harlan Partners II, LP* 1992 $9.45 $9.45 $19.19 $0.00 1.84x 28.13% Castle Harlan Partners III, LP 1997 $24.33 $24.33 $27.85 $0.00 1.06x 1.36%

Page 1 of 4 Public Disclosure Report

Cerberus Institutional Partners, LP - Series Four 2006 $20.00 $18.47 $4.26 $20.41 1.34x 7.44% CHAMP Buyout III, LP 2009 $14.15 $6.54 $0.01 $5.50 0.84x NM 2 Charterhouse Capital IX, LP 2009 $31.65 $13.72 $0.00 $15.89 1.16x NM 2 Charterhouse Capital Partners VIII, LP 2006 $25.32 $23.78 $0.64 $20.76 0.90x (2.37)% Chequers Capital XVI, FCPR 2011 $17.85 $1.58 $0.00 $1.23 0.78x NM 2 Clarus Life Sciences II, LP 2008 $10.00 $5.99 $2.40 $3.98 1.07x NM 2 Clayton, Dubilier & Rice Fund V, LP 1995 $20.00 $19.90 $19.94 $2.70 1.14x 1.86% Clayton, Dubilier & Rice Fund VI, LP 1998 $20.00 $18.71 $25.22 $4.04 1.56x 9.33% Clessidra Capital Partners II, LP 2008 $25.57 $9.51 $2.24 $5.38 0.80x NM 2 Crossroads SF Limited Partnership* 1987 $29.39 $29.39 $67.34 $0.00 2.29x 19.58% Crossroads SF Liquidating Account* 1987 $0.61 $0.61 $0.36 $0.00 0.59x (23.23)% DLJ MBP III & OP III C.V. 2000 $20.00 $19.38 $38.26 $4.53 2.03x 19.82% DLJ Merchant Banking Partners II, LP 1996 $22.50 $22.17 $30.78 $0.73 1.30x 5.90% Doll Capital Management VI, LP 2010 $10.00 $4.00 $0.00 $3.65 0.91x NM 2 Doughty Hanson & Co. Funds III 1998 $20.00 $19.53 $30.37 $1.25 1.62x 11.26% Doughty Hanson & Co. V, LP 2007 $29.12 $25.51 $0.21 $24.10 0.95x (1.68)% Draper Fisher Jurvetson Fund X, LP 2010 $10.00 $4.63 $0.00 $4.97 1.08x NM 2 Duke Street Capital IV, LP* 1999 $20.94 $20.72 $28.47 $0.00 1.37x 8.75% Energy Capital Partners II-A, LP 2009 $20.00 $8.68 $0.22 $10.72 1.26x NM 2 First Reserve Fund IX, LP* 2001 $30.00 $30.00 $89.94 $0.00 3.00x 48.44% First Reserve Fund VI, LP* 1992 $10.00 $10.00 $28.20 $0.00 2.82x 25.86% First Reserve Fund VII, LP* 1996 $30.00 $30.00 $45.61 $0.00 1.52x 10.32% First Reserve Fund VIII, LP* 1998 $30.00 $30.00 $61.12 $0.00 2.04x 16.75% First Reserve Fund X, LP 2004 $15.00 $15.00 $20.57 $6.64 1.81x 32.05% First Reserve Fund XI, LP 2006 $30.00 $27.59 $8.74 $22.91 1.08x 2.58% First Reserve Fund XII, LP 2008 $40.78 $30.26 $2.25 $28.22 1.00x NM 2 Foothill Partners II, LP* 1993 $1.15 $1.15 $5.83 $0.00 5.07x 13.24% Foothill Partners III, LP* 1996 $6.73 $6.73 $9.36 $0.00 1.39x 3.48% Fox Paine Capital Fund II, LP 2000 $15.00 $11.23 $12.11 $12.57 2.20x 22.21% Fox Paine Capital Fund, LP* 1998 $15.00 $15.00 $21.68 $0.00 1.45x 6.90% Friedman, Fleischer & Lowe Capital Partners II, LP 2004 $15.00 $10.58 $11.51 $7.48 1.76x 12.79% Friedman, Fleischer & Lowe Capital Partners III, LP 2008 $40.00 $20.20 $0.00 $18.55 0.92x NM 2 Friedman, Fleischer & Lowe Capital Partners, LP 1999 $20.00 $19.12 $54.70 $8.21 2.89x 34.26% GenNx360 Capital Partners, LP 2007 $10.00 $8.31 $1.10 $9.31 1.25x 9.92% Green Equity Investors VI, LP 2012 $20.00 $0.00 $0.00 $0.00 0.00x NM 2 Greenpark International Investors III, LP 2007 $29.81 $28.98 $9.04 $17.43 0.91x (2.95)% Grotech Partners IV, LP* 1993 $10.00 $10.00 $17.59 $0.00 1.76x 16.03% Grotech Partners V, LP 1998 $17.00 $17.00 $16.68 $0.27 1.00x (0.16)% Grotech Partners VI, L.P. 2000 $15.00 $15.00 $7.01 $3.58 0.71x (5.22)% Gryphon Partners II, LP 1999 $20.00 $19.24 $21.65 $7.07 1.33x 6.83% GTCR Fund X, LP 2011 $20.00 $7.39 $0.00 $6.86 0.93x NM 2 HarbourVest Intl. PEP II - Part. Fund, LP 1995 $10.00 $9.80 $13.76 $0.61 1.41x 9.01% HarbourVest Intl. PEP III - Partnership Fund, LP 1998 $50.00 $49.00 $69.96 $5.23 1.53x 8.63% Hellman & Friedman Capital Partners II, LP 1991 $8.84 $8.84 $26.96 $0.01 3.05x 30.47% Hellman & Friedman Capital Partners III, LP* 1995 $24.09 $24.09 $55.10 $0.00 2.29x 34.48% Hellman & Friedman Capital Partners IV, LP 2000 $30.00 $26.93 $75.61 $0.47 2.81x 34.76% Hellman & Friedman Capital Partners V, LP 2004 $15.00 $13.44 $24.05 $8.64 2.43x 27.85% Hellman & Friedman Capital Partners VI, LP 2007 $30.00 $28.50 $10.12 $24.02 1.20x 5.77% Hellman & Friedman Capital Partners VII, LP 2011 $30.00 $6.54 $0.00 $5.83 0.89x NM 2 Hony Capital Fund V, L.P. 2011 $20.00 $0.67 $0.00 $0.40 0.61x NM 2 Horsley Bridge Fund VI, LP 1999 $75.00 $73.42 $47.68 $17.74 0.89x (1.80)% Horsley Bridge International I, LP 1998 $10.00 $10.00 $13.11 $2.08 1.52x 8.18% Horsley Bridge International II, LP 2000 $20.00 $20.00 $19.59 $8.31 1.40x 7.88% Horsley Bridge VII, LP 2000 $40.00 $28.87 $13.90 $17.55 1.09x 1.56% Institutional Venture Partners XII, LP 2007 $20.00 $20.00 $11.91 $27.38 1.96x 30.90% Institutional Venture Partners XIII, LP 2010 $30.00 $19.50 $0.00 $20.53 1.05x NM 2 Institutional Venture Partners XIV, LP 2012 $30.00 $0.00 $0.00 $0.00 0.00x NM 2 InterWest X, LP 2008 $14.25 $6.94 $0.00 $6.55 0.94x NM 2 Knightsbridge Integrated Holdings II, LP 1992 $6.00 $6.00 $22.78 $0.59 3.81x 33.59% Knightsbridge Integrated Holdings III, LP 1996 $9.97 $9.97 $27.06 $0.60 2.77x 42.09% Knightsbridge Integrated Holdings IV, LP 1998 $15.00 $14.67 $14.57 $2.47 1.16x 2.27% Knightsbridge Integrated Holdings V, LP 2000 $15.00 $14.51 $8.23 $6.48 1.01x 0.24% Knightsbridge Venture Capital VI, L.P. Series VC 2004 $10.00 $8.47 $0.25 $8.85 1.07x 1.82% Knightsbridge Venture Capital VII-A, LP 2009 $30.00 $15.60 $0.00 $16.71 1.07x NM 2 Landmark Equity Partners XII, LP (Sec. v. 2004) 2004 $50.00 $47.31 $64.28 $10.42 1.58x 24.92% Lexington Capital Partners II, LP 1998 $20.00 $19.77 $25.19 $1.06 1.33x 8.30% Lexington Capital Partners III, LP 1999 $30.00 $29.59 $35.00 $2.11 1.25x 8.78% Lexington Capital Partners V, LP 2001 $35.00 $34.83 $47.96 $9.35 1.65x 19.07% Lightyear Fund II, LP 2006 $20.00 $18.60 $0.14 $21.04 1.13x 3.07% Madison Dearborn Capital Partners II, LP* 1996 $25.00 $25.00 $58.30 $0.00 2.33x 21.99% Madison Dearborn Capital Partners III, LP 1999 $40.00 $40.00 $60.87 $0.58 1.54x 8.75% Madison Dearborn Capital Partners IV, LP 2000 $30.00 $30.00 $37.39 $13.94 1.71x 13.56% Madison Dearborn Capital Partners V, LP 2006 $30.00 $24.86 $6.34 $24.49 1.18x 3.62% Madison Dearborn Capital Partners VI-A, LP 2008 $30.00 $7.57 $1.98 $9.22 1.26x NM 2 Madison Dearborn Capital Partners, LP* 1993 $14.50 $14.50 $48.98 $0.00 3.38x 27.77% MatlinPatterson Global Opportunities II 2004 $15.00 $15.00 $5.25 $0.63 0.39x (32.59)% MatlinPatterson Global Opportunities III, L.P. 2007 $30.00 $25.50 $11.52 $17.52 1.14x 4.18%

Page 2 of 4 Public Disclosure Report

MatlinPatterson Global Opportunities Partners, LP 2001 $20.00 $13.45 $28.28 $0.10 2.10x 15.83% Menlo Ventures IX, LP 2001 $15.00 $15.00 $11.75 $4.80 1.10x 1.91% Menlo Ventures VI, LP* 1994 $10.00 $10.00 $31.07 $0.00 3.11x 41.14% Menlo Ventures XI, LP 2010 $40.00 $10.00 $0.00 $9.12 0.91x NM 2 Merit Energy Partners VI, LP 1992 $50.00 $45.79 $182.85 $89.30 5.94x 20.67% Morgan Grenfell Equity Partners II* 1995 $16.19 $16.19 $17.26 $0.00 1.07x 1.82% Morgenthaler Partners VI 2000 $15.00 $15.00 $7.24 $1.37 0.57x (11.87)% Morgenthaler Partners VII 2001 $20.00 $20.00 $14.18 $5.46 0.98x (0.36)% Morgenthaler Venture Partners V 1998 $8.43 $8.43 $14.93 $1.72 1.98x 12.58% New Enterprise Associates XIII, LP 2009 $15.00 $10.65 $0.57 $12.31 1.21x NM 2 New Enterprise Associates 14, LP 2012 $20.00 $1.80 $0.00 $1.75 0.97x NM 2 Oak Hill Capital Partners II, LP 2005 $20.00 $19.53 $14.37 $16.78 1.59x 10.39% Oak Hill Capital Partners III, LP 2007 $40.00 $29.71 $0.10 $32.16 1.09x 3.05% Oaktree Opportunities Fund IX, LP 2012 $30.00 $0.00 $0.00 $0.00 0.00x NM 2 OCM Opportunities Fund II, LP 1997 $20.00 $20.00 $30.22 $0.03 1.51x 8.46% OCM Opportunities Fund III, LP 1999 $20.00 $20.00 $29.67 $0.28 1.50x 12.37% OCM Opportunities Fund IVb, LP 2002 $20.00 $20.00 $35.05 $0.00 1.75x 47.80% OCM Opportunities Fund V, LP 2004 $15.00 $15.00 $21.82 $2.30 1.61x 14.15% OCM Opportunities Fund VI, LP 2005 $15.00 $15.00 $14.98 $7.66 1.51x 8.78% OCM Opportunities Fund VII, LP 2007 $15.00 $15.00 $10.93 $9.13 1.34x 8.01% OCM Opportunities Fund VIIb, LP 2008 $13.50 $13.50 $12.69 $9.20 1.62x NM 2 OCM Opportunities Fund, LP* 1996 $18.00 $18.00 $29.50 $0.00 1.64x 10.32% OCM Opportunities VIII, LP 2009 $15.00 $15.00 $0.15 $16.84 1.13x NM 2 OCM Opportunities VIIIb, LP 2011 $15.00 $6.00 $0.00 $6.20 1.03x NM 2 Odyssey Investment Partners IV, LP 2008 $30.00 $13.54 $0.38 $18.23 1.35x NM 2 Paine & Partners Capital Fund III, LP 2006 $25.00 $17.34 $1.80 $15.27 0.98x (0.44)% Palamon European Equity II, L.P. 2005 $19.44 $16.76 $8.08 $12.47 1.22x 5.53% Palamon European Equity, LP 1999 $25.69 $22.20 $33.04 $11.23 1.99x 12.87% Pantheon Venture Partners, LP 1999 $75.00 $71.25 $36.00 $16.03 0.73x (4.04)% Polaris Venture Partners II, LP 1998 $17.50 $17.33 $22.23 $7.38 1.71x 17.83% Polaris Venture Partners III, LP 2000 $40.00 $39.60 $19.77 $12.05 0.80x (2.97)% Polaris Venture Partners IV, LP 2002 $30.00 $29.85 $13.10 $20.89 1.14x 2.36% Polaris Venture Partners V, LP 2006 $30.00 $25.05 $2.82 $30.64 1.34x 9.28% Polaris Venture Partners VI, LP 2010 $20.00 $1.90 $0.00 $1.43 0.75x NM 2 Polaris Venture Partners, LP* 1996 $7.74 $7.74 $25.22 $0.00 3.26x 61.05% Portfolio Advisors Secondary Fund, L.P. 2008 $40.00 $32.12 $7.33 $34.84 1.33x NM 2 Providence Equity Partners III, LP 1998 $40.00 $34.83 $54.05 $1.43 1.59x 15.15% Providence Equity Partners IV, LP 2000 $35.00 $32.81 $78.90 $3.63 2.52x 28.07% Providence Equity Partners V, LP 2005 $10.00 $9.12 $6.21 $4.51 1.18x 2.91% Providence Equity Partners VI, LP 2007 $30.00 $25.88 $3.58 $27.43 1.20x 5.70% RIMCO Partners, LP IV* 1991 $7.50 $7.50 $7.31 $0.00 0.97x (0.47)% Riverstone/Carlyle Global Energy and Power Fund IV, LP 2008 $30.00 $24.17 $10.14 $25.47 1.47x NM 2 SCF III, LP* 1995 $15.38 $15.38 $44.10 $0.00 2.47x 14.67% SCF IV, LP* 1998 $18.02 $18.02 $62.00 $0.00 3.03x 24.33% Sofinnova Venture Partners VII, LP 2007 $10.00 $7.30 $6.28 $6.00 1.68x 20.22% Sofinnova Venture Partners VIII, LP 2011 $15.00 $0.45 $0.00 $0.78 0.17x NM 2 Sprout Capital IX, LP 2000 $11.25 $11.25 $13.95 $1.50 1.37x 5.16% Sprout Capital VII, LP 1995 $11.70 $11.70 $30.91 $0.14 2.65x 21.50% Sprout Capital VIII, LP 1998 $15.00 $15.00 $14.15 $0.33 0.95x (0.89)% Squadron Asia Pacific Fund, L.P. 2007 $20.45 $16.75 $5.31 $21.69 1.60x 18.32% Squadron Asia Pacific II, LP 2010 $20.00 $10.91 $4.18 $9.22 1.23x NM 2 Star II US & UK LP 2006 $22.68 $19.71 $2.00 $17.99 1.01x 0.57% StepStone Pioneer Capital I, LP 2004 $10.00 $9.64 $5.19 $7.23 1.29x 6.40% StepStone Pioneer Capital II, LP 2006 $10.00 $8.18 $1.09 $7.88 1.10x 2.47% StepStone Pioneer Opportunities Fund, LP 2007 $12.04 $9.72 $10.93 $3.64 1.50x 12.48% Summit Partners Europe Private Equity Fund, LP 2008 $12.77 $5.93 $0.00 $6.00 1.01x NM 2 Summit Partners Private Equity Fund VII-A, LP 2005 $30.00 $30.00 $6.52 $27.73 1.14x 4.78% Summit Partners Private Equity Fund VIII-A, LP 2012 $20.00 $0.90 $0.00 $0.88 0.98x NM 2 Summit Ventures III, LP 1992 $10.00 $9.00 $32.47 $0.36 3.61x 62.00% Summit Ventures IV, L.P. 1995 $17.15 $16.64 $125.51 $0.22 7.56x 103.57% Summit Ventures V, L.P. 1998 $25.73 $24.82 $33.89 $0.31 1.38x 8.08% Summit Ventures VI-A, L.P. 2001 $35.00 $35.00 $42.84 $19.02 1.77x 13.73% Sun Capital Partners V, L.P. 2007 $33.33 $16.43 $0.00 $24.77 1.51x 16.33% Syndicated Communications Venture Partners V, LP 2007 $10.00 $8.65 $0.42 $4.23 0.49x (23.12)% TA IX, LP 2000 $20.00 $19.40 $43.63 $2.34 2.37x 21.90% TA Subordinated Debt Fund II, LP 2006 $20.00 $17.40 $14.40 $6.41 1.20x 6.89% TA Subordinated Debt Fund III, LP 2009 $15.00 $6.68 $0.49 $6.69 1.07x NM 2 TA X, LP 2006 $30.00 $28.95 $12.83 $18.43 1.08x 2.15% TA XI, LP 2010 $25.00 $10.06 $0.63 $9.84 1.04x NM 2 Tamir Fishman Ventures II, LP (sec. v. 2000) 2008 $5.52 $5.52 $4.08 $1.22 0.96x NM 2 Tamir Fishman Ventures III, LP 2008 $10.05 $8.75 $0.00 $8.25 0.94x NM 2 TCW Commingled Debt and Royalty Fund IV* 1994 $10.00 $10.00 $11.75 $0.00 1.17x 9.84% TCW Special Credits Trust IVA, LP* 1993 $10.00 $10.00 $20.19 $0.00 2.02x 17.81% Technology Crossover Ventures VII, LP 2008 $25.00 $19.56 $0.78 $20.35 1.08x NM 2 Technology Partners Fund VI, LP 1998 $27.00 $27.00 $13.06 $1.08 0.52x (14.56)% Technology Partners Fund VII, LP 2000 $30.00 $30.00 $8.37 $8.43 0.56x (11.86)%

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Technology Partners Fund VIII, LP 2007 $20.00 $13.94 $2.91 $12.19 1.08x 3.27% Thoma Bravo Fund X, LP 2012 $15.00 $3.87 $0.00 $3.79 0.98x NM 2 Thomas H. Lee Equity Fund III, LP* 1995 $19.22 $19.22 $36.02 $0.00 1.84x 33.06% Thomas H. Lee Equity Fund V, LP 2000 $50.00 $49.57 $68.21 $15.69 1.58x 12.44% Thomas H. Lee Equity Fund VI, LP 2006 $40.00 $27.97 $3.21 $29.97 1.19x 4.76% Tibbar Holdings, LLC (FKA TH Lee IV)* 1998 $38.90 $38.90 $35.26 $0.00 0.87x (2.60)% TowerBrook Investors III, L.P. 2008 $30.00 $14.42 $1.89 $18.73 1.43x NM 2 TPG Partners II, LP* 1997 $50.00 $48.93 $90.75 $0.00 1.85x 11.42% TPG Partners III, LP 1999 $42.92 $42.57 $97.76 $7.17 2.47x 23.08% TPG Partners IV, LP 2003 $10.00 $9.22 $10.68 $6.31 1.84x 15.73% TPG Partners V, LP 2006 $30.00 $25.81 $3.04 $18.28 0.83x (4.42)% TPG Partners VI, LP 2008 $30.00 $17.30 $1.26 $17.23 1.07x NM 2 TPG Partners, LP* 1993 $29.20 $29.20 $108.26 $0.00 3.71x 36.77% Trinity Ventures X, LP 2009 $10.00 $6.20 $0.11 $8.31 1.36x NM 2 TSG Capital Fund III, LP* 1998 $14.60 $14.60 $7.98 $0.00 0.55x (13.10)% TWCP, LP (FKA Thomas Weisel CP) 2000 $20.00 $19.70 $10.29 $0.62 0.55x (9.52)% Vestar Capital Partners III, LP 1997 $27.50 $26.80 $25.85 $7.38 1.24x 3.93% Vestar Capital Partners IV, LP 1999 $49.43 $48.68 $72.61 $12.75 1.75x 14.00% Vestar Capital Partners V, LP 2005 $25.00 $24.41 $7.41 $18.05 1.04x 1.14% Vestar Equity Partners II, LP* 1993 $12.63 $12.63 $44.66 $0.00 3.54x 57.19% Vestar Capital Partners VI, LP 2012 $25.00 $0.14 $0.00 $0.14 1.00x NM 2 Weathergage Venture Capital A, LP 2011 $50.00 $1.63 $0.00 $1.45 0.89x NM 2 Weathergage Venture Capital B, LP 2011 $20.00 $0.89 $0.54 $0.85 1.02x NM 2 Weathergage Venture Capital II, LP 2011 $20.00 $5.00 $0.00 $4.99 1.00x NM 2 Weathergage Venture Capital, LP 2007 $20.00 $14.20 $1.32 $15.41 1.18x 7.33% Welsh, Carson, Anderson & Stowe IX, LP 2000 $25.00 $24.50 $32.37 $7.76 1.64x 11.55% Welsh, Carson, Anderson & Stowe VIII, LP 1998 $50.00 $50.00 $64.32 $0.42 1.29x 3.19% Weston Presidio Capital II, LP* 1995 $17.00 $17.00 $41.38 $0.00 2.43x 30.28% Weston Presidio Capital III, LP 1998 $35.00 $31.99 $28.99 $3.55 1.02x 0.31% Weston Presidio Capital IV, LP 2000 $25.08 $24.68 $20.50 $8.44 1.17x 3.22% Weston Presidio Capital V, LP 2005 $25.00 $21.03 $10.55 $20.87 1.49x 11.00% Weston Presidio Offshore Capital, CV* 1991 $7.57 $7.57 $15.73 $0.00 2.08x 21.72% Windjammer Senior Equity Fund III, LP 2006 $20.00 $16.53 $10.52 $15.25 1.56x 16.78% Windjammer Senior Equity Fund IV, LP 2012 $30.00 $0.25 $0.00 $0.30 0.01x NM 2 Worldview Technology Partners II, LP 1998 $7.50 $7.50 $12.54 $0.72 1.68x 10.06% Worldview Technology Partners III, LP 1999 $12.50 $12.50 $1.80 $0.62 0.15x (23.04)% Worldview Technology Partners IV, LP 2000 $9.07 $8.48 $3.52 $2.32 0.69x (5.71)% Yorktown Energy Partners III, LP* 1997 $14.78 $14.78 $32.88 $0.00 2.23x 17.05% Yorktown Energy Partners IV, LP 2000 $20.00 $19.69 $32.99 $5.08 1.93x 14.77% Zell/Chilmark Fund, LP* 1990 $19.25 $19.25 $48.51 $0.00 2.25x 17.75% Total Portfolio $5,748.78 $4,585.87 $5,377.85 $2,027.44 1.60x 16.54%

1 WARNING: Internal Rates of Return (IRR) since inception as calculated by SFERS' consultant and have not been reviewed, verified or in any way approved by the General Partners. Until liquidated, interim returns are only estimated returns. Due to numerous factors, including the lack of standardized valuation, the IRR information in this report may not reflect the expected returns of the partnerships. The interim IRRs, therefore, should NOT be used to assess the investment success of a partnership or to compare perfrormance across partnerships.

2 IRR Information for Partnerships less than five years old is noted as NM (Not Meaningful) as these funds typically are still in the "J" curve of their investment activities and performance calculations may be misleading.

* Denotes fund has expired or terminated.

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